Banks, miners and franking credits. Australian investors summed up in five words.

But as the first 6 months of 2025 come to an end, the top of the ASX during this time has been characterised by a struggling resources sector and a strong rotation into banks. Is this the start of a longer term shift? Or is it just a blip?

In this episode, we're joined by Will Curtayne, Portfolio Manager of the Milford Australian Absolute Growth Funds and the Milford Dynamic Funds, to unpack these movements

We discuss:

• The forces behind CBA’s record PE multiple.
• Whether the miners’ recent rally is a genuine opportunity or “a move to fade”.
• How super and passive flows are distorting price discovery at the top of the ASX.
• Where the next leadership might come from (e.g. healthcare, industrials, small-caps, and a long-term structural case for gold)

———-

CPD Points: This episode is accredited for CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.

———-

Thank you to Milford for sponsoring this episode of Basis Points, and helping us keep all of our content free.

If you want to learn more about Milford's range of funds, visit their website.

Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the Milford Australian Absolute Growth Fund and Milford Dynamic Small Companies Fund. 

Before you invest, be sure to read the Milford Funds Product Disclosure Statements, Target Market Determinations and full Disclaimer at milfordasset.com.au

———-

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and our favourite clips on YouTube

———-

In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

———-

Basis Points is a product of Equity Mates Media. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. 

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.

What makes a good fund manager? That is one of the hardest questions to answer in finance. Today's guest is as well placed as any to help us work through it.

Chris Cuffe AO is the founding director and portfolio manager of Third Link. Chris was formerly CEO of investment managers Colonial First State and Challenger Financial Services Group. He was also previously the Chairman of UniSuper.

Basically, Chris has assessed a few fund manager in his time. And today we wanted to understand how he approaches that task today. We unpack:

• Lessons from Chris' career building financial services businesses
• How the advice landscape has changed over his career
• The hallmarks of the best advice businesses
• In Chris' opinion: what makes a great manager?
• What he's looking for when he starts assessing a new manager
• How he builds portfolios of managers

If you would like to find out more about the work of Third Link, check out their website: https://www.thirdlink.com.au/

----------

CPD Points: This episode is accredited for CPD points by the Financial Advice Association of Australia (FAAA).

To claim your points, complete the CPD Quiz and we'll send you your certificate.

----------

Basis Points would not be possible without the support of our three launch partners:

• Orbis Investments - Invest differently
• Milford - Invested in the outcome
• CBOE - Local market, global opportunities

Thank you to all three partners for helping us keep all of our content free and accessible.

----------

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and relive some of our favourite clips on YouTube

----------

In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

----------

Basis Points is a product of Equity Mates Media. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. 

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.

After more than 30 years experience in financial markets, Ben Griffiths, has learned a thing or two. As investing fads come and go, and different industries rise and fall, we wanted to unpack the lessons and techniques that have stood the test of time.

Ben Griffiths, Managing Director at Eley Griffiths Group, is a well-known small cap investor in Australia. His flagship fund has averaged more than 4% outperformance a year for 20 years.

Today, we wanted to understand how he approaches markets, manages the noise and finds winning companies. We unpack:

• How Ben would explain his approach today
• How that approach has changed over time
• Managing the market level noise, and what information Ben is reading on a day-to-day basis (and what he's not bothering with)
• The financial ratios and metrics that he's most focused on
• Where Ben is seeing opportunity today
• Why one sector is showing "a pretty bullish cocktail for stocks"
• Another sector that he thinks all investors should be wary of

----------

CPD Points: This episode is accredited for CPD points by the Financial Advice Association of Australia (FAAA).

To claim your points, complete the CPD Quiz and we'll send you your certificate.

----------

Basis Points would not be possible without the support of our three launch partners:

• Orbis Investments - Invest differently
• Milford - Invested in the outcome
• CBOE - Local market, global opportunities

Thank you to all three partners for helping us keep all of our content free and accessible.

----------

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and relive some of our favourite clips on YouTube

----------

In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

----------

Basis Points is a product of Equity Mates Media. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. 

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.

"In hindsight it will be clear that this was an opportunity"

That is a quote from today's interview with Simon Skinner, Head of the Global Investment Team at Orbis Investments.

Investors have notoriously short memories, always chasing the last bull market and learning lessons from recent history. In today's episode, Simon wants us to take a step back and look at the lessons from the longer arc of stock market history.

We speak to Simon about:

• The wrong lessons we're learning from the recent past
• What the longer span of history actually teaches us
• Why today's market is "speculative, unbalanced and risky"
• How we can build decision making processes to make better decisions
• A deep-dive on two stocks: Smurfit Westrock and Jardine Matheson

----------

CPD Points: This episode has been accredited for CPD points by the Financial Advice Association of Australia (FAAA).

To claim your points, complete the CPD Quiz and we'll send you your certificate.

----------

This episode has been sponsored by Orbis.

If you would like to learn more about Orbis' contrarian investment approach can offer a true point of diversification when constructing client portfolios, click here.

Thank you to Orbis for helping us keep all of our content free and accessible.

----------

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and relive some of our favourite clips on YouTube

----------

Basis Points is a product of Equity Mates Media. Basis Points is intended solely for industry professionals, financial advisers and wholesale investors. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement and Target Market Determination. And if you are unsure, please speak to a financial adviser. There are risks with any investments, including one in the Orbis funds. Past performance is not a reliable indicator of future performance and the value of any investment in an Orbis fund is not guaranteed.

This podcast represents Orbis' view at a point in time and provides reasoning on why Orbis has bought or sold a particular security for its funds. Orbis may take the opposite view from that stated, as facts or circumstances may change. This podcast does not prohibit the Orbis funds from dealing in the securities before or after this is published.

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.

Today we're joined by Mugunthan Siva, Chief Investment Officer of India Avenue.

India has become an increasingly popular market amongst Australian investors and advisers. And who could blame them? With the Nifty 50 index up almost 150% over the past 5 years, it has been a good place for investors to be.

But after such a strong run of performance, it had us wondering: is the India story closer to its end than its beginning?

That is the question we wanted to unpack with Mugunthan. Today we cover:

• How much India has changed over the past 10 years
• Common misconceptions from investors outside of India
• Where India is on its growth journey
• The importance of population and demographics
• Two stocks that will benefit as India's economy keeps growing

----------

CPD Points: This episode has been accredited for CPD points by the Financial Advice Association of Australia (FAAA).

To claim your points, complete the CPD Quiz and we'll send you your certificate.

----------

This episode with India Avenue has been sponsored by Cboe APAC.

Head to the Cboe website to learn more about their Cboe-listed ETF India Avenue Equity Fund Active ETF (IAEF).

Thank you to Cboe APAC for helping us keep all of our content free and accessible.

----------

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and relive some of our favourite clips on YouTube

----------

In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

----------

Basis Points is a product of Equity Mates Media. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. 

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.

21% per year, after fees, since November 2016. Today's guest is a fund manager who can let his performance speak for itself.

Alex Pollak, Chief Investment Officer at Loftus Peak, has built a reputation for investing on the cutting-edge of disruption. And no doubt, US tech has been a good place to invest over the past decade. But a lot of Australian fund managers have invested in that space, few have matched his returns.

So on today's episode of Basis Points we wanted to understand Alex's process for investing in these high-flying tech names:

• How the pace of technological change is accelerating
• Maintaining valuation discipline in high-growth parts of the market
• Building a 'Trump-agnostic' portfolio
• Emerging technologies that aren't getting enough attention today
• A quick-fire game of 'Disruptive Technology or Hype?'
• A deep-dive on two stocks in the Loftus Peak portfolio

----------

CPD Points: This episode is accredited for CPD points by the Financial Advice Association of Australia (FAAA).

To claim your points, complete the CPD Quiz and we'll send you your certificate.

----------

Basis Points would not be possible without the support of our three launch partners:

• Orbis Investments - Invest differently
• Milford - Invested in the outcome
• CBOE - Local market, global opportunities

Thank you to all three partners for helping us keep all of our content free and accessible.

----------

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and relive some of our favourite clips on YouTube

----------

In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

----------

Basis Points is a product of Equity Mates Media. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. 

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.

Recorded at the Morningstar Investor Conference, today we're joined by Richard Quin, CIO & Principal at Bentham Asset Management.

With President Trump in the White House and Liberation Day tariffs front-of-mind, markets have never been noisier. The challenge for advisers is separating the signal from the noise and focusing on what will matter long term.

Today's guest has been focused on separating fake news from economic reality. In this episode we discuss:

• What is coming next in the Trump-man (Truman) show
• The rumours v reality in the US economic story
• How we should prepare for "known unknowns"
• Building a defensive income sleeve in portfolios
• Common misconceptions about credit markets
• How advisers can navigate the range of fixed income options

----------

CPD Points: This episode has been accredited for CPD points by the Financial Advice Association of Australia (FAAA).

To claim your points, complete the CPD Quiz and we'll send you your certificate.

----------

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and relive some of our favourite clips on YouTube

----------

In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

----------

Basis Points is a product of Equity Mates Media. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. 

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.

Recorded at the Morningstar Investor Conference, today we're joined by Kunal Kapoor, CEO of Morningstar Global.

Australia always lags behind the US in technological adoption. So, with Kunal Kapoor out from Morningstar's global headquarters in Chicago, we wanted to hear how advisers in the US were adopting AI technology and what parts of an advice practice were seeing the most disruption. Suffice to say, AI is a technology advisers are going to want to stay up to date with.

In today's episode we discuss:

• How advisers in the US are integrating AI into their day-to-day workflow
• Challenges in adopting AI
• Evaluating different AI tools and what makes AI useful?
• Where this technology will go over the next 5-10 years
• The abundance of choice in private markets and how advisers can navigate it
• Using ratings and data-driven tools to evaluation private market opportunities

----------

CPD Points: This episode has been accredited for CPD points by the Financial Advice Association of Australia (FAAA).

To claim your points, complete the CPD Quiz and we'll send you your certificate.

----------

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and relive some of our favourite clips on YouTube

----------

In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

----------

Basis Points is a product of Equity Mates Media. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. 

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.

Recorded at the Morningstar Investor Conference, today we're joined by Felicity Walsh, Managing Director, Australia & New Zealand at Franklin Templeton.

Private equity, private credit, real estate, infrastructure, cryptocurrency, gold. Alternative assets have never been more in demand. With minimum investments coming down and fund structures becoming more liquid, they've never more more accessible as well.

The question then becomes: how can advisers navigate this growing menu of options?

That is what today's guest, Felicity Walsh, helped us understand. We discuss:

• The growth of alternative assets in Australia
• Why the traditional 60/40 portfolio is outdated
• What a new portfolio structure could look like - is it 40/30/30?
• How advisers should navigate between subclasses within alternative assets
• Emerging private market asset classes
• A new technological development that may put (more of) a fire under Australia's property market

----------

CPD Points: This episode has been accredited for CPD points by the Financial Advice Association of Australia (FAAA).

To claim your points, complete the CPD Quiz and we'll send you your certificate.

----------

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and relive some of our favourite clips on YouTube

----------

In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

----------

Basis Points is a product of Equity Mates Media. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. 

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.

Today we're joined by Jonathon Costello, Client Portfolio Manager, Australian Fixed Interest at Janus Henderson.

Equity markets and bond markets are telling different stories. If we look at equity markets, the outlook looks strong as markets rebounded from the Liberation Day falls. However, take a look over at the bond market and yields keep creeping higher despite rate cuts as fixed income investors get nervous.

Today, with Jonathon, we unpack what the bond market is telling us:

• Why the bond market and equity market seem disconnected at the moment (and who is right)
• The early warning signs the bond market is flashing
• How many Aussie rate cuts the market is pricing in
• Concerns around US Government debt, and should there be a similar concern in Australia?
• How advisers can add defensive income to their portfolio

----------

CPD Points: This episode has been accredited for CPD points by the Financial Advice Association of Australia (FAAA).

To claim your points, complete the CPD Quiz and we'll send you your certificate.

----------

This episode has been sponsored by Janus Henderson.

Head to their website to learn more about Janus Henderson and their Cboe-listed ETF: JFIX

Thank you to Janus Henderson for helping us keep all of our content free and accessible.

----------

Want more Basis Points?

• Sign up to the Basis Points email
• Join the conversation on LinkedIn
• Watch all episodes in full and relive some of our favourite clips on YouTube

----------

In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

----------

Basis Points is a product of Equity Mates Media. 

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. 

Equity Mates Media operates under Australian Financial Services Licence 540697.

Hosted on Acast. See acast.com/privacy for more information.