What could derail markets or fuel the next rally - after 3 years of gains?

In this conversation, Portfolio Managers Alan Pullen and Casey McLean join Investment Director and Analyst, Elisa Di Marco to reflect on the volatile start to 2025 and the powerful AI-driven rally that followed, before looking ahead to what 2026 may bring.  The trio discuss expectations for more modest returns and a rotation toward quality and AI execution.

They also highlight the sectors and companies they believe are best positioned to benefit as markets evolve. They explore potential upside surprises and key wildcards, from private credit risks to AI-led productivity gains. Above all, they emphasise the importance of investment discipline, fundamentals and long-term thinking in today’s volatile environment.

In today’s uncertain environment, is infrastructure still a safe haven? In this compelling conversation, Rebecca Hiscock-Croft, Investment Director with Magellan’s Infrastructure team, speaks with Portfolio Managers Ofer Karliner, Ben McVicar and David Costello about how they’re navigating market volatility. They explore where they see compelling value and structural growth in infrastructure and what they view as key risks, including richly valued US merchant power names tethered to the AI boom.

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Related insights: US railroad shake-up: Inside America's biggest deal of the year

How is generative Artificial Intelligence impacting online search tools, and what does the future of search look like? That’s the focus of conversation between Elisa Di Marco, Investment Director and Analyst and Portfolio Manager Casey McLean. Elisa and Casey unpack the shift from traditional search engines to AI-powered “answer engines” such as Google’s newly launched AI Overview and AI Mode, and discuss how Google’s parent company, Alphabet, is navigating this transformation. They also highlight the key implications for investors in this new wave of digital disruption.

Following a volatile reporting season, we’re seeing one of the “unhappiest bull markets” in recent years. That’s according to Matt Williams, Head of Australian Equities at Airlie Funds Management. He joins Amy Manns, Relationship Manager at Magellan Investment Partners in this episode to discuss how Australian Equities are faring and what’s next for the market.

The duo unpacks the forces behind heightened market volatility – and discuss key themes from the recent reporting season including the resilience of Aussie consumers, the recovery in small caps, soft results posted by banks and the risks of US housing exposure. Matt also explains recent standout results from stocks like Sigma-Chemist Warehouse and ResMed. He explores whether we can expect to see a revival of public markets; and reflects on the current market preference for growth stocks, sharing his evolving perspective on how to value them.

Finally, Matt shares valuable lessons he’s learned throughout his career. With the Australian economy remaining sluggish overall, he emphasises the importance of staying invested long-term, not becoming distracted by the noise and sticking to what you know.

Artificial intelligence is rapidly working its way into our lives, but would you trust it not only to choose purchases but also to pay on your behalf? That’s the world we’re heading towards, according to Visa’s Chief Product Officer for Commercial and Money Movement Solutions, Mark Nelson.

Elisa Di Marco, Magellan’s Investment Director and Analyst, joins Mark to explore how one of the world’s largest payments networks is shaping the next era of commerce. From tapping and tokenisation to AI-powered ‘agentic commerce’ that can shop on your behalf, Mark explains the innovations driving Visa’s growth, the trust and security underpinning its network and why stablecoins could accelerate payment digitisation in emerging markets. Mark also shares how AI agents could transform the way consumers plan, purchase and book holidays while ensuring Visa’s network keeps payments seamless and secure.

What separates a successful turnaround from a value trap?

This month, Magellan’s Sector Head of Franchises and Healthcare, Hannah Dickinson, and Investment Analyst Emma Henderson explore consumer sector turnaround opportunities, focussing on household names like Nike, Estée Lauder, Gucci and Starbucks, all of which have hit temporary roadblocks. They explain Magellan’s disciplined four-pillar investment framework covering fundamentals, leadership, strategy and timing and discuss how to navigate the risks, behavioural traps and complexities involved. Using real-world examples and practical insights, they reveal why a patient, structured approach is necessary when analysing these investment opportunities.

Intuit’s transformation from a DIY financial software company to an AI-driven expert platform forms the backbone of this compelling conversation between the company’s Chief Technology Officer, Alex Balazs, and Magellan Portfolio Manager and Sector Head, Ryan Joyce.

Together, they explore how Intuit uses generative AI to deliver done-for-you solutions for its 100 million customers by blending huge amounts of data, deep domain expertise, and broad platform capabilities.

Alex shares his long-term vision for how AI will reshape the user experience, including video avatars, instant and secure money movement, and new forms of digital trust. With only a fraction of its total addressable market currently served, Intuit sees massive growth potential both in the US and globally — and believes it’s uniquely positioned to deliver the next wave of “killer apps” that truly empower small business prosperity.

The first 100 days of the second Trump administration have certainly been interesting for investors. And as the initial global tariff shock appears to be winding back, it’s a good time to draw on the thoughts and the insights of a Washington insider. National Security Expert Michael Allen, who was a Special Assistant to former President George W. Bush shares his thoughts in a wide-ranging interview. Magellan Head of Global Equities and Portfolio Manager Arvid Streimann talks with Michael about tariffs, the US government deficit, the Democrats, the US’s technological lead over China and the Chinese military buildup.

Podcast recorded: 15 May 2025 

In this episode, Magellan’s investment team looks at three interconnected investment sectors that continue to offer growth opportunities and compounding, dependable returns. The team explains how to still pick consumer-sector winners even in times of uncertainty. They explore why semiconductors are driving future innovation, being essential components powering a vast array of electronic devices we use daily. They also delve into the US energy landscape and how it is being reshaped by the growing influence of AI, data centres, and the return of manufacturing.

Morry Waked, the founder of Vinva Investment Management, sits down in conversation with Mark Burgess, Magellan's Head of Distribution, to explore the world of systematic investing. Morry explains how Vinva’s investment process stands apart from traditional quantitative investing and breaks down how Vinva uses data-driven insights, disciplined processes, and new technologies to generate strong investment performance. He discusses the role of machine learning, the importance of human expertise in distinguishing signal from noise, and why people — not just algorithms — are the key to success and pivotal to Vinva’s investment process and portfolio construction.