Today, more than 90% of global investable assets show a meaningful correlation with the S&P 500, compared with just 26% in 1995. Many traditional diversifiers have become increasingly aligned with equities and increasingly exposed to the AI complex. In this context, strategies that have maintained genuinely low correlation stand out precisely because they are so few.

In this episode, Co-CIO Hugh Selby-Smith examines why diversification is arguably more important and more difficult than ever, and where investors may still find true diversification.

Important Information

This material is provided by Talaria Asset Management Pty Ltd (Talaria) ACN 130 534 342 AFSL: 333732 and is for general information purposes only. All figures quoted and other information has been sourced internally by Talaria, and no representations are made that the information is complete or accurate. Nothing in this presentation considers your objectives, financial situation or needs. If you are considering investing, you should see a financial adviser and obtain the necessary Product Disclosure Statement (PDS) and Target Market Determination (TMD), before investing.

Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, is the Responsible Entity for the Talaria Global Equity Fund Complex ETF. This information does not take into account the investment objectives, financial situation or needs of any person. Returns are not guaranteed. You should read the PDS & TMD available here

Thirty years of globalisation are giving way to political and economic fragmentation. The fiscal and capital imbalances that have accumulated since the early 1990s will require deliberate policy action to unwind.

Over the past year, valuation dispersion across regions, sectors and major indices has narrowed. As extremes converge, the opportunity set is more constrained than it was just nine months ago.

Learn more about recent shifts in the monetary regime, and why the backdrop for equities has become more challenging. This episode also sets out a playbook for making investment decisions as these changes unfold.

Important Information

This material is provided by Talaria Asset Management Pty Ltd (Talaria) ACN 130 534 342 AFSL: 333732 and is for general information purposes only. All figures quoted and other information has been sourced internally by Talaria, and no representations are made that the information is complete or accurate. Nothing in this presentation considers your objectives, financial situation or needs. If you are considering investing, you should see a financial adviser and obtain the necessary Product Disclosure Statement (PDS) and Target Market Determination (TMD), before investing.

Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, is the Responsible Entity for the Talaria Global Equity Fund Complex ETF. This information does not take into account the investment objectives, financial situation or needs of any person. Returns are not guaranteed. You should read the PDS & TMD available here

In this quarter’s investment insights, we examine a defining shift in global markets as the world moves away from decades of deep global integration and into a new monetary regime marked by higher debt, greater government intervention and more constrained capital flows. We discuss why headline equity markets, particularly in the US, appear stretched, how elevated earnings and concentration risk may be masking underlying vulnerabilities, and where more attractive opportunities can still be found. The focus is on building portfolios with stronger balance sheets, shorter duration cash flows and better risk-adjusted returns, supported by disciplined diversification and a willingness to look beyond crowded parts of the market. 

Important Information

This material is provided by Talaria Asset Management Pty Ltd (Talaria) ACN 130 534 342 AFSL: 333732 and is for general information purposes only. All figures quoted and other information has been sourced internally by Talaria, and no representations are made that the information is complete or accurate. Nothing in this presentation considers your objectives, financial situation or needs. If you are considering investing, you should see a financial adviser and obtain the necessary Product Disclosure Statement (PDS) and Target Market Determination (TMD), before investing.

Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, is the Responsible Entity for the Talaria Global Equity Fund Complex ETF. This information does not take into account the investment objectives, financial situation or needs of any person. Returns are not guaranteed. You should read the PDS & TMD available here

September 2025 Talaria Quarterly Investment Insights

This episode of Investment Insights looks at how enabled by debt and deficits, governments are increasingly intervening in economies and markets. At the same time there is considerable appetite for risk, speculation and illiquidity. For those interested in diversification, this environment has created opportunities. 

Important Information

This material is provided by Talaria Asset Management Pty Ltd (Talaria) ACN 130 534 342 AFSL: 333732 and is for general information purposes only. All figures quoted and other information has been sourced internally by Talaria, and no representations are made that the information is complete or accurate. Nothing in this presentation considers your objectives, financial situation or needs. If you are considering investing, you should see a financial adviser and obtain the necessary Product Disclosure Statement (PDS) and Target Market Determination (TMD), before investing.

Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, is the Responsible Entity for the Talaria Global Equity Fund Complex ETF. This information does not take into account the investment objectives, financial situation or needs of any person. Returns are not guaranteed. You should read the PDS & TMD available here

July 2025 Talaria Quarterly Investment Insights

This episode of Investment Insights explores the forces reshaping markets today, as the conditions that once fuelled ever-rising valuations — cheap funding and deep global integration — shift into reverse. With rising debt, economic nationalism and re-shoring altering the investment landscape, Talaria considers why factors like short duration, strong balance sheets, real assets and diversification are set to matter more in the period ahead. A clear look beyond daily headlines to what this changing regime could mean for investors now.

Important Information

This material is provided by Talaria Asset Management Pty Ltd (Talaria) ACN 130 534 342 AFSL: 333732 and is for general information purposes only. All figures quoted and other information has been sourced internally by Talaria, and no representations are made that the information is complete or accurate. Nothing in this presentation considers your objectives, financial situation or needs. If you are considering investing, you should see a financial adviser and obtain the necessary Product Disclosure Statement (PDS) and Target Market Determination (TMD), before investing.

Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, is the Responsible Entity for the Talaria Global Equity Fund Complex ETF. This information does not take into account the investment objectives, financial situation or needs of any person. Returns are not guaranteed. You should read the PDS & TMD available here

In the US, equity valuations are still high and there is downside risk to earnings estimates. Meanwhile, even after the recent sell-off, investors in global equities have mainly positioned themselves for a positive future despite high levels of uncertainty. There is little contingency planning and still a great deal of confidence. 

Important Information

This material is provided by Talaria Asset Management Pty Ltd (Talaria) ACN 130 534 342 AFSL: 333732 and is for general information purposes only. All figures quoted and other information has been sourced internally by Talaria, and no representations are made that the information is complete or accurate. Nothing in this presentation considers your objectives, financial situation or needs. If you are considering investing, you should see a financial adviser and obtain the necessary Product Disclosure Statement (PDS) and Target Market Determination (TMD), before investing.

Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, is the Responsible Entity for the Talaria Global Equity Fund Complex ETF. This information does not take into account the investment objectives, financial situation or needs of any person. Returns are not guaranteed. You should read the PDS & TMD available here

December 2024 Talaria Quarterly Investment Insights.

This episode of Investment Insights considers why navigating markets successfully calls for more than instinct — it requires discipline and a mindset rooted in probabilities. Talaria looks at how a long-term approach, anchored in fundamentals like valuation, profitability and balance sheet strength, helps investors avoid short-term speculation and focus on sustainable outcomes. The discussion highlights how this perspective builds a margin of safety, manages risk, and underscores the value of patience and prudence to achieve more consistent, risk-adjusted results through all market cycles.

Important Information

This material is provided by Talaria Asset Management Pty Ltd (Talaria) ACN 130 534 342 AFSL: 333732 and is for general information purposes only. All figures quoted and other information has been sourced internally by Talaria, and no representations are made that the information is complete or accurate. Nothing in this presentation considers your objectives, financial situation or needs. If you are considering investing, you should see a financial adviser and obtain the necessary Product Disclosure Statement (PDS) and Target Market Determination (TMD), before investing.

Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, is the Responsible Entity for the Talaria Global Equity Fund Complex ETF. This information does not take into account the investment objectives, financial situation or needs of any person. Returns are not guaranteed. You should read the PDS & TMD available here

June 2024 Talaria Quarterly Investment Insights.

The second quarter of 2024 saw extreme market bifurcation, with the largest ten stocks in the S&P 500 now accounting for an unprecedented 37% of the Index market cap. This concentration tested the resilience of investment strategies and raised concerns about style drift among asset managers. In this episode, we delve into key themes shaping the market, including high margins, optimistic forecasts, and the potential impact of government spending on corporate profits.

We also examine parallels between unexpected corporate deals and the pressure to deviate from established investment processes, offering practical strategies to stay disciplined. By focusing on normalised cash earnings and valuation, we uncover opportunities amidst challenges, while questioning the validity of upbeat US consensus earnings forecasts.

Join us as we explore how government spending may be driving optimism and discuss the importance of maintaining clarity and consistency for investors in these dynamic market conditions.

Important Information

This material is provided by Talaria Asset Management Pty Ltd (Talaria) ACN 130 534 342 AFSL: 333732 and is for general information purposes only. All figures quoted and other information has been sourced internally by Talaria, and no representations are made that the information is complete or accurate. Nothing in this presentation considers your objectives, financial situation or needs. If you are considering investing, you should see a financial adviser and obtain the necessary Product Disclosure Statement (PDS) and Target Market Determination (TMD), before investing.

Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, is the Responsible Entity for the Talaria Global Equity Fund Complex ETF. This information does not take into account the investment objectives, financial situation or needs of any person. Returns are not guaranteed. You should read the PDS & TMD available here