The Active Investor w/SGH

In this episode of The Active Investor with SGH, Steve Hiscock is joined by Chief Investment Officer Rob Hogg to unpack the global impact of the sweeping US tariff announcements made overnight, and what they mean for investors.

With new tariffs targeting not just China (up 54%) but also key allies including Taiwan (32%), India (26%), Korea (25%) and Japan (24%), and existing tariffs on Canada and Mexico remaining unchanged, this marks a dramatic escalation in US trade policy.

Steve and Rob discuss:

• Initial market reactions across equities, rates, and currencies
• What Trump's emphasis on "reciprocity" really signals
• How different countries — including Australia — may be affected
• The inflationary and monetary policy implications globally
• Europe's fiscal response, China's potential stimulus, and macro crosswinds
• What this means for portfolio positioning in an environment of heightened uncertainty.

This episode provides timely and thoughtful analysis for investors seeking to navigate a rapidly changing geopolitical and economic landscape.

Recorded: Thursday, 3 April 2025

Subscribe for more episodes on global markets, macro themes, and active investing strategies.

Website: ⁠https://sghiscock.com.au/⁠

LinkedIn: ⁠https://www.linkedin.com/company/sg-hiscock-company/⁠

🔗Disclaimer: This podcast is produced by SG Hiscock and Company. It does not constitute financial advice and assumes a certain level of knowledge. It is general information only and does not take into account the investment objectives. Financial situation or needs of any person and should not be considered a recommendation. The views in this podcast are those of the contributors at the time of recording. Neither SGH nor any of its related parties provide any warranty of accuracy. Returns are not guaranteed. Please refer to the podcast description for full disclosures - https://sghiscock.com.au/podcast-disclosures-and-disclaimers/.

In this episode, Steve Hiscock is joined by Matt Sgrizzi, Chief Investment Officer of LaSalle Global Solutions—part of LaSalle Investment Management, a firm with over 900 professionals operating across every major region of the world. With firsthand insight into local markets and real-time intelligence drawn from the management of over US$90 billion in real estate assets, LaSalle brings unparalleled depth to global listed property investing.

Steve and Matt explore how LaSalle leverages this global platform and its intrinsic value investment philosophy to construct a high-conviction portfolio in an increasingly complex market. Against a backdrop of market volatility, inflation pressure, and diverging asset valuations, they discuss how structural shifts are reshaping listed real estate—and where LaSalle sees opportunity emerging today.

The episode reflects on a volatile 12 months for global REITs, marked by sideways movement and investor caution. Matt shares why this dislocation presents opportunity, particularly in underappreciated markets like Europe and Canada, and explains how LaSalle is positioning toward selective recovery plays in sectors such as healthcare, cold storage, data centres, and holiday homes.

Get rare insight into the recent surge in corporate activity, including key M&A wins within the fund, and how long-term thematic drivers—like technology, infrastructure, and demographic change—are influencing allocation decisions.

Recording date 28 February 2025.

For more information about the SGH LaSalle Concentrated Global Property Fund visit our website: https://sghiscock.com.au/fund/sgh-lasalle-concentrated-global-property-fund/.

LinkedIn - https://www.linkedin.com/company/sg-hiscock-company/

Website: https://sghiscock.com.au

🔗 Disclaimer: This podcast is produced by SG Hiscock and Company. It does not constitute financial advice and assumes a certain level of knowledge. It is general information only and does not take into account the investment objectives. Financial situation or needs of any person and should not be considered a recommendation. The views in this podcast are those of the contributors at the time of recording. Neither SGH nor any of its related parties provide any warranty of accuracy. Returns are not guaranteed. Please refer to the podcast description for full disclosures - https://sghiscock.com.au/podcast-disclosures-and-disclaimers/.

In this episode of The Active Investor w/SGH, Rob Hogg (CIO) and Hamish Tadgell (Head of Australian Equities, and Portfolio Manager of the SGH High Conviction Fund) analyse:

✔️ Corporate Earnings and Market Trends

✔️ Sector Analysis: Consumer discretionary volatility - JB Hi-Fi, Bunnings, Kmart; Industrial sector challenges - James Hardie, Reliance, Reece; REIT recovery - Vicinity Centres, Summerset

✔️ High Valuations & Rotation. The impact of RBA rate cuts and investor sentiment.

✔️ Banking Sector Outlook - Westpac, NAB, CBA, Bendigo.

✔️ AI & Data Centre Expansion: AI-driven tailwinds in equities and Goodman Group’s $4B capital raise for data centre expansion - NEXTDC, Infratil.

✔️ Energy Market Opportunities: Policy risks, gas shortages, and why SGH sees opportunities in domestic energy plays - Woodside, Beach Energy, Amplitude Energy.

✔️ Market Volatility & Passive Flows: Why stock price swings are intensifying and how active management can capitalise on inefficiencies.

✔️ Investment Strategy & Portfolio Adjustments – Stock picks added post-reporting season, including - Amcor, Lighth & Wonder and Vicinity Centres.

The episode was recorded on March 4, 2025.

Website: ⁠https://sghiscock.com.au/⁠

LinkedIn: ⁠https://www.linkedin.com/company/sg-hiscock-company/

Disclaimer: This podcast is produced by SG Hiscock & Company (SGH) It does not constitute financial advice and assumes a certain level of knowledge. It is general information only and does not take into account the investment objectives, financial situation or needs of any person and should not be considered a recommendation. The views in this podcast are those of the contributors at the time of recording. Neither SGH nor any of its related parties provide any warranty of accuracy. Returns are not guaranteed.Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the Fund mentioned in the podcast. Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). This podcast has been prepared by SG Hiscock and Company Limited to provide you with general information only. In preparing this podcast we did not take into account the investment objectives, financial situation or particular needs of any particular person and is not investment advice. Neither SGH, EQT nor any of its related parties, their employees or directors, provide and warranty the accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance is not an indicator of future performance. You should obtain a copy of the Product Disclosure Statement before making a decision about whether to invest in this product. The Fund’s Target Market Determination is available on the SG Hiscock website https://sghiscock.com.au/podcast-disclosures-and-disclaimers/

In this episode of The Active Investor w/SGH, we take a data-driven approach to analysing the key forces impacting markets and what investors should be watching.

Are markets heading for a downturn, or is this just a temporary shift? As inflation remains persistent and central banks struggle to balance growth and monetary policy, the risks for investors are mounting.

🔹 US Market Volatility: Trump's policy moves, rising economic uncertainty, and implications for inflation & interest rates.

🔹 Australian Economy & ASX Trends: The RBA's 'hawkish' rate cut, employment surprises, and corporate earnings outlook.

🔹 China's Economic Trajectory: Is the long-awaited recovery materialising, or are structural challenges persisting?

🔹 Bond Market Signals: Declining yields—what does this indicate about recession risk and central bank policy?

🔹 Investor Sentiment & Market Positioning

🔹 High-level observations from the Australian Reporting Season - corporate earnings and sector insights.

How SGH is positioning individual portfolios in response to increased macro uncertainty. With equity valuations elevated and economic risks on the rise, should investors reconsider their portfolio allocations? We break down the latest data, market trends, and policy signals shaping the global investment landscape.

The episode was recorded on March 4, 2025.

Follow us for real-time insights & data-driven investment perspectives:

LinkedIn - https://www.linkedin.com/company/sg-hiscock-company/

Website: https://sghiscock.com.au

🔗 Disclaimer: This podcast is produced by SG Hiscock and Company. It does not constitute financial advice and assumes a certain level of knowledge. It is general information only and does not take into account the investment objectives. Financial situation or needs of any person and should not be considered a recommendation. The views in this podcast are those of the contributors at the time of recording. Neither SGH nor any of its related parties provide any warranty of accuracy. Returns are not guaranteed. Please refer to the podcast description for full disclosures - https://sghiscock.com.au/podcast-disclosures-and-disclaimers/.

RBA decision: Rates, stocks, geopolitics and other shifts

Host Rob Hogg (Head of Individual Portfolios & CIO at SGH) is joined by portfolio managers Tim Gough and Stratton Bell from the SGH Individual Portfolios team to break down the latest market-moving events and what they mean for investors.

Episode was recorded on 18 February.

What does all this mean for investors? The team shares insights into how SGH is positioning client portfolios, key risks to watch, and where they see the best opportunities in 2025.

For more information on SGH Individual Portfolios, visit: www.sghiscock.com.au

LinkedIn: ⁠https://www.linkedin.com/company/sg-hiscock-company/⁠

Disclaimer: SG Hiscock and Company is the investment manager of the SGH funds mentioned in the recording. The information in this podcast is for general information purposes only and is current at the time of recording. It does not contain investment recommendations nor provide investment advice.

Neither SG Hiscock Company nor its related entities, directors, or officers guarantees the performance of, or the repayment of capital or income invested in, the funds. Past performance is not necessarily indicative of future performance. Please obtain detailed professional advice and read the relevant Product Disclosure Statement and Target Market Determination in full before making an investment decision.

The views in this podcast are those of the contributors at the time of publication and assume a certain level of knowledge. Please refer to the podcast description for full disclosures - https://sghiscock.com.au/podcast-disclosures-and-disclaimers/.

In this episode of the Active Investor w/SGH podcast, we dive into the whirlwind first week of President Trump's second term and its immediate impact on markets, policy, and global trade. From a flurry of executive orders reversing Biden-era policies to aggressive tariff threats and a renewed "America First" strategy, we break down the key decisions shaping the economic landscape.

We explore the dramatic policy shifts on immigration,climate, and trade, including Trump’s controversial approach to China, TikTok’s uncertain future, and the potential fallout from rising U.S. tariffs. But it’s not just politics making waves—AI is disrupting markets in unexpected ways. We unpack the rise of DeepSeek, the Chinese AI startup shaking up the tech industry, and what its breakthrough could mean for NVIDIA, data centres, and the future of artificial intelligence.

Join SGH Chair Stephen Hiscock and Chief Investment Officer Rob Hogg as they analyse what these major developments mean for investors, the economy, and financial markets.

With inflation, interest rates, and market volatility in the spotlight, we discuss what to watch in the weeks ahead.

Website: https://sghiscock.com.au/

LinkedIn: ⁠https://www.linkedin.com/company/sg-hiscock-company/⁠

🔗 Disclaimer: This podcast is produced by SG Hiscock and Company. It does not constitute financial advice and assumes a certain level of knowledge. It is general information only and does not take into account the investment objectives. Financial situation or needs of any person and should not be considered a recommendation. The views in this podcast are those of the contributors at the time of recording. Neither SGH nor any of its related parties provide any warranty of accuracy. Returns are not guaranteed. Please refer to the podcast description for full disclosures - https://sghiscock.com.au/podcast-disclosures-and-disclaimers/

🎙️ Welcome to the first episode of The Active Investor with SGH!

Join Stephen Hiscock, Founder and Chair of SG Hiscock & Company, and Rob Hogg, Chief Investment Officer, as they explore:

* 2024 Market Recap – Key trends in Australian equities, global markets, interest rates, and inflation.

* 2025 Outlook – Dominant investment themes, including U.S. exceptionalism, China’s potential surprises, and rate cut predictions.

* Investment strategies – Insights on managing portfolios in a dynamic and uncertain environment.In this episode, we discuss the significant outperformance of banks over resources, how inflation continues to shape markets, and why staying active as an investor is critical.

💡 Whether you're an individual investor or managing institutional funds, this episode offers expert analysis to help you navigate the ever-changing financial landscape.

Website: https://sghiscock.com.au/

LinkedIn: https://www.linkedin.com/company/sg-hiscock-company/

Disclaimer: This podcast is produced by S. G. Hiscock and Company. It does not constitute financial advice and assumes a certain level of knowledge. It is general information only and does not take into account the investment objectives. Financial situation or needs of any person and should not be considered a recommendation.The views in this podcast are those of the contributors at the time of recording. Neither SGH nor any of its related parties provide any warranty of accuracy. Returns are not guaranteed. Please refer to the podcast description for full disclosures - https://sghiscock.com.au/podcast-disclosures-and-disclaimers/.