In this episode, MA Financial’s Group Vice Chairman Andrew Pridham AO is joined by Joint CEO Julian Biggins and Head of Core Real Estate Chris Lock to unpack what $1.2 billion in recent retail acquisitions reveals about the current market for retail shopping centres, and how real estate demonstrates its defensive characteristics in periods of heightened global volatility.

Andrew, Julian and Chris share insights on:

·        Why shopping centres continue to demonstrate resilience and provide downside protection

·        How active management can enhance asset performance and drive investor returns

·        The outlook for office and industrial

·        Takeaways from MA’s 2026 Alternatives Summit, including why alternative real estate such as pubs and marinas provide defensive cash flow

·        How the current global crisis may present opportunities for astute investors

Highlights

2:20 – What is ‘core real estate’?

6:20 – Inflation: Why retail assets can act as a natural hedge

7:30 – Barrier to entry: How the supply of new shopping centres could be decades away

9:30 – Why retailers are showing resilience in the current economic environment

10:30 – The impact of online shopping: How leading retailers are seeking additional retail space alongside online

15:50 – The resilience and downside protection offered by retail assets

25:50 – Chris and Julian on office and industrial

29:00 – MA Alternatives Summit 2026: Julian’s key takeaways

30:00 – Why active management is critical in delivering investor returns

31:00 – Andrew Pridham on seizing opportunity in global crisis and volatility

32:00 – Get to know Chris

 

The information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information contained does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction.

MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable.

This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial.

 

See omnystudio.com/listener for privacy information.

MA Financial’s Group Vice Chairman, Andrew Pridham AO, is joined by a team of MA’s investment professionals as they discuss insights from the recently-released 2026 Investment Outlook, examining opportunities ahead across private credit, real estate and equities.

The wide-ranging conversation explores:

• Why shopping centres continue to present compelling opportunities, supported by resilient consumer trends and structural tailwinds
• The critical role of active management in unlocking value across real estate
• The advantages of senior secured positions within the real estate capital structure
• How investor psychology is amplifying equity market volatility
• The key themes shaping today’s private credit landscape.

The information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information in the podcast does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction.

Equity Trustees Limited (Equity Trustees) (ABN 46 004 031 298) (AFSL 240975) is the responsible entity for the MA Credit Income Trust ARSN 681 002 531 (MA1). MAAM RE Ltd (MAAM RE) (ACN 135 855 186) (AFSL 335783) is the responsible entity of the MA Priority Income Fund ARSN 648 809 849 (PIF). MA Credit Portfolio Holdings Limited ACN 691 943 638 is the issuer (Issuer) of the MA Credit Portfolio Notes (ASX: MA2HA) (the Notes). You should obtain a copy of the Product Disclosure Statement (PDS) or Prospectus and Target Market Determination (TMD) for MA1, PIF and the Notes available on mafinancial.com/invest and consider consulting with a financial adviser before making any investment decision. You should also read the PDS and TMD of PIF for further information on the capital buffer and the priority income features of PIF, and the PDS or Prospectus and TMD of MA1 and the Notes for further information on the credit exposure and product features of MA1 and the Notes. An investment in PIF, MA1 and the Notes involves risk. Past performance is not a reliable indicator of future performance.

MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable.

This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial.

See omnystudio.com/listener for privacy information.

What Matters returns in 2026 with a mini edition, featuring Andrew Pridham AO in conversation with Frank Danieli, MA Financial’s Head of Global Credit Solutions.

Frank unpacks the key themes from his latest quarterly investor letter, “The return on my money,” where Frank explains that when investing in private credit, capital preservation – the return on your money – matters most, however the return on your money also needs to be attractive for the risks taken.

Andrew and Frank also unpack:

• Portfolio performance for the 2025 December quarter

• Insight into what Frank is seeing in global credit markets

• A snapshot on the Australian economy, from real time insights in MA Financial’s data

• Frank’s outlook for 2026

• The evolving regulatory landscape and why the focus on improved disclosure reinforces one of the core themes in Frank’s letter: how it’s important for investors to understand what really sits under the hood in their credit portfolio.

Frank’s quarterly letter and podcast are your go-to for updates on our Global Credit Solutions fund suite, along with expert insights into trends shaping the private credit landscape.

For more information, visit www.mafinancial.com

The information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information in the podcast does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction. 

Equity Trustees Limited (Equity Trustees) (ABN 46 004 031 298) (AFSL 240975) is the responsible entity for the MA Credit Income Trust ARSN 681 002 531 (MA1). MAAM RE Ltd (MAAM RE) (ACN 135 855 186) (AFSL 335783) is the responsible entity of the MA Priority Income Fund ARSN 648 809 849 (PIF). MA Credit Portfolio Holdings Limited ACN 691 943 638 is the issuer (Issuer) of the MA Credit Portfolio Notes (ASX: MA2HA) (the Notes). You should obtain a copy of the Product Disclosure Statement (PDS) or Prospectus and Target Market Determination (TMD) for MA1, PIF and the Notes available on mafinancial.com/invest and consider consulting with a financial adviser before making any investment decision. You should also read the PDS and TMD of PIF for further information on the capital buffer and the priority income features of PIF, and the PDS or Prospectus and TMD of MA1 and the Notes for further information on the credit exposure and product features of MA1 and the Notes. An investment in PIF, MA1 and the Notes involves risk. Past performance is not a reliable indicator of future performance.

MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable.

This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial.

See omnystudio.com/listener for privacy information.

In this special mini edition of What Matters, Frank Danieli, Head of Global Credit Solutions at MA Financial, unpacks the key themes from his September quarter private credit investor letter exploring the theme “the greatest teacher, failure is.”

Frank explains why at MA Financial we believe private credit investing is all about ‘avoiding losers, not picking winners.’ He reflects on recent high-profile borrower failures in the US such as First Brands and Tricolor, to illustrate the importance of managing credit risk and controlling structural risk, and the valuable lessons to be learned from studying situations that have gone wrong.

Frank’s quarterly letter and podcast are essential resources for updates on MA Financial’s Global Credit Solutions fund suite, and expert insights into the trends shaping private credit markets.

DISCLAIMER

The information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information in the podcast does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction. 

Equity Trustees Limited (Equity Trustees) (ABN 46 004 031 298) (AFSL 240975) is the responsible entity for the MA Credit Income Trust ARSN 681 002 531 (MA1). MAAM RE Ltd (MAAM RE) (ACN 135 855 186) (AFSL 335783) is the responsible entity of the MA Priority Income Fund ARSN 648 809 849 (PIF). You should obtain a copy of the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for MA1 and PIF available on mafinancial.com/invest and consider consulting with a financial adviser before making any investment decision. You should read the PDS and TMD of PIF for further information on the capital buffer and the priority income features of PIF, and the PDS and TMD of MA1 for further information on the credit exposure and product features of MA1. An investment in PIF and MA1 involves risk. Past performance is not a reliable indicator of future performance. 

MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable.

This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial.

See omnystudio.com/listener for privacy information.

Economist, author and broadcaster David McWilliams joins Andrew Pridham for a fascinating look at what he calls the next global super-cycle — a world of rising tariffs, managed trade and an AI-fuelled boom — and how Australia can thrive in this new era.

In a lively, entertaining and thought-provoking conversation, David taps into his unique ability to make economics relatable and shares his distinctive take on:

• The enduring importance of the US dollar — and why cash still matters

• How Australia can balance its ties with both the US and China

• The psychology of money — and why it is humanity’s greatest invention

• Why FOMO might explain the queues for gold in Martin Place

• Why bitcoin could be “a solution in search of a problem”; and

• How “animal spirits” continue to drive real-world economies

Recorded in Sydney during David’s world tour for his best-selling book Money: A Story of Humanity — a Financial Times, Observer and Economist Book of the Year — this episode blends insight and big-picture thinking on where global markets may go next.

This information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information contained does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction.

MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable.

This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial.

© All rights reserved 2025.

See omnystudio.com/listener for privacy information.

In this episode, Andrew Pridham AO sits down with Premiership-winning AFL coach John Longmire, the Sydney Swans’ Executive Director of High Performance.

After 14 years coaching one of the AFL’s most successful clubs, John reveals what elite sport can teach us about leadership, culture, and making tough decisions under pressure.

Together, Andrew and John explore:

• How to sustain high performance over the long term

• Managing different personalities in a team environment

• Building resilience within teams

• Creating and maintaining a winning culture

Packed with practical, hard-earned lessons from the elite level, this conversation is full of insights you can apply directly to business and leadership.

DISCLAIMER

This information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information contained does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction.

MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable.

This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial.

© All rights reserved 2025.

See omnystudio.com/listener for privacy information.

In this mini edition of What Matters, Andrew Pridham AO sits down with Frank Danieli, our Head of Global Credit Solutions, to discuss Frank’s latest June quarter investor letter which explores the theme ‘The only certainty is uncertainty’.   

Frank discusses why, at MA Financial, we don’t spend time trying to predict the future when managing our Global Credit Solutions funds. Instead, we embrace uncertainty as a constant and invest and manage our portfolios to deliver on our objectives across a broad range of market conditions.   

Frank and Andrew also unpack private credit essentials:  

• What is private credit? 

• What should investors look for in a manager? 

• The asset class’s key defensive feature: its senior position in the capital structure meaning it ranks ahead of equity. 

Frank’s quarterly letter and podcast are your go-to for updates on our Global Credit Solutions fund suite, along with expert insights into the trends shaping the private credit landscape. 

For more information, visit mafinancial.com. 

DISCLAIMER

The information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information contained does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction.

Equity Trustees Limited (Equity Trustees) (ABN 46 004 031 298) (AFSL 240975) is the responsible entity for the MA Credit Income Trust ARSN 681 002 531 (MA1). MAAM RE Ltd (MAAM RE) (ACN 135 855 186) (AFSL 335783) is the responsible entity of the MA Priority Income Fund ARSN 648 809 849 (PIF). You should obtain a copy of the Product Disclosure Statement and Target Market Determination for MA1 and PIF available on mafinancial.com/invest and consider consulting with a financial adviser before making any investment decision. You should thoroughly read the PDS and Target Market Determination of PIF to understand the capital buffer and priority income features of PIF that are referred to in the podcast. An investment in PIF and MA1 involves risk. Past performance is not a reliable indicator of future performance.

MA Financial and Equity Trustees cannot guarantee the accuracy of the information in this podcast and have not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable.

This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial.

See omnystudio.com/listener for privacy information.

In a must-listen episode, What Matters welcomes back Ken Moelis, the legendary Founder, Chairman, and CEO of Moelis & Company.  

Ken joins Andrew Pridham AO for a wide-ranging conversation on the forces shaping the global financial landscape, explaining why: 

- the banking industry is being re-shaped 

- private credit is just getting started 

- AI, the need for power and the rate of technological change, will drive economic and M&A activity. 

The pair unpack the impact of tariffs, the pressure on the Federal Reserve regarding interest rates and why potential gridlock post next year’s US mid-term elections could be good for business. 

Ken also shares insightful reflections on leadership transition as he moves from CEO to Executive Chairman (effective October), lessons he’s learned founding Moelis & Company, whether AI could reshape dealmaking and his optimism about economic opportunities in the Middle East and why he thinks Europe could be set for a defence-led tech revival.  

 

 

See omnystudio.com/listener for privacy information.

On this mini edition of What Matters, Andrew Pridham AO talks with our Head of Global Credit Solutions Frank Danieli about his new quarterly private credit investor letter released in mid-April titled ‘Predicting rain doesn’t count’.   

Frank dives into March quarter fund performance and explains why at MA Financial when it comes to investing in private credit we build the ark, not predict rain – we focus on portfolio resilience over market forecasts seeking to deliver strong returns through all cycles. Frank and Andrew also share insights into how financial advisers can navigate private credit in the context of volatile equities markets. 

Frank’s new quarterly letter is a go-to for regular updates on our Global Credit Solutions fund suite along with expert insights into key themes shaping the private credit landscape. Visit our website for more information https://mafinancial.com/ 

Equity Trustees Limited (ABN 46 004 031 298) (AFSL 240975) is the responsible entity for the MA Credit Income Trust ARSN 681 002 531 (MA1). Equity Trustees Limited is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). MAAM RE Ltd (MAAM RE) (ACN 135 855 186) (AFSL 335783), is the responsible entity for the MA Priority Income Fund ARSN 648 809 849 (PIF). The information in this podcast has been prepared by MA Investment Management Pty Ltd (MAIM) (ACN 621 552 896) as an authorised representative of MAAM RE to provide you with general information in relation to MAIM’s investment capabilities, including with respect to MA1 and PIF (each a “Fund” and together, “the Funds”). In preparing the information, MAIM has not taken into account the investment objectives, financial situation or particular needs of any particular person. Because of that, before making an investment you should consider the appropriateness of this information having regard to your objectives, situation and needs. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither MAAM RE, MAIM, Equity Trustees nor any of their related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for each of the Funds and consider the PDS and TMD before making a decision about whether to invest in any of the Funds. The PDS and TMD for MA1 is available at mafinancial.com/MA1 and mafinancial.com/invest/private-credit for PIF. Neither MAAM RE, MAIM, Equity Trustees nor any MA Financial Group entity guarantees repayment of capital or any particular rate of return from the Funds.  

All opinions and estimates included in this podcast constitute judgements of MAIM as at the date of the podcast and are subject to change without notice. Statements contained in the podcast that are not historical facts are based on expectations, estimates, projections, opinions and beliefs of MAIM as at the date of the podcast. Such statements involve known and unknown risks, uncertainties and other factors, and should not be relied upon in making an investment decision. Any references in this podcast to targeted or projected returns of the Funds are targets only and may not be achieved. Investment in the Funds is subject to risk including possible delays in payment or loss of income and principal invested. This information is intended for recipients in Australia only. The address and telephone details for MAAM RE are Level 27, Brookfield Place, 10 Carrington Street, Sydney NSW 2000 and +61 2 8288 5594. Equity Trustees address and telephone details are Level 1, 575 Bourke Street, Melbourne VIC 3000 and +61 3 8623 5000. Equity Trustees and MAAM RE as responsible entities (each a “Responsible Entity”), its related bodies corporate, the Responsible Entity’s directors and employees and associates of each may receive remuneration in respect of advice and other financial services provided by the relevant Responsible Entity. The relevant Responsible Entity has entered into various arrangements with MAIM in connection with the Fund issued by them. In connection with these arrangements MAIM may receive remuneration or other benefits in respect of the financial services it provides. 

See omnystudio.com/listener for privacy information.

In this of the What Matters podcast MA Financial Group Vice Chairman and Co-Founder Andrew Pridham AO is hosted by South Australian Premier Peter Malinauskas in the Premier’s office.

In an era of increasing political division, Premier Malinauskas has stood out—building broad bipartisan support through a focus on health, education, and housing reform. As The Australian recently asked: “Is Peter Malinauskas our future Prime Minister?”

In their intriguing discussion Andrew and Peter cover a wide range of topics:

• Why affordable housing tops the Premier’s policy agenda—and why access to water is the number one challenge.

• How state governments can support property developers and institutional investors to help solve the housing crisis.

• The Premier’s take on Australia’s AUKUS submarine deal—and why he remains optimistic despite uncertainty around Donald Trump’s foreign policy.

• Where the Premier sees big opportunities for private capital—in sectors including defence, space and AI. 

• Advice on making decision under pressure , and working effectively with government.

• How South Australia plans to keep the AFL’s Gather Round beyond 2026—and why the Premier believes it’s a better fit than Tasmania or Perth.

To contact MA Financial Group – Click here.

This information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information contained does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction.

Where applicable, you should refer to the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), Information Memorandum and/or Financial Services Guide (FSG) or MA Redcape Hotel Fund RE Ltd (ACN 610 990 004) (AFSL 505 932) (refer to the MA Financial website for further information: www.mafinancial.com) and consider consulting with a financial adviser before making any investment decision.

MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable.

This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial.

© All rights reserved 2025.

See omnystudio.com/listener for privacy information.