Following this month’s US election, Donald Trump is set to re-enter the White House in January 2025, alongside a Republican majority in the Senate and House of Representatives. This report discusses the implications of Trump’s presidency for the Focus Portfolio’s positions in Aristocrat, James Hardie, Breville, CSL, Santos, and Worley.

The US equity market has generally taken a glass half-full view of Donald Trump’s upcoming presidency, continuing to rise in wake of the election. This report looks at the outlook for inflation, interest rates and asset markets during the opening phase of Trump’s second presidential term.

When it comes to investing in cyclical businesses that are, to some extent, sensitive to the ebb and flow of the economic cycle, quality is a particularly important consideration. This report looks at two hallmark examples of quality cyclicals in the Focus Portfolio - James Hardie and Aristocrat Leisure.

The ‘big 4’ banks all reported a decline in earnings in FY24, largely in line with consensus forecasts. This report explores the key themes from the banks’ reporting season, while also discussing changes to the Focus Portfolio’s positioning within the sector.

Trump’s surprisingly resounding election triumph suggests a mix of deregulation, higher trade tariffs, tax cuts, and a partial pivot back toward fossil fuel expansion. This report looks at the likely implications of Trump’s election triumph for both the US and global economies, as well as movements in asset markets.

US voters head to the polls this Wednesday November 6^th (Australian time). If the betting odds prove correct, Republican candidate Donald Trump looks set to regain the Presidency. This report looks at the implications of the presidential election for the US and the world when it comes to deficit levels, Fed independence, energy policy equity and bond markets.

Aluminium’s role in the energy transition has been underappreciated, with the metal being a key input in electric vehicles, solar installations and energy grid infrastructure, much like copper. This backdrop underpins an attractive long-term demand outlook, while supply additions are expected to be constrained with China's smelting capacity capped around current levels, which together will result in growing structural deficits this decade.

US bond yields are up ~60 basis points since their recent lows in mid-September. As is often the case, Australian long bond yields have largely tracked the upswing in US yields. In this report, we look at the outlook for both bonds and equities over coming months.