In this report, we provide an ‘around the grounds’ summary of notable results from both the Focus Portfolio and the broader market, with a focus on Communication Services (CAR Group, REA Group), Financials (Pinnacle Investment Management, GQG Partners, Macquarie Group, QBE Insurance) and Consumer Discretionary (JB Hi-Fi).

With valuations stretched across much of the market, there is little room for error this reporting season, and delivery against consensus expectations will be critical. This report includes a reporting season calendar, a summary of our stock-specific views across the entirety of the Focus Portfolio, and in-depth result previews for three top 20 ASX stocks – WiseTech, Woolworths, and CSL.

We continue to expect the iron ore market to enter a surplus in H2 2025, which is likely to grow over the medium term as large projects like Simandou (the ‘Pilbara Killer’) come online and as China’s steel demand structurally declines. This report details our cautious outlook for iron ore and reaffirms BHP as our preferred exposure.

The macro backdrop has become increasingly supportive of the A-REIT sector, with the RBA likely to cut interest rates multiple times this year. In this report, we examine how the A-REIT sector has historically performed during interest rate cutting cycles and share our views across the major sub-sectors.

The ASX 200 is expected to return to EPS growth of +5.6% in FY26, although the median company is forecast to deliver much stronger growth of +11.9%. This report discusses the implications of the local market’s concentration and explores the latest consensus earnings revision trends.

We maintain a positive outlook for gold over the medium-term, which continues to be underpinned by several key demand drivers, including geopolitical risks, structural growth in central bank demand, and macro tail risks. We remain overweight the sector, however, we have trimmed Evolution Mining and added Northern Star Resources to the Focus Portfolio.

This report identifies two compelling ‘pairs trades’ in companies that offer attractive value relative to peers (ResMed, Woolworths). We also analyse the recent A$30bn takeover proposal for Santos, which is the Focus Portfolio’s sole Energy sector exposure.

The digital infrastructure sector remains in the early stages of its growth cycle, despite a significant ramp-up in data centre capacity in recent years. This report explores investment opportunities from the sector on the ASX 300, including a deep dive on DigiCo Infrastructure REIT.