When comparing price to net asset values (NAVs), at face value the A-REIT sector looks cheap. However, this doesn’t capture the whole picture. We believe NAVs are overvalued due to the impending impact of higher bond yields and uncertainty surrounding asset class demand at a sub-sector level.

Gold is often characterised as a store of value (primarily against the long-term corrosive effects of inflation) as well as a portfolio hedge against a range of risks, including general financial market instability, geopolitical tensions, and currency weakness. But what are its prospects today?

The Australian market has been struggling to break out of its recent range trading pattern as aggregate market earnings growth expectations have flatlined across FY23 and FY24.

The upcoming Australian reporting season could be a key catalyst for broader market downgrades. We explore the driving factors including softening demand in cyclical sectors and identify sectors that may be more resilient.

The Australian dollar’s (A$) relationship with the US$ has moved in broad ranging cycles over the long term. With the A$ currently sitting just above 68c, we have a partial 35-40% hedge recommendation for international equity portfolios.

We delve into five bottom drawer stocks - CSL (CSL), Macquarie (MQG), Worley (WOR), NextDC (NXT), and Netwealth (NWL) - the investing themes they align with and the reasons we believe they should be held over the long-term.

After a sharp sell-off in 2022, bonds have been range-trading for the past 9 months. In recent weeks, bond yields have pushed to the top end of the range (and briefly through the top end in Australia’s case). This is despite widespread expectations of a looming economic slowdown.

Including Australian gold miners in our equity portfolio offers several advantages. Their long-term performance, diversification benefits, and potential for outperformance in a rate-cut environment make them an attractive investment at this point of the cycle.