MAGELLAN - In The Know

Infrastructure, energy and the affordability challenge

Tue, 28 Apr 2026 08:29:13 +1000

Affordability pressures, alongside rapid investment, are reshaping the US economic story in 2026 — and the impact is being felt far beyond headline growth.

In this episode of In The Know, Rebecca Hiscock-Croft, Investment Director for the Magellan Global Listed Infrastructure team, chats with Brett Loper, Executive Vice President for Policy at the Peter G. Peterson Foundation and Executive Director of the Peterson Solutions Fund, about what’s really driving the conversation on the ground — from the rising cost of housing and energy to the growing strain on household budgets.

They explore how surging demand from AI and data centres is adding new demands on power systems and infrastructure and why utilities and energy are becoming an increasingly important, if less visible part of the conversation.

With infrastructure and affordability now tightly linked, this discussion explores the forces set to define the next phase of the US economy.

AI disruption, real assets and opportunity in Australian equities

Tue, 31 Mar 2026 08:21:14 +1100

How do you invest when markets feel driven by noise, narratives and sudden shocks?

In this episode, Emma Fisher, Deputy Head of Australian Equities at Airlie Funds Management and Joe Wright, Deputy Portfolio Manager, discuss how they navigate volatility by staying anchored to process, fundamentals and valuation.

They unpack the resurgence of “real assets”, the sharp sell-off in software and classifieds and why AI disruption fears may be creating opportunities in quality businesses. Emma and Joe also explore gold, commodities and portfolio positioning, discussing that while narratives can drive short-term moves, long-term returns are still shaped by earnings, balance sheets and disciplined stock selection.

Outlook for global equities: what could surprise markets in 2026

Tue, 24 Feb 2026 08:19:07 +1100

What could derail markets or fuel the next rally - after 3 years of gains?

In this conversation, Portfolio Managers Alan Pullen and Casey McLean join Investment Director and Analyst, Elisa Di Marco to reflect on the volatile start to 2025 and the powerful AI-driven rally that followed, before looking ahead to what 2026 may bring. The trio discuss expectations for more modest returns and a rotation toward quality and AI execution.

They also highlight the sectors and companies they believe are best positioned to benefit as markets evolve. They explore potential upside surprises and key wildcards, from private credit risks to AI-led productivity gains. Above all, they emphasise the importance of investment discipline, fundamentals and long-term thinking in today’s volatile environment.

The infrastructure outlook: Hidden opportunities, real risks

Tue, 25 Nov 2025 08:13:18 +1100

In today’s uncertain environment, is infrastructure still a safe haven? In this compelling conversation, Rebecca Hiscock-Croft, Investment Director with Magellan’s Infrastructure team, speaks with Portfolio Managers Ofer Karliner, Ben McVicar and David Costello about how they’re navigating market volatility. They explore where they see compelling value and structural growth in infrastructure and what they view as key risks, including richly valued US merchant power names tethered to the AI boom.

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From search to answers: How AI is changing the game

Tue, 28 Oct 2025 09:01:16 +1100

How is generative Artificial Intelligence impacting online search tools, and what does the future of search look like? That’s the focus of conversation between Elisa Di Marco, Investment Director and Analyst and Portfolio Manager Casey McLean. Elisa and Casey unpack the shift from traditional search engines to AI-powered “answer engines” such as Google’s newly launched AI Overview and AI Mode, and discuss how Google’s parent company, Alphabet, is navigating this transformation. They also highlight the key implications for investors in this new wave of digital disruption.

Australian Equities: Where are we now, and what’s next?

Tue, 30 Sep 2025 07:27:07 +1000

Following a volatile reporting season, we’re seeing one of the “unhappiest bull markets” in recent years. That’s according to Matt Williams, Head of Australian Equities at Airlie Funds Management. He joins Amy Manns, Relationship Manager at Magellan Investment Partners in this episode to discuss how Australian Equities are faring and what’s next for the market.

The duo unpacks the forces behind heightened market volatility – and discuss key themes from the recent reporting season including the resilience of Aussie consumers, the recovery in small caps, soft results posted by banks and the risks of US housing exposure. Matt also explains recent standout results from stocks like Sigma-Chemist Warehouse and ResMed. He explores whether we can expect to see a revival of public markets; and reflects on the current market preference for growth stocks, sharing his evolving perspective on how to value them.

Finally, Matt shares valuable lessons he’s learned throughout his career. With the Australian economy remaining sluggish overall, he emphasises the importance of staying invested long-term, not becoming distracted by the noise and sticking to what you know.

The next wave: Visa’s critical role in AI powered commerce

Tue, 26 Aug 2025 07:58:06 +1000

Artificial intelligence is rapidly working its way into our lives, but would you trust it not only to choose purchases but also to pay on your behalf? That’s the world we’re heading towards, according to Visa’s Chief Product Officer for Commercial and Money Movement Solutions, Mark Nelson.

Elisa Di Marco, Magellan’s Investment Director and Analyst, joins Mark to explore how one of the world’s largest payments networks is shaping the next era of commerce. From tapping and tokenisation to AI-powered ‘agentic commerce’ that can shop on your behalf, Mark explains the innovations driving Visa’s growth, the trust and security underpinning its network and why stablecoins could accelerate payment digitisation in emerging markets. Mark also shares how AI agents could transform the way consumers plan, purchase and book holidays while ensuring Visa’s network keeps payments seamless and secure.

The art of the turnaround: investing in companies at a crossroads

Tue, 29 Jul 2025 08:49:02 +1000

What separates a successful turnaround from a value trap?

This month, Magellan’s Sector Head of Franchises and Healthcare, Hannah Dickinson, and Investment Analyst Emma Henderson explore consumer sector turnaround opportunities, focussing on household names like Nike, Estée Lauder, Gucci and Starbucks, all of which have hit temporary roadblocks. They explain Magellan’s disciplined four-pillar investment framework covering fundamentals, leadership, strategy and timing and discuss how to navigate the risks, behavioural traps and complexities involved. Using real-world examples and practical insights, they reveal why a patient, structured approach is necessary when analysing these investment opportunities.

Intuit’s evolution from DIY software to an AI-driven expert platform

Tue, 24 Jun 2025 08:37:16 +1000

Intuit’s transformation from a DIY financial software company to an AI-driven expert platform forms the backbone of this compelling conversation between the company’s Chief Technology Officer, Alex Balazs, and Magellan Portfolio Manager and Sector Head, Ryan Joyce.

Together, they explore how Intuit uses generative AI to deliver done-for-you solutions for its 100 million customers by blending huge amounts of data, deep domain expertise, and broad platform capabilities.

Alex shares his long-term vision for how AI will reshape the user experience, including video avatars, instant and secure money movement, and new forms of digital trust. With only a fraction of its total addressable market currently served, Intuit sees massive growth potential both in the US and globally — and believes it’s uniquely positioned to deliver the next wave of “killer apps” that truly empower small business prosperity.

The big issues for investors coming out of Washington

Tue, 27 May 2025 09:39:55 +1000

The first 100 days of the second Trump administration have certainly been interesting for investors. And as the initial global tariff shock appears to be winding back, it’s a good time to draw on the thoughts and the insights of a Washington insider. National Security Expert Michael Allen, who was a Special Assistant to former President George W. Bush shares his thoughts in a wide-ranging interview. Magellan Head of Global Equities and Portfolio Manager Arvid Streimann talks with Michael about tariffs, the US government deficit, the Democrats, the US’s technological lead over China and the Chinese military buildup.

Podcast recorded: 15 May 2025

Three investment sectors offering growth, innovation and opportunity

Tue, 29 Apr 2025 08:41:17 +1000

In this episode, Magellan’s investment team looks at three interconnected investment sectors that continue to offer growth opportunities and compounding, dependable returns. The team explains how to still pick consumer-sector winners even in times of uncertainty. They explore why semiconductors are driving future innovation, being essential components powering a vast array of electronic devices we use daily. They also delve into the US energy landscape and how it is being reshaped by the growing influence of AI, data centres, and the return of manufacturing.

From noise to signals: Vinva’s unique approach to systematic investing

Thu, 03 Apr 2025 10:17:18 +1100

Morry Waked, the founder of Vinva Investment Management, sits down in conversation with Mark Burgess, Magellan's Head of Distribution, to explore the world of systematic investing. Morry explains how Vinva’s investment process stands apart from traditional quantitative investing and breaks down how Vinva uses data-driven insights, disciplined processes, and new technologies to generate strong investment performance. He discusses the role of machine learning, the importance of human expertise in distinguishing signal from noise, and why people — not just algorithms — are the key to success and pivotal to Vinva’s investment process and portfolio construction.

Xcel Energy – a bright spark to power growth

Tue, 25 Mar 2025 10:46:39 +1100

Infrastructure investments can provide good long-term, compounding returns, but the utilities sector — particularly electricity — is promising potentially dramatic new growth. Artificial intelligence and its need for huge, energy-intensive data centres are driving this demand. But are the promises real?

Brian Van Abel, who is the CFO of one of America’s most significant energy companies, Xcel Energy, discusses the evolving new landscape with Magellan Portfolio Manager, Jowell Amores. As well as the potential for new income, they discuss increasing risks, like wildfires and how the company plans to keep its legendary below-average power bills competitive by embracing alternative energy.

This Podcast is CPD Accredited for Financial Advisers: Access CPD Quiz

2025: Where to Find Market Opportunities

Tue, 25 Feb 2025 13:33:55 +1100

Opportunities abound for investors with an active management mindset in 2025. In this discussion on the outlook for markets and key themes for this year, ‘Magellan – In The Know’ draws on the knowledge of Head of Global Equities Arvid Streimann, Infrastructure Portfolio Manager Ben McVicar and Investment Director Elisa Di Marco. Together they break down what’s ahead — from Trump’s economic policies to interest rates, from inflation to the future of alternative energy, and the impact of AI on both Silicon Valley and the US utilities sector. They offer expert, insights to help investors tackle 2025 with confidence.

This Podcast is CPD Accredited for Financial Advisers: Access CPD Quiz

How Trump will impact equity markets

Tue, 26 Nov 2024 08:41:38 +1100

The United States has spoken. President Trump will return to the White House in the new year. But how can we cut through the noise to reveal the investment, economic and geopolitical ramifications?

Magellan’s Head of Global Equities and Portfolio Manager, Arvid Streimann, has over 25 years’ experience of following markets and politics, and over this time has built up a network of trusted contacts, he can offer a measured, independent view of the situation, including his expectations on Donald Trump’s policy initiatives and decision making.

He’s joined by Investment Director Elisa Di Marco for an exploration of the implications of a Republican clean sweep, including the impact on standards of living and consumer sentiment, as well as the potential for deregulation, and President Trump’s promise to adopt protectionist policies in an effort to develop self-sufficiency. They share insights into geopolitical dynamics, including U.S.-China relations, Iran and Ukraine, and discuss the risks and opportunities for investors.

Exploring the market: Key insights on trends, spending and growth

Tue, 29 Oct 2024 08:31:01 +1100

The current investment landscape is a turbulent one, but it is possible to survey the situation and find investment opportunities. In this episode Portfolio Manager Alan Pullen is joined by Investment Analysts, Emma Henderson, Claire Britton and Roy Harrison to discuss the latest global trends and how they are affecting some of the world’s biggest brands —from LVMH to the American Tower companies.

The team offers insights on consumer spending trends and the resilience of some companies while others decline. They cover a lot of ground from the adaptation of Meta Platforms to market threats such as TikTok and the anticipated stimulus package in China, to the opportunities to invest in the infrastructure behind the growth of data usage.

Geopolitics and investment — the three hotspots to watch

Tue, 24 Sep 2024 08:46:08 +1000

Geopolitical shocks can happen abruptly and when they do, the disruption to trade and global economies can be profound. In this episode of ‘Magellan In the Know’ we turn to one of Magellan’s trusted geopolitics advisers to survey the situations in the world’s trouble spots, and give sound, sometimes surprising, assessments of what to expect, and where and when to expect it.

An observer with extraordinary expertise in the field, Former Acting CIA Director Michael Morell, speaks with Magellan Head of Global Equities and Portfolio Manager, Arvid Streimann surveying possible scenarios in the Middle East, Ukraine, and, closer to home, the South China Sea. It’s a frank and fascinating assessment of where disruptions may happen, the impact for investors and, among other things, what the consequences will be if Donald Trump regains the White House in November.

Chipotle’s winning growth recipe

Tue, 27 Aug 2024 08:19:31 +1000

How do you build one of North America’s best known restaurant brands while still maintaining high quality, low price, and industry-leading margins? Chief Financial Officer of Chipotle Mexican Grill, Jack Hartung chats with Emma Henderson, Magellan’s Acting Sector Head of Franchises and Healthcare, on how Chipotle has maintained its commitment to food integrity while achieving remarkable profitability.

They delve into the strategic decisions that have allowed Chipotle to scale successfully, leveraging its size for supply chain diversification, embracing digital innovation, and maintaining ownership of its restaurants to preserve quality and drive growth. Hear valuable insights into the financial and operational strategies behind Chipotle's sustained success.

This podcast was recorded 13 August 2024 (AEST), prior to the news of Chipotle’s CEO transition.

From Resilient Retailers to Struggling Brands - A consumer sector deep dive

Tue, 30 Jul 2024 09:15:39 +1000

We are in the midst of a highly complex consumer environment, with the market bracing for losses due to spending that’s been suppressed by inflation and interest rates. But there are still shining lights and wealth to be created in the right places.

In this episode of “Magellan in the Know,” Emma Henderson, acting head of Magellan's Consumer Franchises and Healthcare team, is joined by Investment Analysts, Tracey Wahlberg and Lucina Martin, for a discussion into the complexities of the current consumer landscape.

They share key factors influencing market caution, the impact of inflation on consumer behaviour, and the investment opportunities emerging amidst these challenges. From the resilience of retail giants like Costco and Amazon to the challenges for iconic brands like Nike and Estee Lauder, the team provide valuable insights for investors navigating a volatile market.

Data Centres and Beyond: WEC Energy powering regional US growth

Tue, 25 Jun 2024 08:37:20 +1000

US utilities are on the verge of a significant growth super cycle, fuelled by the expansion of data centres and a revival in manufacturing and supply chain, all underpinned by the continuous push for net-zero emissions.

The I-94 corridor within the WEC Energy Group service territory is just a microcosm of what is currently unfolding across the US. The corridor has rapidly become a hotbed for economic growth. Microsoft has established a presence in the corridor with the construction of a substantial data centre, as well as other major global consumer brands, pharmaceutical and technology companies. WEC Energy, one of the largest investor-owned utilities in the US, is one of many well-placed to benefit from these megatrends, thereby creating low risk long term value for its investors.

In this episode, Magellan Portfolio Manager Jowell Amores is joined by Gale Klappa, Chairman of WEC Energy, and Jim Paetsch, Executive Director of a regional development agency in the Midwest discussing this underappreciated investment opportunity.

Lessons learnt from investing in essential services

Tue, 28 May 2024 16:16:49 +1000

The long term regular and reliable returns from the infrastructure sector present an overwhelming opportunity. Infrastructure investing may initially seem intimidating to investors due to the substantial capital expenditures that companies require upfront. However, the long term regular and reliable returns from the infrastructure sector have the potential to grow your wealth over time with a high degree of confidence.

In this episode, Magellan’s Head of Infrastructure, Gerald Stack, and Portfolio Managers Ben McVicar and Ofer Karliner discuss what they look for in attractive assets and their experiences over a combined 60 years of investing in these essential services.

Decoding the Magnificent Seven: Profitability, fundamentals, and the future

Tue, 30 Apr 2024 11:02:31 +1000

Markets were taught a lesson in the turn-of-the-century’s dot-com bubble. Over excitement and massive investment in companies that hardly really existed, let alone made worthwhile returns, resulted in a traumatic correction. But is it happening again? With the high-profile technology companies — widely known as the ‘Magnificent Seven’ —providing huge returns in 2023, some observers fear a repeat of the tech wreck, but all is not what it seems.

In this episode of ‘Magellan In the Know’, Key Account Manager Martin Van Eyk explores the landscape surrounding the Magnificent 7 with Portfolio Manager Alan Pullen. Together they discuss which companies will remain good long-term prospects because of strong fundamentals, and how new innovations like artificial intelligence can create change and growth. But they also look at which of the seven are best left alone.

Mastering the world of payments

Tue, 26 Mar 2024 08:21:40 +1100

For more than 14 years, Magellan has invested in Mastercard — one of the world’s largest global payment networks. In this episode of Magellan In the Know, Magellan’s Portfolio Manager of Core Global and Core ESG, Elisa Di Marco, is joined by Mastercard’s Head of Investor Relations, Devin Corr, for an exploration of Mastercard’s competitive advantages and innovations in payments. Devin explains how that by embracing diverse revenue streams across its network, many of which work quietly in the background, Mastercard has reached $9 trillion in global payments volume, and discusses how it intends to continue to grow in a world with ever-expanding use cases for financial transactions.

Chipping away at the semiconductor market

Tue, 27 Feb 2024 08:24:38 +1100

It’s a fascinating time in the semiconductor chip market. Thanks to the proliferation of devices, and even cars, that are heavily dependent on chip availability, and geopolitical trends that may impact supply, chips are under a global spotlight. In this episode of Magellan — In the Know, Head of Global Equities and Portfolio Manager Arvid Streimann discusses the semiconductor chip ecosystem with Investment Analysts Adrian Lu and Dom Facchin.

They explore the critical role chips play as the building blocks of innovation, driving structural growth in areas like artificial intelligence, electrification, and cloud computing. They discuss the implications of chip manufacturing, and the strategic considerations guiding investment decisions.

Green Horizons: Discover the innovative sustainability strategies of Nestlé and Lowe's

Tue, 30 Jan 2024 10:24:40 +1100

Sound environmental, social, and governance principles (ESG) — are crucial for ongoing sustainability and risk management, as well as the growing need to meet community and environmental expectations.

In this episode of Magellan in the Know, we relook at highlights from two companies with long and proud ESG credentials. Firstly, the Global Head of Public Affairs for Nestlé, Rob Cameron, describes how Nestlé is leading its supply chain to embrace regenerative agriculture, recycling, packaging innovation and human rights. Followed by Chris Cassell, the Vice President of Corporate Sustainability at Lowe’s Home Improvement — the massive US equivalent of Australia’s Bunnings — who talks about Lowe’s commitment to sustainability and why it makes good business sense — from its supply chains to its customers.

Listen to the full episodes here:

Cultivating change – Nestlé’s leading approach on sustainability and creating shared value.

Building the future - drilling into sustainability at Lowe’s

Insights from the US: An update on the Impacts of GLP-1 on healthcare systems.

Wed, 20 Dec 2023 09:38:12 +1100

In this special 15 minute episode of Magellan In The Know, Portfolio Manager Nikki Thomas is joined by Investment Analyst Wilson Nghe, providing an update on GLP-1 following our recent episode on the weight loss wonder drug. Recently returned from the US, Wilson spoke with commercial players and policy makers on how they will approach reimbursements, which could be one of the biggest drivers to accelerate demand. They also discuss the future of care delivery in the US healthcare system.

Listen below to the full episode

Ep. 40 The weight loss drug shaping-up as a gamechanger

Pipelines to prosperity: the dependability of infrastructure investment

Tue, 19 Dec 2023 08:32:59 +1100

In this episode of Magellan In The Know, we revisit highlights of two of the most impressive and important of our infrastructure investments: American Water Works, the largest publicly traded US water and waste water utility company, and North America’s premier energy infrastructure company, Sempra. Magellan Portfolio Manager Jowell Amores speaks with American Water’s President and CEO, Susan Hardwick, and Sempra Chairman and CEO Jeff Martin, in an insightful discussion about their strategies for providing attractive and consistent returns.

Listen below to the full interviews with American Water’s President and CEO, Susan Hardwick and Sempra Chairman and CEO Jeff Martin

Ep 32: American Water - a pipeline to dependable returns

Ep 38: Energising the Future: Sempra’s Innovative Infrastructure Journey

The weight loss drug shaping-up as a gamechanger

Tue, 28 Nov 2023 09:00:10 +1100

The world is awash with news that a drug designed to treat type 2 diabetes has also been approved to help achieve weight loss. Glucagon-like peptide 1 — or GLP-1 — is considered by some as a wonder drug and a new weapon in the public health battle against obesity. But what are the wider implications for the investment world? In this episode of Magellan In The Know, Portfolio Manager Nikki Thomas is joined by three Magellan Investment Analysts: Emma Henderson, Wilson Nghe and Tracey Wahlberg. Together they discuss the investment landscape surrounding GLP-1, looking at the pitfalls and potential financial benefits for sectors from healthcare, food retailing and restaurants to fashion, exploring which parts of the consumption landscape could be winners or losers.

How should investors think about Israel and decision making?

Wed, 01 Nov 2023 10:56:04 +1100

How should investors think about recent events in Israel, and what impact does this have on Ukraine and Taiwan? In this fascinating episode of Magellan In The Know, former Acting Director of the Central Intelligence Agency, Michael Morell talks about the potential impact on markets with Magellan Portfolio Manager and Head of Macro, Arvid Streimann. They also discuss how investment and national security professionals make decisions when facing uncertainty.

Energising the Future: Sempra’s Innovative Infrastructure Journey

Wed, 27 Sep 2023 11:29:55 +1000

A country boy who studied at West Point to become a US Army helicopter pilot, Sempra chairman and CEO Jeff Martin now commands a Fortune 500 company with US$79 billion of energy infrastructure assets. By developing a hyper-aligned, high-performing culture to capitalise on some of the fastest growing economies, he has led Sempra to become North America’s premier energy infrastructure company. In this episode of Magellan in the Know, Portfolio Manager Jowell Amores discusses Jeff Martin’s personal journey it’s imprints on Sempra’s culture, and how he’s developed this major company into an investment with bond-like stability and tremendous compounding growth. Jeff Martin offers profound insights into why Sempra is not just an energy leader, but a smart investment choice.

Cultivating change – Nestlé’s leading approach on sustainability and creating shared value

Tue, 29 Aug 2023 13:33:31 +1000

It’s one of Magellan’s oldest and most dependable investments, and the extraordinarily diverse Nestlé company, with its enormous stakeholder base, has risen to the challenge of the new sustainability regime. In this episode, Magellan’s Portfolio Manager Elisa Di Marco, and Investment Analyst, Tracey Wahlberg discuss how environmental values are driving corporate culture with Rob Cameron, Nestlé’s Global Head of Public Affairs. They talk through the company’s net zero approach, and its commitment in leading its supply chain to embrace regenerative agriculture, recycling, packaging innovation and human rights. And Rob Cameron explains how these initiatives benefit shareholders, through growth opportunities and cost discipline.

Behind the screens: The evolution of streaming services and the investment case for Netflix

Tue, 25 Jul 2023 11:19:54 +1000

It may be a disruptive success, but the on-demand video streaming sector has had its own challenges recently. In this episode, Magellan’s Portfolio Manager Arvid Streimann and Magellan Sector Head of Finance and Technology Ryan Joyce go behind the screens to take an in-depth look at the history and current state of streaming services, the importance of scale, Hollywood strikes, and regulation. They also reveal how one of the industry leaders, Netflix, has adapted its strategy and is likely to benefit from its recent crackdown on password sharing.

Building the future - drilling into sustainability at Lowe’s

Tue, 27 Jun 2023 12:55:40 +1000

It’s the American version of Bunnings, but much bigger. Lowe’s isn’t only a good business investment, it’s a good business full stop, thanks to its proud and honourable commitment to sustainability - from its supply chains to its customers. In this episode, Magellan Investment Analyst Tracey Wahlberg and Magellan’s Head of ESG Amy Krizanovic, are joined by the Lowe’s Vice President of Corporate Sustainability, Chris Cassell, to discuss the company’s sustainability strategy and how it aligns with financial drivers. They delve into the firm’s materiality assessment, engagement with employees, progress in climate risk management, and net-zero goals, as well as achievements in emissions reduction and sustainable innovation.

Beyond the sheets: Dissecting the downfall of a US retail giant

Tue, 30 May 2023 17:49:05 +1000

The consumer cycle is turning, creating a challenging operating environment for retailers and a period of volatility for investors. In this episode, Hannah Dickinson, Sector Head of Franchises joins Magellan Portfolio Manager Jowell Amores to dissect the downfall of a company that was once a go-to retailer in the United States. They look at the case study of Bed Bath and Beyond, a US-based retailer that went from market juggernaut to bankruptcy as it struggled to maintain market share and adapt to changing consumer preferences. This story highlights the importance of strong management, sensible capital allocation and sustainable competitive advantages when considering the prospects of any retailer. It’s a salutary story of what not to do in the consumer space, which has important lessons for any investor.

Consumer deep dive — how best to weather the storm

Wed, 26 Apr 2023 07:43:06 +1000

As consumers contend with the cost of living, interest rates and the fallout from a pandemic and a war, it’s time to look at how Magellan is shoring-up its consumer investments by concentrating on pricing power, inflation protection and durable competitive advantage. In this episode, Magellan’s Head of Listed Funds, Jennifer Herbert is joined by Sector Head of Franchises & Healthcare Hannah Dickinson, and investment analysts Lucina Martin, and James Macdonald, for a broad exploration of the investment tactics used to identify the quality, compounding consumer-centred companies that will weather the wild economic storms.

American Water — a pipeline to dependable returns

Tue, 28 Mar 2023 14:44:33 +1100

Even during volatile times, one of Magellan’s portfolio holdings has generated outstanding returns, and continues to deliver. American Water Works, which is the largest publicly traded US water and wastewater utility company, has generated returns of 400 per cent over the past ten years, and continues to be one of Magellan’s most reliable assets. In this episode, Infrastructure Portfolio Manager Jowell Amores speaks with American Water’s President and CEO, Susan Hardwick, in an insightful discussion about how the company’s simple strategy is providing attractive and consistent returns.

Cyber security – the new world order

Tue, 28 Feb 2023 08:19:41 +1100

A globally recognised cyber communications expert and former Chief Information Officer to the US president, Suzette Kent brings a world of experience to the realm of cyber and data security. In this episode of Magellan, In the Know, Magellan Head of Macro and Portfolio Manager Arvid Streimann speaks with Suzette Kent in a broad-ranging discussion about the new cyber security landscape. Are companies concentrating enough on internal security? Which sectors are most at risk? How do you tell if a prospective investment is cyber secure? All these questions and more are answered in this instructive and informative episode.

The information contained in this podcast is for general information purposes and does not constitute investment advice. You should seek investment advice tailored to your circumstances before making any investment decision. Opinions stated are Ms. Kent’s own and not to be considered reflective of any of the organizations with whom she affiliated.

2023 — The investment year ahead

Tue, 31 Jan 2023 08:10:02 +1100

With one of the toughest of investment years - 2022 - now behind us, it’s time to look at the road ahead, its tailwinds and potential pitfalls. In this new year episode of Magellan in the Know, Head of Listed Funds Jennifer Herbert discusses the landscape in 2023 with Magellan’s Global Portfolio Managers Nikki Thomas and Arvid Streimann. With the abrupt rise in interest rates probably now behind us, and with a slowdown on the horizon, they outline Magellan’s investment philosophy of delivering an absolute return over time through thoughtful risk assessment and due diligence on the underlying value of companies. Europe and China may be in the process of emerging from darker times, but some fundamental risks are still apparent, so they say it’s a time to pay attention to sound investment frameworks and stick to them.

‘Revenge travel’ – the recovery, opportunities and risks for investments

Tue, 20 Dec 2022 08:09:59 +1100

In this episode, Ofer Karliner, Infrastructure Portfolio Manager hosts a wide-ranging discussion with three of his colleagues about the travel sector and the associated investment opportunities. Ofer is joined by Ryan Joyce, Sector Head of Technology, Hannah Dickinson, Sector Head of Franchises, and Yathavan Suthaharan, Industrials Analyst. From airlines to accommodation, luxury retail to technology and manufacturing to aircraft maintenance, together they discuss the companies that might benefit from the re-opening up of the travel sector post covid and what risks and opportunities might lie ahead. There are also some fascinating revelations about the way the pandemic has forced these industries to evolve.

Understanding China and the impacts for investors

Tue, 29 Nov 2022 07:52:28 +1100

Some Asian markets fell right after Chinese President Xi Jinping cemented his position as the most powerful Chinese leader since Mao. President Xi used the Chinese Communist Party’s National Party Congress, which is held every five years, to not only break the tradition of maximum ten-year terms in office, but he also removed supporters of his more open, market-oriented predecessors from the key policy making body. John Garnaut, founder of investment advisory firm Garnaut Global Joins Matt Pottinger, a Distinguished Visiting Fellow at the Hoover Institution, to discuss the implications of Xi's indefinite grip on power on the outlooks for businesses, the economy and international relations.

Energy boost — A new ”industrial revolution” for investors

Tue, 25 Oct 2022 08:01:56 +1100

It’s a time of crisis, but, as Albert Einstein once said: “in the midst of every crisis, lies great opportunity.” A negative supply shock in Europe has seen global energy prices soar and has forced governments to scramble for alternatives to safeguard their national security. According to Portfolio Manager David Costello and Magellan Head of Macro and Portfolio Manager Arvid Streimann, shifting attitudes are pushing the market toward alternative, renewable energy sources, resulting in the most influential investment thematic of the next 30 years. They say that, although some infrastructure legacy issues will be remain, this current energy crisis will actually result in a more secure, and electrified, future, and a gradual decrease in prices over time.

Powering up — The vaulting potential of WEC Energy Group

Tue, 27 Sep 2022 11:56:14 +1000

One of the USA’s largest power generation and gas distribution firms, WEC Energy Group supplies electricity to 4.6 million customers — including some of the country’s biggest manufacturers — across Wisconsin, Illinois, Michigan and Minnesota. The company has delivered attractive and consistent returns as part of the Magellan portfolio for more than ten years. WEC Energy’s Executive Chairman, Gale Klappa, says the power provider should see growth thanks to a huge expansion in demand that will stem from the green energy revolution. Gale Klappa explains how embracing renewable technologies and diversifying generation methods can deliver the three things desired by shareholders, regulators and customers: affordable, reliable and clean energy.

Spirit of success — Diageo’s compounding value and growing market share

Tue, 30 Aug 2022 08:48:17 +1000

A recent addition to the Magellan Global Strategy, Diageo is now the world’s leading producer of distilled spirits, with top shelf brands like Johnny Walker, Smirnoff and many more. Despite the pandemic, the company’s global revenue has compounded at over 9% p.a. over the past three years, as spirits have gained share of total alcohol sales, and consumers have increasingly chosen to “drink better” rather than drink more. Chief Executive, Ivan Menezes, says there’s even more room to grow in the sector, in both the developing world and traditionally wealthier markets. And he says Diageo’s “obsession” with consumers, excellence in brand building and company culture of efficiency will enable resilient performance through troubled economic times.

A Pivotal Moment that could decide how this century plays out

Tue, 26 Jul 2022 14:45:21 +1000

The future of the 21st Century could be decided in the coming months. That’s the view of Secretary Leon Panetta former US Secretary of Defence. Secretary Panetta speaks to Magellan’s Head of Macro and co-Portfolio Manager of the Global Equity Strategy, Arvid Streimann, about geopolitics and the challenges for democracies globally. It is a wide-ranging and thought-provoking interview about the place in history in which we find ourselves.

Payments “Revolution” — Visa drives a surge in digital transactions

Tue, 28 Jun 2022 07:28:04 +1000

The world’s largest payment network, which facilitates more than 6000 transactions every second, is in the front seat of the digital payments’ revolution . VISA has enjoyed a doubling of its volumes in many regions over the past three years, thanks to the increased uptake of digital payments across the world. VISA Vice Chair and CFO, Vasant Prabhu, says his company’s primary mission to replace cash and cheques with digital payments is gathering pace, with huge opportunities still to come. In this episode, Vasant is interviewed by Magellan Deputy CIO and Head of ESG, Domenico Giuliano, and Magellan Portfolio Manager Elisa Di Marco, about VISA’s attractive and innovative business, the way the pandemic has multiplied volumes, and the implications of new payment options like crypto currencies, electronic wallets, real-time payments, and the impact of regulation.

The road to a sound investment — Transurban’s strategy for success

Tue, 31 May 2022 20:05:35 +1000

Infrastructure investment is a long-term activity, so it pays to identify areas of potential and start talking to governments early. That’s the methodology employed by Scott Charlton, who is the CEO of the world’s biggest toll-road operator — Transurban. Scott outlines how the company concentrates on areas of growth in the three markets where it has a competitive advantage, namely Australia, the USA and Canada. In this podcast episode, Scott Charlton is interviewed by Magellan Infrastructure Portfolio Manager, Ofer Karliner, and Head of Infrastructure Gerald Stack, about Transurban’s way of doing business, as well as the opportunities and challenges that lie ahead.

In Conversation with John Sevior, a veteran Australian equities investor, on his long-term approach to markets over the last 30+ years.

Tue, 26 Apr 2022 14:39:58 +1000

Identifying underappreciated quality businesses, as well as keeping an eagle eye out for diamonds in the rough, underlines the approach of one of the industry’s leading Australian Equities players: Airlie Funds Management, a business that Magellan purchased in 2018. John Sevior has a long track record of managing funds on behalf of individuals, superannuation funds, public institutions and charities. In this episode, John is interviewed by Bryce Leske and Alec Renehan from the Equity Mates podcast (one of Australia's leading financial media brands popular with younger investors) about his overall approach to investment, current market conditions, and some of his favourite examples of underappreciated, high-quality companies.

War in Europe

Mon, 28 Mar 2022 17:13:35 +1100

Russia’s invasion of Ukraine has sent geopolitical and economic shockwaves around the globe, creating new risks to the investment outlook. A combination of strong western government and corporate responses has drastic implications for commodities, food security and raises the possibility that NATO nations may be drawn into a wider conflict. But as Russia’s military fails to meet its objectives, what does a settlement look like, and what are the implications for a Russian president whose aspirations of a resurrected Russian empire appear to be collapsing? Former US Deputy Assistant Secretary of Defence for Russia, Ukraine and Eurasia Evelyn Farkas, and former Deputy Director of the CIA Michael Morell dissect and shed light on the situation with Magellan’s Head of Macro and Portfolio Manager Arvid Streimann.

(interview recorded on 25 March 2022)

Has the party run out of punch? A panel discussion with senior members of Magellan’s investment team

Tue, 22 Feb 2022 14:55:00 +1100

Markets have softened after the recent rally, with investors apparently factoring in inflation and interest rate hikes during 2022. Will Magellan’s key investments stand to strengthen from such an environment? In this episode, key members of Magellan’s investment team put a spotlight on current macroeconomic issues and the outlook for two key sectors in our portfolio: payments and technology. Magellan Head of Macro and Portfolio Manager Arvid Streimann, Portfolio Manager Elisa Di Marco and Investment Analyst Adrian Lu are hosted by Key Account Manager Jennifer Herbert in this wide-ranging panel discussion.

Prudence in Volatile Times — A panel discussion with senior members of Magellan’s investment team

Tue, 25 Jan 2022 05:00:00 +1100

Looking back at the extraordinary year of 2021, and towards the year ahead, three senior members of the Magellan investment team explain their approach to managing key sectors and stocks in Magellan’s global portfolio. In this special edition, Magellan’s Key Account Manager, Jennifer Herbert, interviews Head of Technology, Communications and Media for Magellan, Ryan Joyce, Co-Head of Franchises Hannah Dickinson and Head of Financials Alan Pullen. Together these experts look at the volatility of the current investment landscape as well as potential challenges faced with exposure to China and the inflationary economic outlook.

The coming ‘viral blizzard‘

Thu, 23 Dec 2021 11:45:07 +1100

In this episode, one of the world’s foremost epidemiologists, and a member of President-elect Joe Biden's Transition COVID-19 Advisory Board, Dr Michael Osterholm, talks to Hamish Douglass, Magellan’s Chairman and CIO, about what he calls 'the coming viral blizzard’ and the arrival of the Omicron variant. He has some sobering news for anyone who thinks the pandemic is behind us, warning governments around the world will need to either drastically change their public health policies to deal with what will be an overwhelming situation for hospitals, or consider fresh lockdowns.

The Inflation Spectre Looming in the Global Economy

Tue, 30 Nov 2021 15:58:23 +1100

We live in an extraordinary time for the global economy. Despite supply chain and workforce issues, a commodities boom and rising energy costs, the US Federal Reserve and European Central bank are keeping low interest rates frozen. But with the inflation spectre looming on the horizon, former US Federal Reserve Governor Kevin Warsh says the window of opportunity for central banks to act may already be closing.

”Trust your instinct” – In conversation with Sir Frank Lowy AC

Tue, 26 Oct 2021 16:33:26 +1100

How do you turn a humble delicatessen into the world’s largest operator of shopping centres — Westfield Corporation? What sort of personality do you need to become a giant in the Australian and global real estate landscape? Sir Frank Lowy AC started his journey in war-torn Europe, with his father tragically dying at the hands of the Nazis. He fled to Australia and spotted an opportunity to sell good coffee in multicultural, immigrant-rich Western Sydney . From there he made his first commercial real estate investment, and the rest is history...

In this interview Sir Frank candidly shares his story, including mistakes he made along the way, the key character traits he thinks are necessary to become a business success, and the importance of remaining paranoid yet optimistic.

Building a world with a little more Yum!

Tue, 28 Sep 2021 07:49:02 +1000

In early 2020, David Gibbs took the helm of Yum! Brands, the American fast-food giant that operates well-known brands including KFC, Pizza Hut and Taco Bell, to name a few. After rising through Yum!’s ranks over the decades, becoming President and COO before being promoted to CEO in 2020, he was soon face to face with a worldwide pandemic. In this episode, we hear how Yum! and its 51,000 restaurants in 150 countries successfully navigated the global shutdown. David also unpacks Yum!’s rise , the enduring focus on people, culture and growth, and how it continues to identify opportunities and build a world with a ‘little more Yum!’

Riding America's Connectivity Wave

Tue, 31 Aug 2021 10:35:27 +1000

“We don't go online anymore. We exist there”. This is a phrase used by Jay Brown, CEO of Crown Castle America’s largest provider of communications infrastructure.

In this episode, Jay talks with Magellan’s Chairman and CIO, Hamish Douglass, about the evolution of this extraordinary business which delivers ever-expanding 4- and 5-G data networks to customers across the United States. We’ll hear about a business model which Jay Brown describes as one of the best business models he’s ever seen; and how, through asset acquisition and lease-back, the company provides win-win solutions for operators, customers and shareholders alike. Now, from macro communications towers to small cell networks, we’ll find out how Crown Castle continues to further penetrate the American market and its insatiable appetite for all things data and connectivity.

Remaining rational in a tide of geo-political risk

Tue, 27 Jul 2021 13:18:28 +1000

Hamish Douglass is joined by Michael Morrell, former Deputy Director of the CIA, and Ticky Fullerton, the Australian Newspaper’s Business Editor at Large, who hosts this month’s discussion on how to approach investing in China during these times of heightened geo-political tensions. Can the US rely on its allies as tensions increase? Could there be extended bans on US nationals investing in China by the Biden administration? Also under discussion, cybercrime and crypto-currency; the regulation of big tech in the US and what keeps them up at night.

Building a better future – Nestle’s CEO on leading the world’s largest food and beverage business towards a healthier world.

Tue, 29 Jun 2021 10:56:58 +1000

In 2017, Mark Schneider left a leading role in healthcare to become CEO of Nestle, the world’s largest food company with over 150 year old history in providing nutritional products to markets around the globe. Mark was Nestle’s first “outsider” CEO in almost a century, and in just four years, he’s overseen new strategic directions for the company, with a major acquisition agenda underway as he re-shapes this extraordinary consumer goods business towards a healthier future for all – all while tackling a global pandemic, and the big issues of climate change and corporate environmental responsibility. In this episode, Mark joins Hamish Douglass, Magellan’s Chairman and Chief Investment officer, to discuss new strategic directions for the company as it takes on a leading role in global health and wellness.

Steering financial markets through a crisis – a first-hand account

Tue, 25 May 2021 10:29:08 +1000

In 2006, after a stellar career as a financier and economist in the US, Kevin Warsh was elevated to the highest level of banking globally when he was appointed to the US Federal Reserve Board. Within two years, the world was plunged into a global financial crisis. Now, 12 years on, another global crisis has been triggered by COVID. Kevin shares his remarkable insights into the role of central banks during times of financial turmoil, and the significant knock-on effect for investors, with Magellan’s Chairman and Chief Investment Officer, Hamish Douglass.

Reimagining medicine: Novartis' breakthrough therapies

Tue, 27 Apr 2021 07:43:41 +1000

With a market cap of over $200bn, Novartis is one of the largest pharmaceutical companies in the world and a leader in developing trusted innovative therapies to improve and prolong people’s lives. Under the visionary leadership of CEO Vas Narasimhan, Novartis has achieved extraordinary breakthroughs in gene, cell and other transformative therapies. Vas Narasimhan, discusses these key developments, and their implications with Magellan’s Chairman and Chief Investment Officer, Hamish Douglass.

On the Hunt for Super-Compounding Stocks

Mon, 29 Mar 2021 21:01:35 +1100

Since inception in 2006 to a now A$100 Billion asset management firm, Magellan Asset Management is recognised as a star performer in global investment markets. In this in-depth interview, taken from Morningstar’s recent “The Long View” podcast, Magellan’s Chairman and CIO Hamish Douglass describes the unique way the firm was founded, the secrets of its success, his experiences of investing in China and talks through how Magellan’s cohesive global portfolios of super-compounding stocks are constructed. (Morningstar has given permission for Magellan to reuse this interview.)

The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Use of information from Morningstar does not necessarily constitute agreement by Morningstar, Inc. of any investment philosophy or strategy presented in this publication.

Special bonus episode: The year of living dangerously

Mon, 29 Mar 2021 13:47:34 +1100

Welcome to this special bonus episode of ‘Magellan in the Know’. Frank Casarotti, GM of Distribution at Magellan recently interviewed Hamish Douglass, Chairman and CIO, for a live investor webinar called ‘The Year of Living Dangerously’. In this bonus episode you can hear a recording of that interview.

As COVID-19 vaccination programs gather pace around the world, so too does a sense of optimism that the virus will be defeated and that global economies will finally move on. But is this optimism really warranted, particularly when it comes to investing? In this interview, Hamish Douglass, considers the efficacy of the newly developed vaccines against the growing number of viral mutations that have the potential to threaten a recovery from the pandemic.

Bought for a dollar - How ICE, the owner of the New York Stock Exchange, became a $65 billion exchange business

Tue, 23 Feb 2021 14:43:53 +1100

The Intercontinental Exchange (or ICE) is one of the world’s largest exchange businesses – it owns the NYSE and dominates global energy exchanges. ICE operates in over 70 countries, and has a market capitalisation of U$65 Billion. Its remarkable growth over the last two decades is the result of founder Jeffrey Sprecher’s visionary thinking and unwavering commitment to moving old analogue exchanges into efficient digital platforms, and creating new markets globally. It all started with a single dollar transaction in 1997.

The rise and challenges of China - former CIA China analyst shares his views

Thu, 28 Jan 2021 11:50:04 +1100

China’s continued rise as a global economic powerhouse has met with increasing caution and push-back from the Western world, not least from the United States during four turbulent years under President Trump. Now a very different administration has taken over Capitol Hill. How will this impact China-US relations? What challenges face President Xi and the CCP as they juggle internal issues with an enduring focus on global dominance. And what might this mean for investors? Chris Johnson, one of the world’s foremost China experts and former CIA analyst, shares his views on the start of Joe Biden’s presidency and how geo-political forces may shift again.

Winds of change: Vaccine relief, a new US government and the acceleration of e-commerce

Mon, 28 Dec 2020 21:30:18 +1100

With the roll-out of vaccines to combat COVID-19, a new president in the White House come January, and a surge in online activity through 2020 shining a light on the giant global internet companies, Magellan rounds out the year with a focus on two key sectors in its global portfolios: healthcare and technology, as well as a look at what could lie ahead for investors in 2021. The investment team at Magellan distill and dissect these key areas of interest, the podcast is hosted by Key Account Manager, Jennifer Herbert.

Votes, vaccines, and a re-emerging world for investors

Tue, 24 Nov 2020 10:06:03 +1100

As a new and very different president-elect prepares to enter the White House, and as vaccine hopefuls emerge to suppress the devastating impact of COVID-19, what are the biggest risks and opportunities for investors in 2021 and beyond? Magellan’s Chairman and Chief Investment Officer Hamish Douglass offers his detailed perspectives on the impact of a new Biden presidency, and discusses the economic response to recent COVID vaccine developments as the world re-emerges post-pandemic.

Reshaping RB: transformative strategies for a new world

Tue, 27 Oct 2020 09:31:32 +1100

In this episode of Magellan - In the Know, Hamish Douglass, talks to Laxman Narasimhan, CEO of global consumer goods company, Reckitt Benckiser, the makers of brands such as Detol, Mortein, Nurofen and Vanish. Discussing the challenges that COVID has released on the business world in 2020, Laxman explains why business leaders are entering a ‘new world’ that will challenge them to make a difference at a level not fully thought through yet. We find out more about RB’s relationship with China in the midst of rising international tensions, and ask where Laxman places RB in the big issues around environmental and social responsibility, given the company’s promise to pursue a cleaner, healthier world for all.

(This interview was originally recorded for a live webinar which has resulted in poorer quality audio than we would normally produce for our podcast. Apologies).

People over profits: how a dedication to culture and innovation has steered Starbucks through COVID-19

Tue, 29 Sep 2020 15:23:40 +1000

In this episode of In The Know, Magellan’s Chairman and CIO Hamish Douglass, talks to Kevin Johnson, President and Chief Executive Officer of Starbucks. In this wide reaching interview we find out how Starbucks’ 4,000+ stores in China are faring in the face of ongoing US / China tensions, how the brand managed the well- documented racial discrimination incident in one of its US stores, and why putting people before profits is the driving force behind the business’s resilience.

How does CIA former deputy director, Michael Morell, view today’s biggest geopolitical risks?

Tue, 25 Aug 2020 16:46:59 +1000

In this episode, Magellan’s Chairman and CIO Hamish Douglass, talks to former deputy director of the CIA, Michael Morell. The pair discuss whether US antagonism against China is permanent and bipartisan, the two things Michael worries most about for the US election, the national security issues surrounding covid-19 and much more.

In The Know - An Introduction

Wed, 19 Aug 2020 15:43:43 +1000

‘In The Know’ is a monthly investment podcast brought to you by Magellan Asset Management; Experts in global investing.

We seek to bring you timely, unique and thought-provoking insights to help you make sense of today’s investment landscape. From deep dives into the latest macroeconomic and geopolitical issues, to our analysis on sectors and stocks on global markets. Join us, as we connect with a myriad of experts in their field, including CEOs of stocks we hold, global leaders and consultants in finance, investing, risk and politics, and key members of our investment team and business.

In The Know - a monthly podcast from Magellan is worth investing your time in! For more information visit: www.magellangroup.com.au and sign up to our regular investment insights programme.