In The Know

Consumers are becoming more selective about where they spend, but some global businesses are finding ways to grow despite the pressure on household budgets. From the enduring appeal of convenience and value to the growing influence of health and wellness, changing consumer priorities are creating opportunities for companies that can adapt. In this episode of In The Know, Alan Pullen, Portfolio Manager for the Magellan Global Opportunities Fund, is joined by Deputy Portfolio Manager Ryan Joyce and Senior Analyst Emma Henderson.  Together they share insights from recent research trips to the US and Europe. They explore the trends shaping consumer spending, the outlook for global sportswear brands such as Adidas and Nike, and how AI is changing the way consumers discover products. They also consider where short-term market concerns may be obscuring longer-term investment opportunities.

What did the latest reporting season reveal about the state of the Australian share market, and could the ASX's potentially biggest IPO in decades, Firmus Technologies, reshape the picture? In this episode of In The Know, Magellan’s Head of Distribution, Mark Burgess, is joined by Ray David, Portfolio Manager, and David Meehan, Investment Analyst, from Airlie Funds Management to unpack the results and the forces shaping the ASX. They breakdown why Airlie remains cautious on the banks, the companies that stood out for the right, and wrong reasons, and where market reactions may be creating opportunities for long-term investors. They also explore the impact of the global AI capital cycle, persistent inflation and higher interest rates, and whether the shifts seen this reporting season represent something more enduring than short-term market noise.

Asset-backed credit is a well-established part of Australia’s lending market, but it operates quite differently from corporate and real estate private credit that has attracted much of the recent attention. In this episode of In The Know, Simon Brinsmead from Barrenjoey is joined by Eric Williamson, Head of Private Credit Investments and Eva Zileli, Senior Fund Manager, Credit, from Barrenjoey Private Capital. They explain how asset-backed lending works, the residential mortgages and other financial assets underpinning these investments, and the layers of protection built into securitisation structures. They also examine Australia’s non-bank lending sector, how they assess credit quality and risk, and the role asset-backed credit can play within a diversified portfolio. Barrenjoey (including Barrenjoey Private Capital) is part of Magellan Financial Group Limited (ASX: MFG). This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners (‘Magellan Investment Partners’) and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs and is not intended to constitute advertising or advice of any kind and you should not construe the contents of this material as legal, tax, investment or other advice.

Cellnex owns and operates around 112,000 telecom towers across ten European markets, generating recurring, contracted revenue from mobile operators who have few practical alternatives once a site is built.   This episode of In The Know was recorded by GLIO (the Global Listed Infrastructure Organisation), with Cellnex CEO Marco Patuano and Roy Harrison, Investment Analyst in the Magellan Global Listed Infrastructure team. Together they unpack the tower business model and its economic moat, and why Marco believes the market may be mispricing Cellnex's risks. They also cover the drivers of organic growth, the company's shift from debt-fuelled M&A to balance sheet repair and shareholder returns and Marco's view on the investment case as free cash flow builds.   Magellan Investment Partners would like to thank GLIO and Cellnex for the opportunity to bring this conversation to our audience.

Geopolitical events are no longer just creating short-term market volatility, they're reshaping the global investment landscape in more lasting ways. In this episode of In The Know, Alan Pullen is joined by Michael Allen, Managing Director and Partner at Beacon Global Strategies, to examine the structural changes unfolding across global politics. They discuss the future of NATO, the conflicts in the Middle East and Ukraine, the direction of US politics under President Trump, and why investors may need to rethink some of the assumptions that have underpinned markets for decades.