MAGELLAN - In The Know

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.

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.  

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 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 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 

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.

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.

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

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

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.    

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.

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.

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.

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. 

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.  

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.

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.

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.

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.

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