Investors Mutual

Investors Mutual Limited (IML) is a specialist Australian equities fund manager and was established in May 1998 by Anton Tagliaferro. Based in Sydney, the IML team applies a conservative value-based investment style with a long-term focus.

Expertise

Takeover fever – Why is it happening and will it continue?

Investors Mutual

The month of December has seen a number of takeover bids – such as for Tox Free Solutions by Cleanaway, Capitol Health’s intended bid for Integral Diagnostics and the huge Westfield Corporation bid by Unibail-Rodamco. These takeovers have presented something of a Christmas gift to our investors given these stocks... Show More

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Opportunities for investors in telco

Investors Mutual

Telstra has a strong position, with 50 per cent share of both fixed line and mobile markets. Importantly, it also has an even more dominant position in the very profitable corporate, government and enterprise service areas. The profits from these businesses, together with its strong balance sheet, position the company... Show More

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The Small Ords has surged 10% over the past 3 months… so what’s driving it?

Investors Mutual

The S&P/ASX Small Ordinaries Index (ASX Small Ords) has surged by over 10% in the last 3 months on a seemingly new upward trajectory despite what was a fairly mixed reporting season. For the month of October alone, the Index delivered a gain of 6.0%. Show More

What does low volatility mean for investors?

Investors Mutual

Over the past 12 months, a common headline in the financial pages has pointed to record low levels of volatility, as measured by the frequently quoted VIX volatility index. Yet for Australian equity investors, increasingly volatile share price movements in many stocks belies what the VIX is actually indicating -... Show More

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NBN and beyond: are returns of Australian Telcos under threat?

Investors Mutual

The NBN rollout continues to change the dynamics of Australia’s telecommunications industry, with slower revenue growth leading to increasing competition across the sector. And in an environment where even Telstra has recently reduced its dividend, is the Australian Telco sector still one worth investing in? Show More

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Is the dream run of Australia’s Big 4 coming to an end?

Investors Mutual

The continued success and profitability of Australian banks over the last few decades, as well as recent large capital raisings, means that Australia’s big 4 banks are now valued at over $400 billion by market capitalisation and they account for over 26% of the S&P/ASX 300 index. As a result,... Show More

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Four major lessons from two decades managing small caps

Investors Mutual

Our mantra at IML is to focus on companies that have: a competitive advantage, with recurring earnings, run by capable management, that can grow and that are trading at a reasonable price. Strictly adhering to this mantra has enabled IML’s portfolios to avoid being caught up in many unsustainable booms... Show More

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High yields may ignore fundamental weakness

Investors Mutual

There’s a misperception that equity income investing is as easy as ranking the market’s highest-yielding stocks and building a portfolio from that basis. While on the surface stocks that yield in excess of 7% might look attractive, it may be a complete illusion if one looks closely at the market’s... Show More

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The market is underestimating AGL

Investors Mutual

In the medium term, AGL Energy (ASX:AGL) is best positioned to deliver reasonable growth, yield, and value. Strength in wholesale electricity prices will drive the company's growth in the next few years. Its dividend is highly sustainable and is poised to rise given that its dividend payout ratio is around... Show More

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What IML have been buying post-Brexit

Investors Mutual

The recent Brexit vote has sparked significant weakness in financial markets around the world, and while it is undoubtedly an important economic and political event for the UK, in reality, the underlying fundamentals of the vast majority of Australian companies are unchanged. Most ASX-listed companies are not directly exposed to... Show More

Is there still value in healthcare?

Investors Mutual

Anton Tagliaferro, Investment Director at Investors Mutual, said in a recent investment update that they’re starting to take profits on some names in the healthcare sector. “The healthcare sector rallied partly because the Australian Dollar fell when the RBA cut rates. Many companies, like CSL, Sonic Healthcare, and Resmed, their... Show More

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Two angles on local hospitality and tourism

Investors Mutual

Simon Conn, Portfolio Manager at Investors Mutual, says companies that are exposed to the local hospitality and inbound tourist theme should perform reasonably well in the current environment. Events Holding (formerly Amalgamated Holdings) is one company that he singles out as offering two different angles on this theme. The company... Show More

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Stocks and sectors for a low interest rate setting

Investors Mutual

Anton Tagliaferro, Investment Director at Investors Mutual, says overall industrial stocks did reasonably well this reporting season. In particular he points out sectors such as gaming, healthcare, packaging and utilities as areas of relative strength. He says that volatility and growth concerns globally have confirmed in his mind that interest... Show More

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Debt, demographics and sustained sluggishness

Investors Mutual

IML have been cautious about economic growth for many years for a variety of reasons, and in general terms, nothing has happened to make us more optimistic. Hugh Giddy, IML’s Head of Research and Senior Portfolio Manager, reflects on the current state of global growth & indebtedness in the years... Show More

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It's a grind out there

Investors Mutual

Simon Conn, Portfolio Manager at QV Equities (ASX:QVE), provides a sober assessment of recent trading conditions in investment markets and says he expects the environment to remain challenging. “From the small number of companies that have reported to date the feedback is that the economy is a grind. Costs in... Show More

What to expect from 2016

Investors Mutual

Anton Tagliaferro, Investment Director at Investors Mutual, thinks that it will be tough for companies to grow earnings in 2016. “It’s still going to be a stock picking market. We’re still very cautious. We’re looking for companies that we think can grow their earnings through their own steam.” He thinks... Show More

Don’t judge all small companies by the poor index returns

Investors Mutual

When I reflect on the Australian equities industry over a number of cycles, I believe that the small cap sector is still fundamentally misunderstood in terms of investor outcomes. Small caps are normally seen as either an opportunity for phenomenal growth outcomes – a way to add ‘spice’ to more... Show More

small caps Simon Conn

Don’t judge all small companies by the poor index returns

Investors Mutual

When I reflect on the Australian equities industry over a number of cycles, I believe that the small cap sector is still fundamentally misunderstood in terms of investor outcomes. Small caps are normally seen as either an opportunity for phenomenal growth outcomes – a way to add ‘spice’ to more... Show More

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IML's views on current market movements

Investors Mutual

August has been a very tough month for Australian and global investors. At the time of writing the Australian sharemarket is down over 10% for the month. It is extremely difficult to forecast where the market will go on a day to day basis as it is influenced by many... Show More

Duet’s ENE takeover - IML’s long term approach pays off

Investors Mutual

Yesterday, Duet (ASX:DUE) announced that it would take over Energy Developments (ASX:ENE) for $8 per share. This is fantastic news for IML unit holders as we hold 9.6% of the shares in ENE, across a number of our funds. IML has long been attracted to ENE for its competitive advantages... Show More

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