Luke Cummings

Luke has 17 years of experience trading Australian and international equity markets on both a proprietary basis and on behalf of retail and wholesale clients. In 2006, Luke and his partners founded private client firm HC Securities in addition to...

Expertise

Are Investors Missing Out On The M&A Boom?

Luke Cummings

A recent article from Tony Boyd in the Australian Financial Review shone a light on just how active the domestic Australian market has been for M & A activity in 2018. Our last Livewire submission seven months ago touched on a few key things to look out for when trading... Show More

M&A activity is heating up…

Luke Cummings

Following on from the recently announced takeover offers for Mantra Group Limited (MTR) and Property Group Limited (PLG) and so too the current tussle for control of Asia Pacific Data Centres (AJD), we thought it was worth revisiting what we look for when trading opportunities in the merger arbitrage space... Show More

ASX:MTR ASX:PLG ASX:AJD

Closing the door on Fairfax

Luke Cummings

Livewire readers may recall two previous articles that I wrote a few weeks back covering the details of the (then current) takeover approaches made to Fairfax Media by two private equity firms that were interested intaking Fairfax private. If not, you can find them here and here. Show More

fairfax ASX:FXJ

Our thoughts re the latest Fairfax offer (spoiler alert: we still don’t think it’s a buy)

Luke Cummings

A couple of days ago I outlined our views on the recently revised bid from the TPG Consortium to acquire all shares in Fairfax Media (FXJ). Against many analyst’s expectations (many who thought a counterbid was unlikely) FXJ today received another non-binding proposal, this time on behalf of Funds affiliated... Show More

fairfax ASX:FXJ

Is Fairfax Media a buy?

Luke Cummings

Livewire readers will undoubtedly be aware that Fairfax Media is now firmly in play. The revised, indicative proposal by the TPG consortium whereby they would acquire all outstanding shares in FXJ at a price of $1.20 cash per share was the biggest financial markets news story of the day (including... Show More

fairfax tpg ASX:FXJ Fairfax media Private Equitty

Is your investment manager’s strategy sustainable (part two)?

Luke Cummings

Yesterday, in part one of this series, we discussed the importance of conducting due diligence on the strategy and process your investment manager. Apart from the initial investigative work, it also helps to know whether the manager is doing something genuinely different from others. After all, if your fund manager... Show More

Is your investment manager’s strategy sustainable (part one)?

Luke Cummings

Considering the strategy of an investment manager, which is essentially their investment approach and process, is a crucial element when assessing a fund manager, and one which is often underemphasised. While returns can and will fluctuate over time - and hence chasing past returns is a poor manager selection approach... Show More

sustainability absolute return risk management investment strategy

Is it time to reconsider the 80:20 rule before it gets trumped?

Luke Cummings

Prudent portfolio management shouldn’t rely upon the assumption that everything will remain the same or that economic settings of the past will continue. Unfortunately, this is how many portfolios in Australia are typically managed. This is particularly dangerous when one considers that current economic settings are quite different to what... Show More

Merger Arb: The ‘right’ way and the ‘wrong’ way

Luke Cummings

At Harvest Lane, one of our core strategies involves taking a position in stocks that are subject to a takeover (also known as Merger Arb) and/or some other type of corporate activity. If the right opportunities are selected, this strategy produces limited downside volatility of returns, exhibits low correlation with... Show More

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