Perpetual Limited

Perpetual Limited is an independent and diversified financial services group providing specialised investment management, wealth advice and corporate fiduciary services to individuals, families, financial advisers and institutions.

Expertise

40 global stocks hand-picked for you by Perpetual

Perpetual Limited

Perpetual’s Global Equities team are “true to label” value stock pickers. They use a tried-and-tested methodology, developed at Perpetual over 50 years, to uncover companies with the greatest long-term potential. Garry Laurence, Portfolio Manager, says “As an active, value manager, with a bottom-up investment process, we do not attempt to... Show More

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What the short-term teaches us about the long-term

Perpetual Limited

Unlike the US, which releases detailed accounts every quarter, Australian companies release their results every six months, though the full year accounts are materially more detailed. We sometimes get asked, if we are long-term investors, why do we place so much importance on analysis of a company’s annual report? Show More

Perpetual Investments

Skamvougeras: 6 market insights for Livewire readers

Perpetual Limited

Is Amazon a threat to Woolworths? Can active managers deliver value in large-cap shares? And where are the most defensive earnings on the ASX? Following our quarterly investor update, Perpetual's Head of Equities, Paul Skamvougeras, answered a range of questions from Livewire's editors on current market issues. Show More

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Enero Group: A global media company

Perpetual Limited

In the Perpetual Pure Microcap Fund monthly investor update, we profile Enero Group, which is a global media services and advertising company. They operate 10 businesses and their key brands include Hotwire, Frank PR, Naked and BMF. Management are conservatively building scale across 3 key areas; Strategy and Research, Creative... Show More

ASX:EGG

Mitula: A clear strategy to drive value for shareholders

Perpetual Limited

Mitula is a ‘vertical search’ website operator that aggregates online classifieds, providing users with the ability to obtain search results from multiple advertisers with one search query. The current portfolio includes over 170 websites in 45 countries and offers four primary verticals: real estate, employment, vehicle sales and fashion. Mitula... Show More

Mitula ASX:MUA

Valuation looks attractive for Capilano

Perpetual Limited

Capilano honey is the market leader in Australia with approximately 80% market share. They have done well to maintain their domestic share despite increased competition as a result of honey supply returning to normal levels. Show More

ASX:CZZ

Balance your desire for returns with risk management

Perpetual Limited

Perpetual’s Diversified Real Return Fund offers investors a compelling combination of intelligent diversification, downside protection and access to a broad set of global investment opportunities. All with an unwavering focus that targets a return of 5% p.a. above inflation, over rolling 5-year periods, before tax and fees. Michael O’Dea, Head... Show More

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Who’s running it and how are they gearing it…

Perpetual Limited

For me, the lessons are first to identify great management, and second identify a good clean balance sheet. The quality and credibility of the management team are paramount, as even a good business can be ruined by bad management. The other lesson is leverage. A geared balance sheet can be... Show More

No one rings a bell

Perpetual Limited

...no one rings a bell at the top of a euphoric market telling everyone to get out. It is only after the correction that you see and understand the importance of owning sound, quality companies. Those companies shares will fall too, but it will be the investors that got carried... Show More

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Decimal to Digital: Lessons from 50 years of investing in Australian shares

Perpetual Limited

The 50-year history of Perpetual’s Industrial Share Fund tells its own story about Australia. It’s one of change and turmoil … but also one of ever-growing prosperity. Above all, it’s a story of the life-changing rewards that investors can reap from investing in Australia through patience and an active, questioning... Show More

perpetual ASX:PPT Sponsored Wire Decimal to Digital ebook

A turnaround with a near-term catalyst

Perpetual Limited

Pacific Current Group is a multi-boutique asset management firm with investments in 17 managers globally with a combined FUM of $52.3 billion* at September 2016. It was formed via the merger of Australian-based and ASX listed Treasury Group and US based Northern Lights Capital Group. Whilst both Treasury Group and... Show More

microcap Longform ASX:PAC

How to assess a company under pressure

Perpetual Limited

When a company begins to falter, Vince Pezzullo, Portfolio Manager at Perpetual Equity Investment Company (ASX:PIC), says there are two important questions to ask. Firstly, you need to work out where we are in the business cycle. Secondly, you need to identify if a company is being disrupted, and how... Show More

ASX:WOW investment strategy ASX:PIC

Time for big caps to take some risks

Perpetual Limited

As investors have searched for yield and growth in a market where they’re increasingly difficult to find, large-cap stocks have responded by increasing payout ratios at the expense of reinvestment, says Vince Pezzullo, Portfolio Manager at Perpetual Equity Investment Company (ASX:PIC). “The problem with that strategy is that at some... Show More

dividends telstra ASX:TLS ASX:PIC

Why active management works in Australia

Perpetual Limited

Whether or not active managers add value after fees, over the full economic cycle, has been a widely contested topic in investment circles for many decades. However, as we illustrate in the report below, the fact is that active management works in Australia. The average active manager surveyed outperformed the... Show More

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Perpetual: Our best macro indicator

Perpetual Limited

The most important macro driver to watch is the stage of the business cycle, explains Vince Pezzullo, Portfolio Manager at Perpetual Equity Investment Company (ASX:PIC). There are two elements to the business cycle. Firstly, inventory cycle – overbuilding at the top of the cycle results in inventory having to clear.... Show More

inventories business cycle Sponsored Content ASX:PIC

Upcoming IPO: Oceans of opportunity

Perpetual Limited

Veem is a family-run engineering business that has been in operation for 48 years. Veem’s core business centres around specialist marine propulsion where they have created significant IP and have more recently expanded into Gyroscopic stabiliser systems. This technology reduces vessels’ rolling motion by up to 95% when at anchor... Show More

ipo microcap Longform

The bull thesis on Woolworths

Perpetual Limited

Woolworths is "long on assets and short on market cap," says Vince Pezzullo, Portfolio Manager, Perpetual Equity Investment Company (ASX:PIC). PIC started accumulating shares late last year and picked up the buying following first half results. Pezzullo believes management have shifted their focus from sales growth to efficiency, with sales-per-square-meter... Show More

ASX:WOW Sponsored Content ASX:PIC

Selling pickaxes to miners

Perpetual Limited

Imdex is a global provider of downhole instrumentation, drilling fluids and equipment. What sets Imdex apart from other mining services companies is the IP which it has developed within its products allowing it to become a leader in its field and providing high barriers to entry. In our longform below,... Show More

mining services perpetual ASX:IMD Longform

Don't fall for the 'Expensive Defensives'

Perpetual Limited

Investors have fallen for infrastructure stocks for the strong dividend yield they pay, which has become more and more attractive as the cash rate continues to fall. However, investors are seemingly ignoring the valuation they’re paying for these stocks, and are exposing themselves to significant risk. Companies in this sector... Show More

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Capral on track to resume dividends for FY16

Perpetual Limited

Capral (ASX: CAA) is an Australian based manufacturer and distributor of aluminium products for use in residential, commercial and industrial markets. They produce a range of products including window frames and street signs, where their domestic supply chain is a key advantage compared with the long lead times of importers.... Show More

Longform ASX:CAA

Hi Patrick. The beauty about a typical disruptor company is the fact that being profitable is not a short term goal. They are typically driven by taking market share and then worrying about profitability later. Part of Perpetual’s rigorous process involves only investing in profitable companies. This results in us investing in more established and less speculative companies. Therefore, investing in the disruptor can be difficult. I believe it is important to analyse the potential materiality on earnings of disrupted companies before the rest of the market truly understands it. That way you can sell existing positions in your portfolio or generate alpha shorting stocks which could potentially be disrupted before this trend becomes obvious to the broader market.

On The Uber effect -