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          <time datetime="2023-07-12T13:41:44+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 12, 2023 13:41</time>
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              Ozempic comes for the ERP
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  Risk premia are getting thin, again.
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        Aequitas Investment Partners
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          <time datetime="2023-07-12T13:37:21+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 12, 2023 13:37</time>
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              <span class="wire_title_component w-full block group-hover:underline"><span data-controller="logged-in-class" data-logged-in-class-logged-in-class-value="hidden"></span>Latest podcast interview: Winners and losers in FY23 and best opportunities for returns for <span class="whitespace-nowrap">FY24...<svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" id="embed_podcast" class="inline-block align-middle group-hover:underline w-6 h-4 lg:h-6 ml-2">
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  Have a listen to the latest punchy episode of our Complexity Premia podcast....
</div>

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              US stocks have soared this year. Here&#39;s why the music is about to stop
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  If you ever needed confirmation that the real economy is not the same as the stock market, today&#39;s reality provides that confirmation.  On the economic side, the...
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        Livewire Markets
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              FY23 fund returns: When details and context matter
            </h2>
            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  When reporting on 12 month investment returns, the starting point is as important as the finish line, a fact investors should not ignore.
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            <h2 class="mt-2 headline-md lg:headline-xl lg:group-hover:underline sm:max-w-full max-w-[60%] ">
              Howard Marks’ 5 biggest market calls – and 7 tips on how he made them
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  The Oaktree Capital founder and committed contrarian discusses macro forecasting and powerful lessons from his previous calls
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              How MLC Asset Management would invest $10,000 right now
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  Anthony Golowenko, MLC Asset Management portfolio manager, shares his thoughts on how he&#39;d invest new cash in this market.
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              5 fixed income funds that outperformed over the past 12 months
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  The performance of Australia&#39;s top fixed income funds are in - and the winners ran away with the proverbial trophy.
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          <div class="sm:flex-grow">
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              Will inflation end with a bang?
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  In recent months we have been cautious about the outlook for 2023. That’s because Central Banks are fighting inflation by using higher interest rates to increase the...
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          <time datetime="2023-07-12T08:15:10+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 12, 2023 08:15</time>
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            <h2 class="mt-2 headline-md lg:headline-xl lg:group-hover:underline sm:max-w-full max-w-[60%] ">
              Insider trades: The most important ASX insider buys and sells for the June quarter
            </h2>
            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  It pays to know who is buying and selling their own stock. Join Chris Conway and Kerry Sun for a deep dive into June quarter insider moves.
</div>

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        Livewire Markets
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          <time datetime="2023-07-12T08:00:03+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 12, 2023 08:00</time>
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              Spirax Sarco: A business we hold in high esteem
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  A common misconception we encounter in discussions with our investors relates to the apparent incongruence between the small cap nature of the Fund and the quality...
</div>

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      <div>
        Fairlight Asset Management
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          <time datetime="2023-07-12T07:35:39+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 12, 2023 07:35</time>
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              What is a fixed term annuity?
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  With a Challenger Guaranteed Annuity (Fixed Term Direct), you can enjoy competitive rates and get a fixed payment on your investment for a term you choose. It operates...
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              <span class="wire_title_component w-full block group-hover:underline"><span data-controller="logged-in-class" data-logged-in-class-logged-in-class-value="hidden"></span>This could be the ‘risk-free’ exposure your portfolio has been begging <span class="whitespace-nowrap">for<svg xmlns="http://www.w3.org/2000/svg" width="24" height="18" viewBox="0 0 24 18" fill="none" stroke="currentColor" id="embed_video" class="inline-block align-middle group-hover:underline w-6 h-4 lg:h-6 ml-2">
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  This &#39;risk-free&#39; asset beloved by global institutions is finally offering attractive yield. VanEck&#39;s Russel Chesler explains how to use it.
</div>

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              Can China export deflation to the rest of the world?
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  In a world in where much of the world is grappling with inflation, it might seem strange that inflation is virtually non-existent in China. In fact, in data released...
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              The Match Out: Local shares show some ticker, Megaport (MP1) burns shorts
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  The daily Match Out report for Tuesday 11 July from Market Matters&#39; James Gerrish.
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              Investors are fleeing equity funds. Here&#39;s where they&#39;re going instead
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  According to the latest Fund Flow Index from Calastone.
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          <div class="sm:flex-grow">
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              The top performing global equity funds for FY22/23
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  Most global equity funds started in the red but had strong gains in the final six months of the 2022-2023 financial year.
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              How Morgan Stanley would invest $10,000 right now
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  Alexandre Ventelon of Morgan Stanley Wealth Management steps up to share how he would invest some fresh investor capital.
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              5 underperforming small-caps of FY23 – and what the brokers make of them
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  A handful of the worst performing ASX 300 (ex-100) stocks of the last financial year
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        <div class="flex-grow text-darkestgray text-bold-sm" id="followed-count-stock_code-161">
            Followed by<span class="font-bold text-gray-700"> 174 </span>people
        </div>
          <div 
  class="follow-stock-code-161-stock-code-tooltip-hovercard"
  data-load-engagement-count-target="follow"
  data-followable-type="stock_code"
  data-followable-id="161"
  data-options="{&quot;custom_data&quot;:{&quot;section&quot;:&quot;stock_code_tooltip&quot;},&quot;style&quot;:&quot;hovercard&quot;}"
></div>

      </div>
    </div>
  </div>
</div>

    <div class="h-0 w-full flex justify-center">
      <div class="border-6 border-tooltipDownArrowLight"></div>
    </div>
  </div>
</div>

    <div data-controller="tooltip">
  <a aria-label="ELD" data-controller="event" data-event-name-value="link_click" data-event-id-value="56165" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tags&quot;}" href="/stock_codes/asx-eld">
    <div
  class="lw-badge rounded-2xl  md"
  
  
>
  <div class="flex items-center gap-2">
    <span class="text-bold-md">ELD</span>
  </div>
</div>

</a>  <div class="hidden" data-tooltip-target="content">
    <div class="w-80 rounded-md overflow-hidden shadow-horver-card border border-light">
  <div>
    <a data-controller="event" data-event-name-value="link_click" data-event-id-value="668" data-event-statisticable-value="stock_code" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tooltip&quot;}" href="/stock_codes/asx-eld">
      <div class="p-4 flex group">
        <div class="flex flex-col">
          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">Elders Ltd</div>
            <div class=" text-darkestgray truncate font-sans leading-4 font-semibold capitalize text-heavy-md">ASX:ELD</div>
        </div>
      </div>
</a>    <div class="px-4 mt-0.5">
      <div class="flex items-center py-4 border-t border-light">
        <div class="flex-grow text-darkestgray text-bold-sm" id="followed-count-stock_code-668">
            Followed by<span class="font-bold text-gray-700"> 157 </span>people
        </div>
          <div 
  class="follow-stock-code-668-stock-code-tooltip-hovercard"
  data-load-engagement-count-target="follow"
  data-followable-type="stock_code"
  data-followable-id="668"
  data-options="{&quot;custom_data&quot;:{&quot;section&quot;:&quot;stock_code_tooltip&quot;},&quot;style&quot;:&quot;hovercard&quot;}"
></div>

      </div>
    </div>
  </div>
</div>

    <div class="h-0 w-full flex justify-center">
      <div class="border-6 border-tooltipDownArrowLight"></div>
    </div>
  </div>
</div>

    <div data-controller="tooltip">
  <a aria-label="LNK" data-controller="event" data-event-name-value="link_click" data-event-id-value="56165" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tags&quot;}" href="/stock_codes/asx-lnk">
    <div
  class="lw-badge rounded-2xl  md"
  
  
>
  <div class="flex items-center gap-2">
    <span class="text-bold-md">LNK</span>
  </div>
</div>

</a>  <div class="hidden" data-tooltip-target="content">
    <div class="w-80 rounded-md overflow-hidden shadow-horver-card border border-light">
  <div>
    <a data-controller="event" data-event-name-value="link_click" data-event-id-value="1173" data-event-statisticable-value="stock_code" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tooltip&quot;}" href="/stock_codes/asx-lnk">
      <div class="p-4 flex group">
        <div class="flex flex-col">
          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">Link Administration Holdings Ltd</div>
            <div class=" text-darkestgray truncate font-sans leading-4 font-semibold capitalize text-heavy-md">ASX:LNK</div>
        </div>
      </div>
</a>    <div class="px-4 mt-0.5">
      <div class="flex items-center py-4 border-t border-light">
        <div class="flex-grow text-darkestgray text-bold-sm" id="followed-count-stock_code-1173">
            Followed by<span class="font-bold text-gray-700"> 109 </span>people
        </div>
          <div 
  class="follow-stock-code-1173-stock-code-tooltip-hovercard"
  data-load-engagement-count-target="follow"
  data-followable-type="stock_code"
  data-followable-id="1173"
  data-options="{&quot;custom_data&quot;:{&quot;section&quot;:&quot;stock_code_tooltip&quot;},&quot;style&quot;:&quot;hovercard&quot;}"
></div>

      </div>
    </div>
  </div>
</div>

    <div class="h-0 w-full flex justify-center">
      <div class="border-6 border-tooltipDownArrowLight"></div>
    </div>
  </div>
</div>

    <div data-controller="tooltip">
  <a aria-label="MFG" data-controller="event" data-event-name-value="link_click" data-event-id-value="56165" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tags&quot;}" href="/stock_codes/asx-mfg">
    <div
  class="lw-badge rounded-2xl  md"
  
  
>
  <div class="flex items-center gap-2">
    <span class="text-bold-md">MFG</span>
  </div>
</div>

</a>  <div class="hidden" data-tooltip-target="content">
    <div class="w-80 rounded-md overflow-hidden shadow-horver-card border border-light">
  <div>
    <a data-controller="event" data-event-name-value="link_click" data-event-id-value="1208" data-event-statisticable-value="stock_code" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tooltip&quot;}" href="/stock_codes/asx-mfg">
      <div class="p-4 flex group">
        <div class="flex flex-col">
          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">Magellan Financial Group Ltd</div>
            <div class=" text-darkestgray truncate font-sans leading-4 font-semibold capitalize text-heavy-md">ASX:MFG</div>
        </div>
      </div>
</a>    <div class="px-4 mt-0.5">
      <div class="flex items-center py-4 border-t border-light">
        <div class="flex-grow text-darkestgray text-bold-sm" id="followed-count-stock_code-1208">
            Followed by<span class="font-bold text-gray-700"> 437 </span>people
        </div>
          <div 
  class="follow-stock-code-1208-stock-code-tooltip-hovercard"
  data-load-engagement-count-target="follow"
  data-followable-type="stock_code"
  data-followable-id="1208"
  data-options="{&quot;custom_data&quot;:{&quot;section&quot;:&quot;stock_code_tooltip&quot;},&quot;style&quot;:&quot;hovercard&quot;}"
></div>

      </div>
    </div>
  </div>
</div>

    <div class="h-0 w-full flex justify-center">
      <div class="border-6 border-tooltipDownArrowLight"></div>
    </div>
  </div>
</div>

    <div data-controller="tooltip">
  <a aria-label="SGR" data-controller="event" data-event-name-value="link_click" data-event-id-value="56165" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tags&quot;}" href="/stock_codes/asx-sgr">
    <div
  class="lw-badge rounded-2xl  md"
  
  
>
  <div class="flex items-center gap-2">
    <span class="text-bold-md">SGR</span>
  </div>
</div>

</a>  <div class="hidden" data-tooltip-target="content">
    <div class="w-80 rounded-md overflow-hidden shadow-horver-card border border-light">
  <div>
    <a data-controller="event" data-event-name-value="link_click" data-event-id-value="2003" data-event-statisticable-value="stock_code" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tooltip&quot;}" href="/stock_codes/asx-sgr">
      <div class="p-4 flex group">
        <div class="flex flex-col">
          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">The Star Entertainment Group Ltd</div>
            <div class=" text-darkestgray truncate font-sans leading-4 font-semibold capitalize text-heavy-md">ASX:SGR</div>
        </div>
      </div>
</a>    <div class="px-4 mt-0.5">
      <div class="flex items-center py-4 border-t border-light">
        <div class="flex-grow text-darkestgray text-bold-sm" id="followed-count-stock_code-2003">
            Followed by<span class="font-bold text-gray-700"> 152 </span>people
        </div>
          <div 
  class="follow-stock-code-2003-stock-code-tooltip-hovercard"
  data-load-engagement-count-target="follow"
  data-followable-type="stock_code"
  data-followable-id="2003"
  data-options="{&quot;custom_data&quot;:{&quot;section&quot;:&quot;stock_code_tooltip&quot;},&quot;style&quot;:&quot;hovercard&quot;}"
></div>

      </div>
    </div>
  </div>
</div>

    <div class="h-0 w-full flex justify-center">
      <div class="border-6 border-tooltipDownArrowLight"></div>
    </div>
  </div>
</div>

</div>

        </div>
      <div class="lg:flex lg:items-center clear-both">
        <div class="mt-2 lg:mt-4">
          <div class="flex items-center">
    <div class="mr-2">
        <a data-controller="event" data-event-name-value="link_click" data-event-id-value="91012" data-event-statisticable-value="profile" data-event-custom-data-value="{&quot;position&quot;:8340,&quot;section&quot;:&quot;latest_feed&quot;}" data-event-ga-category-value="Homepage Latest Feed" data-event-ga-action-value="link_click" href="/contributors/glenn-freeman-livewire">
            <picture style="">
    <source type="image/webp" srcset="https://www.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBNkJwQVE9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--82471b05e442e8af47af09ae82540fdfdd009eaa/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBPZ2wzWldKd09oTnlaWE5wZW1WZmRHOWZabWxzYkZzSGFRSElhUUhJIiwiZXhwIjpudWxsLCJwdXIiOiJ2YXJpYXRpb24ifX0=--1fd30fd39e489c8cda41fffd3d21b2be931eb227/GF_profile_Mar22-2.jpg" />
  <img
    class="h-10 w-10 rounded-full bg-white overflow-hidden"
    src="https://www.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBNkJwQVE9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--82471b05e442e8af47af09ae82540fdfdd009eaa/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RTNKbGMybDZaVjkwYjE5bWFXeHNXd2RwQWNocEFjZz0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--d4026b52d9aa7a676b3d70dbe31c85d930184392/GF_profile_Mar22-2.jpg"
    srcset="https://www.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBNkJwQVE9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--82471b05e442e8af47af09ae82540fdfdd009eaa/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RTNKbGMybDZaVjkwYjE5bWFXeHNXd2RwQWNocEFjZz0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--d4026b52d9aa7a676b3d70dbe31c85d930184392/GF_profile_Mar22-2.jpg, https://www.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBNkJwQVE9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--82471b05e442e8af47af09ae82540fdfdd009eaa/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RTNKbGMybDZaVjkwYjE5bWFXeHNXd2RwQWNocEFjZz0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--d4026b52d9aa7a676b3d70dbe31c85d930184392/GF_profile_Mar22-2.jpg 2x"
    alt="Glenn Freeman"
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</a>    </div>
  <div id="profile-link" class="text-heavy-sm md:text-heavy-md text-darkestgray">
    <div>
        <span class="profile-name-hover-container" data-controller="event tooltip" data-event-name-value="contributor_hover_view" data-event-id-value="91012" data-event-statisticable-value="profile" data-event-custom-data-value="{}" data-event-event-value="mouseover" data-tooltip-url-value="/hotwired/hovercards/91012/contributor">
          <a class="hover:underline mr-1" data-controller="event" data-event-name-value="link_click" data-event-view-name-value="summarized_longform_wire_view" data-event-id-value="91012" data-event-statisticable-value="profile" data-event-custom-data-value="{&quot;position&quot;:8340,&quot;section&quot;:&quot;latest_feed&quot;}" data-event-ga-category-value="Homepage Latest Feed" data-event-ga-action-value="link_click" href="/contributors/glenn-freeman-livewire">Glenn Freeman</a>
</span>    </div>
      <div>
        Livewire Markets
      </div>
  </div>
</div>

        </div>
        <div class="hidden lg:block lg:mt-4 mx-4 w-1 h-4 border-l border-gray-300"></div>
        <div class="mt-4 flex items-center text-heavy-sm md:text-heavy-md text-darkestgray">
          <div class="flex items-center mr-4">
            <div id="wire-listing-like-56165" data-load-engagement-count-target="like" data-wire-id="56165" data-position="8340">
                <button
  class="lw-button tertiary_gray xs icon-only "
  
  data-turbo-stream-url-value="/hotwired/likes/56165/wire/8340/like"
  data-controller="
    event 
     
    
    
    turbo-stream 
  "
  data-controller="event turbo-stream " data-event-name-value="like_clicked" data-event-view-name-value="" data-event-id-value="56165" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;position&quot;:8340,&quot;section&quot;:&quot;latest_feed&quot;}" data-event-ga-category-value="latest_feed" data-event-ga-action-value="like_clicked" data-event-ga-label-value="" data-turbo-stream-method-value="post"
  
  
  aria-label=home_like
  
  
  
>
  <svg class="home_like">
  <use xlink:href="#home_like"></use>
</svg>

  
  
  
</button>


</div>            <div class="flex items-center ml-1">
              <div id="comment-link-56165" data-load-engagement-count-target="comment" data-wire-id="56165" data-position="8340">
    <a
  class="lw-button tertiary_gray xs icon-only "
  href="/wires/5-underperforming-small-caps-of-fy23-and-what-the-brokers-make-of-them#comment_body"
  
  data-controller="
    event 
     
    
    
     
  "
  data-controller="event" data-event-name-value="wire_comment_click" data-event-view-name-value="" data-event-id-value="56165" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;position&quot;:8340,&quot;section&quot;:&quot;latest_feed&quot;}" data-event-ga-category-value="latest_feed" data-event-ga-action-value="wire_comment_click" data-event-ga-label-value=""
  
  
  aria-label=comment
  
  
  
>
  <svg class="home_comment">
  <use xlink:href="#home_comment"></use>
</svg>

  
  
  
</a>

</div>
            </div>
            <div id="wire-listing-stats-56165" data-load-engagement-count-style-value="listing" data-load-engagement-count-target="stats" data-wire-id="56165" data-position="8340" data-style="listing" data-device-type="desktop"></div>
          </div>
        </div>
      </div>
    </div>
    <div class="flex flex-row-reverse">
        <time datetime="2023-07-11T11:31:22+10:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">July 11, 2023 11:31</time>
    </div>
</div>


      </div>
    </div>
</div>

  </div>
</template></turbo-stream>
  <turbo-stream action="update" target="pagination"><template>
    <a rel="next" href="/hotwired/feeds/latest?cache_prefix=latest_wire&amp;cursor=2023-07-11+11%3A31%3A22+%2B1000&amp;last_position=8340"></a>
</template></turbo-stream>
