Jason Teh

The sky is not falling was the message in September 2017. Our message was that the overall market did not show excessive valuations, which generally is a precursor to stock market corrections. However, our market outlook dimmed due to recent ‘risk-on’ rally, where most of the year’s return was delivered... Show More

Sam Dyson

Mining 101: a good mining company makes money at the low end of a steep cost-curve. This is BHP’s strategy and it is working wonders in iron ore. However, in 2011 BHP forgot this simple rule. Deal hungry and with cash flow burning a hole in the pocket after two... Show More

Steve Johnson

Production volumes are up massively. Revenues have doubled, despite the massive pullback since 2011. By almost any measure, BHP is a bigger company than it was in 2004. China clearly happened. But in terms of shareholder wealth, the one that matters, it’s all been for nought, or close enough. BHP's share price... Show More

Marcus Bogdan, CIO Asia Pacific

A common investment theme running through each of our model portfolios has been a deliberate underweight position in the Australian major banks. This has supported our significant performance against the ASX 200 benchmark over the last twelve months, yet challenging headwinds continue to warrant a cautionary stance. A recent paper... Show More