Taking Stock

Schroders Australia

Since 2003, the relative growth difference between the (unloved) BHP and the (loved) CSL is approximately 1% per annum compound (on a book value and dividends basis, and even after BHP’s large write offs). That sounds low, but remember that CSL has directed most of its investment in recent years... Show More

Schroders Australia

Much as we might prefer otherwise, the market price of every listed equity investment is an amorphous blend of human behaviour, macroeconomic and corporate fundamentals. Share prices do not conform to a precise mathematical theorem. Investment returns over any period will comprise an element which reflects investors’ assessment of the... Show More

Schroders Australia

“Superforecasters”, those that consistently beat the crowd, tend to be methodical, analytical and collect information from a variety of sources. They are unlikely to be relying on emotive predictions from CNBC presenters. In examining things from every angle, they invariably start by trying to establish rough probability of an outcome,... Show More

Schroders Australia

Market volatility continues to create opportunities, particularly for our approach which combines fundamentally-based stock selection criteria (Value and Quality) with daily evaluation of opportunities to rebalance portfolios. The healthcare sector is one such area which has been through a period of extreme optimism and is now seeing the impact of... Show More

Schroders Australia

Forecasting is a tough game. Trying to assimilate seemingly endless data points into a coherent view of the future (at a company, industry and country level) is far more challenging than it seems. In “Taking Stock: Thank you sir, may I have another?” http://www.schroders.com/en/SysGlobalAssets/schroders/sites/australia/news-items/articles/20151103-taking-stock_thank-you-sir-may-i-have-another.pdf Martin Conlon, Head of Australian Equities,... Show More

Schroders Australia

Sometimes, the best meaning theories have a perverse real world effect. Unfortunately, corporate investment is the single biggest driver of investment returns through the past year. Those that have invested, have suffered; and vice versa. The irony as a shareholder is twofold. You can read further at http://www.schroders.com/en/SysGlobalAssets/schroders/sites/australia/news-items/articles/20151008-taking-stock_animal-spirits.pdf Show More