6 emerging fundies share the lessons and stocks shaping their portfolios

You know all of the big names. So what does it take to survive and thrive in the competitive world of funds management?

Being good at numbers, yes. 

A strong intellect, excellent technical and analytical skills, check.

Deep knowledge across economics, markets, financial and business analysis; everything from macro forces to risk management, tick.

But beyond that, emotional intelligence, a deep understanding of human psychology and the grit to persevere in a landscape that can be as unforgiving as a landslide.

For International Women’s Day, we asked six of Australia’s emerging fund managers and analysts to reflect on their journeys so far, to share the lessons that shaped their thinking, and reveal where they’re placing their highest-conviction bets in the year ahead.

Our featured up-and-coming young guns are:

• Matisse Clark - Research Analyst, Aphinity Investment Management
• Katerina Diamant - Equities Analyst, Ausbil Investment Management
• Hannah Dickinson - Sector Head Franchises & Healthcare, Magellan
• Hailey Kim - Senior Investment Analyst, Wilson Asset Management
• Chloe Stokes - Senior Analyst, Forager
• Alison Thai - Portfolio Manager, Australian Equities Growth, First Sentier Investors
  
  

The road to finance - I was drawn to finance through a love of maths and the black-and-white nature of problem-solving. I was also fascinated by learning about the world through businesses and sectors.

Markets provide a (sometime cruel) daily report card on your judgement. 

Career highlight - One lesson that reshaped how I invest is this: the market ignores risks - until it doesn’t. That shift can be abrupt. A concise and uncomplicated thesis is essential, but equally important is knowing your triggers to sell and to be disciplined enough to act when they are hit.

Biggest inspiration - I’m inspired by founders and innovators. It takes extraordinary courage, resilience and conviction, plus a healthy dose of naivety, to bet everything on an idea. 

Progress depends on people willing to challenge convention and act on belief before proof exists. I deeply admire those who turn vision into reality and, in doing so, move the world forward. 

One story that stands out to me is MECCA Brands. Jo Horgan built an unrivalled beauty retail experience in Australia - one that global players like LVMH and Sephora have struggled to replicate.

Highest conviction idea for the year ahead - Ageing populations are a high conviction theme. Demographic shifts are powerful, predictable, and it is difficult to reverse the tides of time. 

The “Silver Tsunami” creates opportunities across healthcare, consumer discretionary, real estate and financials. It’s a structural trend rather than a cyclical trade — and that durability is compelling.

Advice to women entering the industry - Be curious, ask questions confidently, and back yourself. There are no silly questions... only missed opportunities to learn.

Katerina Diamant, Equities Analyst, Ausbil Investment Management

The road to finance - While I’ve always been drawn to the world of finance, having two older brothers in the industry helped guide and support me into equity markets. 

Career highlight - One lesson I constantly come back to is that perfection in investing is a myth. As Peter Lynch famously said, if you’re good, you’re only right six times out of ten. 

I've learned to treat my mistakes as lessons rather than setbacks. At the end of the day, it’s about learning from the losses and making sure your wins really count.

Biggest inspiration - My parents are my greatest inspiration and the architects of my work ethic. Watching my parents run a small business while raising four kids is something I still admire today. Their determination and drive are permanently ingrained in how I approach my own career.

Highest conviction idea for the year ahead - The classifieds sector has been materially oversold on AI fears. While the market has aggressively priced in the disruption risks, it’s ignoring the benefits of AI adoption. 

I expect a significant re-rating for high-quality players like REA Group (ASX: REA) and CAR (ASX: CAR) as they monetise AI-driven products and benefit from operational efficiencies.

Advice for women entering the industry - Success is never linear. You will progress and face setbacks, but your goal stays the same. The key is to stay patient and keep persevering, even when things don’t go according to plan.

Hannah Dickinson, Sector Head Franchises & Healthcare, Magellan

The road to finance - I grew up in an entrepreneurial family where dinner table conversations revolved around business. 

Investing, at its core, is about owning quality companies and understanding how they create value over time.

Career highlight - COVID was a defining period in my career because it challenged conventional instincts about market behaviour. In the second quarter of 2020, the U.S. experienced the worst quarterly drop in real GDP in recent history and the S&P 500 Index fell 33.9% in 32 days between February 19 and March 23. 

However, by year end, the index was up +67.9% from that low point and up +18.4% over the full 12 months. The driver was unprecedented policy support: zero rates, massive quantitative easing and sweeping fiscal programs that effectively replaced lost wages. For me, there were clear lessons around market dynamism and policy reflexivity – a reminder that second- and third-order effects matter.

Biggest inspiration - Cliché, but I would say my dad. He taught me to think about business from first principles, whether assessing the unit economics of a coffee shop or weighing broader capital allocation trade-offs. He made strategy tangible through practical lessons on pricing, market positioning and reinvestment. 

Most importantly, he demonstrated that generosity in business, particularly towards your team, builds trust, loyalty and long-term success.

Highest conviction idea for the year ahead - SAP (NYSE: SAP). Periods of market dislocation often create opportunity in high-quality franchises. Concerns around software spending and AI disruption have weighed on sentiment, yet SAP sits at the core of enterprise resource planning, embedded in mission-critical workflows across finance, supply chain and human capital management. 

Importantly, AI enhances rather than displaces that position. Large customers are embedding SAP’s Business AI into core processes, with most major cloud deals already including AI components. With proprietary enterprise data, high switching costs and long-duration contracts, SAP is positioned to monetise AI within its installed base rather than be disrupted by it.

Advice to women entering the industry - Start small and start early. Back your own ideas with real capital, however modest, and learn from the mistakes that inevitably follow. Read widely, especially the letters and writing of investors such as Howard Marks, Warren Buffett and Peter Lynch.

Hailey Kim, Senior Investment Analyst, Wilson Asset Management

The road to finance - Markets drew me in for its breadth, it combines finance with problem solving, human behaviour, and long term thinking. 

Few careers let you engage so deeply with so many industries, with the most talented management teams in the country, and force you to understand the world beyond your immediate surroundings.

Australian equities do not exist in a vacuum. Global macro, commodity cycles, and shifting geopolitics all find their way into the work.

Career highlight - Early in my career, a mentor once described building investment knowledge like layering a cake. You will never know everything, but each cycle, each mistake, each experience adds another layer. That framing has stayed with me. There is a big difference between developing a view and truly living with it. That accountability sharpens you quickly. Being right on a thesis is not enough. Position sizing, timing, and risk management matter just as much. And knowing where the gaps still are is just as important as what you know.

Biggest inspiration - I draw a lot of inspiration from elite sport. CrossFit and running are a big part of my life outside work, and what I have come to appreciate is how much mental frameworks matter in high performance. The best athletes manage uncertainty, pressure, and failure with a clarity that translates directly to investing.

Progress is rarely linear, and setbacks are part of the process in both fields. Both punish overconfidence and reward consistency.

It is about disciplined repetition, and showing up with the same commitment regardless of conditions.

Highest conviction idea for the year ahead - The divergence between genuinely high quality businesses and those reliant on supportive financial conditions has further to run. But quality needs redefining - it's not just balance sheet strength, sustainable margins, and disciplined management teams. It also means resilience to AI disruptions, and screening beyond traditional asset heavy versus asset light distinctions. As capital becomes more selective and less forgiving, businesses that pass both tests should be increasingly rewarded. 

Advice to women entering the industry - My advice would be to stay curious, form views even when uncertain, and put your hand up before you feel ready. The experience will build the confidence, not the other way around.

Chloe Stokes, Senior Analyst, Forager

The road to finance - I've always loved learning about businesses, especially why some thrive while others falter. Combine that with a natural affinity for numbers and funds management is the perfect career.

Career highlight - Your first investment is always special. Mine was a small, NZ-listed fashion retailer Hallenstein Glasson Holdings (NZX: HLG). It wasn't on many institutional investors' radars but I was watching it grow in popularity both in-store and online.

I thought the market was significantly underappreciating the growth prospects of the Glassons business in Australia and I turned out to be right. It helped me to understand the importance of having a different view to the market when trying to identify undervalued businesses.

Biggest inspiration - I'm not sure inspired is the right word, but I have always admired Princess Diana. While the Royal Family are expected to remain stoic and composed, she pushed back by choosing a more authentic, empathetic approach. 

She used her platform to humanise complex issues, from advocating for AIDS patients to campaigning against landmines. Even her bold fashion sense was a symbol of her independence and personality. And people loved her for it.

It's a reminder that you can remain true to yourself even within the most rigid structures.

Highest conviction idea for the year ahead - Software businesses have fallen heavily out of favour, with the iShares North American software ETF down 30% from its September 2025 highs. Much of this is driven by fears that AI will render existing business models obsolete. While some disruption is inevitable, the sell-off has been indiscriminate. We are spending our time looking for high quality companies that are caught up in this wave of pessimism but are more resilient to AI threats than the market suggests. 

Advice to women entering the industry - The best advice I have received is to embrace what makes you different. Markets are driven by consensus and being the only woman in the room can be an advantage in identifying blind spots. A unique perspective is one of the best things you can bring to any kind of analysis.

Alison Thai, Portfolio Manager, Australian Equities Growth, First Sentier Investors

The road to finance - My first impression was that finance was only numbers and spreadsheets (which I do love) but the first time I saw a trading floor, I was hooked by the energy and social dynamics of markets. Investing sits at the intersection of data and behaviour - it’s as much about understanding people and incentives as it is about numbers. 

Career highlight - One of my highlights was being promoted to portfolio manager in 2020 during the COVID-19 crisis. Having to make investment decisions during a uniquely challenging period was daunting and exhilarating.

I had to learn and adapt faster than I ever had before – with company announcements almost daily, frequent capital raisings and constantly changing lockdown rules, there was no time to pause.

I’m incredibly lucky to have a supportive team to work closely with and to learn from, and we ended that year with strong performance.

Biggest inspiration - Nagi Maehashi of RecipeTin Eats is my hero – she’s driven, intelligent and generous. She came from a humble background and rose through the ranks of corporate finance before creating her website that we all love today.

Nagi often talks about approaching recipe design with the same analytical rigour that she used in finance – that really speaks to the inner nerd in me. Alongside her successful business, she runs a food bank that donates meals – truly inspiring. Best of all, my husband can cook us delicious dinners thanks to her foolproof recipes!

Highest conviction idea for the year ahead - HUB24 (ASX: HUB) is one of my top picks this year. HUB has a strong track record in growing FUA on its platform through impressive market share gains, and we expect this to continue further as they sit at sub-10% share of the market. 

Their addressable market also continues to grow as flows shift from industry funds to the advice space, and advisers opt for the best technology available, which HUB offers. Their February result came in ahead of expectations and demonstrated the strength of the business model. 

Operating profit margins continue to expand (now at >46%) despite HUB reinvesting in its platform to maintain leadership and deliver top-line growth >25% y/y. 

Advice to women entering the industry - I’ve learned that waiting until you feel fully ready often means waiting too long. Thoughtful questions and well-prepared views often matter more than complete certainty – and that applies to investing too.

Trust that you deserve to be in the room.