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Nikki Thomas - the power of focus: running a 20-stock global portfolio

David Clark is joined by Nikki Thomas, global equity investor and the current Portfolio Manager of Magellan’s High Conviction Fund.
David Clark

Koda Capital

After a period of significant change at Magellan, Nikki’s return to the firm marks a powerful reconnection with its founding principles - absolute returns, deep research, and a commitment to global quality.
With over two decades of experience and foundational roles at both Magellan and Alphinity, Nikki unpacks her high-conviction investment philosophy and explains why the core Magellan approach—compounding capital through structural moats and disciplined valuation—remains unchanged despite market noise.
In a candid and wide-ranging conversation, David and Nikki explore:
  • How she builds a concentrated portfolio of 10–20 global leaders
  • The role of AI, robotics, and digitalisation in shaping long-term investment themes
  • The outlook for key holdings, including Novo Nordisk, Visa, and Microsoft
  • How Magellan is evolving from a founder-led boutique to an institutional investment house
  • Her return to the firm and the strategic pivot under new leadership
This episode offers rare insight into one of Australia’s top investment minds at a pivotal moment for Magellan and global capital markets. A must-listen for high-net-worth investors seeking clarity, conviction, and access to the type of global opportunities that sit beyond Australia’s borders.

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This research note has been prepared without consideration of any client's investment objectives, financial situation or needs. Before acting on any advice in this document, Koda Capital Pty Ltd recommends that you consider whether this is appropriate for your circumstances. While this document is based on the information from sources which are considered reliable, Koda Capital Pty Ltd, its directors, employees and consultants do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate. Koda does not accept any responsibility to inform you of any matter that subsequently comes to its notice, which may affect any of the information contained in this document. © Copyright Koda Capital 2020 | AFSL: 452 581 | ABN: 65 166 491 961 | www.kodacapital.com
David Clark
David Clark
Adviser & Partner
Koda Capital

David Clark is an Adviser & Partner at Koda Capital. In his podcast ‘Inside the Rope’, David interviews some of the leading minds in wealth management.

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