Perspectives: Episode 99 – The "return of nations"
'Perspectives' by Escala Partners
Release Date: 06/14/2024
Perspectives: Episode 114 – And just like that
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses how this market correction differs to anything in the past; what the Escala fund managers are saying about it; and why the investment environment will be different when the fog finally lifts. (1:05) Tracey lets start with how you are viewing current events in markets? (3:19) You mentioned the similarities with covid in terms of uncertainty of what comes next. How do you compare the market reaction this time to previous sell offs? (5:47) You have just come off heat week where you talk to all of our...
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Perspectives: Episode 113 – "Liberation Day"
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses the seismic shift in German defence spending, why Greek banks are looking attractive and why the team are no longer happy to be overweight US equities. (1:10) Tracey for decades, Germany has been the poster child of fiscal conservatism in Europe. The country’s approach was shaped by its post-WWII economic memory, where inflation and debt were deeply stigmatized. The past few weeks has seen a seismic shift in that view. (1:55) It was a historic shift in Germany's fiscal policy. (2:49) Still, it...
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Perspectives: Episode 113 – "Liberation Day"
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses the seismic shift in German defence spending, why Greek banks are looking attractive and why the team are no longer happy to be overweight US equities. (1:10) Tracey for decades, Germany has been the poster child of fiscal conservatism in Europe. The country’s approach was shaped by its post-WWII economic memory, where inflation and debt were deeply stigmatized. The past few weeks has seen a seismic shift in that view. (1:55) It was a historic shift in Germany's fiscal policy. (2:49) Still, it...
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Perspectives: In Conversation with Alternatives and Private Markets specialist Sam Edwards from Longreach Alternatives
'Perspectives' by Escala Partners
In this episode, Escala Partners Investment Analyst Stephen Dickinson talks to Sam Edwards, Partner from Longreach Alternatives. Sam discusses the royalties landscape, why a diversified approach to royalty investing is important and the benefits of PG3s multi-sector approach to royalties.
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Perspectives: Episode 112 – The Times They Are A-Changin'
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses what a multi-polar world might look like, NATO’s fragile state and how the world trade map is being re-drawn. (1:30) It has been easy to get stuck in the weeds over the past 57 days, since President Trumps inauguration, so lets take a helicopter view and talk about US exceptionalism. For decades, the US has been the dominant force in global politics, economics, and military power. But today, we’re seeing cracks in that dominance. How do you see this playing out? (3:08) Interesting. And...
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Perspectives: Fund Manager Interview with Justin O'Brien from Cooper Investors
'Perspectives' by Escala Partners
In this episode, Escala Partners Investment Analyst David Bruty talks to Justin O’Brien, Portfolio Manager of the Cooper Investors Brunswick Fund, an all-cap Australian equities fund. Justin discusses the investment philosophy that underpins Cooper Investors’ approach to managing capital, the differentiated and unconstrained structure of the Brunswick Fund, along with a number of stock examples and the role they play within the portfolio.
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Perspectives: Episode 111 – A founder’s story: Interview with Mark Middleton from Icon Group
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, interviews Mark Middleton, CEO of Icon Group. Mark discusses his journey as a founder of one of Australia’s largest health organisations, his partnership with private equity and the importance of authenticity as a leadership quality. Mark is the author of 'Good Morning', with all proceeds going to the Icon Cancer Foundation, a registered charity dedicated to providing hope, access and opportunity to people with cancer through supporting research and clinical trials. Find out more:
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Perspectives: Episode 110 – Agenda 2025 LIVE
'Perspectives' by Escala Partners
Live on stage at our Agenda 2025 client event, Escala Partners CIO, Tracey McNaughton, is in discussion with Gerard Minack from Minack Advisers. Tracey and Gerard discuss prospects for Europe following the German election, implications of a peace deal between Ukraine and Russia, what the trade war means for growth and inflation and why Australia is so hard to love right now.
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Perspectives: Episode 109 - May your algorithms be true and your AI agent benevolent
'Perspectives' by Escala Partners
This week Escala Partners CIO, Tracey McNaughton, reflects on what has been a blistering start to the year. President Trump is setting records with the number of executive orders he creates; tariffs are creating uncertainty and DeepSeek is disrupting. It’s enough to make your AI Agent’s head spin. (1:03) Tracey, we're 18 days into the new US administration and no fewer than 48 executive orders have been issued. That has to be a record, doesn't it? (1:46) Tracey, occupying a lot of the market's attention at the moment is tariffs, and so far few of the threats have actually been implemented...
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Perspectives: In Conversation with Alternatives and Private Markets specialist Craig Balenzuela from Goldman Sachs Asset Management
'Perspectives' by Escala Partners
In this episode, Escala Partners Investment Analyst Stephen Dickinson talks to Craig Balenzuela, Managing Director within Goldman Sachs Asset Management Alternatives and Private Markets Client Solution Group. Craig discusses the growth in the private credit landscape, the implications of the changing macro environment for private credit and why not all private credit is made equally.
info_outlineIn this episode, Escala Partners CIO, Tracey McNaughton, talks about what she sees as the three main takeaways from the recent string of elections around the world. She and Ed talk about what Le Penn describes as the "return of nations", the rise of nationalism, and what it may mean for investors.
(0:49) Tracey, let's start with the topic of the day, inflation. We had some key data out of the US.
(1:56) The easing cycle has started for some though hasn't it.
(3:17) Why is that? We had data out last week showing the economy barely growing and yet the expectation is the Reserve Bank will be one of the last to cut interest rates?
(4:33) Elections have been another important topic. In the past couple of weeks we have had elections in Mexico, South Africa, India and Europe. What do you make of the results we have seen so far?
(9:30) What are the investment implications emerging so far from these elections?
(12:41) India is a market that you and the CIO team like a lot given its favourable demographics and it being one of the key beneficiaries of the rejigging of supply chains away from China. Does the election outcome change your view at all?
(15:14) One of the reasons you and the team are less convicted on China is the changing shape of global supply chains - moving away from China.
(17:05) So while China is still the manufacturer to the world, alternative manufacturing hubs are being established.