Perspectives: Episode 115 – Dispatches from the US
Release Date: 05/12/2025
Perspectives: Fund Manager Interview with Richard Blackburn from CVC Capital Partners
'Perspectives' by Escala
In this episode, Escala Head of Managed Funds, Stephen Dickinson, speaks with Richard Blackburn from CVC Capital Partners. Richard discusses CVC’s origins and evolution into a leading global private equity firm, why Europe remains a particularly attractive market for private equity returns, and how CVC creates value through disciplined underwriting, active ownership and long-term value creation across its portfolio.
info_outline
Perspectives: Episode 127 – A World Rewired
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explains why today’s geopolitical tensions signal a deeper structural shift – and what it means for markets, alliances, and investors. (1:08) Is the current state of the world only as permanent as Trump remains in office? In other words, is this just a phase, or are we actually living through something more structural? (2:30) So, even if the political backdrop changes, the system itself has already shifted? (4:29) Let’s talk about that, because alliances have always been the backbone of the global...
info_outline
Perspectives: Episode 126 – Riding the Shock: Staying loose through uncertainty
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explains how long-term investors are staying loose on the bars in response to the current oil shock. Plus, why managing today’s risks is bringing back yesterday’s solutions - from steering wheel locks to decades-old pipelines. (0:47) Tracey, there’s a lot hitting markets at once. How do you keep your composure? (3:43) Back in 2022 when Russia invaded Ukraine, the oil price hit over $120 per barrel. The peak so far is under that. And yet, despite this, the price at the pump here in Australia is higher...
info_outline
Perspectives: Episode 125 – Oil, power, and portfolio discipline
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about today’s tensions in the Middle East, why geopolitical volatility is often shorter than feared and what it means for US-China relations. Plus, why credit investing demands ruthless diversification. (0:53) Let’s start with the geopolitical shock. The United States and Israel have launched coordinated strikes on Iran, escalating tensions in a way we haven’t seen for years. (1:42) We saw something similar in February 2022 when Russia invaded Ukraine. Oil spiked to over $120 a barrel. But within...
info_outline
Episode 124 – Investing in a New World Order
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about the release of Escala’s The Agenda publication, what a shifting global order means for investors and how it is shaping the way Escala constructs portfolios. (0:52) This is the 7th edition now. Before we get into the details, remind us - what is The Agenda? Is this a tactical playbook for the next 12 months? (1:47) And that didn’t just start yesterday, did it? Inequality has been building for some time in a number of countries – Australia and the US (3:07) So, markets recovered - but...
info_outline
Episode 123 – Was this Googles' DeepSeek moment?
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about what could be Googles’ DeepSeek moment – the launch of Gemini 3. If it is everything that ChatGPT isn’t, what does this do to the promises made by OpenAI? (1:03) Let’s start this week with what I’m calling the Nvidia check your airbags moment because the last fortnight has been incredibly volatile in markets. Whilst you are not alarmed by this you have been telling clients to check their airbags. (3:20) How has the narrative around AI changed? We hear a lot about the size of capital...
info_outline
Perspectives: Fund Manager Interview with Doug Tynan from GCQ Funds Management
'Perspectives' by Escala
In this episode, Escala Investment Analyst, David Bruty talks to Doug Tynan, Chief Investment Officer of GCQ Funds Management. Doug discusses GCQ’s investment philosophy and the team’s focus on quality industries and companies, how trade policy and the artificial intelligence theme is expressed in their current portfolio, and how Uber will prosper in a changing environment as robotaxis continue to be rolled out around the world.
info_outline
Episode 122 – Why is gold rallying?
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about gold and how it has become a hedge against distrust. When money becomes too political to believe in, investors turn to what can’t be printed. (1:35) Let’s start with AI. OpenAI’s been in the headlines almost weekly - new partnerships, huge infrastructure deals, and some big numbers attached. But behind all of that excitement, there’s a growing conversation about vendor financing and related-party transactions - essentially suppliers funding their own customers. You’ve been...
info_outline
Episode 121 – AI power plays
'Perspectives' by Escala
There are now more data centres being built in the US than office buildings. In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, looks at the political implications of data centre demand for energy. (00:56) That’s the first move in nine months but it was widely anticipated. It was called a “risk management” move. What’s your take? (03:03) Stephen Miran, a Trump-aligned recent appointee, has stirred the debate by advocating for aggressive rate cuts. He wanted a half point cut, not the quarter point that was consensus. (03:48) What does a less...
info_outline
Perspectives: Fund Manager Interview with Roy Keenan from Yarra Capital
'Perspectives' by Escala
In this episode, Escala Investment Analyst Holly Brenchley speaks with Roy Keenan, Co-Head of Fixed Income at Yarra Capital and Portfolio Manager of the Yarra Enhanced Income Fund, a core Australian credit strategy. Roy discusses the investment philosophy that underpins Yarra’s approach, including its rigorous internal credit rating system, the importance of ESG and documentation analysis, as well as how the team captures attractive risk-adjusted returns within the changing Australian credit landscape.
info_outlineIn this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, presents from New York where she discusses her observations from being on the ground. Following meetings with portfolio managers, economists, political strategists and financial advisers across four US states she discusses how President Trump’s trade war is being perceived.
(0:52) Tracey, let’s start with some observations of what you have seen and heard on the ground. What stood out the most?
(1:51) How about the cities? You spent time in Chicago and New York, right?
(2:48) What are people saying about China over there?
(3:30) And how are the ports doing? I’ve been hearing some concerning things.
(4:25) Did you get any fresh data on trade?
(5:48) Let’s switch gears a bit. You mentioned some cultural shifts too?
(6:36) And tech?
(7:40) Let’s pivot to markets. Tracey, you’ve said it feels like a period of stasis. Can you unpack that?
(8:22) So what’s the disconnect?
(9:19) Let’s talk specifically about earnings. What’s the mood?
(10:28) And currency?
(10:58) You mentioned the CFA Conference that you went to in Chicago. What was the big takeaway?
(11:28) So private equity is in vogue. Why?
(12:50) That’s huge. What does this mean for junior analyst roles?
(13:14) One of the issues we hear a lot about with private equity is the drop off in public listings. Is this an issue for the asset class do you think?
(14:14) Let’s turn to geopolitics before we wrap. The new UK-US trade deal got quite a bit of airtime in the press. What’s your take?
(15:33) Do you think we will see the US become more isolated?
(16:45) And what about Europe? We’ve heard a lot about the EU being slow to act in the past—has that changed?
(17:23) So you’re saying US protectionism is acting like a catalyst to make Europe great again?