Live on stage at our Agenda 2024 client event, Escala Partners CIO, Tracey McNaughton, is in discussion with Gerard Minack from Minack Advisers. Tracey and Gerard discuss interest rates, company earnings and the outlook for economic growth both domestically and overseas.

In this episode, Escala Partners CIO, Tracey McNaughton, talks about why our investment conviction level is the highest it has been since 2021 and how this has transformed into an overweight position in global over Australian equities. And why is OpenAI CEO Sam Altman investing in fusion? (0:55) Tracey, we heard on your last podcast that you are a weekend road warrior on your motorcycle. Do you navigate markets in the same way you navigate roads? (3:27) It seems like the Investment...

In this episode, Escala Partners CIO, Tracey McNaughton, celebrates IWD with a conversation with Lorna Kapusta, Fidelity’s Head of Women & Engagement. How can wealth managers help women achieve their financial goals and become more confident investors? How can the skills learned by a motorcycle rider help ease financial anxiety? (1:20) Maybe we could start with you telling us a little bit about yourself, your journey, and how did you find yourself in the role of head of women and...

In this episode, Escala Partners CIO, Tracey McNaughton, makes the comparison to the 1990s tech boom and notes by comparison, the market is not that extended right now. AI is going deeper into the economy and broadening across more sectors of the equity market. The ingredients are there for the sustainability of this market rally. (0:44) We are just about through with the US earnings season. What is the final take on the results? (2:55) The share price moves have been staggering for Nvidia....

In this episode, Escala Partners CIO, Tracey McNaughton, discusses the results coming out of the US earnings reporting season and why Facebook and Microsoft are in and Tesla and Apple are out of favour – this despite Apple having a cash pile equivalent in size to the Hungarian economy.   (0:54) Tracey, we are halfway through reporting season in the US and it is looking good so far. (2:23) So, Apple has the equivalent of the Hungarian economy sitting in its cash account. (5:43) It’s not...

In this episode, Escala Partners CIO, Tracey McNaughton, discusses how events of 2023 give context to what is likely for 2024. And, how should investors respond to the heightened geopolitical risks that are so evident in this “war economy”? (0:52) Welcome to the first podcast for the year. It seems fitting Tracey that we begin with your thoughts on the year that was. (7:48) Tracey you and the team have just released the fifth edition of our annual outlook publication, Agenda, what are some...

In this episode, Investment Analyst, Darragh Kennelly, talks to Mike Harut and James Tsinidis of Munro Partners to discuss the main takeaways from the recent climate change conference in Dubai. They also discuss the outlook for companies focused on the many subsectors of climate change for the year ahead and get insights from James’ recent trip to visit portfolio companies in the US.

In this episode, Escala Partners CIO, Tracey McNaughton, and advisor Ed Brooke are in conversation with Gerard Minack, independent member of the Escala investment committee.    

In this episode of The Fund Managers, CIO Investment Analyst, Darragh Kennelly, speaks to Seyonne Kang to learn more about Stepstone’s Venture Capital platform and discuss the current landscape in VC markets and specifically look at secondary market opportunities for investors.

In this episode, Escala Partners CIO, Tracey McNaughton, discusses some of the investment themes that will drive markets in 2024 including whether the Magnificent 7 can continue to be magnificent. (0:52) The holiday and Santa Rally season is upon us, it seems. The stock market is once again priced for perfection. What is your advice to investors at this time of year? (3:37) What are some investment themes to look out for in 2024? Some equity analysts are calling for 2024 to be a "stock...

In this episode, Escala Partners CIO, Tracey McNaughton, discusses the implications of investing in a world where governments and their debt burdens are getting bigger at the same time as consumer waistbands are getting smaller. (0:50) Interest rate cut expectations are being priced back into the market for 2024 again. Despite this, the market was put back in its place last week by Fed Chair Jay Powell.   (2:53) We have been talking a lot about fiscal policy recently in our meetings....

In this episode, Escala Partners CIO, Tracey McNaughton, talks about the economic conditions that are necessary (though maybe not sufficient) for geopolitical stability to return to the global economy. (0:54) Tracey, lets start by talking about prices. Not just any price. More than anything, financial markets over the September quarter were driven by the most important price in the global economy. It’s not the price of oil though, is it? (6:19) We received a question from a client recently:...

In this episode, Escala Partners Investment Analyst, David Bruty, and CIO, Tracey McNaughton, talk to Rory Green from TS Lombard about China and artificial intelligence. This presentation will discuss questions such as what are the factors that will govern the development path of AI in China? How will the CCP control AI and its impact on society without dampening innovation and progress?

Toby Walsh is a professor and the Chief Scientist at UNSW’s new AI Institute and has spent the past 40 years researching artificial intelligence. He is the author of several books on AI including “2062: The world that AI made”. This presentation will discuss questions such as can we trust AI or will it increasingly deceive us? How can we ensure AI is harnessed as a force for good rather than for nefarious ends? This is Part 2 of our two-part podcast. Here we will be talking with Toby about...

In this episode, Investment Analyst, Darragh Kennelly talks to Jessica Cairns of Alphinity Asset Management to discuss recent progress from Australian companies transitioning to net zero. We hear about some of the innovative ways companies are reducing their CO2 emissions. Finally, the rise of A.I. will have many implications for ESG investing, the pair discuss some of the early work Alphinity have done around Responsible A.I. and the risks and opportunities it presents.

Toby Walsh is a professor and the Chief Scientist at UNSW’s new AI Institute and has spent the past 40 years researching artificial intelligence. He is the author of several books on AI including “2062: The world that AI made”. This presentation will discuss questions such as can we trust AI or will it increasingly deceive us? How can we ensure AI is harnessed as a force for good rather than for nefarious ends? In Part 1 of this two-part podcast, we will be talking to Toby about the...

In this episode, Escala Partners CIO, Tracey McNaughton, talks about India’s breakout moment and how investors can take advantage of it while being cognisant of the investment risks. The Australian earnings season reminds us of the diversity of impact that higher interest rates are having on different age groups in the economy.   (0:52) - The Reserve Bank of Australia met this week, no change in interest rates was the call. Does this mean we have reached the end of the tightening cycle? Is a...

In this episode, Escala Partners CIO, Tracey McNaughton, talks about where the CIO team believe the biggest risk is currently for financial markets and why investors need to be more discerning in their asset allocations as a result. (0:56) - We are going to begin this week, Tracey, with a question from one of our clients – actually it’s one that is asked often in our client meetings. What is the biggest risk right now? (4:43) - Speaking of China, the economy remains under a dark cloud – we...

In this episode of The Fund Managers, Escala Partners Investment Analyst Stephen Dickinson talks to Jan Mühlemann from PG3. Jan discusses the royalties finance sector, the growth and opportunities in the royalties universe, and the benefits an allocation to the royalty finance sector can provide.

In this episode of The Fund Managers, Escala Investment Analyst David Bruty interviews Sam Twidale, Portfolio Manager of the DNR Capital Australian Emerging Companies Fund. Sam explains the importance of applying a consistent quality framework to small cap investing, how the fund’s concentrated and style-neutral approach has allowed it to outperform across changing investment environments, and the outlook for the sector following a challenging period for returns.

In this episode, Escala Partners CIO, Tracey McNaughton, gives a wrap-up of the US earnings season; why Biden may just be the most “America First” President in over 30 years; and why the Reserve Bank of Australia is likely now done with rate hikes. (0:49) - So Tracey, tell us, what mattered this past fortnight for financial markets? (2:13) - We might leave the discussion on the accuracy of central bank forecasts for another day. Just on corporate earnings – what are the key themes that have...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on why the probability of a recession is higher in Australia than the US; what the greatest risk is for investors; and why royalties funds may get a boost from AI.   (1:23) - It doesn’t seem that long ago that we were talking about a US recession and the need for rate cuts. That kind of talk has faded significantly hasn’t it? (4:52) - The US Federal Reserve is meeting this week with an announcement due Thursday...

In this episode of The Fund Managers, Escala Partners Investment Analyst Stephen Dickinson talks to Mark Landau, Co-Founder and Co-Portfolio manager of L1 Capital. Mark discusses L1 Capital’s investment approach and their focus on value and quality.

In this episode, Escala Partners CIO, Tracey McNaughton, discusses the challenges facing the Bank of England as it attempts to deal with its first wage-price spiral since the 1970s. It’s the nightmare that haunts central bankers everywhere and is one reason why interest rates will remain higher for longer.     (0:48) - Central banks over the past few weeks have been surprising markets everywhere as the fight against inflation continues.  (5:00) - It is interesting you say the Bank of...