“Have you ever noticed that anybody driving slower than you is an idiot, and anyone going faster than you is a maniac?" - George Carlin Cartoon of the Week Source: www.hedgeye.com Funds Snapshot Movers & Shakers (week ending 7th August): Stocks (ASX 200 ↑3.20%, S&P 500 ↑3.58%, NASDAQ ↑5.19%) Bond Yields (ACGB3Y 4.49%, ↑ 5 bps / ACGB10Y 4.93%, ↑ 8 bps) Bond Curves (A$ 3s10s +47 bps, ↑ 3 bps) Credit Spreads (Major Bank 5Y Senior +63 bps, ↓1 bp / Tier 2 +120 bps, ↓ 3 bps) Oil

“If Stupidity got us into this mess, then why can't it get us out?" - Charles Kettering (American inventor) Cartoon of the Week Source: www.hedgeye.com Movers & Shakers (week ending 31st July): Stocks (ASX 200 ↑2.33%, S&P 500 ↑1.05%, NASDAQ ↓1.78%) Bond Yields (ACGB3Y 4.49%, ↓ 22 bps / ACGB10Y 4.93%, ↓ 16 bps) Bond Curves (A$ 3s10s +44 bps, ↑ 6 bps) Credit Spreads (Major Bank 5Y Senior +64 bps, ↓2 bps / Tier 2 +123 bps, ↑2 bps) Oil (Brent US$90.12/bbl, ↓6.88%) Gold (US$4,04

“Two halves, two different worlds" July 2026 | For public consumption Twelve months ago, the consensus view was that FY26 would be the year duration finally rewarded the faithful, as the RBA worked its way through a steady easing cycle. For six months, that thesis held. Then it broke — comprehensively. The financial year split neatly in two. Through the December half, the RBA continued cutting, inflation appeared to be behaving, and the market priced a terminal rate materia

“Thinking is one thing no one has ever been able to tax." - Charles Kettering (American inventor) Cartoon of the Week Source: www.hedgeye.com Funds Snapshot Movers & Shakers (week ending 10th July): Stocks (ASX 200 ↓0.28%, S&P 500 ↓0.61%, NASDAQ ↓3.32%) Bond Yields (ACGB3Y 4.72%, ↑ 23 bps / ACGB10Y 5.09%, ↑ 19 bps) Bond Curves (A$ 3s10s +37 bps, ↓4 bp) Credit Spreads (Major Bank 5Y Senior +66 bps, ↑1 bp / Tier 2 +121 bps, ↓1 bp) Oil (Brent US$96.78/bbl, ↑9.85%) Gold (US$4

“If at first you don't succeed, find out if the loser gets anything.” - William Lyon Phelps Cartoon of the Week Source: www.heraldsun.com.au Funds Snapshot Movers & Shakers (week ending 10th July): Stocks (ASX 200 ↓0.43%, S&P 500 ↑1.23%, NASDAQ ↑1.74%) Bond Yields (ACGB3Y 4.42%, ↑ 2 bps / ACGB10Y 4.84%, ↑ 4 bps) Bond Curves (A$ 3s10s +42 bps, ↑2 bps) Credit Spreads (Major Bank 5Y Senior +63 bps, ↓1 bps / Tier 2 +124 bps, ↔)) Oil (Brent US$76.01/bbl, ↑5.39%) Gold (US$4,11

Last week produced a set of Australian data releases that, taken together, present a genuinely mixed picture of the domestic economy. The most significant surprise was May's trade balance swinging to a deficit of $3.0bn — against a survey expectation of a $2.2bn surplus — driven by a 6.9% fall in exports and a 2.6% rise in imports.

Sticky inflation and resilient economic growth kept markets volatile as investors reassessed interest rate expectations. Read the latest outlook on equities, bonds and the RBA.

Markets spent the week balancing two competing forces: evidence of continued economic resilience and a more cautious outlook from central banks. In the US, retail spending remained firm, labour market conditions stayed broadly stable, and manufacturing surveys improved modestly. However, housing activity softened, import prices accelerated, and the Federal Reserve's updated policy rate projections signalled a higher interest rate path than previously expected.

Global risk assets largely consolidated over the past week as investors balanced optimism around global growth and AI-driven earnings momentum (in the US at least) against renewed geopolitical uncertainty in the Middle East and a firmer interest rate outlook (US Fed).

Recent market cycles have challenged one of the most relied-upon assumptions in portfolio construction: that bonds will always provide meaningful protection when equities fall. Scott Rundell, CIO at Mutual Limited, explores why traditional defensive allocations may need a rethink in today’s uncertain market environment. Originally presented at Entireti’s Online Series, you can now view the video on demand (watch: 45 mins). CPD points are available for viewing the webinar on-d

The dominant market narrative over the past week was still the tension between geopolitical de-escalation hopes and inflation persistence risks. Markets have increasingly traded on the assumption that the worst-case Middle East energy shock may be behind us, but investors remain highly sensitive to oil prices, inflation expectations and the implications for central bank policy.

We view private credit as a potentially valuable component of a diversified portfolio for investors seeking income and long-term capital appreciation. However, it is not a substitute for liquidity, nor is it risk-free. While the asset class can offer attractive income and portfolio diversification benefits, investors need to tread warily given broader risk dynamics and to fully understand said risks vs return prospects. Recent developments have brought private credit back i

With geopolitical tensions rising and oil prices moving higher, investors are once again navigating a more uncertain market environment. Despite recent volatility, the Australian credit market continues to function normally, with investors taking a more cautious approach amid ongoing uncertainty.

It is understandable that households with a mortgage would feel frustrated to see interest rates move higher just as inflation appeared to be easing. The Reserve Bank of Australia’s (RBA) recent decision to lift rates surprised some observers. From the RBA’s perspective, and for many market watchers, the logic is straightforward. Understanding that logic helps investors frame how portfolios should be positioned from here. Importantly, while higher rates pressure borrowers, th