The ‘big 4’ banks all reported a decline in earnings in FY24, largely in line with consensus forecasts. This report explores the key themes from the banks’ reporting season, while also discussing changes to the Focus Portfolio’s positioning within the sector.

Trump’s surprisingly resounding election triumph suggests a mix of deregulation, higher trade tariffs, tax cuts, and a partial pivot back toward fossil fuel expansion. This report looks at the likely implications of Trump’s election triumph for both the US and global economies, as well as movements in asset markets.

US voters head to the polls this Wednesday November 6^th (Australian time). If the betting odds prove correct, Republican candidate Donald Trump looks set to regain the Presidency. This report looks at the implications of the presidential election for the US and the world when it comes to deficit levels, Fed independence, energy policy equity and bond markets.

Aluminium’s role in the energy transition has been underappreciated, with the metal being a key input in electric vehicles, solar installations and energy grid infrastructure, much like copper. This backdrop underpins an attractive long-term demand outlook, while supply additions are expected to be constrained with China's smelting capacity capped around current levels, which together will result in growing structural deficits this decade.

US bond yields are up ~60 basis points since their recent lows in mid-September. As is often the case, Australian long bond yields have largely tracked the upswing in US yields. In this report, we look at the outlook for both bonds and equities over coming months.

After a period of outperformance over the last 12 months, valuations are now seemingly full across the spectrum of high-growth tech companies with PE multiples now at elevated levels. While the valuations of these companies appear expensive prima facie, by taking a more nuanced view of valuation we are confident the Focus Portfolio’s positions in Xero, Hub24 and Technology One can continue to outperform over the medium-term.

The Australian equity market continues to hit new highs, aided by a powerful global upswing and widespread central bank easing. In this report, we look at the outlook for the future performance of Australian equities that have only moderate prospects for earnings growth.

Rio Tinto (RIO) has become the first large multinational miner to acquire a major lithium business, after its recent offer to acquire Arcadium Lithium (LTM) for an equity value of ~A$9.9bn. In this report, we look at how the deal not only represents attractive value for LTM shareholders, but also a vote of confidence in the long-term fundamentals of the lithium market.