This article explores the structures our clients use to manage their wealth and the ongoing debate surrounding their use, particularly in light of increased regulatory scrutiny.

The out-of-season reporting cycle has revealed important incremental information that allow us to assess where companies we cover stand in relation to our theses. This report explores the results of TechnologyOne and James Hardie, and what led us to slightly readjust the weightings of the Focus Portfolio.

The RBA's May meeting last week saw the cash rate cut by -25bps to 3.85%, as expected by Wilsons and the consensus (with 31 out of 33 economists forecasting a 25bps cut). This report explores the shifts in outlook from the RBA at its recent meeting, as well as the outlook for further rate cuts in 2025 and implications for asset markets.

There have been out of season results over the past month, which in conjunction with global macro developments have seen aggregate ASX 200 EPS forecasts for FY26 lowered. This report provides a detailed view of Aristocrat and Xero’s 1H25 and FY25 results, with both companies still core holdings of the Focus Portfolio.

Last week’s “surprise” (90 day) reduction in US-China tariff rates suggests tariffs between the two economies are likely to settle at a significantly lower level than the recent consensus had assumed. This report looks at the outlook for the US economy in the wake of the abrupt easing of trade tensions with China.

The outperformance of Australia’s Big 4 Banks over the last year has been extraordinary considering valuations have been demanding for this entire period while sector earnings growth has remained uninspiring. This report reiterates our cautious sector view and recaps the latest interim results of the banks.

Following the Labor Party’s resounding victory in the recent Federal election, clients are rightly concerned about what may happen to the taxation of their superannuation benefits.

US equity market performance and valuations look somewhat disconnected from the tariff damage that appears to be bearing down on the US economy. In this report, we examine the near and medium-term outlooks for major economies around the globe in the aftermath of Trump’s Liberation Day.