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Insights

Learnings from earnings. Navigating Australian equities beyond reporting season.

Market Insight
September 25, 2023

While the long-expected recession hasn’t arrived, macroeconomic conditions continue to remain clouded. Inflation remains sticky, interest rates have continued to rise, and consumer confidence has flatlined, leading to mixed company earnings outlooks - making it more difficult for investors to find resilient sources of growth.

With these on-going macroeconomic crosswinds, we believe it is critical to be well-diversified and avoid any particular investment style bias, such as growth, value or quality.

Chief Investment Officer, Sean Fenton and Portfolio Manager, James Delaney discuss how the current market backdrop is impacting Australian equities, including the sectors well positioned for the remainder of the year.

Topics covered

  • 0:00 – Introduction
  • 1:55 – A detailed recap of the macroeconomic crosswinds affecting Australian equities, including how higher interest rates continue to squeeze growth and the mounting concern of sticky inflation.
  • 8:55 – The pressures and risks in the US and domestic economies and what this could mean for equity markets?
  • 15:02 – The characteristics of the growth vs valuation trade-off relative to the sector exposure of the eight Sage Groups.
  • 17:00 – A comprehensive wrap-up on the winners and losers from the recent reporting season, including the sectors, stocks and themes that stood out.
  • 32:43 – Where we are seeing value in the portfolio, and the key drivers that have impacted portfolio returns including the sectors and stocks offering the strongest performance.
  • 39:53 – Market outlook for Australian equities leading into 2024.
  • 41:31 – Audience Q&A
This information is for wholesale and professional investors only and has been prepared by Sage Capital Pty Ltd ACN 632 839 877 AR No. 001276472 (‘Sage Capital’). Channel Investment Management Limited ACN 163 234 240 AFSL 439007 (‘CIML’) is the responsible entity and issuer of units in the CC Sage Capital Equity Plus Fund ARSN 634 148 913 and the CC Sage Capital Absolute Return Fund ARSN 634 149 287 (collectively ‘the Funds’). Channel Capital Pty Ltd ACN 162 591 568 AR No. 001274413 (‘Channel’) provides investment infrastructure services for Sage Capital and is the holding company of CIML. This information is supplied on the following conditions which are expressly accepted and agreed to by each interested party (‘Recipient’).
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This information contains general financial product advice only and has been prepared without taking into account the objectives, financial situation or needs of any particular person. It is intended solely for wholesale clients (including sophisticated investors) as defined under sections 761G and 761GA of the Corporations Act 2001 (Cth).

The information provided should not be considered personal advice, a recommendation, or an offer to invest in the Funds. Recipients should not rely on this information in making investment decisions. A Recipient should, before making any investment decisions, consider the appropriateness of the information, and seek professional advice.

Neither Sage Capital, Channel, CIML or their representatives and respective employees or officers (collectively, ‘the Beneficiaries’) make any representation or warranty, express or implied, as to accuracy, reliability or completeness of this information or subsequently provided to the Recipient or its advisers by any of the Beneficiaries, including, without limitation, any historical financial information, the estimates and projections and any other financial information derived there from, and nothing contained in this information is, or shall be relied upon, as a promise or representation, whether as to the past or the future. All investments contain risk. Past performance is not a reliable indicator of future performance.

For further information and before investing, please read the Product Disclosure Statement and Target Market Determination which is available from www.channelcapital.com.au
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