Gregory Lovell

Macquarie Group's FY2024 Performance Insights Macquarie Group Limited reported a FY2024 profit of $A3,522 million, observing a decline from the high earnings of the previous years due to quieter global energy markets and less active financial sectors influencing Commodities and Global Markets, along with Macquarie Asset Management businesses. Despite these challenges, strategic investments in growth sectors such as Banking and Financial Services and Macquarie Capital yielded higher profits than the prior year. The fiscal year ended with a return on shareholders' funds at 10.8%, slightly below Macquarie's target but aligned with its 55-year record of profitability, backed by a diverse operation base and a robust risk management framework. In alignment with its commitment to sustainability, Macquarie issued its second Net Zero and Climate Risk Report in 2023, underscoring its continuous efforts towards supporting clean energy infrastructure development - boasting 110 GW of clean energy capacity within its ongoing projects. The Group's approach acknowledges the nuanced and challenging nature of the global transition to renewable energy, emphasizing the ongoing need for fossil fuels, particularly natural gas, during this transformative period. Moreover, Macquarie's emphasis on technological innovation extends to its workplace investment strategy, culminating in the opening of its new global headquarters in Sydney, coinciding with the extensive infrastructural project integrating a significant transport interchange. This strategic physical and operational investment signifies Macquarie's vision to intertwine capital with community need, fostering an environment that promotes collaboration and innovation. FY2024 also saw Board adjustments, with the retirement of Nicola Wakefield Evans after a decade of distinguished service, reflecting on the governance structure's continuous evolution in alignment with Macquarie's strategic objectives. Visit our website: www.mywealthai.com.au #globalenergy #financialsector #commodities #banking #macquariegroup #globalmarkets #energymarket #assetmanagement #financialservices #asx #smsf

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Independent asset consultant SQM has reiterated their 3.75 star (Favourable) rating for the EQT Eight Bays Global Fund. The EQT Eight Bays Global Fund (the “Fund”) is an actively managed portfolio of listed global industry ETFs and aims to outperform the global equity benchmark (MSCI ACWI Ex Australia) by 2-3% p.a. over the long term. Key points to note: Management risk is rated low - The Manager is adequately staffed with experienced and knowledgeable investment personnel. - The investment team is highly experienced and the Co-lead PM structure reduced key person risk. - The investment team can leverage the resources of the broader EQT Group and EQT Asset Management team. - There are no concerns regarding turnover The investable universe is very large and dynamic given the growth in the size and number of listed industry ETFs. - The use of ETFs enables the Manager to capture major investment themes in a diversified and efficient manner. - The Fund is highly liquid The Fund’s investment philosophy is that earnings growth is the key driver of long-term equity returns and that industry factors will always be the most important driver of shareholder value - The Fund can be defined as a bottom-up, has a GARP style and an investment bias is toward ETFs with companies in Industries with sustainable earnings and strong balance sheets. While the Fund has a relatively short history (nearing 3 years), the team has been managing this strategy since January 2020 (strategy inception). - We note that performance of the Fund over the last year has been strong (3.12% outperformance as at 31/3/24) and performance of the strategy over the longer term (1.68% outperformance since the strategy inception) has also been solid - FUM of the Fund has increased materially since its inception. Strongly aligned with investors - The remuneration structure is strongly linked to the FUM and by extension performance of the Fund. Follow the link to see more about the fund. #leading #trustee #investment #fundmanagers

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Silvercrest Asset Management is pleased to announce that the firm has successfully attracted a seed investment of $1.3 billion (AUS $2.0 billion) from Australia's Construction and Building Unions Superannuation Fund (CBUS) to launch our Global Value Opportunity Equity strategy. Please find attached a press release. Our entire firm is proud to partner with CBUS.

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Insignia Financial has announced to the ASX that it received a bid from US private equity firm, Bain Capital, to acquire the company. https://lnkd.in/gFCBRFa6 #acquisition #baincapital #financialplanning #insigniafinancial #investment #licensee #privateequity #takeover

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The Vantage Fund of Funds approach delivering results for Investors. There are significant advantages of Fund of Funds investing, we provide investors strong diversification – Managers, Vintage Year, Sector, Style, Geography. We are seeing the strength of the model now where because of this diversity in underlying business exposure, we can exit businesses in different market cycles and economic conditions. This means we can generate strong DPI (Distributions to Paid In Capital) for Investors.

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Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm. https://lnkd.in/eDfcGECm

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Allan Gray portfolio manager Simon Mawhinney regarded both Santos Ltd and Woodside Energy as “reasonably cheap” and urged them to consider buying back their shares. “Both companies have meaningfully underperformed their overseas peers, and meaningfully underperformed the biggest underlying driver of their earnings which is oil prices, and both companies have been making very good free cash flow,” he said. “These companies – Santos and Woodside – should just buy back their shares. That is what we would like to see.” #ICYMI Read our research into the growth portfolios of Santos & Woodside that found a capital return strategy offers shareholders more value and less risk. https://lnkd.in/gaap2-UE https://lnkd.in/g62EU8Ny

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Hi The attached note looks at the rapidly approaching US election and implications for investors and Australia. The key points are: The US election has significant potential to impact markets. A Harris victory would mean more of the same, but a Trump victory could lead to uncertainty particularly around trade. Australia would be vulnerable to a rapid intensification of trade wars which is looking likely under a Trump presidency. Historically, shares have performed better under Democrat than Republican presidents with the best outcome being a Democrat president and Republican House and/or Senate. Have a good one Shane

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Interesting findings from Research Affiliates' Rob Arnott on the outperformance of index deletions. This highlights one of the hidden costs of indexing - the arbitrage activity around index changes. Index providers announce changes before they are executed, which results in an opportunity for active market participants to legally front-run the trades. Any arbitrage gain must be counterbalanced by a loss of value to the index. As discussed in the article, the effect is exacerbated by the momentum effect surrounding index additions and deletions. One solution to this is a light-touch active approach to index reconstitution trades, such as we see from Dimensional Fund Advisors. Fortunately, Brandeis University has estimated that the scale of this cost to indexers is immaterial in the long term. https://lnkd.in/eGMUkvcn https://lnkd.in/ecpksiuk #evidenceinvesting Sparrows Capital Limited

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The private markets investment arm of JPMorganChase has made a senior hire in its secondary private-equity business. The asset manager with around $2.9 trillion invested across listed and private assets reached into the ranks of Australian investment bank Macquarie Group to hire Dean Hoang, who has been appointed executive director of secondaries in J.P. Morgan’s $33 billion private-equity group, according to several people familiar with the matter. 

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Boeing 777-300ERs 🛫: The latest chess pieces in Macquarie Airfinance's strategic game? The lessor thinks so, completing its ambitious 75-aircraft portfolio acquisition from ALAFCO with two final novations. Eamonn Bane, CEO of Macquarie AirFinance, reveals to Airfinance Global the rationale behind this two-portfolio approach. In an exclusive interview, Bane discusses Macquarie's evolving strategy in aircraft leasing, including: • The final two Boeing 777-300ERs novated from ALAFCO, both on lease to Kuwait Airways • Macquarie Airfinance’s trading programme has been strong over the past year to rebalance the portfolio • Secured-unsecured ratio, at 25% secured debt/total assets, is in line with investment-grade metrics • Macquarie Airfinance is not interested in converting to the -XLR version at this stage What's driving Macquarie's bold moves in the current market? Dive into our full article to get the inside scoop from CEO Eamonn Bane: https://lnkd.in/exzRQquZ #AviationFinance #AircraftLeasing #MacquarieAirfinance #PortfolioAcquisition

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Infinium secures $1.1bn investment commitment from Brookfield Asset Management e-Fuel producer Infinium announced that it has secured an investment commitment of up to $1.1bn from Brookfield Asset Management to help grow the company’s e-fuel platform and support production of eSAF. Brookfield has committed to invest more than $200m in Infinium and Infinium’s Project Roadrunner that is under development in West Texas and up to an additional $850m for deployment of other Infinium eFuels projects globally. The investment will be made by the first vintage of the Brookfield Global Transition Fund and marks Brookfield’s first direct investment in SAF. Brookfield will also serve as lead in Infinium’s Series C preferred stock offering. #sustainableaviationfuel #SAF #cleanaviationfuel #biofuel #renewablejetfuel #aviationemissions #decarbonization #climatechange #sustainability #greenaviation #aviationindustry #airlineindustry #aerospaceindustry #energytransition #lowcarboneconomy #greeneconomy #innovation #technology #researchanddevelopment #partnership Read full below. https://lnkd.in/et3vxEx9

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The latest $2.9bn bid for Insignia Financial validates its long-held belief that the wealth giant has been undervalued by the market, according to researcher Morningstar. US private equity firm CC Capital offered $4.30 per share, following Bain Capital’s $4 per share bid last month, which was ultimately rejected. CC Capital’s $2.9bn offer to acquire all of Insignia’s shares marked a 7.5% premium over Bain’s $2.7bn bid. Similarly, CC Capital’s bid represented a 21% premium over Insignia’s pre-announcement trading price of $2.19 per share and a 19% premium on Morningstar’s standalone fair value estimate of $3.60 per share. Read more: https://lnkd.in/dFBQcETa #PEInsights #privateequity #investment #acquisition

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