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The bubble in quality

The bubble in quality

JASON TEH | It is hard to spot a market bubble in the making. As they inflate, market participants often rationalise their investment decisions as to why they are paying higher prices. It’s only after they burst that that bubbles become clear. The most recent bubble bursting has been Bitcoin. Now we would contend that […]

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27, April 2018
Australian equities | Australian shares
Latest report | Vertium Equity Income Fund

Latest report | Vertium Equity Income Fund

QUARTER TO 31 MAR 2018 | The Vertium Equity Income Fund returned -2.23% for the month of March, outperforming the S&P/ASX 300 Accumulation Index by 1.50%. During the quarter, the Fund distributed one cent per unit to investors and is on track to deliver a yield greater than the market by the end of the financial […]

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20, April 2018
Fund update
The real danger lurking in the shadows

The real danger lurking in the shadows

JASON TEH | While many investors fret about bonds or bond-like proxies from rising interest rates, the real danger lurking in the shadows is the prospect of rising risk premiums. Interest rates globally have already normalised and maybe there is a little more to go. And today bond-like stocks already have wide risk premiums. But […]

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16, April 2018
Australian equities | Australian shares
Defensives: perception v reality

Defensives: perception v reality

JASON TEH | Are Australian bond-like proxies going to suffer a bondcano moment? Certainly, stocks that have defensive characteristics have been sold down in recent months. And bond bears would have it that they are collateral damage from rising US yields. However, we believe this is a false narrative. Hence, we need to go back […]

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11, April 2018
Australian equities | Australian shares
Myer shares soar on DJs takeover talk

Myer shares soar on DJs takeover talk

SYDNEY MORNING HERALD | Daniel Mueller, portfolio manager at Vertium Asset Management, was sceptical about the merits of any merger, noting the retailers were trying to get out of leases not increase their footprints. “Some of the leases Myer is in are very long. You can’t go: ‘I’ll take over and hand the keys back […]

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09, April 2018
Australian equities | Australian shares
Run for the hills... interest rates are exploding

Run for the hills... interest rates are exploding

JASON TEH | …Or that is what some equity pundits masquerading as bond experts want you to believe. They predict that a ‘bondcano’ of rising interest rates will lead to collapsing prices for bonds and bond-like proxies. Over the last few months, this hype about rising global interest rates reached fever pitch due to: US […]

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06, April 2018
Australian equities | Australian shares