JASON TEH | “You can hold a rock concert, and that’s okay. And you can hold a ballet, and that’s okay. Just don’t hold a rock concert and advertise it as ballet.” Warren Buffet. Yield traps are akin to a retiree couple thinking they’re attending ‘Swan Lake’ only to see Venom perform ‘Welcome to Hell’ […]
SAM DYSON | Investors love companies that can deploy capital at high returns over a long period of time. However, great shareholder returns can also be achieved from companies that shrink their capital base. Take Caltex for example. It operates in an industry perceived to be dying. Vehicles are ever more fuel-efficient, and cheap battery […]
MONTH TO 30 APR 2018 | The Vertium Equity Income Fund returned 1.60% for the month of April, against the S&P/ASX 300 Accumulation Index return of 3.78%. View report
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 […]
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 […]
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 […]
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 […]
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 […]
BLOOMBERG | “Now that they’re more focused on their Australian assets, it’s a company that tends to run itself,” said Daniel Mueller, a fund manager at Vertium Asset Management in Sydney who downplayed the significance of Packer’s departure from the board. “He’s got a lot of people around him, some of whom are on the […]
AUSTRALIAN FINANCIAL REVIEW | Vertium Asset Management portfolio manager Jason Teh said investors would be keen to see the shape of the to-be-floated Viva company, and to discover the motivation for an IPO, whether to raise capital for future funding or to exit the business. “As long as you’ve got consistent growing earnings I think […]
