Investment Research

Cross-asset research, written by people who have to act on it.

Daily through quarterly research across macro, Australian and global equities, hybrids, managed funds and ETFs, with more published as the opportunity set changes. The same programme sets the positions in our own portfolios, so every view here is one we have had to act on. $300 + GST per adviser per month, for the whole suite.

AFSL 486279 · ABN 97 611 390 615 · Wholesale and professional investors only

What gets published

The cadence, in full.

Some work has to arrive before the market opens. Some questions take a quarter. The programme runs from daily market work through weekly valuations to quarterly macro, with company, fund and thematic research published when the facts warrant it. All of it agreed with you up front and met.

Daily
Every market day
Morning Report
Overnight developments across the US, Europe and Asia-Pacific, macro context against the live models, and the session variables worth watching. Published before the open.
Intraday Report
Email updates as the market moves, sent unedited and immediately rather than held for a scheduled slot.
Weekly
Independent valuations
ASX Listed Hybrids
Independent valuations from analysts with no trading desk and no issuer relationships.
A-REITs
Valuations and sector commentary.
Listed Investment Companies
Valuations and discounts to net tangible assets.
Monthly
Review and forum
Market Wrap
Domestic and international review of what actually moved and why.
Client Investment Newsletter
Written for the end investor, so you can hand it straight to a client.
Investment Series webinar
Last Tuesday, 12pm AEST. Macro, asset allocation, equities, funds and ETFs, plus an invited guest chosen because they see something we don't.
Quarterly
The deep work
Macro-Economic Review
Model-based views on the global economy, drawn from the proprietary indicator set rather than from someone else's house view.
Strategy and Asset Allocation
Top-down positioning that frames the allocation context for every bottom-up decision.
As needed
When the facts change
Equity, ETF and managed fund notes
Full coverage pieces, updated when the facts change rather than on a calendar.
Focus lists
Australian and global equity focus lists, plus the multi-strategy asset allocation list.
Meeting and trip notes
Company meetings, manager meetings, site visits and international research trips.
Thematic special reports
Focused papers on enduring themes, with what was said, what it means and what to watch.
Research architecture

Three parts of one programme.

Macro, bottom-up research and asset allocation are run by the same three people. A view in one part of a portfolio has to make sense alongside the risk being taken everywhere else, which is harder than producing the three separately and stapling them together.

Models and macro

More than 80 macro indicators across the US, Europe and Asia-Pacific, covering policy, growth, funding, liquidity and pricing. Live models frame the ranges and the risk, then translate into positioning and timing.

Equities and manager research

Institutional-quality company work across Australia and globally, focused on drivers, balance sheets, valuation, catalysts and risks. Alongside it, independent due diligence on managed funds and ETFs covering style, process, risk controls and fit.

Cross-asset allocation

The layer that connects equities, credit, property, funds, ETFs and hybrids. Every idea is tested against the next best way of taking the same risk somewhere else in the portfolio.

The screen

Around 2,700 stocks across 47 markets are screened through a twenty-indicator framework spanning business quality, balance sheet integrity and governance. A name clears the screen before it gets deep-dive coverage, which is why the coverage list is shorter than it could be.

The stack

Bloomberg for pricing and portfolio management, FactSet for fundamentals, Haver Analytics for macroeconomic time series, BCA Research for macro strategy, and Alpine for Australian market data. The same information backbone a much larger institution would maintain.

The network

Company meetings, manager meetings, site visits, industry specialists, international research trips and investment conferences. We talk to a wide range of market participants to understand flows, sentiment and where risk is building. None of them get a vote on what we publish.

coverage
Where we focus

Six areas of coverage.

Coverage follows the opportunity set rather than an index quota. We don't research what we wouldn't be prepared to back with actual investment, and every covered name gets revisited at least twice a year and again whenever the facts change. The agenda is dynamic, so names move in and out as the case for spending time on them does.

Macro

A structured programme across the US, Europe and Asia-Pacific, rebuilt over a decade to track what actually moves outcomes rather than what is easiest to measure.

Daily · Quarterly deep dive

Equities, Australia and global

Between 120 and 150 Australian companies and 30 to 50 global companies under coverage at any one time, across sectors and market caps.

Twice yearly minimum · Focus lists

Hybrids and listed credit

Weekly valuation work across the ASX-listed hybrid market, with pricing context across Australian government bonds and listed credit, and market developments as they happen.

Weekly

ETFs

More than 200 screened each month. Structure, liquidity, tracking, cost, and whether the thing is fit for the purpose you have in mind.

On demand

Managed funds

More than 200 screened, with 60 to 90 under deep coverage at any one time, supported by an annual meeting and due diligence programme.

On demand

Themes and executive notes

Longer research on structural change, plus notes from company, manager and expert meetings. What was said, what it means, and what to watch from here.

As needed
Independence

Conflict-aware by structure, not by disclaimer.

No manager pays us for coverage. No client trade earns us a cent.

The whole conflicts policy, in one line

We run one business. No investment banking, no corporate advisory, no capital raising, no market making, no paid product ratings. There is no corporate finance relationship to disclose at the bottom of a note because there is no corporate finance business.

Our research supports our own equity and multi-asset mandates. It is written from a portfolio manager's seat and judged on outcomes, which is a harder test than being judged on whether it read well. We operate under an Australian Financial Services Licence with documented policies for conflicts, research independence, best execution, privacy and complaints. Production and updates are recorded with a clear audit trail.

The managers hold their own capital in the strategies the research supports. If the work is wrong, we lose money at the same time you do.

Access and licensing

How it arrives, and what it costs.

How it arrives

Email when speed matters, portal for the library

Morning and intraday work arrives by email. The longer reports and the full research library sit in a permissioned client portal. We can hold a standing call around your investment cycle, and we take specific research requests where you need a view on something in particular.

CadenceAgreed with you up front, and met. If we are going to miss something we tell you before it is late.
How it is licensed

Seat-based or firm-wide under your AFSL

$300 + GST per adviser per month for the whole suite. One tier, no premium module sitting behind a second price, and nothing held back for a higher plan. Everything is authored, dated and version-controlled, so the history of a view is retrievable rather than reconstructed from an inbox.

Use it in your processAdvice groups licence the research under their own AFSL and use it inside their investment, product review and advice processes.
Who we work with

Where the research fits.

More than 100 adviser groups and professional investors across five states, alongside institutions, family offices and platforms. The research enters each investment process at a different point.

Primary focus

Advisers and AFSLs

Research for portfolio construction, product due diligence and client conversations. We sit the external manager meetings, write the work up, and hand you a view that can go straight into your own process.

Second view

Institutions

Independent research alongside an internal team, particularly where a second view on allocation, securities, funds or market assumptions is worth having before a decision goes to committee.

Direct to author

Family offices and committees

Work that can go into a meeting pack as it stands, with direct access to the investment manager who wrote it when the committee wants to push back on the view.

Daily · Intraday

Brokers and platforms

Independent market and investment research on a cadence that fits an existing professional workflow. No house view attached to any of it.

Common questions

Before you licence it.

What does the free month include?
The live service, in full. Morning Reports and intraday updates as they go out, the weekly hybrid, A-REIT and LIC valuations, and every research note and focus list update published during the period. Where the timing lines up, the monthly Market Wrap and the Investment Series webinar as well. Nothing is held back for paying clients, because a trial that shows you a reduced version tells you nothing useful.
What happens at the end of the month?
You tell us whether it earned a place in your process. If it did, the licence starts from there. If it didn't, that is a useful answer too, and we would rather have it than a licence nobody reads.
Do you give recommendations, or just analysis?
Both. Every piece reaches a bottom line and, where it is relevant, the portfolio implications: sizing, timing and alternatives. If doing nothing is the right call, we say so and explain why.
Are you independent? Do you receive fees from managers?
No manager or issuer pays us for coverage or ratings, and we have never been a paid ratings agency. We are not a broker, so client trading earns us nothing. We run no investment banking, corporate advisory or capital raising. The independence is structural rather than something we disclose around.
How are fees structured?
$300 + GST per adviser per month for the entire suite. One tier, no premium modules, and nothing held back for a higher plan. Firm-wide licensing is available where seat-based access does not suit.
Who can use the research under our licence?
The service is for wholesale and professional investors. Licensing is by adviser seat or firm-wide under your AFSL, and advice groups use the work inside their own investment and product review processes. Portal access is permissioned by person.
Can you tailor coverage or take specific requests?
Yes. Tell us the names, sectors or questions that matter to your book and we will factor them into the agenda. Specific requests are taken as they come, and the core publishing programme continues alongside them.
How often is a covered company revisited?
At least twice a year, and again whenever the facts change enough to move the case. If a name leaves coverage we say so, rather than letting the last note sit there looking current.
What formats do you publish in?
Written reports and notes, email updates, focus lists, and the monthly Investment Series webinar. Material intended for an end investor is written for that reader, so it can be handed over rather than rewritten.
How do you source the work?
Company filings, market and economic data, direct company and manager meetings, site visits, international research trips and industry specialists. Core data comes from Bloomberg, FactSet, Haver Analytics, BCA Research and Alpine. Where a figure is ours, we say how it was derived.
Do you provide focus lists?
Yes. Australian and global equity focus lists, plus a multi-strategy asset allocation list. The lists are dynamic and individual positions change as the research and the opportunity set do.
Will you brief our investment committee directly?
Yes. You speak with the investment manager who wrote the piece rather than a client service layer, and we are available for committee meetings, adviser sessions, client evenings and investor seminars.
How do you handle confidential or market-sensitive information?
We hold no inside information and take no positions ahead of publication. Client information is confidential and used only for the purposes agreed with you, and portal access is permissioned by person.
How quickly can we start?
Once licensing and access are agreed, getting you onto the distribution and into the portal takes days rather than weeks. Tell us your timeline and we will tell you whether it is realistic.
Getting started

See it as clients see it.

Take a free month on the live service and judge the cadence, the depth and whether it earns a place in your process. Nothing is held back and nothing is a sample. If it isn't the right fit, you'll know from the work rather than from a presentation about the work.