Article
29 Oct 2024Our Global Portfolio Manager, Sunny Bangia, discusses in his Livewire article two banking franchises that are of very high quality and have consistently delivered results for decades. ICICI Bank and Capital One Financial—both key holdings of the Blackwattle Global Quality Fund. Both are also known for being “boring,” which, in this case, is a good thing.
Article
How risky are founder led companies?
It has been an eventful week for certain ASX founder-led companies, as recent revelations exposed significant governance failures, sparking critical questions about board oversight and leadership.
In this note on Livewire Markets, Large Cap Portfolio Manager, Ray David, discusses some of the Governance failures at certain companies, and what makes a successful Founder led company.
Please click here to read more:
Fund Updates
At Blackwattle Investment Partners, we believe in sharing the stories behind our mistakes because these lessons drive both personal and professional growth.
Rather than shy away from mistakes, we embrace them as learning opportunities.
Here’s a story from our Portfolio Manager, Ray David, highlighting the common disconnect between a management team’s narrative and their actual financial results.
Ray delves into the tools we use to cut through narratives and assess the true financial strength of a company.
Key takeaways from this experience:
1. Be Wary of Narratives
2. Focus on Financials
3. Stay True to Process: Doubt can lead to investing mistakes.
Video
23 Oct 2024Our Small Cap Portfolio Manager, Robert Hawkesford, shares his views with ausbiz on Australian Financial Group (ASX:AFG) due to its dual role as a mortgage aggregator and lender.
Rob highlights the following key points:
-AFG’s role and strong fundamentals.
-Economic conditions suggesting potential RBA rate cuts which would aid housing activity.
-Non-bank lenders overcoming recent challenges, boosting AFG’s position.
Thank you to ausbiz for your support.
Video
17 Oct 2024Hear from our Global Portfolio Manager Sunny Bangia, providing a market update discussing the following the United States Economy, The Federal Reserve, and the Chinese Economy.
Click the video below to view more:
Article
15 Oct 2024Blackwattle Investment Partners will be launching a mentorship program to empower more women into the funds management industry.
‘According to Deloitte, women accounted for just 18 per cent of C-suite positions globally in financial services organisations in 2023. However, without a more concerted effort, global growth in the share of women financial leaders may not even reach 25 per cent by 2031, Deloitte projected.’
Blackwattle are pleased to announce the launch of its Women in Finance Mentorship Program after engaging with superannuation funds and organisations at the forefront of female empowerment.
Our mentorship program marks the first phase of our broader commitment to advancing women in the finance industry. Future phases will likely include the launch internship, scholarship, and cadetship initiatives to further support and develop female talent at every stage of their careers.
Please click the link below to view the article:
Letter
9 Oct 2024Following Rio Tinto offer for the acquisition of Arcadium Lithium, Blackwattle Mid Cap Quality Portfolio Managers Michael Teran and Tim Riordan provide a response below:
Video
Blackwattle Investment Partners Portfolio Manager Tim Riordan expresses concern about Rio Tinto’s (ASX: RIO) approach to Arcadium Lithium (ASX: LTM), viewing it as opportunistic and undervaluing the company.
Tim highlights Arcadium’s (ASX: LTM) unique assets in Argentina and Canada are difficult to replicate and provide strategic value beyond immediate earnings. He suggests a potential value greater than the $4-6 billion range reported, noting that Arcadium has opportunities for significant growth.
Letter
8 Oct 2024Our Mid Cap team has written to the management and board of Arcadium Lithium, imploring them to walk away from any opportunistic offers. Mining giant Rio Tinto has since confirmed to the ASX it has made a non-binding approach to Arcadium Lithium.
Our Blackwattle CEO Jarred Rubin speaks with Australian Broadcasting Corporation (ABC) The Business, about why we believe Arcadium Lithium is deeply undervalued, and what an appropriate sale price could look like.
Letter
5 Oct 2024Blackwattle Mid Cap Portfolio Managers Tim Riordan and Michael Teran recently engaged with Arcadium Lithium (LTM) regarding their views on LTM’s valuation opportunity and feedback on reports of potential talks with Rio Tinto for the acquisition of LTM.
In a letter to Arcadium’s board, Tim and Michael urged the company to reject any bid that doesn’t sit around the $US8 billion mark, noting a sharp decline in the share price on the back of the lithium price crash.
“Arcadium Lithium’s share price has fallen 63 per cent this year on weak lithium markets and reached an all-time low last month,” Any offer would have to be at a “significant premium” to realise the company’s growth potential.
“Global lithium markets appear to have bottomed out, with lithium chemical indices stabilising, and in our opinion, the timing of this potential sale could not be at a more value destructive period for shareholders.”
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