Investment Strategy
3 Dec 2024At 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, Joe Koh, discussing an investment decision he made early in his career and key takeaways from his experience.
Fund Updates
29 Nov 2024Conversations on the Couch: This latest interview with Michael Skinner, Managing Director and Chief Investment Officer at Blackwattle Investment Partners marked 12 months of our partnership, and highlighted the unique approach Empire Financial Group takes to sourcing investment opportunities for our client portfolios.
This discussion talks about Blackwattle’s investment philosophy and the opportunities and challenges an emerging fund manager faces, and how our first 12 months of working together delivered a very pleasing result for our clients.
Click below to view
Article
27 Nov 2024Thanks to the Australian Financial Review for a well-written article exploring Founder Lead Companies.
A snippet of the article is provided below:
“We keep referring back to Sydney fund manager Blackwattle Investment Partners’ founder index – an equal-weighted portfolio of 50 founder-led companies on the ASX – to show just how good these companies have been for Australian investors.
Blackwattle’s founder [index] outperformed the ASX300 by 18 per cent a year in the decade to October 2024 – that’s huge performance. The founder-led stocks included Goodman Group, Fortescue, WiseTech, Block/Square and ResMed.
Why the outperformance? Long-term thinking, higher investment in innovation, risk tolerance and strategic decision-making and alignment, Blackwattle said. That all sounds reasonable to us.”
Thanks to Ray David, Joseph Koh and David Meehan for the insights and analysis.
Article
25 Nov 2024Our Portfolio Manager and Partner Ray David providing his insights to the Australian Financial Review discussing Ramsay Health Care.
Blackwattle Investment Partners portfolio manager Ray David said Ramsay’s problem was “a misallocation of capital that just hasn’t worked much like other failed Australian companies that went offshore”.
“We think the company needs a radical restructure,” Mr David said. “The share price tells you it needs to be done sooner rather than later, there is so much latent value there.
“While there have been management and board changes and the reality is execution needs to gather more pace, as industry conditions remain challenging, and the balance sheet is weak”.
Mr David’s steps to fix Ramsay include restructuring Sante via a demerger or partial sale, improving returns in its Australian hospitals business by stopping capital programs and negotiating harder with health insurers, merging its UK business with another provider to improve scale and synergies, and an on-market buyback to return cash to shareholders.”
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Article
Mid Cap Quality Fund Portfolio Manager, Tim Riordan shares his M&A observations of high quality companies and the material demand for high quality assets across sectors.
Key highlights across the portfolio:
Video
20 Nov 2024Hear from our Global Quality Fund Portfolio Manager, Sunny Bangia and Large Cap Quality Fund Portfolio Manager, Ray David, discuss a detailed look into current market dynamics following the recent U.S election.
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Video
Blackwattle Global Quality Fund Senior Investment Analyst, Nic Tan shares on ausbiz insights on Martin Marietta Materials, highlighting its role in the construction aggregates industry. Martin Marietta, a building materials company, mines and supplies aggregates used in cement and road construction. Despite the perception of aggregates as low-priced commodities, Nicholas points out their strong pricing power over the past three decades due to price-insensitive customers.
Video
14 Nov 2024Hear from our CIO Michael Skinner providing a market update on the Australian Market Adjustments, Global Volatility and Key Drivers.
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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:
At Blackwattle Investment Partners, we believe in sharing the stories behind our mistakes because these lessons drive both personal…
Conversations on the Couch: This latest interview with Michael Skinner, Managing Director and Chief Investment Officer at Blackwattle Investment…
Thanks to the Australian Financial Review for a well-written article exploring Founder Lead Companies. A snippet of the article…
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