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16 Jan 2025Letter
Our Blackwattle Investment Partners Mid Cap Quality Fund has completed the first full calendar year of investing.
The portfolio has evolved somewhat over the short 18 months investing under the Blackwattle banner optimising to achieve the fund goals of owning the highest quality companies on the ASX as well as maximising positions that we see having the largest return opportunities – our best ideas.
Thank you to all that have supported Blackwattle and the Mid Cap Fund on its journey thus far.
Please click the link below to read more from the team as they provide their insights about the portfolio, its history, and outlook.
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Article
3 Jan 2025Our Portfolio Manager and Partner, Ray David and our Blackwattle Investment Partners’ Large Cap Quality team, provide insights into current market movements.
Ray highlights that:
“Index changes and the growth of momentum investing is having a disproportionate impact on company valuations,” says Blackwattle Investment Partners portfolio manager Ray David, who carries around a chart from Macquarie that shows index funds now account for 22 per cent of ASX 200 ownership – up from 13 per cent a decade ago.
David says market prices are increasingly set by passive investment flows, thematic ETFs and larger wholesale pools of money, leading to things like the “irrational exuberance” at CBA. Active managers – kings of the market 10 or 20 years ago – have fallen in the pecking order. Surely, that affects share prices.
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Video
19 Dec 2024Hear from our Large Cap Portfolio Manager, Joe Koh, as he explores financial markets, US Banking, Materials and Healthcare.
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Article
17 Dec 2024As the year wraps up, we discuss seven big themes for ASX Investors in 2024, and the outlook for 2025.
The biggest theme this year was, “Artificial Intelligence (AI): The Rise of the Machines”.
Blackwattle Large Cap Portfolio Manager, Ray David, detail ASX beneficiaries poised to outperform in 2025, which extends beyond data centres and developers, but to data rich ASX companies and even the implications for electricity generation.
Pivotable moments in 2024 include Google DeepMind’s CEO, Demis Hassabis, announcing an ambitious $100 billion investment in AI tools, and OpenAI’s valuation soaring to $157 billion.
There were plenty of examples on show for ASX companies investing in AI, signaling a renaissance in business innovation driven by generative AI. This includes applications in:
Rio Tinto (RIO): Analyze historical exploration data.
Commonwealth Bank (CBA): Resolving 15,000+ transaction disputes.
Suncorp Group (SUN): Deployed AI to manage claims progress.
Sonic Healthcare (SHL): AI for faster disease diagnosis and detection.
IT Services: Review and summarize legal agreements.
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Fund Updates
12 Dec 2024Hear from our CIO Michael Skinner sharing his views on the Australian Market, noting the ASX 200’s 3.8% rise in November. He sees continued consumer spending and asset price growth but warns of risks from stretched valuations and geopolitical tensions.
Michael highlights technology stocks like Xero (ASX: XRO) as promising for 2025, citing revenue growth and disciplined cost management. However, he advises caution with expensive financials, indicating a struggle with current valuations.
Thank you Andrew Geoghegan and ausbiz for your support.
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Fund Updates
5 Dec 2024As we reach the end of 2024, our second calendar year, I want to extend my gratitude for your
continued support and the trust you place in us at Blackwattle.
In 2024 we moved from establishment to towards optimisation. As a team, we delivered outcomes
ahead of our targets, budgets and forecasts. Our investment, operations, distribution and
governance capabilities have matured and strengthened. These advancements are a credit to the
character of our people, their collaboration, and our shared focus on excellence in everything we do.
Blackwattle’s success in 2024 can be traced back to the individual actions our team members and
their collective focus on performance and success.
Our entire business would not be possible without the support of shareholders, clients, and partners.
To the investors in our funds, thank you for entrusting us with your capital. We are privileged to be
your partner, invested together. Finally, to our families, thank you for your unwavering support. This
journey would not be possible without you.
Click the link to read the full Blackwattle Annual Letter 2024.
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.
Article
2 Dec 2024Joanne Tran from the Australian Financial Review discusses Technology investment in Australia with Tim Riordan and our Mid Cap Quality Team who share their own insights noted below:
Blackwattle Investment Partners portfolio manager Tim Riordan owns Xero and Life360 among other technology stocks in his mid-caps fund and has been overweight the sector.
The money manager cited robust financial metrics as one of the reasons for the strong momentum behind ASX-listed technology businesses. Other reasons include the poor performance of Australia’s mining sector which has prompted investors to look elsewhere for returns.
“They continue to present as very attractive and strong business models,” Mr Riordan said. “They’ve got multiple operational levers available to them to achieve their growth outcomes. It’s a really attractive dynamic.”
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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.
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Following the launch of the Blackwattle Equity Income Fund, CEO Jarred Rubin and Portfolio Manager Rudi Minbatiwala provide an…
Hear from our Large Cap Portfolio Manager Joe Koh as he discusses Market Insights for January. Click the video…
Market Insights Australian equity markets began 2026 with continued divergence beneath the surface. The S&P/ASX 200 rose +1.78% in…
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Blackwattle Equity Income Fund is now LIVE
Blackwattle Investment Partners is pleased to announce the launch of its new Equity Income Fund. The team, comprising Rudi Minbatiwala, Jason Moodie, and Marlon Chan, brings a combined 70 years of investment experience and a 17+ year history of working together at First Sentier Investors, where they managed a highly regarded Equity Income strategy since 2008.
To find out more please contact our team by clicking the link below:
