Insights

Quality companies typically trade at premium valuations, but when cyclical headwinds are conflated with secular falls, even the best businesses can be dismissed by the market. When heroes stumble excessive negativity can present opportunities to buy quality at a discount. 

As markets navigate the post-COVID landscape, many assumptions once considered unshakable are being challenged. E-commerce, once seen as unstoppable, may be hitting its limit. Physical retail is making a quiet comeback, while industrial real estate faces headwinds.

The North American freight rail sector is a critical pillar of the US economy and one of the largest and oldest sectors in the global listed infrastructure universe.

"The investor's chief problem — and even his worst enemy — is likely to be himself." Benjamin Graham, 1949

Bennelong Funds Management has launched the Allspring Global Income Fund, targeting Australian retail, wholesale and institutional investors.

In 4D’s 2025 January Outlook we discussed what the year ahead could bring. Reflecting upon the risks and opportunities we highlighted, and the events of the last six months.

We’re pleased to share our annual letter for the fiscal year ending 30 June 2025, representing the Fund’s first full year of operation.

Deep-dive company research is central to Quay’s investment process. This month we unpack six key themes – both emerging and ongoing – that stood out from over 30 in-person meetings with prospective and existing investees across Europe, the UK and the US.

This is the 19th edition of our Trip Insights series, where we share our travel experiences and on-the-ground perspectives from our company meetings and regional visits. It follows a recent research trip by Sarah Shaw, Global Portfolio Manager, and Tasneef Rahman, Senior Investment Analyst, through Spain, Italy, Switzerland, Germany, France, England and Scotland.