Insights

This is the 22nd edition of our Trip Insights series, following a research trip undertaken by Seb Clemens, Investment Analyst, across Canada and parts of the United States in December 2025. The trip provided valuable insights into the evolving political and economic landscapes across North America, including their impact on the infrastructure sector.

We are pleased to share our H1 FY26 investor letter for the Canopy Global Small & Mid Cap Fund.

As specialists, we are often quizzed about many aspects of real estate. And with a global perspective, one topic that seems to come up often is our thoughts on the A-REIT sector and how it compares to the global opportunity set.

Michael Poulsen recently featured with Nicholas Markiewicz from Ellerston Capital on Livewire Markets Buy Hold Sell, talking global SMIDs, the recent US earnings season and select stocks included in the Canopy Global Small & Mid Cap Fund. Watch the videos below.

Important information regarding fund holdings in Corporate Travel Management Limited

Utilities and infrastructure valuations, typically sensitive to long-term yields, have been challenged by an exceptional rise in US bond yields despite significant Fed rate cuts, prompting an examination of the drivers, sustainability, and implications of this move for global listed infrastructure sectors.

From 24 November 2025 two highly-rated award-winning Quay Global Investors (‘Quay’) funds will be available as actively managed exchange traded funds (‘Active ETFs’) for investment via the ASX.

Global equity markets continue to rise on the back of a surging US equity market. The source of the gains remains largely in the large cap technology sector, and specifically to companies that are portrayed at the forefront to the AI boom. The feeling of euphoria is leading some very well-seasoned investors to draw parallels to the late 1990s tech boom (and eventual bust).1

‘Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.’ Warren Buffett