Sohn stock picker experts name best shares to invest in for year ahead

‍Don’t overlook down and out silver miners, legacy skincare brands ready for a revival and a big financial company suffering from a severe case of shareholder wealth destruction.

Amber Plum

Sohn stock picker experts name best shares to invest in for year ahead

November 15, 2024
‍Don’t overlook down and out silver miners, legacy skincare brands ready for a revival and a big financial company suffering from a severe case of shareholder wealth destruction.
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‍Don’t overlook down and out silver miners, legacy skincare brands ready for a revival and a big financial company suffering from a severe case of shareholder wealth destruction. That was the message from top fund managers, company founders and super funds at the Sohn Hearts & Minds investment conference in Adelaide on Friday. Here are the picks from the experts so far.

Beeneet Kothari says his stock pick is going to take off.
Beeneet Kothari says his stock pick is going to take off.

Beeneet Kothari, Tekne Capital

Pick: Didi Global (DIDIY: OTC US)

New York fund manager Beeneet Kothari, founder and chief executive of Tekne Capital Management, pitched a stock with “red flags written all over it” - a China tech stock, with a pink sheet listing, and a regulatory takedown story inside of it: Chinese ridesharing heavyweight Didi Global.

The hedge fund focused on long/short and alternative long-only equities positions.

Kothari, who last appeared at the conference in 2021, flew in to spend just hours at the Adelaide conference on Friday.

‍After a disastrous delisting from the Hong Kong stock exchange, Didi is ready for a comeback, Kothari says. “We believe this stock will deliver outsize uncorrelated returns.”

‍Didi, more than 15 per cent larger than its nearest listed peer, is an integral part of China’s mobility infrastructure, he argues.

‍“Its source of mispricing stems from being in the wrong place at the wrong time, across three vectors: in asset class, listing venue, and regulator pressure -- which is retrospective.”

‍On the regulatory side in China, it’s now on the other side of its woes, with a clean bill of health granted, setting the scene for a Hong Kong relisting. Kothari believes will take place in 2025. “The IPO window is now open as mega listings are just beginning to make a comeback in Hong Kong.”

‍Didi’s founders have also recently collapsed their holding - this sets the scene for market returns.

‍“After its ill-fated IPO of three years ago it’s been hitting milestones in every major financial metric this year ... except stock price. That’s the opportunity.”

‍“It’s never been stronger ... We see a rapid and predictable profitability curve as Didi extracts value from a very benign operating landscape.”

‍In a “blue sky” scenario, overhauling its fleet with robot cars would triple the company’s profits by reducing its largest cost, which is labour, Kothari believes.

‍But even based solely on fundamentals, “we believe this stock can give well over

Jeremy Bond, Terra Capital

Pick: Couer Mining (NYSE: CDE)
Jeremy Bond’s 2024 stock pick, silver producer Couer Mining, is listed on the New York stock exchange Picture: Adam Yip
Jeremy Bond’s 2024 stock pick, silver producer Couer Mining, is listed on the New York stock exchange Picture: Adam Yip

Jeremy Bond is chief investment officer at Terra Capital, the Sydney based specialist investor focused on the natural resources space.

‍Bond founded Terra Capital in 2010 at age 28, riding the copper, lithium and clean energy thematics on behalf of its wholesale and sophisticated investors.

‍His pick at last year’s Sohn conference, NexGen Energy, has gained 15.3 per cent over the past 12 months.

‍Bond’s 2024 stock pick, silver producer Couer Mining, is listed on the New York stock exchange. The company has five operating mines, mostly in North America and Mexico.

‍Couer has been hit with problems in the development of its Rochester mine, with debt blowing out as the operation’s development time and cost expanded.

‍In 2023 it stood with a heavy debt load, at 4 times EBITDA.

‍“But Rochester has come on to turn the tables, and it now operates at debt of 1.5 times, by next year it will be debt free,” Bond says.

‍“These are the sort of companies you want to own in mining: that are generating cash.”

‍Couer, Bond says, has the highest beta to silver of any miner in its sector, and also has “a nice beta” to gold.

‍A merger with Canadian miner SilverCrest, currently underway, will also boost its market capitalisation - “important in the world of passive flows,” Bond adds.

‍The merger will make it the largest producer of silver in the world. “It will generate more free cash flow than any other silver miner.”

‍Its current sharemarket underperformance - historically low for the company - should soon end, says Bond.

‍“Its two biggest competitors trade at much higher multiples right now. It should trade if not in line, then better than its peers.”

‍More broadly, he adds, silver has industrial uses that many do not understand or appreciate. As the demand for solar has increased so too has the demand for silver.

‍China and Elon Musk have recently come out bullish on silver, a metal whose global supply continues to fall.

‍“We think [Coeur] has much further to go, and it’s the one to own in a bull market.”

Chris Kourtis, Ellerston Capital

Pick: Perpetual (ASX: PPT)
Chris Kourtis picks Perpetual. Picture: Renee Nowytarger / Supplied
Chris Kourtis picks Perpetual. Picture: Renee Nowytarger / Supplied

Chris Kourtis is an avowed contrarian investor, with over 40 years experience. He’s no stranger to picking an unloved stock and winning. Ellerston Capital, headquartered in Sydney, has over $5bn invested in traditional and alternative assets.

‍Kourtis’s stock pick of 2023, ResMed, has gained more than 60 per cent in the last 12 months. That’s an outperformance of the Nasdaq by more than two times.

‍“It’s very controversial,” Kourtis had teased of his proposed stock tip ahead of the conference, which raises money for medical research.‍

“It (the stock he will tip) has bombed out,” he said. “It’s probably the most hated stock in Australia.”

‍His pick in Adelaide didn’t disappoint the room.

‍“The patient I’m diagnosing today, is suffering from a severe case of shareholder wealth destruction - it’s Perpetual,” he said.

‍“Perpetual is at a 20-year low. It wasn’t that long ago the stock was at $80. The problem has been very poor leadership at the very top, poor capital allocation and woeful execution.

‍Deals in recent years - including Pendal the last acquisition $2bn - diluted their debt profile, and the market cap of the whole company is only about $2,3bn, Kourtis said.

‍“We voted the remuneration report down - we’re not going to reward for poor execution.

‍“So where are we now? KKR have agreed to buy them - there’ll be some debt repaid, separation costs, net adjustments - but at the end of the day, shareholders are going to receive about a billion dollars.

‍“What does that leave us with? A high-quality operating platform, $2.2bn AUM, we all know the brands. Importantly 70 per cent of their FUM, is about to over perform the benchmark.”

‍The problem with Perpetual has been empire building, and their cost base, Kourtis said. They have 78 people in legal, compliance and risk. Forty people in HR, you walk into their Pitt Street office its like the Taj Mahal, fit for a Saudi prince. That’s going to get sorted out.”

‍“It will be the cheapest listed asset manager of scale in the universe.”

‍Peers are valued around 8-9 x EBITDA, Kourtis said.

‍“The implied enterprise value of Residual Co is going to be under 4x EBITDA. That is cheap!”

Rikki Bannan, IFM Investors

Pick: Corporate Travel Management (ASX: CTD)
Rikki Bannan picked CTD, whose shares have fallen from highs above $20 in January to less than $14 now. Picture: Adam Yip
Rikki Bannan picked CTD, whose shares have fallen from highs above $20 in January to less than $14 now. Picture: Adam Yip

A small-cap specialist, Bannan said she believes the space is widely misunderstood - and, after a few tough years, this year could be a great time to dive in.

‍“Mispriced opportunities tend to be more prevalent in the small cap sector. It could be a good time to be investing in the space,” she said ahead of the conference.

‍“It’s been a tough couple of years for small caps, but this might be the year for them,”

‍Bannan’s stock tip at the last Sohn Australia conference last November – ASX-listed bio tech company Telix Pharmaceuticals – has shot up more than 140 per cent in the past 12 months. She tipped another small cap at this year’s Sohn conference in Adelaide.

‍Founded by 1994 as a two person band, Corporate Travel Management IPO’d in 2010, and was worth $28bn in market value by 2015 - a 50-fold increase in value based on natural growth and acquisitions. Hit by Covid, like its peers, its strong balance sheet meant it needed no cash injection to see it through.

‍Global corporate travel is a highly fragmented industry - and with 1 per cent of global market share, it makes Corporate Travel Management a top 10 global operator.

‍However, its share price has fallen from highs above $20 in January to less than $14 now.

‍“Why is it this fall represents such a compelling value opportunity?”

‍“Having been a consistent outperformer over most of its life, CTD has missed expectations on three separate occasions over the past 18 months, which has seen expectations rebased by some 40 per cent, an outcome we think is overly negative.”

‍“Our analysis suggests CTD can grow its revenue at 3-year earnings of 15 per cent.”

‍“This is even before we consider the company’s ability to deploy its balance sheet through acquisition.”

‍The stock is also poised to benefit from disinflation in airline ticket travel prices, Bannan says.

‍“Pack your bags, buy your discount fare, and board the train because this stock is going to take off.”

Sumit Gautam, Scalar Gauge Fund

Pick: BlackLine (Nasdaq: BL)
Scalar Gauge Fund founder and portfolio manager Sumit Gautam. Picture: Kathy Tran
Scalar Gauge Fund founder and portfolio manager Sumit Gautam. Picture: Kathy Tran

Described by some as an activist investor, Gautam prefers to focus on the “value creation” that comes with a more hands-on approach, including working closely with management to drive performance and at times pushing for board representation, as it recently has with billing software company Zuora.

‍In seven years running the fund, 37 of its investment companies have been acquired, with many going public.

‍His stock pick, BlackLine, operates in the accounting software market. Its against a background where the number of chartered public accountant candidates has been steadily declining in the past 10 years. Meanwhile, the complexity of accounting requirements has increased.

‍“The back office software needs better and modern tools,” he says.

‍“Companies like SalesForce, are well known ... but when you look at back office, those segments are less than 10 per cent cloud printed. So that means companies targeting those segments have a long way to run.

‍“If the penetration was only 10 per cent in the last decade, why would this grow going forward? That’s what I’m here to answer today.

‍“Many US companies have an end of life for their platforms of around 2027 - many companies are going to upgrade in the next two years.

‍Nasdaq listed BlackLine attends back office functions like monthly reconciliation.

‍High 90s growth retention rates, sticky customer base , they are the market leader. “BlackLine is the undisputed market leader in this sector.”

‍“This is a rule of 50 company, we think there’s 80 per cent upside in this company going forward.”

‍In 2017 Gautam launched Dallas-based Scalar Gauge Fund, a specialist platform that adopts a “private equity style of investing” to its holdings of predominantly in US-listed enterprise technology and software companies.

‍The fund has grown to around $US200m in assets under management, including a mix of passive investments and other companies where Gautam sees an opportunity to add value.

Samir Mehta, JO Hambro’s

Pick: TenCent Music (NYSE: TME)
Samir Mehta from JO Hambro’s pick is the Chinese company called TenCent Music. Picture: Ben Searcy
Samir Mehta from JO Hambro’s pick is the Chinese company called TenCent Music. Picture: Ben Searcy

Residing in Singapore, Samir is a senior portfolio manager at London headquartered JO Hambro Asset Management, responsible for its Asia ex-Japan fund. He has more than 30 years’ industry experience and joined the fund manager in 2011.

‍“I want to focus people’s attention on thinking around this country, that many say is uninvestable,” he said (of China).

‍With one eye on Beijing’s ­efforts to revive the Chinese economy, Mr Mehta is sticking to his well-worn strategy: he’s hunting for companies across Asia that aren’t battling intense competition and have management teams focused on costs, cash generation and high payouts to shareholders – and he’s using AI to do the early legwork.

‍His pick is the Chinese company called Tencent Music.

‍“The music industry as we know has undergone a significant change. And who is the Bob Dylan of streaming, without a doubt it’s Spotify... and even though the have competitors like Amazon Prime, they are without a doubt the best player in streaming,” he says.

‍But there’s lots of other markets that still have a lot of penetration to go - in terms of percentage access, he adds.

‍“When we look at the average revenue per user [around the world], here too there is a lot of potential upside.... the trend is in the right direction.

‍Tencent Music’s New York listing is an advantage, he adds. “When we look at markets that have high potential ... there’s only one country at the moment that from a stock market perspective enjoys the moniker of the [biggest] of stock markets.

‍Among other supportive thematics, the population is big in China, and music everywhere in the world has the same trends.

‍Tencent Music is owned 52.5 per cent by Tencent, has an $US18bn market cap, a $US1bn buyback completed last year and $US500m buyback still in process.

‍“Generating cash and buying back stock is not something you associate with Chinese companies - Tencent is one of those doing exactly what you and as minority shareholders what you want them to do.”

‍In addition, the Chinese Communist Party has forced Tencent Music to take regulatory responsibility for all the music on their platform, which has sharpened the business, Mehta says.

‍“We are now progressing towards a healthy development of the Chinese music industry. It is well within the regulatory requirements that the government requires.”

‍Close to 70 per cent of Tencent Music’s revenue comes from online music - subscriptions and ads - and it’s growing at 20 per cent per annum year-on-year, says Mehta.

‍“I’m just hoping that this conference does for Tencent Music what SugarMan documentary did for Rodriguez.”

Fleur Wright, Northcape Capital

Pick: Estee Lauder (NYSE: EL)
Northcape Capital portfolio manager Fleur Wright says stimulus recently announced for China could also benefit Estee’s sales. Picture: John Feder/The Australian.
Northcape Capital portfolio manager Fleur Wright says stimulus recently announced for China could also benefit Estee’s sales. Picture: John Feder/The Australian.

Sydney-based Fleur Wright is a portfolio manager (global equities) at Northcape Capital, an international boutique fund manager fully owned by its staff.

‍Established in 2024, and now with more than $10bn in funds under management, Northcape focuses on concentrated equities positions.

‍Recently, Wright has ridden the volatility of Nvidia’s share price, trading around its shifting valuation.

‍At her debut Sohn Hearts & Minds Investment conference on Friday, Wright chose Estee Lauder as her stock pick. “Women use a staggering 16 beauty products and that’s just for the morning routine,” she said. “What’s more it makes economic sense as evidenced by a beauty premium - that is, more attractive people earn more.”

‍With a $US25bn market cap, Estee Lauder has over 20 well known premium beauty brands.

‍As a high quality business, it meets all of Northcape’s quality principles, meaning it can sustainably deliver returns above its cost of capital, reinvest and grow, Wright says.

‍“Since 2022, it has outperformed the US market by a factory of five.”

‍Estee has traded historically at a premium of 1.7 times the broader market. But Northcape, which has held shares since in it since 2017, still benefited well from its expansion into China, Covid-based rise of e-commerce, among other factors which have boosted premiums over the holding period.

‍Post pandemic, however, Northcape sold out as Estee suffered. Its historically low valuation makes it a smart buy today, Wright says.

‍“China didn’t reopen, the party slowed, US and other revenge spend (post pandemic) abated. Estee found itself with too much stock in the wrong place at the wrong time.

‍but I’m here to tell you the worst is over. Estee remains a quality business and I’m buying it again – this time at what is a bargain price.”

‍In the near future, Wright says, Estee Launder will benefit from its huge scale economies in marketing, R&D and manufacturing, as macro trends support the sector.

‍Among those trends, spending per capita has room to grow, given aging western country demographics. “We tend to spend more on beauty products when we age”. Additionally, new growth categories are opening up like home fragrances through technological innovation. The Instagram generation is starting to use make-up at younger ages, and men are also increasingly significant purchasers of cosmetics.

‍China stimulus recently announced could also benefit Estee’s sales, Wright says.

‍“Its brand reputation is really hard to beat and leaves it well placed in the industry. It has had mid single digit plus organic sales growth for over 30 years.

‍“After the recent years of declines, Estee can grow again.”

Vihari Ross, Portfolio Manager at Antipodes

Pick: Airbus (EPA: AIR)
Vihari Ross from Antipodes. Picture: Ben Searcy
Vihari Ross from Antipodes. Picture: Ben Searcy

Portfolio manager Vihari Ross joined Antipodes Partners in 2023, after 15 years with Magellan. Antipodes is a high-conviction investor, value manager with more than $8bn in assets under management.

‍Ross’s first appearance at Australia’s Sohn Hearts & Minds conference highlighted the potential of the travel sector with stock pick Airbus, listed in Paris.

‍Airbus has a $US110bn market cap, and is 25 per cent owned by the French, German and Spanish governments.

‍“The part that really matters is the commercial space, where they develop airplanes, they are part of a duopoly in this space.” The reason that this business is compelling today is because of this set-up, Ross says.

‍Across its sector, supply chain constraints have not yet completely resolved, she adds. Meanwhile, macro trends are favouring demand growth for narrow bodied planes over their larger cousins - a space where Airbus is a leader against its only competitor, Boeing.

Jordan Katz, Advent Global Opportunities

Pick: TransDigm (NYSE: TDG)

‍Boston based Jordan Katz is a partner and senior investor at New York based hedge fund Advent Global Opportunities - one of the world’s pre-eminent private equity firms.

‍Advent, with around $US100bn AUM, is a concentrated, high-conviction manager focusing on private and pre-IPO companies.

‍Appearing at Adelaide in person, Katz spruiked a stock in the aviation industry.

‍TransDigm manufactures a wide variety of aerospace products, from valves to seatbelts, with 85 of its EBITDA coming from the aerospace aftermarket.

‍“There’s no alternative for 75 per cent of the products TransDigm makes,” Katz says, adding that large aircraft will have a couple of millions of parts in its construction.

‍Most of the products TransDigm makes are proprietary, sole sourced and need to be replaced frequently in the aftermarket. “This becomes like a subscription service on steroids: When a company buys a plane from Boeing they’re entering into a forty-year subscription service with the aftermarket servicer.”

‍Sometimes, they pay 100x the original part price for replacements.

‍“And [global] travel increases 5-6 per cent every year.” Airbus and Boeing have been unable to keep up with this trend as of late. Fleets are aging, and Katz expects they will continue to do so over the next decade.

Ricky Sandler, Eminence Capital

Pick:Cellnex Telecom (BME: CLNX)
Ricky Sandler of Eminence Capital’s 2024 stock pick is mobile phone tower builder Cellnex Telecom. Picture: Renee Nowytarger / Supplied
Ricky Sandler of Eminence Capital’s 2024 stock pick is mobile phone tower builder Cellnex Telecom. Picture: Renee Nowytarger / Supplied

Headquartered in New York, Eminence Capital is a global asset management firm focused on long/short and long equities investing, with around $US7.6bn under management.

‍Founded by Ricky Sandler in 1999, it’s staffed by around 20 investment managers with diversified portfolios across most sectors of the market.

‍At last year’s Sohn Hearts & Minds Investment conference, Sandler picked Tokyo-listed Canon (TYO: 7751) as a short position.

‍The stock has since risen 35.8 per cent, but Sandler’s enthusiasm wasn’t dimmed on Friday as he dialled in by video link at midnight, New York time.

‍“Things are a little wild after the US election at the moment, and they wouldn’t let me out of the office,” he says.‍

His 2024 stock pick is mobile phone tower builder Cellnex Telecom, which operates in Europe.

‍It’s a prime player in a critical infrastructure sector, supporting a growth industry, he says. “Towers are [like] a growth, perpetual bond.”

‍Cellnex traded at 34x EBITDA before the pandemic but has bottomed out at around 17x EBITDA in 2022, with a 30 euro stock price at that time. Its price and valuation have traded largely flat since, despite significant improvements in its financial reporting and corporate governance that he reckons make it ripe for a comeback.

‍That includes divestment of some lower performing assets in smaller European countries. It also has opportunities to grow by signing co-tenants on its towers, he says.

‍With US phone tower operators trading around 20x multiples, Katz thinks Cellnex can outperform its US counterparts in a couple of years.

‍In 2025, he expects Cellnex will return capital to shareholders, primarily through buybacks.

‍“Interest rates remain a risk but we think that’s manageable, especially in Europe,” he says. “In some ways it is a bet on a sluggish economy in Europe, which will keep interest rates largely flat in the next few years.”

Alex Pollak’s pick was US-listed drugmaker Eli Lilly. Picture: Britta Campion / The Australian
Alex Pollak’s pick was US-listed drugmaker Eli Lilly. Picture: Britta Campion / The Australian

Alex Pollak, Loftus Peak

Pick: Eli Lilly (NYSE: LLY)

Star stock picker Alex Pollak is the Sydney based founder and chief investment officer of fund manager Loftus Peak, with around $US150m in assets under management.

‍His philosophy is focused on investing in disruptive technology, with the potential to revolutionise existing business models. A lot of the time it is technology focused.

‍Pollack rode the Nvidia wave from 2016, before selling out earlier this year, believing value could be better found elsewhere in the AI sector. The Loftus portfolio has also included well known names like Google, Apple and Alibaba.

‍Delighting attendees at Friday’s conference, he played a 2016 video spruiking Nvidia, demonstrating its AI prospects.

‍“This was a significant part of the curiosity in AI that we at Loftus Peak then went through ... it put us into AI, and it told us that we need to be in Nvidia,” he says.

‍He contrasts this story to the context around today’s stock pick, US-listed drugmaker Eli Lilly.

‍“Fast and break things doesn’t work perfectly all the time. One place it has not worked so well is in the Food and Drug Administration in the US. You move fast and break things, people die.

‍“But it would be a mistake to think that the behind the scenes, that has been very much alive in this time, has not been in drug discovery in the US.

‍Eli Lily is important because it has a seven-year headstart, with Denmarks’s Nova Nordisk, in the development of Glimp-1 based weight loss drugs, he says.

With a market cap at three quarters of a trillion US dollars, Eli Lilly now trades on a PE ratio of 35.9

‍“Our view is that it’s cheap at 35c because no one’s really done the investment arithmetic of what the target addressable market is. Let me tell you it is huge, it is absolutely huge,” Pollak says.

‍“Obesity is a factor in tons and tons of other related diseases. It’s one million deaths [annually] as a result of obesity related complaints.”

‍Currently, Eli Lilly is priced by the market as if Glimp-1 is a diabetes cure, when in fact its addressible market is actually ten times that size, Pollak says, due to the implication of obesity in so many other diseases. “It’s a billion (people).”

‍“It’s not long away until your doctor says to you in his surgery, ‘Look, you’re 45 years old, you’re a little overweight, take this drug. Why? Well you’ll work it out in 10 or 15 years when you don’t get heart disease or a stroke’,” he says.

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‍Don’t overlook down and out silver miners, legacy skincare brands ready for a revival and a big financial company suffering from a severe case of shareholder wealth destruction. That was the message from top fund managers, company founders and super funds at the Sohn Hearts & Minds investment conference in Adelaide on Friday. Here are the picks from the experts so far.

Beeneet Kothari says his stock pick is going to take off.
Beeneet Kothari says his stock pick is going to take off.

Beeneet Kothari, Tekne Capital

Pick: Didi Global (DIDIY: OTC US)

New York fund manager Beeneet Kothari, founder and chief executive of Tekne Capital Management, pitched a stock with “red flags written all over it” - a China tech stock, with a pink sheet listing, and a regulatory takedown story inside of it: Chinese ridesharing heavyweight Didi Global.

The hedge fund focused on long/short and alternative long-only equities positions.

Kothari, who last appeared at the conference in 2021, flew in to spend just hours at the Adelaide conference on Friday.

‍After a disastrous delisting from the Hong Kong stock exchange, Didi is ready for a comeback, Kothari says. “We believe this stock will deliver outsize uncorrelated returns.”

‍Didi, more than 15 per cent larger than its nearest listed peer, is an integral part of China’s mobility infrastructure, he argues.

‍“Its source of mispricing stems from being in the wrong place at the wrong time, across three vectors: in asset class, listing venue, and regulator pressure -- which is retrospective.”

‍On the regulatory side in China, it’s now on the other side of its woes, with a clean bill of health granted, setting the scene for a Hong Kong relisting. Kothari believes will take place in 2025. “The IPO window is now open as mega listings are just beginning to make a comeback in Hong Kong.”

‍Didi’s founders have also recently collapsed their holding - this sets the scene for market returns.

‍“After its ill-fated IPO of three years ago it’s been hitting milestones in every major financial metric this year ... except stock price. That’s the opportunity.”

‍“It’s never been stronger ... We see a rapid and predictable profitability curve as Didi extracts value from a very benign operating landscape.”

‍In a “blue sky” scenario, overhauling its fleet with robot cars would triple the company’s profits by reducing its largest cost, which is labour, Kothari believes.

‍But even based solely on fundamentals, “we believe this stock can give well over

Jeremy Bond, Terra Capital

Pick: Couer Mining (NYSE: CDE)
Jeremy Bond’s 2024 stock pick, silver producer Couer Mining, is listed on the New York stock exchange Picture: Adam Yip
Jeremy Bond’s 2024 stock pick, silver producer Couer Mining, is listed on the New York stock exchange Picture: Adam Yip

Jeremy Bond is chief investment officer at Terra Capital, the Sydney based specialist investor focused on the natural resources space.

‍Bond founded Terra Capital in 2010 at age 28, riding the copper, lithium and clean energy thematics on behalf of its wholesale and sophisticated investors.

‍His pick at last year’s Sohn conference, NexGen Energy, has gained 15.3 per cent over the past 12 months.

‍Bond’s 2024 stock pick, silver producer Couer Mining, is listed on the New York stock exchange. The company has five operating mines, mostly in North America and Mexico.

‍Couer has been hit with problems in the development of its Rochester mine, with debt blowing out as the operation’s development time and cost expanded.

‍In 2023 it stood with a heavy debt load, at 4 times EBITDA.

‍“But Rochester has come on to turn the tables, and it now operates at debt of 1.5 times, by next year it will be debt free,” Bond says.

‍“These are the sort of companies you want to own in mining: that are generating cash.”

‍Couer, Bond says, has the highest beta to silver of any miner in its sector, and also has “a nice beta” to gold.

‍A merger with Canadian miner SilverCrest, currently underway, will also boost its market capitalisation - “important in the world of passive flows,” Bond adds.

‍The merger will make it the largest producer of silver in the world. “It will generate more free cash flow than any other silver miner.”

‍Its current sharemarket underperformance - historically low for the company - should soon end, says Bond.

‍“Its two biggest competitors trade at much higher multiples right now. It should trade if not in line, then better than its peers.”

‍More broadly, he adds, silver has industrial uses that many do not understand or appreciate. As the demand for solar has increased so too has the demand for silver.

‍China and Elon Musk have recently come out bullish on silver, a metal whose global supply continues to fall.

‍“We think [Coeur] has much further to go, and it’s the one to own in a bull market.”

Chris Kourtis, Ellerston Capital

Pick: Perpetual (ASX: PPT)
Chris Kourtis picks Perpetual. Picture: Renee Nowytarger / Supplied
Chris Kourtis picks Perpetual. Picture: Renee Nowytarger / Supplied

Chris Kourtis is an avowed contrarian investor, with over 40 years experience. He’s no stranger to picking an unloved stock and winning. Ellerston Capital, headquartered in Sydney, has over $5bn invested in traditional and alternative assets.

‍Kourtis’s stock pick of 2023, ResMed, has gained more than 60 per cent in the last 12 months. That’s an outperformance of the Nasdaq by more than two times.

‍“It’s very controversial,” Kourtis had teased of his proposed stock tip ahead of the conference, which raises money for medical research.‍

“It (the stock he will tip) has bombed out,” he said. “It’s probably the most hated stock in Australia.”

‍His pick in Adelaide didn’t disappoint the room.

‍“The patient I’m diagnosing today, is suffering from a severe case of shareholder wealth destruction - it’s Perpetual,” he said.

‍“Perpetual is at a 20-year low. It wasn’t that long ago the stock was at $80. The problem has been very poor leadership at the very top, poor capital allocation and woeful execution.

‍Deals in recent years - including Pendal the last acquisition $2bn - diluted their debt profile, and the market cap of the whole company is only about $2,3bn, Kourtis said.

‍“We voted the remuneration report down - we’re not going to reward for poor execution.

‍“So where are we now? KKR have agreed to buy them - there’ll be some debt repaid, separation costs, net adjustments - but at the end of the day, shareholders are going to receive about a billion dollars.

‍“What does that leave us with? A high-quality operating platform, $2.2bn AUM, we all know the brands. Importantly 70 per cent of their FUM, is about to over perform the benchmark.”

‍The problem with Perpetual has been empire building, and their cost base, Kourtis said. They have 78 people in legal, compliance and risk. Forty people in HR, you walk into their Pitt Street office its like the Taj Mahal, fit for a Saudi prince. That’s going to get sorted out.”

‍“It will be the cheapest listed asset manager of scale in the universe.”

‍Peers are valued around 8-9 x EBITDA, Kourtis said.

‍“The implied enterprise value of Residual Co is going to be under 4x EBITDA. That is cheap!”

Rikki Bannan, IFM Investors

Pick: Corporate Travel Management (ASX: CTD)
Rikki Bannan picked CTD, whose shares have fallen from highs above $20 in January to less than $14 now. Picture: Adam Yip
Rikki Bannan picked CTD, whose shares have fallen from highs above $20 in January to less than $14 now. Picture: Adam Yip

A small-cap specialist, Bannan said she believes the space is widely misunderstood - and, after a few tough years, this year could be a great time to dive in.

‍“Mispriced opportunities tend to be more prevalent in the small cap sector. It could be a good time to be investing in the space,” she said ahead of the conference.

‍“It’s been a tough couple of years for small caps, but this might be the year for them,”

‍Bannan’s stock tip at the last Sohn Australia conference last November – ASX-listed bio tech company Telix Pharmaceuticals – has shot up more than 140 per cent in the past 12 months. She tipped another small cap at this year’s Sohn conference in Adelaide.

‍Founded by 1994 as a two person band, Corporate Travel Management IPO’d in 2010, and was worth $28bn in market value by 2015 - a 50-fold increase in value based on natural growth and acquisitions. Hit by Covid, like its peers, its strong balance sheet meant it needed no cash injection to see it through.

‍Global corporate travel is a highly fragmented industry - and with 1 per cent of global market share, it makes Corporate Travel Management a top 10 global operator.

‍However, its share price has fallen from highs above $20 in January to less than $14 now.

‍“Why is it this fall represents such a compelling value opportunity?”

‍“Having been a consistent outperformer over most of its life, CTD has missed expectations on three separate occasions over the past 18 months, which has seen expectations rebased by some 40 per cent, an outcome we think is overly negative.”

‍“Our analysis suggests CTD can grow its revenue at 3-year earnings of 15 per cent.”

‍“This is even before we consider the company’s ability to deploy its balance sheet through acquisition.”

‍The stock is also poised to benefit from disinflation in airline ticket travel prices, Bannan says.

‍“Pack your bags, buy your discount fare, and board the train because this stock is going to take off.”

Sumit Gautam, Scalar Gauge Fund

Pick: BlackLine (Nasdaq: BL)
Scalar Gauge Fund founder and portfolio manager Sumit Gautam. Picture: Kathy Tran
Scalar Gauge Fund founder and portfolio manager Sumit Gautam. Picture: Kathy Tran

Described by some as an activist investor, Gautam prefers to focus on the “value creation” that comes with a more hands-on approach, including working closely with management to drive performance and at times pushing for board representation, as it recently has with billing software company Zuora.

‍In seven years running the fund, 37 of its investment companies have been acquired, with many going public.

‍His stock pick, BlackLine, operates in the accounting software market. Its against a background where the number of chartered public accountant candidates has been steadily declining in the past 10 years. Meanwhile, the complexity of accounting requirements has increased.

‍“The back office software needs better and modern tools,” he says.

‍“Companies like SalesForce, are well known ... but when you look at back office, those segments are less than 10 per cent cloud printed. So that means companies targeting those segments have a long way to run.

‍“If the penetration was only 10 per cent in the last decade, why would this grow going forward? That’s what I’m here to answer today.

‍“Many US companies have an end of life for their platforms of around 2027 - many companies are going to upgrade in the next two years.

‍Nasdaq listed BlackLine attends back office functions like monthly reconciliation.

‍High 90s growth retention rates, sticky customer base , they are the market leader. “BlackLine is the undisputed market leader in this sector.”

‍“This is a rule of 50 company, we think there’s 80 per cent upside in this company going forward.”

‍In 2017 Gautam launched Dallas-based Scalar Gauge Fund, a specialist platform that adopts a “private equity style of investing” to its holdings of predominantly in US-listed enterprise technology and software companies.

‍The fund has grown to around $US200m in assets under management, including a mix of passive investments and other companies where Gautam sees an opportunity to add value.

Samir Mehta, JO Hambro’s

Pick: TenCent Music (NYSE: TME)
Samir Mehta from JO Hambro’s pick is the Chinese company called TenCent Music. Picture: Ben Searcy
Samir Mehta from JO Hambro’s pick is the Chinese company called TenCent Music. Picture: Ben Searcy

Residing in Singapore, Samir is a senior portfolio manager at London headquartered JO Hambro Asset Management, responsible for its Asia ex-Japan fund. He has more than 30 years’ industry experience and joined the fund manager in 2011.

‍“I want to focus people’s attention on thinking around this country, that many say is uninvestable,” he said (of China).

‍With one eye on Beijing’s ­efforts to revive the Chinese economy, Mr Mehta is sticking to his well-worn strategy: he’s hunting for companies across Asia that aren’t battling intense competition and have management teams focused on costs, cash generation and high payouts to shareholders – and he’s using AI to do the early legwork.

‍His pick is the Chinese company called Tencent Music.

‍“The music industry as we know has undergone a significant change. And who is the Bob Dylan of streaming, without a doubt it’s Spotify... and even though the have competitors like Amazon Prime, they are without a doubt the best player in streaming,” he says.

‍But there’s lots of other markets that still have a lot of penetration to go - in terms of percentage access, he adds.

‍“When we look at the average revenue per user [around the world], here too there is a lot of potential upside.... the trend is in the right direction.

‍Tencent Music’s New York listing is an advantage, he adds. “When we look at markets that have high potential ... there’s only one country at the moment that from a stock market perspective enjoys the moniker of the [biggest] of stock markets.

‍Among other supportive thematics, the population is big in China, and music everywhere in the world has the same trends.

‍Tencent Music is owned 52.5 per cent by Tencent, has an $US18bn market cap, a $US1bn buyback completed last year and $US500m buyback still in process.

‍“Generating cash and buying back stock is not something you associate with Chinese companies - Tencent is one of those doing exactly what you and as minority shareholders what you want them to do.”

‍In addition, the Chinese Communist Party has forced Tencent Music to take regulatory responsibility for all the music on their platform, which has sharpened the business, Mehta says.

‍“We are now progressing towards a healthy development of the Chinese music industry. It is well within the regulatory requirements that the government requires.”

‍Close to 70 per cent of Tencent Music’s revenue comes from online music - subscriptions and ads - and it’s growing at 20 per cent per annum year-on-year, says Mehta.

‍“I’m just hoping that this conference does for Tencent Music what SugarMan documentary did for Rodriguez.”

Fleur Wright, Northcape Capital

Pick: Estee Lauder (NYSE: EL)
Northcape Capital portfolio manager Fleur Wright says stimulus recently announced for China could also benefit Estee’s sales. Picture: John Feder/The Australian.
Northcape Capital portfolio manager Fleur Wright says stimulus recently announced for China could also benefit Estee’s sales. Picture: John Feder/The Australian.

Sydney-based Fleur Wright is a portfolio manager (global equities) at Northcape Capital, an international boutique fund manager fully owned by its staff.

‍Established in 2024, and now with more than $10bn in funds under management, Northcape focuses on concentrated equities positions.

‍Recently, Wright has ridden the volatility of Nvidia’s share price, trading around its shifting valuation.

‍At her debut Sohn Hearts & Minds Investment conference on Friday, Wright chose Estee Lauder as her stock pick. “Women use a staggering 16 beauty products and that’s just for the morning routine,” she said. “What’s more it makes economic sense as evidenced by a beauty premium - that is, more attractive people earn more.”

‍With a $US25bn market cap, Estee Lauder has over 20 well known premium beauty brands.

‍As a high quality business, it meets all of Northcape’s quality principles, meaning it can sustainably deliver returns above its cost of capital, reinvest and grow, Wright says.

‍“Since 2022, it has outperformed the US market by a factory of five.”

‍Estee has traded historically at a premium of 1.7 times the broader market. But Northcape, which has held shares since in it since 2017, still benefited well from its expansion into China, Covid-based rise of e-commerce, among other factors which have boosted premiums over the holding period.

‍Post pandemic, however, Northcape sold out as Estee suffered. Its historically low valuation makes it a smart buy today, Wright says.

‍“China didn’t reopen, the party slowed, US and other revenge spend (post pandemic) abated. Estee found itself with too much stock in the wrong place at the wrong time.

‍but I’m here to tell you the worst is over. Estee remains a quality business and I’m buying it again – this time at what is a bargain price.”

‍In the near future, Wright says, Estee Launder will benefit from its huge scale economies in marketing, R&D and manufacturing, as macro trends support the sector.

‍Among those trends, spending per capita has room to grow, given aging western country demographics. “We tend to spend more on beauty products when we age”. Additionally, new growth categories are opening up like home fragrances through technological innovation. The Instagram generation is starting to use make-up at younger ages, and men are also increasingly significant purchasers of cosmetics.

‍China stimulus recently announced could also benefit Estee’s sales, Wright says.

‍“Its brand reputation is really hard to beat and leaves it well placed in the industry. It has had mid single digit plus organic sales growth for over 30 years.

‍“After the recent years of declines, Estee can grow again.”

Vihari Ross, Portfolio Manager at Antipodes

Pick: Airbus (EPA: AIR)
Vihari Ross from Antipodes. Picture: Ben Searcy
Vihari Ross from Antipodes. Picture: Ben Searcy

Portfolio manager Vihari Ross joined Antipodes Partners in 2023, after 15 years with Magellan. Antipodes is a high-conviction investor, value manager with more than $8bn in assets under management.

‍Ross’s first appearance at Australia’s Sohn Hearts & Minds conference highlighted the potential of the travel sector with stock pick Airbus, listed in Paris.

‍Airbus has a $US110bn market cap, and is 25 per cent owned by the French, German and Spanish governments.

‍“The part that really matters is the commercial space, where they develop airplanes, they are part of a duopoly in this space.” The reason that this business is compelling today is because of this set-up, Ross says.

‍Across its sector, supply chain constraints have not yet completely resolved, she adds. Meanwhile, macro trends are favouring demand growth for narrow bodied planes over their larger cousins - a space where Airbus is a leader against its only competitor, Boeing.

Jordan Katz, Advent Global Opportunities

Pick: TransDigm (NYSE: TDG)

‍Boston based Jordan Katz is a partner and senior investor at New York based hedge fund Advent Global Opportunities - one of the world’s pre-eminent private equity firms.

‍Advent, with around $US100bn AUM, is a concentrated, high-conviction manager focusing on private and pre-IPO companies.

‍Appearing at Adelaide in person, Katz spruiked a stock in the aviation industry.

‍TransDigm manufactures a wide variety of aerospace products, from valves to seatbelts, with 85 of its EBITDA coming from the aerospace aftermarket.

‍“There’s no alternative for 75 per cent of the products TransDigm makes,” Katz says, adding that large aircraft will have a couple of millions of parts in its construction.

‍Most of the products TransDigm makes are proprietary, sole sourced and need to be replaced frequently in the aftermarket. “This becomes like a subscription service on steroids: When a company buys a plane from Boeing they’re entering into a forty-year subscription service with the aftermarket servicer.”

‍Sometimes, they pay 100x the original part price for replacements.

‍“And [global] travel increases 5-6 per cent every year.” Airbus and Boeing have been unable to keep up with this trend as of late. Fleets are aging, and Katz expects they will continue to do so over the next decade.

Ricky Sandler, Eminence Capital

Pick:Cellnex Telecom (BME: CLNX)
Ricky Sandler of Eminence Capital’s 2024 stock pick is mobile phone tower builder Cellnex Telecom. Picture: Renee Nowytarger / Supplied
Ricky Sandler of Eminence Capital’s 2024 stock pick is mobile phone tower builder Cellnex Telecom. Picture: Renee Nowytarger / Supplied

Headquartered in New York, Eminence Capital is a global asset management firm focused on long/short and long equities investing, with around $US7.6bn under management.

‍Founded by Ricky Sandler in 1999, it’s staffed by around 20 investment managers with diversified portfolios across most sectors of the market.

‍At last year’s Sohn Hearts & Minds Investment conference, Sandler picked Tokyo-listed Canon (TYO: 7751) as a short position.

‍The stock has since risen 35.8 per cent, but Sandler’s enthusiasm wasn’t dimmed on Friday as he dialled in by video link at midnight, New York time.

‍“Things are a little wild after the US election at the moment, and they wouldn’t let me out of the office,” he says.‍

His 2024 stock pick is mobile phone tower builder Cellnex Telecom, which operates in Europe.

‍It’s a prime player in a critical infrastructure sector, supporting a growth industry, he says. “Towers are [like] a growth, perpetual bond.”

‍Cellnex traded at 34x EBITDA before the pandemic but has bottomed out at around 17x EBITDA in 2022, with a 30 euro stock price at that time. Its price and valuation have traded largely flat since, despite significant improvements in its financial reporting and corporate governance that he reckons make it ripe for a comeback.

‍That includes divestment of some lower performing assets in smaller European countries. It also has opportunities to grow by signing co-tenants on its towers, he says.

‍With US phone tower operators trading around 20x multiples, Katz thinks Cellnex can outperform its US counterparts in a couple of years.

‍In 2025, he expects Cellnex will return capital to shareholders, primarily through buybacks.

‍“Interest rates remain a risk but we think that’s manageable, especially in Europe,” he says. “In some ways it is a bet on a sluggish economy in Europe, which will keep interest rates largely flat in the next few years.”

Alex Pollak’s pick was US-listed drugmaker Eli Lilly. Picture: Britta Campion / The Australian
Alex Pollak’s pick was US-listed drugmaker Eli Lilly. Picture: Britta Campion / The Australian

Alex Pollak, Loftus Peak

Pick: Eli Lilly (NYSE: LLY)

Star stock picker Alex Pollak is the Sydney based founder and chief investment officer of fund manager Loftus Peak, with around $US150m in assets under management.

‍His philosophy is focused on investing in disruptive technology, with the potential to revolutionise existing business models. A lot of the time it is technology focused.

‍Pollack rode the Nvidia wave from 2016, before selling out earlier this year, believing value could be better found elsewhere in the AI sector. The Loftus portfolio has also included well known names like Google, Apple and Alibaba.

‍Delighting attendees at Friday’s conference, he played a 2016 video spruiking Nvidia, demonstrating its AI prospects.

‍“This was a significant part of the curiosity in AI that we at Loftus Peak then went through ... it put us into AI, and it told us that we need to be in Nvidia,” he says.

‍He contrasts this story to the context around today’s stock pick, US-listed drugmaker Eli Lilly.

‍“Fast and break things doesn’t work perfectly all the time. One place it has not worked so well is in the Food and Drug Administration in the US. You move fast and break things, people die.

‍“But it would be a mistake to think that the behind the scenes, that has been very much alive in this time, has not been in drug discovery in the US.

‍Eli Lily is important because it has a seven-year headstart, with Denmarks’s Nova Nordisk, in the development of Glimp-1 based weight loss drugs, he says.

With a market cap at three quarters of a trillion US dollars, Eli Lilly now trades on a PE ratio of 35.9

‍“Our view is that it’s cheap at 35c because no one’s really done the investment arithmetic of what the target addressable market is. Let me tell you it is huge, it is absolutely huge,” Pollak says.

‍“Obesity is a factor in tons and tons of other related diseases. It’s one million deaths [annually] as a result of obesity related complaints.”

‍Currently, Eli Lilly is priced by the market as if Glimp-1 is a diabetes cure, when in fact its addressible market is actually ten times that size, Pollak says, due to the implication of obesity in so many other diseases. “It’s a billion (people).”

‍“It’s not long away until your doctor says to you in his surgery, ‘Look, you’re 45 years old, you’re a little overweight, take this drug. Why? Well you’ll work it out in 10 or 15 years when you don’t get heart disease or a stroke’,” he says.

This article was originally posted by The Australian here. 

Licensed by Copyright Agency. You must not copy this work without permission.

Disclaimer: This material has been prepared by The Australina, published on 15 November 2024. HM1 is not responsible for the content of linked websites or content prepared by third party. The inclusion of these links and third-party content does not in any way imply any form of endorsement by HM1 of the products or services provided by persons or organisations who are responsible for the linked websites and third-party content. This information is for general information only and does not consider the objectives, financial situation or needs of any person. Before making an investment decision, you should read the relevant disclosure document (if appropriate) and seek professional advice to determine whether the investment and information is suitable for you.

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October 14, 2024

Alex Pollak champions rewards of disruptive investment

Alex Pollak’s funds management company Loftus Peak rode the Nvidia wave and he is now looking at more opportunities in disruptive industry stocks.

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October 8, 2024

Sumit Gautam - Why AI won't deliver in 2025 | Scalar Gauge

Sumit Gautam is the Founder of Scalar Gauge and speaks with Equity Mates ahead of his appearance at the Sohn Hearts & Minds conference.

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September 30, 2024

Missed out on Nvidia and Ozempic? This fundie says it’s never too late

Northcape Capital’s Fleur Wright is still kicking herself for not owning market darlings Nvidia and Novo Nordisk, the maker of the weight loss wonder drug Ozempic, before shares of those companies rocketed in 2023.

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September 23, 2024

Scalar Gauge Fund founder Sumit Gautam cautious about over-hyped AI

Tech investor Sumit Gautam carefully avoids the word bubble when describing the investor frenzy surrounding the rise of artificial intelligence, but warns there are dangers of getting caught up in the hype.

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September 9, 2024

The Wellcome Trust’s Nick Moakes made a 100-year bet. It’s paying off

Chief Investment Officer, Nick Moakes raised almost $3 billion at ultra-low rates. Sometimes the long view can be the most profitable.

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Wellcome Trust chief investment officer Nicholas Moakes. Picture: Steven PocockWellcome Trust chief investment officer Nicholas Moakes. Picture: Steven PocockWellcome Trust chief investment officer Nicholas Moakes. Picture: Steven PocockWellcome Trust chief investment officer Nicholas Moakes. Picture: Steven Pocock
September 5, 2024

Honesty the only policy that matters, says Wellcome Trust’s Nicholas Moakes

The chief investment officer of the London-based $71bn Wellcome Trust, Nick Moakes, has a simple rule for the trust’s investment team: “Never invest with anyone who is or has been or should have been in prison.”

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September 5, 2024

Why Howard Marks says you’re making a big mistake

Howard Marks says investors must ignore manic depressive markets and focus on the bigger picture. Rates will be higher for longer and that will bring pain – and opportunity.

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July 21, 2024

Investors ‘comfortable’ about a Trump presidency, despite volatility

Economists and market experts say the outcome of the US presidential election has been largely priced in by investors as softening inflation helps to buoy sharemarkets both globally and locally.

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Qiao Ma, portfolio manager at Munro Partners, says the Nvidia rally is nowhere close to being over. Picture: Oscar ColmanQiao Ma, portfolio manager at Munro Partners, says the Nvidia rally is nowhere close to being over. Picture: Oscar ColmanQiao Ma, portfolio manager at Munro Partners, says the Nvidia rally is nowhere close to being over. Picture: Oscar ColmanQiao Ma, portfolio manager at Munro Partners, says the Nvidia rally is nowhere close to being over. Picture: Oscar Colman
May 28, 2024

The AI bulls are sticking to Nvidia despite 600pc share price rally

Nvidia’s quarterly earnings once again exceeded analysts’ expectations and Portfolio Manager, Qiao Ma of Munro Partners says the rise is “nowhere close to being over”.

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Munro Partners' Kieran Moore likes US Tex-Mex fast food operator Chipotle, and Meta. Picture: Elke MeitzelMunro Partners' Kieran Moore likes US Tex-Mex fast food operator Chipotle, and Meta. Picture: Elke MeitzelMunro Partners' Kieran Moore likes US Tex-Mex fast food operator Chipotle, and Meta. Picture: Elke MeitzelMunro Partners' Kieran Moore likes US Tex-Mex fast food operator Chipotle, and Meta. Picture: Elke Meitzel
February 15, 2024

Hedge fund Munro says Nvidia, Microsoft have more to run

Kieran Moore is portfolio manager of Munro Partners Global Growth Fund. The Melbourne-based hedge fund oversees $4.3 billion in assets.

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January 24, 2024

How To Master The Art Of Winning The Room

Jonathan Pease, the creative director behind the Sohn Hearts & Minds Conference and author of the book, Winning the Room, recently sat down for a chat with Mark Bouris on Straight Talk.

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2023’s winners: DigitalX’s Lisa Wade, Jason Orthman from Hyperion, Regal Partner’s Todd Guyot, and Cathie Wood of ARK Investment. 2023’s winners: DigitalX’s Lisa Wade, Jason Orthman from Hyperion, Regal Partner’s Todd Guyot, and Cathie Wood of ARK Investment. 2023’s winners: DigitalX’s Lisa Wade, Jason Orthman from Hyperion, Regal Partner’s Todd Guyot, and Cathie Wood of ARK Investment. 2023’s winners: DigitalX’s Lisa Wade, Jason Orthman from Hyperion, Regal Partner’s Todd Guyot, and Cathie Wood of ARK Investment. 
January 19, 2024

Best funds of 2023 stick with bitcoin, big tech bets

Some of the best performing funds of 2023 are holding firm on bitcoin and mega-cap tech stock picks that made them big money last year.

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November 19, 2023

Equity Mates review the stocks pitched at the Sohn Hearts & Minds Conference

Bryce and Ren of Equity Mates attended the Sohn Hearts & Minds Conference and reviewed the stocks pitched by our new 2023 Conference Fund Managers.

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Ark Invest CEO Cathie Wood remains as big-picture as ever. Picture: David RoweArk Invest CEO Cathie Wood remains as big-picture as ever. Picture: David RoweArk Invest CEO Cathie Wood remains as big-picture as ever. Picture: David RoweArk Invest CEO Cathie Wood remains as big-picture as ever. Picture: David Rowe
November 17, 2023

‘I Know It Sounds Crazy’: Cathie Wood’s Next Big Idea

Speaking from Ark’s headquarters in Florida ahead of her appearance at the Sohn Hearts & Minds Conference on Friday, Wood says she believes disinflation is now just around the corner in the US.

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ARK Invest founder Cathie Wood: It does appear that the SEC here in the United States is likely to approve a spot bitcoin ETF within the next few months.ARK Invest founder Cathie Wood: It does appear that the SEC here in the United States is likely to approve a spot bitcoin ETF within the next few months.ARK Invest founder Cathie Wood: It does appear that the SEC here in the United States is likely to approve a spot bitcoin ETF within the next few months.ARK Invest founder Cathie Wood: It does appear that the SEC here in the United States is likely to approve a spot bitcoin ETF within the next few months.
November 17, 2023

ARK Founder Wood Backs Bitcoin, Banking On Spot ETF Approval

Tech investment guru Cathie Wood is still a big believer in bitcoin, so it was fitting that she chose Grayscale Bitcoin Trust as her stock pick for the 2023 Sohn Hearts & Minds Investment Leaders Conference.

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IFM Investors small cap specialist Rikki Bannan addresses the Sohn Hearts & Minds Investment Leaders Conference at Sydney Opera House. Picture: Renee NowytargerIFM Investors small cap specialist Rikki Bannan addresses the Sohn Hearts & Minds Investment Leaders Conference at Sydney Opera House. Picture: Renee NowytargerIFM Investors small cap specialist Rikki Bannan addresses the Sohn Hearts & Minds Investment Leaders Conference at Sydney Opera House. Picture: Renee NowytargerIFM Investors small cap specialist Rikki Bannan addresses the Sohn Hearts & Minds Investment Leaders Conference at Sydney Opera House. Picture: Renee Nowytarger
November 17, 2023

Hot Stocks To Ride The Next Healthcare Trends

Healthcare stocks – from sleep apnoea giant ResMed, to cancer diagnostic biotech Telix Pharmaceuticals – were recommended at the Sohn Hearts & Minds Investment Leaders Conference on Friday.

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November 17, 2023

How Daniel Loeb, The Real Bobby Axelrod, Made His Wall Street Billions

When Damian Lewis, the actor who plays the ruthless hedge fund boss in the drama series Billions was looking for inspiration, he sat down with Daniel Loeb.

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November 17, 2023

The 12 Hottest Stock Tips From This Year’s Sohn Experts

It might be time to look beyond big names. That was the message from top fund managers, company founders and super funds at the Sohn Hearts & Minds.

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Azora Capital founder Ravi Chopra. Picture: Renee NowytargerAzora Capital founder Ravi Chopra. Picture: Renee NowytargerAzora Capital founder Ravi Chopra. Picture: Renee NowytargerAzora Capital founder Ravi Chopra. Picture: Renee Nowytarger
November 17, 2023

Webster Financial ‘Avoided The Mistakes Of US Bank Failures’

The US financial sector is not without its problems but Ravi Chopra backs Webster Financial Corporation as his stock pick for the 2023 Sohn Hearts & Minds Investment Leaders Conference.

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November 17, 2023

Why Stock Picker Cathie Wood Of ARK Can’t Stand Google

The world’s highest-profile tech investor, Cathie Wood, might be bruised but she is certainly bullish. Nor is she holding back.

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Munro Partners partner and portfolio manager Kieran Moore at the Sohn Hearts & Minds conference in Sydney. Picture: Renee NowytargerMunro Partners partner and portfolio manager Kieran Moore at the Sohn Hearts & Minds conference in Sydney. Picture: Renee NowytargerMunro Partners partner and portfolio manager Kieran Moore at the Sohn Hearts & Minds conference in Sydney. Picture: Renee NowytargerMunro Partners partner and portfolio manager Kieran Moore at the Sohn Hearts & Minds conference in Sydney. Picture: Renee Nowytarger
November 17, 2023

Wise Share Price Could Rise 50pc By 2025, Says Munro Partners

Global growth fund manager Munro has about $4.3bn in funds under management across four global funds, and usually invests in companies that are poised to win from massive structural change.

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Martin Hughes founder of UK-based Toscafund. Picture: Elke MeitzelMartin Hughes founder of UK-based Toscafund. Picture: Elke MeitzelMartin Hughes founder of UK-based Toscafund. Picture: Elke MeitzelMartin Hughes founder of UK-based Toscafund. Picture: Elke Meitzel
November 16, 2023

Hedge Fund Veteran Talks Lowest Moment In Toscafund’s 23-Year Run

Most hedge fund managers brag about their wins and shy away from their losses – Martin Hughes is not most hedge fund managers.

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November 16, 2023

The ‘Armageddon Scenario’ Worrying The Future Fund CIO

Mr Samild shared his thoughts on the bond market – which underpins the returns of other assets – ahead of his appearance at Friday’s Sohn Hearts & Minds charity conference at the Sydney Opera House.

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Daniel MacArthur with Melbourne scientist and assistant professor Misty Jenkins. Both will be speaking at the Sohn Hearts & Minds conference in Sydney.Daniel MacArthur with Melbourne scientist and assistant professor Misty Jenkins. Both will be speaking at the Sohn Hearts & Minds conference in Sydney.Daniel MacArthur with Melbourne scientist and assistant professor Misty Jenkins. Both will be speaking at the Sohn Hearts & Minds conference in Sydney.Daniel MacArthur with Melbourne scientist and assistant professor Misty Jenkins. Both will be speaking at the Sohn Hearts & Minds conference in Sydney.
November 15, 2023

Advancing Medicine Is In Daniel MacArthur’s DNA

When genomic scientist Daniel MacArthur had the opportunity to set up a new Centre for Population Genomics in Australia in 2019, he jumped at the chance to return home after 12 years living overseas.

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November 15, 2023

Ashish Swarup - Invest In Snacks, Let's Get That Bread | Aikya Investment Management

Ashish Swarup, Portfolio Manager and Investment Analyst of Aikya Investment Management joins Bryce and Ren to discuss emerging markets, and two stock deep dives.

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Surging interest rates have delivered new investment opportunities for Wall Street hedge fund Third Point. Picture: Getty Images/AFPSurging interest rates have delivered new investment opportunities for Wall Street hedge fund Third Point. Picture: Getty Images/AFPSurging interest rates have delivered new investment opportunities for Wall Street hedge fund Third Point. Picture: Getty Images/AFPSurging interest rates have delivered new investment opportunities for Wall Street hedge fund Third Point. Picture: Getty Images/AFP
November 15, 2023

Daniel Loeb’s Wall St Hedge Fund Third Point Raises Bets On Corporate Credit Crunch

An “obsession” around balance sheet strength and debt is creating a new wave of investment bets for the influential Wall Street hedge fund run by Daniel Loeb.

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November 13, 2023

Bond Bullish On Commodity Stocks, Uranium

Mining stocks are poised to rise amid tight supply for key commodities such as copper, nickel and uranium, says Terra Capital founder Jeremy Bond.

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November 13, 2023

This Hedge Fund Manager Is Making A 100-Year Bet On Luxury

European leisure and luxury – a designer handbag, a last-minute flight to Monte Carlo, a stay in a five-star hotel – is where many choose to spend their hard-earned cash. For Sharif el Khazen, it’s where he makes it.

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Munro partner and portfolio manager Kieran Moore says Nvidia will be critical in the expansion of accelerated computing. Picture: NCANewswire / Nicki ConnollyMunro partner and portfolio manager Kieran Moore says Nvidia will be critical in the expansion of accelerated computing. Picture: NCANewswire / Nicki ConnollyMunro partner and portfolio manager Kieran Moore says Nvidia will be critical in the expansion of accelerated computing. Picture: NCANewswire / Nicki ConnollyMunro partner and portfolio manager Kieran Moore says Nvidia will be critical in the expansion of accelerated computing. Picture: NCANewswire / Nicki Connolly
November 12, 2023

How Munro Will Pick Its Next Stock Winner

Munro partner and portfolio manager Kieran Moore must select a single company to pitch to an audience of industry heavyweights at the prestigious Sohn Hearts & Minds conference in Sydney.

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Ray Dalio last month. His hedge fund has been under heightened scrutiny with the release of a tell-all book. Picture: BloombergRay Dalio last month. His hedge fund has been under heightened scrutiny with the release of a tell-all book. Picture: BloombergRay Dalio last month. His hedge fund has been under heightened scrutiny with the release of a tell-all book. Picture: BloombergRay Dalio last month. His hedge fund has been under heightened scrutiny with the release of a tell-all book. Picture: Bloomberg
November 12, 2023

The Australian At The Centre Of Dalio’s Bridgewater – Who Loves It

The culture at Ray Dalio’s massive hedge fund has been a source of intrigue, and with a new book, controversy. Atul Lele says it’s made him a better investor.

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Sheila Patel has had an extraordinary career across Goldman Sachs and now the VC sector. Picture: Dominic LorrimerSheila Patel has had an extraordinary career across Goldman Sachs and now the VC sector. Picture: Dominic LorrimerSheila Patel has had an extraordinary career across Goldman Sachs and now the VC sector. Picture: Dominic LorrimerSheila Patel has had an extraordinary career across Goldman Sachs and now the VC sector. Picture: Dominic Lorrimer
November 10, 2023

Meet The Goldman Sachs Legend Shaking Up Venture Capital

Sheila Patel says it was time for the venture capital sector to “grow up” and higher rates will help do that job. VC firms need to think differently about how they invest.

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November 8, 2023

Tom Naughton - There's Money In Mi Goreng | Prusik Investment

Tom Naughton is Managing Partner and CIO at Prusik Investment. In this episode, he chats to Equity Mates ahead of his appearance at the 2023 Sohn Hearts and Minds Conference.

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November 6, 2023

Why Chris Kourtis just bought CSL and ResMed

A true contrarian investor, Chris Kourtis can find himself sounding a lot like a bull when in the company of bears, and there’s a lot to be bearish about at the moment.

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Jun Bei Liu being coached by Jonathan Pease. Picture: Renee Nowytarger.Jun Bei Liu being coached by Jonathan Pease. Picture: Renee Nowytarger.Jun Bei Liu being coached by Jonathan Pease. Picture: Renee Nowytarger.Jun Bei Liu being coached by Jonathan Pease. Picture: Renee Nowytarger.
November 5, 2023

Five Secrets To Delivering The Perfect Pitch

Australia’s best stock pickers have just eight minutes to convince the country’s top money managers they have found an investment gem that the market has overlooked.

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Picture: Solomon Lew & David ParadicePicture: Solomon Lew & David ParadicePicture: Solomon Lew & David ParadicePicture: Solomon Lew & David Paradice
November 3, 2023

Paradice and Lew on their love of medical research – and Greece

Solomon Lew, the billionaire retailer, has known David Paradice, the high-profile fund managers, for years. Beyond investing, they share a common interest in medical research – and holidaying in Greece.

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November 2, 2023

Meet the 2023 Conference Managers

Following a rigorous global search, the Conference Fund Manager Selection Committee is pleased to share ten new managers for 2023.

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Daniel Loeb oversees $US11.7 billion ($18.5 billion) at New York-based Third Point. Picture: BloombergDaniel Loeb oversees $US11.7 billion ($18.5 billion) at New York-based Third Point. Picture: BloombergDaniel Loeb oversees $US11.7 billion ($18.5 billion) at New York-based Third Point. Picture: BloombergDaniel Loeb oversees $US11.7 billion ($18.5 billion) at New York-based Third Point. Picture: Bloomberg
October 23, 2023

Dan Loeb to headline Sohn Hearts & Minds

Famed hedge fund manager Dan Loeb has been named as one of the headline acts for next month’s Sohn Hearts & Minds philanthropic investment conference to be held in Sydney.

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Ravi Chopra's Azora Capital had its best month in March when it shorted the US banks that failed. Picture: Jaclyn LichtRavi Chopra's Azora Capital had its best month in March when it shorted the US banks that failed. Picture: Jaclyn LichtRavi Chopra's Azora Capital had its best month in March when it shorted the US banks that failed. Picture: Jaclyn LichtRavi Chopra's Azora Capital had its best month in March when it shorted the US banks that failed. Picture: Jaclyn Licht
October 23, 2023

US Bank Run Has Slowed To A Walk, But Instability Remains

When Ravi Chopra reveals his stock pick at the prestigious Sohn Hearts & Minds conference at the Opera House in Sydney next month, it could well be a short bet on a US bank.

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October 18, 2023

Two small caps: Propel Funeral Services (ASX: PFP) and Clarity Pharmaceuticals (ASX: CU6)

Get to know our 2023 Conference Fund Manager Rikki Bannan of IFM Investors who recently featured on the Equity Mates Media podcast.

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October 16, 2023

How this hedge fund pulled off 2023’s ‘big short’

Last year, Ravi Chopra was travelling through Europe to shop his latest short idea to potential investors. “Financials are really all in the weeds,” he told The Australian Financial Review in an interview from New York.

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IFM Investors executive director Rikki Bannan is a keen follower of stocks in the healthcare sector, but she knows it can be a risky place to invest.IFM Investors executive director Rikki Bannan is a keen follower of stocks in the healthcare sector, but she knows it can be a risky place to invest.IFM Investors executive director Rikki Bannan is a keen follower of stocks in the healthcare sector, but she knows it can be a risky place to invest.IFM Investors executive director Rikki Bannan is a keen follower of stocks in the healthcare sector, but she knows it can be a risky place to invest.
October 10, 2023

Beware the pitfalls of investing in healthcare, says IFM boss

“Healthcare is often viewed as a stable, defensive sector to invest in, but in small caps that hasn’t necessarily proven to be the case,” she says in an interview ahead of her appearance at the Sohn Hearts & Minds Conference 2023.

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October 6, 2023

Secret to a long life cheaper than you think celebrity physician Peter Attia reveals

Don't miss Dr Peter Attia who will speak at the Sohn Hearts & Minds Conference at the Sydney Opera House next month.

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Angela Aldrich of Bayberry Capital Partners in New York. Picture: Jaclyn Licht.Angela Aldrich of Bayberry Capital Partners in New York. Picture: Jaclyn Licht.Angela Aldrich of Bayberry Capital Partners in New York. Picture: Jaclyn Licht.Angela Aldrich of Bayberry Capital Partners in New York. Picture: Jaclyn Licht.
September 18, 2023

‘Volatility is opportunity’: why this manager loves shorting stocks

Angela Aldrich of Bayberry Capital Partners LP bet against Treasury Wine Estates at the top of the market and now she's preparing to make her next big call at this year's Sohn Hearts & Minds Conference.

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September 15, 2023

Top fund managers share 11 stock picks for the long term

After a dramatic earnings season, fund managers, including Jessica Farr-Jones of Regal Funds and Kieran Moore of Munro Partners (HM1 Core Fund Managers), have shared some of their top picks for long-term growth.

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September 11, 2023

Investors Sweeten On Hedge Funds As Rates Climb

After a decade of easy money pushing equity markets in one direction, Wall Street hedge fund manager Ricky Sandler says the return of volatility and higher interest rates is seeing money return to long-short strategies.

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Eminence Capital CEO Ricky Sandler, left, with Sohn Australia co-founder Matthew Grounds. Picture: John FederEminence Capital CEO Ricky Sandler, left, with Sohn Australia co-founder Matthew Grounds. Picture: John FederEminence Capital CEO Ricky Sandler, left, with Sohn Australia co-founder Matthew Grounds. Picture: John FederEminence Capital CEO Ricky Sandler, left, with Sohn Australia co-founder Matthew Grounds. Picture: John Feder
September 11, 2023

Stock Stars Look Under The Surface

Influential New York-hedge fund manager Ricky Sandler returns to Australia to make a new pick at this year’s Sohn Hearts & Minds conference that will be held at the Sydney Opera House on November 17.

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Barrenjoey co-executive chairman Matthew Grounds and New York-based Eminence Capital fund manager Ricky Sandler will be at the eighth Sohn Hearts & Minds conference. Picture: Peter RaeBarrenjoey co-executive chairman Matthew Grounds and New York-based Eminence Capital fund manager Ricky Sandler will be at the eighth Sohn Hearts & Minds conference. Picture: Peter RaeBarrenjoey co-executive chairman Matthew Grounds and New York-based Eminence Capital fund manager Ricky Sandler will be at the eighth Sohn Hearts & Minds conference. Picture: Peter RaeBarrenjoey co-executive chairman Matthew Grounds and New York-based Eminence Capital fund manager Ricky Sandler will be at the eighth Sohn Hearts & Minds conference. Picture: Peter Rae
September 11, 2023

Top Ny Stock Picker Warns Inflation To Remain Above Pre-Covid Levels

Influential New York hedge fund manager Ricky Sandler of Eminence Capital returns for the 2023 Sohn Hearts & Minds Conference in Sydney and says no one is focused on picking interesting, idiosyncratic stocks.

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August 4, 2023

New Relic

New Relic was pitched by Ricky Sandler of Eminence Capital at the 2022 Sohn Hearts & Minds Conference.

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June 18, 2023

Investors can’t agree how to value the world’s hottest stock

Despite mixed investor opinions, Munro Partners (Core Fund Manager) remains a strong believer in Nvidia. They are standing firm in their investment and still consider it a solid buy.

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June 8, 2023

Stock pickers bet the field in slowing domestic market

Fund managers have batted away fears of an inflation-led recession, with Qantas, Seven Group and Treasury Wines named among the best investments by Australia’s top stock pickers.

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March 27, 2023

The imaginary nepotism that drives Carsales global growth

The long-term approach of Carsales (2022 Conference stock pick) and its CEO Cameron McIntyre has delivered big gains for investors. He reveals his secret to staying strategic.

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March 12, 2023

Jun Bei Liu is not giving up on the China reopening theme

Tribeca’s Jun Bei Liu says China’s reopening is only getting started, and names five ASX stocks set to benefit.

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January 18, 2023

Claremont Global: Investment Case for Nike

Equity Mates are joined by Head of Claremont Global Bob Desmond to discuss his 2022 conference pick, Nike. In the episode Bob unpacks the key metrics, the bull case and the bear case for Nike.

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January 5, 2023

Why Transurban will always be one step ahead of inflation

Loathed by motorists, but loved by investors. Transurban came under focus when Catherine Allfrey nominated the roads operator as her top pick at the recent Sohn Hearts & Minds Conference.

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November 18, 2022

Behind the mega-themes shaping top stockpickers

These are the mega-themes the smartest minds in the market are now firmly getting behind which they believe can help them deliver outsized profits.

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November 18, 2022

Don’t rush to invest yet, fund manager tells Sohn event

Fund manager turned anti-corruption campaigner Bill Browder is advising investors to hang on to their cash until central banks stop raising interest rates and the cost of living starts to come down.

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November 18, 2022

Fund managers go global for top Sohn conference stock picks over Aussie companies

SH&M had before Friday’s event made more than $40m in collective donations to medical research.

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November 18, 2022

Fundies and billionaires party in Hobart

Two hundred of Australia’s best and brightest money managers, bankers and entrepreneurs toasted the seventh Sohn Hearts and Minds conference at David Walsh’s MONA.

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November 18, 2022

Hearts racing: Rich listers rendezvous for speed-dating style stock picking

A room filled with 700 of the country’s financial luminaries and billionaires is a difficult place to pitch an investment idea but it’s a great place to raise money for charity.

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November 18, 2022

How MONA’s David Walsh shocked our top stock pickers

Professional gambler and arts impresario David Walsh had a brutal message for successful top money managers – you may just be lucky.

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November 18, 2022

Why Sohn’s top stock pickers want investors to play it safe

Top global money managers are telling investors to steer clear of companies that don’t make money and invest instead in unloved but profitable businesses.

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November 17, 2022

Five years on, what are the best Sohn stock picks to date?

Some of the top fund managers in the country will on Friday pitch their best investment ideas to the Sohn Hearts & Minds conference.

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November 17, 2022

Low debt counts for everything, says Perpetual’s Aboud

Perpetual’s top stock picker Anthony Aboud makes his money running against the crowd and this is why property trusts like Charter Hall are sitting right the top his list right now.

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November 17, 2022

Perpetual’s Aboud says bet on balance sheets in turbulent markets

Perpetual’s Anthony Aboud says companies with strong balance sheets will finally be rewarded for their discipline in a time of global market upheaval.

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November 16, 2022

How Gerry Cardinale of RedBird Capital tries to double his money investing in sport

The owner of AC Milan and a host of other soccer, cricket, baseball and ice hockey assets is trying to double his money in the ‘resilient’ asset class.

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November 14, 2022

Think outside the box for green investment opportunities

James Miller, Portfolio Manager at Firetrail Investments, believes investors need to stop seeing the global decarbonisation push as a risk – and start seeing it as an opportunity.

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November 14, 2022

Tim Carleton is backing the Aussie dream all the way

Carleton’s conviction will be on full display on Friday when he makes his third appearance at the Sohn Hearts & Minds Conference, where stock-pickers share their best ideas in the name of medical research.

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November 10, 2022

Why this fundie is betting on luxury as recession fears mount

Bob Desmond is Head of Claremont Global and Co-Portfolio Manager. He will present at the Sohn Hearts & Minds Investment Leaders Conference in Tasmania on November 18.

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November 7, 2022

This fundie couldn’t be happier with her portfolio

Joyce Meng is a presenter at this year’s Sohn Hearts & Minds Investment Leaders Conference on November 18, which takes place in Hobart and aims to raise money for medical research.

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November 2, 2022

Equity Mates: Ricky Sandler, Eminence Capital

Founder, CIO and CEO of Eminence Capital Ricky Sandler talks about launching the $5.7bn asset manager, changing market structures and why he's participating in the SH&M conference.

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November 1, 2022

Auscap Asset Management founder sticks to a winning formula

When Auscap Asset Management founder Tim Carleton tips a stock at the Sohn Hearts & Minds conference in Hobart, he doubts it will be a name that shocks investors.

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October 31, 2022

Markets to enter ‘new phase’ with hidden risks lurking, says top stock picker Peter Cooper

One of Australia's most influential fund managers warns that investment markets have entered a “new phase” that is set to test the ­financial system.

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October 31, 2022

Why Peter Cooper can’t wait for the next 30 years on markets

The veteran fund manager says the most uncertain period of his career will deliver huge opportunities – providing his firm can stick to its system.

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October 30, 2022

Why this fundie is betting big on two losing companies

Speaking to the AFR before the SH&M conference, Sandler named global on-demand ride-sharing and food delivery service Uber Technologies among his top picks, alongside real estate marketplace Zillow.

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October 27, 2022

Why this fundie is calling the peak for CBA shares

Jun Bei Liu is the lead Portfolio Manager at Tribeca Alpha Plus Fund and is set to present an investment idea at the Sohn Hearts & Minds Conference in Hobart on November 18.

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October 24, 2022

‘Forget forecasts – focus on quality’, says Claremont Global chief Bob Desmond

Bob Desmond is making his first appearance at the 2022 Sohn Hearts & Minds Conference.

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