“A good forecaster is not smarter than everyone else, he merely has his ignorance better organised.” – AnonymousEach half, as part of our outlook for the coming six months, we provide a series of “anti-forecasts” for what will NOT happen between now and December 31st, 2019.First, we must reflect on the performance of our last set of “anti-forecasts” over the half that just ended.

BACK CHECK

Emerging Markets […]

15^thJuly 2019 – Richard Lawrence -Senior Vice President, Portfolio Management

For those of you who know little about ice hockey, Wayne Gretzky is widely regarded as the greatest player in the sport’s history. Part of what made him successful was his intuition and anticipation of the game—he saw things that others didn’t see, or at least he saw them earlier. One of his most famous quotes […]

Morphic’s half year report reviews what happened in their stock holdings and the markets during the last six months and provides their outlook for the rest of the year.

In this short video, Investment Director Brooke Bone discusses how Milford is unlocking value for investors by working with, and investing in, a small set of carefully selected fast-growing private companies. Brooke puts the spotlight on one recent success story in particular.

The June 2019 fact sheet is available here.

Amongst the Budget Responsibility Rules which the government agreed after the 2017 election, the government is required to reduce the level of net core Crown debt to 20% of GDP within five years of taking office (fiscal year ended June 2022).  In a recent speech by Finance Minister Grant Robertson, the government […]

I was fortunate enough to attend New Zealand’s first Alibaba E-Commerce Expo and Conference this month. This was a fascinating event launched by Alibaba, a giant Chinese conglomerate focused on e-commerce. The event had two main aims:

• To help educate small New Zealand businesses looking to export to China via their platforms Tmall and Taobao; with a number of presentations and […]
  

The listed Australian property sector (AREITs) has had a very strong 12 months, returning 19.3% (including dividends) vs. the ASX 200’s return of 11.5%[1]. This is quite a spectacular return for what is often considered a low volatility, slow moving asset class. So, what’s driven this strong return? Ultimately, falling bond […]

A new capital security issued on Tuesday night by Westpac Banking Corporation (Westpac) has highlighted the lack of higher-yielding opportunities available for New Zealand-based investors.

Banks fund the loans they make from deposits, bonds and shareholders’ contributions.  In Australia, that’s also the order in which funds are repaid […]