Close
Leave Feedback
Welcome to the new btim.com.auTake a two minute tour to see what we've changed
Hi there! Welcome to the new look Pendal website... Take a two minute tour to see what we’ve changed.
Mainstream Online Web Portal
LoginInvestors can view their accounts online via a secure web portal. After registering, you can access your account balances, periodical statements, tax statements, transaction histories and distribution statements / details.
Advisers will also have access to view their clients’ accounts online via the secure web portal.
The Point
Quick, actionable insights for investors
May 29
The headlines driving Aussie equities | Falling USD should lift EMs | Where to find opportunities in theme-driven markets
Loading posts...
Elise McKay: The headlines driving Aussie equities this week
Quick view
Elise McKay: The headlines driving Aussie equities this week
Here are the main factors driving the ASX this week, according to Aussie equities analyst and portfolio manager ELISE MCKAY and reported by head investment specialist CHRIS ADAMS
Read Pendal’s latest weekly equities overview.
Crispin Murray: Where to find ASX opportunities amid ‘theme-driven’ market noise
Quick view
Crispin Murray: Where to find ASX opportunities amid ‘theme-driven’ market noise
Share prices are increasingly moved by popular themes like AI disruption, trade wars, and tariff fears – without regard to company fundamentals or long-term valuations.
As a result, quality Australian companies with sound outlooks and predictable cash flows are being indiscriminately sold off.
That’s creating opportunities for active fund managers, Pendal’s head of equities Crispin Murray told Morningstar’s 2025 investment conference in Sydney last week.
“We believe this is creating more distortions in the market. It means the amplitude of mispricing is greater, and it lasts longer.”
Global market dislocation means the ASX has a range of industrial companies with predictable cash flows and returns that have been sold down and offer opportunities for investors, he says.
“One example is CSL – one of Australia’s largest, most successful companies. Five years ago it was running high – at an over-40 multiple. It’s now down to about 22 times earnings,” he says.
Fears of the impact of tariffs on CSL are misplaced, assuming the company doesn’t do anything to respond – “and I think that’s where the market’s overreacting,” argues Crispin.
“We think the risk on the tariff front is being overstated, and that’s what’s providing you the opportunity.” Pendal owns CSL.
Read more
‘Emerging markets crisis’? That’s a wildly overstated view, say our experts
Quick view
‘Emerging markets crisis’? That’s a wildly overstated view, say our experts
Some analysts have described a pattern of a weaker dollar and rising bond yields in the US as a ‘classic emerging markets crisis’.
“As veterans of actual emerging crises dating back to 1994, we consider that view to be wildly overstated,” writes Pendal’s EM team in their latest analysis.
In spite of volatility and weakness in core US financial markets, the currencies of almost all emerging markets strengthened against the US dollar in March and April. Meanwhile bond yields fell for the majority of major EMs.
“Emerging markets are driven by two major global drivers: international capital flows and international trade.
“A weaker dollar represents capital flowing out of the US and into the rest of the world – and a weaker dollar has consistently been positive for emerging markets over the past 30 years.
“Although evolving tariff policies threaten a downturn in global trade, the message from financial markets is that investor uncertainty about US economic policies is a clear positive for emerging economies and for investors in emerging markets.”
Read more
Amy Xie Patrick: China, the US, and the value of uncertainty
Quick view
Amy Xie Patrick: China, the US, and the value of uncertainty
This month’s divergence in US and China rates policies wasn’t just a curiosity for money managers, observes Pendal’s head of income strategies, Amy Xie Patrick.
“It’s a study in contrasts, a reflection of deeper structural differences, and a reminder that policy effectiveness doesn’t always come wrapped in transparency or even democracy,” says Amy in her latest markets analysis.
On May 7, the US Fed left rates unchanged despite growing political pressure. Meanwhile, the People’s Bank of China delivered another dose of stimulus.
“One central bank faced market criticism over its non-committal guidance,” notes Amy. “The other moved swiftly and silently, without needing to justify its decision.
“Perhaps the most contrarian yet valuable takeaway is that less policy guidance may be a good thing.
“By avoiding the hard task of forecasting far into the future, we free ourselves from unhelpful narratives may that turn out to be false.
“By focusing on getting it right rather than always being right, we’re able to preserve the flexibility to change course when the fundamentals change.”
Read Amy’s full article here
Latest updates from our fund managers
Income and Fixed Interest
Tim Hext: Australia to expect state budget downgrades
June 25, 2025
See all
Emerging Markets
Emerging markets: Look past commodity exports to countries with strong domestic demand
July 26, 2023
See allSubscribe to The Point
Get regular insights on investing, market analysis and portfolio management from the experts at Perpetual Group.
Follow
The Point
These podcasts are for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. They have been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation.
The information in these podcasts may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information.
Any projections contained in these podcasts are predictive and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections.
Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance.
For more information, please call Customer Relations on 1300 346 821 8.00am to 6:00pm (Sydney time) or visit our website www.pendalgroup.com
Amy Xie Patrick: Finding income in a post-hybrid market
Many fixed-income investors will soon be looking for new opportunities as prudential regulator APRA starts to phase out bank hybrids from 2027.
Bank hybrids have been a popular cornerstone of income-generating portfolios. But did they truly live up to their promise – and is there a better strategy?
Pendal’s head of income strategies Amy Xi Patrick answers both questions in a new article.
Amy argues bank hybrids are ill-suited to serving a defensive role; not as easily bought and sold as investors might believe; and may not meet their “higher income potential”.
Investors can find better alternatives, she believes
“We start by mapping investment objectives to assets that have a proven track record of delivering against those objectives.
That means we don’t have to accept market narratives about hybrids (or any other asset types) that have not been entirely accurate.”
In this article, Amy describes a portfolio construction method she believes is better suited to producing a regular, stable and repeatable income stream and capital growth to help offset the effects of inflation.
Read the article
Emerging markets: Brazil and China buoyed by monetary surprises
Quick view
Emerging markets: Brazil and China buoyed by monetary surprises
September and October are often monumental months in global markets and economics.
Think of the Asian economic crisis in late 1997 and the GFC in 2008.
This year’s start to Spring may not be quite as pivotal, but we’ve nevertheless seen unexpected and drastic changes in Brazil and China, our emerging markets team notes.
In a new article, the EM team outlines good numbers in Brazil’s manufacturing industry, retail sector and equity markets.
While inflation pressure has led to a local rate hike, expectations for lower US rate cuts has eased pressure on EM economies and their currencies.
“Together, these developments have further enhanced our enthusiasm for Brazilian equities,” the team says.
Meanwhile, the team remains confident in its overweight China position as policy changes start to move at a fast clip.
“We consider China’s low inflation, large trade and current account surpluses, earnings growth in parts of the equity market, and attractive equity valuations as reasons to maintain holdings in Chinese equities.”
Read more here
What’s driving ASX stocks this week?
Quick view
What’s driving ASX stocks this week?
Here are the main factors driving the ASX this week, according to Pendal portfolio manager PETE DAVIDSON. Reported by investment specialist Chris Adams.
Oct 17
A green bond that could fund a national park | Market reaction to US election polls | Go for balance in uncertain times | Debunking a sustainable investing myth
An Aussie green bond that could fund a new national park while generating returns
Sustainable investors looking to fund nature repair often lack high-quality opportunities.
But a proposal to restore national parks in Victoria could be just the thing, says Regnan ESG and impact analyst Murray Ackman.
A proposed green bond offers the opportunity to unlock hundreds of millions in private capital to support the expansion of national parks in Victoria’s central highlands, including a “Great Forest National Park”.
The park is under consideration by the Victorian government as a possible use for public land previously allocated to timber harvesting in Gippsland and North-East Victoria.
No decision has yet been made. But advocates say the national park would attract 379,000 extra visitors and more than $40 million to the local economy every year.
A $224 million state government green bond is proposed to fund the forest’s restoration using private capital.
“From an investor perspective, everyone’s talking about nature repair and biodiversity but there are few investable opportunities,” says Murray.
“It’s exciting that world experts and academic leaders have come together to propose a viable, reliable way to invest in nature repair.”
Investor returns should be attractive, says Murray.
“We have noticed quality green, social and sustainability bonds have heightened demand in the secondary market and tend to outperform.”
Loading posts...
Subscribe to The Point
Get regular insights on investing, market analysis and portfolio management from the experts at Perpetual Group.