Investment Articles & Insights

There’s a particular kind of calm that comes from watching your portfolio during a violent market sell-off and feeling nothing. No urge to act. No creeping sense that something is broken. Just the knowledge that what you own was designed to survive moments like this.

We often define success and performance purely in terms of market gains. Think performance markers such as whether your investment portfolio beat the S&P/ASX 200, or your salary increased a certain percentage.

For most of financial history, oil has been the beating heart of the global economy as it has fuelled transport, industry, and economic growth. But in early 2026, oil may well hold a less impressive title: the cheapest major commodity in the world. It’s currently trading at a price that defies historical patterns and conventional market wisdom.

Dependable earnings growth is a core characteristic of the high-quality listed infrastructure companies in which we invest. Throughout past cycles we have seen consistent, solid returns. Given the earnings profile, operating models and potential for inflation protection that underpin these companies’ assets, we expect this to continue. Moreover, we see sustained annual returns of CPI plus 5.0% over the investment cycle ahead for this asset class.

The most expensive investment mistakes rarely stem from ignorance. They tend to arise from behavioural biases, poorly governed decision-making, and incentives that distort investors’ judgement over time. History shows that even professional investors, armed with the best data, experience, and market access, repeatedly make the same predictable errors.

Our playbook for investing in commodities has historically been to identify high-quality assets that sit at attractive points on their commodity cost curve, and to establish a position when the balance sheet is solid and the commodity price has cost curve support (i.e. some producers are losing money at spot pricing).

Are you tired of hearing about the Magnificent Seven being the only investment game in town? That would be understandable since it’s the narrative that’s dominated global equity markets for many years now. It’s been the same outside of the U.S., including here in Australia. The Magnificent Seven have been driving the global equity markets to new highs, and international participation has been rising accordingly.

Global Real Estate Investment Trusts (REITs) are almost always sold on the same two hooks. The first is international diversification—the very sensible idea that you shouldn't have all your eggs in an Australian basket.