Selected Reads

Smartkarma

Equity Bottom-Up

In this episode I speak with Gerald Rushton, senior member of the QIS Structuring team at Macquarie Bank.Our conversation largely revolves around commodity strategies, including thoughts on trend following, commodity carry, commodity congestion, and commodity volatility carry. Gerald argues that the latter three are particularly well suited to be paired with equity hedging strategies, and we spend quite a bit of time discussing the major design levers behind each strategy.Gerald also provides…

In light of the massive disruption to the economy, there’s a widespread view that things have been permanently altered, that fiscal policy must take a more active role in economic stabilization, and that the job of central banks will inevitably change. While this is a trendy thing to say now, the guest on this episode has been anticipating it for a while. Viktor Shvets is a Managing Director at the investment bank Macquarie Group Limited and the author of the new book, The Great Rupture: Three…

Morningstar

Morningstar, Inc.

Narrow-moat Macquarie Group impressed with another stellar operating performance for fiscal 2019. The 17% increase in net profit to AUD 3.0 billion was in line with expectations and modestly above guidance “of up to 15%” increase. Highlights were many, particularly revenue up 17%, market-facing business profits up 76%, performance fees up 29% and equity under management increasing 36% and the impressive return on equity of 18%. The combined profit contribution (before corporate overheads) of the…

A change of government in May 2019 could see the Australian Labor Party running the country. The implementation of Labor’s proposal to ban the refund of surplus franking credits could reduce the income of hundreds of thousands of individual self-funded retirees and self-managed super funds, or SMSFs, in pension phase, if current investment asset allocations are not altered
What could low tax paying individuals and/or the trustees of pension phase SMSFs do, to reduce the impact of the potential…

There were no surprises in narrow-moat Macquarie Group’s third-quarter fiscal 2019 trading update and we retain our positive view and AUD 135 fair value estimate. Fiscal 2019 earnings guidance was reiterated with Macquarie expecting an increase in group net profit of up to 15% compared with the AUD 2.56 billion result in fiscal 2018. Guidance is subject to the usual challenges including market conditions, currency movements, and potential regulatory and tax uncertainties. Our fiscal 2019…

Australia

Macquarie Group Ltd. offers banking, financial advisory, investment and funds management services.  The Company offers financial advice, cash management, wealth management and private banking, life insurance, securities brokerage, corporate debt financing, real estate funds management, real estate development financing, investment funds management, and foreign exchange services.

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