'Perspectives' by Escala

In this episode, Escala Partners CIO, Tracey McNaughton, discusses the challenges facing the Bank of England as it attempts to deal with its first wage-price spiral since the 1970s. It's the nightmare that haunts central bankers everywhere and is one reason why interest rates will remain higher for longer.     (0:48) - Central banks over the past few weeks have been surprising markets everywhere a...

In this episode of The Fund Managers, Escala Partners CIO Tracey McNaughton interviews Brad Kinkelaar, Portfolio Manager of the Barrow Hanley Global Investors Share Fund. Their conversation explores Barrow Hanley's unique approach to investing and their focus on capital preservation and deep value. We hope you enjoy the discussion.

In this episode, Escala Partners CIO, Tracey McNaughton, presents the case for why this rally in the US equity market could go further, at least in the near term. For disciplined investors, however, the advice from Charlie Munger should be heeded: "The big money is not in the buying and selling, but in the waiting".   (0:58) - It seems the bear market is officially over and a new bull market has b...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on why Japanese equities are so unique and why they are fast becoming so loved. Fund managers remain conservatively positioned except for AI-related technology stocks and the US Government is getting as close as it possibly can to running out of money. 

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the unhealthy state of the US equity market and why this should be of concern for investors. Reflecting this, institutional investors are currently the most risk averse since 2009 preferring to allocate to money market funds and bonds. Adding to the risk aversion is uncertainty over the US debt ceiling which once again th...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the global housing supply shortage, its impact on the rental market and inflation and why the US housing market is so weirdly different to that in Australia or the UK. She also provides an update on the current earnings season in the US and why our emerging markets managers describe Abu Dhabi as "on fire".   (0:47) - Hous...

In this episode, Investment Analyst, Darragh Kennelly talks to Hubert Aarts and Shahbano Soomro of Impax Asset Management about the US Inflation Reduction Act. They explore the key areas that the Bill focuses on and discuss its implications for companies across various industries.  

In this episode of The Fund Managers, Escala Investment Analyst David Bruty talks to Rob Tucker, Portfolio Manager of the Chester High Conviction Fund. Rob explains Chester's differentiated approach to portfolio construction, why he maintains an allocation to gold equities through the investment cycle and how a structurally higher inflation environment has shaped Chester's current portfolio.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the tremors in the banking industry and its spread to Europe from the US. She discusses how the financial system came within a day of experiencing a Lehman moment that would have turned the tremor into a full-blown quake. The lessons learnt 15 years ago, have never been more important.        (0:50) - I t was another big...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the collapse in Silicon Valley Bank, its causes and what it means for financial markets, monetary policy and investors and why Australian equities are a more attractive option relative to international equities.   (1:02) - L et's jump straight into the topic of the past 5 days and that is the collapse in Silicon Valley Ba...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how the structure of the labour market has changed in the past three years and how this is sending mixed signals to the market. Inflation is proving to be hard to kill and this has implications for where central banks go next with interest rates.   (0:54) - The economic data out of the US are coming in stronger than expec...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the latest interest rate decision taken by the Reserve Bank of Australia. She also discusses the challenging earnings season facing the US and offers some insight into what she is hearing from Escala's global fund managers on the ground.   (0:49) - We have just had the announcement from the Reserve Bank that they have dec...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the challenging year that was 2022. "There is not a single person alive who can remember a year that we have just had because we have never had a year like 2022". There is reason to be more optimistic for 2023 however – the rate hike cycle is close to the end, China is reopening, jobs are plentiful, wages are growing, con...

In this episode, Investment Analyst, Darragh Kennelly talks to Dawn Powell, Vice President, Responsible Investment at StepStone about the opportunities and challenges of ESG integration in private markets. They go on to discuss impact investing and the broad opportunity set for investors in this early stage space. Finally, the pair discuss what the outlook for ESG and impact investing in 2023 look...

In this episode, Escala Partners CIO, Tracey McNaughton, looks back on 2022 at the main events that will have a lasting impact on financial markets. She highlights a number of signposts to watch out for in 2023 and cautions against stepping into Chinese equities even after the latest easing of covid restrictions as return expectations there now come with higher risk.  

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the latest inflation report out of the US and what it may mean for international equity investors. International equity investors have long benefited by being currency unhedged. Is it time to make a change on the hedging front? (0:44) - News that a missile has landed in Poland killing two people has broken this morning an...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how central banks are thinking about financial stability as an additional factor in their reaction function. Policymakers may be willing to sacrifice the economy to tame inflation, but are likely less willing to sacrifice financial stability. This means uncertainty remains. Investors would do well to observe, rather than...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how this has been one of the strangest, most difficult-to-predict economic cycles that we have ever been in. She recommends investors remain cautious for now despite new opportunities already presenting themselves. The rapid retreat of lower for longer interest rates is revealing hidden hazards and creating riptide events...

In this episode of The Fund Managers, Escala Investment Analyst David Bruty talks to Patrick Teodorowski, Portfolio Manager of the Pendal Microcap Opportunities Fund. Patrick explains why investors should include an allocation to Australian microcap equities, why Pendal like to invest in founder-led businesses and the outlook for the sector following a period of heightened equity volatility.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the UK fiscal fiasco and how it sent a shockwave through the currency and bond market and nearly brought down the UK pension system. What role did the Bank of England play in setting us up for last weeks' meltdown and could it be repeated elsewhere?   (0:55) - Last week, the UK's new Prime Minister delivered a mini budget...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on recent central bank action in response to higher-than-expected inflation and the implications it has for the US dollar and for investors seeking income returns. She also discusses how private debt is helping fixed income investors rediscover the benefits of diversification.   (0:47) - The risk of recession is rising acros...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on US Fed Chair Powell's "whatever it takes" speech noting it left no doubt – the pain of being too tough on inflation is not as great as the pain that would come from being too soft. Market optimism for rate cuts in 2023 have taken a step back as a result.   (0:46) - Jay Powell's speech last Friday was highly anticipated. T...

In this episode of The Fund Managers, the Escala CIO Tracey McNaughton interviews Peter Rutter, Head of Equities and Portfolio Manager for the Royal London Concentrated Global Share Fund. This conversation explores the unique approach to investing taken by the Royal London team and why their approach is considered the purest form of active management. We hope you enjoy the discussion.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how clients should position for rising US-China tensions, where to spend your fund manager fee budget and has the inflation worm turned?   (0:45) - Geopolitical risk has risen in recent weeks with tension between the US and China over Taiwan. (4:00) - On the topic of market timing, you recently completed a study of active...

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how US consumers are adapting to the higher inflation environment. Earnings season is about half way done and while earnings expectations have been cut, more is likely as the economy slows further. Which is why the rally in markets last week should be treated cautiously.   (0:54) - Let's talk about the Federal Reserve mee...