Inside the Rope with David Clark: Ep 80: Chris Andrews - Returns from disciplined lending

In this episode, David speaks with Chris Andrews, the Chief Investment Officer at La Trobe Financial. La Trobe Financial manages a book of mortgage-backed loans on behalf of investors aiming to receive returns over those provided by traditional cash alternatives in exchange for an acceptable level of risk. David and Chris discuss La Trobe's flagship product the 12-month term account, which as at the 24th of November, offers investors a return of 4.35% p.a. net of all fees. This $3.5bn strategy is comprised of over 6,000 first ranking secured mortgages across Australia with a maximum LVR of 75% and as at the 24th November has an average LVR of 63%. Since its inception in 2002, the strategy has not lost any investor’s capital. As Chief Investment Officer at La Trobe, Chris oversees $12bn of investment opportunities each year, of which La Trobe settles approximately $5.5bn to 6bn whilst maintaining a strict level of discipline.

Inside the Rope with David Clark: Ep 79: John Hempton - Where to from here?

John comes back onto Inside The Rope to revisit COVID-19 and discuss the things that he believes Bronte Capital miscalculated at the beginning of the pandemic, along with what else they could have done better. He and David also discuss how society measures the risk vs reward benefit of returning to normal activities in light of COVID-19, along with how that is relevant from the perspective of investing in financial markets. John also highlights some of Bronte's latest investments, which John places all in the "value bucket". Over the last decade, John believes that most of the underperformance of value investing can be attributed to rapid changes such as the internet which have swept the world. Finally, John discusses Bronte's latest position in Tobacco, and whilst not shying away from the potential risks, he highlights the opportunities he believes it presents.

Inside the Rope with David Clark: Ep 78: George Bishay - Bonding over impact investing

David and George discuss how investors can invest ethically in the fixed income space. Impact investing allows investors to not only generate a financial return but also contribute positively to society and/or the environment. In George's words, impact investing is the way of the future. The Regnan Credit Impact Trust is a strategy which aims to deliver returns of 1-3% pa over a rolling 3 year period whilst investing in opportunities that are assessed on both Regnan's ESG and MSCI sustainability analytics. The strategy has an active tilt towards green (ie climate), social and sustainability bonds -- all of which support positive societal and/or environmental outcomes (including the advancement of UN's Sustainable Development Goals).

Inside the Rope with David Clark: Ep 77: Dr Craig Collie - Diagnosing financial markets

Dr Craig Collie of Regal Funds Management joins David on this episode of Inside the Rope to discuss his career to date, starting as a medical doctor in Australia, New Zealand and the United Kingdom before transitioning into financial services and ultimately his role at Regal. Craig manages a sleeve of Regal's Market Neutral strategy, being long-short global healthcare and more recently a sleeve of Regal's listed investment trust. These sleeves have a diverse universe of global stocks, with holdings in pre-revenue biotech, medical device, hospital, lab provider and health insurance companies. David and Craig also touch on COVID-19 and in particular the process behind developing a vaccine as well as the associated economic outcomes of being successful in doing so.

Inside the Rope with David Clark: Ep 76: Rob Morrison - Investing in healthcare property

In this episode, David chats with Rob Morrison from Barwon Investment Partners to discuss the Barwon Healthcare Property Fund. In seeking to identify areas of the property market that Rob believes are under-researched, Barwon found that the healthcare sector had lower levels of institutional investment despite its fast growth and 10% allocation to Australian GDP. As a result, establishing a Healthcare Property Fund has allowed Barwon to provide investors with income returns of over 7% p.a. combined with additional capital growth over 1% p.a since inception in October 2014 to March 2020. Founded in 2006, after Rob's time at AMP, Barwon concentrates on both property & private equity. Barwon has strategies in Healthcare property, property finance with a focus on first mortgages & global strategies (Listed private equity & listed private debt).

Inside the Rope with David Clark: Ep 75: Paul Heath - Inside The Rope - Three years on

Since launching Inside The Rope three years ago, David has been able to chat with some of the industry leaders in financial services. In this special episode of Inside the Rope, CEO of Koda Capital Paul Heath interviews David to discuss his observations over these three years. David takes time to reflect on many of the episodes that he has conducted, including those with famed investors such as Hamish Douglass, Phil King & John Hempton. Covering their similarities and differences, Paul and David touch on the identifiable traits that appear to allow investors to be successful, along with some of the key takeaways for listeners of the podcast. David and Paul also discuss David's career to date, beginning as an analyst before becoming a director of Clark Pacific Financial Services and ultimately a Partner at Koda Capital.

Inside the Rope with David Clark: Ep 74: Frank Macindoe - Experience matters

Fellow Koda Partner Frank Macindoe joins David in the latest episode of Inside the Rope to discuss his extensive career in both commercial law and financial advice, as well as the success he has achieved as an avid investor in Australian equities.   Within their conversation, Frank gives an overview of the diversified portfolio of Australian equities that he manages. This portfolio (the Koda Enduring Equities Portfolio, also known as ‘KEEP’) aims to invest in strong businesses with a focus on long term value creation and capital preservation, and has significantly outperformed the index since inception 12 years ago. Frank and David also cover the importance of the term "enduring" and why it is relevant for the holdings within the portfolio.   Frank began his career in law and worked as a commercial lawyer for 20 years before eventually following his long-standing passion for investing and shifting to financial advice.

Inside the Rope with David Clark: Ep 73: Lindsay Partridge - Laying the foundations for a successful

In episode #73 of the Inside the Rope podcast Koda Adviser & Partner David Clark speaks with Lindsay Partridge AM, Managing Director at Brickworks Building Products. Brickworks is one of the world's largest building supply manufacturers, and they have additionally grown to include a Land & Development division that maximises the value of surplus land created by their building products business. Lindsay outlines the firm's origin and strategy, and also discusses its large investment in Washington H. Soul Pattinson that seeks to stabilise the returns from the more volatile parts of the Brickworks business. Brickworks is a diversified company that began in 1934 as a brick manufacturer. The firm listed on the ASX in 1961 and now has a market capitalisation of $2.2bn with over 1,400 employees.

Inside the Rope with David Clark: Ep 72: Kerry Series - Profit with purpose

Kerry joins David to discuss impact investing, and his career in financial markets. Throughout the episode, Kerry and David discuss and define what impact investing is, the framework used by the team at Inspire Impact and the key differences to ethical (ESG) investments. Kerry is a Partner at Inspire Impact, a profit for purpose organisation that connects capital to social entrepreneurs. Inspire Impact invest in and advise purpose-driven businesses, assisting them to generate meaningful return to investors while preserving their socially and environmentally minded DNA. Kerry has advised or invested in equities since 1992 and his experience includes a number of senior roles. In 1999, he co-founded Perennial Investment Partners, which achieved strong investment performance and reached $20bn in asset under management within 8 years.

The Property Diaries - Episode 16: Mini-Series With Matt Donat

In the fourth and final episode of a four part podcast episode series, Koda Adviser & Partner Matthew Donat (CA) speaks with Catherine (Cate) Bakos about how philanthropy can enable education, family unity and happiness.

Philanthropy is more than just a generous gesture or a donation to a favoured charity/community. For many clients who have triggered a wealth event, it represents so much more than sheer generosity.

Matt shares with listeners the multiple benefits and learnings that his clients experience through philanthropic investing, and he passionately talks about the opportunity that it presents for parents whose children are suddenly thrust into a world they didn’t know existed. The gift of giving is the mere start of the educational journey that some adolescent children are taken on…and it begins with a common goal.

The Property Diaries - Episode 15: Mini-Series With Matt Donat

In number three of a four part podcast episode series, Koda Adviser & Partner Matthew Donat (CA) takes over the interviewer chair and speaks with Catherine (Cate) Bakos about investment theory in the current climate.

The Property Diaries - Episode 14: Mini-Series With Matt Donat

Following on from last week's release of the first episode of a four part series covering a discussion between Koda Adviser & Partner Matthew Donat (CA) and Catherine (Cate) Bakos, episode two has now been released.

In the second of four episodes, Cate and Matt delve into the various ways that high net wealth individuals balance growing their wealth with protecting their wealth.

The Property Diaries - Episode 13: Mini-Series With Matt Donat

Koda Adviser & Partner Matthew Donat (CA) recently spoke with Catherine (Cate) Bakos about the wealth advice space generally, and the financial peace of mind he strives to deliver to each of his clients. The conversation was recorded and is being released in a series of podcast episodes.

Cate and Matt’s first of four episodes focuses on all things 'high net wealth' -- from understanding how individuals find themselves in this position to learning more about the integral role that Matt plays in his clients’ lives. Matt additionally explains why a wealth event can be seen both an opportunity and a burden, and how to minimise the chance of it being the latter.

With Purpose: Episode 2 - Simon Mordant

You find time for the things you love, says Cav. Simon Mordant AO, in a conversation that shines light on a life of purpose and achievement. Starting with little more than a pair of cuff-links, Simon has fashioned a rich philanthropic and cultural life from a career as one of Australia’s top corporate financiers. As Simon prepares to step down as Chairman of the Museum of Contemporary Art, he reflects on the amazing contribution he has made to Australian cultural life and the philanthropic journey he has been on with his wife, Catriona.

Inside the Rope with David Clark: Ep 71: Anthony Millet - Early-stage venture capital

Anthony Millet from Antler joins David to discuss early-stage venture capital. Antler receives 50,000 applications a year to their programs around the world and spends over 200 hours with each team ultimately resulting in Antler investing in over 160+ companies. Over the past year since launch, the fund has delivered investors returns of 34%. Anthony and David discuss how Antler discover successful businesses, ideas and entrepreneurs. As well as how they cultivate the ideas and help the founders develop successful businesses from day one. Anthony also discusses his previous ventures such as BrickX, allowing investors to access residential property investments without the barriers which normally preclude them from doing so.

How I Did It: Episode 17: Paul Heath

Paul is Koda’s founding CEO and an experienced charity investment committee member. He talks about how to invest successfully, with long-term, non-profit investors in mind. Drawing on first-hand experience, Paul offers advice on operating a non-profit investment committee and how individual committee members can make sure their contributions count. Paul also talks about how he founded Koda as an independent portfolio management business and the importance of culture within the firm. This episode was recorded on 28 February, 2020, less than two weeks before COVID-19 was officially declared a global pandemic.

Inside the Rope with David Clark: Ep 66: James McNabb - The COVID effect on credit

Managing a credit portfolio across several asset-backed loans (and previously corporate loans), James and the team at Aquasia's enhanced credit fund have returned 6.76% p.a. since inception (October 2011). However March saw the fund have its first negative month, as the fear of COVID-19 saw credit spreads widen and valuations shift. As James highlights, this isn't necessarily a reflection on the assets themselves or an immediate decrease in quality, but more so the price that investors are willing to pay for assets. James and David discuss the differences between the COVID-19 pandemic and the Global Financial Crisis, with James highlighting the structural causes of the GFC against the temporary economic damages caused by COVID-19 and the global government interventions. James also explains the stimulus provided by governments to bridge the gap to an eventual COVID-19 solution, the impact of hardship on property prices and the flow-on effect to other asset prices.

Inside the Rope with David Clark: Ep 67: Cullen Gunn - Investing for impact

Delivering returns whilst providing impact, Cullen joins David to discuss the Kilter Rural impact investments. Since 1993 Cullen has been working in the farmland and water management sector. While holding a strong grounding in active, hands-on land management, at a strategic level Cullen holds experience in the development of priorities for investment at both catchment and state levels in Victoria. Cullen went on to establish Kilter Rural in 2004 as a vehicle for investment in sustainably managed farmland and water assets. Kilter Rural is a specialist manager, dedicated to investment in Australian real assets of farmland, water and ecosystem services. The economic fundamentals of investing in these assets are underpinned by demand and supply of food and fibre to a growing world population.

Inside the Rope with David Clark: Ep 68: Charlie Jamieson - How negative yields can still provide po

What makes for a quality government bond portfolio, and why should investors be attracted to them? In this episode, Charlie and David discuss the benefits of high-quality government bonds in what Jamieson Coote say can help defend and protect investors portfolios by providing income, liquidity and downside protection in a period of heightened volatility. Jamieson Coote Bonds managed approximately $5.25bn in assets before the COVID-19 Crisis whilst delivering returns of 7.64% over the last 12 months to April 2020 in its domestic fund. Referencing August of last year when Swiss government bonds were yielding minus 1.1%, yet the total return of the relevant index year to date at that time was 14.5%, Charlie highlights the potentially 'eye-watering' returns that can still present themselves while bond yields are negative.

Inside the Rope with David Clark: Ep 69: Daniel Chersky - Absolute returns from small to mid cap ASX

Delivering returns of 13.38% over the past 6 months (to May 2020), Daniel from Alceon chats with David. Daniel and David discuss the Alceon High Conviction Absolute Return Fund, and dig into how Daniel thinks about running the absolute return focused strategy. The fund, which takes a fundamental, research-driven, high conviction approach in a benchmark unaware fashion, has delivered returns of 13.38% over the past 6 months (to May 2020 and throughout the COVID-19 pandemic). Having run successful positions in NextDC (NXT), Wisr (WZR), Getswift (GSW) & Bingo Industries (BIN), Daniel outlines some of the approaches taken by the team at Alceon that have allowed them to capitalise on identified opportunities. Daniel also highlights the team's agility and readiness to make tactical changes as necessary -- and gives specific examples of each from recent years.

Inside the Rope with David Clark: Ep 70: Adam Murchie - Picking the winners from the losers in prope

Having an IRR of 26.4% across all transactions in property, Adam Murchie joins David on this episode of Inside the Rope. Adam is a specialist in funds management and investment and has worked in the property industry for 20 years. He and David discuss the strategies deployed by the team at Forza as they aim to provide investors with the best property investments possible based on their risk and return appetite. In this episode, Adam and David discuss the impacts of COVID-19 on property as an asset class as well as the future of office dynamics and work from home arrangements. Additionally, with COVID in mind, Adam highlights some of the successes Forza have had in periods of difficulty and explains their preference for 'messy' markets where he believes they are able to find good assets that are heavily discounted relative to their risk. Since inception to June 2020, Forza Capital has achieved an IRR on completed transactions of 26.4% net of all costs.

With Purpose: Episode 1 - Malcolm Turnbull

In this episode we speak to Malcolm Turnbull, the 29th Prime Minister of Australia. Malcolm talks about philanthropy, impact investing and the merits of choosing a purposeful life. Along the way, we discuss the importance of the non-profit sector and Malcolm offers tips to charities seeking government support. There is even a guest appearance from Malcolm’s wife, Lucy. This podcast was recorded on 7 May 2020. Consequently, it includes Malcolm’s assessment of Australia’s COVID-19 response and the outlook for Australia, as its people grapple with the effects of a global pandemic.

Inside the Rope with David Clark: Ep 65: Phil King - Don't get too bullish too early

Regal Small Companies fund has returned 18.4% p.a. (as at April 2020) since inception (Feb 2015). As part of the COVID-19 Special Episodes, David chats with Phil King of Regal Funds Management. Late last year when David last spoke with Phil, Phil believed that it was a great time to invest. However, throughout this episode, Phil argues that it's important investors change their portfolios as the facts change. Investors should constantly ask themselves, "Is my thesis still valid?", and as we have seen, Covid-19 has largely disrupted everyone's thesis. Despite the recent bounce in markets, Phil thinks that it will be a while before we see the true bull market return, however, he highlights the opportunities presenting themselves in the small to mid-cap space of Australian equities compared to the traditional high yielding value traps that many Australians have typically favoured.  Since inception (Feb 2015) the Regal Small Companies fund has returned 18.4% p.a. (as at April 2020).

Inside the Rope with David Clark: Ep 64: Chris Bedingfield - Is property defensive in a COVID world?

How has COVID-19 affected property? In this episode, Chris and David discuss the impact of COVID-19 on property asset prices. Chris is a portfolio manager for the Quay Global Real Estate Fund. The fund itself has returned 11.7% p.a. since inception in July 2014 till March 2020. Post-March the global REIT market has not recovered to the same extent as global equities. Chris puts this down to the number of sectors within real estate that are socially driven. This includes Retail, Office/Commercial, Hotels and Hospitality. As these sectors see reduced activity from the impact of COVID-19, we are seeing overall REIT indices weighed down significantly when compared to equities. Chris and David also discuss the dislocation that has risen from the COVID crisis as a result of people working from home, leading businesses to renew their perceptions on such arrangements and the ongoing cost of office workspaces.

Inside the Rope with David Clark: Ep 63: Hamish Douglass - COVID-19, a Black Swan event

Magellan Global has returned 14.78% over 1 year to the 31st of March 2020. In what Hamish calls a classic Black Swan event, he and David discuss the recent impact of the COVID-19 pandemic across global financial markets. Initially presenting as a localized epidemic in China, COVID-19 has evolved into a global pandemic that has wreaked havoc on financial markets around the world. Despite there being no modern rule book on how to navigate investments during the pandemic, Magellan's Global Fund has held relatively strong. Hamish attributes this to a lower-risk portfolio that was built to withstand such unforeseen 'Black Swan' events and elaborates on the additional measures that the Magellan team have taken to further protect downside risks. By example, the Magellan Global Fund has increased cash levels from 6% to over 15% during March till now. Hamish remains cautious of events that may unfold over the coming months and discusses the key indicators that he believes are necessary to reduce financial market risks and allow investors to determine the shape of recovery that they can expect.

Inside the Rope with David Clark: Ep 60: Ben McGarry - Going Long In Capital Preservation

The Totus Capital Alpha Fund is up 9% CYTD for 2020, during a period when global equity markets have rerated significantly. Throughout the episode, Ben discusses the opportunities he believes are being created in markets, and the short term trends that have been created by the virus. Similar to our previous guest John Hempton, Ben argues that this is a virus issue at its core which cannot be solved through central bank intervention. Ben also discusses the ongoing management of Totus' book, which may contain circa 80 shorts and 40 longs on any given day. As well as his outlook on BNPL (Buy Now Pay Later) platforms, proposed rental concessions and other impacts across the different age demographics. The Totus Alpha fund has been running since 2012, and up to the end of Feb 2020 has returned 17.4% p.a. (net of all fees).

Inside the Rope with David Clark: Ep 62: Martin Rosser - Positive returns through the COVID crisis

Alium Market Neutral returned 7.2% in March. Martin Rosser joins the podcast again to discuss how the Alium Market Neutral Fund has been able to generate positive returns during the COVID-19 pandemic. By identifying early market trends such as growth in the share price of "In-Home" businesses as events transpired in places such as Hong Kong, Martin and the team were able to make sensible investments before COVID-19's growth accelerated throughout Australia and the rest of the world. The team also shorted areas such as discretionary spending and travel which have provided additional levels of alpha and positive returns. During March 2020, the Alium Market Neutral fund was able to generate estimated returns of 7.2%, and targets returns of 10-15% p.a. throughout the cycle.

How I Did It: Episode 16: Lindsay Cane

Lindsay is a dynamic CEO running a dynamic organisation called Royal Far West, from its base just a surfboard-length away from Sydney’s famous Manly Beach. The 2019 Australian Third Sector CEO of the Year talks about her leadership style and lessons she has learnt in a career that also saw her lead Australia back to world champion status while CEO of Netball Australia.

Inside the Rope with David Clark: Ep 55: Andrew Mitchell - Keeping a finger on the pulse of small ca

The Ophir Opportunities Fund has returned 26.1% p.a. since inception in August 2012 (net of fees) and their latest Global Opportunities Fund has returned 33.8% p.a. since inception in October 2018 (net of fees). Andrew attributes the success of Ophir's funds to their commitment of keeping their finger on the pulse, travelling a lot, meeting companies, learning from their mistakes and creating a strong alignment of interests between the team and their funds. In Andrew's words "I do not own a couch, I don't own cushions on a couch, I don't even own a bed. I own sheets, I own pillows, I own cutlery, I own clothes and I own a lot of units in the Ophir funds."

Inside the Rope with David Clark: Ep 56: Kim Morison - Turning water into gold

Deriving uncorrelated returns to traditional asset classes, as at January 2020 the Argyle Water Fund has returned 19.1% p.a. since inception (2012) by investing in water rights across Australia. Returning to the podcast for a second time, Kim joins David to discuss the fund's change in banner from Bluesky to Argyle along with other topics such as the recent bushfire crisis that has been ongoing across Australia, as well as the impact of different climate conditions on Australia's water supply. A vast majority of the Fund’s capital is exposed to the river systems of the southern Murray-Darling Basin including the Murray, Goulburn, Murrumbidgee and Lachlan.

Inside the Rope with David Clark: Ep 57: Jeff Emmanuel - Identifying growth opportunities & pick

Investing in growth opportunities that present themselves as emerging winners, Jeff backs the individuals behind what he identifies as a successful business. He is well known as an early backer of both Magellan Financial Group (MFG) and Goodman Group (GMG) and his fund is currently the largest shareholder of Pointsbet (PBH). With the firm belief that everything you do in life makes you a better investor, Jeff highlights how the experiences he has gained throughout his career as an accountant and as a top-rated equities analyst who became the Head of Equities at UBS in Sydney has provided him with the foundation upon which he invests. EFM Asset Management is a growth oriented global equities asset manager that specialises in managing listed global equities and has a particular focus on quality growth investments.

Inside the Rope with David Clark: Ep 58: Chris Joye - Coronavirus, property & debt

Chris joins David in this special episode to discuss the Coronavirus, housing markets, private debt and LIC stamping fees. Chris is of the view that the increased market volatility presents opportunities for investors, however they must be cautious. He highlights the implications on financial markets posed by Coronavirus and speculates that whilst the Chinese may surprise with an early vaccine we should conservatively assume that it will be 12+ months away. Given this and current market expectations, Chris believes that the RBA will likely cut the cash rate by 25bp in April and will begin QE in a matter of time... and as it's almost Un-Australian to discuss cash rates without a mention of property, Chris is expecting Australian property prices to rise anywhere from 20% to 30% throughout the cycle (trough to peak, including the 10%+ we have already seen) but believes that an inflationary cycle could see them rapidly rerate down by up to 40%.

Inside the Rope with David Clark: Ep 59: John Hempton - Central Banks aren't the answer to Coronavir

In John Hempton’s eyes, what is occurring in financial markets is not an economic problem that can be solved through central bank stimulus. It’s a virus problem, and as a virus problem, it can only be solved through scientific intervention such as vaccines. John believes that the measures taken by central banks may cause more harm than good and that over the next 4 weeks we will see COVID-19 tip its hand to show us the full extent of its impact. In this special episode of Inside the Rope, David joins John Hempton of Bronte Capital to discuss both the health and economic implications that Coronavirus may have on the world and financial markets. Bronte was one of a few global equity managers to profit in February through the addition of downside market protection, in a time when volatility was priced at less than a quarter of what it is now trading at. However, aside from the health implications and recent volatility in financial markets, John doesn’t think it changes much for investors that are sensibly invested. His recommendation to such investors, sit it out.

Inside the Rope with David Clark: Ep 61: Adrian Redlich - Double digit returns from asset backed deb

Adrian runs the Merricks Capital Partners Fund, a fund that provides senior asset secured debt to real estate, agriculture & occasionally infrastructure. The fund has provided investors with consistent returns of 12% p.a. net of fees (as at Feb 2020) with relatively low levels of volatility and an overall loan to value ratio of less than 60%. Throughout the episode, Adrian discusses the impact of COVID-19 including the fund's recent performance and uplift throughout March, which was amplified by the fund's hedge in credit default swaps. These swaps which were incorporated at a relatively low cost, have provided investors with downside protection against both economic meltdowns & liquidity crises. Adrian believes that these swaps will continue to provide protection should financial markets further deteriorate.

Inside the Rope with David Clark: Ep 54: Roger Lloyd - Identifying opportunities in infrastructure

Targeting what Roger refers to as 7/11 (7% income and 4% growth), Palisade's Diversified Infrastructure Fund has returned 10.2% p.a. over the last 10 years (as at 30 June 2019).   Roger defines infrastructure as a defensive asset that is essential for the community, and in this episode, Roger and I discuss how Palisade are finding such assets across Australia. Roger also takes the time to highlight the importance of such assets to Australia and consequently why he believes infrastructure is a defensive asset class.   Palisade which began under the Perpetual banner is the owner of assets such as the Sunshine Coast Airport, the fastest growing airport in Australia and specializes in defensive infrastructure assets.

Inside the Rope with David Clark: Ep 53: Tim Carleton - Finding value in large-cap global equities

Tim Carleton from Auscap joins the podcast for a second time to discuss his new Global Equities Fund as well as the recent performance of the Long Short Australian Equities Fund. Currently invested in names such as Capri, Google (Alphabet), Microsoft and Visa, the new Auscap Global Equities Fund is an absolute return focused fund that targets high-quality value stocks. Tim highlights that the fund has a bias towards both developed markets and well known large-cap stocks with firm levels of governance. The fund which also has the ability to short similar to the Australian Equities Fund targets 10-15% annualised return opportunities for each company that it invests in. Tim also touches on both the recent performance and opportunities in the Long Short Australian Equities Fund. Following a difficult year in 2018 and a recovery for the fund in 2019, Tim is bullish on the outlook of the Australian economy, with indicators such as unemployment rates, terms of trade surplusses and high commodity prices supporting his view.

Inside the Rope with David Clark: Ep 52: Gerald Stack - A train set for Christmas

Sometimes presents that may be perceived as "boring" can eventuate into the most exciting gifts that you have received. The Magellan Infrastructure Fund invests in listed assets with exposure to sectors such as toll roads, airports, rail and utilities. Gerald describes these assets as highly reliable, predictable and boring. However, Gerald and I discuss how investing in such assets has allowed the fund to return 20% during the last 12 months and generate returns of over 14% p.a. during the last 10 years (as of November 2019). Gerald mentions that the fund is not designed for individuals to get rich quick, but rather to generate wealth with a high degree of confidence. The fund targets long term returns of inflation + 5%, with low downside capture. The Magellan Infrastructure Fund manages around $8.5bn and is invested in listed infrastructure assets around the world.

Inside the Rope with David Clark: Ep 51: Kee Gan – Brexit creates opportunities in UK property

Kee explains how property assets with yields of 7-9% are being found across the UK as Brexit fears have reduced competition for certain assets. Kee also covers the UK election and what it means for their property market. L1 UK Residential Property Funds focus on assets with purchase prices of £3-10m a bracket that is separate to that of large institutions who typically target assets of greater value. The fund invests in tier one cities outside of London and South-East England where valuations are only now reaching the same levels as '07. Competition in the UK is further reduced as banks are limited in their ability to invest in similar assets, in part due to the EU Mortgage Market Review. Kee mentions that tighter lending controls have meant that 68% of individuals in the UK that are renting don't own a home because they can't afford the deposit.

Inside the Rope with David Clark: Ep 50: Rhett Kessler - The emperor has no clothes

Are the big Australian banks value traps? As the disparity in valuations between value and growth stocks widen, Rhett and I discuss why. The impact of technological disruption has seen several growth stock multiples stretch well beyond traditional valuation methods, and Rhett believes that there are more rational returns to be found in less favoured companies such as Telstra and Viva Energy. The Pengana Australian Equities Fund is an absolute return focused fund that aims to deliver returns of 6% greater than the risk-free rate throughout the cycle. Since inception in June 2008, the fund has returned 10.23% p.a. as at October 2019.

Inside the Rope with David Clark: Ep 49: Andrew Lockhart – Credit opportunity

Equity like returns with debt like risk; Metrics Managing Partner Andrew Lockhart discusses the opportunity created by traditional lenders leaving the Australian market due to increasing levels of regulation. The Metrics Credit Partners Fund offers investors direct exposure to Australia’s bank-dominated mid-market corporate loan market by investing in loans to private corporates, private-equity sponsored, real estate and structured finance borrowers.

How I Did It: Episode 15: Violet Roumeliotis

For her work as the CEO of refugee-focused Settlement Services International, Violet was named 2017 Telstra Businesswoman of the Year. In this episode she touches on themes like compassion, understanding, community and resilience, as well as the value of adopting a positive mindset.

Inside the Rope with David Clark: Ep 48: Phil King – A great time to invest

With the Regal small-cap fund up over 70% CYTD (as at 30 Sept 2019), Phil and I talk the good, the bad & the ugly of financial markets. Phil remains optimistic that there is plenty of growth left in the market, and in this episode he steps through his rationale underpinning this view.

Inside the Rope with David Clark: Ep 47: Martin Rosser - Investing through the cycle

Investing through the cycle and targeting 10-15% returns net of fees is Alium’s focus, and in this episode Martin explains how Alium is able to accomplish this. The Alium Market Neutral strategy is an alternate strategy that utilizes both long and short positions globally with a thematic based approach. Martin describes how his strategy operates differently to traditional market-neutral strategies that utilise a sector-based approach. From inception in May 2017 through August 2019, the fund has not produced a negative year.

Inside the Rope with David Clark: Ep 46: Will Douglas - Koda Israel Tour

Recently I toured Israel with Koda Partner Will Douglas and Ibex Investors to gain insights into the Ibex Israel investment fund. On the four day tour we visited a range of investee companies and spent time with economists, industry representatives, start-up incubators, academics and other investors in the fund. In this episode, we discuss the Israel tour and the opportunities that Israel presents for investors. Will is an Adviser & Partner based in the Koda Brisbane office.

Inside the Rope with David Clark: Ep 45: Ben Cleary - Tribecca Global Natural Resources

In what has proven to be a difficult period for Tribeca, Ben and I discuss the reasons for the fund's underperformance and how Tribeca is positioned to perform going forward. Ben has worked in the natural resource sector for over 15 years and founded Tribeca Global Natural Resources in 2015.

Inside the Rope with David Clark: Ep 44: David Kirk - The Polymath

Rugby World Cup winning captain and captain of industry David Kirk discusses Bailador, his ASX listed technology investment company.

How I Did It: Episode 14: Cara Peek

Cara is a Yawuru/Bunuba woman and Chair of Broome-based Nyambu Baru Yawuru. In this episode she talks about her work as a Native Title lawyer, social innovator and entrepreneur, and many things in-between, including her cultural experiences and what she learnt during her time with the Apache people of North America.

Emanuel Ajay Datt Interview with Koda Adviser & Partner Matt Donat

Matt is an experienced adviser to high net wealth individuals and families, senior executives and business owners.

His role is as a Partner and Advisor at Koda Capital, Australia's pre-eminent independent wealth advisory firm.

He was recently included with Barron's list of top 50 financial advisors in Australia, so we are truly speaking with a professional at the top of their field. In this episode we learn: - About Matt's life and what led him into his current role - Why independence is an important factor when obtaining financial advice - The skills, qualities and attributes needed to develop meaningful and integral relationships as a trusted advisor.

Inside the Rope with David Clark: Ep 43: Stephen Bailey-Smith - Frontier Debt

Lending money to countries such as Zimbabwe requires skill, knowledge, and experience. Stephen discusses how Global Evolution has become a global leader in managing frontier debt with over $9 billion of investors’ money. The frontier market strategy has produced an annualised return of 8.6% since its inception in 2010. The fund identifies opportunistic early-stage macroeconomic and political developments.

Inside the Rope with David Clark: Ep 42: Nelson Yuan - Opportunistic Credit

Equity-like returns with debt like risk. Nelson Yuan of PIMCO discusses how they use their global footprint to find attractive opportunities in credit.

Between Meetings with Matt Heine: Interview with Koda CEO Paul Heath

After rising to CEO of JBWeir, Paul Heath, Co-Founder CEO of Koda Capital, made the decision leave and start his own business from scratch. In this episode Paul shares his motivation for co-founding Koda Capital and the lessons he learnt during his career in financial advice that helped to make it a success.

Inside the Rope with David Clark: Ep 41: Hamish Douglass - Global Equities

Magellan has produced a return of 20% for FY19 and 16% p.a. for the last 10 years. We discuss a wide range of subjects including why the interest rate outlook is important for investors, the US/China trade tensions, Facebook’s new cryptocurrency “Libra” and what investors should be focusing on.

Inside the Rope with David Clark: Ep 40: Tony Waters - Australian Equities

In this episode we chat to Tony Waters of QVG and discuss fast-growing small Australian companies such as AfterPay. As a founder and Portfolio Manager of the QVG Opportunities Fund, Tony manages money for sophisticated clients and institutions. The fund returned 9.3% in FY19 and has grown by 55% since its inception in June 2017.

Inside the Rope with David Clark: Ep 39: Mattias Westman - Russian Equities

In this episode we speak with Mattias Westman, Founding Partner at Prosperity Capital Management. In particular we discuss Prosperity’s investment strategy, which focuses on public companies in Russia and the former USSR and which has led the fund to produce a compound annual growth rate of 25% p.a. since its launch in 1999. The firm manages US $3 billion on behalf of institutional grade investors such as sovereign wealth funds, pension funds and family offices.

How I Did It: Episode 13: Andrew Kuper

Dr Andrew Kuper is an investor and social entrepreneur. He is Founder and CEO of LeapFrog Investments, ranked by Fortune as one of the top five Companies to Change the World. Sydney-based Andy is a world-leader in the field of ‘profit with purpose’. What is profit with purpose and how did Andy build LeapFrog into a business that can claim to have improved the lives of millions of people? Andy explains in this revealing episode of How I Did it.

Inside the Rope with David Clark: Ep 38: Haydn Smith - Natural Resources Debt

Haydn Smith is a Portfolio Manager at Tribeca Investment Partners and runs Tribeca’s Global Natural Resources Credit Fund. Haydn joins us to talk about the double-digit returns the fund is earning by lending to mining companies. Prior to Tribeca, Haydn was formerly the Global Head of Macquarie Bank's Mining Finance Group.

Inside the Rope with David Clark: Ep 37: Chris Bedingfield - Global Real Estate

Chris is a Principal and Portfolio Manager for Quay Global Investors, a fund that invests in real estate. We discuss the characteristics of the asset class along with his outlook.

Inside the Rope with David Clark: Ep 36: Robert Cagnati - Private Equity

Robert is the Global Co-Head of Portfolio Management for Partners Group, one of the largest investors in Private Equity with more than $80bn under management and over 1,000 employees in 19 countries around the world. We discuss the Global Value Fund they management, the Private Equity Market along with their process for evaluating investments.

Inside the Rope with David Clark: Ep 35: Chelsea Pottenger - Mindfulness

With a PHD in Neuroscience & Psychology, Chelsea is a well known keynote speaker on Mindfulness. We discuss Mindfulness and the complexities that increasing wealth brings to happiness.

How I Did It: Episode 12: Dave Smith

Dave Smith is President and CEO of Heaton Smith Group, an Atlanta-based consulting firm specializing in major gifts and legacy planning. Dave explains why it’s critical for fundraisers to listen to donors, to build relationships with them over many years and to avoid treating them like ATMs. He also sets out his belief that if you change the conversation, you change the result. Ultimately, Dave suggests, when it comes to raising money, it’s about the donor.

Inside the Rope with David Clark: Ep 34: Michael Heine - Family Entrepreneurship

I speak with Michael Heine about his family's long entrepreneurial track record from escaping Nazi Germany to successfully listing Netwealth in 2017. We cover topics such as selecting an adviser, intergenerational wealth and being an entrepreneur.

Inside the Rope with David Clark: Ep 33: Adrian Redlich - Private Debt

Adrian joins us to discuss the opportunity to make double digit returns by lending to property developers.

Inside the Rope with David Clark: Ep 32: Rhett Kessler - Australian Equities One Year Later

Rhett Kessler is one of my favourite investors. We speak with Rhett about his views on the current equity market and outlook, along with his recent investment in CSL and the recycling company BIngo.

Inside the Rope with David Clark: Ep 31: Kim Morrison - Investing in Water Rights

Kim Morrison joins us to discuss investing in agriculture and specifically water rights, a strategy that has been very successful for Kim over the last 10 years.

How I Did It: Episode 11: Rich Gilmore

Rich Gilmore is Country Director for The Nature Conservancy in Australia. In this episode, he provides valuable insight into how the Conservancy raised $55 million in twelve weeks to purchase environmentally significant land in the Murray Darling basin. This ambitious act of private conservation harnessed philanthropy and investment to secure the future of over 200,000 hectares of prime Australian land.

Inside the Rope with David Clark: Ep 29: Trevor Folsom - Technology Start Ups

Trevor Folsom retired at age 39 after he and his partner sold their business for more than $100m. Retirement lasted 3 months as Trevor headed back to what he loves doing: helping startups grow.

Inside the Rope with David Clark: Ep 30: Christopher Joye - The Investment Outlook

Christopher has advised key policy makers in Australia and the US on economic management. In this episode we discuss investing in enhanced cash along with his views on the investment outlook. Christopher is the founder of Coolabah Capital and is also a Contributing Editor to the Australian Financial Review.

Inside the Rope with David Clark: Ep 28: Justin Borus - Investing in Israel (Part 2)

We follow up our conversation with Justin from September 2017 and get an update on the outlook for investing in listed and unlisted companies in Israel.

Inside the Rope with David Clark: Ep 27: Phil King - Absolute Return Investing

Phil King has been described by the AFR as "one of Australia's most Astute Investors". We talk to Phil about his absolute return process and how he has been able to provide great returns to investors through investing in Australian and Asian Companies.

Inside the Rope with David Clark: Ep 25: John Hempton - Hunting Fraud

Legendary Short Seller John Hemtpon talks about how to find great long term investments and how he profits from fraudsters.

Inside the Rope with David Clark: Ep 24: Craig Evans

Investing in commodities can often be a roller coaster for investors and subject to extreme volatility. In this episode I speak with Craig Evans a Portfolio Manager at the Tribeca Global Natural Resources fund that seeks to return 15-20%p.a to investors through investing in natural resources.

How I Did It: Episode 10: Stephen Fitzgerald

Stephen is a former Chairman of Goldman Sachs Australia and New Zealand. He also served a five year term as a Guardian of Australia’s Future Fund. As well as sharing secrets of his own success, Stephen talks about investing successfully, common investing mistakes and how to run an effective investment committee. He also explains his commitment to impact investing and his belief that all capital will eventually be invested with impact in mind.

Inside the Rope with David Clark: Ep 23: Ilan Israelstam - ETF's

The growth of Exchange Traded Funds over the last 10 years post the GFC has been phenomenal. Ilan takes us through a crash course in ETF's and explains why they have become so popular.

Inside the Rope with David Clark: Ep 22: David Witkin - Merger Abitrage

We talk to David about investing in companies where Mergers and Acquisitions are announced and how the strategy can produce good returns that are uncorrelated to traditional assets.

How I Did It: Ep 9: Audette Exel

Audette Exel AO is a former Australian Philanthropist of the Year and a Forbes magazine Hero of Philanthropy. A social activist who became a lawyer and investment banker, she later founded the Adara Group, a social enterprise that proves the power of business can be used to improve the lives of people in poverty. In this episode Audette talks about her remarkable life and her belief that business can and must be used as a force for good

Inside the Rope with David Clark: Ep 21: Paul Heath - Liquidity Events

Liquidity events are a major fork in the road. Paul Heath draws on his experience as CEO of Koda and previously JB Were to discuss the do's and don'ts of managing liquidity events.

Inside the Rope with David Clark: Ep 20: Nelson Seo - Insurance Linked Bonds

As a founder of the impressive Fermat Capital Management, Nelson discusses how they invest in non traditional fixed income such as Insurance Linked Bonds to create a risk premium greater than similar non-correlated assets.

How I Did It: Episode 8: Kylie Charlton

As Koda launches its impact investment advisory service, Kylie defines impact investing and looks at its potential for mainstream and non-profit investors alike. Reflecting on her own career, Kylie also talks about working and investing ‘with heart’.

Inside the Rope with David Clark: Ep 19: Cathie Wood - Disruptive Technologies

Following our previous Podcast with the very impressive leader of Ark Invest, we discuss the opportunities being presented by 3D printing and the genomic revolution amongst other disruptive technologies changing the world.

Inside the Rope with David Clark: Ep18 Dan Greenhaus - Opportunities in Distressed Companies

We discuss with Dan How Solus invests in event driven, and special situations to create a strategy that has provided an annual return of 12.71% over the last 5 years with low volatility and low correlation to traditional asset classes such as shares.

Inside the Rope with David Clark: Ep 17: Michael Traill - Impact Investing

As a world leader in Impact Investing, Michael talks to us about the growing trend of investing for the dual purpose of profit and social benefit.

Inside the Rope with David Clark: Ep 16: Robert Bartlett - UK Residential Property

We talk to Robert about the current opportunity to earn double digit returns by investing in UK residential Property.

Inside the Rope with David Clark: Ep 15: Mitch Taylor - Private Debt

We discuss investing in the private debt provided to medium sized business and how the big banks exiting this market has created an opportunity for investors provided they get their credit analysis right and of course have a good loan agreement. The strategy is expected to produce more than 12% income p.a.

How I Did It: Episode 7: Michelle Stewart

In this episode Michelle Stewart, CEO of Cure Brain Cancer Foundation, talks about her career and her bold mission to improve survival rates. She also talks about Professor Charlie Teo’s decision to end his association with the Foundation. Professor Teo recently started his own brain cancer charity and he has been a vocal critic of high administration and fundraising costs – a sensitive topic Michelle tackles head-on.

Inside the Rope with David Clark: Ep 14: Chris Cuesta - US Micro Caps

Chris discusses the opportunities that are presented by investing in US microcaps a strategy that has produced 15.3% p.a return since inception in 2014. We touch on the benefit being provided to US smaller companies by the Trump administration's lower taxes and deregulation.

Inside the Rope with David Clark: Ep 13: Ben Hirsch-McShane - Driverless Cars

We talk with Ibex analyst Ben Hirsch-McShane about the future of transportation and the economic opportunities presented by the adoption of driverless vehicles

Inside the Rope with David Clark: Ep12: Andrew Clifford Platinum Asset Managment

The recently announced CEO and CIO of the $27 billion manager talks about managing money for the past 23 years and how peoples behaviour creates opportunities to profit. Andrew also gives his views on the international investment landscape including China, the USA and Europe.

How I Did It: Episode 6: David Panzirer

What happens when, overnight, you inherit responsibility for establishing a multi-billion dollar charitable foundation dedicated to saving and improving lives? David knows because he has lived this through the Helmsley Charitable Trust. In this episode he talks about running a philanthropic foundation like a successful business and the need for philanthropy to embrace risk.

Inside the Rope with David Clark: Ep11: Alan Sheen- Algorithmic Investing

As the co-founder of Dalton Street Capital Alan invests clients money using algorithm that exploits behaviours in the market to generate returns for investors. Since inception Dalton Street Capital has returned 19.9% p.a.

Inside the Rope with David Clark: Ep10: Ben McGarry- Totus Capital Absolute Return Investing

We explore the way Ben invests, along with a number of themes that have led Totus to return greater than 21% p.a. since setting up the fund in 2012

How I Did It: Episode 5: Rebecca Scott

What does it take to be a successful social entrepreneur and a pioneer in the field of impact investing? As the co-founder of STREAT, Bec has learnt by doing. In this episode she talks about her work, what she’s learnt and how STREAT gives young people a sense of belonging.

How I Did It: Episode 4: Ronni Kahn

How do you set up and grow Australia’s leading food rescue charity? According to Ronni Kahn, inspirational founder of OzHarvest, the answer involves love, belief, clarity of purpose and being clear that you are running a business.

Inside the Rope with David Clark: Ep9: Tim Carleton Auscap Asset Management

Tim is a founder and Portfolio Manager with Auscap Asset Management an asset manager with an annualised return of more than 20%. We discuss a wide range of topics including investment fundamentals, Bitcoin, China and how shorting companies can enhance returns with Tim.

Inside the Rope with David Clark: Ep8: House Prices and Interest Rates with Brett Gillespie

Episode 8: House Prices and Interest rates with Brett Gillespie Brett talks about his view on the outlook for house prices and interest rates and what will drive them. I reached out to Brett to arrange the interview after reading his article Burning down the House (https://ellerstoncapital.com/burning-house-latest-thought-piece-brett-gillespie)

Inside the Rope with David Clark: Ep7: How to get to 100 in great shape.

Dr John Cummins (https://goo.gl/u8ikNw) is a specialist physician who started a practice devoted to preventative medicine. In this episode, Dr John talks about how you can manage your health and lifestyle to live to 100.

Inside the Rope with David Clark: Episode 6 - James McNab - Fixed Interest and Credit

James McNab is the Manager of Acquasia fixed interest funds. Aquasia manages wholesale funds and syndicates, investing in a range of credit and fixed-income assets. http://www.aquasia.com.au/james-mcnabb

Inside the Rope with David Clark: #5 Cathie Wood-Investing in Disruption

Catherine D Wood is the CEO and CIO of Ark invest a New York-based investment manager focussed on disruptive innovation. In this episode, we cover Bitcoin, Driverless cars and other disruptive technologies that may shape our investment future. https://ark-invest.com/ark-team

How I Did It: Episode 3: David Gonski Part 2

This episode is the second half of our conversation with David Gonski. Listen to David talk about impact, preparing well, the value of listening and his passion for education

Inside the Rope with David Clark: Episode 4- Tiffany Jones

Managing significant wealth over multiple generations raises many significant challenges. These issues are discussed with Tiffiany who is a thought leader in the Family Leadership space. Tiffany brings a great skill set and expiernce to help families get 'back around the kitchen table".

Inside the Rope with David Clark: Episode 1 - Rhett Kessler

Investment Fundamentals with Rhett Kessler Rhett Kessler manages the Pengana Australian Equities Fund of $1.2 billion that has returned to clients greater than 11% p.a. net since inception. In this episode, Rhett takes us through the process and the way he thinks when he approaches investment.

Inside the Rope with David Clark: Episode 3- Justin Borus- Investing in Israel

We discuss the opportunity to invest in high growth companies in Isreal with the Founder and Chief Investment Officer of Ibex Investors.

Inside the Rope with David Clark: Episode 2 - Hamish Douglass

International and Technology investment with Hamish Douglass Hamish Douglass is Co-Founder, Chief Executive Officer and Chief Investment Officer of Magellan Financial Group, and Lead Portfolio Manager of Magellan's Global Equity strategies. Hamish is a former member of the Australian Government's Financial Literacy Board, the Australian Government's Takeovers Panel, the Australian Government's Foreign Investment Review Board and the Forum of Young Global Leaders - World Economic Forum.

How I Did It: Episode 2: David Gonski

Listen to David talk about diversity, making a contribution, a chair’s role, innovation in the non-profit sector, asking for money and being a hopeless artist.

How I Did It: Episode 1: Christopher G Oechsli

Episode 1: Christopher G Oechsli What does it take to lead one of the world’s foremost philanthropic foundations? Humility, clarity and a commitment to justice and equity. These are some of the ideas discussed with Chris Oechsli, President & CEO of The Atlantic Philanthropies, the limited-life foundation set up and funded by Chuck Feeney.