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The 2025 calendar year is drawing to a close with investors in generally good standing. Another year of strong returns looks likely, with investors having navigated an array of opportunities and challenges through the year, namely US policy uncertainty and surging investment and related wealth effects from the Artificial Intelligence thematic.
This edition covers the following topics:
Investment Markets In Review – Q3 2025
Financial markets provided a constructive third quarter of 2025, with the positive sentiment around equities unwavering, the Fed resuming its cutting cycle, and AI remaining the topic du jour. The three major US equity markets were close to, or posted, new record highs by the end of the quarter, with Chinese tech companies also riding the AI thematic.
Navigating the inevitable: embracing volatility and drawdowns for long-term growth
Volatility in financial markets is inevitable. For many investors, the sharp fluctuations in share prices, the unsettling headlines, and the sudden dips in portfolio values can feel like a storm threatening to upend their carefully crafted investment plans. Yet, history teaches us that volatility is not just normal – it is often the price paid for long-term growth.
Asset-based lending: The next phase of private credit
Private credit has changed dramatically over the past decade. Once largely focused on corporate and real estate loans, it has now expanded into a much broader universe, with asset-based lending becoming central to the story. Today this market exceeds $20 trillion globally, making it one of the fastest-growing and most compelling areas for investors.
An integrated storage solution
The National Electricity Market (NEM), the combined five regional market jurisdictions of Qld, NSW (including ACT), Vic, SA and Tas), is experiencing a profound structural transformation, with battery storage rapidly moving from a supporting role to the centre of its evolution. As Australia accelerates its transition to renewable energy, the variability of wind and solar generation has created new challenges for grid stability, reliability, and efficient energy dispatch.
Curves don’t lie: Signals from bond markets
Bond yields and yield curves are often mentioned in financial media though it may not be immediately apparent what a yield curve is and why they are important. The yield curve represents the relationship between interest rates and the maturity of government bonds.
This edition covers the following topics:
Investment Markets In Review
Q2 2025 delivered one of the most dramatic market recoveries in post-war history, as easing US-China tensions and the prospect of Trump’s tax cuts pushed US equities close to record highs, with the tech sector surging 22%.
Jump start your portfolio: The opportunity in Kangaroo Tier 2 bonds
Australia’s debt capital market is evolving as offshore banks increasingly issue AUD debt including higher-yielding Tier 2 bonds and Kangaroo bonds, creating new opportunities for local investors to access international credit without currency risk.
Private debt in the media crosshairs
While Australia’s private debt sector faces regulatory and media scrutiny over valuation practices, this attention is directing capital toward higher-quality credit providers as banks reduce exposure, creating opportunities for investors seeking tailored funding solutions and attractive returns.
Why it’s time to consider your property allocation
Economic and geopolitical factors are creating an opportune moment for investors to add quality real estate to their portfolios, with falling interest rates and constrained supply driving renewed confidence among Australian real estate investors.
Beyond the boom – The next chapter for Venture Capital investors in Australia
The global Venture Capital industry is experiencing a revival driven by AI advancements, with Australia’s VC market adapting to these trends through significant growth in tech and AI startups while maintaining focus on operational discipline.
This edition covers the following topics:
Investment Markets In Review
As 2024 drew to a close, the consensus view from Wall Street was that the S&P 500 would reach 6,600 by the end of 2025, reflecting a gain of more than 9%. With Q1 now concluded, the story so far has not unfolded as predicted.
What does Trump’s anti-ESG approach mean for ESG funds?
In his past Presidency and re-election campaign, Donald Trump has made it quite clear that he has little appetite or tolerance for progressive initiatives in relation to ESG (Environment, Social and Governance) matters.
APRA’s new rules: What the end of ASX-listed hybrids means for investors
The Australian Prudential Regulation Authority (APRA) recently announced its decision to phase out Additional Tier 1 (AT1) capital instruments (also known as ASX-listed hybrids), with significant implications for the capital markets.
The evolution of unlisted infrastructure as an asset class
The unlisted infrastructure sector has come a long way from being a relatively niche investment opportunity, tightly held by institutional investors worldwide.
The information in these articles is current as at 15 April 2025.
This edition covers the following topics:
Investment Year In Review – November 2024
The 2024 calendar year is shaping up as another very strong return for investors, with attractive gains generated across equity and fixed income markets over the year.
The information in these articles is current as at 13 December 2024.
This edition covers the following topics:
Investment Markets In Review – Q3 2024
The September quarter began relatively quietly, before a strong pickup in activity and news flow towards the end of the period.
Copper evolution
Despite a recent bounce in iron ore prices after a number of stimulatory initiatives announced out of China, the profits from this key earnings contributor for Australia’s two largest miners are expected to be softer going forward.
Global Private Credit: A Growing Investment Opportunity
As global markets continue to evolve, private debt has emerged as a fast-growing asset class despite some recent high-profile challenges. This article delves into the growth of private debt, highlighting both its potential and the risks involved, with a focus on recent market dynamics.
US Presidential Election – looking beyond the spin
The theatrics, spin, wild accusations/statements and dramatic events that have punctuated the lead into the run up to the US Presidential election are now coming to a climax, ahead of the November 5th election date.
The information in these articles is current as at 14 October 2024
This edition covers the following topics:
Investment markets in review – Q2 2024
Despite a choppy start to the quarter, many financial markets quickly repriced back into the ‘no-recession soft landing’ scenario in the U.S. However, mixed data signals, especially around inflation and labour markets continue to delay the timing and magnitude of rate cuts from several major central banks (Australia included).
Industrial property – the quiet achiever
Post the dramatic events of the Covid experience, industrial property has stood out from a return perspective versus its higher profile peers of retail, office and residential.
Global Private Credit: A Growing Investment Opportunity
As global markets continue to evolve, private debt has emerged as a fast-growing asset class despite some recent high-profile challenges. This article delves into the growth of private debt, highlighting both its potential and the risks involved, with a focus on recent market dynamics.
The importance of rebalancing your portfolio
Planting and growing a tree is analogous to investing. Rebalancing an investment portfolio is akin to pruning that tree. A vital practice to ensure the tree is healthy, growing appropriately, and trimmed of the dead branches.
The information in these articles is current as at 18 July 2024
This edition covers the following topics:
Investment Markets In Review
Economic conditions held up relatively well over the quarter, especially labour markets where unemployment rates remain at or near historical lows in many key regions.
Time to Concentrate on Concentration
In the spirit of Easter, the old adage of ‘don’t put all your eggs in one basket’ can be a wise lesson to apply to investing.
India – a long term structural growth story
India is well positioned to remain an engine for growth for the global economy.
The information in these articles is current as at 21 May 2024.
Pitcher Partners Investment Services have a strong reputation for providing genuinely independent advice. We are completely unrestricted from reviewing, assessing and recommending all investment opportunities available to you. We assess opportunities on the basis of their risks and returns without obligation to product providers.
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