In this episode David interviews Armen Panossian, co-CEO and head of Performing Credit at Oaktree Capital Management, known for its successful management of distressed debt. Armen outlines his background in finance and his journey at Oaktree since joining the firm in 2007. He discusses Oaktree's foundation in 1995, its investment philosophy emphasising risk control, and its focus on credit investment. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The conversation also highlights the differences between performing and non-performing credit, with the former involving financially stable borrowers and the latter involving distressed entities that may offer enhanced returns. Despite current economic stability, Armen highlights a significant need for tailored capital solutions, especially in sectors like real estate and healthcare. He concludes by discussing potential economic shifts and the importance of prudent investment strategies to navigate uncertain financial landscapes.

In this episode of "Inside the Rope," host David Clark welcomes back Tim Carleton, Chief Investment Officer at Auscap Asset Management, to discuss his fund's performance and investment strategy. The Auscap Long Short Fund has achieved a notable compound annual growth rate of 16.1% since its inception (December 2012 to March 2024). During the episode, Tim shares his perspectives on various investment topics, including challenges and opportunities in the current market, his cautious approach toward sectors like China and iron ore, and his strategies for managing assets like the Charter Hall retail REIT. Tim also discusses the impact of AI on the market and his views on cryptocurrencies, maintaining a cautious stance on Bitcoin. He highlights the potential of sectors like healthcare, specifically addressing how emerging drugs like GLP-1s could affect companies like ResMed. Additionally, he touches upon the importance of not over-leveraging in investments and the role of cash as a strategic asset. The episode concludes with Tim promoting the Mirabelle Foundation, a charity supporting children affected by parental drug abuse. Tim founded Auscap Asset Management in 2012. He has 20 years’ experience in the financial services industry. From 2007 to 2011 he was an Executive Director at Goldman Sachs where he was responsible for managing an Australian equities long/short portfolio using Proprietary funds. Prior to 2007 he worked at Macquarie Bank within the Investment Banking Group.

In this episode of "Inside the Rope," David chats with Amy Pham, Fund Manager at Pengana, about the changing world of property investment as interest rates change and more people work from home. They dive into how these changes are affecting properties in Australia, especially offices, and compare it to what's happening around the world. Amy highlights the trends in industrial and retail properties, why data centres are becoming hot spots for investors, and why it's important to consider environmental, social, and governance (ESG) factors when making investment choices. Amy shares her own story, from her early days using math as a strength as a Vietnamese refugee to becoming an expert in econometrics, adding a personal touch to her professional insights. They also talk about the different kinds of assets you can invest in, how changes in interest rates impact property investments, and the difference between investing in listed properties (like shares) and unlisted equivalents. Amy has over 25 years of property funds management experience. Prior to joining Pengana she worked at Charter Hall/Folkestone for 6 years, managing a high conviction AREIT strategy. This team won several industry awards including Financial Standards Property Fund Manager of the Year 2019, Money Management/Lonsec Australian Property Securities Fund Manager of the Year 2018, and Financial Standards Property Fund Manager of the Year 2017. Amy has held several senior positions including head of property securities at IAG and portfolio manager at Deutsche Asset Management and Perpetual Funds Management. She began her career as a quantitative analyst at Legal & General in 1994. Amy holds a Bachelor and Honours degree in Economics from the University of New England and University of California Davis.

In this episode of "Inside the Rope," host David Clark welcomes back Dr. Craig Collie from Regal Funds Management to delve into the groundbreaking developments in the field of weight loss drugs, particularly focusing on Ozempic, a GLP-1 category drug revolutionizing obesity treatment. Dr. Collie, who runs the Regal Healthcare Long Short Fund, shares his expert insights on how this new category of drugs is poised to transform the healthcare industry and wealth management strategies. Listeners are given a comprehensive overview of Ozempic's potential market impact, underscored by Dr. Collie's projection that it could become a sales giant, surpassing current leading drugs by a significant margin. The episode explores the drug's secondary benefits, its implications for the healthcare sector, and its broader economic effects. Dr. Collie also discusses the strategic positioning of Regal Funds Management in the healthcare investment landscape, highlighting the inefficiencies and opportunities in the healthcare market. Craig began his career as a medical doctor working predominately in accident and emergency across Australia, New Zealand and the United Kingdom. After completing his MBA at Cambridge University, Craig worked at the Boston Consulting Group in Sydney and New York providing strategic advice to corporations, predominately within the healthcare and financial services sectors. Immediately prior to joining Regal in 2016, Craig was Head of Healthcare Research at Macquarie Securities Group for five years. Craig holds a Bachelor of Medicine and Bachelor of Surgery from the University of Otago, an MBA from the University of Cambridge and continues to hold full medical registration in Australia.

In this episode, David is joined by Koda Capital Chief Economist Brigette Leckie to discuss global economic performance, the impact of artificial intelligence on economies, and the implications of upcoming elections, particularly in the US, for the economy and investment markets. Brigette and David also touch on the current wars and their potential economic impacts. Brigette shares her experience gained across the financial services industry and provides her outlook on asset classes, contrasting her views with the consensus on the street. The episode also covers a range of other topics, including the structural and cyclical aspects of economies, inflation trends, and the influence of geopolitical events on financial markets. Brigette Leckie has worked in financial markets since the early 1990s. Previous roles have included Chief Strategist, Chief Economist and Head of Research at Australian, New Zealand and multinational firms including BNY Mellon, Alliance Bernstein, Perpetual and BNP. She has also worked in New Zealand Treasury and served on numerous public and private sector committees.

In this episode, host David Clark interviews Phil King, the Chief Investment Officer and co-founder of Regal Funds Management. King discusses his passion for investing and the enjoyment he finds in working with top companies worldwide and building a successful team at Regal. Despite his significant achievements, Phil is noted for his humility and simple lifestyle, emphasising substance over appearances in both his personal life and investment strategy. Phil shares insights into his approach to investment, highlighting the importance of curiosity, good listening skills, and an ability to remain unaffected by market fluctuations. He talks about Regal's strategic focus, including their trading approach, long-term investments, and the rationale behind their portfolio turnover rate. The discussion also touches on the success and volatility of Regal's small companies fund, underscoring the balance between risk and reward in investing in small-cap companies. The conversation also touches on Phil's vision for Regal, aiming to attract top industry talent by creating a prestigious and successful firm, similar to Barcelona FC in the sports world. Phil also provides his perspective on the macroeconomic environment, the impact of the Chinese economy, and Regal's position on various sectors, including resources and battery metals.

In this episode of "Inside the Rope", David interviews Frank Macindoe, advisor and partner at Koda Capital, who manages the Koda Enduring Equities portfolio. This portfolio, focusing on ASX-listed shares, has achieved an impressive compound annual growth rate of over 14.8% over 15 years to November 2023. The discussion revisits the fund's performance, noting a 10% increase in the final quarter of 2023, despite the challenging period discussed in a previous episode six months prior. The conversation also honours the late Charlie Munger, highlighting his profound impact on investment strategies alongside Warren Buffett. Frank shares insights on navigating the current volatile geopolitical landscape, including the uncertain outcomes of the upcoming US and India elections, and how global tensions affect the markets. Frank emphasises the importance of maintaining a long-term investment perspective in the face of short-term market fluctuations. He details the rationale behind portfolio management decisions, focusing on understanding future cash flows and the implications of changing discount rates due to fluctuating interest rates. The discussion highlights the resilience required to adhere to long-term investment philosophies amidst market volatility. Frank also explores potential market influences in 2024, including geopolitical events and economic policies, with Frank and David distinguishing the differences between fundamental changes and temporary market trends in investment decision-making.

In the podcast episode of "Inside the Rope," host David Clark interviews Cal O'Brien, a managing partner at Anchorage Capital Partners. Anchorage is noted for its expertise in mid-market turnaround investments in Australia, with an impressive average internal rate return of return of over 40%. Cal shares his background, detailing his upbringing on a farm and how it shaped his career in law and later, in private equity. He recounts his transition from a successful legal career, where he specialised in mergers and acquisitions, to a focus on private equity. This shift led him to Anchorage, where he played an important role in establishing their first fund and later joined the firm full-time. The episode touches on Anchorage's investment strategy, which primarily involves taking control positions in companies with over $100 million in revenue. These are typically businesses that can benefit significantly from operational improvements, often being non-core units of larger entities. Cal emphasises Anchorage's hands-on approach, including regular operational meetings and a strong emphasis on effective management teams. Cal cites examples of investments, such as the successful turnaround of Affinity Education and the challenges faced with Scotts, a refrigerated logistics company. He also discusses current investments, including a New Zealand in-home care business, a childcare enterprise, and the renowned retailer David Jones, outlining strategies and progress in these cases. Cal concludes by highlighting Anchorage's support for Ability First Australia, a non-profit aiding disability organisations.

This podcast episode from "Inside the Rope" features David Sekel, a lawyer specialising in asset protection and estate planning. The discussion revolves around the importance of safeguarding wealth for future generations. David shares insights from his experience working with substantial families, focusing on creating strategies for wealth preservation and succession. Key topics include the complexity of family dynamics in wealth management, the significance of documenting family loans, and the necessity of an effective estate plan. The conversation delves into the challenges families face, such as ensuring wealth remains within the family, avoiding legal disputes, and dealing with different family members' objectives. The episode emphasises the critical role of powers of attorney, especially in managing investments and other assets, as well as the impact of family law on wealth management.

This episode of "Inside the Rope" features David Clark interviewing Andrew Rado, the portfolio manager of the Longreach Maris Sustainable Seafood Fund. Rado explains how the fund invests in Individual Transferable Quotas (ITQs) for wild-caught seafood, a system introduced in the early 1980s in Australia. This innovative approach combines ecological sustainability with economic efficiency. The ITQs regulate the total allowable commercial catch, balancing demand growth with a fixed supply, thereby increasing the value of seafood and the underlying assets. The conversation covers the evolution of fishing industry regulations, from uncontrolled fishing to effective management systems. These regulations have shifted from input controls, like limiting fishing days or equipment, to output controls, setting caps on the quantity of fish caught, such as the current quota system. Rado highlights the fund's significant social impact, particularly its initiatives supporting young, regional, and indigenous fishers. These initiatives include helping them acquire or lease quotas, thus ensuring the continued vitality and sustainability of local fishing communities. The fund's investment strategy is backed by the demand for seafood, driven by factors like immigration and changing dietary patterns. Despite challenges like international trade disputes, the fund has demonstrated resilience and adaptability, finding new markets and maintaining returns for investors.

In the podcast episode "Inside the Rope" hosted by David Clark with Urs Wietlisbach, a co-founder of Partners Group a leading global private markets firm that since 1996, has invested over USD 200 billion in private equity, private debt, private real estate, and private infrastructure on behalf of their clients globally. The episode delves into the global impact and investment strategies of Partners Group, emphasising the importance of diversification and effective management in the realm of private investments. Urs shares his views on private equity, liquidity, and current market trends, offering a fresh perspective of the current financial landscape. A significant portion of the conversation is dedicated to Urs's family's dedication to philanthropy, particularly their active participation in the Giving Pledge. This aspect highlights the family's commitment to social responsibility and their approach to leveraging their wealth for broader societal benefit. The episode also explores the concept of impact investments, which Urs believes can achieve social good while ensuring strong financial returns. This discussion reflects Urs's holistic approach to business, where financial success and social responsibility are not mutually exclusive but rather complementary objectives.