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The Point
Quick, actionable insights for investors
Australian Equities
Crispin Murray: What’s driving the ASX this week?
Elise McKay: The headlines driving Aussie equities this week
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Elise McKay: The headlines driving Aussie equities this week
Here are the main factors driving the ASX this week, according to Aussie equities analyst and portfolio manager ELISE MCKAY and reported by head investment specialist CHRIS ADAMS
Read Pendal’s latest weekly equities overview.
Crispin Murray: Where to find ASX opportunities amid ‘theme-driven’ market noise
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Crispin Murray: Where to find ASX opportunities amid ‘theme-driven’ market noise
Share prices are increasingly moved by popular themes like AI disruption, trade wars, and tariff fears – without regard to company fundamentals or long-term valuations.
As a result, quality Australian companies with sound outlooks and predictable cash flows are being indiscriminately sold off.
That’s creating opportunities for active fund managers, Pendal’s head of equities Crispin Murray told Morningstar’s 2025 investment conference in Sydney last week.
“We believe this is creating more distortions in the market. It means the amplitude of mispricing is greater, and it lasts longer.”
Global market dislocation means the ASX has a range of industrial companies with predictable cash flows and returns that have been sold down and offer opportunities for investors, he says.
“One example is CSL – one of Australia’s largest, most successful companies. Five years ago it was running high – at an over-40 multiple. It’s now down to about 22 times earnings,” he says.
Fears of the impact of tariffs on CSL are misplaced, assuming the company doesn’t do anything to respond – “and I think that’s where the market’s overreacting,” argues Crispin.
“We think the risk on the tariff front is being overstated, and that’s what’s providing you the opportunity.” Pendal owns CSL.
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Crispin Murray: What’s driving the ASX this week?
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Crispin Murray: What’s driving the ASX this week?
Rajinder Singh: What’s driving Aussie equities this week?
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Rajinder Singh: What’s driving Aussie equities this week?
Why ASX-listed small caps look set to outperform
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Why ASX-listed small caps look set to outperform
The prospect of rate cuts over the remainder of 2025 should continue buoying ASX small caps, argues Pendal PM Lewis Edgley.
Markets are increasingly confident that lower interest rates will help Australia avoid a prolonged economic downturn, with support from strong employment and continued immigration.
That kind of macro-economic background has traditionally been positive for smalls, which are more cyclical and growth-oriented than their larger counterparts – and hence tend to outperform during periods of monetary easing.
“We know from experience that when rates go down, small caps as a category tend to outperform large caps,” says Lewis.
Investors are sometimes turned off by the performance of the benchmark ASX Small Ordinaries index, which has lagged large caps in recent decades.
But the Small Ords is ahead so far this year and there are always good opportunities for active managers with time and resources, he says.
“If you do it well, there’s a huge opportunity to add value and beat the broader market return, while benefiting from diversification.”
Lewis gives an example here
Jim Taylor: What’s driving the ASX this week?
Elise McKay: What’s driving equities this week?
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Elise McKay: What’s driving equities this week?
Here are the main factors driving the ASX this week, according to Aussie equities analyst and portfolio manager ELISE MCKAY and reported by head investment specialist CHRIS ADAMS
Read Pendal’s latest weekly equities overview.
What’s driving ASX stocks this week?
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What’s driving ASX stocks this week?
Here are the main factors driving the ASX this week, according to Pendal portfolio manager PETE DAVIDSON. Reported by investment specialist Chris Adams.
When ‘liberation day’ became ‘liquidation day’: Crispin Murray on how to invest in a Trump world
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When ‘liberation day’ became ‘liquidation day’: Crispin Murray on how to invest in a Trump world
Jim Taylor: What’s driving the ASX this week
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Jim Taylor: What’s driving the ASX this week
What’s driving ASX stocks this week?
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What’s driving ASX stocks this week?
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