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Elise McKay: What’s driving rotation in equities
November 26, 2025
In this podcast Pendal portfolio manager ELISE MCKAY delves into the rise of passive and systematic trading and how the resulting increased volatility is creating opportunities for fundamental investors
You can also listen to this podcast on Apple or Spotify
An excerpt from this interview with Pendal portfolio manager Elise McKay:
What’s driving the recent rotation in equities around the globe at the moment?
“It’s been a very complicated market to navigate, that’s been for sure,” says Pendal portfolio manager Elise McKay.
“It’s been more challenging than usual with the US in an information vacuum during the government shutdown.”
“But what has actually been driving this significant market rotation?”
Elise points to the evolving flow of money.
“The rise of passive, the rise of systematic trading has contributed to an increase of volatility in our market.
“During the extreme market moves we saw last week, ETFs were accounting for 38% of market volumes compared to a historical average of around 28%.”
With the market crowding into long-duration growth stocks, any sign of uncertainty in the economy or questions over the easing cycle help drive heavy rotation into cyclicals and financials.
Listen to the full podcast above or learn more about Elise in her latest Pendal profile interview.
*Pendal has a position in the stocks mentioned in this podcast.
Find out about
Crispin Murray’s Pendal Focus Australian Share Fund
About Elise McKay and Pendal Australian share funds
Elise is an investment analyst and portfolio manager with Pendal’s Australian equities team. Elise previously worked as an investment analyst for US fund manager Cartica where she covered a variety of emerging market companies.
She has also worked in investment banking and corporate finance at JP Morgan and Ernst & Young.
Pendal Horizon Sustainable Australian Share Fund is a concentrated portfolio aligned with the transition to a more sustainable, future economy.
Pendal Focus Australian Share Fund is a high-conviction equity fund with a 16-year track record of strong performance in a range of market conditions. The Fund is rated at the highest level by Lonsec, Morningstar and Zenith.
Pendal is an independent, global investment management business focused on delivering superior investment returns for our clients through active management.
This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current at February 5, 2025. PFSL is the responsible entity and issuer of units in the Pendal Monthly Income Plus Fund (ARSN: 137 707 996) and Pendal Dynamic Income Fund (ARSN: 622 750 734) (Funds).
A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested.
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