Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Register

17 September 2026

Home / Author: RQI Investors

RQI Investors

Emerging market concentration Déjà Vu

Emerging markets have been here before - but today's concentration is being driven by a different set of dynamics. A small group of companies has risen rapidly to the top of the market, bringing renewed attention to what is driving these market dynamics.

Lessons from the Quant Winter

The quant winter was a two‑year period from 2018-20 when quant funds underperformed. This was largely a Developed Markets effect, with Australia also affected. In the last few years we've seen strong quant factor performance which raises the question of whether a quant winter could recur.

Corporate culture: Do companies that talk the talk also walk the walk?

Getting corporate culture right can be a powerful tool for any company and an important dimension for firm value. While intrinsically important for companies, it is notoriously difficult to measure.

Extreme concentration and its implications for equity investors – Addendum

This paper extends RQI's recent research on extreme concentration, turning to the Australian and Emerging Markets (EM) experiences. It aims to provide evidence that Australia and EMs do not show the same recent upward trend in concentration as the US.

Extreme concentration and its implications for equity investors

Concentration in equity markets has reached unprecedented levels, particularly in the US. A select few mega-cap stocks now dominate market indices, reflecting a convergence of technological innovation, speculative enthusiasm, and the allure of generative AI.

A deep dive into profitability

This report examines the characteristics and trend of a well-known measure of quality - Profitability. It discusses the reasons why it is a useful measure and why it might be persistent through time.

Firstlinks is sponsored by:

Latest Updates

Planning

Testamentary trusts survived the trust tax. The drafting battle has just begun.

The fight over testamentary trusts looked settled. Then the draft legislation arrived. Hidden in a technical detail is a question that could force many families to rethink wills they thought were already future-proof.

Investment strategies

The new capital gains tax trap for your portfolio

Investors have long accepted one portfolio rule without much question. A major tax shift could change that calculation entirely, forcing difficult trade-offs between risk, discipline and an overlooked cost lurking beneath.

Economy

Population growth masks Australia’s productivity problem

For years, investors have benefited from a seemingly reliable growth story. But recent national accounts raise uncomfortable questions about what has really been driving Australia’s economy and whether that can continue unchecked.

Investment strategies

Why tomorrow’s winners may not be today’s index leaders

The stocks that built retirement balances over the past decade now dominate many portfolios. The new challenge is whether these companies can continue meeting the increasingly high expectations embedded in today's share prices.

Investing

What earnings surprises reveal about future returns

Sometimes the most important information in an earnings result isn't the number itself. It's the possibility that the market's assumptions have been fundamentally wrong and future earnings may look very different.

SMSF strategies

Individual SMSF Trusteeship directly liable for ATO fines

A rarely discussed detail buried in SMSF structures could dramatically change who wears the cost when something goes wrong. With penalties rising, a decision many dismissed as administrative may deserve a second look.

Investment strategies

The currency bet you didn’t know you made

Buying global shares means making two bets: on the companies and on the Australian dollar. Most investors consciously choose only the first. Last financial year, the second bet cost 8.5% in returns for many investors.

Register here to receive the Firstlinks newsletter for free

Sponsors

Alliances

  • ASA-Logo-RGB-ActiveGreen-web.png

Site Map

About Firstlinks

© 2026 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.