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28 February 2026
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The sector is positioned to benefit from defensive and resilient income streams supported by embedded rental increase opportunities.
There were mixed performances by LICs and LITs last year although they generally delivered an increase in dividends. Total returns including price are driven by the extent to which they trade at a discount to NTA.
Fund managers have more staff, more information, and more access to companies, yet individual investors have one advantage in their favour. Anyone selecting a manager should consider such constraints on performance.
Over decades, relatively few companies generate all the stockmarket's outperformance. Is this an argument for passive investing or does it prove active investing is rewarded? Bessembinder lets you decide.
Flows into equities were not strong in 2022 as investors worried about the selloff, but more money flowed into fixed interest at the wrong time. Managed funds still dominate ETFs and LICs but the gap is closing.
Conservative investors who want the greater capital security of bonds can now lock in 5% but they should stay at the higher end of credit quality. Rises in rates and defaults mean it's not as easy as it looks.
Investors often overlook the capital risk in high-yielding stocks. It's better to ensure capital grows and investors can sell a portion each year to make up for the shortfall in income from dividends.
Following the uncertainty of the GFC, 2010 to 2019 delivered decent Australian share results overall, with wide variations by sector. It's fascinating to see who won and lost over the decade.
Depending on the type of fund you use and whether you pay for advice, there is a large difference in the size of fees. It might be worth paying for extras but choose the fund and advice level that suits you.
Morningstar's full report on asset class returns for all terms out to 10 years updated to 31 December 2017, plus standard deviations (volatility) of returns in each asset class, a 'risk' measure often overlooked by investors.
How was your asset allocation last year? Take a look at every financial year since 1998 and there's no pattern. Please complete our quick survey on the best and worst for 2017/2018.
Long gone are the days when 'passive' investing meant simply replicating a cap-weighted index, especially with the surge in 'active' and 'factor-based' funds such as smart beta. We need more nuanced definitions.
The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.
The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.
Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.
The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.