MAGELLAN - In The Know

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Aug 2026

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About the show

’In The Know’, is our monthly investment podcast, dropping on the last Tuesday of every month. Since inception in August 2020, we’ve been bringing you timely, thought-provoking insights to help you navigate today’s investment landscape. From deep dives into the latest macroeconomic and geopolitical issues, to our analysis on sectors and stocks in global markets. Join Magellan Investment Partners as we engage with industry experts, CEOs, and our investment team, offering deep analyses on macroeconomic trends, geopolitical issues, global markets, and more. For more information visit: magellaninvestmentpartners.com and sign up to our regular investment insights program.

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August 24, 2026Episode 6930 min

What the headlines are missing on private credit

Asset-backed credit is a well-established part of Australia’s lending market, but it operates quite differently from corporate and real estate private credit that has attracted much of the recent attention. In this episode of In The Know, Simon Brinsmead from Barrenjoey is joined by Eric Williamson, Head of Private Credit Investments and Eva Zileli, Senior Fund Manager, Credit, from Barrenjoey Private Capital. They explain how asset-backed lending works, the residential mortgages and other financial assets underpinning these investments, and the layers of protection built into securitisation structures. They also examine Australia’s non-bank lending sector, how they assess credit quality and risk, and the role asset-backed credit can play within a diversified portfolio. Barrenjoey (including Barrenjoey Private Capital) is part of Magellan Financial Group Limited (ASX: MFG). This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners (‘Magellan Investment Partners’) and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs and is not intended to constitute advertising or advice of any kind and you should not construe the contents of this material as legal, tax, investment or other advice.

July 27, 2026Episode 6844 min

Cellnex: pricing power, moats and the next phase of shareholder returns

Cellnex owns and operates around 112,000 telecom towers across ten European markets, generating recurring, contracted revenue from mobile operators who have few practical alternatives once a site is built. This episode of In The Know was recorded by GLIO (the Global Listed Infrastructure Organisation), with Cellnex CEO Marco Patuano and Roy Harrison, Investment Analyst in the Magellan Global Listed Infrastructure team. Together they unpack the tower business model and its economic moat, and why Marco believes the market may be mispricing Cellnex's risks. They also cover the drivers of organic growth, the company's shift from debt-fuelled M&A to balance sheet repair and shareholder returns and Marco's view on the investment case as free cash flow builds. Magellan Investment Partners would like to thank GLIO and Cellnex for the opportunity to bring this conversation to our audience.

June 30, 2026Episode 6738 min

The changing world order and what it means for investors

Geopolitical events are no longer just creating short-term market volatility, they're reshaping the global investment landscape in more lasting ways. In this episode of In The Know, Alan Pullen is joined by Michael Allen, Managing Director and Partner at Beacon Global Strategies, to examine the structural changes unfolding across global politics. They discuss the future of NATO, the conflicts in the Middle East and Ukraine, the direction of US politics under President Trump, and why investors may need to rethink some of the assumptions that have underpinned markets for decades.

May 25, 2026Episode 6631 min

Finding the edge: data, AI and active investing

How are data and AI reshaping the future of active investing? Markets are moving faster than ever. AI is changing how investment managers research, think and ultimately make decisions — and the edge lies in knowing how to use it. In this episode of In The Know, Magellan’s Head of Distribution, Asia Pacific, Mark Burgess is joined by Rob Franklin, Research Manager at Vinva Investment Management, to unpack the evolution of AI in investment research, the growing importance of alternative data and why human judgement remains critical in navigating changing market regimes. Rob also shares insights into how Vinva combines disciplined, systematic processes with technology-driven innovation to build diversified portfolios in an increasingly competitive investment landscape.

April 27, 2026Episode 6530 min

Infrastructure, energy and the affordability challenge

Affordability pressures, alongside rapid investment, are reshaping the US economic story in 2026 — and the impact is being felt far beyond headline growth. In this episode of In The Know, Rebecca Hiscock-Croft, Investment Director for the Magellan Global Listed Infrastructure team, chats with Brett Loper, Executive Vice President for Policy at the Peter G. Peterson Foundation and Executive Director of the Peterson Solutions Fund, about what’s really driving the conversation on the ground — from the rising cost of housing and energy to the growing strain on household budgets. They explore how surging demand from AI and data centres is adding new demands on power systems and infrastructure and why utilities and energy are becoming an increasingly important, if less visible part of the conversation. With infrastructure and affordability now tightly linked, this discussion explores the forces set to define the next phase of the US economy.

March 30, 2026Episode 6437 min

AI disruption, real assets and opportunity in Australian equities

How do you invest when markets feel driven by noise, narratives and sudden shocks? In this episode, Emma Fisher, Deputy Head of Australian Equities at Airlie Funds Management and Joe Wright, Deputy Portfolio Manager, discuss how they navigate volatility by staying anchored to process, fundamentals and valuation. They unpack the resurgence of “real assets”, the sharp sell-off in software and classifieds and why AI disruption fears may be creating opportunities in quality businesses. Emma and Joe also explore gold, commodities and portfolio positioning, discussing that while narratives can drive short-term moves, long-term returns are still shaped by earnings, balance sheets and disciplined stock selection.

February 23, 2026Episode 6325 min

Outlook for global equities: what could surprise markets in 2026

What could derail markets or fuel the next rally - after 3 years of gains? In this conversation, Portfolio Managers Alan Pullen and Casey McLean join Investment Director and Analyst, Elisa Di Marco to reflect on the volatile start to 2025 and the powerful AI-driven rally that followed, before looking ahead to what 2026 may bring. The trio discuss expectations for more modest returns and a rotation toward quality and AI execution. They also highlight the sectors and companies they believe are best positioned to benefit as markets evolve. They explore potential upside surprises and key wildcards, from private credit risks to AI-led productivity gains. Above all, they emphasise the importance of investment discipline, fundamentals and long-term thinking in today’s volatile environment.

November 24, 2025Episode 6226 min

The infrastructure outlook: Hidden opportunities, real risks

In today’s uncertain environment, is infrastructure still a safe haven? In this compelling conversation, Rebecca Hiscock-Croft, Investment Director with Magellan’s Infrastructure team, speaks with Portfolio Managers Ofer Karliner, Ben McVicar and David Costello about how they’re navigating market volatility. They explore where they see compelling value and structural growth in infrastructure and what they view as key risks, including richly valued US merchant power names tethered to the AI boom. https://magellaninvestmentpartners.com/ Related insights: US railroad shake-up: Inside America's biggest deal of the year

October 27, 2025Episode 6125 min

From search to answers: How AI is changing the game

How is generative Artificial Intelligence impacting online search tools, and what does the future of search look like? That’s the focus of conversation between Elisa Di Marco, Investment Director and Analyst and Portfolio Manager Casey McLean. Elisa and Casey unpack the shift from traditional search engines to AI-powered “answer engines” such as Google’s newly launched AI Overview and AI Mode, and discuss how Google’s parent company, Alphabet, is navigating this transformation. They also highlight the key implications for investors in this new wave of digital disruption.

September 29, 2025Episode 6023 min

Australian Equities: Where are we now, and what’s next?

Following a volatile reporting season, we’re seeing one of the “unhappiest bull markets” in recent years. That’s according to Matt Williams, Head of Australian Equities at Airlie Funds Management. He joins Amy Manns, Relationship Manager at Magellan Investment Partners in this episode to discuss how Australian Equities are faring and what’s next for the market. The duo unpacks the forces behind heightened market volatility – and discuss key themes from the recent reporting season including the resilience of Aussie consumers, the recovery in small caps, soft results posted by banks and the risks of US housing exposure. Matt also explains recent standout results from stocks like Sigma-Chemist Warehouse and ResMed. He explores whether we can expect to see a revival of public markets; and reflects on the current market preference for growth stocks, sharing his evolving perspective on how to value them. Finally, Matt shares valuable lessons he’s learned throughout his career. With the Australian economy remaining sluggish overall, he emphasises the importance of staying invested long-term, not becoming distracted by the noise and sticking to what you know.