Praemium Investment Leaders

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Aug 2025

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EN-AU

About the show

Welcome to Praemium's Investment Leaders Series, a podcast created for financial advisers. Here, you'll gain invaluable insights from our in-depth conversations with investment managers and industry experts, covering topics from Australian equities, bonds, global equities, and ESG to burgeoning areas of alternative investments. Stay ahead of the curve with the latest trends, strategies, and market forecasts, arming yourself with the knowledge to guide your clients confidently in the dynamic world of finance.

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40 recent

August 25, 202533 min

Private Credit Through Market Cycles: Lessons from Three Decades

What separates great credit managers from good ones in today's market? Clark Koury, Managing Director and Head of Oaktree Capital's Product Specialist Group, brings thirty years of institutional wisdom to this question in a fascinating exploration of private credit markets.This episode unpacks the compelling case for private credit in today's uncertain environment. Investors are drawn to the asset class for two primary reasons: superior returns (historically 2-4% above traditional credit markets) and significantly reduced volatility. Unlike public markets where sentiment drives price swings, private credit investments are valued based on business fundamentals, providing a stabilising effect in diversified portfolios.Looking ahead, Koury identifies several particularly attractive segments within private credit, including European markets that offer better pricing and more conservative structures, life sciences companies seeking non-dilutive financing alternatives, and private asset-backed financing, which he describes as reminiscent of "private credit maybe 10 years ago." He also cautions about risks, particularly around discipline slippage when managers face pressure to deploy capital quickly.Whether you're considering an allocation to private credit or simply interested in understanding how experienced managers navigate complex market environments, this episode provides valuable insights from one of the industry's most established players.Views and opinions expressed are subject to change. This podcast is being made available for educational and informational purposes only and does not constitute, and should not be construed as, an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments in any jurisdiction. Further, this communication does not constitute and should not be construed as a recommendation or testimonial for any securities, related financial instruments, products or services of Brookfield Corporation (“Brookfield”) and certain of its affiliates.Praemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.

June 19, 202534 min

Breaking the Deflation Curse: How Corporate Governance is Renewing Japanese Equities

June-Yon Kim, Head of Japanese Equities at Lazard Asset Management, reveals why Japan is one of the most overlooked – yet compelling – equity stories today. Discover how structural reform and the end of deflation are reshaping the investment landscape, and why the Lazard Japanese Strategic Equity Fund gives Australian investors unique access to this opportunity.From "emerging market-like inefficiencies" in a developed economy, to semiconductor dominance and rising bank profits, Japan is rewriting its playbook – and active managers are ready to capitalise.If you're looking for real diversification, durable earnings growth, and a market ripe for transformation, this episode is a must-listenPraemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.

April 10, 202512 min

Live at AltInvest: Size matters, Small-Cap delivering outsized returns

Private equity has evolved dramatically over the past two decades, with many firms chasing progressively larger deals as they scale. Claire Smith, who leads Schroders Capital's private markets business in Australia, explains why they're deliberately swimming against this tide by maintaining a focus on small and mid-cap opportunities.During our conversation at the 2025 Premium Alt Invest Forum, Claire reveals the mathematical logic behind their strategy: "It's much easier to double the size of a small company than it is to double the size of a large company." This simple principle drives their pursuit of diversification from listed markets through companies with truly idiosyncratic risk profiles.Praemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.

April 9, 202510 min

Live from AltInvest: Navigating Market Volatility with Liquid Alternatives

What happens when traditional portfolio diversification fails? In this eye-opening conversation from the 2025 Premium Altinvest Forum in Melbourne, host Damian Cilmi sits down with Paul Fraynt, Senior Vice President and Portfolio Manager at Franklin Templeton Investment Solutions, to uncover the truth about achieving genuine protection against market volatility.Praemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.

March 27, 202538 min

Private Credit Secondaries: Inside the $140 Billion Market

The private credit secondaries market is experiencing explosive growth, on track to match the $140 billion private equity secondaries market by 2030. Martins Marnauza, Investment Partner at Coller Capital, walks us through this fascinating yet often overlooked corner of the alternative investments landscape.Providing liquidity to institutional investors trapped in 10-year closed-end funds has become big business. What started as a niche opportunity during the global financial crisis has evolved into a sophisticated market with multi-billion dollar transactions. Marnauza explains how Coller Capital purchases performing private credit assets at discounts, then benefits as these loans are repaid at par. This creates an unusual positive asymmetry rarely found in credit markets.The conversation explores both LP-led transactions (investors selling fund interests) and GP-led restructurings (managers organising liquidity solutions). We discover why major institutional investors increasingly use secondaries to actively manage their portfolios, whether due to strategy shifts, regulatory changes, or extended loan durations.For investors seeking strong risk-adjusted returns, private credit secondaries offer an attractive combination of downside protection, current income, and shorter duration compared to primary investments.Praemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.

October 11, 202426 min

Looking outside the Mundane Seven

Uncover the opportunity of the overlooked equities in the Australian market with Dion Hershen from Yarra Capital Management, as he offers unparalleled insights into the ASX200's not-so magnificent seven - the big four banks and iron ore miners. We'll explore how these banks are experiencing stagnant earnings and dissect the implications of the market's dependence on such few sectors. Are these trends sustainable amidst Australia's slow economic growth and competitive pressures? The conversation spans various investment horizons, from infrastructure to technology. Discover how companies like Square and APA are promising prospects in their respective sectors, and get the latest on market trends affecting Australian businesses. We examine the concept of "JAWS," which underscores the financial pressures many sectors face, and spotlight the healthcare industry's fascinating journey with GLP-1 drugs and their unexpected synergy with sleep apnea treatments. Praemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.

August 7, 202438 min

Liquid Assets: Investing in the world's most essential resource

Ever wonder how water can become a tradable asset like gold or stocks? Our guest, Euan Friday, Chair and CIO of Kilter Rural, shares his expert insights into the groundbreaking Australian water rights market. Get ready to navigate the detailed workings of water entitlements and allocations in Australia. Learn about the fluctuating prices of water due to varying supply and demand, and the diverse motivations of market participants – from farmers to government bodies. We'll also unpack the impact of the Murray-Darling Basin Plan and recent government initiatives aimed at sustaining this crucial water resource.Lastly, we dive into the agricultural heartbeat of the Murray-Darling Basin, Australia's most crucial food-producing region, and the factors driving water's migration to high-value crops like almonds. From the recent challenges faced by wine grape producers to the effects of government water buyback programs, Euan provides a comprehensive view of current trends and market dynamics and the opportunity water offers for investors seeking true diversification with non-correlated investments. Don’t miss this fascinating episode!Praemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.

June 27, 202445 min

Catastrophe Bonds: A Genuine Alternative Asset

Damian Cilmi is joined by Dr. John Seo, a trailblazer in the Catastrophe Bond market and co-founder of Fermat, as they discuss the fundamentals of catastrophe bonds, their typical maturities, the types of natural disasters they cover, and the returns they offer. Dr. Seo provides insight into the roles insurance and reinsurance companies, as well as government agencies, play in issuing these bonds.They discuss the market's evolution into a $100 billion industry which is characterised by liquidity, transparency, and non-leveraged investments. Learn how these bonds are tracked and valued, and understand their primary and secondary liquidity dynamics.Damian and Dr. Seo delve into the growing appeal of catastrophe bonds, especially in the face of rising reinsurance costs and increasing natural disasters in urban areas. Dr. Seo discusses the critical intersection of population growth, urban density, and significant financial stakes for insurers. The conversation also addresses inflation and interest rates' impact, driving demand for catastrophe coverage and diversification opportunities in investment portfolios.Praemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.

May 21, 202434 min

The 'Great Tightening Cycle': Uncovering Opportunities in Property with Matt Sgrizzi

Praemium’s Damian Cilmi is joined by LaSalle Investment Management’s Managing Director Matt Sgrizzi for a discussion on the 'Great Tightening Cycle.' In this episode Matt sheds light on how the legacy of financial stress in real estate has historically unfolded into rewarding opportunities, particularly within the robust world of real estate investment. The conversations turns to the future of office leasing, the booming data centre sector, and the shift in retail real estate towards e-commerce. Matt's insights give a comprehensive picture of a sector undergoing fundamental change, where savvy investors can benefit from high yield income whilst protecting against inflation. TRANSCRIPTDamian Cilmi: Hi listeners, welcome to another installment of the Premium Investment Leaders Series podcast. I'm your host, Damian Cilmi, Head of Investment Managers at Premium. We try and move around all the major asset classes and bring you insights from the world's leading investors. And today we are back to discuss global property.We've done a few episodes in the past, looking at structural changes to retail and the impact of work from home on offices. And it's been quite a wild ride for real estate investors with the asset class dragged down by interest rate increases in 22, only to see a rally late in 23 when it appeared rates had peaked.We're now at an interesting inflection point, and we're really pleased to be joined today by Matt Sgrizzi, CIO and lead global portfolio manager of LaSalle Securities, who's joined us from their head office in Baltimore. Matt, welcome to the showMatt Sgrizzi: Great to be here, Damian. Thank you for having me. Damian Cilmi: Hopefully it's been very nice to you.Matt Sgrizzi: It has been, as usual. Damian Cilmi: Oh, very good. And the weather's been nice, which is good. I appreciate that. It's good. And so, before we get into the interview, we'll talk about LaSalle. There's a large manager of real estate portfolios, over 900 staff and manage over U. S. 90 billion.But just an introductory question, how does your team fit within the overall Jones Lang LaSalle business? Matt Sgrizzi: Yeah, so LaSalle Investment Management is the wholly owned investment management arm of JLL. So, all of the investment management services are within LaSalle. And that is the 900 staff globally.The majority of that business is investing in and managing real estate, private equity. And then there are other businesses within LaSalle that invest in debt origination and indirect investments in, in real estate. And indirect means that we're not only investing in a portfolio of real estate assets, but also a third-party manager of those assets.So co investments, private funds, and listed securities. And I work on the indirect, which is the unlisted funds and the public companies investing in those real estate assets. And then you've got the big group as well that, you know, does a lot of broken real estate services while they get a lot of insights out of that group.Absolutely. So JLL you know, absolutely enormous global real estate service provider. Anything that you could think about with real estate, JLL will be happy to help you with that that problem that you might have and indeed, we, we really tap into those resources, and I have to say, as a, as a global investor, which we truly are in the securities team having that information available to us, that network available to us, is just so powerful, and we really use it in how we determine our valuations of the companies, that we invest in and how we construct our portfolios.Whether we're dealing with issues that are well known and well documented, like U. S. office, or looking at new markets. I remember when Turkish REITs were first becoming available, I was interacting with our JLL colleagues therPraemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.

April 16, 202416 min

Harnessing High-Yield Credit

Unlock the potential of corporate credit investments as we join forces with Samantha from Ares Credit Group in a fascinating conversation that promises to shift your perspective on personal finance. We're not just talking government bonds here – imagine a portfolio enhanced with liquid credit instruments like leveraged loans, high yield bonds, and CLOs. These aren't your average investment vehicles; they're the financial world's high-performance sports cars, offering the thrill of significant yields and the stability of shorter durations to help you navigate market volatility with ease. Samantha brings her heavyweight expertise to the table, demonstrating the power of scale in credit investments and how Ares' sophisticated platform can lead to superior market intelligence and recovery optimization when defaults occur.Praemium Limited is the issuer of the Investment Leaders and Advice Leaders podcasts. These podcasts are for information purposes only and aren't tailored to individual financial situations and do not contain financial advice. Views expressed by presenters may not align with Praemium's and nothing in this podcast should be seen as an endorsement or recommendation of the product or strategy. For more information about Praemium, including our disclosure documents, please visit our website. We recommend that individuals seek professional financial advice before taking action.