Few of us would’ve predicted that by June the S&P would not only be positive, but up over 11%. On face value, a healthy market.
But dig a little deeper, and it quickly becomes apparent that this performance has been carried by the big mega-cap tech stocks. Such is their performance, and the lack of performance by the rest of the index, that Apple, Microsoft, Alphabet and Nvidia now account for a third of the S&P500.
This all begs the question: what next?
Do these mega cap stocks sell off, does the rest of the market trade up, or will it be a bit of both?
If it’s the former, which companies will take the reigns?
These questions, and more, are answered by today’s guest – Jacob Mitchell, founder, CIO and lead Portfolio Manager at Antipodes Partners. Antipodes houses two global funds, an emerging markets fund, and an actively traded global shares ETF (ASX: AGX1).
Before starting Antipodes, Jacob spent 14 years at Platinum Asset Management, where, as the co-CIO and lead portfolio manager of the Platinum International Fund, he oversaw $3.5 billion in assets under management.
Jacob goes to town on a lot of subjects, including:
Note: This episode was recorded on Wednesday, June 5 2023
Timestamps
2:30 - Megacaps have dominated. What's next?
5:30 - Is AI a bubble?
9:10 - Slowing in the West, reopening in the East
12:00 - Market valuations and fundamentals don't line up
15:30 - Eyes on smaller companies bridging the gap
20:10 - Primed sectors
22:50 - Holding the line
27:20 - Liquidity is draining
30:20 - The secular winners of tomorrow
34:45 - Retail investors are sceptical of the energy transition
41:00 - Investment case for fossil fuels
44:00 - Hedging risk in today's market
48:00 - High conviction stocks
700+ meetings each year: How WAM Global uncovers under-the-radar stocks
Chris Stott’s 5 high conviction stock ideas for the new bull market
Christopher Joye: No margin for error for risk junkies craving rate cuts
Why Ben Clark is taking profits on growth stocks (and where he's putting that money to work)
Trailer: Ben Clark, TMS Capital
The next 10 years in ETF growth could be dominated by this asset class
Warryn Robertson’s guide to picking the best infrastructure stocks on the ASX and abroad
The policy overhaul Shane Oliver would make to secure Australia's fortunes
Where Soul Patts is investing for long term growth and dividends
How Hyperion unearths rare but exceptional growth companies (plus two that pass their filters)
How to invest $1 million in 2024
The lead indicator for Dion Hershan’s best trades (and two high quality stocks for the ”slow grind” ahead)
Ben Griffiths’ small cap playbook as animal spirits awaken
2 killer growth stocks (and why culture is key to successful small caps)
Trailer: Qiao Ma, Munro Partners
We are in the midst of a social, economic, financial and political crisis
Invest in what you know, avoid what you don’t: Lessons from a Hall of Fame fund manager
Emma Fisher: Why it pays to be bullish (and the most outstanding idea on the ASX today)
Matthew Kidman: Get ready to run with the bulls
Hedge fund managers never name their shorts. This one does...
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