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ASX midcaps: Unearthing the potential of mineral sands
Whether rubbing sunscreen on your face, reloading your printer ink or painting a wall at home, you’re probably consuming mineral sands.
Mineral sands are old beach, river or dune sands that contain concentrations of rutile, ilmenite, zircon and monazite.
They have a variety of uses from paint and paper through to toothpaste, sun cream and ceramics – and the biggest mineral sands producer in Australia is ASX-listed Iluka Resources.
Iluka is a holding in Pendal Midcaps Fund, which focuses on the 100 biggest companies outside the ASX50 – a good hunting ground for fast-growing sectors such mineral sands and rare earths.
“Mineral sands is a steady business that Iluka has grown up doing, says Pendal equities analyst Jack Gabb.
Iluka is now building a rare earths refinery in Western Australia which would process minerals such as neodymium and dysprosium for use in electric vehicles and clean-energy generation.
Three ways impact investing can help diversify equities portfolios
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Three ways impact investing can help diversify equities portfolios
Impact investing works in three ways to provide diversification to traditional equities portfolios, says Tim Crockford, who heads up Regnan’s impact investing team:
- Good exposure to smaller and mid-cap companies
- Early access to future growth stocks focused on new, emerging market segments
- Long investment time frames
Impact investing funds such as Regnan Global Equity Impact Solutions Fund focus on identifying the listed companies best placed to solve the world’s biggest problems.
Right now stocks equities in the $1 billion to $10 billion range are trading relatively cheaper than their larger counterparts – an inversion of normal patterns driven by appetite for US mega-cap tech stocks, says Tim.
“You’d normally expect to pay a premium for small companies because they tend to have higher growth rates,” says Crockford. “But something has changed across 2022 and many smaller caps are now trading at a lower PE multiple than large caps.
The case for bonds as rate hikes push Australia towards recession
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The case for bonds as rate hikes push Australia towards recession
Recession talk increased in Australia this week after the RBA’s decision to lift rates for the 12th time in just over a year.
Pendal’s Anna Hong agrees the chance of a recession in Australia is increasing with rate hikes.
That bolsters the case for Australian government bonds, cash and high-grade investment credit, argues Anna, an assistant portfolio manager in Pendal’s Income and Fixed Income team.
Australia is one of only a handful of countries to record a budget surplus this financial year and – not withstanding the threat of recession – remains in good economic shape, she says.
“From an economic perspective, even if things go wrong, the government is in a good position to support the Australian economy.
“Australian banks are world-leading in capital strength. As a result, assets within Australian shores are safer than almost any other part of the world.”
Fast podcast: How a weaker China could be good for bonds
Play podcastFast podcast: How a weaker China could be good for bonds
China has emerged quickly from zero-Covid, but a property slowdown is holding the economy back.
What does that mean for fixed income investors?
“When the property sector is in a slump, it means that confidence from the private sector generally is in a slump as well,” says Pendal’s head of income strategies Amy Xie Patrick.
“That’s leading to a lot of the recent data showing that the initial momentum from China’s reopening story seems to be petering out.
China’s weaker domestic demand and falling Producer Price Index will continue to drag on the global inflation story, “which is good for bonds”, argues Amy.
“We think there are many strong reasons both cyclically and structurally to be favoring fixed income and bonds in portfolios right now.
“The way the China growth story is shaping up for 2023 presents as one of the top reasons to be buying bonds right now.”
There’s opportunity in China stocks if you know where to look
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There’s opportunity in China stocks if you know where to look
China’s uncertain economic outlook presents an opportunity for discerning equities investors, argues Pendal’s Asian Share Fund manager, Samir Mehta.
“The Chinese stock markets were doing quite well until about January-February but have now handed back almost all of their returns this year,” says Samir.
“Over the next few years, maybe even a decade or more, we should expect China’s GDP growth to be significantly lower than in the past.
Still, Samir believes it’s a good time to look for Chinese companies with robust market positions and strong cash flows.
“Companies in sectors with concentrated market share positions, or where they possess pricing power and – better still – where there is a focus on cutting costs and generating cash flows without affecting growth.”
Samir names Tencent Music (the Spotify of China) and gaming giant Netease as standouts among others.
Latest updates from our fund managers
Income and Fixed Interest
The case for bonds as rate hikes push Australia towards recession
June 7, 2023
Emerging Markets
Emerging markets aren’t so different to us – but you’ve got to pick the right ones
May 31, 2023
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