The Rate Of Change

Quarterly Insights with Jason Coggins. In today’s ROCAST, we’re bringing you something a little different. For those unfamiliar with Jason, he is one of the industry's leading minds in strategic asset allocation, wealth management, and macroeconomics. He’s worked with some of the biggest names in the industry—ANZ, CBA, Koda Capital—and currently advises five major institutions and family offices. We’re fortunate to have him as the Investment Committee Chair at Initium Capital and the Hayson & Huang Family Office, with whom York Wealth Management is proud to be partnered and I think you’re really going to benefit from Jason’s perspectives.This Insights series focuses on strategic asset allocation and macroeconomic themes. If you're a York client and were lucky enough to join us live last week, I hope you found Jason’s insights as valuable as we did. If you're not a client and would like to attend future sessions as this current episode will always be a delayed release, feel free to reach out—we’d love to have you at our next quarterly live broadcast.We're also pleased to introduce our soon-to-be wholesale client adviser and associate, Anthony Adlam, who will be introducing and organising the Insights series going forward.Before we get into the conversation, please remember this ROCast is made for entertainment purposes only. Past performance is not a reliable indicator of future returns, and today’s discussion is intended to help you better understand Macro Insights & Where to Strategically Allocate Your Assets. It is not in any shape or form personal investment advice.I encourage you to listen to the disclaimer at the end of this ROCast and, as always, keep your feedback coming.You can reach me at mgatti@ywm.com.au.With that being said, I hope you enjoy this conversation as much as I did so sit back, relax, and enjoy.

Clint Maddock, Founder and Director of Digital Asset Funds Management—or DAFM for short. DAFM operates multiple funds, including the Digital Income Class, an income-focused fund in digital assets that applies a trading strategy originally developed by a hedge fund partner for traditional fixed-income markets.If you're familiar with digital assets like Bitcoin and Ethereum—or if you’re still trying to figure out what exactly is a digital asset?—this conversation will be interesting for you. We explore broader questions about crypto markets, like: Where is the industry headed? Has it matured beyond its early volatility? What if another Sam Bankman-Fried FTX-style collapse happens? Can investors gain exposure to crypto in a way that avoids the extreme price swings of Bitcoin? And is there a structured, regulated approach to integrating digital assets into an SMSF?One of the interesting takeaways is how the Digital Income Class Fund, established in May 2021, has produced a three-year compound return of 48.21%, a 30.98% gain over the past year, and a 4.05% return last month. For context, since May 2021, Bitcoin has delivered an annualized return of 19.94%—but with substantial volatility, including deep drawdowns along the way. By contrast, the Digital Income Class has maintained consistent returns, with only one negative month in 44 months. It raises an interesting question: Is long-term success in digital assets purely about price appreciation, or is there merit in structured strategies that generate steady returns without relying on market direction?Another aspect worth unpacking is the strategy itself. Originally developed to identify inefficiencies in traditional fixed-income markets—bonds, term deposits, and bank bills—it has since been adapted and refined for digital assets. One of the key reasons it continues to generate returns is due to higher borrowing costs in crypto markets. When investors borrow BTC or Ethereum using futures and forward contracts, they often pay a premium—creating yield opportunities for those on the other side of the trade.Clint explains how this all works, the mechanics behind the strategy, and what it tells us about the broader evolution of digital asset markets. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!

Andrew McVeigh is the Managing Director at Remara Investment Management. With over a decade of experience, Andrew has developed innovative lending strategies and has a deep understanding of private finance. His career offers unique insights into the evolving world of real estate and private credit markets.Andrew explains Remaras' integrated model, there investment philosophy and sheds light on Remaras' Private Credit Income Fund, which has returned 13.5% annual returns as of late last year, just before Christmas.Beyond finance, Andrew shared his experience as a former board member of the Cronulla Sharks and discussed Remara’s new sponsorship of the St. George Dragons. By focusing on tailored solutions for small businesses and developers, this model not only addresses borrower needs but also carefully manages risk to provide consistent stability and returns for investors. Through vertical integration, Andrew’s team oversees every step of the lending process—from loan origination to borrower performance—ensuring greater oversight, control allowing Remara to respond swiftly to economic changes and reduce potential risks.We also discuss major trends in finance, such as securitised credit’s rise, shifting borrower behavior, and how real estate adapts to higher interest rates. Andrew offers clear insights into navigating credit risk through vertical integration, emphasizing granular control over borrower quality and leveraging data for strategic decisions.So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.You can reach me at mgatti@ywm.com.au.With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!

Steven Maarbani is the CEO and Co-founder of VentureCrowd. Steven shares the story of VentureCrowd’s evolution, beginning in 2013 as a venture capital-focused tool and expanding into a multi-asset investment platform. This transformation, supported by the 2017 legalization of crowdfunding in Australia, has opened access to traditionally restrictive deals—an approach that, according to Forbes, aligns with the changing investment preferences of younger generations.Steven brings extensive experience as a corporate lawyer and former partner at PwC, where he guided founders, high-net-worth individuals, angel syndicates, and venture firms through the complex deal-making process.Steven shares the story of VentureCrowd’s evolution, beginning in 2013 as a venture capital-focused tool and expanding into a multi-asset investment platform. This transformation, supported by the 2017 legalization of crowdfunding in Australia, has opened access to traditionally restrictive deals—an approach that, according to Forbes, aligns with the changing investment preferences of younger generations.Throughout the ROCast, Steven provides insights into how VentureCrowd is democratizing investment opportunities and reshaping private markets. We discuss the evolution of crowdfunding, the digitization of private capital, and how platforms like VentureCrowd are influencing the future of investing. Steven also highlights the importance of syndication, the growing role of secondary markets, and his vision for a more accessible and efficient investment landscape—making private markets more attainable and appealing to younger generations.So, before we get into the conversation, please remember this podcast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.You can reach me at mgatti@ywm.com.auWith that being said, hope you enjoy this conversation as much as I did, so sit back relax and enjoy.

Adrian Redlich is the CEO and founder of Merricks Capital. Adrian and I cover a wide range of fascinating topics, from Merricks Capital’s recent acquisition by Regal Partners to their strategic approach to lending against hard assets. We dive deep into sectors like commercial real estate, agriculture, and power, and to discuss how Merricks Capital’s flexible lending model has helped them capture high returns, with their Agricultural Credit Fund delivering up to 11% and the Partners Fund generating 9.5%.Adrian also shares his views on the importance of counter-cyclical lending, the impact of interest rate changes, and the synergies between different asset classes, from farmland to infrastructure projects. We also touch on their approach to ESG and how Merricks navigates challenges in the renewable energy and power sectors.I really enjoyed this conversation, and I encourage you to stick around for the disclaimer at the end of the ROCast. As always, feel free to share your thoughts by reaching me at mgatti@ywm.com.au.With that being said I hope you enjoy this conversation as much as I did so sit back, relax, and enjoy!

Bo Zhuang is one of the three Managing Partners at Initium within the Hayson & Huang Family Office. You may be thinking the name Hayson within the circles of property development rings a bell. You would be right, as the Hayson Group, founded by Ian Hayson, most notably was the first private developer to recognizse the potential of Darling Harbour. Their Darling Harbour development has been a catalyst for the transformation of the inner city and was formally opened by the Queen of England!Other high-profile projects include Sky Garden in Sydney’s Pitt Street Mall, the Manly Wharf retail development, Kogarah Town Shopping Centre, Cremorne’s Metropole Shopping Centre, and Hillsdale’s Southpoint Shopping Centre.On that note, you may not be familiar with the Huangs. With close to three decades of operation both internationally and domestically, they are just as well regarded. The Huang Group, founded by James Huang, stands as a multifaceted conglomerate, uniting various entities spanning property, financial investments, and community-based developments. The Huang Group has founded a strong legacy and reputation within the Chinese and Australian Chinese communities, marked by the creation of several renowned communities.Why I wanted to get Bo on is that, alongside his partners Max Hayson and Victor Huang, the sons of the prominent patriarchs mentioned, they are quite literally embracing the essence of next-gen multi-generational wealth through a joint family office. Join us and hear from Bo’s extensive experience in the banking space as we discuss how Initium has gone about forging this new generation whilst honouring family legacy.Bo also unpacks the how. Initium invests primarily in retail property centers, focusing predominantly on prime locations on the eastern seaboard such as Bondi, Mosman, Manly, and St Leonards. Meanwhile, the H&H Family Office has expanded its interests across nearly all financial services, creating solutions for High Net Worth families. These include:The Commercial Property Fund, which targets a return of 7.5% to 8.5% p.a., with FUM of $53 million, 100% weighted occupancy, 20% co-investment, and a 5-year weighted average lease expiry.The Private Credit Fund, with a direct deal approach, which targets double-digit returns p.a.The Mosman Development Project Fund, with $15 million raised, projects a 15% return p.a., with 30% to 50% co-investment and a 2 to 4-year period.Initium also provides access to other upcoming direct property development projects.Expansion via organic growth and acquisition into the High-Net-Worth Wealth Management and financial advisory space.So, before we get into this podcast, please remember this podcast is intended for entertainment purposes only and should not be taken as financial advice. Be sure to listen to the disclaimer at the end of this ROCast, and keep your feedback coming.You can reach me at mgatti@ywm.com.au.I hope you enjoy this conversation as much as I did, so sit back, relax, and enjoy.

James McDonald is one of the portfolio managers for Pengana’s High Conviction Equities Fund. James brings extensive experience from his time at Hunter Hall and Bankers Trust and shares his journey of building and managing the High Conviction Fund, which was founded in 2014 and now manages roughly $58 million as of the time of recording.The fund, as of 28th June 2024, has an ethical framework and has returned on average 24.7% since inception, 14.4% over 5 years, 8.6% over 3 years, 33.6% over 2 years, and 55.8% for the past year. As a high conviction strategy, the fund holds roughly 20 companies at a time. The benchmark is the MSCI World Index, with roughly 50% in healthcare, 40% in materials, and the remainder across communication services and consumer discretionary.We discuss quite an array of topics and companies from healthcare and resources all the way to the Japanese market and where the investment opportunity may be. Also, if you are curious about exploring new areas like myself, then I think you are really going to enjoy diving into the world of titanium with James.In this ROCast, James unpacks the titanium market and manufacturing process. In particular, James delves into IperionX's groundbreaking technology to produce titanium metal more efficiently and sustainably. James explains how the traditional Kroll process for producing titanium is highly inefficient, losing around 60% to 80% of the material and making it impossible to recycle scrap effectively. In contrast, IperionX's patented, innovative hydrogen-based process converts scrap titanium into a powder that can be reused, drastically reducing scrap waste. You will learn about the potential for this technology to revolutionize various industries by making titanium more accessible and affordable. We also discuss the broader implications for the US supply chain, the environmental benefits of this new method, and the vast array of applications for titanium, from consumer electronics to military and aerospace.Companies Discussed:Pengana (PE1.ASX)Clarity Pharmaceuticals (CU6.ASX)Genetic Signatures (GSS.ASX)Roche Diagnostics (ROG.SW)Eli Lilly (LLY)Novo Nordisk (NVO)CSL (CSL.ASX)ResMed (RMD.ASX)Transmedics (TMDX)IperionX (IPX.ASX)Apple (AAPL)Boeing (BA)Airbus (AIR.PA)WA1 Resources (WA1.ASX)Brazilian Rare Earths (BRE.ASX)Tesla (TSLA)Subaru (7270.T)Hitachi (6501.T)Isuzu (7202.T)Toyota (7203.T)Nintendo (7974.T)Sony (6758.T)Spotify (SPOT)So, before we get into this podcast, please remember this podcast is intended for entertainment purposes only and should not be taken as financial advice.Be sure to listen to the disclaimer at the end of this ROCast, and keep your feedback coming.You can reach me at mgatti@ywm.com.au.I hope you find this conversation as insightful as I did. So sit back, relax, and enjoy.