Unpacking earnings season


This season, companies presented a mixed bag of financial results, reflecting the ongoing economic uncertainty fuelled by global challenges and domestic concerns.

To make sense of it all, our team of portfolio managers combed through the results to bring you their key takeouts across the market cap spectrum.

Under the Microscope 
Joel Fleming, Portfolio Manager, Microcap Equities

The microcaps sector saw significant volatility and big share price moves on the back of results. Companies that reported well, with solid cash flows and relatively optimistic forward statements were rewarded, with stocks up around 30%. Joel discusses the same-sector winners and losers, highlights the sector offering significant outsized growth potential and picks two companies he's excited about.

Making Small Talk
Michael Steele, Portfolio Manager, Small Cap Equities

The small cap market declined 3% during August, however, results were better than feared, with only minor reductions in earnings estimates rather than a significant cyclical downturn. Michael reveals the sector that surprised, the undervalued property company that stood out and why he sees a positive outlook for small caps.

Finding the ex factor
Ed Waller, Portfolio Manager, Ex-20 Equities

Expectations were pretty low heading into reporting season, with investor concerns around a consumer recession compounded by weak economic signals from China and consistently cautious guidance from listed companies. Ed discusses the key themes and investible ideas he took away from the results and the standout stock with a long growth runway up 17% post-reporting season.

The broad spectrum
Marcus Ryan, Portfolio Manager, Large Cap Equities

A potential short-lived consumer downturn, insurance sector resilience, ongoing decarbonisation and improved REITs valuations, earnings and dividends were all central themes of the August reporting season. Marcus  discusses the companies positioned to harness these opportunities and the surprising stock with a double-digit earnings outlook.

Something Powerful