Unemployment rate & Emeco deep dive
This week, a new set of ABS Labour Force data was added to the plethora of economic data released in recent weeks. Once again, the impact on RBA interest rate decisions was to the fore.
This month, the unemployment rate held steady at 4.3%, but the number of people working fell by 21,000.
So what happened?
Gold, a quiet week of research and ABS National Accounts (i.e. GDP data)
Following a week in Perth, the Investment team expanded its research efforts by attending the UBS Industrials Melbourne Corporate Day—an efficient forum that brings together a wide range of companies in a single sitting.
Recovering markets and updates on Aquirian Limited, Emeco, Matrix Composites & Engineering and Dirty Clean Food
First Samuel portfolios have outperformed through deliberate sector positioning—more exposure to small and mid-caps, less weight in the major banks—and strong contributions from technology and gold holdings. To further test portfolio assumptions, we completed an extensive visit to Perth and regional WA, meeting with management teams across key investments.
Our discussions highlighted the strategic progress underway at Aquirian, operational and technological improvements at Emeco, growing diversification and optionality at Matrix Composites & Engineering, and the profitability and distribution expansion of Dirty Clean Food. These company-level insights continue to reinforce our long-term investment positioning.
Mini ASX correction, copper outlook and updates on Sandfire, Rio Tinto and Aurelia Metals
Copyright 2025 First Samuel Limited The Market Market update In recent weeks, the ASX has come under material pressure. The ASX 200 slipped to a five-month low and registered the worst daily session of the year (-1.94%) on 18 November. Over the past month, the index has fallen roughly 6.3% from its late-October peak. Building […]
Rates, Inflation and Retail: Reading the Signals Behind the RBA’s Cup Day Hold
At Investment Matters, we try to avoid focusing on the minutiae of economic and interest-rate policy. Consuming seemingly endless writing on perceptions of the Reserve Bank (RBA) and changes in the underlying data may be a staple for the investment team, but not necessarily critical to Readers.
But there are exceptions, and the changes over the last week, including the RBA’s decision to hold the cash rate at 3.6% on Melbourne Cup Day, as widely expected, deserve attention due to their impact on markets and the Australian economy.
Rare Earths, Gold & Reliance Worldwide
This week’s Investment Matters catches up on portfolio news and commentary on recent portfolio movements.
AI Capital Allocation and Market Implications
This week’s Investment Matters examines the topic of AI investment within a historical framework of overinvestment and the misallocation of resources.
A rash of new investment in artificial intelligence in the US, especially by Nvidia, the chipmaker, and OpenAI, the owner of ChatGPT, has been announced in recent months. Investment in data centres and IT helps explain a significant portion of overall US growth in recent years. But markets have begun to concentrate on the financial engineering and cross-company relationships that funded this investment.
September CPI: Implications for Markets and Housing
The September CPI print has shifted the narrative surrounding monetary policy in Australia. While global inflation has shown tentative signs of moderation, the Australian experience highlights the structural persistence of price pressures in non-tradable goods and services.
First ten weeks of FY25, interest rates, Gold miners, Emeco and Santos
The first ten weeks of the 2025 financial year have been characterised by robust equity markets, heightened corporate activity, and renewed confidence that the monetary policy cycle has turned. The ASX has gained 4.5%, including dividends, reflecting resilient earnings and easing macro headwinds.
Reporting season concludes: Bapcor, Nib Insurance, Lynas Corporation and IGO Limited
The profit reporting season concluded last week, and we were pleased with the overall market growth and the relative performance of our client portfolios. See this month’s CIO video for more details.
This week’s Investment Matters covers some interesting economic data and results from three portfolio companies, Bapcor, Nib Insurance, Lynas Corporation and IGO Group.
Reporting season concludes – EarlyPay, Inghams, Healius and economic data from the Commonwealth Bank
During reporting season, Investment Matters will update clients on all the results for portfolio companies in a simple table that outlines the share price impact of the results, along with short notes on our views of the results.
Readers should expect to see instances where we believe the result was positive, yet the stock market reaction was the opposite, and vice versa. Such mismatches are often due to the difference in investment timeframes. We are assessing company results with a medium-term valuation perspective.
Profit Reporting Season Continues: Emeco Holdings, Cleanaway, Reliance Worldwide, Challenger
During reporting season, Investment Matters will update clients on all the results for portfolio companies in a simple table that outlines the share price impact of the results, along with short notes on our views of the results.
Readers should expect to see instances where we believe the result was positive, yet the stock market reaction was the opposite, and vice versa. Such mismatches are often due to the difference in investment timeframes. We are assessing company results with a medium-term valuation perspective.