The Netwealth Portfolio Construction Podcast
A podcast series designed for anyone who is interested in seeing the investing landscape in a different light.
In this podcast series, Paul O'Connor, Netwealth's Head of Investment Management & Research, picks the brains of key wealth management professionals to uncover unique insights on the investment areas they are most passionate about.
Together they explore potential opportunities, challenges and considerations in the market while also sharing fascinating stories and lessons from their experience.
Don't miss an episode by subscribing to the Portfolio Construction Series:
Ep 82: The hidden risks of AI driven markets - BlackRock Australia
Michael McCorry, CIO, BlackRock Australia
BlackRock Australia CIO Mike McCorry breaks down why a few AI‑focused stocks are now driving markets, how massive upfront spending is creating new risks, and why many portfolios may be less diversified than investors think.
2026 episodes
Ep 81: 2026 and beyond: Investing in a hype driven market - Antipodes
Jacob Mitchell, CIO, Antipodes
Jacob Mitchell unpacks the biggest opportunities, and biggest traps, shaping portfolios today. From AI adopters, selective mega‑caps, European industrial strength, to gold’s renewed role, all through a pragmatic value lens.
Ep 80: The power of investing in people - Scarcity Partners
Matthew Webb, Founding Partner, Scarcity Partners
Matthew Webb, co-founder of Scarcity Partners, to unpack private equity’s next frontier: GP staking. Discover how shifting from funds to backing managers is rewriting the growth game.
2025 episodes
Ep 79: The great property pivot: Winners, risks, and what’s next for investors - Invesco Real Estate
Max Swango, Managing Director and Global Head of Client Portfolio Management, Invesco Real Estate
Max unpacks the forces reshaping global property portfolios - from retail’s resurgence and shifting office dynamics to the rising demand for residential assets. The conversation explores strategies to diversify across property sectors and the realities of investing in fast-growing sectors like data centres.
Ep 78: Credit’s rise as the backbone of portfolio strength - Schroders
Helen Mason, Portfolio Manager at Schroders Investment Management Australia
Helen unpacks the forces reshaping Australia’s credit markets - from APRA’s phase‑out of hybrids and the shift to Tier 2 capital to the growing preference for credit over equities. The conversation explores how changing liquidity, pricing, and economic conditions are creating new opportunities across fixed income and private credit.
Ep 77: From tariffs to tensions: Investing through global uncertainty - Janus Henderson Investors
Jay Sivapalan, Head of Australian Fixed Interest, Janus Henderson Investors
Jay unpacks the forces reshaping global investment markets, from geopolitical shifts and technological disruption to changing trade dynamics. The conversation explores how structural trends, policy shifts, and active management are helping to create new opportunities across fixed interest and global portfolios.
EP 76: Fads, frauds & forgotten stocks in global small caps - APIS Capital Advisors
Eric Almeraz, Founder of APIS Capital Advisors
Eric explores the world of global small caps, where inefficiencies create both opportunity and risk. The conversation explores how deep research, contrarian thinking, and an understanding of regulation and AI can help identify mispriced stocks, uncover overlooked winners, and navigate a universe shaped by rapid change and disruption.
EP 75: Currency hedging, the AUD and managing USD exposure - Rochford Capital
Tom Averill, Managing Director of Rochford Capital
Tom unpacks the growing impact of currency risk in globally diversified portfolios, particularly as USD exposure rises and the AUD sits near long‑term lows. The conversation explores why traditional hedging can fall short, how targeted FX strategies can offer a more precise solution, and how shifting macro and geopolitical forces are reshaping global currency dynamics.
EP 74: The art of the short - Fidelity International
Dmitry Solomakhin, Portfolio Manager at Fidelity International
Dmitry discusses a contrarian approach to global long‑short investing, focusing on identifying mispriced, unloved companies across markets. The conversation explores disciplined shorting, risk management through portfolio construction and diversification, and how evolving themes like AI are influencing stock selection and long‑term return opportunities.
EP 73: Beyond traditional assets: Building an alternatives allocation for wholesale investors - Lonsec
Nathan Lim, Chief Investment Officer at Lonsec Investment Solutions
Nathan discusses the evolving role of alternatives in portfolio construction, from private equity and private credit to the balance between defensive and growth strategies. The conversation explores how volatility, illiquidity, manager selection, and shifting economic conditions influence outcomes, and what investors should consider when building resilient portfolios in a changing rate and inflation environment.
2024 episodes
Episode 72: Global economic outlook and investment strategies for 2025 - Vanguard
Matt Cho, Head of Multi-Asset Solutions at Vanguard Australia
Matt shares insight on the outlook for multi‑asset portfolios, reflecting on recent market performance and what lies ahead across equities, fixed income, and private credit. The conversation explores global and Australian economic conditions, long‑term return expectations, and how diversification and multi‑asset strategies can help investors navigate shifting market and policy dynamics.
Episode 71: Investing in new world businesses: Insights on AI, digitisation, and market trends - Hyperion
Jolon Knight, an investment Specialist from Hyperion Asset Management
Jolon discusses the opportunities emerging in global equities, focusing on the shift from “old world” to “new world” businesses built for long‑term growth. The conversation explores Hyperion’s approach to investing as business owners, the impact of recent political and macro developments, and what inflation and market conditions could mean for equity investors heading into 2025.
Episode 70: APRA's crackdown: What it means for fixed income investors - UBS Asset Management
Tim Van Klaveren, Head of Australian Fixed Income at UBS Asset Management
Tim discusses the forces shaping fixed‑income markets, from shifting monetary policy and interest‑rate expectations to evolving regulatory and geopolitical dynamics. The conversation explores how these changes are influencing different bond segments, the implications of APRA’s reforms, and what global trends - including the US election and China’s stimulus - mean for building diversified fixed‑income portfolios.
Episode 69: Digitalisation, infrastructure, urbanisation in India and their impact on investors
Managing Director and Co-Founder of India Avenue Investment Management
Mugunthan discusses the investment opportunity emerging from India, the world’s fastest‑growing major economy, driven by strong domestic demand and a rapidly expanding middle class. The conversation explores the forces supporting corporate earnings, sector‑specific opportunities such as pharmaceuticals and real estate, and how policy reform, digitisation, and infrastructure development are shaping both the upside and the risks for investors.
Episode 68: The new face of private equity
Craig MacDonald, Managing Director of HarbourVest Partners Ireland
Craig discusses how private equity is evolving as companies stay private for longer, expanding access and opportunity across private markets. The conversation explores why private equity has outperformed public markets, growing interest from Australian investors, and how modern fund structures, liquidity management, and themes like AI are shaping opportunities in sectors such as healthcare and industrials.
Episode 67: Unlocking growth: Strategic small cap investing
Richard Ivers and Mike Younger, Portfolio Managers at Prime Value Asset Management
Mike and Richard discuss the opportunities and challenges of investing in small caps, where the potential for higher returns comes with greater volatility. The conversation explores the current small‑cap landscape, the role of stock selection and portfolio construction in managing risk, and how diversification, including exposure to New Zealand equities, can help investors navigate this dynamic part of the market.
Episode 66: Global real estate insights: Navigating market cycles and opportunities - Quay Global Investors
Chris Bedingfield, Principal & Portfolio Manager at Quay Global Investors
Chris unpacks the opportunities emerging across global real estate markets, focusing on investing below replacement cost as a source of downside protection and long‑term value. The conversation explores the resilience of the US economy, the impact of interest rates on property markets, and how themes such as self‑storage, senior housing, and residential real estate can help enhance diversification within global portfolios.
Episode 65: Private credit: Navigating the risks and rewards - Challenger Investment Management
Pete Robinson, Head of Strategy at Challenger Investment Management
Pete discusses the expanding role of private credit as traditional banks retreat from commercial lending, highlighting its potential as a source of income and diversification. The conversation explores where private credit fits within portfolios, the trade‑offs around liquidity, transparency, and credit risk, and how investors can assess opportunities and manage the sector’s key risks.
Episode 64: China's soft landing: fact or fiction? - Income Asset Management
Craig Swanger, Chief Investment Officer of Income Asset Management (IAM)
Craig discusses China’s evolving economic outlook, including why interest rates may fall faster than markets expect and what this could mean for inflation and growth. The conversation explores the implications for the Australian economy, the AUD, and portfolio construction, alongside the risks posed by China’s real estate sector and rising debt levels.
Episode 63: Finding investment opportunities in emerging markets
Ross Cameron, Portfolio Manager, Emerging Markets at Northcape Capital, available through Warakirri Asset Management
Ross discusses why emerging markets remain one of the most mispriced asset classes globally, offering potential opportunities for outperformance alongside heightened risk. The conversation explores which markets have his attention, where he sees the most compelling opportunities, and which regions he’s more cautious on as investors navigate the evolving emerging‑markets landscape.
Episode 62: Investing in 2024: Economic trends you should be thinking about
David Bassanese, Chief Economist at Betashares
David discusses whether the strong returns seen across equities, fixed interest, and cash can be sustained, and what lies ahead for markets. The conversation explores his outlook for the Australian dollar, interest rates, inflation, and emerging markets, alongside the key risks and disruptions that could shape the 2024 investment environment.
Episode 61: Energy transition, technological advancements, geopolitical risks impacting the global resource sector
Daniel Sullivan, Head of Global Natural Resources and Portfolio Manager at Janus Henderson Investors
Daniel delves into the evolving role of the global resources sector as demand shifts toward renewable energy and long‑term structural growth. The conversation explores opportunities across mining, energy, gold, and agriculture, and how population growth, technological advances, the energy transition, and geopolitical risks are shaping investment outcomes in natural resources.
Episode 60: Fixed income investing: exploring the opportunities and challenges for 2024
Brett Lewthwaite, Chief Investment Officer and Global Head of Fixed Income at Macquarie Asset Management
Brett discusses the shifting dynamics of global bond markets, examining how inflation, interest rates, and monetary policy are shaping the economic outlook. The conversation explores what these forces mean for fixed‑income investors, including the impact of quantitative easing and tightening on risk, returns, and portfolio positioning in today’s market environment.
Older episodes
Browse episodes from 2023 and earlier here.
Latest insights
Between Meetings
Behavioural finance, family offices & the future of advice
Prof. Lauren Cohen, Harvard Business School shares the explosive growth of family offices, the role of innovation in wealth management, and how advisers can adapt to new client expectations.
Portfolio Construction Podcast Series
The hidden risks of AI driven markets
BlackRock Australia CIO Mike McCorry breaks down why a few AI‑focused stocks are now driving markets, how massive upfront spending is creating new risks, and why many portfolios may be less diversified than investors think.
Between Meetings
The insights powering advice in the year ahead
A special episode reflects on 2025’s key conversations and provides a forward‑looking view of how advice firms can rethink engagement, technology, culture and operations to prepare for the shifts shaping 2026 and beyond.
Subscribe to receive email notifications of new episodes:
By submitting your details, you agree to receive further marketing communications from Netwealth. It is, however, possible to unsubscribe from within each communication received, by clicking the unsubscribe link at the bottom of the email. Alternatively, you can visit the following webpage or contact us on 1800 888 223 and ask to be unsubscribed. Please visit our website www.netwealth.com.au to read our Privacy Policy. By clicking submit, you agree to our Terms & Conditions.