Quarterly Market Update – November 2025: Strong Results and Strategic Positioning

November 21, 2025|In Webinars

PPM’s investment team delivered impressive results in a dynamic market environment, with the Australian equities growth strategy achieving a robust 11.26% return over six months and the global growth strategy delivering an exceptional 26.71% over the same period—reaching 34.61% over the past year. Chair and CEO Hugh McNally, alongside the investment team, unpacked the forces driving these returns and explained why they remain optimistic despite economic uncertainties, from tariff tensions to evolving interest rate policies. Discover how PPM is navigating the current landscape with strategic overweights in distribution-type businesses and a selective approach to the banking sector.

From WiseTech to United Rentals: Spotlight on two Portfolio Holdings

In this quarter’s webinar, the team provided exclusive insights into key portfolios holdings. Max Herron-Vellacott explained why the governance refresh at WiseTech Global—Australia’s rare large-cap technology company—created an attractive entry point into a market-leading logistics software platform with 30% historical revenue growth. Franklin Dohan then explored United Rentals, the world’s largest equipment rental company, revealing how it’s positioned as a “pick and shovel” play on AI infrastructure spending while capitalising on the structural shift from equipment ownership to rental. These detailed analyses showcase PPM’s rigorous approach to identifying quality companies at compelling valuations.

The AI Capex Question and the Future of Financial Services

Are big tech’s massive AI investments sustainable, or is the market heading for disappointment? Hugh McNally tackled this critical question head-on, presenting compelling data showing that Microsoft, Google, Meta, and Amazon generated $160 billion in operating cash flow last quarter—comfortably exceeding their combined $100 billion in capital expenditure. The team also revealed why they’re increasingly bullish on European and US financial services companies like Wells Fargo and Banco Santander, which are delivering 15-17% returns on capital at attractive valuations—a stark contrast to Australian banks trading at premium multiples for lower returns. Watch the full recording to understand how these insights are shaping portfolio strategy.

Full Video

Source: PPM (Performance figures are to 31-Oct 2025). Performance returns are before fees and taxes and from 1 July 2022 includes the value of franking credits for the Domestic portfolio.

For further information on Private Portfolio Managers and our Managed Accounts offering please contact us:

JILL MAY

Head of Client Relationships
M: 0412 033 359
P: (02) 8256 3777
Email: jm@ppmfunds.com

WARREN JONES

Head of Financial Adviser Distribution
M: 0422 819 116
P: (02) 8256 3777
Email: wj@ppmfunds.com

SHAUN PURCELL

Business Development Manager
M: 0416 232 208
P: (02) 8256 3777
Email: spurcell@ppmfunds.com

The post Quarterly Market Update – November 2025: Strong Results and Strategic Positioning appeared first on Private Portfolio Managers.

The partnership follows a successful four-month pilot program that demonstrated ATHENA’s ability to streamline data management, strengthen governance, and improve operational efficiency across PPM’s investment operations.

The ATHENA Platform comprises two core modules that will transform PPM’s operations:

• ATHENA Investment Data Platform – a cloud-based data infrastructure that centralises, validates, and manages investment data across holdings, transactions, pricing, and benchmarks, creating a single source of truth for the firm’s investment data.

• ATHENA Portfolio Navigator – a portfolio construction and monitoring tool supporting model and client-specific portfolios, order workflows, asset-allocation modelling, and advanced reporting.

Angus McBean, Chief Operating Officer at PPM, stated:

This partnership strengthens our commitment to innovation and data integrity. By leveraging ICS’s ATHENA Platform, we’re modernising the way we manage investment data, automate reporting, and support scalable, transparent portfolio management. The efficiencies gained through this transformation will allow us to focus even more on delivering value to our clients.

The implementation of ATHENA will empower PPM to:

• establish consistent, audit-ready data governance across systems and custodians
• automate key workflows for portfolio monitoring, rebalancing, and compliance
• enhance transparency in model and client portfolios
• support future integration with managed-account and third-party platforms

We’re delighted to welcome Private Portfolio Managers to the ICS client community,” said Christian Eriksen, Chief Commercial Officer at ICS. “PPM’s commitment to innovation and data-driven portfolio management aligns perfectly with our vision for the ATHENA Platform. Their adoption of both the Investment Data Platform and Portfolio Navigator reflects a forward-looking approach to operational efficiency and client outcomes — one that positions them strongly for continued growth in a rapidly evolving market.

By partnering with ICS, PPM joins a growing number of investment firms recognising the need for modern, cloud-native solutions to manage increasingly complex data challenges. As the industry evolves, investment managers are seeking greater automation, scalability, and efficiency in their operations to stay focused on business outcomes that matter to their clients. This collaboration reinforces the importance of transforming investment data management to drive better insights, stronger governance, and long-term success.

For further information please contact:

Nicolas Portet
Head of Marketing
Phone: (02) 8256 3702
Email: nportet@ppmfunds.com

About PPM:

Founded in 1995, Private Portfolio Managers Pty Limited (PPM), is a privately owned boutique investment manager with a well established track record of constructing concentrated Australian Equities, Global Equities and Multi-Asset portfolios for our clients and their financial advisers. Our investment objective is to grow our clients’ portfolios over the long term using a disciplined & well researched investment process which seeks protection of capital with risk assessed tax effective returns. PPM offers Individually Managed Account (IMA) and Separately Managed Account (SMA) investment solutions across a number of broad investment strategies including balanced, income and growth style portfolios. For more information about PPM and our services please visit our website at www.ppmfunds.com.

About ICS:

ICS transforms investment organisations. Through ATHENA, our cloud-native investment platform, we enable data driven decisions and portfolio driven success. With an intuitive no-code interface ATHENA offers a cost-efficient solution for modern investment data management and asset allocation. It provides unparalleled automation and scale for our clients to support them in their differentiation and growth plans.

The post Private Portfolio Managers partners with ICS to streamline data management and modernise portfolio allocation modelling appeared first on Private Portfolio Managers.

In this quarter’s commentary, our investment team examines these contrasts in detail, exploring why markets have remained resilient despite significant disruptions to global supply chains and heightened policy uncertainty. We share our perspectives on the standout performers across global equities, Australian stocks, and property, while explaining our ongoing strategic decision to reduce exposure to domestic companies in favour of international opportunities. We also provide insights into the monetary policy divergence among major central banks and what this means for portfolios moving forward.

Please contact our team for further information of PPMs service offering at ppm@ppmfunds.com or 02 8256 3777.

The post Market Commentary September 2025 appeared first on Private Portfolio Managers.

The IMAP recognition places PPM among an elite group of Australian fund managers, with the Institute of Managed Account Professionals representing the peak industry body for separately managed accounts and portfolio management services.

The milestone year has been marked by strong third-party validation, with PPM’s Global Equities Growth Portfolio awarded a 4.25/5 star rating by SQM Research in 2025, complementing the IMAP industry recognition.

Three Decades of Consistent Performance

“Reaching our 30th anniversary while receiving our fifth IMAP recognition validates everything we’ve built over three decades,” said Hugh MacNally, Founder, Chief Investment Officer and Executive Chair of PPM. “This consistent industry recognition demonstrates that our research-driven, disciplined approach delivers value across all market conditions – exactly what we promised investors when we started this journey in 1995.”

“Our vision at PPM has always been simple: provide Australian investors with direct access to institutional-quality portfolio management,” MacNally explained. “Three decades later, that philosophy remains unchanged, but our track record now speaks for itself. Five IMAP recognitions since 2019 isn’t luck – it’s the result of consistent application of proven investment principles.”

Proven Investment Philosophy Drives Recognition

PPM’s repeated recognition stems from its unwavering commitment to fundamental analysis and long-term value creation. The firm’s international equities strategy focuses on companies that meet PPM’s valuation and return expectations over the medium to long term.

“Our approach can be characterised as Growth at Reasonable Price or GARP, where we seek as much growth as we can, but moderate this with a constraint on the price we are willing to pay for that growth. Additionally, investments are to have a strong financial structure, one that will allow them to weather the inevitable and unpredictable periods of difficult economic conditions,” added MacNally.

Building for the Next Decade

As PPM enters its fourth decade, the firm’s vision remains clear: every investor should have access to institutional-quality portfolio management built on the same rigorous investment methodology that has delivered consistent performance. Regardless of whether investors work directly with PPM or through their trusted financial adviser, they benefit from identical research standards, investment philosophy, and the experience gained from navigating multiple market cycles over three decades.

¹ PPM was shortlisted for Best International Equities managed account in 2019, 2022, 2023, 2024, 2025.

For further information please contact:

Nicolas Portet
Head of Marketing
Phone: (02) 8256 3702 | Mobile: 0472 536 000
Email: nportet@ppmfunds.com

About PPM: Founded in 1995, Private Portfolio Managers Pty Limited (PPM), is a privately owned boutique investment manager with a well established track record of constructing concentrated Australian Equities, Global Equities and Multi-Asset portfolios for our clients and their financial advisers. Our investment objective is to grow our clients’ portfolios over the long term using a disciplined & well researched investment process which seeks protection of capital with risk assessed tax effective returns. PPM offers Individually Managed Account (IMA) and Separately Managed Account (SMA) investment solutions across a number of broad investment strategies including balanced, income and growth style portfolios. For more information about PPM and our services please visit our website at www.ppmfunds.com.

Anniversary Performance Highlights

• 30 years of consistent portfolio management since 1995
• 5th time shortlisted by IMAP for Best International Equities managed account since launching the strategy in 2017 (2019, 2022, 2023, 2024, 2025).
• Strong SQM Research ratings: Global Equities Growth SMA awarded 4.25/5 stars in 2025 – (‘Superior’)
• Strong track record: Performance² as at 31/08/2025

²Performance returns are before fees and taxes and are based on the actual aggregate performance of the PPM Global Equities Growth Individually Managed Account (IMA) portfolios prior to the inception date of the SMA and the actual performance of the Global Equities

About IMAP: Institute of Managed Account Professionals (IMAP) is the only industry organisation for advisers, managers, providers and other businesses actively involved in offering or supporting Managed Accounts. https://imap.asn.au/about-us.html

About SQM Rating: The rating contained in this document is issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme. https://sqmresearch.com.au/

The post Private Portfolio Managers Marks 30-Year Milestone with fifth IMAP industry recognition for Best International Equities appeared first on Private Portfolio Managers.

Quarterly Market Update – August 2025: Delivering Results in Dynamic Markets

August 14, 2025|In Webinars

We’re pleased to share the highlights from our recent quarterly webinar, where we demonstrated how our disciplined investment approach has delivered strong performance across all strategies this quarter. Despite ongoing market concerns around tariffs, inflation, and interest rate uncertainties, we’ve successfully navigated these challenges while maintaining our focus on long-term value creation. Our global growth strategy’s fifth consecutive shortlisting as best international strategy by the Institute of Managed Accounts Professionals validates our consistent execution and strategic vision in today’s complex investment environment.

During this comprehensive session, our investment team provided detailed insights into both domestic and global market conditions, from the Reserve Bank of Australia’s recent rate cuts to evolving opportunities across international markets. We shared our latest portfolio positioning, including in-depth analysis of carefully selected new holdings like Sonic Healthcare and ASML that reflect our forward-thinking approach to emerging market opportunities. With earnings growth—particularly in US technology—continuing to drive market strength, we explored how we’re balancing optimism with prudent risk management, ensuring our clients benefit from current market conditions while remaining well-positioned for whatever lies ahead.

Full Video

Should you have any questions or wish to arrange a meeting with one of our Portfolio Managers please contact Jill May at jm@ppmfunds.com or on 02 8256 3777.

The post Quarterly Market Update – August 2025: Delivering Results in Dynamic Markets appeared first on Private Portfolio Managers.

The Market Commentary includes a brief summary of key markets, asset classes and our outlook. We trust that it provides useful insight.

Please contact our team for further information of PPMs service offering at ppm@ppmfunds.com or 02 8256 3777.

The post Market Commentary June 2025 appeared first on Private Portfolio Managers.

Quarterly Market Update – May 2025: Market Volatility and Recovery: Navigating Current Investment Opportunities

June 2, 2025|In Webinars

Despite the market volatility and tariff speculation that dominated headlines over the past year, equity markets have shown remarkable resilience, recovering to levels not seen since early in the calendar year. After sharp declines in both global and Australian markets following initial tariff announcements from the US, markets have bounced back strongly. What’s particularly interesting is how the recovery has been driven by some unexpected sectors – with technology and utilities leading the charge, while traditional areas like materials and energy have struggled to keep pace. The earnings story behind these movements reveals some interesting insights about where growth is really coming from in today’s market environment.

To hear our investment team’s latest views on market positioning, portfolio performance, and their outlook for the months ahead, click the link below to access the full webinar recording.

Full Video

Should you have any questions or wish to arrange a meeting with one of our Portfolio Managers please contact Jill May at jm@ppmfunds.com or on 02 8256 3777.

The post Quarterly Market Update – May 2025: Market Volatility and Recovery: Navigating Current Investment Opportunities appeared first on Private Portfolio Managers.

This strategic hire follows PPM’s recent achievement of impressive inaugural ratings from SQM Research for its managed account portfolios. The firm’s Global Equities Growth SMA secured a 4.25/5 star “Superior” rating with a “High Investment Grade” designation, while the Australian Equities Growth SMA achieved a 3.75/5 star “Favourable” rating classified as “Investment Grade.”

Shaun will report to Warren Jones, who was recently promoted to Head of Financial Adviser Distribution, and will focus primarily on growing adviser relationships for PPM’s SMA offerings, which are currently available on the HUB24 platform.

Hugh MacNally, Executive Chairman at PPM, commented, “As we continue to build on the momentum from our strong SQM ratings, expanding our distribution capabilities is a natural next step. Shaun’s appointment demonstrates our commitment to growing our presence in the adviser channel and providing exceptional service to financial advisers seeking high-quality managed account solutions for their clients.”

Shaun brings over 15 years of experience in business development and relationship management within the financial services industry. Prior to joining PPM, he served as Business Development Manager at Aware Super, where he significantly increased growth by signing new financial advisors and licensees, managing a substantial portion of the NSW network. His experience also includes roles at AMP, where he substantially increased sales and ranked 2nd nationally among all BDMs for new business applications, as well as positions at Zurich, La Trobe Financial, and Commonwealth Bank.

“I’m excited to join PPM at such a pivotal time,” said Shaun. “The independent validation from SQM Research underscores the strength of PPM’s investment approach, and I look forward to helping more advisers discover the benefits of these highly-rated managed account solutions for their clients.”

PPM’s managed account portfolios follow a disciplined Growth at Reasonable Price (GARP) approach, focusing on companies with superior cash return on invested capital characteristics, conservative balance sheets, and rational competitive dynamics.

Financial advisers interested in learning more about PPM’s SQM-rated managed accounts can contact Warren Jones at wj@ppmfunds.com or Shaun Purcell at spurcell@ppmfunds.com.

About PPM

Founded in 1995, Private Portfolio Managers Pty Limited (PPM), is a privately owned boutique investment manager with a well established track record of constructing concentrated Australian Equities, Global Equities and Multi-Asset portfolios for our clients and their financial advisers. Our investment objective is to grow our clients’ portfolios over the long term using a disciplined & well researched investment process which seeks protection of capital with risk assessed tax effective returns. PPM offers Individually Managed Account (IMA) and Separately Managed Account (SMA) investment solutions across a number of broad investment strategies including balanced, income and growth style portfolios. For more information about PPM and our services please visit our website at www.ppmfunds.com.

About SQM Research ratings:

The ratings contained in this document are issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.

The post PPM Expands Business Development Team Following Strong SQM Ratings appeared first on Private Portfolio Managers.

The Market Commentary includes a brief summary of key markets, asset classes and our outlook. We trust that it provides useful insight.

Please contact our team for further information of PPMs service offering at ppm@ppmfunds.com or 02 8256 3777.

The post Market Commentary March 2025 appeared first on Private Portfolio Managers.

SYDNEY, AUSTRALIA – [March 28, 2025] – Private Portfolio Managers Pty Limited (PPM), a boutique investment manager with a long-standing history of delivering consistent performance for clients, today announced its managed account portfolios have received their inaugural ratings from SQM Research, one of Australia’s most respected investment research houses.

In PPM’s first submission for SQM evaluation, the Global Equities Growth SMA received an impressive 4.25 out of 5 star rating, while the Australian Equities Growth SMA was awarded 3.75 out of 5 stars.

“These strong inaugural ratings validate the investment process and philosophy we’ve refined over many years,” said Hugh MacNally, Executive Chair and Chief Investment Officer at Private Portfolio Managers. “While our long-term clients have benefited from our approach for years, these independent SQM ratings now provide financial advisers, clients and new investors with additional confidence in our managed account solutions.”

SQM Research Pty Limited is a leading investment research house specialising in providing ratings and reports on managed funds, listed and unlisted products, and property investments. Their rigorous evaluation process examines investment processes, risk frameworks, performance track records, and organisational structures.

The ratings come at a time when managed accounts continue to gain popularity among financial advisers seeking transparent, flexible investment solutions for their clients. Both PPM strategies are available on the HUB24 platform, making them easily accessible for advisers already using this leading investment and superannuation platform.

PPM’s Global Equities Growth SMA aims to provide investors with long-term capital growth and income through a concentrated portfolio of high-quality global companies. The Australian Equities Growth SMA follows a similar approach focused on domestic companies.

“These ratings affirm what our track record has shown for years – that our disciplined investment process delivers results across different market segments,” said Warren Jones, Head of Financial Adviser Distribution at PPM. “Our focus has always been on identifying quality companies with strong fundamentals and competitive advantages, regardless of market conditions.”

According to SQM Research’s rating scale:

• The 4.25 star rating for the Global Equities Growth SMA is classified as “Superior” and indicates “High Investment Grade.”
• The 3.75 star rating for the Australian Equities Growth SMA is classified as “Favourable” and indicates “Investment Grade.”

If you are interested in learning more about PPM’s SQM-rated managed accounts please contact:

Warren Jones
Head of Financial Advisor Distribution
email: wj@ppmfunds.com

Mobile: 0422 819 116

About PPM

Founded in 1995, Private Portfolio Managers Pty Limited (PPM), is a privately owned boutique investment manager with a well established track record of constructing concentrated Australian Equities, Global Equities and Multi-Asset portfolios for our clients and their financial advisers. Our investment objective is to grow our clients’ portfolios over the long term using a disciplined & well researched investment process which seeks protection of capital with risk assessed tax effective returns. PPM offers Individually Managed Account (IMA) and Separately Managed Account (SMA) investment solutions across a number of broad investment strategies including balanced, income and growth style portfolios. For more information about PPM and our services please visit our website at www.ppmfunds.com.

About SQM Research ratings:

The ratings contained in this document are issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.

The post Private Portfolio Managers Achieves Strong Debut SQM Ratings for Managed Accounts appeared first on Private Portfolio Managers.