March 2025
Interview with Sara Allen of Livewire Markets.
If you think Trump is the biggest market concern right now, you aren’t wrong, but MLC Asset Management’s Anthony Golowenko points out there is much more investors should be paying attention to.
For example, equity valuations are a hot topic right now.
“Equity valuations in Australia and also globally being quite elevated, we have scenarios where valuations actually go higher from here. Whether that's a speculative bubble, similar to what we saw in the 2000s, or a case of US corporate balance sheets being re-leveraged with increased liquidity,” Golowenko says.
He also argues that investors need to consider that monetary easing could lead to a general slowdown and there is a need to carefully prepare for this also.
That said, Golowenko is still constructive in his positioning to growth assets and global shares.
“We’ve taken some of that exposure from global developed markets and put it into emerging markets. Some of it into things like global credit, and also thinking about our alternatives program,” he says.
“We don’t see this as a time for big asset allocation calls for big risk-on, or by the same token, risk-off positioning, but a really sensible combination with active management in a whole range of components that we believe will deliver consistently for our clients.”
In this episode of The Pitch, Golowenko discusses how he evaluates market concerns, his positioning for the portfolios he runs and the criteria he uses for selection of investments and fund managers in the separately managed account (SMA) portfolios he manages.
Watch the full interview below, recorded on Tuesday 4 March 2025.
