Nvidia reported another significant earnings and revenue beat, yet shares declined sharply, weighing on the semiconductor sector more broadly. Other chipmakers also traded softer, suggesting investors may have already priced in much of the recent AI-driven optimism.

Salesforce rose after beating quarterly expectations, although forward guidance tempered enthusiasm. Meanwhile, quantum computing company IonQ surged following upbeat results and commentary pointing to a potential strategic inflection point.

Commentary from Industry Leaders

Recent industry research from GQG highlights how traditionally defensive stocks - staples, utilities and insurers - have quietly delivered resilient performance while growth-driven sectors like tech capture headlines. Despite the market’s focus on AI and high-growth narratives, many defensive businesses continue to exhibit steady earnings, strong dividends and durable cash flows, traits that have underpinned long-term compounding returns. 

Valuation disparities between defensive and momentum-led equities are near multi-decade extremes, suggesting a potential re-rating if market leadership broadens. The key takeaway for investors is not to chase the latest theme, but to recognise that high-quality, “boring” businesses with visible earnings can offer both stability and attractive return potential as market cycles evolve.

Economic News 

Gold Strength Support Federal Reserves 

Key Points: 

• Gold’s powerful rally continues to reshape Australia’s export landscape, with bullion now overtaking natural gas as the nation’s second-largest export. Prices have surged to nearly US$5,200 per ounce, well above Treasury’s previous assumptions, positioning the government for a potential revenue upgrade in the May Budget. Stronger gold prices are expected to lift company tax receipts from the mining sector, providing a near-term fiscal boost. However, this windfall is unlikely to resolve deeper structural spending pressures, with deficits projected to persist.

  While the rally reflects global uncertainty, central bank demand and safe-haven flows, it also reinforces Australia’s strategic advantage as the world’s third-largest gold producer. In an increasingly fragmented geopolitical environment, resource diversification continues to act as a stabiliser for the domestic economy.

Market Snapshot 

• Australia: Gold miners rally. 

• United States: Dow -0.03%, S&P 500 -0.5%, Nasdaq -1.2%. 

• Bonds: US 10-year yield at 4.01% and Australian 10-year yield at 4.70%.  

• Gold: Increased overnight.

Key Data Coming Up

• Wednesday 4th, March: AU GDP Growth Rate QoQ

Investment Update

We currently have access to an investment from a specialist private markets firm who have more than 40- years’ experience within private equity investing. Today, the firm has more than ~240 investment professionals globally and manage more than USD $150b, predominately in private equity . Scale and expertise are a strength they bring to investing as they invest ~$9b in secondaries and $4.9b in direct co-investments annually. In 2024 they had 1,197 deals sourced in the Direct side, and 378 Deals logged in the secondaries side. The funds has a specialised evergreen portfolio team, with 8 Principals/Managing directors and over 120 product specialists, in offices spanning the globe.

The portfolio at a high level: 

A core, globally diversified, mid-market Private Equity allocation in an evergreen, open-ended, monthly liquid vehicle ($A hedged).

• Highly reputable private equity manger with >US$147b AUM.

  • Over 43 years history investing in global private equity. 

  • More than 15 years managing evergreen private equity product.
    
    

• Deep, well-resourced investment platform. 

  • Long-standing relationships provide strong access to private equity opportunities - partnering with market leaders in their sector/geography specialty. 

  • Proven ability to source and assess secondary and co-investment deals. 

• Global leader in deal flow and execution. 

  • Largest co-investment team worldwide. 

  • One of the largest secondary platforms globally, based on completed transactions. 

• Focused on the mid-market, a historically attractive segment. 

  • Mid-market companies tend to have more scope for operational improvement, less use of leverage and more potential exit routes from strong long-term relationships, not reliant on the IPO market. 

  • This segment has delivered consistent long-term outperformance for institutional investors. 

  • Highly diversified portfolio construction is designed to perform across market cycles and smooth long-term outcomes. 

Investment Thesis:  

Global private markets rebounded strongly in late 2025 after a turbulent year marked by tariffs and a historic U.S. government shutdown, with dealmaking and exits gaining momentum. Lower interest rates and megadeals revitalized Europe, while APAC surged on demographic growth and corporate reform, led by India and Japan. Liquidity remains a central theme for 2026, with conventional exits and secondaries evolving into strategic tools for investors. AI is reshaping investment flows across private equity, venture capital, and infrastructure, driving unprecedented demand for data centers and related assets. Despite geopolitical risks and potential bubbles, the outlook for 2026 is cautiously optimistic, hinging on agility, innovation, and disciplined execution. 

Key portfolio metrics:

• Underlying companies: 4,000+

• Fund AUM (USD): $2.6B

• Active Investments: 106

• General Partners: 510+

• New Investments: Secondaries 30, Direct Co-Investments 41

If you would like more information, including suitability, structure and how it may fit within your portfolio, please feel free to get in touch and we can discuss access in more detail.