U.S. markets were closed overnight due to Thanksgiving, however in the previous session the Dow rose 0.67%, the S&P 500 gained 0.69% and the Nasdaq added 0.82%. Even in a muted trading environment, the broader tone signalled a clear return of risk appetite. Prediction market traders are betting that the Fed will cut rates in December, with odds at an 80% chance. 

Commentary from Industry Leaders

Last week our Head of Private Wealth, Phil Hand met with Todd Boehly (Chairperson of Eldridge Industries).  

The discussion with Todd provided an exceptional look into how global sports, media, entertainment and premium IP are evolving into one of the most compelling asset classes of the next decade and beyond.

At the core of Todd’s philosophy is a credit investor’s mindset – protect the downside, control governance and own brands with global audience reach.  His framework has driven value across the Dodgers, Lakers, Chelsea FC, A24, Cirque du Soleil, Rolling Stone and the world’s largest live-event ecosystem.  

Below is a short summary of the most important themes discussed last week:

The Eldridge Investment Framework

• “If we can’t control it, we need structure.”

• Focus on brand + global audience as the real moat.

• Cash flows must be contractual, resilient, and asymmetric.

• Governance change is the unlock for value creation.

Sports Are Now Global Media & Experience Platforms

• Live sports remain the most valuable category in media (no time-shifting).

• Premium clubs (Dodgers, Lakers, Chelsea) are price-makers, not price-takers for media rights deals.

• Immersive experiences (Ohtani in Japan, Chelsea membership clubs, Cirque touring) are becoming 80%+ margin bolt-ons.

Dodgers Case Study - 13 Years of Compounding

• 6 World Series appearances, 3 titles under current ownership.

• Media rights behave like long-duration contracted cash flows.

• Ohtani deal = financial engineering + global brand flywheel (70m viewers atannouncement).

The Premier League Opportunity

• “The most under-monetised global IP in the world.”

• No central negotiator; rights sold market-by-market.

• Todd expects a single global streaming platform to reshape the economics.

Live Events & Iconic IP

• Eldridge controls the largest live-event ecosystem globally (Rolling Stone, Billboard, SXSW, Golden Globes).

• Springsteen catalogue: EBITDA grew from ~$8m → $20m+ with thoughtful commercialisation.

• Luminate: the world’s leading entertainment data engine.

Women’s Sports & Global Growth Markets

• Significant tailwinds in viewership, sponsorship and cultural momentum.

• Asia (Japan, India) emerging as core fan markets.

Economic News 

Markets have rallied over the last few days on growing rate-cut hopes.

• Global markets rallied for a fourth straight session recently, driven by speculation that the US central bank may begin cutting rates soon.

• That optimism helped lift many sectors - but as some analysts caution, this may be more a rebound from oversold conditions than a signal of sustained upside.

Implication for investors: Rate-sensitive and growth assets (like technology or long-duration equities) may get a near-term boost, but investors should watch for volatility or rotation if macro fundamentals underwhelm.

Market Snapshot 

• Australia: The ASX moving slightly higher today. 

• United States: Dow 0.67%, S&P 500 0.69%, Nasdaq 0.82%. 

• Bonds: US 10-year yield at 3.99% and Australian 10-year yield at 4.49%.  

• Gold: Decreased overnight.

Key Events Coming Up

• No major events coming up over the next week

Investment Update

Vantage Asset Management has opened one of their private equity funds to our clients again. 

The fund has returned 14.5% p.a. since inception with a strong distribution profile.  

To recap: The fund is an open ended evergreen structure with a minimum investment amount of $50k which is called up front. There is a minimum investment period of two years.  

The key highlights of the Fund are as follows:

• They are still investing in top quartile PE funds in Australia & New Zealand, focusing on lower to mid-market opportunities.

• They buy existing holdings from GPs and LPs frequently at significant discounts to the NAV, providing immediate valuation uplifts.

• The Fund has a Co-investments sleeve

• The Fund is semi-liquid (evergreen). There are no capital calls. All capital is called on allotment but only when investment opportunities present (reduces cash drag). Once invested, there is a 2 year lock up then investors can redeem with 60 days’ notice

• J-curve mitigation (as we pick up positions that have already worked through much of the J-curve) therefore shorter duration to distributions

• Visibility over portfolio at investment

• Highly diversified (100+ underlying company investments)

• Low investment minimum of $50k

• Return target of 20% IRR p.a