Market Matters Q&A

Private Credit

H Guys
Always appreciate your research, thoughts and feedback.
I am interested in your thoughts on the Private Credit space which has been quite topical of late.
On the back of the recent ASIC review it is being billed in some segments of the press as the “wild west” of investment markets.
Can you please provide your thoughts on the space – ideally with reference to some of the names you invest in – eg DN1 and PCI and also provide comment on some of the other larger names in the space eg MXT / MOT. I am keen to understand the key elements you review / monitor / look out for when investing in this space – eg arrears, defaults, LVR’s, management quality, team size and so on or anything else you view as important.
Thanks in advance.
Tim

Tim

Arafura Rare Earths Ltd (ARU)

Hi Guys,

Arafura was trading ~40 cents before it released news of a placement & SPP @ 28 cents .  The share price dropped lately, maybe due to pullback to .255 cents, due to overall sector/market drop.
What are your thoughts, though Arafura is in the rare earth category and Gina Rhineart is a shareholder. Do you think it will gain on price over time.

All things being equal, everything is a punt

cheers Paul M

Paul

Worley Ltd (WOR)

Hi Team,

Can you please give your opinion on why WOR has so dramatically underperformed the likes of NWH and MND? Do you expect any outperformance in the foreseeable future and what catalysts or triggers would you be looking for? Your insights are much appreciated!

Tony

RAMHA

Gents – trust you are well.
Have a question for you in relation to RAMHA – hoping you are familiar.
Trading at par (early days – as only been around for a month or so) offering a margin over swap of 300bps – seems like a reasonable alternative to bank (and AMP) hybrids that are rolling off.
Interested to know your thoughts. Do you like it? Any major risks that could be lurking? Do you think the margin is ok?
Thanks
M

Matt

Rate Sensitive Stocks

I’m holding a few rate sensitive stocks (CLW, CIP, DXS, APA, TLS). What’s your view on these now given the current thinking around future interest rates. Thanks

Ian

Starting Point for Teenager – Vanguard MSCI Index International Shares ETF (VGS)?

Hi MM Team, thank you so much for your investment guidance. It is really valuable. I just want to ask if VGS.asx is a good starting point for a teenager to invest in on a regular basis. I know it is general advice only. Thank you.

Sue

Simandou start and AU Miners

Hi what does MM think of new Chinese/Guinea Simandou mine coming online mean for our AU miners in medium (3years) to long term as an impact of potential iron ore price depression due to reduced Chinese demand for iron ore in open market?

Nilang Shah

Updated views on Starpharma (SPL) and Actinogen Medical (ACW)

Thanks for your insights which I value both for my own investing and for your relevant portfolios.

It has been a while since reviewing SPL in detail as far as I can tell but you do indicate a bullish bias. Can you please update after recent news flow that seems to change the trajectory of SPL.

Also, a while back you indicated a positive although risky evaluation of Actinogen Medical which seems to be awakening. Once an upward trend is established – does that reinforce a positive view with a little less risk (relatively speaking). Thanks for your general advice.

Thanks James for your insight. Understand MM is not into speculative stock. Is SPL a turn around story and worth putting some spare money into this Biotech company which has the potential to become an investible stock in the next few years ? Thanks. John

Peter

L1 Group Ltd (L1G)

Hi Team
I have a small holding in L1G as a result of owning Platinum, they have a SSP at the moment. Do you have any thoughts you could share
Thanks
Phil

Philip

Perpetual Credit Income Trust (PCI)

In Wednesdays report you discussed PCI. It looks a reasonable income proposition but I’m struggling with paying $1.15 (13/11/25) against NTA $1.10. Has it run consistently above NTA?

Ian