Navigating the noise – conversations with the Natixis Investment Managers Expert Collective.

2025 was a golden year for small caps, but what else shone?

The ASX Small Ordinaries delivered an impressive return of 25% in 2025, comfortably outperforming large caps. Of that 25% return, an amazing 20% came from the materials sector, most of that gold, but what happened in the rest of the market?
In this podcast IML Portfolio Manager Marc Whittaker digs into the performance of Australian small caps last year, as well as giving an update on the performance of IML’s small-mid cap funds and a look ahead to what 2026 might bring.

IML large cap wrap for 2025

The Australian share market had another good year in 2025, the third year in a row of greater than 10% returns. But what were the standout stocks and sectors, and where do the opportunities lie in 2026?
In this podcast IML Portfolio Manager Michael O’Neill discusses the main drivers of returns last year, as well as giving an update on the performance of IML’s large cap funds and his thoughts on what 2026 might bring.

IML's top small cap for 2025

In this special podcast IML small-mid cap portfolio managers Marc Whittaker and Lucas Goode reveal their top small cap pick for 2025. This stock is up around 40% so far this year, but Marc and Lucas think it ticks all the boxes for quality and value and is also looking good for 2026.

IML large caps – Sept 2025 quarterly update

IML Portfolio managers Michael O’Neill and Daniel Moore discuss what happened in markets in the September quarter as well as the performance of IML’s large cap funds, key stocks in the portfolio including a new addition.

Investing in the transitions changing our world

We are in a time of great global change where powerful megatrends are reshaping our society and the global economy.
Jens Peers, CIO of Mirova US and portfolio manager of the Mirova Global Sustainable Equity Strategy, believes that investing in these secular megatrends, or transitions, could be a powerful driver of investment returns over the long term. Those four key transitions being: demographic, technological, environmental and governance.
Listen to the full podcast in which Jens joins Louise Watson to delve into the dynamic landscape of investment opportunities emerging from these global transitions:
How he is playing the AI theme as its adoption continues apace
How the tech bubble of the early 2000’s compares with today
Opportunities, and risks, in the energy transition
The generational divide in consumer needs and preferences
The rise of the middle class in emerging markets
Geopolitical trends, and one policy on which Jens agrees with Trump
The one long-term theme that isn’t yet in the portfolio which he finds most exciting

Small caps big bounces: reporting season update

IML portfolio manager Lucas Goode talks to Jason Guthrie about the excellent reporting season for many small cap companies. The small cap index was up around 8% at the time of recording, despite extreme volatility.

Reporting season: extreme reactions abound

IML portfolio managers Hugh Giddy and Daniel Moore talk to Gavin Butt about how extreme reactions to relatively run-of-the-mill results have turned this into a very volatile reporting season. In the full podcast they discuss:
The main takeaways from reporting season
The key results they think investors should pay attention to
How IML’s holdings have performed
And how their future outlook has changed with what they’ve learned in the past month

IML small-mid cap funds – end of financial year 2025 update

Portfolio manager Marc Whittaker talks to Jason Guthrie about how IML's small-mid cap funds performed over the quarter and financial year. He also discusses performance of key stocks and a new position for the funds.

IML large cap funds – end of financial year 2025 update

Portfolio managers Hugh Giddy and Daniel Moore discuss what happened in markets in the June quarter as well as the performance of IML's large cap funds and key stocks over financial year 2025.

Is there still room to play offence with defence stocks?

With the ongoing war in Ukraine, continuing conflict in the Middle East, and a reshaping of the global framework underway since Donald Trump came to office, defence stocks have been hot property in the world of investing. While Australian investors don’t have that many options when investing locally, an exception is ship builder Austal (ASX:ASB). 
Austal has been a long-term holding for IML’s small and mid cap funds, which have seen its share price triple since the start of 2024. However IML portfolio manager Lucas Goode thinks there could still be plenty of upside for Austal in years to come.