News & Insights

Newsroom

We are a leading independent, active Australian fund manager with a strong local market heritage. See below for our investment insights, corporate news and links to media coverage.

Private Hospital Groups face painful rehabilitation Featured, Market Insights, Media Centre

Private Hospital Groups face painful rehabilitation

September 11, 2018

Phil Strano, Senior Investment Manager at Yarra Capital Management, explains why the credit profiles of Australia’s major private operators could weaken materially over the near ...

Back long-term behaviours for long-term outperformance Featured, Market Insights

Back long-term behaviours for long-term outperformance

August 10, 2018

Phil Strano, Senior Investment Manager at Yarra Capital Management, explains how the balanced scorecard approach can be used to assess investment risk and generate higher ...

Watching for red flags Media Centre

Watching for red flags

August 1, 2018

Professional investors are clearing their desks and sharpening their pencils ahead of the onslaught of the 2018 reporting season. Over a period of about six weeks ...

Beware the Big Industrials Squeeze Featured, Market Insights

Beware the Big Industrials Squeeze

July 16, 2018

We are seemingly in an environment of heightened anxiety, with many investors jumping at every Presidential tweet or Royal Commission headline. A consequence of this ...

A time for optimism Media Centre

A time for optimism

June 9, 2018

The biggest jump in GDP in seven quarters. The 16th trade surplus in 18 months. Data showing a surge in corporate bond issuance. The good news just kept coming. ...

Virgin Australia Bond Deal Deserving of Top Gun Status Featured, Market Insights

Virgin Australia Bond Deal Deserving of Top Gun Status

May 29, 2018

Phil Strano, Senior Investment Manager at Yarra Capital Management, takes a close look at Virgin Australia’s May 2018 bond deal.  There are few industries which ...

Backing a long-term mindset Media Centre

Backing a long-term mindset

May 5, 2018

Dion Hershan, head of Australian equities at Yarra Capital Management, sums up the mood of many investors at the Macquarie Australia conference when he says ...

What Do Tesla and Argentina Have in Common? Featured, Market Insights

What Do Tesla and Argentina Have in Common?

May 1, 2018

The mispricing of risk in the pursuit of yield is often a classic early warning sign of late-cycle investor complacency during periods of abundant liquidity ...

China – Want Clean Air? Try More LNG Featured, Market Insights

China – Want Clean Air? Try More LNG

April 27, 2018

A recent trip to China provided us with a stark reminder that very little progress had been made in confronting what appears to be an ...

Now Let’s Talk Housing… Featured, Market Insights

Now Let’s Talk Housing…

April 11, 2018

Hysterical commentators continue to crow about the pending crash in Australian housing and plummeting new housing starts. This is despite resilience in the existing housing ...

The Boat Owner’s Impasse Featured, Market Insights

The Boat Owner’s Impasse

March 5, 2018

Dion Hershan, Managing Director and Head of Australian Equities, provides his observations from an eventful February 2018 reporting season. I am not a boat owner ...

End of Beta in Corporate Credit? Featured, Market Insights

End of Beta in Corporate Credit?

February 19, 2018

By and large, the decade post-crisis (2008-18) was characterised by central bank liquidity, low volatility and beta rather than alpha being the dominant source of ...

A Clear and Present Dilemma Featured, Market Insights

A Clear and Present Dilemma

January 30, 2018

“Success breeds complacency. Complacency breeds failure. Only the paranoid survive.” Andy Grove, Former Chairman and CEO of Intel. There is a long list of reasons ...

Moving into 2018 with resilience Media Centre

Moving into 2018 with resilience

December 27, 2017

Heading into 2018, the S&P/ASX 200 Index is trading at almost a decade-high level and forecasters are reasonably bullish on the outlook for the benchmark. ...

See through the noise for value Media Centre

See through the noise for value

December 27, 2017

The impressive profitability of Australia’s banks was drowned out in 2017 by political and legal melodrama involving accusations of customer mistreatment and defective cultures. It’s ...

China Trip: Policy Matters Featured, Market Insights

China Trip: Policy Matters

December 14, 2017

We recently returned from an investment trip to China and, as is usually the case, arrived home more confused than when we left. It’s easy to marvel ...

Active manager launches credit strategy Media Centre

Active manager launches credit strategy

December 5, 2017

Yarra Capital Management has announced the launch of its Yarra Absolute Credit Strategy, a new diversified Australian credit portfolio. The strategy aims to provide investors with ...

Yarra launches Absolute Credit Strategy Corporate News, Featured

Yarra launches Absolute Credit Strategy

December 5, 2017

Independent Australian funds management group Yarra Capital Management today announced the launch of the Yarra Absolute Credit Strategy, a new diversified Australian credit portfolio available initially to ...

The perils of ‘range-bound’ thinking Featured, Market Insights

The perils of ‘range-bound’ thinking

December 1, 2017

Volatility in the oil market in recent years provides another salient reminder of the perils of ‘this time it’s different’ thinking. Some experts have variously ...

How best to generate income? Media Centre

How best to generate income?

November 22, 2017

What is the best approach to generating high income in today’s low-interest rate world? Roy Keenan, Head of Australian Fixed Income at Yarra Capital Management, ...

How paranoia saved Seek’s skin Media Centre

How paranoia saved Seek’s skin

November 11, 2017

Yarra Capital Management’s Dion Hershan commenting on the DNA of Seek as it celebrates its 20-year anniversary: “It is very strategic, innovative, very willing to take ...

What will the banks deliver? Media Centre

What will the banks deliver?

November 8, 2017

Yarra Capital Management’s Dion Hershan commenting on the outlook for Australian banks, including reference to capital adequacy, the relative attractiveness of the sector, its resilience and capacity ...

Keeping an eye on the tailwinds Media Centre

Keeping an eye on the tailwinds

October 17, 2017

What headwinds or tailwinds are investors not paying enough attention to? Katie Hudson, Head of Australian Equities Research at Yarra Capital Management, speaks with Alan ...

Bitcoin: Like being sober at Woodstock Featured, Market Insights

Bitcoin: Like being sober at Woodstock

October 16, 2017

In the spirit of getting a better understanding of disruptive technologies, we recently attended a Bitcoin and Blockchain conference in New York. The conference started ...

What if the data is right? Featured, Market Insights

What if the data is right?

September 25, 2017

A broad-based and pessimistic view currently pervades the Australian economy and, in particular, the labour market. Issues being raised range from the impact of the ...

Time to revisit small caps Media Centre

Time to revisit small caps

September 16, 2017

Katie Hudson is head of Australian equities research at fund manager Yarra Capital. Starting her career as an accountant, she was a portfolio manager at ...

Former BlackRock head joins Yarra Media Centre

Former BlackRock head joins Yarra

September 15, 2017

The former head of Blackrock Japan Masato Degawa will join the board of Yarra Capital Management as a non-executive director and senior adviser for Japan. Prior ...

Yarra Capital appoints Japan adviser Media Centre

Yarra Capital appoints Japan adviser

September 15, 2017

Yarra Capital Management has appointed a former head of BlackRock Japan as a senior adviser to its business. Masato Degawa has joined the board of ...

Masato Degawa joins Yarra Capital Corporate News, Featured

Masato Degawa joins Yarra Capital

September 15, 2017

Independent Australian funds management group Yarra Capital Management today announced that former President and Head of BlackRock Japan Masato Degawa will join the Firm’s parent ...

Yarra sticking with banks Media Centre

Yarra sticking with banks

September 15, 2017

Leading Australian fund manager Yarra Capital Management is favouring banks and certain retailers and steering clear of commercial property and Telstra. In a post-reporting season update ...

Fundies split on Amazon threat Media Centre

Fundies split on Amazon threat

August 28, 2017

Leading fund managers are divided as to whether the nation’s top companies are doing enough to combat the threat of disruption to their business models ...

Amazon not about winner takes all Media Centre

Amazon not about winner takes all

August 2, 2017

Yarra Capital Management’s Katie Hudson on the sectors and companies likely to deliver top line growth as opposed to lifting profits through cost cutting this ...

Forecasting is Difficult, Particularly About the Future Featured, Market Insights

Forecasting is Difficult, Particularly About the Future

July 27, 2017

Disruption is clearly the current buzzword of choice. Commentators, analysts and investors appear mesmerised by the seismic changes which are presently being forecast and the ...

Battle-scarred miners Media Centre

Battle-scarred miners

July 22, 2017

Yarra Capital Management believes that margins of bulk commodity miners are extraordinarily high, to the point where you can question their sustainability. Read more from AFR ...

Banks dodge capital bullet Media Centre

Banks dodge capital bullet

July 20, 2017

“This was probably the number one issue for the banks so the fact that it has been concluded and that there is 2½ years to ...

APRA plans deliver clarity Media Centre

APRA plans deliver clarity

July 19, 2017

Yarra Capital Management said there had been lots of alarmist commentary ahead of the announcement which was overdone. “This is a significant milestone for the ...

The Big Picture Media Centre

The Big Picture

July 1, 2017

Dion Hershan from Yarra Capital Management does not agree with Scott Morrison’s $6 billion bank tax, which has elicited a similar $370 million grab from South Australia. ...

New board member for Yarra Capital Media Centre

New board member for Yarra Capital

June 28, 2017

Yarra Capital Management has appointed Michael Gordon to the firm’s parent company board as a non-executive director and a chairman of its multi-asset allocation committee. ...

Former Perpetual executive joins Yarra Capital Media Centre

Former Perpetual executive joins Yarra Capital

June 27, 2017

Yarra Capital Management has appointed former Perpetual group executive Michael Gordon to its board as a non-executive director. Mr Gordon will also join Yarra Capital ...

Former Fidelity CIO joins Yarra Board Media Centre

Former Fidelity CIO joins Yarra Board

June 27, 2017

A former chief investment officer of Fidelity International will join Yarra Capital Management’s board as a non-executive director and chair of the multi-asset allocation committee. ...

Michael Gordon to Join Yarra Capital Management Corporate News, Featured

Michael Gordon to Join Yarra Capital Management

June 27, 2017

Yarra Capital Management today announced that it is appointing Michael Gordon to the firm’s parent company Board as Non-Executive Director and Chairman of its Multi-Asset ...

Bring back the IPO discount… Featured, Market Insights

Bring back the IPO discount…

June 26, 2017

The performance of Australian initial public offerings (IPOs) over recent years has been telling. On average there has been money to be made in the ...

Balancing the rhetoric Featured, Market Insights

Balancing the rhetoric

June 19, 2017

The deafening chorus of market commentators declaring an Australian housing bubble, an over-leveraged and troubled consumer and broad-based systemic risk have now become the ‘consensus’ ...

Amazon effect puts IPOs under a cloud Media Centre

Amazon effect puts IPOs under a cloud

May 16, 2017

“Retail IPOs have been caught in the crosshairs of medium-term concerns about Amazon but also soft short-term consumer data, which has led to a broad-based ...

Step away from the marshmallow! Featured, Market Insights

Step away from the marshmallow!

May 11, 2017

The 1960s Stanford University ‘Marshmallow Test’ gave 600 children a straightforward choice: eat one treat now or wait 15 minutes and have two. The study ...

Subdued growth horizon for major banks Media Centre

Subdued growth horizon for major banks

May 10, 2017

Australia’s major banks face a series of headwinds in the form of low interest rates, further regulatory reform and greater competition as their business models converge, ...

Resources likely range-bound ahead Media Centre

Resources likely range-bound ahead

April 20, 2017

The resources markets may have seen some recovery in the last year after an extended slump since the summer of 2014, but further gains may ...

Valuations ahead of fundamentals Media Centre

Valuations ahead of fundamentals

April 19, 2017

Valuations for several listed companies are stretched and ahead of the fundamentals, while the resources and housing sectors are set to slow significantly, according to ...

Is China Steel & Coal Consumption Peking? Featured, Market Insights

Is China Steel & Coal Consumption Peking?

April 11, 2017

We’ve just returned from a week-long trip to China, and as with most trips to this amazing country in recent years we probably left feeling more ...

Yarra Capital adds to Fixed Income team Media Centre

Yarra Capital adds to Fixed Income team

April 5, 2017

Victorian Funds Management Corporation (VFMC) senior credit portfolio manager Phil Strano will join Yarra Capital Management as a senior investment manager in the fixed income ...

Yarra Capital recruits senior PM Media Centre

Yarra Capital recruits senior PM

April 4, 2017

A Victorian Funds Management Corporation senior credit portfolio manager will join Yarra Capital Management’s investment team. Read more…. (subscription to Financial Standard ...

Yarra Capital appoints Phil Strano Media Centre

Yarra Capital appoints Phil Strano

April 4, 2017

Yarra Capital Management has announced the appointment of Phil Strano as a senior investment manager in the fixed income team, effective May 2017. Read ...

New fixed income hire announced Corporate News

New fixed income hire announced

April 4, 2017

Yarra Capital Management today announced that it has appointed Phil Strano to join the firm’s investment team in early May as a Senior Investment Manager ...

Postcards from China Corporate News, Market Insights

Postcards from China

April 3, 2017

We always learn a lot from research trips, sometimes in the most unexpected places. We were in Beijing last week and an off-the-cuff remark from ...

Haven’t we seen this movie before? Corporate News, Market Insights

Haven’t we seen this movie before?

March 20, 2017

You have to admire the optimism and resilience that’s so abundant in Western Australia. Having spent most of last week in Perth meeting with mining ...

Cutting into the bone Corporate News, Market Insights

Cutting into the bone

March 9, 2017

Companies frequently talk about taking out costs, boosting productivity and just simply removing ‘fat’ and avoiding ‘cutting into the bone’. Dion Hershan, Head of Australian ...

Deja vu all over again Corporate News, Market Insights

Deja vu all over again

February 14, 2017

Behavioural finance tells us that, remarkably, most calendar years start with high expectations, a simple hope that the year ahead will be better. While we ...

Ex-GSAM Aussie arm rebrands Media Centre

Ex-GSAM Aussie arm rebrands

December 11, 2016

Goldman Sachs Asset Management’s (GSAM’s) Australian equity and fixed income business will rebrand as Yarra Capital Management following the management buyout, which is on track ...

Yarra Capital to launch Jan 2017 Media Centre

Yarra Capital to launch Jan 2017

December 11, 2016

Yarra Capital Management, which last week announced the recruitment of Mark Burgess as its independent chair, is on track for a January 2017 launch, following ...

Burgess to chair Yarra Capital Media Centre

Burgess to chair Yarra Capital

December 9, 2016

Former managing director and president of the Future Fund, Mark Burgess, will become independent chair of a GSAM spinoff following the completion of a management ...

Burgess returns to chair Yarra Capital Media Centre

Burgess returns to chair Yarra Capital

December 9, 2016

Former Future Fund chief executive Mark Burgess has re-emerged in the funds management sector as chairman of Yarra Capital Management, which will become the new ...

Yarra Capital to focus on growth Media Centre

Yarra Capital to focus on growth

December 9, 2016

Mark Burgess, the chairman of independent fund manager Yarra Capital Management, argues that companies need to be more growth-oriented as the Australian economy recovers from ...

GSAM spin-off appoints Davidson as COO Media Centre

GSAM spin-off appoints Davidson as COO

December 8, 2016

Brett Davidson, formerly Victorian Funds Management Corporation’s Chief Operating Officer, will join the newly-rebranded Yarra Capital Management as its COO. Read ...

VFMC COO jumps ship Media Centre

VFMC COO jumps ship

December 5, 2016

Victorian Funds Management Corporation Chief Operating Officer Brett Davidson has taken on a new role with an independent Australian fund manager. Read ...

‘Newco’ hires inaugural COO Media Centre, Uncategorized

‘Newco’ hires inaugural COO

December 4, 2016

The soon-to-be-renamed former Goldman Sachs Asset Management Australian equities and bonds business has recruited a senior investment operations executive from VFMC as its first Chief ...

Goldman ‘Newco’ hires inaugural COO Media Centre

Goldman ‘Newco’ hires inaugural COO

December 4, 2016

The soon-to-be-renamed former Goldman Sachs Asset Management Australian equities and bonds business has recruited a senior investment operations executive from VFMC as its new chief ...

Warning on capital investment drought Media Centre

Warning on capital investment drought

November 14, 2016

One of the nation’s top fund managers has warned that a crisis of confidence among top sharemarket-listed company boards stopping them from investing in their ...

Hershan: still ‘absolute value’ in banks Media Centre

Hershan: still ‘absolute value’ in banks

October 25, 2016

Dion Hershan is upbeat about Australia’s growth prospects outside the resources sector but warns some high-yield stocks appear over-valued and boards were being restrained by conservative growth ...

Newco getting down to business Media Centre

Newco getting down to business

October 23, 2016

For TA Associates, the private equity manager with a penchant for funds management firms, the purchase of Goldman Sachs’ Australian opzioni binarie equities and fixed ...

TA Associates To Back MBO Corporate News

TA Associates To Back MBO

September 14, 2016

TA Associates, a leading global growth private equity firm, has announced it has signed a definitive agreement to back buy phentermine online a management buyout ...