To mark the one year anniversary of the BML Global Fund, staff and supporters gathered for drinks. The fund has returned 21.7% gross since inception, a success for our investors and a credit to our team members.

CIO Alexander highlighted the importance of family and ethics to how the business is run, and thanked everyone for their support.

Ted Alexander spoke on CNBC on 4 November 2024 about the underperformance of healthcare leading into an election where the sector has been less of a focus. With cheaper valuations and less political headwinds, the sector is a good play with rising volatility in stock markets.

Ted Alexander joined the "pretty in pink" panel on Ausbiz's Last Call on 1 November 2024, discussing the cash needs of AI investments, the potential for a China rally, and the attractiveness of healthcare plays in volatility.

In an entertaining hour, Ted Alexander and Lachlan Hughes gave their views on 11 different stocks around the world - with the main consensus buy being the world's biggest Salmon farmer Mowi. 

Ted Alexander spoke on CNBC after further stock market volatility, reiterating there are opposing positive and negative narratives keeping the stock market from breaking out up or down. We need patience to analyse new data and update our view, but there's not enough evidence for a high conviction move here. Paywall access.

Ted Alexander spoke on CNBC after a bout of market volatility, with the yen surging, stocks falling, and bond yields down. Although markets were volatile, the underlying story for stocks hasn't significantly changed yet, and we must continue to weigh the evidence as it appears. So far, that's not enough to derail the stock market rally, and conditions remain healthy for stocks, particularly undervalued defensives. 

Ted Alexander was a guest on Ausbiz's The Call on 8 July 2024, and was invited to rate 10 stocks a buy or sell, with a bonus stock of the day thrown in. He preferred J&J, Eli Lilly, and Nike, suggested caution on ASML due to signs of unrest at TSMC, and was negative on Constellation Energy, Tesla, and John Deere. 

General advice only and stock recommendations should not be taken as personal financial advice - consult your advisor.

BML CIO Alexander Appeared on Bloomberg Asharq TV to discuss the implications of Biden's new EV tariffs. Both China and the US can afford trade wars, but it's a dead weight loss to their economies and consumers. BYD is our preferred EV stock, with low US exposure and industry-leading technology. Alexander sees value in Chinese stocks here, as consumers increase spending to normal levels.

BML CIO Ted Alexander appeared on Ausbiz TV to discuss the current earnings season and what we've seen in 2024 so far. Risks have fallen over the past 6 months and most stocks are trading at low multiples, setting up the year well for broad stock market strength. The Q4 earnings season has been solid so far, and guidance has appeared to support the 2024 consensus outlook. Alexander highlights AbbVie and Aon as two stocks to watch this year.

Justin Fabo from the BML Investment Committee takes us through what the economic data is telling us as we enter 2024. CIO Ted Alexander adds an overlay with stock market context on relative forecasts. We conclude that the US economy is due for below trend growth over the next year and that market forecasts are mildly optimistic, but not unrealistic. The tough question of whether the US economy will enter the recession is not yet confirmed by the data, but we will continue to monitor.

Currently the biggest selling drug of all time is Humira, but can Ozempic take the crown? In this Livewire article, CIO Alexander and Dr Jonathan Nambiar explore the potential sales for GLP-1s and compare with Humira. Ultimately Merck's cancer drug Keytruda is forecast to outsell Ozempic, but combining semaglutide sales across diabetes and weight-loss, the GLP-1 is forecast to set a new record. 

While stock market valuations are determined by discount rates, expected growth, and risk outlook, there is less of an impact from bond yields responding to inflation than commonly thought. Stock markets move more on real economic outcomes than monetary illusion. The MSCI World forward P/E ratio was 16.8 in December 2019, 16.8 in March 2022, and 16.8 in November 2023 under very different inflation and bond yields scenarios. Alexander talks through this and more on Ausbiz.

The BML Global Fund (BQC5949AU) is now available on HUB24 investment menu for wholesale investors.

Chief Investment Officer Alexander discussed Alphabet and Microsoft results. At 25% through Q3 earnings season, we haven't seen as much as we'd like. Revenues have been below expectations, and demand seems weak. Healthcare stocks are well priced for this environment. 26 October 2023

Ted Alexander spoke on Ausbiz about the start of Q3 earnings season 2023. Ted contrasted strong results from Pesico against weak results from LVMH. As we approach lower inflation markets cost pressures will abate, and Ted suggested potential winners would include UnitedHealth and Heineken. 16 October 2023

Ted Alexander was interviewed by Nadine Blayney on Ausbiz 25 September 2023. Alexander discussed variation in the bond-equity correlation and the impact on investment strategy. He talked through how the fund was searching for efficient alpha in healthcare and consumer segments, and finished by reiterating the attractiveness of investing in stocks at current pricing. Login may be required to watch the video.