Quarterly Thoughts | June 2025

In his latest quarterly review, Rob Tucker discusses the implications of the recently passed US “One Big Beautiful Bill,” highlighting how fiscal stimulus and political pressure on interest rates are driving a shift toward fiscal dominance. He explains that this environment is likely to benefit real assets such as gold, infrastructure, and commodities, while supporting a broader rotation toward valuation-driven investing.

Rob also highlights standout opportunities within the portfolio, including CSL, which he believes is poised for a multi-year recovery, and Nufarm, which he sees as significantly undervalued with potential catalysts from a proposed sale of its seeds business.

Watch the full video below.