Sebastian Mullins
Person
Sebastian Mullins is an Australian investment professional and fund manager who leads multi-asset and fixed-income investing at Schroders Australia. He is known for managing multi-asset portfolios and providing commentary on markets, portfolio construction and investment risk.
What Sebastian Mullins has said on podcasts
30 statements
Investors should reduce risk when an economy approaches recession.
“If you're heading towards recession, de-risk essentially”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 3:26
Recovery favors high-yield and small-cap equities; slowdowns favor high-quality technology stocks.
“If you're into recovery, you want high yields, small caps, for example, If you're into a slowdown, you want high-quality tech names in your equity portfolio.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 3:32
Investors must pay attention to political intervention and geopolitics.
“you do have to pay attention to it”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 8:53
Inflation is structurally higher than during the previous low-inflation regime.
“we think we're in a structurally higher inflation”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 11:10
Global inflation around 3–4% is generally favorable for equities.
“if we stay around 3 to 4 inflation, let's call it globally 3 to 4 inflation, that's pretty good for equities.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 11:35
Inflation above roughly 3–4% erodes equity valuations.
“When you see inflation above that, then valuations start to erode.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 11:46
Schroders’ GROW ETF returned double digits with volatility below 5 over three years.
“the multi-asset fund we run as an ETF, GROW, that's performed double digits over the last 3 years. Volatility hasn't gone above 5 over over those last 3 years.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 14:00
Investors can pursue real returns without increasing their risk budget.
“there are ways around it without increasing the risk budget”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 14:43
Long-duration bonds will remain less effective as portfolio hedges over the next five years.
“long-duration bonds have proven to be less effective structurally over the last 5 years. And we expect that to continue for the next 5 years.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 17:15
Technology equities can rebound after the positioning washout.
“we think the tech trade can rebound.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 21:35
The equal-weight S&P 500 should outperform over six to twelve months.
“more medium-term, next 12 to 6— sorry, 6 to 12 months, we're actually more bullish on the equal-weight S&P.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 22:21
The US economy remains strong and is likely to continue expanding.
“we're still very bullish on the economy”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 22:45
Investors should favor technology equities in the short term.
“short-term, we want to get in the tech trade, take that rally”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 23:50
Investors should broaden into economically sensitive US stocks medium term.
“More medium-term branching out to the rest of the US economics-related stocks”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 24:07
Australian equities have an unattractive short-term outlook.
“we're not that positive on Aussie equities in the short term.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 25:29
Australian credit is preferable to Australian equities for short-term income.
“for income, I'd rather do that. So in the short term, ignoring Australian equities, liking Australian credit”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 27:03
US ten-year yields will rise as government spending increases.
“10-year yields, we're not bullish on the US because we do think they're going to spend more money and we'll see longer ends, longer part of the curve yields rise.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 30:36
German and UK government bonds are currently preferred.
“Right now, prefer Germany and UK.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 32:20
Yield-curve steepener positions remain attractive in selected markets.
“we still like having a steepener on in select markets.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 32:45
Gold hedges portfolios against currency debasement.
“we like gold as the hedge for currency debasement”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 33:38
Gold miners provide leveraged exposure to gold prices.
“It's a levered play on that.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 36:12
Gold hedges monetary debasement, while commodities hedge supply-shock inflation.
“Gold hedges for monetary debasement inflation. Commodities hedges for supply shock inflation.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 37:41
Foreign-currency exposure generally reduces Australian investors’ portfolio risk.
“having foreign currency does reduce your risk as an Aussie investor.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 40:36
Half of equity exposure should generally remain unhedged for optimal risk-return.
“half of your equity exposure should be unhedged and that'll help give you the best risk return.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 41:20
The US dollar will continue weakening over the long term.
“Structurally, I think last year is probably the play. You'll see that continue to weaken.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 42:49
The Australian dollar will be broadly unchanged but slightly higher in twelve months.
“Unchanged but slightly higher.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 44:13
The US ten-year bond yield will be higher in twelve months.
“Higher. Higher.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 44:45
The Nasdaq will be higher in twelve months.
“Higher.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 44:49
The RBA cash rate will remain flat over the next year.
“So probably next year, flat.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 45:07
The ASX 200 will rise but underperform the Nasdaq over twelve months.
“Higher, but not as high as NASDAQ.”
Open the episode · Inside Schroders' inflation-beating 'sleep at night' portfolioListen at 45:41
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
