There are some recurring themes that appear across the many different articles and interviews across the Livewire platform — think long-term, be disciplined in your investment philosophy and stay calm through volatility.
Interestingly, when preparing to interview these three fund managers for International Women’s Day, I came across numerous studies that all agree that women outperform men when it comes to investing because of these three traits! (is anyone really surprised?)
I sat down with three of Australia’s experts who embody all of these traits and more, and who each invest across different parts of the market — Anna Milne from Wilson Asset Management, Arms Rosenberg from Minotaur Capital, and Chanel Stuart-Findlay from Plato Investment Management — to talk about how they’re reading markets right now, how they think long-term, and what it really takes to identify future market leaders.
Know when your thesis is wrong
It feels like markets are moving faster than ever, particularly when it comes to anything touching AI. Rosenberg’s approach is to stop and take stock rather than defend a position.
“The best thing to do when things are changing quickly is to sit still and just think with a blank sheet of paper with all the information I have today. Try not to be anchored to decisions that you’ve made in the past.”
Minotaur demonstrated this recently, as it had been publicly bullish on software going into 2026. (Rosenberg named Atlassian as a favoured position on Livewire in December.) Within weeks, rapid advances in AI coding tools made the earnings outlook for traditional software names untenable and the fund moved short.
The market’s reaction is data
When NVIDIA reported strong results recently and the stock still traded down, Stuart-Findlay said that she saw that as “a clear signal of a stock that the market has already priced very highly, and any further disappointment could really rock the stock price.”
Stuart-Findlay noted that the gap between the biggest winners and losers in the S&P 500 this year has been the widest since the GFC.
“For us as active managers, that is a great opportunity. At the same time, the cost of getting that wrong is much bigger than it has been in the past.”
Rosenberg echoes the point from a portfolio construction angle, warning that many investors running concentrated books of ten to twenty high-quality names are carrying more risk than they realise, particularly factor and sector concentration that isn’t always visible.
“There needs to be more regard for diversification as a risk mitigation strategy.”
Avoiding losses is as valuable as picking winners
I asked each fund manager what investors are currently too focused on and what they could be missing.
With domestic equities at all-time highs, Milne says she sees the best opportunities not in the stocks everyone is crowded into, but in utilities, select healthcare names, and consumer staples.
“I would make the case for boring stocks — stocks that are growing earnings at three to four percent, offering a dividend yield of four per cent. In this market, that’s nothing to be sniffed at.”
Stuart-Findlay says that most investors focus too much of their energy on finding outperformers and not enough on avoiding losers.
“There’s a behavioural study that shows 90% of drivers rate themselves above average. I think the same applies to stock picking — most people overestimate their ability to outperform.”
Identifying red flags before investing is a formal part of Plato’s process. The alpha from avoiding poor investments, she says, is comparable to selecting good ones.
What they’re buying now
Milne flagged two ASX names from the most recent reporting season as live examples of the recovery trade: Ramsay Healthcare and Woolworths.
Ramsay had been squeezed between surging nurse wages and sluggish reimbursements from private health insurers but Milne says that dynamic has now shifted.
Woolworths had faced reputational damage during the cost-of-living debate, industrial action, and market share losses to Coles, but Milne says that now, “management is no longer distracted and they are executing on what they have promised.”
On the global side, Rosenberg likes Chugai Pharmaceutical, a Japanese company developing an oral GLP-1 drug.
“Most people think of Novo Nordisk and Eli Lilly if they want to play GLP-1s. Chugai is really interesting in that it’s an $80 billion market cap stock that no one’s heard of.”
Chugai trades at roughly half Eli Lilly’s multiple and remains largely unknown outside Japan.
Rosenberg also holds UniCredit, a European bank she argues is in the early stages of a sustained re-rating, pointing to a 38 percent cost-to-income ratio and thirteen consecutive quarters of earnings upgrades.
Stuart-Findlay’s current portfolio is built around three distinct exposures. For growth, she holds Siemens Energy, which sits at the centre of the global electrification buildout. “Their biggest problem at the moment is just delivering on all the demand for their product and services,” she says.
For value, she holds Société Générale, a French bank on a single-digit PE midway through a multi-year profitability turnaround and for quality, Novartis, with its strong margins, reliable cash flows, and a drug pipeline that continues to deliver growth.
Where they’d put money for ten years
I also asked each fundie to look further out and choose one company or sector they’d back for the next decade, and why.
For Milne, Australian REITs looks favourable. Demand is outpacing supply across retail, residential, logistics, and prime office.
“You can pick up these stocks at around NTA and NTAs are currently around 30% on average discount to replacement costs, which goes to the point exactly that no supply is coming on because it simply doesn’t stack up economically,” says Milne.
Stuart-Findlay went with healthcare companies exposed to ageing demographics, specifically Novartis and AbbVie. For the first time in history, the number of people aged 75 and above has surpassed the number of children under five.
“They may not make the headlines, but in the background they will be the ones that compound over the next ten years.”
Rosenberg’s pick was the most specific, but notably, also in the healthcare space: Artrya, a small ASX-listed company using AI to diagnose coronary artery disease from CT scans, returning results in ten minutes, versus the 90-minute turnaround for its main US competitor HeartFlow, delivering better economics for hospitals.
On top of that, HeartFlow currently trades at roughly six times Artrya’s market cap. “I would go long Artria, short HeartFlow as a ten-year bet,” says Rosenberg.
Future Generation Women
These fund managers work pro bono for Future Generation Australia (ASX: FGX) and Future Generation Women. Future Generation Women is an investment fund that aims to deliver investment returns while making tangible strides towards gender equality in Australia.
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