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Speculative

high

Soft tonnes, hard cash Production came in soft for Sandfire in the March quarter. The company dug and processed less ore than expected at both its Spanish and Botswana operations, hampered by heavy rainfall, unplanned maintenance, and a grade transition at Motheo. On that measure alone, the tonnes were soft and the quarter disappointed. However, the financial result told a completely different story. Revenue hit a quarterly record of $408M. Underlying EBITDA hit a quarterly record of $220M, representing a

Praemium

Core

medium

Record $73.7 Billion in Funds Administered Praemium (ASX: PPS) fell despite notching up a record $73.7 billion in total funds administered at the end of March, which reflected a gain of +18% for the year. Spectrum, the flagship funds mgmt. product, delivered $502 million in quarterly net inflows, reaching $4 billion in total funds under management. The non-custodial portfolio administration service grew +28% to $41.5 billion. A recent technology acquisition (Technotia) is on track to deliver roughly $9 million in annual cost

Generation Development Group

Core

medium

Strong Numbers Buried Under a Sharp but Short-Sighted Sell-Off Generation Development Group (ASX: GDG) fell a steep -22.6%. The sell-off looked past a strong underlying result. Total funds managed across the group reached $34.8 billion, up +30% YoY, while the investment bonds business grew +35% to $5.33 billion with annual sales up 58%. A few factors appeared to weigh heavily on Wednesday. Concern about GDG’s high beta to market volatility, lingering trauma after the sharp fall in statutory net income reported earlier

Treasury Wine Estates

Core

medium

China Sales Surge as the Recovery Finds Its Feet Treasury Wine Estates (ASX: TWE) served up a well-received update, which calmed nerves after last year’s guidance withdrawal. Penfolds wine sales in China surged 40% during the Chinese New Year period and continued to grow through quarter-end. US sales reversed a 1H26 decline, growing 9.1% in the March quarter, with key brands posting solid gains. A new four-region operating structure is targeting $100 million in annual cost savings, $300 million in debt has

Genesis Minerals

Speculative

high

The Machine Keeps Running Genesis Minerals delivered a March quarter that should settle any lingering doubts about the company’s operating model. Production of 67,497oz at an all-in sustaining cost (AISC) of A$2,685/oz was solid rather than spectacular, but the financial outcome was excellent, a record A$252.8m underlying cash build in a single quarter, lifting the cash position to A$599.9m against zero bank debt. With the stock now trading more than 20% below its peak, even as the underlying story keeps strengthening

BHP

Core

medium

Beijing Blinked The risks that preoccupied some investors over the past two months or so – whether China’s purchasing freeze would erode realised iron ore prices, and whether Escondida’s grade decline would drag copper unit costs higher – have both resolved in BHP’s favour. The operational review for the nine months ended 31 March 2026 gives us confidence in our bullish view. The CMRG standoff is over, iron ore pricing held, copper guidance tightened upward, and the balance sheet received

Rio Tinto

Core

medium

Weathering the Storm: Guidance on Track Rio Tinto (ASX: RIO) delivered a strong start to 2026, with iron ore production from the Western Australian operations +13% YoY to 78.8 million tonnes, the second-highest first-quarter result since 2018. The key driver going forward is copper, where Rio’s output rose +9% to 229kt as the Mongolian underground mine continues to ramp up toward a target of roughly 500kt per annum from 2028. Full-year production and cost guidance held firm despite two cyclones. First ore from the Simandou project in Guinea

QBE Insurance

Core

medium

Typhoons, Fires and Crew Shortages: A Perfect Storm? QBE Insurance (ASX: QBE) issued their latest marine insurance outlook for Asia, where it identified a convergence of risks reshaping the sector. However, for disciplined, specialist insurers like QBE, a harder market translates into stronger pricing power and deeper client relationships. The ability to walk away from poorly priced risk separates the specialists from the generalists in our view. QBE has been executing well, and the recent increase in bond yields supports returns from the insurer’s ‘float.’ In our

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