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As bond yields remain elevated and investors weigh the implications of inflation, growth and the AI investment surge, understanding the role of duration has never been more important. While higher yields have challenged investors in recent years, Pendal head of government bond strategies Tim Hext explains why bonds continue to play a vital role in portfolio construction, particularly during periods of genuine economic stress.  He also discusses the importance of active duration management and why the next phase of the market cycle could create attractive opportunities for long-term bond investors. Here's an excerpt from the video podcast: "Defensive is for the true risk-off events like a recession, like the GFC, like the early part of COVID. That's what we generally mean by defensiveness. "If you lock in bonds at six per cent for five years or 10 years, and rates start coming down, you're still earning that return. And of course, they're going to become a lot more valuable. "At some point bonds are going to be very, very attractive to lock in. The big question which I've got to manage as an active manager is when. "There will be a point somewhere in the next six months to 18 months where we will start to extend the portfolio significantly as we tip over into this new environment." --//-- Learn more about Pendal Government Bond Fund Learn more about Pendal --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

Data centres have moved from a niche property segment to essential infrastructure, fuelled by cloud computing and a continued rise in AI-related demand.  In this podcast, Pendal head of listed property Peter Davidson explains the scale and economics of the build-out, where property investors can potentially capture returns, and why access to power, capital and suitable sites matters. He also examines the growing role of data centres in Australian listed property and the risks investors should weigh when assessing developers and valuations. Here's an excerpt from the podcast: “Of AI capex, about a quarter of it is data centres.” “The pure juice in data centres, from a property investor’s point of view—the great returns at the moment—is really to be had in development.” “The biggest constraint by far is the power—having the power and the power availability.” “Data centres just become another sleeve of the opportunity set.” --//-- Learn more about Pendal Property Securities Fund Learn more about Pendal --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. References to securities in this video are for illustrative purposes only and are not recommendations, and the securities may or may not be currently held by the Fund. Examples used in this presentation are provided for illustrative purposes and may not reflect actual market outcomes. Past performance is not indicative of future performance. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

Australian mid-caps may sit between the market’s giants and emerging small companies — but Brenton Saunders argues that is exactly where some of the most interesting opportunities can appear. In this video podcast, Brenton Saunders, portfolio manager of Pendal MidCap Fund, explains how the midcap universe differs from the broader Australian share market, with fewer dominant stocks and a broader spread of sector exposures. He also discusses the major shifts reshaping the benchmark, from gold and lithium to infrastructure, AI-driven data centre demand and the rise of private superannuation platforms. While opportunity is broadening, portfolio balance and disciplined stock selection remain critical. Here is an excerpt from the video podcast: “There’s a bunch of first order and then second order kind of ways you can do that. In the first order ways are most obviously the companies that are being asked to deploy this capital, namely contractors. “We’re well represented in the contractor space in midcaps, generally always have been, but if you think about companies like Ventia, Downer, Worley Parsons are in the space, but we’ve had some great new additions more recently. “Some of the second order ways of doing it is just upstream of that in some of the basic materials, again, that are being used to populate a lot of this infrastructure, and I guess I’m referring more specifically to the data centres. “Copper plays a big role in that. Lithium will play a big role in storage for those kind of things. So there’s a bunch of first and second order ways to play that.” --//-- Learn more about Learn more about Pendal MidCap Fund Learn more about Pendal --//-- This podcast has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332 AFSL 431426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice. The product disclosure statement (PDS) for the Pendal MidCap Fund (Fund), issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in the Fund. The PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com. References to securities in this podcast are for illustrative purposes only and are not recommendations, and the securities may or may not be currently held by the Fund. Past performance is not indicative of future performance. This podcast may contain information contributed or prepared by third parties. Any information contributed or prepared by third parties is believed to be accurate as at the time of compilation and is being provided in good faith without independent verification. PFSL does not warrant the accuracy or completeness of any information provided by a third party. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal. See omnystudio.com/listener for privacy information.

As AI fuels a wave of data centre investment, the industry's ability to earn and maintain community trust is becoming a critical factor in its long-term success.  Elise McKay, analyst and portfolio manager in Pendal's Australian Equities team, explains why social license is emerging as one of the most important non-financial risks facing companies and how active investors can help ensure growth is delivered responsibly. Here's an excerpt from the video podcast: "The way I think about social license is it's the informal approval or permission that you need from the community in which you operate to operate your business," she says.  "You might have all the planning approvals and legal permits in the world, but if you don't have community backing, that could ultimately prevent you from being able to grow and move your business forward. "Social license is the most important non-financial risk that data centres face in today's world.   "The key issue with non-financial risks is that ultimately one day they may become financial risks. If data centres locally lose their social license, that limits a huge growth engine not only for the data centre industry but for our economy overall." --//--Find out more about Pendal Horizon Sustainable Australian Share Fund  Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332 AFSL 431426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice. The product disclosure statement (PDS) for the Pendal Horizon Sustainable Australian Share Fund (Fund), issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in the Fund. The PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com. This podcast may contain information contributed or prepared by third parties. Any information contributed or prepared by third parties is believed to be accurate as at the time of compilation and is being provided in good faith without independent verification. PFSL does not warrant the accuracy or completeness of any information provided by a third party. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal. See omnystudio.com/listener for privacy information.

In a volatile market, Amy Xie Patrick explains why income portfolios need deliberate duration, quality credit and flexibility. In this podcast, Amy Xie Patrick, head of income strategies at Pendal, shares her perspective on how duration can still play an important role when used deliberately, and how active investors can navigate uncertain rate settings.  She also discusses tight credit spreads, the rise of hyperscaler bonds in Australia, and the importance of quality, liquidity and flexibility in defensive income portfolios. Here is an excerpt from the video podcast: “Just because inflation is high and yield volatility is high; it doesn't mean that you should completely say no to duration. “Your duration allocation at any point in time should be very deliberate and considered and intentional. “The job of active investors is to be able to make decisions when faced with uncertainty." --//-- Learn more about Pendal Monthly Income Plus Fund Learn more about Pendal --//-- This podcast has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332 AFSL 431426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice. The product disclosure statement (PDS) for the Pendal Monthly Income Plus Fund (Fund), issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in the Fund. The PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com. This podcast may contain information contributed or prepared by third parties. Any information contributed or prepared by third parties is believed to be accurate as at the time of compilation and is being provided in good faith without independent verification. PFSL does not warrant the accuracy or completeness of any information provided by a third party. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal. See omnystudio.com/listener for privacy information.

In this new podcast, Pendal head of government bond strategies Tim Hext explores how shifting interest rates, accelerating AI investment and evolving macroeconomic conditions are creating opportunities across fixed income markets. Here are some excerpts from the podcast: "Australia's had two great investment booms this century," says Hext. "The first one was the mining boom, and that was huge. In fact, in terms of scale, it's bigger than the current IT boom we're seeing now.  "But in the US, the current IT boom, particularly around the well-known story of data centres and AI, is bigger than anything they've had, and of course that puts pressure on capital.  "The promise of high returns means people borrowing the money are happy to pay more, so you start to get this term premium increase, and real interest rates go up. It's a great spot for investors." Listen to the full podcast. --//-- Learn more about Learn more about Pendal Income and Fixed Interest capabilities Learn more about Pendal --//-- This video has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332 AFSL 431426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice. The product disclosure statement (PDS) for the relevant Pendal income and fixed interest fund, issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in the relevant fund. The relevant PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal.   See omnystudio.com/listener for privacy information.

After a tough start to the year, REITs are starting to look a lot more interesting.  Pendal portfolio manager Julia Forrest explains why valuations have improved, earnings have held up better than expected, and parts of the sector still have strong long-term support.  With limited new supply, solid population growth and long leases underpinning rental income, she says REITs could still play a valuable role in diversified portfolios. Listen to the full podcast. --//-- Learn more about Pendal Property Securities Fund: https://pendalgroup.com/products/pendal-property-securities-fund Learn more about Pendal: https://pendalgroup.com/ --//-- This podcast has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332 AFSL 431426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice. The product disclosure statement (PDS) for the Pendal Property Securities Fund (Fund), issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in the Fund. The PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com. References to securities in this podcast are for illustrative purposes only and are not recommendations, and the securities may or may not be currently held by the Fund. Past performance is not indicative of future performance. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor's capital. All investing involves risk including the possible loss of principal. See omnystudio.com/listener for privacy information.

Cash and short-duration assets are playing an increasingly important role in diversified portfolios.  With inflation still above target and policy settings remaining tight, Pendal head of cash strategies Steve Campbell explains how cash can offer liquidity, capital preservation and a more attractive income profile than in previous years.  In this video podcast, Steve also discusses how active management across yield curve and credit exposures can help investors capture opportunities in a fast-moving rate environment.  Listen to the full podcast. --//-- Learn more about Pendal Managed Cash Fund Learn more about Pendal --//-- This podcast has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332 AFSL 431426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice. The product disclosure statement (PDS) for the Pendal Managed Cash Fund, issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in this Fund. The PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com. The information memorandum for the Pendal Stable Cash Plus Fund, issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in this Fund. A copy of the information memorandum can be obtained by calling 1300 346 821. This Fund is only available to investors with a minimum investment of $500,000. The Pendal Managed Cash Fund and Pendal Stable Cash Plus Fund aim to maintain a stable $1.00 unit price. However, the value of units in the Funds is not guaranteed. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal. See omnystudio.com/listener for privacy information.

The common belief is that if investors want to gain exposure to the AI thematic they have to look offshore, but Elise McKay, a portfolio manager in Pendal's Australian equities team, debunks that myth in her latest podcast interview. Elise discusses the five layers of the AI stack, the opportunities on the ASX and a new emerging category offering potential in the AI landscape.  Listen to the full podcast to learn how the AI opportunity is unfolding in Australia and where to look for opportunities on the ASX.  --//--Find out more about Pendal's Australian equities capabilities at pendal/australianequities Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

In this new podcast, Amy Xie Patrick, head of income strategies at Pendal, unpacks how geopolitical tensions, sticky inflation and higher oil prices are reshaping bond markets.  She explains why inflation expectations — rather than growth fears — are driving yields higher, and why investors need to be selective as credit spreads fail to fully reflect downside risks. "Even if all of the Middle Eastern issues were to go away tomorrow, I think naturally the oil market would just embed a higher level of structural risk premia in its price. And as a result, what I would be looking for the direction of bonds in the very near term is for more of those inflation fears to play out," Amy says.  The podcast also explores lingering AI‑related credit concerns, liquidity risks, and what this complex backdrop means for duration, credit exposure and equities.   Listen to the full podcast to hear Amy’s insights on traversing the fixed income markets in uncertain times. --//--Find out more about Pendal's fixed income strategies at pendal/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

Heightened geopolitical risks and rising oil prices have re-ignited inflation concerns, creating uncertainty for central banks and markets. Pendal head of government bond strategies Tim Hext explains why second round inflation effects matter more than petrol prices themselves, and why the RBA faces a difficult balancing act on rates. Despite the volatility, government bond yields are at levels not seen since 2011, presenting compelling medium to long term value, particularly for investors seeking inflation protection. Listen to the full conversation to understand why fixed income may deserve a closer look in portfolios right now. --//--Find out more about Pendal's fixed income strategies at pendal/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

More and more social bonds are issued in Australia each year, yet demand is still surpassing availability. Social bonds are fixed-income securities with proceeds allocated to defined social outcomes such as social and affordable housing, specialist disability accommodation and education access. In this podcast, Pendal sustainable finance and impact investing director Murray Ackman explains social bonds – what's available, how to access them and what they do.  Listen to this latest podcast to find out more about impact investing and the opportunities. --//--Find out more about Pendal's fixed income strategies at pendal/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

As 2026 gears up, the economic outlook in Australia, the US and around the globe is far from clear. There is talk of K-shaped economies, interest rates rising in some economies and falling in others, and the ever-present geopolitical challenges. In this podcast, Amy Xie Patrick, head of income strategies at Pendal, explains why Liberation Day tariffs didn't play out as predicted, what a K-shaped economy is and how investors should be thinking about it. “Markets did have a very severe downturn… but why this didn't lead to the fears of a continued bear market… is twofold… a lot of Chinese producers had to eat the cost of tariffs… and the US economy has again surprised us with how resilient it's been all through 2025," says Amy. “I just wouldn’t be too fearful here at this stage buying into the K shaped economy narrative and waiting for that other shoe to drop, because if you're too defensive… you’re sacrificing all this income, which fixed income is really about.” Want more insight on how to navigate market uncertainty? Tune in now.  --//--Find out more about Pendal's fixed income strategies at pendal/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

With rate cuts looking like they are coming to the end of the cycle, Pendal's head of government bond strategies Tim Hext provides his insights on the outlook for 2026. "It is an unclear picture, but definitely the global rate cutting cycle - which was a feature of late 2024 and most of this year - is now over," explains Tim.  He says rate cuts in Australia are highly unlikely at least for the next six to nine months based on the latest inflation data. However, Tim is optimistic that inflation will not hit a level that is unsettling for the bond market. "If you think back to last decade, we had inflation consistently slightly undershooting to 2% at the bottom of the RBA band, and we're going to see inflation consistently shooting above 3% for the first half of next year, but not at a level which will make things unsettled," he says.  How does this rate uncertainty shape portfolio construction? Tim explains in this podcast. --//--Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

What’s driving the rotation in equities around the globe at the moment? Pendal portfolio manager Elise McKay points to the evolving flow of money. “The rise of passive, the rise of systematic trading have contributed to an increase of volatility in our market," Elise explains in our latest podcast. “During the extreme market moves we saw last week, ETFs were accounting for 38% of market volumes compared to a historical average of around 28%.”  With the market crowding into long-duration growth stocks, any sign of uncertainty in the economy or questions over the easing cycle help drive heavy rotation into cyclicals and financials. How should investors approach this volatile period? Elise explains in this podcast. --//--Find out more about Pendal's Australian equities strategies here. --//-- *Pendal has a position in the stocks mentioned in this podcast. This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.