Aitken Investment Management calls family favours; Twiggy’s targets competitors on home turf
Whatever the personal circumstances for Sydney power couple Charlie and Ellie Aitken, it is business as usual for the couple’s Aitken Investment Management.
In fact, business is doing well, according to the fund’s chief operating officer, Les Andrews, who was quick to point out to Margin Call Tuesday that performance had been better than just average.
Indeed, depending on your benchmark, the fund has improved somewhat from its mediocre performance in the early days.
For the September quarter, AIM reported a one-year return of 22.7 per cent for its global high conviction fund, compared to 27.8 per cent for the benchmark.
Its preferred measure of performance, however, cumulative returns over two years, was a more impressive 43.6 per cent versus 32.8 per cent.
As we said, depends on your benchmark.
While AIM wasn’t willing to provide any update on just how much the boutique fund manages at present, Andrews did note it was experiencing positive inflows. Great news for the fund’s current shareholders, though Margin Call hears there may be reason for at least one stakeholder to be weighing up its ongoing support.
For all the disruption going on, at least there’s another Aitken willing to lend a hand, none other than Charlie’s elder brother, James, stepping in to convene the fund’s first “expert insights” webinar just last week from his home in London.
The elder Aitken, who is drafted in as a macroeconomic adviser, discussed all manner of topics, from inflation to the lockdowns and his view on decarbonisation, touted as providing valuable guidance for the fund’s investment strategy.
“You’ve helped us get the fund in a position with super high-quality businesses with diversification, pricing power and everything to hopefully protect us from an inflationary period,” Charlie noted, adding he should have spent more time reading, like his brother, rather than riding his BMX.
Whether the strong familial links are enough to keep all shareholders happy, or whether there will be others headed the way of Kerry Stokes, only time will tell.
One thing is for sure, however, they are a close-knit bunch.
–
He’s not the Messiah …
As Twiggy Forrest’s hydrogen world tour continues, it appears the mining magnate is now thinking outside the old environmentalist’s adage of “think global, act local”, and towards something more akin to “think global, irritate local”.
With COP26 finally over, Twiggy’s biggest forum for self-promotion has also gone away.
But, fear not! When your internal PR team has a budget fuelled by this year’s record iron ore price, opportunities to promote your latest obsession can be had for the price of an ad booking.
Over the past month Fortescue Future Industries has plastered its logo and slogans across London taxis and buses as part of a global advertising blitz; however, its latest campaign is running a little closer to the homes of its corporate rivals. Inside the lifts of the towers that house BHP, Rio Tinto and South32, in fact.
Margin Call is told FFI has booked the digital ad boards, seen by the staff of all three companies, to run its “Dear fossil fuel industry” ads, in what appears to be a naked recruitment campaign.
“Dear fossil fuel, your industry is in terminal decline. Luckily the new green hydrogen economy needs some tenacious go-getters just like you,” read one ad seen by this column.
That particular ad has caused more than a little bemusement among the Rio staff that see it every day, given Fortescue has been at pains to make sure its investors know it has flogged off all of its coal assets, and never owned any oil and gas projects of any note.
But it’s all just a coincidence according to those in the know, said to be a “relatively small part of the global campaign” with “placements picked based on audience volume, targeting some of the busiest locations in each city”.
The fact that Fortescue Future Industries and Fossil Fuel Industry share an acronym hasn’t gone unnoticed either.
But just how is the billionaire’s push to save the world going down among his corporate rivals?
He is, perhaps, not coming across as quite the Messianic figure he might have hoped.
As one wag noted, popular culture has a completely different reference point for a multibillionaire who styles himself Dr, owns a mobile ocean-going research laboratory and talks about saving the world from itself.
All Forrest needs is an underground bunker built in an extinct volcano for his transition into a Bond villain to be complete.
He’s probably still better off than Elon Musk, mind you, whose SpaceX ambitions put him very firmly in Moonraker territory.
–
Sliding doors
While suited-up officers of the Federal Police enacted their search warrant at Adam Blumenthal’s EverBlu office at Aurora Place early on Tuesday morning, there was sure to be one ASIC alumni keeping a close eye.
None other than former ASIC deputy Daniel Crennan, himself known to dabble in the small cap mining sector before his elevation to the regulator, was for a short time engaged with EverBlu, an experience he’ll be thanking his lucky stars didn’t last for the longer term.
Recall, the barrister turned consultant picked up a gig with Blumenthal in the weeks after his departure from the securities watchdog over his relocation expenses.
A swift change of heart saw him launch his own “boutique consultancy for complex commercial and regulatory environments” instead, which may even stand to pick up a client or two in among all the AFP kerfuffle.
Based out of his Double Bay abode with business partner Andrew Di Pasquale, Credi’s competencies are said to include compliance with complex regulatory frameworks, as well as negotiation and mediation, among others.
No doubt a skill set Blumenthal’s team will be looking to tap as the now Joe Longo-led regulator proceeds through its investigation, with the Sydney raid one of several co-ordinated operations across the country, including in Brisbane and the Gold Coast.
With Credi’s team now grown out to six, there’s sure to be plenty of willing hands.
Cranbrook old boys clash over Luxe Listings deal
A court stoush featuring two private school boys, a hit TV show and an old gangster? Throw in some fast cars and rhyming slang and you’ve surely got the makings of a major movie.
Wesfarmers’ Catch killed off as boss swans in Switzerland
Rob Scott was conspicuous by his absence as yet another of Wesfarmers’ dud investments was put to the sword but why he was schmoozing at the Davos world forum is a head scratcher.