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# Katana Asset Management

Investing, Fund Manager, Equities, ASX

## Sitemaps

- [XML Sitemap](https://katanaasset.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Katana Media Updates & Insights](https://katanaasset.com/blog/)
- [China stimulus hopes boost commodity prices](https://katanaasset.com/china-stimulus-hopes-boost-commodity-prices/) - Published on Australian Financial Review (Original Article Here, subscription required) – Sarah Jones Commodities including crude oil and iron ore rebounded amid investor optimism that China is shifting into stimulus mode to try and bolster its economic recovery from the pandemic. Crude oil prices steadied above $US69 ($102) a barrel on Wednesday after jumping more
- [One lesson from 20 years of investing](https://katanaasset.com/one-lesson-from-20-years-of-investing/) - Published on Livewire 08/06/2026 (Original Article Here) – Romano Sala Tenna 'Extraordinary' returns are achievable, but not how you may think. In December 2025, we were proud to clock up our 20th year in operation. Along the way we have often felt as though ‘nothing is happening’ or worse that ‘we are going backwards’! Yet over that timeframe, the
- [History says US market outperformance versus Australia will turn](https://katanaasset.com/history-says-us-market-outperformance-versus-australia-will-turn/) - Published on Morningstar 08/01/2026 (Original Article Here) - Romano Sala Tenna The forces shaping the next long-term cycle. This article was provided by a third-party and the opinions expressed here are the author’s. Morningstar values diversity of thought and publishes a broad range of viewpoints. Much has been written about the ‘exceptional’ performance of the
- [Romano Sala Tenna reveals his top stock picks after a stellar year backing MinRes](https://katanaasset.com/romano-sala-tenna-reveals-his-top-stock-picks-after-a-stellar-year-backing-minres/) - Published on The West Australian 14/01/2026 (Original Web Article Here /PDF Article Here) - Adrian Rauso The stock picker who made a killing backing Chris Ellison’s Mineral Resources last year believes one sector will outshine the rest in 2026. Katana Asset Management co-founder Romano Sala Tenna saw his company’s flagship Australian Equity Fund rise 25.25
- [Katana spots 'rare opportunity' in one of the ASX’s best long-term compounders](https://katanaasset.com/katana-spots-rare-opportunity-in-one-of-the-asxs-best-long-term-compounders/) - Published on Livewire 05/12/2025 (Original Article Here) - Stephanie Gardner Katana's Romano Sala Tenna shares his highs and lows from the week and reveals two potential future winners hiding in plain sight. Markets didn’t deliver fireworks this week, but they did deliver opportunities: a rare re-entry, a long-awaited turnaround in a key commodity, a stubborn
- [Four best-ever charts for every adviser and investor sent](https://katanaasset.com/four-best-ever-charts-for-every-adviser-and-investor-sent/) - Published on Firstlinks (Original Article Here) on 15/10/2025 – Romano Sala Tenna The long term is Inevitable Firstly, the short term is unknowable, but the long term is inevitable. The stock market has good years and bad, but over the long term there is only one trend and it is up. Despite this being so obvious,
- [ABC Interview: Performance Update and Recent Developments with Coal Stocks](https://katanaasset.com/abc-interview-performance-update-and-recent-developments-with-coal-stocks/) - Featured on ABC's The Business program 17/09/2025 (Youtube Link) The Katana Australian Equity Fund (KAEF) is continuing to perform strongly during September, and we look forward to providing a full update at month end. Our portfolio managers have also been busy in the media of late, conducting 4 interviews in the past 2 days alone. This
- [9 ASX STOCKS THE PROS HAVE BEEN EYEING AMID THE MARKET PULLBACK](https://katanaasset.com/9-asx-stocks-the-pros-have-been-eyeing-amid-the-market-pullback/) - Originally published on Livewire 21/03/2025 (Original Article Here) - Anna Dadic Portfolio Manager, Romano Sala Tenna recently caught up with Australia’s #1 Investment newsletter to share his thoughts on 3 companies that Katana considers to have strong prospects. Please click here to view the article.
- [MONEY OF MINE: RESOURCES, MARKETS AND STOCKS](https://katanaasset.com/money-of-mine-resources-markets-and-stocks/) - Money of Mine Podcast (Youtube Link) Last week, portfolio manager Romano Sala Tenna recorded an interview with the team at Money of Mine. During the interview, Romano discusses markets generally, commodities and current portfolio holdings. As the most extensive interview in the past 6 months, we hope that you find this of value. Please click here to
- [5 CRITICAL INVESTING LESSONS](https://katanaasset.com/5-critical-investing-lessons/) - Recently, senior Portfolio Manager Romano Sala Tenna presented5 Critical Investing Lessons at the SMSF Association annual roadshow in Perth. Romano’s presentation was very well received, and he is available to present to groups who may benefit from these industry leading insights.
- [CNBC Interview](https://katanaasset.com/cnbc-interview/) - Senior Portfolio Manager, Romano Sala Tenna appeared on CNBC to discuss the Rio Tinto – Arcadium Lithium takeover. To watch the interview, please click on this link.
- [PODCAST: TALK YA BOOK WITH ROMANO SALA TENNA](https://katanaasset.com/podcast-talk-ya-book-with-romano-sala-tenna/) - Featured on Chris Judd Invest Youtube Channel (Talk Ya Book Podcast) Portfolio Manager Romano Sala Tenna returns to the widely followed Chris Judd podcast, to talk about one of Katana’s top stock ideas. Please click here to view the latest episode.
- [INTERVIEW: MONEY OF MINE](https://katanaasset.com/interview-money-of-mine/) - Money of Mine Podcast (Youtube Link / Spotify Link) Katana Portfolio Manager Romano Sala Tenna completed an interview with the team at Money of Mine, the 5th Largest business podcast in Australia. The interview begins at the 7 minute mark and covers a wide variety of stocks. If you would like to watch the interview,
- [Should investors be tempted by cheapened bank hybrids?](https://katanaasset.com/54-2/) - Investors in bank shares have enjoyed huge gains over the past three years but in the second quarter of 2015, it's been the pain trade This share prices of the big four banks are down between 10 and 17 percent since April 1 - a sharp correction that should unnerve the legion of retail investors
- [Investors Ready For Wave Of Buybacks](https://katanaasset.com/investors-ready-for-wave-of-buybacks/) - Published in AFR by Sarah Turner – AFR 5/11/18 (Original Source Link Here) Selected Australian companies are set to buy back more of their shares, fund managers said, as legendary US investor Warren Buffett joined the share buyback bandwagon. Mining giants BHP and Rio Tinto have already said they will return capital to Australian shareholders,
- [MoneyTalks: It’s dawn on the Age of the ASX small cap](https://katanaasset.com/moneytalks-its-dawn-on-the-age-of-the-asx-small-cap/) - Featured in The Australian (Article Here) – Christian Edwards, Stockhead (Original Article Here) In this recent interview featured in The Australian, Romano Sala Tenna discusses the strategies and trends to be aware of when looking at the small cap market. He also highlights four (4) smaller companies that the fund has been buying. To access
- [Australia's Woolworths slashes profit outlook, seeks new CEO](https://katanaasset.com/australias-woolworths-slashes-profit-outlook-seeks-new-ceo/) - The sense of crisis swirling around iconic Australian supermarket chain Woolworths Ltd (WOW.AX) erupted into the open on Wednesday as the retailer slashed its profit forecast and said its chief executive would step down. The country's biggest supermarket operator also said 1,200 jobs would go as it headed for its first annual profit drop in
- [Lithium Mining in WA crucial as global demand grows](https://katanaasset.com/lithium-mining-wa-crucial-global-demand-grows/) - SOLAR powered batteries will be as successful as the iPhone and Viagra, according to Perth-based lithium miner Neometals. Managing director Chris Reed said WA - including this company's MT Marion lithium project, 40km southwest of Kalgoorlie - will play a "big part" in meeting the demand of the metal. Energy storage firm Tesla's Powerwall -
- [The risk no one is talking about (and 10 mispriced market darling stocks)](https://katanaasset.com/the-risk-no-one-is-talking-about-and-10-mispriced-market-darling-stocks/) - Published on Livewire 30/10/2023 (Original Article Here) – Ally Selby In this interview, reader favourite Romano Sala Tenna shares a key risk that should be on your radar. Despite the end of an era of cheap money and what seems to be an overwhelming number of geopolitical, social, and economic headwinds, financial markets have continued
- [What's Not Priced In EP9: Look Out! Aussie Stocks AREN’T Cheap](https://katanaasset.com/whats-not-priced-in-ep9-look-out-aussie-stocks-arent-cheap/) - In this podcast with Greg Canavan of Fat Tail, Fund Manager Romano Sala Tenna discusses his views on the current state of the market and his outlook for the future.They also delve into the process behind the Katana Australian Equity Fund - including the fund's long-term out-performance and reasoning behind the current high cash percentage.
- [Tech shares rally as investors digest retail sales, jobs data](https://katanaasset.com/tech-shares-rally-as-investors-digest-retail-sales-jobs-data/) - Published on Australian Financial Review (Original Article Here, subscription required) - Tom Richardson Shares drifted sideways on Thursday as stronger-than-expected retail sales and jobs data suggested the Reserve Bank may need to lift interest rates again next Tuesday in an attempt to slow a still strong economy. On the day the S&P/ASX 200 edged down 0.02
- [The Coppock Indicator just ticked up. This is what it means for you](https://katanaasset.com/the-coppock-indicator-just-ticked-up-this-is-what-it-means-for-you/) - Published on Livewire 22/06/2023 (Original Article Here) – Ally Selby Are markets climbing a wall of worry, or is this actually a new bull market? Katana's Romano Sala Tenna isn't so sure… Of all the data points, signals and sentiment surveys that investors have at their perusal, there is one that has been notoriously accurate
- [2022 Winner of one of 10 Star Manager Awards](https://katanaasset.com/2022-winner-of-one-of-10-star-manager-awards/) - Congratulations to the team at Katana Asset Management for winning one of 10 Star Manager Awards for 2022 from a starting field of over 10,000 funds
- [Quick Snapshot on 2023 Outlook and Preferred Sector](https://katanaasset.com/quick-snapshot-on-2023-outlook-and-preferred-sector/) - In this short video recorded for the Capital Network, Portfolio Manager Romano Sala Tenna shares the team’s outlook for 2023 and Katana’s preferred sectors.To view the video please click here.
- [Updated Performance Brochure](https://katanaasset.com/updated-performance-brochure/) - Where some funds are clothed in secrecy or lack of disclosure, at Katana we are striving to provide the highest level of transparency around performance and risk attributes. To this end, we have recently updated our performance brochure to include more data highlighting our lower risk profile, peer comparisons, ratings and recent awards.If you are
- [Top Australian Managers](https://katanaasset.com/top-australian-managers/) - FundMonitors.com recently featured our piece Four All-time Best Charts For Every Adviser and Investor. FundMonitors.com also highlighted that the Katana Australian Equity fund (KAEF) is the ONLY Australian fund in the Top 10 Managers over 1, 3, 5 and 7 years. To read the update, click here.
- [6 Critical Investing Lessons for Family Offices](https://katanaasset.com/6-critical-investing-lessons-for-family-offices/) - Over the past 12 months, the team at Katana have distilled nearly 90 years of investing knowledge into 6 Critical Investing Lessons. These lessons have been painstakingly incorporated into a presentation for High-Net-Worth Investors (>$20m investable assets)and Family Offices (>$100m combined assets). They provide 6 critical insights into how markets work and how the Katana
- [Katana Australian Equity Fund 2022 Ranking](https://katanaasset.com/katana-australian-equity-fund-2022-ranking/) - Attached is an article from the Australian Financial Review (AFR) dated 31/1/23. The article highlights the top 10 Equity funds for 2022. The Katana Australian Equity Fund (KAEF) once again ranked in the Top 10, but even more importantly, KAEF was the only Top Manager in 2022 to be in the Top 10 over 3
- [Interview With Chris Judd Invest](https://katanaasset.com/interview-with-chris-judd-invest/) - Please see attached our latest interview with Portfolio Manager Romano Sala Tenna and Talk Ya Book’s Chris Judd. In this piece, Romano shares a top stock idea that has multiple share price drivers over the coming 12 months.
- [Why Katana fund manager says MinRes is still cheap](https://katanaasset.com/why-katana-fund-manager-says-minres-is-still-cheap/) - Published on Australian Financial Review (Original Interview Here) - Joanne Tran Romano Sala Tenna is portfolio manager of Katana Asset Management’s Australian equity fund in Perth. How are you feeling about the upcoming reporting season? Are you cautious because of the lagged impact on earnings from higher inflation and interest rates? We are most definitely cautious.
- [Four all-time best charts for every adviser and investor](https://katanaasset.com/four-all-time-best-charts-for-every-adviser-and-investor/) - Published on Firstlinks (Original Article Here) – Romano Sala Tenna I have read countless books on investing, met an enormous number of financial experts and fund managers, and made pretty much every investing mistake possible. If I could distil my learnings into one statement, it would be this: The short term is unknowable, but the
- [Why This Top-Performing Fund Manager Is Shunning The Big Banks](https://katanaasset.com/why-this-top-performing-fund-manager-is-shunning-the-big-banks/) - Published on Sydney Morning Herald (Original Article Here) – Romano Sala Tenna, John Collett In the ultra-competitive world of funds management often dominated by big egos and hubris, Perth-based fund manager Katana Asset Management prefers to take a somewhat quieter approach. The company’s Australian Equity Fund produces returns over the long term that are consistently
- [The difference between $1.77m and $2,800 is 100 days](https://katanaasset.com/the-difference-between-1-77m-and-2800-is-100-days/) - Published on Livewire 20/10/2022 (Original Article Here) - Romano Sala Tenna Firstly, this piece falls into the ‘this seems impossible’ category. Just warning you before you dismiss the data or start throwing insults at the author. Secondly, this piece does not advocate a buy-and-hold strategy. Surprising when you read the first part; but if you
- [Katana Discusses QAN, Energy and the EV Thematic](https://katanaasset.com/katana-discusses-qan-energy-and-the-ev-thematic/) - Published on Finance News Network (Original Interview Here) - Romano Sala Tenna, Tim McGowen Katana Asset Management Portfolio Manager Romano Sala Tenna discusses a number of thematics, including airlines, consumer spending and EV commodities. Tim McGowen: We’re talking today with Romano Sala Tenna, who is the Portfolio Manager and Founder of Katana Asset Management. The company
- [Interview: How to get exposure to the clean energy transition](https://katanaasset.com/interview-how-to-get-exposure-to-the-clean-energy-transition/) - Published on Finance News Network 27/09/2022 (Original Interview Here) – Romano Sala Tenna, Tim McGowen In this short interview, one of our portfolio managers provides details of our #1 sector as well as a brief market outlook. To access the interview please click here.
- [How compounding produces ‘obscene’ returns](https://katanaasset.com/how-compounding-produces-obscene-returns/) - Published on Livewire 02/06/2022 (Original Article Here) - Romano Sala Tenna A sense of needing to hit the ball out of the park to keep growing their wealth is a dominant theme I’ve observed in my many discussions with family offices and high net worth individuals over the past two decades. There is an innate
- [5 things these fundies wish they knew before they started investing](https://katanaasset.com/5-things-these-fundies-wish-they-knew-before-they-started-investing/) - Published on Livewire 16/05/2022 (Original Article Here) - Ally Selby It recently came to me that my years of dating terrible boyfriends prepped me for my journey in investment markets. Stay with me here. But some of the key lessons that I took away from those relationships are surprisingly relatable when it comes to investing.
- [Commodity boom a blue-chip retirement opportunity](https://katanaasset.com/commodity-boom-a-blue-chip-retirement-opportunity/) - Published on Australian Financial Review 18/03/2022 (Original Article Here, subscription required) – William McInnes Investors looking to capitalise on the biggest surge in commodity prices in a generation will need to tread cautiously amid a volatile environment, as concerns over slowing growth play tug of war with supply shortfall fears. Energy, precious metals, base metals
- [The top 1% invest 61% of their wealth in one asset](https://katanaasset.com/the-top-1-invest-61-of-their-wealth-in-one-asset/) - Published on Livewire 02/03/2022 (Original Article Here, subscription required) - Romano Sala Tenna Goldman Sachs recently released a watershed piece of research, based on data from the US Federal Reserve. It demonstrated in a striking manner, the difference between how the wealthy invest versus the masses. For those aspiring to grow their wealth, there is
- [Where Does The Gold Price Go In 2022?](https://katanaasset.com/where-does-the-gold-price-go-in-2022/) - Published on The West Australian 4/1/2022 (Original Article Here, subscription required) – Stuart McKinnon Economic conditions are ripe for gold to shine. Credit: Peter M. Fisher/Peter M. Fisher Financial pundits agree economic conditions are ripe for gold to shine. The all-important US inflation rate rose to 6.8 per cent over the past year, its highest in 40
- [Commodity Up 266%; Stock Up....24%!](https://katanaasset.com/commodity-up-266-stock-up-24/) - Published on LiveWire 26/10/2021 (Original Article Here, subscription required) – Romano Sala Tenna Sometimes we don’t need to write long fancy articles to make a point. Sometimes, a simple graph is all that is required. This has rarely been more true than in the case of metallurgical coal and its only dedicated ASX-listed producer
- [Interview: How To Take Advantage Of The Changing Energy Sector - Fear And Greed](https://katanaasset.com/interview-how-to-take-advantage-of-the-changing-energy-sector-fear-and-greed/) - Published on Omny.fm 05/10/2021 (Original Interview Here) – Romano Sala Tenna, Sean Aylmer Several weeks ago, one of our portfolio managers shared his thoughts on the outlook for the energy sector. Whilst the prices have rallied hard since that time, the team still see potential upside from the current level. To access the interview please
- [Three All-Time Best Tables For Every Adviser & Investor](https://katanaasset.com/three-all-time-best-tables-for-every-adviser-investor/) - Published on Firstlinks 18/08/2021 (Original Article Here, subscription required) – Romano Sala Tenna I have read countless books on investing, met an enormous number of financial experts and fund managers, and made pretty much every investing mistake possible! If I could distil my learnings into one statement, it would be this: the short term is unknowable,
- [Woodside or Blindside: Is A Potential Merger Good For Shareholders?](https://katanaasset.com/woodside-or-blindside-is-a-potential-merger-good-for-shareholders/) - Published on LiveWire 16/08/2021 (Original Article Here, subscription required) – Romano Sala Tenna This morning’s confirmation that Woodside is exploring a merger with BHP’s Petroleum assets is an extraordinary development. A development that even 12 months ago would have seemed unimaginable. But such is the speed with which shareholder activism and ESG is gaining prominence,
- [Why financial product scams are set to explode, and how you can protect yourself](https://katanaasset.com/why-financial-product-scams-are-set-to-explode-and-how-you-can-protect-yourself/) - Published on LiveWire 28/06/2021 (Original Article Here, subscription required) – Glenn Freeman We all know the ATO doesn’t issue arrest warrants via jittery auto-dial phone messages that threaten imprisonment if we don’t “press one” to pay up. And we (hopefully) know not to give our bank account or other personal ID markers to verify an
- [Katana Adding Value Through a Complete Market Cycle](https://katanaasset.com/katana-adding-value-through-a-complete-market-cycle/) - Published on LiveWire 18/06/2021 (Original Article Here, subscription required) – Daryl Wilson We’ve previously written about how the 14-month period from 31 January 2020 to 31 March 2021 provided the perfect opportunity to assess whether your fund manager has done a good job. That’s because January 2020 was the last monthly high before the pandemic
- [10 Key Criteria for Buying ASX Shares](https://katanaasset.com/10-key-criteria-for-buying-asx-shares/) - Portfolio Manager, Romano Sala Tenna was recently interviewed by The Motley Fool in a 2-part series. In the first article, Romano discusses 10 key criteria ASX shares must meet before investing in them. The second article discusses Katana’s best performer over the last 12 months, risk management and 4 shares we currently like. Click here
- [US Inflation Shatters Interest Rate Complacency](https://katanaasset.com/us-inflation-shatters-interest-rate-complacency/) - Published on Australian Financial Review 13/05/2021 (Original Article Here, subscription required) – Sarah Turner The strongest monthly rise in US core consumer prices in almost 40 years shattered investor complacency over the prospect of ongoing very low interest rates, and rang the bell on valuations in the interest rate sensitive technology sector. US core consumer
- [There Are Only 4 Copper Producers Left On The ASX: Only One Is Below Intrinsic Value](https://katanaasset.com/there-are-only-4-copper-producers-left-on-the-asx-only-one-is-below-intrinsic-value/) - Published on LiveWire 11/05/2021 (Original Article Here, subscription required) – Romano Sala Tenna Right here, right now - the biggest themes driving markets are electrification and decarbonisation – which are really two sides of the same coin. And with the global resolve now clearly past the inflection point, these themes are likely to be the
- [Renaissance of the value fundies](https://katanaasset.com/renaissance-of-the-value-fundies/) - Published on Australian Financial Review 13/04/2021 (Original Article Here, subscription required) – Tony Boyd Value fund managers who stuck to their investment process during the tough years leading into the COVID-19 pandemic have been vindicated with the release of strong March quarter performance figures. The value fund managers who found themselves out of favour a
- [An extraordinary scam that is netting millions](https://katanaasset.com/an-extraordinary-scam-that-is-netting-millions/) - Published on LiveWire 19/02/2021 (Original Article Here, subscription required) – Romano Sala Tenna In 30 years following markets, I've seen a lot of scams. But the current one is the most dangerous yet, and people we know and care about are going to lose money unless we warn them. Two weeks ago a Melbourne-based friend
- [Biden To Heap Pressure on US Dollar Earners](https://katanaasset.com/biden-to-heap-pressure-on-us-dollar-earners/) - Published in AFR by Sarah Turner – AFR 20/1/20 (Original Source Link Here) The inauguration of Joe Biden as president of the United States will only entrench US dollar weakness, and some investors are already pulling out of the Australian companies that depend on the US for a large portion of their earnings. "If you're
- [Top Australian Fundies Keep Delivering The Goods](https://katanaasset.com/top-australian-fundies-keep-delivering-the-goods/) - Published in AFR 6/01/2021 (Original Article Here, subscription required) – Tony Boyd Short-term performance numbers for fund managers tend to distract from the longer-term returns, which are consistently high for the top-rated fundies. The top-performing Australian equities fund managers in 2020 stand out because of their consistency in delivering high returns over the medium to
- [3 Small Cap Value Stocks Primed For The Rotation](https://katanaasset.com/3-small-cap-value-stocks-primed-for-the-rotation/) - Published on LiveWire 11/01/2021 (Original Article Here, subscription required) – Hendrik Bothma Just when you thought enough records were broken in 2020, the greatest inflows to value vs. growth in history takes place. By now everyone’s likely to have read countless research on the forces driving the recent switch to value. So, rather than recap
- [Liquidity and Necessity](https://katanaasset.com/liquidity-and-necessity/) - Published on LiveWire 24/12/2020 (Original Article Here, subscription required) – Romano Sala Tenna How do we see the outlook for 2021? Before I answer that question, I need to highlight a very important point: what follows is our current view. If something fundamentally changes tomorrow, then we will pivot and pivot rapidly. That is what
- [Cut Down The Noise: The Sole Reason Equity Markets Are Going Higher](https://katanaasset.com/cut-down-the-noise-the-sole-reason-equity-markets-are-going-higher/) - Published on LiveWire 23/09/2020 (Original Article Here, subscription required) – Romano Sala Tenna Every Monday morning, my email sends me a very powerful reminder of why the equity markets must rise over the medium term. A very clear, unequivocal, message that signals the future direction of our markets. Irrefutable, obvious and repetitive. And yet most investors
- [With Woodside down 40%, is it time to get greedy?](https://katanaasset.com/with-woodside-down-40-is-it-time-to-get-greedy/) - Published on LiveWire 08/09/2020 (Original Article Here, subscription required) – Vishal Teckchandani The year has not been kind to Woodside and its peers in the oil and gas patch. In February, the company weathered Tropical Cyclone Damien – the most severe storm ever to pass over its WA facilities. Then just as things were
- [Katana Australian Equity Fund Ranked 5th for 2019 Financial Year](https://katanaasset.com/1328-2/) - Holding Their Nerve in Crisis Pays Off for Active Fund Managers Published on The Australian Business Review 16/7/2020 (Original Article Here, subscription required) – David Rogers Mercer’s latest Australian Shares Investment Manager Performance survey shows encouraging results for active fund managers, with the median fund outperforming benchmark share indexes over the past year thanks
- [Bank On A 70% Return: Why 'Tis The Season To Be Bullish On The Big Four](https://katanaasset.com/bank-on-a-70-return-why-tis-the-season-to-be-bullish-on-the-big-four/) - Published on Livewire 18/5/2020 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) (Ed’s Note: We asked two of our contributors who have strong views on banks to produce a bear versus bull case on this critical sector for income investors and SMSFs. Below, Romano Sala Tenna opines why 'tis the
- [Cut Down The Noise, Remain Focused On Where We Are At](https://katanaasset.com/cut-down-the-noise-remain-focused-on-where-we-are-at/) - Published on Livewire 1/4/2020 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) From the March 23rd intra-day low of 4,429 to the current close, the ASX All Ordinaries index has rallied 19.4%. This begs the obvious question: is it time to go all in? There are certainly some signs that
- [Nervous Investors Push ASX Lower](https://katanaasset.com/nervous-investors-push-asx-lower/) - Published in AFR by Sarah Turner – AFR 13/1/20 (Original Source Link Here) Australian investors took a step back at the start of the week, with caution emerging after the market smashed through record highs last week. The S&P/ASX 200 index slipped 0.4 per cent to 6903.70, paring gains made during the first weeks of
- [ASX Climbs Despite Banks Falling](https://katanaasset.com/asx-climbs-despite-banks-falling/) - Published in AFR by Sarah Turner – AFR 4/11/19 (Original Source Link Here) Investors pushed the market to a small gain at the start of the week, although steep losses from the banking sector kept the advance in check. The S&P/ASX 200 index rose 17 points, or 0.3 per cent, to 6686.90 during the session.
- [ASX Snaps Two-Week Losing Streak On Trade Hopes](https://katanaasset.com/asx-snaps-two-week-losing-streak-on-trade-hopes/) - Published in AFR by Lucas Baird – AFR 11/10/19 (Original Source Link Here) The Australian sharemarket staged a minor recovery over the past five trading days and advanced for the first week in three, correcting a wobbly start to October that saw it post the worst weekly loss since last November. The S&P/ASX 200 Index
- [The 11 Things You Must Consider To Help You Buy Quality Shares](https://katanaasset.com/the-11-things-you-must-consider-to-help-you-buy-quality-shares/) - Published on The New Daily by Mark Story - 30/6/19 (Original Article Here). The single biggest trick to picking the right stocks is doing so when they’re trading at a discount to the sum total of their worth based on earnings, dividends, equity and debt – aka intrinsic value (IV). Admittedly, avoiding paying too much
- [Katana Australian Equity Fund Upgraded By SQM](https://katanaasset.com/katana-australian-equity-fund-upgraded-by-sqm/) - Published on FE Investment Centre 31/10/2018 (Original Article Here) Australian equity manager Katana Asset Management has had its Australian Equity Fund upgraded to 4 stars by SQM Research. The fund is a benchmark-unaware, long-only portfolio that seeks to outperform the ASX All Ordinaries Accumulation Index. “We are very pleased with the upgrade to four stars.
- [Falling $A Set to Help Exporters & Offshore Earners](https://katanaasset.com/falling-set-help-exporters-offshore-earners/) - Published on Financial Review 10/10/2018 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) A near double-digit drop in the Australian dollar this year has investors positioning to capture an expected earnings tailwind for firms exposed to offshore markets while keeping a cautious eye on importers. The Australian dollar
- [An Undervalued Aussie Small Cap](https://katanaasset.com/undervalued-aussie-small-cap/) - Published on Livewire 17/09/2018 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) In our piece titled ‘Is this the Next Credit Corp?’ in May 2017, we made the case for why we considered PNC to be the standout amongst emerging companies on our radar. At the time the
- [S32: Two Tailwinds Coming](https://katanaasset.com/s32-two-tailwinds-coming/) - Published on Livewire 24/08/2018 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) S32 boasts the best balance sheet of any big-cap resource stock globally, and we continue to believe that the discount to its peer group is unwarranted. The shares traded noticeably weaker leading up to the reporting
- [Buy Hold Sell: 5 Undiscovered Growth Stocks](https://katanaasset.com/buy-hold-sell-5-undiscovered-growth-stocks/) - Published on Livewire 24/08/2018 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) Growth stock such as Wisetech, Altium, and Afterpay have seen sensational gains this week, underscoring the power of backing the right growth names. However this strategy has been working for a few years now, and it
- [The End of the Mining Cycle?](https://katanaasset.com/end-mining-cycle/) - Published on Livewire 22/08/2018 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) After a stellar two-year run that saw the ASX 300 Metals & Mining Index more than double, it has slipped by 10% in 3 months as trade tensions and China data hit sentiment. So, is this
- [Buy Hold Sell: 5 Stocks That Beat Expectations](https://katanaasset.com/buy-hold-sell-5-stocks-that-beat-expectations/) - Published on Livewire 17/08/2018 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) Results for some of the biggest stocks on the ASX have started to drop and a few have delivered above expectations. While the immediate pop on the day is like a sugar hit for investors, evidence
- [Lower-risk Funds Outperforming ASX 200](https://katanaasset.com/lower-risk-funds-outperforming-asx-200/) - Published on FE Investment Centre by Anastasia Santoreneos – FE Investment Centre 8/8/18 (Original Source Link Here) Money Management, using FE Analytics, has looked at the funds in the ACS Equity – Australia sector that have outperformed the ASX 200 and maintained a lower FE Risk Score, which determines risk as a measure of volatility
- [Katana Australian Equity Fund named in the Top 10 Australian Share Managers on Performance](https://katanaasset.com/katana-australian-equity-fund-named-in-the-top-10-australian-share-managers-on-performance/) - Published in AFR by Sarah Turner and Vesna Poljak – AFR 19/7/18 (Original Source Link Here) What you didn't own mattered just as much as what you did own, if you wanted to outperform the market in 2017-18, top fund managers say. Sydney-based Selector High Conviction Equity Fund took the crown for the best performing
- [Stairs Up - Elevator Down](https://katanaasset.com/stairs-up-elevator-down/) - Published on Livewire 6/2/2018 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) The well-worn saying that the markets take the stairs up and the elevator down applies to the current correction more than most. Whilst it doesn’t provide any specific consolation, it should remind investors that the current
- [Don't Q For QBE](https://katanaasset.com/dont-q-qbe/) - Published on Livewire 24/1/2018 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) It is rare that a company rallies 5% post announcing a forecast after tax loss of $1.2 billion. But perhaps when the bar is set as low as it was for QBE, this is a comparatively
- [US Tax Joy, Commodity Lift Kicks Off ASX Santa Rally](https://katanaasset.com/us-tax-joy-commodity-lift-kicks-off-asx-santa-rally/) - Published in AFR by Jessica Sier – AFR 19/12/17 (Original Source Link Here) Investors flooded into shares on Tuesday, buoyed by new record highs on Wall Street and a broad-based lift in commodity prices. The promise of an impending US tax reform plan has sparked a global risk-on sentiment which has kicked off the Santa
- [How We Are Playing Santos](https://katanaasset.com/how-we-are-playing-santos/) - Published on Livewire 16/11/2017 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) The chronology of events this past 24 hours is rather curious and provides somewhat of a conundrum as to how to play the current machinations. Santos has stated today that on the 14th of August the
- [A Strong Theme In The Early Stages](https://katanaasset.com/strong-theme-early-stages/) - Published on Livewire 8/11/2017 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) As a professional investor, it may surprise some to hear that when it comes to investing, most of the time I lack clarity. Genuine, unequivocal, definitive clarity. Of course I’ve made enough mistakes and seen enough
- [ASX Rebounds As Investors Snap Up Banking Stocks](https://katanaasset.com/asx-rebounds-as-investors-snap-up-banking-stocks/) - Published in AFR by Jessica Sier – AFR 30/10/17 (Original Source Link Here) Shares enjoyed solid buying throughout Monday, largely boosted by investor appetite for most of the banks and energy stocks though Myer suffered some investor displeasure. The benchmark S&P/ASX200 lifted 0.3 per cent higher to 5919.2 points and the broader All Ordinaries Index bumped
- [Will NAB Repeat Its March/April 6% Gain This Year?](https://katanaasset.com/will-nab-repeat-its-marchapril-6-gain-this-year/) - Published on Livewire 16/3/2018 (Original Article Here) – Romano Sala Tenna (Katana Asset Management – an Australian Fund Manager) Historically, this time of the year is a terrific time to buy shares in NAB, Westpac and ANZ. None better to be exact. For nearly 2 decades, buying these 3 banks at the beginning of March
- [Three Stand-Out Results This August](https://katanaasset.com/three-stand-results-august/) - Originally posted on Livewire Markets (Source: Here) In the final edition of our results coverage, we hear from three contributors about their stand-out results for the period. Responses come from Simon Shields, Monash Investors; Alex Shevelev, Forager Funds; and Romano Sala-Tenna, Katana Asset Management. Results have now wrapped up for financial year 2017 and
- [Five Critical Traits of a Great Company](https://katanaasset.com/five-critical-traits-great-company/) - Originally posted on ASX website (Source: Here) By Romano Sala Tenna We learn by our mistakes – and here’s what they’ve taught us when investing. Oscar Wilde once wrote, “Experience is simply the name we give our mistakes”. Based on that definition, I am a very experienced investor. So, what have I learnt from
- [$1b of Short Interest in Retail Stocks Faces Earnings Season Test](https://katanaasset.com/1b-short-interest-retail-stocks-faces-earnings-season-test/) - Originally posted on The Sydney morning Herald (Source: Here) By Vensa Poljak More than $1 billion of bets against the Australian retail sector will be tested when the earnings season gets under way this week, underlining a difficult year for the stocks with the most to lose from Amazon's entry. Short exposure to Harvey Norman, JB
- [Explainer: Why Lithium Is Such A Hot Item Right Now](https://katanaasset.com/explainer-lithium-hot-item-right-now/) - Originally posted on ABC News (Source: Here) By Kathryn Diss Dozens of struggling miners have moved to reinvent themselves as lithium companies while investors are pouring money into such endeavours. But what is lithium and why does everyone want it? What is it used for? Brazilian naturalist Joze Bonifácio de Andralda e Silva discovered
- [10 factors to watch when buying expensive shares](https://katanaasset.com/10-factors-watch-buying-expensive-shares/) - As published in CuffeLinks There is no such thing as a perfect stock, but there are stocks that are priced to perfection. Some examples in Australia include REA Group (REA), Domino’s Pizza (DMP), Aconex (ACX), Bellamy’s (BAL), and Cochlear (COH). All of these companies are trading on earnings valuations between 150% and 300% above the
- [Growth Stocks On value Metrics](https://katanaasset.com/growth-stocks-value-metrics/) - Originally posted on Livewire (Source: Here) Genuine earnings growth is a rare commodity, seeing companies with good growth prospects attract eye-watering multiples. However, Romano Sala Tenna from Katana AM provides an overview on a midcap financial he believes offers good growth prospects while still trading on a reasonable valuation.
- [Is this the next Credit Corp?](https://katanaasset.com/next-credit-corp-2/) - Is this the next Credit Corp? Originally posted on Livewire (Source: Here) Credit Corp listed in September 2000 at 50c per share. Based on the closing price of $17.62, this represents capital growth of 3,424%. Additionally, the company has paid $3.33 (660%) in fully franked dividends. Here’s our case for the company we consider most
- [ABC Report: AMP's slowboat to wealth management in China](https://katanaasset.com/abc-amp-article/) - In a recent ABC report, Romano Sala Tenna, The troubled financial services company held the first dedicated investor strategy day in over a decade and says the future is bright, and in China. Source: http://www.abc.net.au/news/programs/the-business/2017-05-25/amps-slowboat-to-wealth-management-in-china/8559978 For more information on the Katana Funds - learn more here.
- [Two reasons banks could go higher](https://katanaasset.com/two-reasons-banks-go-higher/) - Two reasons banks could go higher Excerpt from Livewire article published (Source: here) 12/5/17 The financials index has been belted over 5% since bank reporting started last week. The market’s correct anticipation of the budget’s bank levy has been a key driver here, and has dominated and somewhat clouded the issue. So to get back
- [What's the biggest risk to the banks?](https://katanaasset.com/whats-biggest-risk-banks/) - What's the biggest risk to the banks? Originally published in Livewire 10/5/17 - Romano Sala Tenna as contributor (Source link here) Interim reports for the major banks have concluded and the wires are awash with Budget commentary. Sentiment towards the Budget seems largely positive, however, it appears a new risk has emerged for Aussie banks
- [Aussie equities vs Sydney housing: who’s the marginal buyer?](https://katanaasset.com/sydney-housing-marginal-buyer/) - Originally published in Cuffelinks on 20th April 2017 https://cuffelinks.com.au/aus-equities-syd-housing-marginal-buyer/ Working as a stockbroker during the .com boom, I overheard an interesting conversation. In early 2000, the technology sector was white hot. Hundreds of small mining stocks were ditching their mineral prospects and re-inventing themselves as Silicon Valley look-alikes. The move had been underway in the
- [S&P says Aussie-managed funds underperform (AFR Discussion Piece)](https://katanaasset.com/afr-fundie-discussion/) - Published in AFR by Myriam Robin – AFR 23/3/17 (Original Source Link Here) [Romano is quoted in this article as part of a discussion on fund manager performance over the longer term. As a brief summary, the discussion revolves around the purpose of active managers adding true alpha and steering clear of hugging an index.]
- [Three standout themes from 141 years of Australian sharemarket data](https://katanaasset.com/141-years-of-asx-data/) - History reinforces the benefits of long-term portfolio investing. Originally published in the ASX Newsletter (Source: here) The macro outlook is worrisome: Monetary policy worldwide is on the brink of exhaustion; US debt to gross domestic product (GDP) is the second highest on record; Japanese government debt is running at 250 per cent of GDP and
- [The Outlook for Global Growth](https://katanaasset.com/outlook-for-global-growth/) - Originally Published in LiveWire (7/3/17): Source here We recently attended the well supported Capital Economics (CE) Conference on The Outlook for Global Growth. In total there were more than 90 slides and charts presented. At the risk of over-simplification, 6 key points stood out to us: United States 1. The United States’ economy is already
- [Mining profits impacting the ASX?](https://katanaasset.com/mining-profits-impacting-asx/) - Go figure: Soaring mining profits drive ASX lower Source article (SMH 28/2/17 - Myriam Robin; article here) Katana Asset Management Romano Sala Tenna comments below. They've driven one of the Australian sharemarket's best earnings seasons in years but, if you were just looking at the share prices of Australia's major resource companies, you wouldn't know
- [Is this the Next Credit Corp? (Part 2 of 2)](https://katanaasset.com/next-credit-corp-part-ii/) - Originally published as a two part series in ShareCafe (Source: here) Having established why Credit Corp has been such a tremendous performer over the past 17 years, let’s now turn our attention to a company that we believe is capable of emulating at least some of that success. To begin with, in the listed collectables
- [Is this the Next Credit Corp? (Part 1 / 2)](https://katanaasset.com/next-credit-corp/) - Whitepaper by Romano Sala Tenna (Originally published in ShareCafe - Source here) Firstly let me be clear: whenever someone says ‘this stock is the next such and such’, it usually isn’t! In fact I could count on both hands the number of times that analogy has turned out to be true. So I would encourage
- [The Trump Effect: What Really Drives Markets?](https://katanaasset.com/what-really-drives-markets/) - Romano Sala Tenna - Katana Asset Management. Originally published on Livewire 31/1/17 (source link here) We often lose sight of what drives markets. It’s a question as complex as it is simple. We can become lost in information, research and opinions, but ultimately we need to recentre on this critical question: what drives markets? History
- [Katana - Oil Discoveries at Lowest Level Since 1952](https://katanaasset.com/oil-discoveries-at-lowest-level/) - Published in Livewire 11/1/2017 (Original Article Here) - Romano Sala Tenna (Katana Asset Management - an Australian Fund Manager) With the attention continuing to focus on the day to day machinations of ROPEC (Russia-OPEC), there has been a lack of awareness as to some of the structural changes that are taking place in the underlying
- [The top five stock calls by Fund Managers on Livewire this year](https://katanaasset.com/top-five-stock-calls-fund-managers-livewire-year/) - Published in the Livewire "Summer Series" - 28th December 2016 The top five stock calls on Livewire this year It would have been hard to believe this time last year that the best performer lists for 2016 would be dominated by mining and mining-related stocks. It's a similar story with the top stock calls made on
- [Commodity rally sets up a mining cash splash](https://katanaasset.com/commodity-rally-sets-mining-cash-splash/) - Originally Published in AFR - Jessica Sier (13/12/16) This year's stunning resurgence in commodity prices has Australian resource companies well placed to at least double their shareholder payouts. "The rhetoric at the moment is still that there will be greater financial discipline going forward," said Romano Sala Tenna, portfolio manager at Katana Asset Management. "And
- [A Fund Managers' insight into sectors that could hurt your portfolio](https://katanaasset.com/sectors-hurting-your-portfolio/) - Manufacturing and industrials to outperform Romano Sala Tenna, Portfolio Manager at Katana Asset Management, is cautious on a number of sectors in the current market. "The infrastructure sector is the one we're most cautious on," but he notes that REITs are also subject to the same risks. The concerns with these sectors are their comparative
- [The strategic appeal of Santos](https://katanaasset.com/strategic-appeal-santos/) - *Published originally in Livewire 22/11/16 - https://www.livewiremarkets.com/wires/33834 Oil market participants are waiting on the outcome of the OPEC meeting to be held in Vienna next Wednesday. As the date draws closer, the Commodity Futures Trading Commission reported that bets on oil recently reached their highest level for a weekly period since 2007. Romano Sala Tenna,
- [The ten-point checklist Katana Fund Managers use](https://katanaasset.com/ten-point-checklist-katana-fund-managers-use/) - Screening and Generating Investing Ideas - Katana Asset Management (Romano Sala Tenna) - Fund Manager *Published in LiveWire Collections November 2016 - https://www.livewiremarkets.com/wires/33725 Can you share one of the most effective ways you generate new stock ideas? In a word, the most effective way to generate new stock ideas is to be relentless. Relentless in
- [5 stocks that passed the filters ~ Livewire](https://katanaasset.com/5-stocks-passed-filters-livewire/) - 5 stocks that passed the filters *Originally published in Livewire 7/11/16 - Contributing comments by Romano Sala Tenna, Katana Funds Management. Over the past week Livewire has run a feature on generating alpha through effective investment idea generation and screening. We learned that there is no substitute for meeting with as many companies as possible.
- [The Most Important Chart I Have Seen on Gold](https://katanaasset.com/important-chart-seen-gold/) - Published in ShareCafe by Romano Sala Tenna (Portfolio Manager ~ Katana Asset Management) - 18/10/16 As Mark Twain reputedly espoused ‘History doesn’t repeat itself but it often rhymes’. Whilst there may be a host of reasons as to why this is true, front and centre is the very fact that human nature itself remains largely
- [Woodside the way to play OPEC Scepticism](https://katanaasset.com/woodside-way-play-opec-scepticism/) - Originally published on LiveWire Markets - by Romano Sala Tenna (Katana Asset Management). https://www.livewiremarkets.com/wires/33375 Earlier in the year we wrote that we expect OPEC to do a deal at some point, but that ‘these agreements always take longer than we expect.’ To be clear, we are not convinced that this is ‘the’ deal; from our
- [AFR - Gold Stocks Turn Deep Red As Rate Rise Worries Grow](https://katanaasset.com/gold-stocks-turn-deep-red-as-rate-rise-worries-grow/) - by Jessica Sier (Australian Financial Review) Gold stocks had a horrific session on Wednesday, leading the market's fall after the precious metal nosedived on fears of US interest rate rises and a nearing taper of European Central Bank stimulus. The All Ordinaries Gold sub-index lost 6.4 per cent, or around $3 billion in value, as the volatile sector suffered its worst day
- [Buy Hold Sell: 5 High Flyers](https://katanaasset.com/buy-hold-sell-5-high-flyers/) - As published on Livewire In recent months, investors have been dealt a strong reminder of the perils of investing in stocks that are trading on lofty multiples. The market is now littered with companies that have been dumped after failing to deliver on expectations. For seasoned growth investors, volatility comes with the turf and weakness
- [The Art & Science of Buying Growth Stocks](https://katanaasset.com/art-science-buying-growth-stocks/) - As published on Livewire With the ASX 200 now sitting at a lofty PE of 17.3 (within a whisker of a 14-year high), finding value has become increasingly difficult. Looking at the market average can mask multiples of individual companies trading at even higher levels. Transurban, Bapcor, Altium, and Dominos are trading on 72x, 26x,
- [Buy Hold Sell: 5 Proven Performers](https://katanaasset.com/buy-hold-sell-5-proven-performers/) - As published on Livewire Since peaking in early August the ASX200 has shed more than 6%. It’s been a shaky period with investor concerns reflected in rising volatility and some sharp falls in company valuations. When the going gets tough investors often turn to those companies with great track records. In this episode Matthew Kidman
- [Risk is Only One Part of the Equation](https://katanaasset.com/risk-one-part-equation/) - Risk is Only One Part of the Equation Published Originally in Livewire - Romano Sala Tenna (https://www.livewiremarkets.com/wires/32729) Ordinarily, investors are quick to overlook risks in the pursuit of profit. For the past 18 months, the converse has been true in the banking sector. This may be about to change. During the past week, each of
- [Are Australian shares good value?](https://katanaasset.com/australian-shares-good-value/) - Romano Sala Tenna (Katana) - Published on the ASX Newsletter - source http://www.asx.com.au/education/investor-update-newsletter/201608-are-australian-shares-good-value.htm In reviewing equity market valuations, it is necessary to do so in two contexts: Absolute terms (that is, versus itself over time) and comparative terms (versus bond yields and where applicable, international peers). Absolute valuations Sources: Market Index and Bloomberg Figure 1
- [Keep it simple - sir!](https://katanaasset.com/k-s-s-fat-pitch-prom-dresses-online/) - Keep it simple – sir! Without wishing to belie our 100+ years of combined experience (read combined mistakes), it would appear that Mr Market is throwing us a fat pitch with the recent pullback in the bank index. As an example we are anticipating that NAB will pay $2- even fully franked in the 2016FY
- [Katana Australian Equity Fund - June 30 Update](https://katanaasset.com/katana-australian-equity-fund-june-30-update/) - Dear All, What another busy quarter it has been! I’m pleased to report that the Katana Australian Equity Fund has continued to do well for the YTD June 30 and over the 3yr and since inception timeframes as well. Please find the links below to our June 30 returns update for your review, now also
- [Are you your own portfolio's worst enemy?](https://katanaasset.com/are-you-your-own-portfolios-worst-enemy/) - Protecting your portfolio from poor thinking It is a fact of human nature that we all suffer from cognitive biases to some extent; if you think you’re the exception to this rule, you could be suffering from overconfidence bias. “We are, as human beings, wired in a way that is quite detrimental to good investing,”
- [Katana - ASX posts gain in market calm ahead of Brexit vote (AFR) #katana #asx](https://katanaasset.com/katana-asx-posts-gain-market-calm-ahead-brexit-vote-afr-katana-asx/) - by Vanessa Desloires (Australian Financial Review)The Australian sharemarket scratched out a gain on Tuesday as market participants position themselves ahead of Thursday's Brexit vote but it was a day of mixed fortunes for the top 200 stocks. An early strong start spluttered in early afternoon trade before recovering to an 18 point or 0.3 per cent gain in the S&P/ASX 200 index to
- [Katana reveals its secret: Stop looking for perfection](https://katanaasset.com/katana-reveals-secret-stop-looking-perfection/) - Fund managers Perth team's outperformance based on deep research and acceptance every stock has its issues. After a decade in stockbroking, Romano Sala Tenna had a revelation: there was no such thin as a perfect company. "I gave up" the fund manager recalls. "Every company's got problems." After making peace with his exhausting search, he
- [Eureka Report LIC spotlight: Katana Capital](https://katanaasset.com/lic-spotlight-katana-capital/) - Katana’s portfolio managers aim to combine the best parts of a range of different investment philosophies. It focuses on Australian listed companies and ranks management as the most important factor to consider when deciding whether to invest. The LIC pays quarterly dividends and is trading at a slight discount... Continue reading the Eureka Report
- [Not playing by the rules](https://katanaasset.com/not-playing-rules/) - Investment markets are filled with funds trying to prove themselves as great "value" managers, who specialise in hunting deeply undervalued stocks, or superb "growth" managers, looking for momentum in earnings appreciation. Then there are the technical traders. Why not try to be all things to all people? This is the strategy of the broker come
- [Adaptation is the name of the investment game](https://katanaasset.com/adaptation-name-investment-game/) - In the rough and tumble world of managing other people’s money Romano Sala Tenna and his team of four other fund managers continue to deliver strong returns by adopting its strategy of adapting to conditions, no matter what they are. In the past 3 years his Perth based team at Katana Asset Management has returned
- [Year of two halves for investment players](https://katanaasset.com/year-two-halves-investment-players/) - Western Australia's listed money managers had a strong 12 months to June 2014, but face a challenge to repeat that performance in 2015. The state's two biggest listed investment companies are subsidiaries of local brokerage Euroz - Westoz Investment company and Ozgrowth. Both are chaired by long-serving Euroz executive director Jay Hughes, with Philip Rees
- [Romano Sala Tenna](https://katanaasset.com/romano-sala-tenna/) - QBE Insurance It is either brave or foolish to recommend a stock that has disappointed shareholders so often. But in QBE Insurance Group we now see the confluence of both top-down and bottom-up drivers. Starting with top down, QBE is one of the world's 20 largest insurers and generates more than 70 percent of its
- [The hotshots of tomorrow?](https://katanaasset.com/the-hotshots-of-tomorrow/) - You may not have heard of them yet, but should Auscap Asset Management and Katana continue their winning ways, it wont be too long before everyone has. Both Auscap and Katana achieved outstanding results for 2013-14 with different strategies that saw them more than double the returns of the A&P/ASX 300. Smart investor is not
- [3 Things we learnt from our catchup with Santos (STO)](https://katanaasset.com/3-things-learnt-catchup-santos-sto-2/) - STO is polarising analysts, fund managers and retail investors alike. Consider recent research notes from 2 of Australia's largest brokers: one with a valuation/price target of $5.50 and the other $13 even! But of course with confusion and uncertainty lies opportunity. So with a sense of opportunity in mind we caught up with the company
- [Independent Verification is Essential in Technology Investing](https://katanaasset.com/independent-verification-essential-technology-investing/) - We don’t do a lot in the emerging technology space. We’re not very good at it. And perhaps part of the reason is because it is difficult to verify many of the claims that abound. Warren Buffet coined the phrase ‘circle of competence’, but in the technology space its more about being across a large
- [Australian banks' golden run over as growth plateaus](https://katanaasset.com/australian-banks-golden-run-growth-plateaus-2/) - May 6 A golden era of record profits and lush dividends is coming to an end for Australia's major banks, with disappointing results this week revealing a new normal of more modest earnings growth due to tougher capital requirements and a sluggish economy. Having doubled annual profits over the past five years, Australia's banks are
- [Index investors stung by dropping banks](https://katanaasset.com/index-investors-stung-dropping-banks/) - Investors in Australian broad index funds find themselves in an awkward position being 'marketweight' financials on the heels of a correction by the big four bank stocks. The big four banks account for 30 per cent of the ASX 200 by index weight alone on Friday's prices. That figure has been as high as 35
- [Those Who Forget the Mistakes of the Past are Doomed to Repeat Them (Part II)](https://katanaasset.com/forget-mistakes-past-doomed-repeat-part-ii-2/) - It should be clear that speculative booms can last a number of years and the current fascination with ‘spec tech’ in Australia is probably less than 12 months old. So it is likely that we have time on our side. But the point about remembering the mistakes of the past is that when the music
- [Those Who Forget the Mistakes of the Past are Doomed to Repeat Them (Part I)](https://katanaasset.com/forget-mistakes-past-doomed-repeat-part-2/) - First came the Daleks, then Darth Vader and then Davnet. All 3 had the life mantra ‘Exterminate’; however the latter was a little more subtle about it. For those not familiar, Davnet was the pin-up stock of the late 1990’s tech boom. At the beginning of July 1998, Davnet was trading at 1.2c per share.
- [The Good, the Bad and the Worse](https://katanaasset.com/good-bad-worse-2/) - We conducted a small investor tour this week visiting 8 prominent, listed West Australian companies. The general mood was still somewhat sombre and the initials WA may indeed stand for ‘Wait Awhile’ longer. There were a number of bright spots however, with the standouts being Pioneer Credit Limited (ASX:PNC) and Global Construction Services Limited (ASX:GCS).
- [Australia's Woolworths slashes profit outlook, seeks new CEO](https://katanaasset.com/australias-woolworths-slashes-profit-outlook-seeks-new-ceo-2/) - The sense of crisis swirling around iconic Australian supermarket chain Woolworths Ltd (WOW.AX) erupted into the open on Wednesday as the retailer slashed its profit forecast and said its chief executive would step down. The country's biggest supermarket operator also said 1,200 jobs would go as it headed for its first annual profit drop in
- [PNC Offers Investors Sustainable Earnings Growth](https://katanaasset.com/pnc-offers-investors-sustainable-earnings-growth/) - Sustainable earnings growth is the rarest of commodities, with one recent note highlighting that the vast majority of stock price increases over the past 4 years have been due to PE expansion. One of our key holdings - Pioneer Credit (ASX:PNC) – boasts earnings growth of >40% for the 2015 FY and in excess of
- [Record differential present opportunities in small cap industrial stocks](https://katanaasset.com/record-differential-present-opportunities-small-cap-industrial-stocks/) - Romano Sala Tenna, Portfolio Manager at Katana Asset Management, says the differential in the valuations of large vs small cap industrial companies (see chart) has thrown up one of the more interesting scenarios to go looking for new opportunities. "It's not necessarily a record level of cheapness of small to mid caps but on a
- [3 Emerging Gems](https://katanaasset.com/3-emerging-gems/) - Pioneer Credit Limited(PNC) The catch cry of long in the tooth fund managers is ‘chase the upgrades’. Few things in investing make us happier. PNC has announced today an upgrade in their maiden prospectus year – somewhat of a rarity in this environment. We had already forecast a ~40% increase in profit for FY15 and
- [Katana: A stock we like for rising US interest rates](https://katanaasset.com/katana-stock-like-rising-us-interest-rates/) - The Wall Street Journal’s August Economic Survey shows 82% of respondents expect the US to raise rates in September for the first time since 2006 (chart). Romano Sala Tenna from Katana Asset Management says notwithstanding some volatility the early part of a tightening cycle is often a positive for equities. “If history is any guide
- [We’re Missing the Point on Oil](https://katanaasset.com/missing-point-oil/) - The problem with oil is not that it is ‘suddenly’ in oversupply. Oil has been in oversupply for the best part of 7 decades and certainly since the formation of OPEC in 1960. And oil is likely to remain in oversupply for decades to come. The current pronounced weakness in the oil price is an
- [US Oil Production IS Declining](https://katanaasset.com/us-oil-production-declining/) - One report this morning indicated that oil may fall as low as US$20 / barrel in 2016. Clearly Katana’s analysts need to attend a Creative Writing course to expand their imaginations, as we can’t get anywhere near that number - even under doomsday scenarios. Mind you we didn’t expect the oil price to fall below
- [Energy Company Short Positions at Multi-Decade Highs](https://katanaasset.com/energy-company-short-positions-multi-decade-highs/) - The graph below courtesy of JPMorgan relays an interesting message: US hedge funds have recently added to their short positions in the energy sector, despite the fact that the market has already experienced a pronounced decline. It is likely that many of these funds are playing the ‘macro-call’ – ie anticipating further or sustained weakness
- [Miners smashed in market rout](https://katanaasset.com/miners-smashed-market-rout/) - Australian resources stocks were rocked in the wake of British-listed miner Glencore's catastrophic share price plunge on Tuesday, with local miners leading a brutal $50 billion sell-off. Shares in Australia's biggest mining company, BHP Billiton, fell to their lowest point since November 2008 on Tuesday, down 6.65 per cent to $21.61. The losses followed a
- [Glencore sell-off won't force investors to shed mining stocks](https://katanaasset.com/glencore-sell-off-wont-force-investors-shed-mining-stocks/) - The unprecedented dive in the value of shares in miner and commodities trader Glencore is unlikely to push discerning investors to dump resources stocks from their portfolio, despite a punishing day on the Australian share market. Shares in Glencore dropped almost 30 per cent in London on Monday after the release of an analyst note
- [A quarter to forget on the ASX, and the next isn't looking great](https://katanaasset.com/quarter-forget-asx/) - The Australian sharemarket has suffered its worst quarter in four years, and fund managers say the volatility that characterised it is likely to continue into the fourth quarter, led by the global themes of China and US interest rates. The benchmark S&P/ASX 200 closed the third quarter 8 per cent lower, accelerating the previous quarter
- [Westpac has written the playbook – others now likely to follow](https://katanaasset.com/westpac-written-playbook-others-now-likely-follow/) - Westpac Banking Corporation (WBC) has re-listed this morning after finalising its 1 for 23 rights issue. At $25.50 per share, the entitlement was priced at a generous discount to the last traded price of $30.44 (TERP adjusted $30.23). One would therefore expect the stock to re-list at a discount to this price and re-test the
- [ASX sags as Telstra, banks underswhelm](https://katanaasset.com/asx-200-sectors-performing-best/) - A buoyant start to the week on the Australian sharemarket sagged to a weak finish, as investors mulled their positions ahead of a big week for central bank meetings and bank profit results. The index reached an intraday high of 5384 early, as futures contracts suggested the sharemarket could recoup the year's losses, but the
- [Fund Performance - Mercer](https://katanaasset.com/fund-performance-mercer/) - Whilst the September quarter was a tough period, we have once again achieved our goal of remaining in the top quartile of managed funds. Based on the Mercer review (extract below), the Katana Australian Equity Fund ranked 13th out of 104 funds which submit their data for review. Whilst we are never satisfied with a
- [2 Emerging Gems](https://katanaasset.com/2-emerging-gems/) - Icar Asia Limited (ICQ): 2 important things happened this week for Icar. Firstly realestate.com made its long awaited move on Icar’s sister company Iproperty Group. Secondly, on Thursday Icar announced that it had taken an important step towards monetising its 3rd and last country – Indonesia – with a solid 20% of dealers paying up
- [Investors hug cash and await volatility as growth, inflation concerns linger.](https://katanaasset.com/investors-hug-cash-await-volatility-growth-inflation-concerns-linger/) - Romano Sala Tenna of Katana Asset Management says his fund is sitting high on cash, waiting for the macroeconomic storm clouds of low global growth and inflation to pass. Photo: Tony McDonough Read more: http://www.smh.com.au/business/markets/investors-hug-cash-and-await-volatility-as-growth-inflation-concerns-linger-20160531-gp8o9y.html#ixzz4B9wqeVGZ Low interest rates are making life miserable for cash holders, but investors are still holding it at high levels, bracing for
- [Katana - Hot Stocks (The Sunday Times)](https://katanaasset.com/katana-hot-stocks-sunday-times/) - Katana Asset Management Add - Cash We see a number of potentially negative macro triggers. Foremost of these is the Dow Jones index, which has broken its long-term up trend after appreciating from a low of 6500 in 2009 to a high of 18,351 in 2015. We have therefore adopted an overweight cash stance and
- [Australian banks' golden run over as growth plateaus](https://katanaasset.com/australian-banks-golden-run-growth-plateaus/) - May 6 A golden era of record profits and lush dividends is coming to an end for Australia's major banks, with disappointing results this week revealing a new normal of more modest earnings growth due to tougher capital requirements and a sluggish economy. Having doubled annual profits over the past five years, Australia's banks are
- [Investors stung by dropping banks](https://katanaasset.com/investors-stung-dropping-banks/) - Index investors stung by dropping banks Vesna Poljak Published: May 17, 2015 - 8:35PM Investors in Australian broad index funds find themselves in an awkward position being 'marketweight' financials on the heels of a correction by the big four bank stocks. The big four banks account for 30 per cent of the ASX 200 by
- [3 Things we learnt from our catchup with Santos (STO)](https://katanaasset.com/3-things-learnt-catchup-santos-sto/) - STO is polarising analysts, fund managers and retail investors alike. Consider recent research notes from 2 of Australia's largest brokers: one with a valuation/price target of $5.50 and the other $13 even! But of course with confusion and uncertainty lies opportunity. So with a sense of opportunity in mind we caught up with the company
- [Those Who Forget the Mistakes of the Past are Doomed to Repeat Them - Part I](https://katanaasset.com/forget-mistakes-past-doomed-repeat-part/) - First came the Daleks, then Darth Vader and then Davnet. All 3 had the life mantra ‘Exterminate’; however the latter was a little more subtle about it. For those not familiar, Davnet was the pin-up stock of the late 1990’s tech boom. At the beginning of July 1998, Davnet was trading at 1.2c per share.
- [Those Who Forget the Mistakes of the Past are Doomed to Repeat Them - Part II](https://katanaasset.com/forget-mistakes-past-doomed-repeat-part-ii/) - It should be clear that speculative booms can last a number of years and the current fascination with ‘spec tech’ in Australia is probably less than 12 months old. So it is likely that we have time on our side. But the point about remembering the mistakes of the past is that when the music
- [The Good, the Bad and the Worse](https://katanaasset.com/good-bad-worse/) - We conducted a small investor tour this week visiting 8 prominent, listed West Australian companies. The general mood was still somewhat sombre and the initials WA may indeed stand for ‘Wait Awhile’ longer. There were a number of bright spots however, with the standouts being Pioneer Credit Limited (ASX:PNC) and Global Construction Services Limited (ASX:GCS).
- [Search for solutions as big squeeze flows through](https://katanaasset.com/search-solutions-big-squeeze-flows/) - Ausdrill suffered a net loss of $177 million for the six months to Devember, while NRW was in the red to the tune of $121 million. Ausdrill said its focus would be on cutting capital expenditure and paying down debt after losing a number of revenue sources, including through the insourcing of BHP Biliton drill
- [How to think about Australian Grocery Retailers](https://katanaasset.com/think-australian-grocery-retailers/)
- [Katana - Buy Hold Sell: 5 stocks with demographic tailwinds](https://katanaasset.com/katana-buy-hold-sell-5-stocks-demographic-tailwinds/) - Australia’s population is ageing. Those aged 65+ made up 13.8 percent of the population in 2011, by 2031 that number is expected to grow to 18.7%. The economic implications of these trends are well established and varied, including additional pressure on health infrastructure, lower tax revenues, and higher social spending by the government. It’s not
- [Investors wipe $41bn off market (The Australian)](https://katanaasset.com/investors-wipe-41bn-off-market-australian/) - Article by David Rogers - Markets Editor, Sydney The local sharemarket lost almost $41 billion yesterday in its biggest one-day drop since September, with financial and energy stocks leading broad-based falls. The slump came amid a ­global rout as corporate default risk soared on concern about a sluggish global economic outlook and slumping asset prices after
- [ASX runs out of steam on avalanche of company earnings (AFR)](https://katanaasset.com/asx-runs-steam-avalanche-company-earnings-afr/) - The Australian sharemarket finished underwater on Wednesday as a global rally fizzled out on disappointing oil developments in a topsy-turvy trading day. One of the biggest days of reporting season so far contributed to some big swings on the index before the market settled lower. At close of trade the benchmark S&P/ASX 200 ended 29
- [Hope is Not a Plan](https://katanaasset.com/hope-not-plan/) - The #1 trending saying over the past fortnight is ‘hope is not a plan’! Yet we get the sense that some investors are ‘hoping’ that this market will climb higher. From a valuation perspective, the ASX does look attractive. For example, the difference between bank dividend yields and the cash rate is approaching 8%. Without
- [ASX struggles as bank woes outweigh oil surge](https://katanaasset.com/asx-struggles-bank-woes-outweigh-oil-surge/) - Further falls in the big banks and weakness in the major supermarket owners overwhelmed solid gains in energy and mining stocks to drive shares lower on Monday. A positive weekend lead from Wall Street led the S&P/ASX 200 to open higher at the start of trade, but gains quickly evaporated, with the major lenders, Woolworths and Wesfarmers to blame. Despite briefly
- [Katana - Hot Stocks (The Sunday Times)](https://katanaasset.com/katana-hot-stocks-sunday-times-2/) - Katana Asset Management Speculative Buy - Troy Resources (TRY) $0.225 TRY's quarterly finally contained some positive news flow for patient shareholders. Production at Karouni has been set at up to 20 percent higher than prior guidance, grade and ore reconciliation is up substantially on budget and all-in sustaining costs have reduced further to $US550 versus
- [Mineral Resources is positioned to surprise](https://katanaasset.com/mineral-resources-positioned-surprise/) - We believe that the market is currently discounting the earnings growth that Automotive Holdings Limited (AHG) has achieved over the past 12 months and so this is a candidate to beat expectations. However, we believe that Mineral Resources Limited (MIN) has been even more harshly discounted by the herd, and hence is well positioned to
- [Half Yearly Outlook: Extraordinary Times](https://katanaasset.com/half-yearly-outlook-extraordinary-times/) - In last half’s outlook, we noted that ‘an astounding 90%+ of the industrialised world now boast interest rates at or near zero percent.’ This half we take it one step further by noting that 17 countries now boast official interest rates that are negative! We really are living in extraordinary times and it is easy
- [Oil does not have a supply side problem](https://katanaasset.com/oil-not-supply-side-problem/) - Much has been written about the ‘sudden supply side problem’ in the oil market, predicated ostensibly by US shale. In our view, this doesn’t make sense. Let me explain why. First of all, there was a not-so-sudden ‘supply side problem’ in the oil market for much of the past six decades. An oversupply of cheap
- [TurmOIL or Opportunity? We explain why Oil is compelling](https://katanaasset.com/turmoil-opportunity-explain-oil-compelling/) - https://www.youtube.com/watch?v=dc4KTvmW8Ag In crisis there is opportunity. Katana Asset Management believe that the current oil market may be ready to firm.
- [The Oil Price is Biting](https://katanaasset.com/oil-price-biting/) - Most of the current commentary in the oil market is focussing on the supply increases coming out of Saudi Arabia and the apparent ‘breakdown’ of OPEC. However, whilst the spotlight remains firmly on the Middle East, an interesting thing is happening in other parts of the world: oil production is tangibly declining. We have been

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