Is the current AI-driven market rally a structural revolution or a speculative mirage? David Clark sits down with David Jenkins, Client Portfolio Manager at GQG Partners, to dissect the firm's recent contrarian stance on the technology sector.

Investors are feeling the squeeze of a "growth-at-any-cost" market. Jenkins explains why GQG, a firm managing over $250 billion AUD, is moving toward a defensive, value-oriented posture. We dive deep into their provocative white paper series, "Dot-Com on Steroids," exploring the "circularity" of AI capital expenditure and the looming risks in the private credit and data center boom.

If you’ve been questioning the sustainability of triple-digit multiples and wondering where to find quality when "gravity" eventually returns to earnings, this conversation provides a necessary, fundamental-based reality check.

Key take aways:

• The AI Capex Mirage: Why the massive spending by "hyperscalers" may be creating a circular revenue trap that isn't backed by real-world earnings.

• Quality vs. Hype: Understanding GQG’s "forward-looking quality" philosophy and why they believe traditional tech "quality" is actually deteriorating.

• Hidden Gems in Value: Why sectors like insurance, healthcare, and utilities are becoming the new frontier for compounding capital.

• Infrastructure Red Flags: The risk of securing long-term debt against short-lived assets like GPUs that may burn out in 18 months.

• The "South Beach" Story: A look inside the rapid rise of GQG Partners and how they’ve achieved a 90% alpha strike rate over rolling five-year periods.

With AI reshaping industries at a speed few investors have experienced before, many portfolios are caught between fear of missing out and fear of overpaying. Which businesses will genuinely benefit, and which are simply riding the narrative?

In this episode, David Clark sits down with Qiao Ma, Portfolio Manager at Munro Partners, to unpack how professional investors are navigating one of the most significant structural shifts in decades.

From tearing apart iPhones to identify supply chain winners, to applying the same thinking to Nvidia and the AI ecosystem today, Qiao shares a disciplined framework for cutting through the noise and focusing on what matters: earnings, durability, and valuation.

For investors trying to make sense of AI, software disruption, and shifting market leadership, this conversation offers clarity grounded in real-world portfolio decisions.

Key Takeaways:

• • AI is not optional: Every investor now needs a view. Sitting on the sidelines is no longer viable.

  • Follow the economics, not the hype: Real winners are already generating earnings today, not promises of future growth.

  • Look beyond obvious names: Supply chains and infrastructure often capture more durable value than headline stocks.

  • Software is no longer untouchable: AI is challenging the durability and pricing power of SaaS models.

  • Valuation still matters: In a world of rapid change, price discipline becomes even more important.

  • Process beats prediction: Structured risk management and team-based decision making are critical in volatile markets.

  
  

  DISCLAIMER:

  Performance data mentioned in this podcast is as at 28 February 2026. This podcast is for general information purposes only as it is not investment advice of any nature. The information contained in this podcast reflects, as of the date of publication, the views of Munro Partners and sources believed by Munro Partners to be reliable. There can be no guarantee that any projection, forecast or opinion in these materials will be realised. The views expressed in this podcast may change at any time after the date of issue. This information has been prepared without taking account of the objectives, financial situation or needs of individuals. Before making an investment decision in relation to the Funds, investors should obtain independent advice from a licensed professional adviser. Information about the Munro Funds issued in Australia, including the product disclosure statements (PDS), and target market determination (TMD) for the Munro Funds is available at www.gsfm.com.au, www.munropartners.com or by calling 1300 133 451. Past performance information in this podcast is given for illustrative purposes only and should not be relied upon as an indication of future performance. None of GSFM Responsible Entity Services, Munro Partners, its related bodies or associates nor any other person guarantees the repayment of capital or the performance of the Funds or any particular returns from the Funds. No representation or warranty is made concerning the accuracy of any data contained in this podcast. You should consider the PDS and Additional Information to the PDS in its entirety before making a decision to acquire or continue to hold an interest in the Funds. This video was recorded on 13 March 2026.

In this episode of Inside the Rope, David Clark sits down with Chris Aylward, a veteran of Australian property markets whose career spans more than five decades. From leasing office towers in Melbourne in the 1970s to founding APN Property Group and navigating multiple financial crises, Chris has seen every phase of the real estate cycle.

For investors trying to make sense of today’s market - rising rates, expensive assets, private credit growth and uncertainty around office property, Chris offers a rare long-term perspective.

This conversation explores what today’s market gets right, what it gets dangerously wrong, and why experienced investors are becoming more cautious even while liquidity floods into property and private debt.

Chris also reflects candidly on the biggest mistake of his career - a European property fund that went badly wrong, and the lessons it taught him about partnerships, leverage and risk management.

For listeners managing wealth, allocating capital, or investing in real assets, this episode is a great learning episode in cycle awareness and disciplined investing.

If you’ve recently had a liquidity event, inherited complexity, or are quietly wondering whether your portfolio is truly built for the next 30 years — this episode is essential listening.

In this conversation, Ian Macoun, founder of Pinnacle Investment Management, joins David Clark to unpack what actually drives sustained investment excellence — and what quietly destroys it.

With over $200 billion under management across 19 affiliates, Pinnacle has become one of Australia’s most successful multi-affiliate investment firms. But this episode is not about scale. It’s about structure, incentives, character, and long-term alignment.

For sophisticated investors managing significant capital, this discussion goes directly to the hard questions:

• Why do some fund managers endure for decades while others fade?
  

• How do you distinguish confidence from dangerous ego?
  

• Is private credit a structural allocation, or the next bubble?
  

• How should wealthy operators think differently about portfolio construction?
  

• What does AI mean for growth investing?
  

• Where are private markets heading next?

Ian’s philosophy is simple but demanding: excellence is the only standard.

And that applies to both managers and investors.

Inside The Rope's episode with Ian Macoun will release next Tuesday, the 3rd of March 2026.