MAGELLAN - In The Know

Cellnex owns and operates around 112,000 telecom towers across ten European markets, generating recurring, contracted revenue from mobile operators who have few practical alternatives once a site is built.

 

This episode of In The Know was recorded by GLIO (the Global Listed Infrastructure Organisation), with Cellnex CEO Marco Patuano and Roy Harrison, Investment Analyst in the Magellan Global Listed Infrastructure team. Together they unpack the tower business model and its economic moat, and why Marco believes the market may be mispricing Cellnex's risks. They also cover the drivers of organic growth, the company's shift from debt-fuelled M&A to balance sheet repair and shareholder returns and Marco's view on the investment case as free cash flow builds.

 

Magellan Investment Partners would like to thank GLIO and Cellnex for the opportunity to bring this conversation to our audience.

Geopolitical events are no longer just creating short-term market volatility, they're reshaping the global investment landscape in more lasting ways.

In this episode of In The Know, Alan Pullen is joined by Michael Allen, Managing Director and Partner at Beacon Global Strategies, to examine the structural changes unfolding across global politics. They discuss the future of NATO, the conflicts in the Middle East and Ukraine, the direction of US politics under President Trump, and why investors may need to rethink some of the assumptions that have underpinned markets for decades.

How are data and AI reshaping the future of active investing?

Markets are moving faster than ever. AI is changing how investment managers research, think and ultimately make decisions — and the edge lies in knowing how to use it.

In this episode of In The Know, Magellan’s Head of Distribution, Asia Pacific, Mark Burgess is joined by Rob Franklin, Research Manager at Vinva Investment Management, to unpack the evolution of AI in investment research, the growing importance of alternative data and why human judgement remains critical in navigating changing market regimes.

Rob also shares insights into how Vinva combines disciplined, systematic processes with technology-driven innovation to build diversified portfolios in an increasingly competitive investment landscape.

Affordability pressures, alongside rapid investment, are reshaping the US economic story in 2026 — and the impact is being felt far beyond headline growth.

In this episode of In The Know, Rebecca Hiscock-Croft, Investment Director for the Magellan Global Listed Infrastructure team, chats with Brett Loper, Executive Vice President for Policy at the Peter G. Peterson Foundation and Executive Director of the Peterson Solutions Fund, about what’s really driving the conversation on the ground — from the rising cost of housing and energy to the growing strain on household budgets.

They explore how surging demand from AI and data centres is adding new demands on power systems and infrastructure and why utilities and energy are becoming an increasingly important, if less visible part of the conversation.

With infrastructure and affordability now tightly linked, this discussion explores the forces set to define the next phase of the US economy.

How do you invest when markets feel driven by noise, narratives and sudden shocks?

In this episode, Emma Fisher, Deputy Head of Australian Equities at Airlie Funds Management and Joe Wright, Deputy Portfolio Manager, discuss how they navigate volatility by staying anchored to process, fundamentals and valuation.

They unpack the resurgence of “real assets”, the sharp sell-off in software and classifieds and why AI disruption fears may be creating opportunities in quality businesses. Emma and Joe also explore gold, commodities and portfolio positioning, discussing that while narratives can drive short-term moves, long-term returns are still shaped by earnings, balance sheets and disciplined stock selection.

What could derail markets or fuel the next rally - after 3 years of gains?

In this conversation, Portfolio Managers Alan Pullen and Casey McLean join Investment Director and Analyst, Elisa Di Marco to reflect on the volatile start to 2025 and the powerful AI-driven rally that followed, before looking ahead to what 2026 may bring.  The trio discuss expectations for more modest returns and a rotation toward quality and AI execution.

They also highlight the sectors and companies they believe are best positioned to benefit as markets evolve. They explore potential upside surprises and key wildcards, from private credit risks to AI-led productivity gains. Above all, they emphasise the importance of investment discipline, fundamentals and long-term thinking in today’s volatile environment.

In today’s uncertain environment, is infrastructure still a safe haven? In this compelling conversation, Rebecca Hiscock-Croft, Investment Director with Magellan’s Infrastructure team, speaks with Portfolio Managers Ofer Karliner, Ben McVicar and David Costello about how they’re navigating market volatility. They explore where they see compelling value and structural growth in infrastructure and what they view as key risks, including richly valued US merchant power names tethered to the AI boom.

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How is generative Artificial Intelligence impacting online search tools, and what does the future of search look like? That’s the focus of conversation between Elisa Di Marco, Investment Director and Analyst and Portfolio Manager Casey McLean. Elisa and Casey unpack the shift from traditional search engines to AI-powered “answer engines” such as Google’s newly launched AI Overview and AI Mode, and discuss how Google’s parent company, Alphabet, is navigating this transformation. They also highlight the key implications for investors in this new wave of digital disruption.

Following a volatile reporting season, we’re seeing one of the “unhappiest bull markets” in recent years. That’s according to Matt Williams, Head of Australian Equities at Airlie Funds Management. He joins Amy Manns, Relationship Manager at Magellan Investment Partners in this episode to discuss how Australian Equities are faring and what’s next for the market.

The duo unpacks the forces behind heightened market volatility – and discuss key themes from the recent reporting season including the resilience of Aussie consumers, the recovery in small caps, soft results posted by banks and the risks of US housing exposure. Matt also explains recent standout results from stocks like Sigma-Chemist Warehouse and ResMed. He explores whether we can expect to see a revival of public markets; and reflects on the current market preference for growth stocks, sharing his evolving perspective on how to value them.

Finally, Matt shares valuable lessons he’s learned throughout his career. With the Australian economy remaining sluggish overall, he emphasises the importance of staying invested long-term, not becoming distracted by the noise and sticking to what you know.

Artificial intelligence is rapidly working its way into our lives, but would you trust it not only to choose purchases but also to pay on your behalf? That’s the world we’re heading towards, according to Visa’s Chief Product Officer for Commercial and Money Movement Solutions, Mark Nelson.

Elisa Di Marco, Magellan’s Investment Director and Analyst, joins Mark to explore how one of the world’s largest payments networks is shaping the next era of commerce. From tapping and tokenisation to AI-powered ‘agentic commerce’ that can shop on your behalf, Mark explains the innovations driving Visa’s growth, the trust and security underpinning its network and why stablecoins could accelerate payment digitisation in emerging markets. Mark also shares how AI agents could transform the way consumers plan, purchase and book holidays while ensuring Visa’s network keeps payments seamless and secure.