Growth, gearing, and resilient income: Big ideas from the 2025 Listed Series

They came. They shared. They delivered.

In March, Livewire teamed up with the ASX to bring you the 2025 Listed Series, a curated set of interviews with some of Australia’s top fund managers. It was our biggest series yet, and yes, there was plenty of blood, sweat and tears behind the scenes.

Our mission? To give Australian investors a clearer lens on the latest innovations and opportunities available through listed products like exchange-traded funds (ETFs) and listed investment companies (LICs).

Whether you're chasing income, diversification, or growth, these conversations are designed to sharpen your thinking and expand your investment toolkit.

To help you catch up - or revisit the best moments - we’ve put together a highlight reel below, featuring the lightbulb ideas from each interview and links to the full wires. Hopefully, it helps you zero in on the strategies most relevant to you.

Michael Wayne, Managing Director, Medallion Financial

"If a company’s earnings and free cash flow are growing rapidly, then over time, the income and dividends will grow too."

Australian investors are very much obsessed with income. But what many forget is that without growing profitability, even the most dividend stream can dry up.

Wayne challenges the traditional divide between growth and income. He advocates owning quality companies that consistently grow earnings, highlighting that over time, the dividends usually follow.

He and Betashares' Cameron Gleeson team up in this excellent interview with Livewire's James Marlay to reveal their top ETF picks for investors chasing serious growth in the next cycle.

Equities

11 high growth ETFs to tip the odds in your favour

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Andrew Parsons , Chief Investment Officer, Resolution Capital

"Investors have been too focused on growth stories and have missed the fundamental valuations and diversification benefits that REITs can offer. You're buying hard assets, often near or below replacement cost, which is usually a good indicator of value and a powerful diversifier in a portfolio."

If you could buy a high-quality property with strong cash flow and long-term growth potential for less than it’s worth, wouldn’t you jump at the chance? That’s exactly the opportunity presenting itself in global real estate investment trusts (REITs). 

Share prices have been knocked down, but Parsons says fundamentals are attractive: office occupancy is rebounding, malls are bustling again, and digital infrastructure is powering the next wave of innovation.

Property

The three things to look for when you buy real estate

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Sean Roger, Deputy Portfolio Manager, Perpetual

"Sectors like banking, IT, and even large-cap quality industrials still look expensive relative to history. But there are pockets of value. Cyclicals, small and mid-caps, and even the property sector are starting to look quite attractive."

Roger sees value where others see risk. He's rotating into areas like cyclicals and small caps, sectors still wearing scars from the last cycle but now offering recovery potential.

Equities

Perpetual's Sean Roger says value is emerging: These are the stocks he likes

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Maroun Younes, Portfolio Manager, Fidelity International

"In the past few years, we’ve found high-quality, niche industrial businesses that dominate their markets and are trading at attractive prices, but are overlooked because they’re not as glamorous as technology."

Industrials aren’t sexy, but they’re steady. Younes points out that some of the best long-term performers are businesses hiding in plain sight, simply because they’re not flashy.

Equities

Finding the next market leaders and 2 stocks to watch

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Cameron Gleeson, Senior Investment Strategist, BetaShares

"We think a bit of gearing can be a smart way to compound wealth over the long term. It can actually reduce portfolio volatility and help preserve capital, especially in sharp market drawdowns, if implemented thoughtfully."

This view flips the script on leverage. Used carefully, Gleeson argues, gearing can actually reduce risk by improving capital efficiency. But it’s not for everyone. The Betashares strategist also offers a range of growth ideas, from cybersecurity to growth opportunities outside the US.

Equities

11 high growth ETFs to tip the odds in your favour

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Catriona Burns, Lead Portfolio Manager, WAM Global

"Now, with great companies trading at better prices, we believe it’s a fantastic time to be allocating to global equities."

Not only are there bargains to be found, but the growing discount between global small and mid caps (GSMID) and their mega-cap peers is shaping up to be a generational buying opportunity. Here, Burns reveals four stocks she’s backing, and how she navigates the GSMID space.

Equities

The case for global small and mid-caps: A 25% discount (and 4 stocks to watch)

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Cameron Robertson, Portfolio Manager, Platinum Asset Management

"Despite recent turbulence, like China’s property slowdown and ongoing tariff concerns, there are still compelling growth opportunities, especially across Southeast Asia. The region continues to benefit from a rising middle class and long-term development trends."

From a rising middle class to strategic reshoring, Robertson sees long-term momentum across the Asia... even in the face of short-term macro noise.

Equities

70% of global GDP growth comes from this region - are you paying attention?

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Andrew Lockhart, Managing Partner, Metrics Credit Partners

"We’re seeing a structural shift in demand for credit, away from the banks. Our focus is on partnering with high-quality clients we understand deeply. We want to support their projects over the long term and be a reliable finance partner through repeat business."

While private credit has been in the spotlight lately, Lockhart says the opportunity and the need for this asset class isn’t going anywhere. Fund managers like Metrics are placing greater emphasis on creating win-win arrangements with borrowers to ensure repeat business and releasing more data to build investor confidence.

Private Assets

Metrics committed to transparency, delivering returns for investors

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Matt Cho, Head of Multi-Asset Solutions, Vanguard Australia

"When constructing income portfolios, it’s essential to understand the trade-offs - whether it’s factor tilts in equities or concentration risks. Investors need to be clear-eyed about the risks they’re taking."

Income investing isn’t what it used to be. Gone are the days of easy high yields across major asset classes like we saw in the 2000s. The ASX 200 no longer spits out cash as reliably, and events like the COVID crash reminded investors how quickly dividends can disappear.

That’s why it’s time to rethink income. In this interview, Cho outlines a new framework from Vanguard designed to help yield-seekers build stronger, more diversified, and more resilient income portfolios.

Education

Sustaining income in a changing market: The key to yields in 2025 and beyond

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Brett Lewthwaite, CIO and Global Head of Fixed Income, Macquarie Asset Management

"Access to genuine fixed income solutions has improved dramatically, particularly through ETFs and active ETFs. Investors no longer need to turn to hybrids or other alternatives out of necessity."

With APRA set to phase out bank hybrids, investors will soon see cash returned as lenders hand back the principal to investors. That leaves a hole in income investors' portfolios.

But Macquarie has a fresh solution for those looking to maintain reliable yields from bank debt. In this interview, Lewthwaite explains why subordinated debt could be a smart replacement for hybrids.

Fixed Income

The end of bank hybrids, the future of fixed income investing

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Sebastian Mullins, Head of Multi-Asset and Fixed Income, Schroders

"You have to ask: Can this company survive a trade war? Will it benefit from new government policies? Can it pass on costs if inflation stays sticky?"

Equities

Investing for the biggest market shift since the GFC

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Wrapping it up

As I wrap up this series with my co-lead Sara Allen, I wanted to share a quick reflection with our Australian readers: we really are the lucky country - even when it comes to investing.

As an Aussie living in Canada, I was blown away by the thriving ecosystem the ASX and local players have built. Despite Canada’s ETF market being nearly A$650B (vs. our ~A$250B), the range of strategies, niche asset classes, and bold, active managers available on the ASX is phenomenal.

I often look at my Canadian brokerage account and wish I could bring some of these strategies across. They’d be a great complement to the typical exposure many of us carry around resources, banks, US tech, and aggregate bond ETFs.

Finally, a huge thank you to all the fund managers who generously shared their time and insights, and to the ASX for supporting us and letting us film at the stock exchange.

And to you - our readers and viewers - thank you for engaging with the Listed Series. Your comments, questions, and feedback keep us sharp and striving to raise the bar.

We hope this series sparked new thinking and helped you build a better, more diversified portfolio. Let us know what you loved—or what we should do differently next year in the comments below.

Until then, happy investing!