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A “once-in-a-generation” investment? Ft. Ashley O’Connor of Invesco

Ashley O'Connor from Invesco joins Owen Rask on The Australian Investors Podcast to talk about Senior Secured Loans (SSL) and why this strange but impressive market could be about to surprise to the upside

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Ashley O’Connor is an experienced equity and bond markets investor at Invesco.

Ashley joins Owen Rask on The Australian Investors Podcast to talk about… Senior Secured Loans (SSL) and why this strange but impressive market could be about to surprise to the upside.

Talking points with Invesco’s Ashley O’Connor

If you could achieve expertise in one skill, what would it be?

  • Can you describe the macroeconomic environment in two sentences?
  • What is the best risk-adjusted asset class for accumulators over the next decade?
  • What is the best risk-adjusted asset class for retirees over the next decade?

Ashley’s background & what led him to Invesco.

We focus a lot on equities and public companies. But there’s a huge rumbling from private markets, and on both sides of the ledger (equity and debt). Can you describe how private markets work in Australia, in particular some of the inefficiencies between debt and equity in private markets and where you see opportunities?

What are senior secured loans and how does an investor get exposure to them?

  • Where it sits on the risk spectrum versus government bonds, equities, high yield, etc.
  • Performance characteristics – asymmetry of risk (default) versus upside (yield), default rates, return profile over 20 years, industry and geographical exposures
  • How to assess credit risk (e.g. common metrics, approaches to DD, etc.)
  • Defaults and recoveries, risk-adjusted answers to outlook, etc.

Where does SSL sit in a portfolio? What do they replace or complement?

Deal flow is one of the most important factors for prospective investors in every asset class, how do you find new investment ideas? From relationships, research of referrals?

Do credit ratings apply to SSL?

Do you believe credit and these types of opportunities are going to become more abundant and available to self-directed investors?

What’s one thing you believe about investing, business or life that few people would agree with you on?

About Ashley O’Connor

As Head of Investment Strategy, Ashley O’Connor is responsible for identifying, communicating and supporting Invesco’s strategies of focus in the Australian marketplace, including consultant and research house relations. Ashley is also responsible for Invesco’s Asia Pacific Go-To-Market (GTM) Product Strategy for global multi-market solutions.

Throughout his career he has researched managers and strategies across all asset classes. Before joining Invesco in 2014, Ashley was at Frontier Advisors, one of Australia’s largest asset consultants, for 10 years, as a Senior Consultant and Head of Debt. At Frontier, Ashley was also a voting member of the Investment Committee that determined asset allocation and manager selection.

 

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Recorded: November 4th, 2022

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