In this Australian Finance Podcast episode, Owen Rask is joined by Tom Wickenden from Betashares to construct two high-conviction $100,000 ETF portfolios — each with a clear macro theme and five-year horizon.
We cover:
- What Tom has personally invested in recently — and why
- Owen’s first ever investment and what it taught him
- Two bold ETF portfolios with zero “vanilla” thinking
- How to invest when you don’t have a strong view on the US market
If you enjoy learning about ETFs, portfolio construction and macro themes, subscribe to the Australian Finance Podcast wherever you get your podcasts.
The Challenge
Each of us was given $100,000 of fake “Rask dollars” to invest across Betashares ETFs.
The rules:
- Maximum 5–7 ETFs
- Clear macro theme
- Five-year total return focus
- No boring default 60/40 portfolios
Personal investing lessons
Before revealing portfolios, we discussed:
What Tom recently invested in
Tom shared how he is positioning for structural uncertainty and balancing risk assets with genuine hedges. Why he keeps things simple.
Tom’s first-ever investment
Tom reflects on a stock tip he got from a colleague and what he learned early in his investing journey.
Tom’s Portfolio
The Existential Portfolio
Big picture thesis
Tom inverted the typical Australian investor approach.
Most Aussie portfolios are:
- Heavy US exposure
- Growth and tech dominated
- Banks and property at home
Tom asked:
- What if US exceptionalism fades?
- What if concentration risk bites?
- What if geopolitical fragmentation accelerates?
The Existential Portfolio is designed to hedge against overconcentration in the US and build resilience across global themes.
Tom’s $100,000 Allocation
| ETF | Allocation | Dollar Amount |
| GTUM | 15% | $15,000 |
| BEMG | 15% | $15,000 |
| BNKS | 10% | $10,000 |
| XMET | 10% | $10,000 |
| SMLL | 20% | $20,000 |
| ATEC | 10% | $10,000 |
| ECRD | 20% | $20,000 |
| Total | 100% | $100,000 |
Portfolio logic
- GTUM – Global momentum exposure
- BEMG – Emerging markets growth
- BNKS – Global banks and financials
- XMET – Global resources and hard assets
- SMLL – Australian small caps
- ATEC – Australian technology
- ECRD – Ethical global credit for income ballast
Tom’s premise: diversify away from US mega-cap concentration and prepare for structural regime shifts.
Owen’s Portfolio
The China Century
Big picture thesis
Owen’s argument:
If the 2000s were about China building infrastructure, the 2020s and 2030s may be about China scaling globally.
Despite geopolitical tensions, China remains:
- The world’s largest trading nation
- Central to commodity demand
- Critical to supply chains
- Rapidly innovating in EVs, batteries and advanced manufacturing
Rather than picking individual Chinese stocks, the portfolio leans into Asia’s broader ecosystem.
Owen’s $100,000 Allocation
| ETF | Allocation | Dollar Amount |
| BEMG | 10% | $10,000 |
| FOOD | 10% | $10,000 |
| ASIA | 10% | $10,000 |
| RBTZ | 5% | $5,000 |
| GHHF | 40% | $40,000 |
| BSUB | 10% | $10,000 |
| AGVT | 15% | $15,000 |
| Total | 100% | $100,000 |
Portfolio logic
- GHHF – Global diversified core
- AGVT – Global value tilt
- BEMG – Emerging markets exposure
- ASIA – Asian technology leaders
- FOOD – Agriculture and food security
- RBTZ – Robotics and automation
- BSUB – Floating rate bonds for defensive positioning
Owen’s thesis: structural Asian growth plus global diversification may outperform a narrow US-dominated strategy over time.
2026 Outlook Question
As we looked ahead to 2026, we asked tom:
If you were telling Raskals to research just one ETF from your portfolio first, what would it be?
Key Takeaways
- Most Australian portfolios remain US-heavy
- Market concentration risk is elevated
- Emerging markets deserve serious consideration
- Factor tilts (momentum, value) can shift portfolio dynamics
- Thematic investing requires discipline and long time horizons
