In this Australian Investors Podcast episode, your hosts Owen Rask and special guest Billy Leung (Global X ETFs Australia) discuss:
- The one investment Billy held the longest — and what it taught him
- The most expensive mistake we’ve made as investors
- Two $100,000 themed ETF portfolios with a 5-year total return goal
- AI infrastructure vs value investing — which wins?
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The Challenge
Billy and Owen were each given $100,000 of fake “Rask dollars” to allocate across up to 7 Global X ETFs.
The goal?
- Five-year total return.
- With a twist: no boring vanilla portfolios. Each had to have a clear theme.
Lessons Before Portfolios
Before building the portfolios, we explored:
Billy’s longest-held investment – TenCent
What happens when you truly let compounding do the work?
Key takeaway: Time in the market beats timing the market — but only if you understand what you own. Billy has held Tencent for 24+ years!
The most expensive investing mistake
Billy shares his mistakes that cost real money.
Billy’s Portfolio: AI infrastructure – the value chain of AI
Big picture theme
Billy’s thesis:
AI isn’t just ChatGPT. It’s:
- Data centres
- Chips
- Power grids
- Connectivity
- Cybersecurity
- Physical infrastructure
If you use ChatGPT daily, stream Netflix, store photos in the cloud or rely on digital payments — you are already consuming AI infrastructure.
Billy’s idea is to invest across the entire AI value chain, not just one stock like NVIDIA.
Why ETFs make sense here
- AI infrastructure spans multiple sectors
- Hard to stock pick across the full value chain
- Reduces single-stock risk
- Captures thematic momentum without betting on one winner
Billy’s $100,000 Portfolio
| ETF | Allocation | $ |
| GXAI | 40% | $40,000 |
| AINF | 20% | $20,000 |
| WIRE | 20% | $20,000 |
| DRGN | 10% | $10,000 |
| ACDC | 10% | $10,000 |
| Total | 100% | $100,000 |
Portfolio logic
- GXAI (40%) – The AI core exposure
- AINF (20%) – AI infrastructure backbone
- WIRE (20%) – Electrification & connectivity
- DRGN (10%) – Asian growth & supply chains
- ACDC (10%) – Battery and energy transition
Billy’s bet:
If AI continues reshaping the global economy, the infrastructure providers may win even if individual software names stumble.
Owen’s Portfolio: Value investing is the new black
Big picture theme
Owen’s thesis:
After years of growth dominance and mega-cap concentration, value investing is due for a comeback.
Market breadth has narrowed.
Valuations are stretched.
Crowding risk is real.
If the market rotates, undervalued, cash-generative businesses could shine.
Why ETFs make sense here
- Factor-based exposure (value, quality, banks, gold)
- Reduces stock-specific risk
- Allows tactical tilts
- Easier rebalancing over time
Owen’s $100,000 Portfolio
| ETF | Allocation | $ |
| A300 | 20% | $20,000 |
| U100 | 10% | $10,000 |
| GRPA | 10% | $10,000 |
| GARP | 10% | $10,000 |
| FHNG | 10% | $10,000 |
| GHLD | 5% | $5,000 |
| GXLD | 5% | $5,000 |
| USTB | 15% | $15,000 |
| BANK | 15% | $15,000 |
| Total | 100% | $100,000 |
Portfolio logic
- A300 (20%) – Broad Australian exposure
- BANK (15%) – Australian banks income tilt
- USTB (15%) – US Treasuries for ballast
- GARP (10%) – Growth at reasonable price
- GRPA (10%) – Quality value blend
- U100 (10%) – US large caps (non-S&P tilt)
- FHNG (10%) – Equal-weight tech exposure
- GHLD + GXLD (10%) – Gold as insurance
Owen’s bet:
If market leadership broadens and volatility increases, valuation discipline and diversification may outperform pure thematic momentum.
Two very different philosophies
| Billy | Owen |
| Structural AI growth | Valuation discipline |
| Infrastructure plays | Factor rotation |
| Satellite tilt | Core-plus construction |
| Tech optimism | Mean reversion mindset |
Final question: It’s 2026…
The world is changing fast.
If Billy had to nominate one ETF to research first, it would be one positioned at the intersection of:
- AI adoption
- Infrastructure demand
- Structural electrification
Because the AI story is no longer just about chips — it’s about power, connectivity and the entire ecosystem.
Key Takeaways
- Thematic portfolios can work — but understand the risk
- ETFs help diversify complex themes
- Value vs growth cycles rotate
- Five-year time horizons reduce short-term noise
- Conviction matters — but discipline matters more
Topics Covered
- AI infrastructure investing
- Value investing resurgence
- Portfolio construction principles
- Longest-held investments
- Biggest investing mistakes
- Core vs satellite strategies
- ETF factor exposure
- Five-year investing frameworks
