Insights Series — Jason Coggins joins Murdoch Gatti to unpack the structural forces reshaping markets, technology and capital allocation in 2026.

In this episode of The Rate of Change, they explore how AI, geopolitics, energy systems and global capital flows are changing the investment landscape — from the U.S.–China race for semiconductors, Energy, resources and AI dominance, to the structural risks emerging across private credit, productivity and legacy business models.

Topics discussed:

• How AI could compress business creation from years into months

• Why the U.S.–China geopolitical battle for chips, energy and AI dominance may define the next decade

• Whether legacy SaaS, consulting and private equity models are more vulnerable than markets realise

• Why Australia’s productivity, energy grid and policy settings are becoming structural economic problems

• The key differences between Australian and U.S. private credit markets — and where the real risks sit

• Why semiconductors, data centres and energy infrastructure are becoming critical geopolitical assets

• Whether markets can continue pushing higher despite inflation, war and geopolitical uncertainty

• Why Asia, Taiwan, Korea, India and frontier markets may become increasingly important in global growth

A wide-ranging discussion on macroeconomics, geopolitics, technology, investing and the long-term structural shifts shaping the global economy.

🎧 Listen now and enjoy.

In this episode of The Rate of Change, Murdoch Gatti sits down with Todd Warren, Portfolio Manager & Head of Research at Tribeca Investment Partners, to unpack a critical shift taking place across global commodity markets — and why the real story isn’t demand, but supply.

If you are interested in uranium, oil, natural gas, LNG, copper, sulphur, lithium, rare earths, iron ore, coal, hydrogen, carbon markets, nuclear energy, titanium, advanced materials and broader strategic minerals, then you will enjoy this conversation.

Over the past decade, commodities have been under-owned, underinvested and largely ignored as capital flowed into growth assets. ESG constraints and weak pricing suppressed new supply across energy and mining.

That dynamic is now reversing.

As Todd explains, we are entering a structurally different macro regime — one defined by constrained supply, geopolitical fragmentation and persistent inflation. Unlike prior cycles, this is not simply about stronger demand. The system itself is tight.

A key insight from the conversation is the fragility of global supply chains.

Critical inputs — including sulphur, essential for copper processing — are heavily reliant on global chokepoints such as the Strait of Hormuz. Disruptions here don’t just impact oil, but cascade through copper, fertilisers and broader industrial supply chains. In copper specifically, it is not just the availability of ore that matters, but the availability of inputs required to process it — creating an additional layer of supply constraint that is often overlooked.

This is where the real risk — and opportunity — lies.

Across oil, LNG, copper, uranium and key transition metals, years of under investment mean supply cannot respond quickly enough, while demand is reinforced by electrification, energy security and the re-emergence of nuclear power.

Where commodities were once treated as tactical exposures, they are increasingly being viewed as strategic allocations — offering inflation protection and asymmetric upside.

Todd also outlines how Tribeca Investment Partners expresses these views through its Global Natural Resources Strategy, a flexible long/short approach across equities, credit and commodities. The strategy has historically targeted 15–20% p.a. returns, while its listed vehicle, Tribeca Global Natural Resources Limited, returned approximately 60% in calendar year 2025.

Companies Discussed:

• BHP.ASX – BHP Group
• BOE.ASX – Boss Energy
• BRE.ASX – Brazilian Rare Earths
• BTL.ASX – Beetaloo Energy Australia
• CCO.TSX – Cameco
• 1605.TYO – Inpex
• ILU.ASX – Iluka Resources
• IPX.ASX – IperionX
• LYC.ASX – Lynas Rare Earths
• MEI.ASX – Meteoric Resources
• MP.NYSE – MP Materials
• NXE.TSX – NexGen Energy
• OMA.ASX – Omega Oil & Gas
• PDN.ASX – Paladin Energy
• PLS.ASX – Pilbara Minerals
• RIO.ASX – Rio Tinto
• STO.ASX – Santos
• TBN.ASX – Tamboran Resources (CDI)TGF.ASX – Tribeca Global Natural Resources Limited
• VMM.ASX – Viridis Mining and Minerals
• WDS.ASX – Woodside Energy
• WPM.NYSE – Wheaton Precious Metals
• 6KA.ASX – 6K Additives (CDI)

In this episode of The Rate of Change, Murdoch Gatti sits down with Ryan Bass, Founder of PanGen Capital, to discuss the repricing of institutional property and how capital is being deployed in a higher rate, more fragmented market environment.

If you are interested in institutional real estate, income-focused investing, and how professional investors are accessing property opportunities typically reserved for large institutions, then you will enjoy this conversation.

Over the past two years, rising interest rates have reshaped the property landscape. Valuations have reset, capital has become more selective, and many investors have stepped back from the asset class.

But while sentiment has weakened, the underlying income story has not.

High-quality retail assets — particularly shopping centres — have proven more resilient than expected. Centres remain well occupied, tenant demand is strong, and trading conditions are healthy. At the same time, higher construction costs are limiting new supply, reinforcing the value of existing assets.

These dynamics are feeding directly into income.

Retail leases are often linked to CPI or turnover, allowing landlords to pass through rising costs while benefiting from tenant performance. In many cases, rental income has remained resilient and continues to grow despite broader market uncertainty.

This is where the opportunity is emerging.

Where institutional property once delivered mid- to high-single digit returns, parts of the market are now presenting the potential for double-digit return profiles — driven by improved entry pricing, durable cashflows and reduced competition.

Ryan explains why capital is rotating into retail, how office assets are becoming increasingly selective, and how his fund-of-funds model provides access to institutional-grade opportunities — including exposure to the Dexus Wholesale Property Fund and leading institutional retail property vehicles such as GPT Wholesale Shopping Centre Fund, Lendlease APPF Retail Fund, Dexus Wholesale Shopping Centre Fund and ISPT Retail Australia Property Trust — that are typically inaccessible to most investors.

He also reflects on how the strategy has evolved from a focus on defensive income to capturing a more compelling return profile without necessarily increasing risk.

In this conversation Murdoch and Ryan discuss:

• How rising interest rates have driven a repricing across institutional property markets

• The shift to a higher cost of capital and its impact on valuations

• Why returns are moving from mid-single digits to potential double-digit opportunities • The disconnect between sentiment and underlying income

• Why retail property, particularly shopping centres, has proven resilient

• How strong occupancy, tenant demand and trading conditions are supporting assets

• The impact of rising construction costs in limiting new supply

• How CPI-linked leases and turnover rents allow landlords to pass through inflation

• The rotation of capital away from office into higher conviction opportunities

• The bifurcation within office markets and focus on high-quality assets

• Exposure to institutional managers, including the Dexus Wholesale Property Fund

• The structure of PanGen Capital’s fund-of-funds model

• Differences between core, core-plus and value-add strategies

• How capital scarcity is creating better acquisition opportunities

• The importance of manager selection and asset quality

• Managing liquidity and portfolio construction in unlisted assets

• The role of institutional property for income and diversification

• How investors are positioning in a higher rate, uncertain environment

Enjoy!