At our recent Client Seminar Series, we stepped back from the day-to-day noise and focused on the major forces shaping markets, portfolios and wealth planning in 2026.

The session was to be practical: to help clients understand what has changed, what remains uncertain, and where we believe investors should consider focussing their attention over the next 12 months.

We have recorded a 20-minute video with a summary of the session for your viewing.

In our Client Seminar Series we covered the following themes:

Around the world in 30 seconds

We began with the major global developments influencing markets — including renewed Middle East tensions, oil and food price pressures, US–China trade and critical minerals, AI-driven energy demand, data centre growth, and the ongoing pressure on inflation and interest rates.
The key message was that markets are no longer being driven by one simple story. Geopolitics, energy security, technology infrastructure, fiscal policy and inflation are now deeply connected.

A return to capital intensity

One of our major themes was the market’s shift away from the capital-light winners of the 2000–2020 period and back toward businesses and sectors with scarce, durable, hard-to-replace assets. Here we discussed how the next decade may reward companies linked to infrastructure, energy, defence, data centres, grid replacement, critical minerals and industrial capacity. In simple terms, markets appear to be placing a greater premium on the assets required to power the real economy.

Australia’s position – between pressure and opportunity

Australia remains relatively well placed compared with many countries, but several pressures are building higher government spending, weaker business investment, rising labour costs, low productivity growth, and a growing need to invest in infrastructure, energy, housing and productive capacity.
The conclusion was not that Australia should stop spending. Rather, the challenge is to spend better — directing capital toward investments that improve future productivity, competitiveness and living standards.

Inflation and policy

Here we covered the key levers available to policymakers: interest rates, tax policy, and government spending. This matters because inflation changes the way portfolios need to be built. Real returns, diversification, income quality and asset selection become more important when the cost of capital is no longer near zero.

Wealth planning – control the controllables

A large part of the session focused on the practical planning issues clients are asking about most. Here we discussed the changes to superannuation, Division 296, contribution caps, CGT reform, discretionary trusts, structuring, estate planning and the broader shift toward objectives-based advice.

The key takeaway was that tax should not be the only focus. The more important question is control — ensuring that structures remain flexible, fit for purpose, and aligned to each client’s stage of life, asset mix, income needs and succession objectives.

The overall message to all clients is simple

1. The world is becoming more complex, more capital intensive and more policy driven.
2. Investors should consider focusing less on every headline and more on building portfolios and structures that can adapt.
3. Stellan’s portfolio management process remains intact and is dynamic enough to adjust to changing outside conditions.

Please reach out if you would like to discuss how any of these themes apply to your own portfolio.

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