The Magellan Financial Group Ltd (ASX: MFG) share price fell hard in FY22. In fact, it dropped more than 70% making it one of the worst performers in the S&P/ASX 200 Index (ASX: XJO).

Before FY22, Magellan was a high-flying fund manager achieving outperformance and attracting significant funds under management (FUM).

But, FY22 was a year where things went south for the Magellan share price.

As a fund manager, achieving investment returns is obviously a key objective. Performance is often compared to an index. But, if the fund manager doesn’t outperform the index, then why pay higher fees?

Underperformance

When the COVID-19 crash happened, Magellan’s portfolio was already positioned to deliver reliability with defensive investments.

At 31 March 2020, the Magellan Global Fund Open Class (ASX: MGOC) – one of Magellan’s largest investments over $10 billion in size – showed a net return of a 1.2% decline over the prior three months. That was an outperformance of 8.1% compared to the global share market index.

However, since then it has underperformed significantly as the global share market recovered strongly then shot even higher than during pre-COVID times.

Alas for Magellan, its Global Fund is a useful indicator of the overall performance of the Magellan global investment strategy.

By November 2021, the Magellan Global Fund had underperformed the global share market by 14.6% over the prior year.

FUM sinks

While some investors may be willing to put up with underperformance in the short-term, it seems that investors in Magellan funds started to lose patience at the end of 2021.

In December 2021, it announced the loss of the St James Place mandate. At the time, it represented 12% of the fund manager’s annual revenue.

At 30 November 2021, Magellan had $116.4 billion of FUM.

Since then, it has been losing billions of FUM, representing losses of more than just St James Place. At 23 February 2022, it had $77.2 billion of FUM. By 31 May 2022, Magellan’s FUM had dropped to $65 billion.

FUM is important for a fund manager because there are two main ways to generate revenue – management fees and performance fees. The performance fees are variable. But management fees can generate attractive and consistent revenue and net profit after tax (NPAT) for Magellan.

The loss of over 40% of its FUM is also expected to lead to a large drop in ongoing profit.

Profit estimates on CMC Markets show an earnings per share (EPS) projection of $2.26 in FY22 and then $1.45 in FY23. That would be a decline in profit of 36%.

Talisman steps back

In February 2022, it was announced that Magellan co-founder Hamish Douglass was going to take medical leave. At the time, he was Magellan’s chair and chief investment officer.

Co-founder Chris Mackay took over portfolio management of its global equity investment funds.

However, it was recently announced that Douglass would return to work later this year as a consultant.

Time will tell whether his return can help Magellan’s performance turn around.

Magellan share price snapshot

Over the past month, the Magellan Financial Group share price has dropped almost 20%.

The company has a current market capitalisation of $2.2 billion.

The post Wipeout: Why did the Magellan share price sink 70% in FY22? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Regis Resources jump, big four banks fall ahead of RBA meeting
• Why ASX 200 value shares are surviving the sell-off better than growth shares
• Why did the Qantas share price outperform the ASX 200 in FY22?
• 5 things to watch on the ASX 200 on Tuesday
• The Telstra share price outperformed the ASX 200 in June

Motley Fool contributor Tristan Harrison has positions in Magellan Financial Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The share prices of Global Lithium Resources Ltd (ASX: GL1) and Lake Resources N.L. (ASX: LKE) are zipping higher today.

The Global Lithium Resources share price is up 4.31% to $1.21.

The Lake Resources share price is up 3.4% to 76 cents.

There is no news out of either company today. However, the energy sector is the best performing sector in early afternoon trading on Tuesday, up 3.08% at the time of writing.

For comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.37% so far today.

What’s the latest news on these ASX lithium stocks?

On 28 June, Global Lithium Resources announced positive assay results at the Manna Lithium Project.

According to Global Lithium’s statement, the assays showed “significant intervals of lithium mineralisation intersected from early reverse circulation (RC) drilling”.

“The program validates previous drilling [across the same pegamite] and resource information, further extending the orebody at depth which remains open,” Global Lithium said.

The first diamond core drilling program since the company acquired Manna in December 2021 is about to commence.

The drilling will specifically target the pegmatites at depths below the RC program.

The Global Lithium Resource share price is up 7% year to date.

Global Lithium has also just released an international investor roadshow presentation.

Meantime, Lake Resources provided a market update on 23 June.

The ASX lithium explorer is now establishing a North American presence to serve its off-take customers and continue its work with US-based technology partner Lilac Solutions.

The company also wants to engage with US capital markets.

The recently appointed executive chairman Stu Crow is in the US to progress this strategy.

In its update, Lake Resources said Crow will occupy the position for six months to oversee the appointment of a new CEO, board members, and the establishment of US offices.

Managing Director Steve Promnitz resigned on 17 June without giving a reason.

On 20 June, Lake Resources issued a statement thanking Promnitz for his “pioneering efforts in project generation to establish Lake’s presence in Argentina”.

Crow said Lake Resources has one of the largest lithium lease holdings in Argentina spanning more than 2,200 square kilometres. The majority of the leases are 100% owned.

Lake Resources said it was already interviewing candidates for the CEO and managing director positions.

The Lake Resources share price is down around 25% year to date.

The post These 2 ASX lithium stocks are charging up on Tuesday appeared first on The Motley Fool Australia.

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• The Lake Resources share price plummeted 49% in June. Here’s why

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. The benchmark index is currently up 0.35% to 6,635.9 points.

Here’s what is happening on the ASX 200 today:

Regis Resources’ record quarter

The Regis Resources Limited (ASX: RRL) share price is jumping today following the release of a production update. That update revealed that Regis had a record quarter for production. Regis Resources reported a 20% quarter on quarter increase in total gold production to 123.9k ounces. This took the company’s annual gold production to 437k ounces. This is up 17% year on year and in line with its guidance of 420k ounces to 475k ounces.

Bank shares fall ahead of Reserve Bank meeting

The big four banks are all trading lower on Tuesday ahead of the Reserve Bank of Australia’s cash rate meeting. The central bank is widely expected to make a further 50 basis points increase to 1.35% this afternoon. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is the worst performer in the group with a 1.1% decline.

Tech shares outperform

The tech sector is on form again on Tuesday with the likes of WiseTech Global Ltd (ASX: WTC) and Xero Limited (ASX: XRO) storming higher. This has led to the S&P ASX All Technology index outperforming the ASX 200 index with a sizeable 1.3% gain. This appears to have been driven by news that Nasdaq futures have rebounded and are now pointing to a positive session tonight.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Regis Resources share price with a 10% gain. This follows the gold miner’s record quarter. Going the other way, the worst performer has been the Imugene Limited (ASX: IMU) share price with a 3.5% decline on no news.

The post ASX 200 midday update: Regis Resources jump, big four banks fall ahead of RBA meeting appeared first on The Motley Fool Australia.

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• How did the Vanguard Australian Shares Index ETF perform in June?
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• Regis Resources share price jumps 9% on record quarter
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Firefinch Ltd (ASX: FFX) share price continues to be suspended under official quotation since 29 June. This comes despite the company announcing an update regarding the recent sale of its shares.

At the time of writing, the gold miner and lithium developer’s shares are frozen at 20 cents apiece.

Firefinch receives cash injection

It seems Firefinch is facing investor concerns over an impending share dilution.

In a statement today, Firefinch advised it has sold 28.6 million shares in lithium peer Leo Lithium Ltd (ASX: LLL).

The transaction took place after market close yesterday at a sale price of 45.5 cents per Leo Lithium share.

Following the sale, Firefinch is expecting to receive net proceeds of around $12.9 million.

Management previously noted that the financing measures will help its current working capital position.

Firefinch holds a remaining 210.9 million shares in Leo Lithium which are subject to escrow until 23 June 2024.

This means that the company is not permitted to deal with or sell the escrowed shares, except in limited circumstances. The latter could be exempted in the event of a takeover or scheme of arrangement.

Furthermore, the escrowed shares represent about 17.61% of Leo Lithium’s issued capital.

At 30 June 2022, Firefinch had approximately $35.8 million in cash and US$3.6 million in shipped gold bullion with funds receivable mid-July. This excludes the current shareholding in Leo Lithium and the sale that was executed yesterday.

About the Firefinch share price

A period of unfavourable trading conditions has led the Firefinch share price to sink almost 50% in the past 12 months.

Notably, its shares are down more than 76% year to date.

The company’s shares touched a 52-week low of 19 cents on 24 June before going into a trading halt.

Firefinch presides a market capitalisation of around $236 million with approximately 1.18 billion shares on hand.

The post What’s happening with Firefinch shares following a $13 million lithium sale? appeared first on The Motley Fool Australia.

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• What’s going on with the Firefinch share price?
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The IGO Ltd (ASX: IGO) share price has plunged in the past month, but could it be in for better days?

IGO shares fell 21% in the month of June. In today’s trade, the company’s share price is rising 0.6% to the current share price of $10.02. For comparison, the S&P/ASX 200 Index (ASX: XJO) is jumping 0.24% today.

Let’s take a look at the outlook for the IGO share price.

Could the IGO share price go higher?

IGO is exploring for battery metals for a clean energy future including nickel, copper and cobalt. The company also has 49% interest in a global joint venture (JV) with the Tianqi Lithium Corporation. The JV has a 51% stake in the Greenbushes lithium mine. In the March quarter, IGO reported a $60.5 million share of net profit from the lithium joint venture.

Multiple brokers have recently recommended IGO shares, with a huge upside on the company’s price target.

Macquarie analysts have kept an outperform rating on the company’s shares with a $17 price target. This is nearly 70% more than the IGO share price at the time of writing. The broker is optimistic on IGO due to its “world class lithium business”.

Macquarie can see this lithium focus propping up the company’s earnings in future years. As my Foolish colleague James reported, Macquarie also noted IGO shares trade at a discount to its ASX lithium peers.

Meanwhile, UBS analysts have recently maintained a buy rating on the IGO share price. The broker has lifted its price target on the company’s shares to $12.25. This is 22% more than the current share price. UBS lifted earnings estimates on IGO due to better than expected lithium prices.

JP Morgan also retained an overweight rating on the IGO share price following the company’s earnings. Analysts said, “we continue to like the stock from an investment point of view”.

In the March quarter, IGO reported an underlying EBITDA of $232.6 million, up 89% from the previous quarter.

In late June, IGO entered a binding transaction with Venus Metals Corporation that would allow IGO to acquire up to 70% interest in the Bridgetown Greenbushes exploration project. This would involve spending $6 million on exploration at the project.

IGO share price snapshot

The IGO share price has soared 25% in the last 12 months, but it has shed nearly 13% in the year to date.

In comparison, the benchmark ASX 200 has lost nearly 9% over the past year.

IGO has a market capitalisation of nearly $7.6 billion based on today’s share price.

The post Down 21% last month, is now the time to buy IGO shares? appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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S&P/ASX 200 Index (ASX: XJO) financial services and banking share AMP Ltd (ASX: AMP) is in the red today. Though, looking beyond the ASX, the company is experiencing new highs.

AMP is moving its core banking platform to the cloud to better support its retail banking business.

At the time of writing, the AMP share price is 98.2 cents. That marks a 0.81% fall on its previous closing price.

For context, the ASX 200 is trading higher today, having gained 0.19% right now. Meanwhile, the S&P/ASX 200 Financials Index (ASX: XFJ) is also in the red as the market awaits the outcome of the Reserve Bank of Australia’s July meeting.

So, what does AMP Bank’s new home in the cloud mean for its business? Read on to find out.

AMP Bank moves to the cloud

Owners of AMP shares may be thrilled to learn the company’s core banking platform now lives on the cloud.

AMP expects the move will create new levels of flexibility and scalability for its banking business, allowing it to meet the needs of its customers, mortgage brokers, and financial advisers.

It’s also expected to shorten customer response times, including loan application approvals.

AMP Bank group executive Sean O’Malley commented on the change, saying:

The transition of our core banking platform to the cloud provides us with a platform to grow our business and meet the increasing expectations customers have around digital sophistication in their interactions with their bank.

The cloud also enables greater flexibility in the way AMP Bank interacts with the banking ecosystem, providing more opportunities for product and service innovation

AMP Bank’s move to the cloud is just the latest in its multi-year transformation strategy. It follows the modernisation of the bank’s core system in 2020, which brought about a 35% improvement in productivity.

The now cloud-based platform is hosted on Amazon Web Services (AWS) and houses robust security.

AMP share price snapshot

While the AMP share price is in the red today, it has outperformed so far this year.

The company’s stock has slipped just 2.5% in 2022 while the ASX 200 is currently recording a 12.6% year-to-date tumble.

However, the AMP share price has slumped 12% since this time last year. That means it’s underperformed the index by around 3% in that time.

The post ASX bank shares look out, AMP has new tech under the hood appeared first on The Motley Fool Australia.

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• Down 5% in a month, is the AMP share price a buying opportunity?

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Amazon. The Motley Fool Australia has recommended Amazon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Life360 Inc (ASX: 360) share price is heading northwards along with the broader ASX tech sector this morning.

At the time of writing, the Life360 share price is $3.03, up 4.12%. A little earlier, it hit $3.11 — a 6.87% gain on yesterday’s closing price of $2.91.

There is no news out of the location technology company this morning. However, the tech sector is the best performer on the ASX so far today.

ASX tech share prices are up 1.26% in early trading on Tuesday.

What’s pushing the Life360 share price higher?

Today’s rise is likely to do with the technology sector performing well overall.

However, as fellow Fool James reported on Saturday, Life360 is a top pick for one broker.

Bell Potter rates Life360 shares highly despite the company not yet making a profit.

As James reported: “[Bell Potter] feels investors should look beyond this due to its explosive growth, strong balance sheet, and expectation to be cash flow positive next year.”

Bell Potter commented:

Life360 develops and delivers a mobile app for families – called Life360 – that provides communications, driving safety and location sharing. The company adopts a freemium model to attract customers but has been successfully converting a portion of these customers to paying subscribers over the last several years by providing valuable features.

The company has also recently made two acquisitions – Jiobit and Tile – so that now it not only connects and protects people but also pets and things. Yes Life360 is currently not profitable but is expected to be operating cash flow positive from 4Q2023 and has more than sufficient cash to fund its operations till then.

Bell Potter has a buy rating and a $7.50 target on the Life360 share price.

Taking into account the current 4.12% share price rise, that’s a potential 147% upside for Life360 shareholders.

The post Why is the Life360 share price jumping 7% today? appeared first on The Motley Fool Australia.

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• ASX 200 midday update: Tech shares tumble, Collins Foods jumps
• Why I think these two ASX shares could turn $5,000 into $100,000

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Atomos Ltd (ASX: AMS) share price is rocketing on Tuesday morning after the company delivered another record sales result.

The video technology company’s shares are up 31.11% to an intraday high of 29.5 cents at the time of writing.

Let’s take a closer look at the company’s release today.

Atomos continues to achieve record sales growth

The Atomos share price is on the move after announcing it has ended the financial year with a strong finish.

In a statement to the ASX, Atomos advised it has achieved unaudited revenue in excess of $82 million for FY22.

This was underpinned by an outstanding Q4 sales result of $37.5 million, representing a 37% increase over the prior corresponding period.

The company believes that the ongoing positive momentum will run into FY23 which appears to have excited investors.

The Q4 finish reflected a turnaround in fortunes for Atomos when looking at the previous Q3 sales performance. The latter registered just $3.6 million in revenue for the January – March quarter which was 80.5% lower than Q3 FY21.

Atomos blamed the weak numbers on a change in marketing approach and lower promotional activity. This tactic was corrected in mid-April leading to a significant positive impact in Q4 FY22.

Furthermore, management noted the launch of its Atomos cloud strategy during the final quarter. This includes the company’s new series 2 generation of connected devices (Atomos Connect, Shogun Connect and Zato Connect).

Nonetheless, Atomos is forecasting its FY22 pro forma EBITDA margin to be at the lower end of the 6% – 8% guidance range.

What did management say?

Atomos CEO, Trevor Elbourne touched on the strong result, saying:

It is extremely pleasing to be reporting another year of record sales. Given the challenges we faced through the year, including supply chain difficulties, disruption to tried and proven marketing strategies and leadership changes, it is a testament to the entire team that we have been able to deliver this growth despite those challenges.

…I am looking forward to a strong FY23 with our new pipeline of cloud enabled products.

Atomos share price snapshot

Despite today’s euphoric gains, the Atomos share price is down 74% over the course of the past 12 months.

Its shares were particularly hit hard in early May following a disappointing trading update from the company.

Atomos commands a market capitalisation of $52.25 million.

The post Why is the Atomos share price soaring 31% today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Atomos Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The CSL Limited (ASX: CSL) share price had an eventful month in June.

Although the biotherapeutics giant’s shares ended the period largely flat, this was actually a very good outcome for investors.

That’s because the CSL share price was down by 6% in the middle of the month but rebounded strongly.

Furthermore, it was significantly better than the performance of the ASX 200 index, which lost approximately 9% of its value during the period.

Why did the CSL share price outperform?

The outperformance of the CSL share price appears to have been driven by the release of some bullish broker notes.

One of those came from the team at Citi, which retained its buy rating with a slightly trimmed price target of $330.00. This price target implies potential upside of almost 20% for investors over the next 12 months.

Citi highlighted that plasma collection levels have now returned to pre-COVID levels and immunoglobulins pricing is increasing. And with demand remaining strong for plasma products, the broker appears to believe the tide is now turning for CSL.

In light of this, the broker suspects that the market will start to focus on demand rather than supply. And given that demand is strong, it feels that this should bode well for the CSL share price performance in the coming months.

Citi explained:

Recently, there have been several data points influencing our view on the plasma sector. In this report, we review them and the implications for the sector as a whole. US CMS data indicates continued price increases in immunoglobulin products. This is consistent with our expectation, as donor fees continue to remain elevated.

Underlying demand for plasma products remains strong but supply is constrained due to low plasma collection volume. With plasma collections now back to pre-pandemic levels, we expect the market to shift its focus to the strong underlying plasma product demand. This should lead to strength in the CSL share price. Maintain Buy, A$330 TP.

The post Here’s what happened to the CSL share price in June appeared first on The Motley Fool Australia.

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More reading

• How did the Vanguard Australian Shares Index ETF perform in June?
• Leading brokers name 3 ASX shares to buy today
• Here’s how ASX 200 healthcare shares performed in June
• Why a CSL share price above $300 is on the cards: expert
• ASX 200 healthcare shares provided some pain relief today. Here’s why

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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June was one of the toughest months in recent years for the Vanguard Australian Shares Index ETF (ASX: VAS).

In June 2022, the VAS ETF dropped by 8.7%. We haven’t seen a drop that hard since the COVID-19 crash in 2020.

Remember, an exchange-traded fund’s (ETF) return is decided by the returns of the underlying businesses.

The Vanguard Australian Shares Index ETF follows the S&P/ASX 300 Index (ASX: XKO), comprising 300 of the biggest businesses on the ASX.

This means, collectively, the ASX 300 fell by 8.7%. At the end of May 2022, these were the positions with a weighting over 3%: BHP Group Ltd (ASX: BHP), Commonwealth Bank of Australia (ASX: CBA), CSL Limited (ASX: CSL), National Australia Bank Ltd (ASX: NAB), Westpac Banking Corp (ASX: WBC), Australia and New Zealand Banking Group Ltd (ASX: ANZ), and Macquarie Group Ltd (ASX: MQG).

As readers can see, a majority of the biggest holdings are banks. The big four banks accounted for almost 20% of the portfolio at the end of May 2022. Including Macquarie, it was around 23% of the portfolio. BHP by itself was 10.2% of the portfolio. These few ASX blue-chip shares account for more than a third of the portfolio.

Declines for ASX blue-chip shares

June was not a kind month for many of the VAS ETF holdings I just mentioned.

The BHP share price saw a 7.5% drop over June.

The CBA share price fell 13.4%.

The NAB share price dropped 12.4%.

The Westpac share price declined 18.3%.

The ANZ share price fell 12%.

I’m not going to list every ASX 300 share’s performance in June, but the above movements were some of the biggest contributors to the Vanguard Australian Shares Index ETF’s fall.

Why did they fall?

With BHP, movements in the iron ore price can have significant impacts on the BHP share price because that’s what generates a lot of the profit for the company. Over the month, the iron ore price fell by around US$20 per tonne.

With the banks, the move by the Reserve Bank of Australia (RBA) to increase the interest rate by 50 basis points, or 0.5%, in June may have stirred things up.

While a higher interest rate may assist the banks’ net interest margins (NIM), analysts think it could also cause problems for banks as well. For example, Morgan Stanley noted that higher interest rates could cause higher arrears and bigger loan losses.

Time will tell how low the iron ore price goes and how high the RBA interest rate is going to go. Another rate hike is expected later today by the RBA.

The post How did the Vanguard Australian Shares Index ETF perform in June? appeared first on The Motley Fool Australia.

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More reading

• Why ASX 200 value shares are surviving the sell-off better than growth shares
• 5 things to watch on the ASX 200 on Tuesday
• 3 more of Morgans’ best ASX share ideas for July
• Leading brokers name 3 ASX shares to buy today
• Why are these ASX 200 mining shares behind the eight ball today?

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has recommended Macquarie Group Limited and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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