☕️ Beyond Magellan

Good morning.

Ex-Magellan fundies Michael Poulsen and Kris Webster are betting on a fresh start at Canopy Investors, shifting focus to small and mid-cap stocks with solid pricing power.

As Capital Brief’s Jack Derwin reports, they've left behind a legacy of top picks to fish in a pond teeming with quality companies, wielding tech to sift through the market’s hidden gems.

Their portfolio includes innovation plays like Wise and Corpay, though Icon’s underperformance has added a dose of unpredictability.

In a market ruled by tech giants, the team is poised for a potential catalyst—be it market shifts or policy tweaks—to propel their strategy.

🏆 LOI Subscriber #TBD

Market movers

Magellan shares struggled for a second consecutive day on Friday after Jarden downgraded the stock. The analysts warned that long-serving head of investments and infrastructure lead Gerald Stack’s departure, announced a day earlier, could spark a 30% erosion in its $17 billion infrastructure portfolio.

The quick sync

• Nuj, the Australian regtech disruptor, lands $4m in seed cash via a rare equity-and-seven-year-debt deal from family office support. (Capital Brief)

• DFAT documents reveal concerns over Australia’s $600m, 10‐year funding deal for the NRL’s PNG expansion—questioning its policy rationale, administrative transparency and potential risks in an unstable region. (Capital Brief)

• With its $50m rescue funding nearing its end, Armaguard and the banks are in urgent, RBA-led talks to overhaul operations and avert a potential cash supply crisis. (AFR)

• Donald Trump's tariff blitz sends the US dollar surging while markets gear up for a turbulent adjustment amid mounting global backlash. (Bloomberg)

• With Donald Trump's fresh tariffs on Mexico, Canada and China, Hong Kong-listed stocks like Alibaba are set for a volatile trading session. (Bloomberg)

Trading floor

M&A

• Singapore’s Syfe has acquired up to 19.99% of Selfwealth, challenging Bell Financial’s takeover bid. (AFR)

• Zenith upsizes $1.8B+ refinancing amid takeover interest. (AFR)

• Carlyle and CVC lead bids for $1B Device Technologies sale. (The Australian)

• Ampyr buys Shell’s stake in NSW battery, targets market share growth. (AFR)

• KKR’s persistence boosts hopes for a higher bid for Perpetual. (The Australian)

• Nine offered $2.4B for Foxtel, $1B below asking price. (The Australian)

• UniCredit surprises the market with a 4.1% stake in Generali, adding another twist to Italy’s fast-moving finance scene. (Bloomberg)

Capital Markets

• New data may clarify the impact of a potential rate cut on home prices and household spending. (Capital Brief)

• Albanese drops environmental reforms, prioritizes donation caps. (Capital Brief)

• Austal’s shares are rising as Jarden and Wallabi invest, with interest focused on its U.S. operations. (AFR)

• SPC’s Nepean River Dairy goes bust amid company’s reinvention. (AFR)

• Trump’s tariffs spark trade war with Canada, Mexico, and China. (Capital Brief)

• EU warns it will retaliate if Trump imposes tariffs, adding to growing global trade tensions. (Bloomberg)

• Alibaba’s new AI model claims to surpass DeepSeek amid rising competition. (AFR)

• Armaguard faces financial uncertainty as banks and the Reserve Bank of Australia revisit its cash distribution lifeline amid concerns over its viability. (AFR)

• Coles cuts 10% of products with Bain’s help for higher profits. (AFR)

• Moscow has US$2b stuck at JPMorgan. The US isn’t sure what to do with it. (WSJ)

• India scrapped import duties on key smartphone components—including PCB assemblies, camera parts and USB cables—benefiting Apple and Xiaomi. (Reuters)

• Derayah Financial’s US$400m IPO, was fully subscribed and shares snapped up at 27–30 riyals in mere minutes. (Bloomberg)

• Despite headwinds, India’s surge of mega IPO plans from firms like Groww, Pine Labs and Reliance Jio hints at a record-breaking year ahead. (FT)

• Barclays' technical glitch drags into its third day, causing outdated balances and delayed payments for online and mobile users while repairs lag. (Bloomberg)

• Rugby Australia could pocket an extra $30m in bonus cash from a new $210m broadcast deal with Nine Entertainment if the Wallabies meet ambitious win-rate targets. (AFR)

VC

• Regtech startup Nuj raises $4M in seed funding to grow superannuation platform. (Capital Brief)

• Lev Margolin’s new hedge fund, System Capital, attracts Fidante investment. (AFR)

People moves

• Two top advisers from Escala Partners have resigned to join a rival firm amid ongoing defections. (AFR)

• Nuno Matos, ANZ’s incoming CEO, held meetings with executives and managers in January to assess the team and prepare for his July start. (The Australian)

• Western Asset’s Global Bond fund is under review after portfolio manager Gordon Brown announced his retirement. (AFR)

• Porsche is in talks to terminate long-serving CFO Lutz Meschke and sales head Detlev von Platen, amid a 28% slump in Chinese sales, a 3% drop in vehicle deliveries and a quarter‐decline in share price. (Bloomberg)

• Sanctioned Russian billionaire Andrey Guryev is battling former associate Alexander Gorbachev in London court over a disputed £12m legal bill from a debunked claim to a lucrative fertiliser stake. (FT)

• Corporate insiders are scrambling for direct influence ahead of the federal election, with some execs paying as much as $15k to be seated next to Peter Dutton. (AFR)

• Elite sober coach Tony Dominguez delivers behind‐the-scenes account of his high-stakes global interventions—rescuing celebrities and the ultra-wealthy from the brink of addiction-fuelled disaster. (FT)

The watercooler