{"id":15459,"date":"2026-01-21T11:43:51","date_gmt":"2026-01-21T00:43:51","guid":{"rendered":"https:\/\/staging.paradice.com\/au\/?p=15459"},"modified":"2026-04-10T15:20:44","modified_gmt":"2026-04-10T05:20:44","slug":"paradice-australian-equities-fund-december-2025-commentary","status":"publish","type":"post","link":"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-december-2025-commentary\/","title":{"rendered":"Paradice Australian Equities Fund December 2025 Commentary"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"15459\" class=\"elementor elementor-15459\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6d58ac12 elementor-section-content-middle elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6d58ac12\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-28a5acd5\" data-id=\"28a5acd5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4d8859f8 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"4d8859f8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>December, 2025<\/p><h1><strong>Monthly Commentary<\/strong><\/h1><p><strong>Paradice Australian Equities Team<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6e8848fb\" data-id=\"6e8848fb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c8cf6ee elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"7c8cf6ee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/paradice.com\/au\/australian-equities\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1-200x200.png\" class=\"attachment-featured size-featured wp-image-13513\" alt=\"\" srcset=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1-200x200.png 200w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1-300x300.png 300w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1-150x150.png 150w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/Australian-Equities-1.png 313w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-30f6f6ab elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"30f6f6ab\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-35239de1\" data-id=\"35239de1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2fc421fd elementor-widget elementor-widget-image\" data-id=\"2fc421fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/paradice.com\/au\/wp-content\/uploads\/PALY-Commentary-December-2025.pdf\" target=\"_blank\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1563\" height=\"625\" src=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-13.png\" class=\"attachment-full size-full wp-image-15460\" alt=\"\" srcset=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-13.png 1563w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-13-300x120.png 300w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-13-1024x409.png 1024w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-13-768x307.png 768w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-13-1536x614.png 1536w\" sizes=\"(max-width: 1563px) 100vw, 1563px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-969887 elementor-widget elementor-widget-text-editor\" data-id=\"969887\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Paradice Australian Equities Fund December 2025 Commentary<\/strong><\/p><p>The portfolio returned -213bps, underperforming the S&amp;P\/ASX 200 Total Return Index (ASX200) by 112bps over the quarter net of fees.<sup>1<\/sup><\/p><p><strong>Key Contributors\/Detractors<\/strong><\/p><p><u>Positives<\/u><\/p><ul><li><strong>Alcoa Corporation (Overweight) &#8211; <\/strong>outperformed on higher aluminium price and rotation into cyclical commodities.<\/li><li><strong>Newmont (Overweight) \u2013 <\/strong>outperformed on higher gold prices.<\/li><li><strong>Wesfarmers (Underweight)<\/strong> \u2013 underperformed on a slightly softer AGM trading update.<\/li><li><strong>BHP (Overweight)<\/strong> \u2013 outperformed on higher iron ore and copper prices.<\/li><li><strong>Artrya (Overweight)<\/strong> \u2013 outperformed on securing US customers for use of its coronary artery diagnostics software.<\/li><\/ul><p><u>Negatives<\/u><\/p><ul><li><strong>Seek (Overweight)<\/strong> \u2013 underperformed on a multiple de-rate across the technology sector.<\/li><li><strong>Xero (Overweight)<\/strong> &#8211; underperformed on a multiple de-rate across the technology sector.<\/li><li><strong>Corporate Travel Management (Overweight)<\/strong> \u2013 The Fund undertook a -50% valuation following the company\u2019s update to the market on 28 November 2025. See further comments below.<\/li><li><strong>ANZ (Underweight)<\/strong> \u2013 outperformed possibly on resilient net interest margin performance and greater excess capital headroom.<\/li><li><strong>Treasury Wine Estates (Overweight)<\/strong> \u2013 underperformed on weaker trading update and inventory adjustment.<\/li><\/ul><p>The Fund undertook a -50% revaluation of a ~100bps active holding in CTD on 3 December 2025 following the company\u2019s update to the market on 28 November 2025 that a portion of its European revenues from FY23-25 may need to be restated and possibly refunded which could lead to cash impacts. The revaluation was undertaken with consideration to precedents for accounting discrepancies, peer performance since the suspension from quotation, potential reputational impact resulting in loss of customers, and possibility of a capital raise. Further revaluation may be appropriate as more information becomes available.<\/p><p><strong>Key Portfolio Changes<\/strong><\/p><p><u>Purchases<\/u><\/p><ul><li><strong>Macquarie (MQG) \u2013 <\/strong>increased as the stock was oversold on a weak 1H trading update.<\/li><li><strong>Fortescue (FMG) <\/strong>\u2013 increased on iron ore price outlook heading into seasonal strength.<\/li><li><strong>Sigma Healthcare (SIG) <\/strong>\u2013 increased on robust sales and margin trends in Chemist Warehouse.<\/li><li><strong>Reliance Worldwide (RWC) \u2013 <\/strong>new position, purchased on prospect of renovation market picking up in response to lower interest rates in the US.<\/li><li><strong>Bluescope<\/strong><strong> Steel (BSL) \u2013 <\/strong>new position, purchased on higher steel spreads in the US.<\/li><\/ul><p><u>Sales<\/u><\/p><ul><li><strong>Newmont (NEM) \u2013 <\/strong>reduced as the stock materially outperformed.<\/li><li><strong>Lynas Rare Earths (LYC) <\/strong>&#8211; reduced as the stock materially outperformed.<\/li><li><strong>NIB Holdings (NHF) \u2013 <\/strong>exited, increased evidence of higher claims inflation.<\/li><li><strong>Life 360 (360) \u2013 <\/strong>exited, market\u2019s focus on Monthly Active Users carries less visibility.<\/li><li><strong>Alcoa (AAI) <\/strong>&#8211; reduced as the stock materially outperformed.<\/li><\/ul><p><strong>Market Review <\/strong><\/p><p>The ASX200 ended 2025 with a muted -1% return for the December quarter. For the year 2025, the ASX200 delivered a solid +6.8%<sup><span style=\"font-size: 13.3333px;\">2<\/span><\/sup> (+10.3% including dividends).\u00a0 Key global indices fared relatively better, with the S&amp;P 500 up +17.9%, FTSE100 up 35.1% and Nikkei225 up 29.3% (all Total Return Indices and in USD) for the calendar year 2025.<\/p><p>During the December 2025 quarter, markets rotated out of earlier winners (Technology and growth sectors) into cyclical commodity stocks. Materials were by far the best performing sector +13.0% on the ASX200, driven by record prices for precious metals and critical minerals including gold, copper, lithium, rare earths and resilience in iron ore prices. Sustained strength in commodity prices have triggered significant earnings upgrades. On the other hand, Information Technology (-26.0%), Consumer Discretionary (-11.7%), and Healthcare (-9.9%) saw a sharp reversal as investors questioned the relatively high valuation multiples paid, and there were some meaningful earnings disappointments.<\/p><p>Australian and US economic data appear to support different interest rate trajectories. In the US, the Federal Reserve continued cutting rates, as headline inflation slowed to 2.7% in December 2025, close to the Fed\u2019s target. In contrast, CPI in Australia ended the year around 3.8% (as of October 2025), with ongoing inflation persistence a concern for the current rate cutting cycle. This could drive upward pressure on the AUD, which has historically been supportive for commodity prices.<\/p><p><strong>Outlook<\/strong><\/p><p>Moderate GDP of c2% is expected for Australia and the US in 2026. The dominant macro driver for equities markets remains the direction, pace and credibility of interest rate cuts. The bond market is currently pricing in circa 2 rate cuts in US, ending 2026 at a cash rate of 3.1%.<\/p><p>Meanwhile, the bond market is pricing in circa 2 rate increases in Australia, ending 2026 at a cash rate of 4.0%. Given the diverging interest rate expectations and current differentials, this could put upward pressure on the AUD (and in turn support higher commodity prices).<\/p><p>The second theme is whether investors\u2019 perception of AI will change and move from \u201chype\u201d to \u201cproof\u201d. AI has been a dominant driver of returns in the US supporting Technology, Utility and certain Materials stocks over the past few years. However, given the increased circularity of AI deals and the increased capex intensity of AI infrastructure build outs, and a rise in debt-fuelled investment, there have been notable increase in apprehension towards the sector in late 2025 e.g. Oracle is down c40% from its highs in 2025.<\/p><p>China is expected to maintain a GDP target of \u201caround 5%\u201d for 2026. Thus far in January, it has reportedly earmarked 62.5b RMB (Cus$9B) for expanded consumer trade-in subsidies, and approved a 295b RMB (Cus$42b) stimulus package for infrastructure modernisation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2784eff3 elementor-widget elementor-widget-image\" data-id=\"2784eff3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"540\" height=\"486\" src=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-dec-pic-1.png\" class=\"attachment-large size-large wp-image-15462\" alt=\"\" srcset=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-dec-pic-1.png 649w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-dec-pic-1-300x270.png 300w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68ace57f elementor-widget elementor-widget-text-editor\" data-id=\"68ace57f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><u>Top 5 active positions (Overweight)<\/u><\/p><ul><li>BHP<\/li><li>Macquarie Group<\/li><li>Newmont<\/li><li>Seek<\/li><li>Coles<\/li><\/ul><p>The portfolio is modestly defensively positioned as the multiple de-rate across growth sectors continues to weigh on the market. There is stark divergence of earnings revisions across the sectors, with Materials the only sector to have seen earnings upgrades in response to higher commodity prices. We believe Materials will continue to outperform in the short term driven by earnings upgrades and attractive starting multiples. Our preferences remain select gold, aluminium, rare earths, lithium and iron ore exposures.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2750d5ab elementor-widget elementor-widget-image\" data-id=\"2750d5ab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"540\" height=\"298\" src=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-dec-pic-2.png\" class=\"attachment-large size-large wp-image-15463\" alt=\"\" srcset=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-dec-pic-2.png 695w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-dec-pic-2-300x165.png 300w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4619adc4 elementor-widget elementor-widget-text-editor\" data-id=\"4619adc4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Elsewhere, the portfolio is selectively positioned in stocks where we believe the market is overlooking potential earnings upgrades and where valuation is palatable. We are Overweight Consumer staples and Communications, principally through exposures in Coles, Treasury Wine Estates (TWE), A2 Milk and Seek. We have added to TWE post management\u2019s update in December where EPS revisions were rebased by -30%, which we deem to be sufficiently conservative.<\/p><p>The portfolio has added a number of small caps where we believe there is appreciable upside for idiosyncratic reasons. A few examples are below:<\/p><ul><li><strong>Electro Optic Systems (EOS)<\/strong> \u2013 Develops and manufactures counter-drone defence and space systems. Recent contract wins in NATO jurisdictions e.g. Western Europe, North America, South Korea provide confirmation of EOS\u2019 intellectual property and capability.<\/li><li><strong>Artrya (AYA)<\/strong> \u2013 a medical technology company that uses AI to detect and diagnosis coronary artery disease. Artrya is seeing early stage adoption of its technology by securing commercial contracts with leading US hospitals.<\/li><li><strong>Qoria (QOR)<\/strong> \u2013 a global provider of student online safety software to schools and families. Qoria is increasing its pace of rollout and product development in response to increased needs.<\/li><\/ul><p>The portfolio is underweight Financials principally due to Banks where valuations are at very stretched levels despite a lacklustre earnings growth profile.<\/p><p>For any other questions in relation to the portfolio, please contact <a href=\"mailto:distribution@paradice.com\">distribution@paradice.com<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-189f7efa elementor-widget elementor-widget-text-editor\" data-id=\"189f7efa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For further details on fund positioning please refer to the\u00a0Paradice Australian Equities Quarterly <a href=\"https:\/\/paradice.com\/au\/wp-content\/uploads\/PALY_December_2025_Factsheet-Final.pdf\" target=\"_blank\" rel=\"noopener\">Fact Sheet<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5de26bd elementor-widget elementor-widget-text-editor\" data-id=\"5de26bd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><sup>1<em>Past performance of the Fund is not a reliable indicator of future performance. The value of an investment in the Fund may rise or fall. Returns are not guaranteed by any person. Fund returns are calculated before tax, after ongoing management costs and any accrued performance fees, and assumes the reinvestment of distributions.<\/em><\/sup><\/p><p><sup><em><span style=\"font-size: 13.3333px;\">2<\/span>S&amp;P \/ ASX 200 Price Return Index\u00a0<\/em><\/sup><\/p><p style=\"text-align: left;\"><em>Disclaimer:<\/em><\/p><p><em>This material is prepared by Paradice Investment Management Pty Ltd (ABN 64 090 148 619 AFSL No 224158) (Paradice, we or us) to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information.<\/em><\/p><p><em>This material is not intended to constitute advertising or advice (including investment advice or security, market or sector recommendations) of any kind. In addition, this material represents only the views of the Paradice Australian Equities team as at the time of release and is not intended, and may not, represent the views of Paradice or any of the other investment teams at Paradice.<\/em><\/p><p><em>Equity Trustees Limited (ABN 46 004 031 298, AFSL No. 240975) (Equity Trustees) is the responsible entity of, and issuer of units in, the Paradice Australian Equities Fund (Fund). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX:EQT).\u00a0<\/em><\/p><p><em>It may contain certain forward looking statements, opinions and projections that are based on the assumptions and judgments of Paradice with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Paradice. Because of the significant uncertainties inherent in these assumptions, opinions and judgments, you should not place undue reliance on these forward looking statements. For the avoidance of doubt, any such forward looking statements, opinions, assumptions and\/or judgments made by Paradice may not prove to be accurate or correct.\u00a0You should perform your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein. Specific securities identified herein are not representative of all securities purchased, sold, or recommended by the Fund previously or in the future. Following publication of this material, the investment teams at Paradice may transact or continue to transact in any of the securities covered herein, and may be positive, negative or neutral at any time hereafter regardless of our initial conclusions, or opinions.<\/em><\/p><p><em>The content of this publication is current as at the date of its publication and is subject to change at any time. It does not reflect any events or changes in circumstances occurring after the date of publication.\u00a0<\/em><\/p><p><em>You should consider your own needs and objectives and consult with a licensed financial adviser when deciding whether the Fund is suitable for you. Past performance should not be taken as an indicator of future performance. You should also read the current Product Disclosure Statement before making a decision about whether to invest in this product and the Target Market Determination available at <\/em><a href=\"http:\/\/www.paradice.com\/\"><em>www.paradice.com<\/em><\/a><em> . A Target Market Determination is a document which describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. This material is not to be copied, reproduced or published at any time without the prior written consent of Paradice. Neither Paradice, Equity Trustees, nor any of their respective related parties, directors or employees, make any representation or warranty as to the accuracy, completeness, reasonableness or reliability of the information contained in this publication or accept liability or responsibility for any losses, whether direct, indirect or consequential, relating to, or arising from, the use or reliance on any part of this material.\u00a0<\/em><\/p><p><em>The information and opinions contained herein, including information obtained from third party sources which are considered to be reliable, are not necessarily all-inclusive and, as such, no representation or warranty, express or implied, is made as to the accuracy, completeness or reasonableness of any assumption contained herein and no responsibility arising for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Paradice, its officers, employees or agents.<\/em><\/p><p><em>Copyright\u00a9 2025 Paradice<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-33f591b8\" data-id=\"33f591b8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-306cd2a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"306cd2a3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4ff8554f\" data-id=\"4ff8554f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6db66b13 elementor-widget elementor-widget-image\" data-id=\"6db66b13\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/paradice.com\/au\/team\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"540\" height=\"540\" src=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment.jpg\" class=\"attachment-large size-large wp-image-5644\" alt=\"\" srcset=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment.jpg 1000w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment-300x300.jpg 300w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment-150x150.jpg 150w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment-768x768.jpg 768w, https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/2022\/08\/Julia-Weng-Paradice-Investment-200x200.jpg 200w\" sizes=\"(max-width: 540px) 100vw, 540px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2669e4d4\" data-id=\"2669e4d4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-22298c5b elementor-widget elementor-widget-text-editor\" data-id=\"22298c5b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Contributors:<\/strong><\/p><p><strong>Julia Weng<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-56f52326 elementor-widget elementor-widget-spacer\" data-id=\"56f52326\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2d242b3d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2d242b3d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-7cc4c374\" data-id=\"7cc4c374\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-39936b12 elementor-widget elementor-widget-heading\" data-id=\"39936b12\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Further Information<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-377f8d09 elementor-widget elementor-widget-text-editor\" data-id=\"377f8d09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/paradice.com\/au\/wp-content\/uploads\/PALY-Commentary-December-2025.pdf\" target=\"_blank\" rel=\"noopener\">Download this report as a PDF here<\/a><\/span><\/p><p><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/paradice.com\/au\/team\/\" target=\"_blank\" rel=\"noopener\">Meet Our Investment Teams<\/a><\/span><\/p><p><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/paradice.com\/au\/investor-centre\/\" target=\"_blank\" rel=\"noopener\">Investor Centre<\/a><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>December, 2025 Monthly Commentary Paradice Australian Equities Team Paradice Australian Equities Fund December 2025 Commentary The portfolio returned -213bps, underperforming the S&amp;P\/ASX 200 Total Return Index (ASX200) by 112bps over the quarter net of fees.1 Key Contributors\/Detractors Positives Alcoa Corporation (Overweight) &#8211; outperformed on higher <span class=\"ellipsis\">&hellip;<\/span> <span class=\"more-link-wrap\"><a href=\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-december-2025-commentary\/\" class=\"more-link\"><span>Read More<\/span><\/a><\/span><\/p>\n","protected":false},"author":5,"featured_media":15460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_mo_disable_npp":"","footnotes":""},"categories":[76],"tags":[],"class_list":["post-15459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-perspectives"],"acf":[],"yoast_head":"<!-- This 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the quarter net of fees.1 Key Contributors\/Detractors Positives Alcoa Corporation (Overweight) &#8211; outperformed on higher &hellip; Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.paradice.com\/au\/paradice-australian-equities-fund-december-2025-commentary\/\" \/>\n<meta property=\"og:site_name\" content=\"Paradice Investment Management AU\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-21T00:43:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-10T05:20:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.paradice.com\/au\/wp-content\/uploads\/PALY-Monthly-Commentary-Website-Image-13.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1563\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Kathryn Wenborn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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