IML portfolio managers Marc Whittaker and Lucas Goode discuss the AI selloff during reporting season and how the immediate risk to many smaller companies might be overblown. They take a detailed look at Hansen Technologies (ASX: HSN), a software stock which managed to avoid the worst of the selloff, partly through a strong result and also through its CEO effectively communicating how Hansen is, in fact, benefitting from AI disruption. Finally, Marc and Lucas take a look at the incredible ~60% outperformance of small cap resources companies over industrial companies over the last six months and discuss whether this is likely to continue.

An extra dose of uncertainty has been woven into this reporting season, with a wide swathe of stocks, particularly Software as a Service (SaaS) sold off on concerns that AI will disrupt their businesses. In this podcast IML large cap portfolio manager, Daniel Moore, discusses the stocks where he thinks the falls are fair, versus those where he sees value on offer.

Daniel also covers:

• What big Aussie companies are telling him on AI disruption and white-collar redundancies
• Where investors are turning, and why, as they sell off SaaS
• How exposed IML’s large cap portfolios are to technology stocks
• Which resources stocks he likes and what he thinks of gold’s recent run

Recorded on 23 February 2026 DR 77479

According to Sara Cassidy, Head of Portfolio Management for AEW’s North American Business, it is potentially the best entry point for US core real estate in years. Sara says that property valuations have absorbed higher interest rates and declined materially and today valuations are beginning to grow again with total returns expected to be higher.

Listen to the full podcast where Sara talks to Louise Watson about:

• Why US core real estate looks “really attractive” right now
• The opportunity in seniors housing
• The risks and opportunities in data centres
• The role warehouses and industrial play in US core real estate
• How politics and ESG are currently impacting US real estate investing.

This podcast was recorded on Friday, 13 February 2026. DR 77362.