In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Mike McCorry, Chief Investment Officer of BlackRock Australia, to unpack how AI is becoming a dominant force shaping markets, and the risks this is creating for investors.

Tune in to learn:

• Why the performance of a small group of AI‑heavy mega‑cap companies is now driving a disproportionate share of market returns and volatility

• Why AI is fundamentally different from past technology cycles, requiring massive upfront investment in data centres, chips, energy and grid infrastructure

• How the gap between AI spending now and profits later is raising debt levels and making market outcomes more sensitive

• How this environment strengthens the case for active, selective decision‑making, as concentration, timing risk and uncertainty make broad exposure less reliable

Important Information: This material has been created with the co-operation of BlackRock Investment Management (Australia) Limited (BIMAL) ABN 13 006 165 975, AFSL 230 523 on [13/03/2026]. Comments made by BIMAL employees here represent BIMAL's views only. This material provides general advice only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide at blackrock.com/au for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdiction.

In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Jacob Mitchell, CIO and founder of Antipodes, to explore how pragmatic value investing can cut through market hype.

Tune in to learn:

• What pragmatic value really looks like in today's market and how to use industry‑level insights to help avoid value and growth traps
• Why AI adopters, not AI hype stocks, can offer more sustainable long‑term opportunties and how to tell the difference
• Why Europe stands out, with resilient industrial companies and banks growing their margins at attractive valuations
• Why gold has strengthened, supported by tighter industry discipline, better operations and rising demand as countries diversify away from US‑dollar reserves
• Why relying on a handful of large, highly priced companies increases benchmark risk, and how active strategies can help navigate uncertainty

In this episode, Paul O'Connor sits down with Matthew Webb, co-founder of Scarcity Partners, to unpack private equity's next frontier: GP staking. Discover how shifting from funds to backing managers is rewriting the growth game.

Tune in to learn:

• Why backing businesses and leaders, not just individual funds, gives you exposure across all their investments, bypasses the J curve, and can unlock greater growth potential

• Why the right strategic partnerships drive scale, and how to seize this opportunity in the Australian market

• Disciplined due diligence: How Scarcity Partners' multi‑stage process and deep relationship building surfaces the best managers

• How private markets could make up 10% of Australian wealth portfolios and why GP staking can help position you for early advantage*

Want to deepen your understanding of private market due diligence? Discover insights from 12 industry thought leaders and their five-stage approach to refining the process. Download now.

Disclaimer: Information provided is general information and not indicative of future results. *Depending on strategy and market conditions.