In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Josh Scoville, Global Head of Research at Hines, to explore how global real estate markets are evolving and why property cycles are starting to turn after the 2025 low. Drawing on Hines' global research and frontline experience, the conversation examines how macro shifts, geopolitics and sector dynamics are reshaping real estate outcomes globally.

Tune in to learn:

• Why global real estate is emerging from a period of repricing and low activity, and why 2026 is shaping up as an important vintage for investors
• How industrial and living sectors are leading real estate returns, with performance now driven by income growth and active asset management rather than simply valuation uplift
• How deglobalisation and geopolitical tension are increasing the importance of local asset selection, while risk management is best addressed through global diversification
• How liquidity and currency risk are managed in an evergreen global real estate portfolio, without compromising long‑term returns

Disclaimer: The information provided is general information and is not indicative of future results. Outcomes may vary depending on strategy and market conditions.

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