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In this episode of The Exchange, Tim Whybourne is joined by BFA Global Investors Co-Founder and Global CEO Jonathan Belz to discuss why the AI opportunity could be far bigger, and earlier, than many investors appreciate.

They unpack the race for compute and energy, the shift from building AI to deploying it across the real economy, opportunities in healthcare, defence and physical AI, and why some of the most compelling companies are remaining private for longer. They also explore BFA’s new Frontier Fund and its approach to accessing high-growth, late-stage private companies.

If AI represents a genuine platform shift rather than simply another technology cycle, this conversation explores what that could mean for investors

Jonathan has more than twenty years of experience across Goldman Sachs, Credit Suisse and the Victor Smorgon Group. He was named Executive of the Year at the 2025 Australian Money Management Awards.

Intended for wholesale and sophisticated investors only.

Disclaimer:
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!

This episode is a recording of an in-person webinar presentation held on Tuesday 15th September, featuring Cathie Wood, Founder, CEO and CIO of ARK Invest.

Cathie discusses ARK's technology-platform approach to research, covering artificial intelligence, robotics, energy storage, blockchain, and multi-omic sequencing, and the convergence between these platforms. She sets out ARK's macroeconomic view, including an expectation of accelerating global real GDP growth and declining inflation as technology costs fall, and outlines the structure and positioning of the newly launched ARK Venture Fund (Australian Feeder), including its private-to-public allocation target and quarterly liquidity mechanism. The conversation also covers embodied AI in autonomous transportation, AI's application in drug discovery and early disease diagnosis, and ARK's long-held position in Bitcoin and digital assets.

This content is produced for wholesale and sophisticated investors only and does not constitute personal financial product advice.

Disclaimer:
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!

In this episode of The Exchange, Tim Whybourne sits down with Qiao Ma, Equity Partner and Portfolio Manager at Munro Partners, where she leads the Global Growth Small and Mid Cap strategy. Qiao built her career in New York across Lehman Brothers, Coatue Management and Jericho Capital, before relocating to Melbourne, where she spent five years at Cooper Investors as sector head for internet and technology and later as portfolio manager. She joined Munro in 2023 to launch its small and mid cap strategy, which returned 62.2% in its first year, led by an early high-conviction position in AppLovin that grew roughly tenfold.

Qiao explains Munro's S-curve framework for identifying structural change before the market prices it in, and why the fund is built around finding "small boats with big sails" - companies with a genuine edge in enormous markets, rather than dominant players confined to small ones. She walks through the discipline behind Munro's sell process, including a full team review triggered whenever a stock falls 20%, and why no single "area of interest" is allowed to exceed 20% of the portfolio. The conversation also covers Munro's current positioning across the AI supply chain, travel and aerospace parts and services as a structural theme, and how the firm's profit-sharing model aligns its investment team with client outcomes.

For investors interested in small and mid cap growth and disciplined stock-picking, this episode offers a close look inside one of Munro's flagship strategies.

Disclaimer:
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.