Michael Frearson

speaker

72 appearances 1 recordings 1 series first heard Apr 2026 last heard 30 Apr

Michael Frearson’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Apr 2026 with 1.

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FEAR & GREED | Business News · Q+A: What’s really under the hood of your investments? · 30 Apr 2026 podcast

So it can be commercial property, it could be residential mortgages,

The other key area of domestic private credit is corporate private credit, where large non-banks lend to both small and large corporates in either a secured or unsecured loan.

But then that's a different risk profile given it has the business risk.

It's not just secured by private assets.

Sure.

I guess the other key subsector, which I didn't mention, was offshore private credit.

So that's where you're lending money to offshore groups, generally into corporate type loans and into venture capital type debt.

So at the moment with the risk aversion increasing due to the oil price shock and the uncertainty, risk aversion has increased.

So at the moment, investors are a bit fearful.

They have been indiscriminately selling off some of their assets, particularly earlier in

March, but the market has started to recover nicely over the last few weeks.

So some of that sentiment impacting the list of prices is more sentiment than any fundamental credit concerns with the outlook for the domestic market.

But where we believe that investor concerns are

Warranted is for the groups that have offshore private credit exposure in the portfolios, given there are some more serious concerns about that offshore corporate private credit than the domestic private credit markets.

Yeah, well, obviously, it's very important to have a well-diversified portfolio in any fixed income portfolio, given the key risk is that credit risk.

So I think rule number one is to really understand what is under the hood and what's driving the returns on that particular investment.

So you need to know what risk factors you're exposed to, be it either property development, be it offshore, or be it

domestic, simple, securitized mortgages.

Well, like at RAM, so we have an assets listed note called RAM secured income notes.

We also have a real income fund.

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