Are we seeing a change at the top of the ASX? - William Curtayne | Milford

Aug 25, 2025

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Banks, miners and franking credits. Australian investors summed up in five words.

But as the first 6 months of 2025 come to an end, the top of the ASX during this time has been characterised by a struggling resources sector and a strong rotation into banks. Is this the start of a longer term shift? Or is it just a blip?

In this episode, we're joined by Will Curtayne, Portfolio Manager of the Milford Australian Absolute Growth Funds and the Milford Dynamic Funds, to unpack these movements

We discuss:

The forces behind CBA’s record PE multiple.
Whether the miners’ recent rally is a genuine opportunity or “a move to fade”.
How super and passive flows are distorting price discovery at the top of the ASX.
Where the next leadership might come from (e.g. healthcare, industrials, small-caps, and a long-term structural case for gold)

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