David Dall - Shaw and Partners

05/05/2026

SA Giving Week (4–8 May 2026) is a new statewide initiative growing and celebrating a culture of generosity across South Australia.

This morning I attended an enlightening session titled “Mastering Philanthropy for Professional Advisers”.

A listing of other events scheduled this week is on the website link below also with a nice story about myself and my running buddy Warren 🏃🏽‍♂️.

Shaw and Partners’ Adelaide team turned a $50,000 gift into hands-on guiding for blind and low-vision runners with Achilles Adelaide.

30/04/2026

Welcome to the second edition of Shaw and Partners Financial Services Investment Perspectives.

This quarter has been shaped by a rapid shift in the global landscape. What began as a period of rotation and re-calibration has evolved into a more complex environment, driven by geopolitical tension, energy market disruption and renewed inflationary pressure. In this edition, we examine how the evolving conflict in the Middle East and disruptions to global energy supply are shaping markets and investor positioning.

Investment Perspectives continues to bring together our house view on markets and asset allocation, insights from leading fund managers, and high-conviction research ideas, with a clear focus on practical application. In a more uncertain and volatile environment, maintaining discipline, diversification and a well-defined investment framework remains critical.

INSIDE THIS ISSUE
💹 Market Outlook: June Quarter 2026: Martin Crabb, Chief Investment Officer
🪟 Our views on asset allocation: Maria Zapata, CFA Zapata, Senior Investment Analyst
🫅 Royalties - Unlocking a new source of returns: Partners Group
💰 Inflation-linked bonds in focus: Damien Williamson, Head of Income Strategies
👱 The human edge: Chris Smith , Head of Private Wealth
👌 Clarity in complexity: Maria Moshonas, Head of Financial Planning
🎭 Q1 2026 performance: Hansheng Zhang, Investment Analyst
🛢️ Global oil markets in crisis: Andrew Hines, Head of Research
💝 Shaw and Partners Financial Services and Partners Foundation 2025 Annual Report
💡 Stock recommendations

To receive a copy of the June Quarter 2026 Edition, please email me at [email protected]

This document has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on any advice, you must consider the appropriateness of the advice having regard to your personal circumstances. If the advice we have provided relates to the purchase or possible purchase of a particular financial product, you should obtain a Product Disclosure Statement relating to the product and consider it carefully.

18/04/2026

Founded in Adelaide in late 2024, Achilles Adelaide is part of the global Achilles International movement, supporting athletes with disabilities to experience the joys and benefits of physical activity.

Alex Moore and David Dall have been in awe of Achilles Adelaide for almost 12 months and actively involved for the past 6 months. We were introduced to the organisation by Angela Evans AM and immediately were impressed by their Board led by Chair Justine Crawford.

Achilles Adelaide is successfully increasing the participation in physical activities and creating an inclusive and supportive environment where athletes, guides, and supporters come together as a community.

Our Shaw and Partners Financial Services’ colleagues and the Shaw and Partners Foundation enthusiastically support our involvement contributing to our $40,000 donation to Achilles Adelaide offering opportunities for people who are blind or have low vision to participate in walking and running alongside volunteer guides.

Thank you to; my colleagues Earl Evans, Chris Smith, Stephen Martiensen, Matthew Boase, Suzie Georgiou, Jed Richards, Matthew Norman, John Piper, Fraser MacLeod, Matthew White, Steve Triantafilidis, Mark Landau, Alasdair Burns, Emilia Stavrou, Marcus Campbell, Ashley Kelly, Jonas Hogan, Scott Dawson, Anthony De Pizzol, David Schmidt, Matthew Wilkinson, Rosie Grasso, Michael King, Deshani Gokarella, Natasha Bartlett, Oliver Clarke, Andrew Frolow, Sam Crompton, James Bills, and Adam Boon.

25/07/2025

That was such a genuinely mind-blowing experience being amongst such brave Achilles Adelaide blind and low vision athletes running 6 minutes per km. 🤩 My Shaw and Partners Financial Services Business Partner Alex Moore was right beside me.

09/06/2025

Today is the 10 Year anniversary of our Shaw and Partners Adelaide office. 28 years in the financial advice industry, I feel like I’m at the peak of my powers and it is never more satisfying seeing clients benefit from my financial advice on Superannuation and ASX-Listed investments. I extend my heartfelt thanks to all clients and colleagues who have shared the Shaw and Partners journey with me.

24/04/2025

A positive message relating to financial markets as we head into the ANZAC Day Long Weekend.

I have gleaned some real positives over the past few days from news and commentary out of the USA.

I notice a genuine conciliatory tone relating to tariffs and the important relationship between China and the USA which is so important to the world economy and Australia’s economy too.

The 10 days following Trump's April tariff announcement we saw the S&P 500 fall a blistering -12.2%. The below table looks at the other circa -10% or more S&P 500 falls over 10 days and what happened next.

Markets on average have rebounded 1-month, 3-month, and 6-months later by 7.6%, 15.6%, and 21.3% respectively. These are not small recoveries, they are strong reversals that rewarded those who stayed invested. Most importantly, markets were higher 100% of the time 3 and 6 months later.

It is a powerful reminder that volatility is often the toll investors pay to access long-term returns. Those who do the worst though are often the ones who get scared out at the maximum point of fear as they don't get back into the market in time.

While every cycle has its unique risks, the market’s tendency to recover from fear-driven declines is remarkably consistent.

Enjoy your weekend.

17/04/2025

Shaw and Partners Financial Services has released the June Quarter 2025 Research Monitor, featuring our Chief Investment Officer, Martin Crabb, on the cover.

A stalwart of Shaw and Partners since 2011, Martin has guided our advisers through both buoyant and challenging markets. His calm presence, deep experience, and sharp insights have been invaluable—particularly during periods of volatility, such as the turbulence sparked by Trump’s trade tariffs.

INSIDE THIS ISSUE
– Trump, Tariffs and Tantrums: Martin Crabb, Chief Investment Officer
– Q1 2025 Performance: Maria Zapata, CFA, Senior Investment Analyst
– Banking on Interest Rate Cuts: Philip Pepe, Senior Analyst
– Martin Crabb: A Career Built on Conviction & Inside the Mind of a CIO
– Infrastructure, poised to mostly weather tariff storm: ClearBridge Investments Australia
– A golden window for value seekers: Dorab Postmaster, Analyst
– THINK YOU KNOW GOLD?: Guess the USD gold price here: https://lnkd.in/gPWEsHPU
– Seeking stability: PIMCO

Stock recommendations: ANZ (ANZ), Dexus (DXS), BlueScope Steel (BSL), Newmont Corporation (NEM), Brambles (BXB), Macquarie Group (MQG), Aristocrat Leisure (ALL), South32 (S32), AML3D (ASX:AL3), Bannerman Energy Ltd (BMN), Chrysos Corporation (C79)

To receive a copy of the June Quarter 2025 edition, please email me on [email protected]

28/03/2025

📢 Important Market Update: Shaw and Partners Research Team

Insights from Martin Crabb and our broader research team.

As global uncertainties continue to rise, we’ve made some key adjustments to our asset allocation.

🔹 Scaling Back on International Equities:
In light of heightened US political uncertainty and the ongoing tariff threats to both US and global growth, we’ve decided to tactically scale back our international equities position from overweight to neutral.

🔹 Increased Exposure to Australian Large Cap Equities:
Given the recent pullback, we’re turning more positive on Australian Large Cap equities and have increased our allocation, closing most of our previous underweight position.

Our decisions are based on the following 4 key Asset Allocation metrics:
Growth 🌍 Concerns over US growth have intensified, driven by the Trump administration’s tariffs, focus on reducing government spending, and overall policy uncertainty. Recent economic data, including softer consumer and business sentiment, have reinforced these concerns.

Financial Conditions 📉 Financial conditions have tightened, driven by widening high yield credit spreads and a rise in volatility.

Central Banks 💵 Out of the world’s 30 major central banks, 23 are easing policy, 4 are holding steady, and only 3 (including Japan) are tightening.

Valuations 📊 Equity markets have experienced valuation compression, with the S&P 500’s forward P/E ratio declining from 22.3 in February to 20.4 currently.

🔍 We remain focused on navigating the evolving market landscape and adapting our strategy to meet client objectives.

Stay informed and reach out if you’d like to discuss how these adjustments impact your portfolio.

26/03/2025

At Shaw and Partners Financial Services we take pride in our exceptional client service with offices across the nation sharing ideas and stock knowledge amongst Investment Advisers and Research Analysts. Our 8 offices are located in Adelaide, Sydney, Melbourne, Canberra, Perth, Brisbane, Gold Coast, and Noosa.

24/03/2025

A day of giving. Shaw and Partners Financial Services is extremely proud to announce that our Institutional Team raised an incredible $502,000 for charity during this year’s Institutional Foundation Day, held on Thursday, 20 March 2025.

This initiative is one of the most special days on the Shaw and Partners calendar, during which all brokerage fees generated from institutional trades on the day are donated to charity. Institutional Foundation Day remains, without a doubt, our most impactful initiative since the Shaw and Partners Foundation was established in 2015.

Now in its ninth year, this initiative alone has donated over $3.1 million to charity — a remarkable achievement made possible only by the generosity of Shaw and Partners’ institutional clients. Their continued support has been instrumental in making Institutional Foundation Day a success.

Have fun. Live life. Give back.