Why Sohn’s top stock pickers want investors to play it safe

Top global money managers are telling investors to steer clear of companies that don’t make money and invest instead in unloved but profitable businesses, as ongoing central bank interest rate rises threaten to keep markets falling.

Historic Sohn picks like Delivery Hero, Megaport and crypto exchange Coinbase were this year replaced by fallen financial services giant AMP, toll road operator Transurban, and Champion Iron.“There are going to be some really sweet opportunities to invest once we get to a point when interest rates are peaking, and inflation is starting to go down,” Mr Browder said, forecasting opportunities across “all sorts of assets”.

“As investors we always need to consider risk and commodities are cyclical, but that also means miners bounce back,” Regal Partners’ Tim Elliott said in his presentation on ASX-listed Canadian iron ore miner Champion. “Real risk is buying some profitless growth stock on 20 times projected sales on heroic assumptions which often disappoint.

Wavestone’s Catherine Allfrey tipped monopoly toll road operator Transburban: “Inflation with this stock doesn’t matter because the prices it charges are linked to CPI,” she said. Several presenters revealed they were hunting for value created by the sharp sell-off in technology stocks.FACT Capital’s Joyce Meng tipped Irish video game developer Keywords Studios while Nick Griffin of Munro Partners said the 30 per cent slide in Dutch semiconductor play ASML allowed investors to buy into a trillion dollar opportunity.

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