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Merricks Capital: Australia’s Premier Hard Asset Investment Specialist 

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Merricks Capital

Merricks Capital is one of the largest alternative investment managers in Australia and focuses on investment in hard assets and investment in private credit in commercial real estate, agricultural and infrastructure industries. The Melbourne-based firm, which was established in 2007 by Adrian Redlic, has become a leader in the provision of innovative capital solutions, having a history of delivering consistent returns to wholesale and institutional investors. 

Company Overview and Leadership 

The founding Chief Investment Officer, Adrian Redlich, has 30 years of experience in global investment across the United States, Asia and Australia. Before founding Merricks Capital, Redlich was employed at such well-known firms as Citadel Investment Group and Merrill Lynch, where he gained experience in trading equities and structured finance. He has a Bachelor of Economics and work experience, such as the NASD Series 3 certification. 

Merrick Capital was established under the leadership of Redlich, as a small boutique investment house with current funds under management of 2.9 billion and 44 personnel, among which 20 are investment professionals. The company has offices in Melbourne and Sydney and provides its various clients with a wide range of services to wholesale wealth advisory firms, institutional investors and family offices. 

Investment Strategy and Philosophy 

The investment strategy of Merricks Capital focuses on taking advantage of dislocations in the market in the hard asset line, where traditional banking has reneged as a result of changes in regulations and capital requirements. The company aims at offering senior secured credit on a first lien basis where the capital is safeguarded and yields are appealing to the performance of the underlying assets. 

Core Investment Areas 

Commercial Real Estate: The company offers structured credit facilities to office buildings, retail centres, industrial properties and mixed-use developments in Australia and New Zealand. As the large banks shrink their exposure to property finance, Merricks has been taking up a big market share in this lending gap. 

Agriculture Finance: Merricks focuses on productive farmland financing by providing credit to finance agricultural activities such as dairy, horticulture, grazing, cropping and food processing enterprises. The company identifies agriculture as a defensive asset category that has consistent cash flows and land value increment. 

Infrastructure and Industrial: Infrastructure investments include port infrastructure, food processing plants, renewable energy and natural resources. Such projects include funding solar farms, grain handling facilities and strategic port developments. 

Fund Portfolio and Performance 

Merricks Capital Partners Fund 

This diversified private credit fund was launched in January 2017 with a management of 1.28 billion and has had a 10.1 per annum return since its inception. The fund makes wholesale investors available to a multi-strategy investment in commercial real estate, agriculture, as well as specialised industrial assets. 

The important features are: 

  • Average loan-to-value ratio: 60% 
  • Portfolio composition: 56 active loans 
  • Average loan duration: 12-30 months 
  • Geographic spread: 35% New Zealand, 65% Australia 

Merricks Capital Agriculture Credit Fund 

This specialised fund was started in June 2021 and managed 470 million, which was allocated to agricultural lending and had earned 10.2% net annual returns. It is a fund that focuses on senior secured loans on agricultural real estate at 50-65 levels of loan-to-value. 

Portfolio breakdown contains: 

  • Horticulture: 31% of portfolio 
  • Mixed farming: 22% 
  • Grazing operations: 12% 
  • Industrial processing: 11% Average LVR: 58% 

FOO Fund 

The fund is based in the Cayman Islands, and it is a commercial real estate fund that manages 9.5% per annum returns on investments of $527 million since the year 2019. Such a structure serves foreign investors who want to be exposed to the Australian and the New Zealand property markets. 

Recent Strategic Developments 

Regal Partners Acquisition 

In June 2024, Merricks Capital was acquired by ASX-listed Regal Partners at a 6.5x normalised EBITDA of 235 million. The purchase merges 40 million dollars of cash with 63.9 million shares of Regal Partners worth 3.05 a share. 

The outcome of this transformational transaction is that Regal Partners now boasts a total amount of funds under management of up to 15.1 billion, and this has greatly diversified their capabilities in providing private credit. Adrian Redlich remains as Chief Investment Officer of Income Strategies at Regal Partners in addition to the leadership of the Merricks business. 

Market Position and Growth 

The acquisition is evidence of the good market position of Merricks Capital in Australian alternative investments. The firm has 17 years of experience: 

  • Conducted more than 6billion in private credit. 
  • Over $8 billion of investment opportunities worldwide. 
  • Exchanged more than 250 billion securities and commodities. 

Investment Approach and Risk Management 

Merricks Capital practices vigorous due diligence and uses conservative lending procedures, and focuses on asset-backed security. The firm’s approach includes: 

Counter-Cyclical Investment: Changing the strategies according to the market conditions and switching between the assets as the opportunities are created. 

Senior Secured Lending: Focus on first lien positions with strong underlying asset backing and conservative loan-to-value ratios 

Diversification: Share risk by industry, location and type of borrower at the same time retaining focus in the traditional hard asset classes. 

Market Outlook and Future Growth 

The increased capital requirements in Australia also see the major banks reducing their exposure to property and agricultural lending, which means that Merricks Capital will be able to gain a larger market share. The knowledge of the firm with regard to alternative credit markets, combined with the increased distribution platform offered by Regal Partners, creates tremendous growth prospects. 

The latest market trends in favour of the strategy of the firm are: 

  • Weakening of the Australian dollar is improving the competitiveness of agricultural exports.
  • High commodity prices have enabled the availability of farmland. 
  • Ongoing restrictions in bank lending prevent opportunities for private credit. 
  • Australia and New Zealand’s infrastructure investment requirements. 

Client Base and Distribution 

Merricks Capital has an advanced investor base, which includes: 

  • Wholesale wealth advisory firms 
  • Institutional client groups 
  • Family offices 
  • Self-managed superannuation funds 
  • High-net-worth individuals 

The partnership with Regal Partners also gives the firm entry to 12 distribution partners and the widening of institutional relations, which will contribute to the further increase of funds under management. 

Conclusion

Merricks Capital is an interesting Australian success case in alternative investments, as it illustrates how specialised capital of hard asset lending development can lead to good risk-adjusted returns. With further opportunities to leverage market disruption and the rise in the need to find private credit solutions in the hard asset markets of Australia and New Zealand under the watch of Adrian Redlich, plus a better platform provided by Regal Partners, the firm is better placed to tap into the current market disruption and the increased demand for the same. Its rigorous lending practices, cautious risk management, and extensive experience in the sector have positioned Merricks Capital as the first-choice investment selection to investors desiring to have exposure to the alternative credit markets of Australia with defensive properties ensured by hard asset support.

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WHSP Share Price: The Ultimate Guide on Soul Pattinson investing in the stock market

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whsp share price

Investor interest in the WHSP share price has been generated by the fact that Washington H. Soul Pattinson is on an extraordinary 122-year run on the Australian Securities Exchange. This diversified investment house is listed currently at about 38.49, and it is one of the most persistent success stories in Australia.

What is Washington H? Soul Patton (WHSP)?

Washington H. Soul Pattinson (also referred to as Soul Patts) started in 1872 as a small pharmacy business when Caleb Soul and his son, Washington, started off in their first store in Pitt Street, Sydney. It is now the second-oldest publicly listed company in Australia and one of the largest investment houses in the country with a portfolio worth more than $12 billion.

The corporation has since grown out of its pharmaceutical background into a complex diversified investment house that holds investments in various industries and in numerous asset classes. The best aspect of Soul Patt’s is its continuous dividend policy – it has never paid out the dividend since its listing on the Sydney Stock Exchange in 1903, even in times of the Great Depression and the Global Financial Crisis.

Recent WHSP Share Price Performance. Resilience

over the last two years is reflected by share prices that have oscillated between a range of $31.70 and $45.14 over the last 52 weeks. Recent performance highlights are:

  • 52-week high: $45.14 (reached September 2025)
  • 52-week low: $31.70 (March 2025)
  • Present price: Somewhere around $38.49.
  • Market capitalisation: 14.7 billion U.S.dollars.
  • Performance (YTD): 12.38% up in 2025.

The stock is not very volatile as the beta stands at only 0.30, and this is much lower than the rest of the Australian market. This stability is an indication of the conservative investment strategy, as well as the diversified portfolio structure at the company.

Investment Portfolio Strategy by Soul Pattination

The investment philosophy in Soul Patts is long-term and has been a success over the last hundred years. The investment strategy of the company is:

Strategic Holdings (48 per cent of portfolio): Long-term holdings in listed businesses with board positions, and in Brickworks (43 per cent stake), New Hope Group (39 per cent stake), and TPG Telecom (13 per cent stake).

Large Cap Portfolio (18%): Important investments of large ASX firms such as BHP, Macquarie, CSL, Goodman and Wesfarmers.

Private Equity (14%): Unlisted company investments with promising growth opportunities, such as luxury aged care and roll-ups of swimming schools.

Credit Portfolio (10%): Corporate loans, bonds and structured instruments that offer continued cash yield.

Emerging Companies (8%): Exposure to more growthful companies taking advantage of structural change.

Should Soul Pattinson be Invested in?

The investment analysts always give Soul Patties an optimistic rating in the long run. The company is listed on the list of best ideas by Morgan with an A rating, with several interesting reasons:

Excellent Track Record: Soul Patt’s has a 20-year history that has seen it pay 12.4% yearly return, which is far better than the All Ordinaries Index, which has delivered 9% returns. Since 1998, the company has been paying higher and higher dividends, which is very consistent.

Conservative Management: Deeply conservative in its approach to preservation of capital and long-term value creation, the fourth-generation management of the Millner family, led by Chairman Robert Millner and CEO Todd Barlow, remains conservative in their management.

Dividend Reliability: Soul Patts has a current dividend yield of 2.68% and 100% franking, making it provide stable income and capital growth potential. It has been 27 years of successive growth in dividends.

What Does Soul Pattinson Invest In?

The diversification strategy by SoulPattiss covers a variety of industries and investments. The most significant investments made by the company are:

Materials: Soul Pattz has a 43 per cent interest in Brickworks, which has a positive effect on the Australian construction sector and property development.

Energy & Resources: A 39% investment in New Hope Corporation gives exposure to coal mining and energy production.

Telecommunications: TPG Telecom provides a 13% investment in the telecommunications infrastructure in Australia.

Emerging Sectors: The company is opportunity-seeking, as shown by the number of private investments in aged care, swimming schools, and other developmental sectors.

History and Future of WHSP Share Price

The share price of the WHSP has been recorded to be performing well on a long-term basis. An investment of 1,000 dollars in 1977 would have increased to almost 495,000 by 2017, which is a compounded annual rate of 16.8%.

Recent events that have impacted the share price include:

Brickworks Merger: Soul Patt’s announced that it would merge with Brickworks in June 2025, with a price of 14 billion, pending shareholder ratification. This business decision has the potential to open up the door to a lot of shareholder value.

Portfolio Diversification: The company is also moving more into the private markets, credit and emerging growth companies, minimising the dependence on traditional listed investments.

Management Succession: Soul Patts has an effective management team and a high continuity of leadership, which makes them well poised to grow in the future.

Who Leads Soul Pattinson?

Todd Barlow is the Managing Director and CEO and has worked in mergers and acquisitions all around since he joined in 2004. The team of leaders consists of:

  • Robert Millner: Non-Executive Chairman (4th generation family leadership
  • David Grbin: Chief Financial Officer
  • Brendan O’Dea: Chief Investment Officer.
  • Dean Price: Credit and Emerging Companies Managing Director.

This is an experienced team with family stewardship and professional investment knowledge that has ensured success in the company for over a hundred years of conservative philosophy.

Important Investment Factors

Strengths: Soul Patt’s provides investors with a diversified portfolio that is professionally run and has an outstanding track record of dividend distributions. The long-term orientation and conservatism in management of the company offer stability in different volatile markets.

Risks: The performance of the company is still pegged on its largest investments, especially Brickworks, TPG and New Hope. The financial crises of these industries might affect the returns.

Valuation: WHSP is now trading around asset backing b, but the share price of the company does not provide any substantial discount to the net assets and represents fair value.

The WHSP share price is not only another ASX investment – it is an investment in the investing history of Australia with contemporary portfolio management. Investors targeting long-term growth and accumulating dividends can hardly believe the 122-year history of Soul Pattinson, and can only guess how the company may keep generating wealth for shareholders.

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What Your Purple Crown Coin Could Be Worth: 2013 Coronation $2 Coin Value

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2013 coronation 2 coin value

The Australian coin collectors have been closely monitoring the value of the 2013 coronation coin of 2, which is of 2 dollars and reasonably so. The purple-crowned coin celebrating the 60th anniversary of the coronation of Queen Elizabeth II has emerged as one of the most demanded coloured coins in Australia of the 2-dollar denomination. This coin is a great possibility for both collectors and those who will win the lottery of stumbling on one in their pocket change, at a price of between $30 and more than 650, depending on condition and type.

Knowledge of the 2013 Coronation $ 2 Coin

In 2013, the Royal Australian Mint issued a 2013 coronation coin in the denominations of 2 dollars to commemorate the 60th anniversary of the coronation of Queen Elizabeth II on June 2, 1953. It was the second coloured circulating coin made by Australia after the popular Red Poppy pattern of 2012. The coin has a stylised image of the Crown by St Edward, surrounded by concentric purple circles, with the royal purple colour, which is a symbol of monarchy.

Key Specifications:

  • Year of Issue: 2013
  • Denomination: $2
  • Type: Aluminium Bronze (92 per cent copper-nickel, 6 per cent aluminium, 2 per cent nickel)
  • Weight: 6.6 grams
  • Diameter: 20.62mm
  • Designer: Reverse by Aleksandra Stokic.

What makes the 2013 Coronation Coin Value $2?

Standard Circulating Coins

In the case of regular 2013 coronation $2 coins available in the market, their current market values are between 30 to 86 dollars, depending on their condition. Examples that are circulated average a price of approximately $60 to $8,0, and superior quality exemplifications attract a premium price.

Professional grading has a great influence on value:

  • MS63 (Mint State 63): Around $109
  • MS64: Approximately $112
  • MS65: Up to $156
  • MS66: Around $272
  • MS67: Up to $488

Very Rare Valuable ‘C’ Mintmark Variety

The 2013 coronation coin of value 2 is the highest value in terms of mintmark, which is the C mintmark. These collector coins have a small C engraved on the right side of the coin, and they are valued much higher because they are not minted in large numbers.

C Mintmark Values:

  • Standard condition: $440 to $650
  • High-quality ones: As high as 1,445 in the secondary market.
  • Recent sales: Professional dealers at a price of between 495 to 625.

Mintage Figures and Rarity

To make sense of the 2013 coronation $2 coin value and to determine the rarity and collectibility, it is necessary to take a closer look at the mintage figures:

  • Normal circulation coins: Some 995,000 to 1 million in circulation.
  • C’ Mintmark collector: Rare coins were made only in 34,967.

These figures ensure that the 2013 coronation coin is the second-lowest mintage $2 coin that was supposed to be circulated in the history of Australia. The one million mintage of the coronation coin is incredibly low, compared to the average annual coin minting in 1930 of about 50 million, which is about fifty different coins.

Determining Worthwhile Variants and Fallacies

Standard vs. C Mintmark Coins

The first step in determining the value of your 2013 coin, the Coronation 2, which is a 2-cent coin, is determining whether it is a standard circulation coin or the high-value mintmark C. The mintmark C is written in a tiny letter at the right of the coin, which proves that the coin was especially designed as a collector’s one in the Royal Australian Mint in Canberra.

Potential Error Coins

As with all coloured $2 coins, the 2013 coronation series is also prone to Bullseye errors, whereby the coloured design is erroneously engraved onto the obverse (Queen portrait) in lieu of the reverse. Such mistakes are highly uncommon and may be worth thousands of dollars each time they are discovered.

Recent Market Performance and Investment Opportunity

The value of the 2013 coronation coin, a $2 coin, has continued to grow since its release. According to coin expert Jamie Pang, the 2013 coronation coin has proven to be one of the most sought-after in collector circles, with circulated coins currently trading at 30-40x face value.

Recent Market Activity:

  • Coin dealers who are professionals claim steady demand.
  • The sales data of eBay indicate the circulation of coins priced in the range of $60-80.
  • Professionally graded examples of high grade attract extremely high premiums.

There is a renewed interest in the coin-collecting market, especially after the death of Queen Elizabeth II in 2022, when collectors turned to purchasing objects of history with her effigy.

The best way to measure your value of the 2013 Coronation $2 Coin

Condition is Critical

The value of the 2013 coronation coin in value is one that is very condition-sensitive in terms of value. Uncirculated or mint state coins carry a much higher value than those that are worn out by being used.

Professional Grading

With valuable coins, you can have your coin professionally graded by grading services such as PCGS, which can legitimise your coin and enhance its value and market interest to more serious collectors.

Proper Storage

When you find a 2013 coronation $2 coin, you should keep it safe and store it in a good place in order to maintain its value and maximise its potential over time.

Where to Buy and Sell

Reputable Dealers:

  • Sterling Currency
  • The Coin Chest
  • Downies
  • Wynyard Coin Centre

Online Marketplaces:

  • eBay Australia (be careful of authenticity)
  • Numismatic auction houses are specialised auction houses.

The value of the 2013 coronation coin in the form of a two-dollar coin keeps appealing to both beginner and expert collectors. Whether you are looking to see what treasures are lurking in your change or you are out to buy this historic commemoration and add it to your collection, it is important to know what factors affect its value to make an informed choice in the exciting Australian coin-collecting market.

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Sohn Hearts and Minds: Australia’s leading Investment Conference to benefit Medical Research

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Sohn Hearts and Minds

Sohn Hearts and Minds is the premier investment and philanthropic event in Australia, a combination of high conviction stock recommendations by the leading fund managers, with charity fundraising to support medical research. The conference has become the foundation of the Australian financial calendar, and it has been instrumental in the development of healthcare.

What Is Sohn Hearts and Minds?

Sohn Hearts and Minds is a one-day event that is an investment conference organised in such prominent venues as Sydney Opera House and the Festival Theatre in Adelaide. It is a gathering of top fund managers, institutional investors, and the most impactful thinkers in the world who put forward their best conviction stock ideas in an electric 10-minute pitch.

The conference is run on a philanthropic basis, with the proceeds all donated to the Australian medical research organizations. The Hearts and Minds Group is ranked among the leading corporate philanthropists in Australia, who have donated more than 84 million Australian dollars to medical research in the country since it started in 2016.

The Investment Component: Hearts and Minds Investments (ASX: HM1).

Related to the conference is Hearts and Minds Investments Limited (ASX: HM1), which is a listed investment company and trades at the Australian Securities Exchange. This special structure enables the retail investors to get the investment ideas discussed during the conference and fund medical research.

How HM1 Works

The investment firm has a dual-portfolio strategy of operation:

  • Core Portfolio (65%): Investment is based on the suggestions of the seven portfolio managers chosen, such as Regal Partners, Cooper Investors, and Magellan Asset Management.
  • Conference Portfolio (35%): This is made up of ideas of stocks that are presented in the annual Sohn Hearts and Minds conference.

HM1 does not create management fees, but rather gives 1.5% of net assets every year to healthcare research so that investors can contribute to breakthrough healthcare discoveries and potentially receive returns.

Formats and Experience of the conference.

The Sohn Hearts and Minds conference has consciously disruptive programming that aims at making the experiences memorable. Key elements include:

  • Lightning inventory prices by heavy industry players.
  • International panel debate with world thinkers.
  • Foreign keynote speakers.
  • Presentation of medical research scientists.
  • Entertainment activities and surprise visitors.

Previous guests have been investment legends such as Ray Dalio, Charlie Munger, Howard Marks, Bill Ackman, and Cathie Wood, and luminaries such as longevity expert Peter Attia and entrepreneur Scott Galloway.

2024 Conference Highlights and Stock Picks.

The 2024 conference, which took place in Adelaide on the 15th of November, involved various investment recommendations by leading fund managers. Notable picks included:

Top Performing Selections

  • Eli Lilly and Company (Alex Pollak, Loftus Peak): Specializes in weight-loss medication that is known to have enormous market potential.
  • Perpetual (Chris Kourtis, Ellerston Capital): a contrarian investment in the most despised ASX-traded stock.
  • Coeur Mining (Jeremy Bond, Terra Capital): Silver miner on the brink of commodity recovery.

Previous Success Stories

Recommendations are exhibited by the quality of the recommendations of historical conferences:

  • NextDC (2017): Rose 70 percent in 5 years at an amount of 5.45 to 9.22.
  • JB Hi-Fi (2018): Jumped from $23 to $43
  • Amazon (2018): The performance has remained high despite recent changes.

The Medical Research Impact

The philanthropic mission of the conference focuses on Australian medical research excellence. Examples of beneficiary organizations are:

  • Victor Chang Cardiac Research Institute.
  • Black Dog Institute
  • MS Australia
  • JDRF Australia
  • Flinders University Medical Device Research Institute.

Recent gifts have made it possible to fund certain projects, such as PhD scholarships for medical device research of $540,000, which directly fund the next generation of Australian medical researchers.

2025 Conference Details         

The 25th anniversary of the Sohn Hearts and Minds conference is set to take place on November 14th at the Sydney Opera House. It is going back to the legendary place where the first event took place with Howard Marks as the keynote speaker, soon after the 2016 US presidential elections.

Registration is free to everybody, and the HM1 shareholders will be given priority to purchase tickets. It usually draws in ultra-high-net-worth investors and family offices as well as decision-makers on behalf of more than a trillion dollars of Australian savings.

Global Sohn Conference Network.

Sohn Hearts and Minds is the sole Australian affiliate of the overseas Sohn Conference Foundation. International network incorporates events in:

  • New York (the inaugural conference)
  • London, Hong Kong, Monaco
  • Montreal, San Francisco, Tel Aviv.

This international relation gives the Australian attendees the international investment views whilst keeping the local focus on promoting the Australian medical research.

Investment Performance and Track Record.

The HM1 investment firm has been able to provide its shareholders with good returns and, at the same time, uphold its philanthropic mission. The latest performance has been characterized by:

  • Half-year income before tax and preferred dividends, 23.6% investment return of the half-year, ending on December 31, 2024.
  • 33.9% return over 12 months
  • Dividend yield (before franking credits) 5.0% per annum or 7.1% gross of franking credits.
  • In 2016-2019, more than $78 million was donated to medical research.

Economic Impact and Industry Recognition.

The conference has received a lot of appreciation in the industry as the top investment event in Australia. To host the 2024 event in Adelaide, the government of South Australia would have spent around half a million dollars, as it saw the event as a way of branding the state as an investment destination.

The economic impact of the event is not limited to the direct fundraising, as it has provided a networking opportunity to the financial services sector in Australia, as well as elevated the level of awareness of medical research facilities available in Australia to the world.

Future Outlook

Sohn Hearts and Minds is an organization that is ever-growing in its influence, with the aim of fulfilling its desire to fund medical research to the tune of $100 million in the coming years. Investment excellence coupled with philanthropic intent has given rise to a sustainable framework of aiding the Australian healthcare innovation and giving investors access to high conviction global investment opportunities.

The conference is a special intersection of finance and philanthropy that illustrates how investment skills can be used to solve serious social problems and bring value to the participants of various stakeholder groups.

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