March 2026 Recap
Welcome to Insights with York. The conversations, thoughts and macro framework shaping how we invest through the cycle.
March marked a shift toward a more fragmented and selective market environment. Geopolitics, energy and interest rates remained the dominant forces, but without a single clear narrative. Instead, capital concentrated into specific areas, while broader indices masked increasing divergence beneath the surface.
Energy and real assets outperformed, while higher real yields and a firmer dollar pressured duration-sensitive assets and lower-quality equities. This was not a broad risk-off environment — but a more selective one, where positioning mattered more than market direction.
The Rate Of Change | Podcast
#50 Ryan Bass | The Repricing of Institutional Property
We sat down with Ryan Bass, Founder of PanGen Capital, to discuss how rising interest rates have reset the property landscape and where capital is now being deployed in a more selective environment.
While valuations have come down and sentiment has weakened, the underlying income story in high-quality retail assets remains strong. Occupancy is holding, tenant demand is resilient, and new supply is constrained by rising construction costs — reinforcing the value of existing assets and supporting stable, growing cashflows.
The opportunity set is shifting. Institutional property is moving from a yield-compression story to one of improved entry pricing and stronger forward returns, with parts of the market now offering double-digit potential. Access remains critical, with many of these opportunities sitting within institutional-grade vehicles that are typically unavailable to most investors.
#49 Michael Frazis | War Time Markets & Where Capital Is Flowing in a Fragmenting World
Murdoch sits down with Michael Frazis, Founder and Portfolio Manager of Frazis Capital Partners, to discuss the shifting macro landscape and how capital is being deployed in an increasingly fragmented global market.
If you are interested in war time markets, capital flows, artificial intelligence, and how professional investors are positioning portfolios in a changing world, then you will enjoy this conversation. Markets are no longer being driven by a single narrative. Geopolitics, energy shocks, inflation and technological disruption are colliding — creating a far more complex and uneven investment environment. In this environment, capital is not flowing evenly. It is concentrating into specific areas — AI infrastructure, semiconductors, defence, energy and large-scale platform businesses — while other parts of the market, particularly software and consumer-facing sectors, face increasing pressure.
Frazis outlines how this shift is reshaping opportunity sets globally, and how his firm is navigating risk, volatility and changing market regimes through a combination of fundamental insight and quantitative risk management.
#48 Michael Campbell | The Great Adviser Shortage & How Growth Advisers Are Building Firms Through Acquisition
Murdoch sits down with Michael Campbell, Principal of McAlistair Capital, to discuss the structural changes reshaping the Australian financial advice profession.
If you are interested in the future of financial advice, the economics of advisory firms, and how growth advisers are building larger businesses through acquisition, then you will enjoy this conversation.
Over the past decade, adviser numbers have fallen dramatically as regulation, education requirements and compliance standards reshaped the industry. While the profession has become smaller, it has also become more professionalised — increasingly resembling other trusted professions such as law and medicine.
At the same time, a new group of growth advisers is emerging.
Rather than operating small lifestyle practices, these advisers are building scalable advisory firms through acquisitions, infrastructure and strategic capital. Campbell works directly with advisers navigating this transition, helping them source deals, structure transactions and grow their firms through mergers and acquisitions in the wealth management sector.
Crown Macro Letter | Key Insights (March 2026)
A concise synthesis of the key themes emerging from Nicholas Crown’s March work:
1. Markets Have Become “Single Variable” Driven
Energy has become the dominant driver of returns, overwhelming traditional diversification. Correlations are rising as multiple asset classes are now reacting to the same input.
2. This Is an Inflation Shock — Not a Fear Shock
The market is not reacting to war itself, but to its impact on oil, inflation and central bank policy. Higher energy → higher inflation → tighter policy → pressure on risk assets.
3. Leadership Is Narrowing
Capital is concentrating into:
Energy
Hard assets
Mega-cap, cash-generative businesses
While weaker areas — small caps and speculative growth — continue to underperform.
4. The Market Is Grinding, Not Crashing
Historical analogues do not support a broad market collapse. Instead, markets are weakening in stages, with uneven performance and failed rallies.
5. Hard Assets Are Regaining Strategic Importance
Energy, commodities and inflation-linked assets are re-emerging as core exposures, while traditional defensives (long bonds, diversification) are less effective.
Crown’s Macro Framework — York’s Key Thoughts
We view Crown’s work not as a prediction tool, but as a macro framework.
His analysis reinforces a key shift we are seeing across our own conversations — markets are no longer being driven by broad economic expansion, but by constraints, capital flows and regime-specific dynamics.
In this environment:
Selectivity is increasing — broad beta is less reliable
Capital is concentrating — outcomes are uneven across markets
Real assets matter again — particularly energy and income-generating exposures
Diversification is less effective — correlations are rising in stress
Portfolio construction is critical — positioning matters more than market direction
In this environment, performance is no longer driven by what the market does — but by how capital is positioned within it.
Where Crown provides the framework, our podcast conversations provide the real-time data points across managers deploying capital.
How We Work With You
If you choose to explore working with us, the focus is on translating these insights into a structured, disciplined portfolio.
Murdoch Gatti works directly with clients across strategy, portfolio construction and investment advice — ensuring each allocation has a clear role within the broader portfolio. This includes asset allocation, manager selection and access to opportunities across both public and private markets.
Yasmin Gatti supports the business as COO, overseeing operations, execution and client service to ensure a consistent and responsive experience.
Portfolios are actively managed and evolve over time. As conditions change, we adjust positioning — drawing on ongoing conversations with investors and applying a consistent framework to ensure capital is allocated appropriately through the cycle.
If you’d like to explore how these insights can be applied to your portfolio, feel free to reach out - Link
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This article has been prepared without taking into consideration any investor’s financial situations, objectives or needs. Accordingly, before acting on the advice in this article, you should consider its appropriateness to your financial situation, objectives and needs. Every reasonable effort has been made to ensure the information provided is correct, but we cannot make any representation nor warranty as to the accuracy, completeness or currency of that information. The content in this article was originally written by Codie Sanchez and York has incorporated the framework into their investment process. To the extent permissible by law, no responsibility for any errors or misstatements is taken, negligent or otherwise. York Wealth Manageement or its authorised representatives may also receive fees or brokerage from dealing in financial products, see the Financial Services Guide for information about the services offered available at York Wealth Management.