This interview/article was produced by Livewire Markets on Tuesday 12th December 2023 and published on Monday 8th January 2024.
Livewire rounded up 12 of Australia’s brightest investment minds for their highest conviction stock picks for 2024
So how are Australia’s brightest investment minds investing as we kick off the new year? I am so glad you asked. Livewire has assembled an exclusive roll card of 12 of the country’s finest global and local equities investors for their highest conviction stock picks for the year ahead.
This includes Alphinity’s Mary Manning, whose top stock last year delivered a whopping return of 86% in 2023 (the average return of the stock picks last year was 36.73%).
So, without further ado, sit back, relax and enjoy the most anticipated list of stocks for 2024. And as always, do your own research before making any investment decisions of your own.
Edited Transcript
James Marlay: Hello and welcome to Livewire’s Outlook Series for 2024. I’m James Marlay.
Ally Selby: And I’m Ally Selby. And if you like stocks, you’ve come to the right place.
James Marlay: In this video, we’ll be asking 12 of Australia’s top fund managers for their #1 stock pick for 2024.
1. Nike Inc (NYSE: NKE)
Mary Manning: My #1 stock pick for 2024 is Nike. I like Nike for three main reasons. The first is Nike is just starting to be in an earnings upgrade cycle. It had a difficult two years with respect to COVID supply chain issues, and inventory build in the US, which led to discounting and margin compression, but now that is all in the rearview mirror and Nike is starting to be in a nice earnings upgrade cycle.
I also like Nike’s valuation. It’s trading at 28x PE versus a historical average of 33x, and it has mid-teens earnings growth going forward. So, the PEG ratio (price/earnings-to-growth) is very attractive.
Lastly, I like Nike because it’s one of the best brands in the world. Some sportswear brands come and go, but Nike is here to stay. If you’re thinking of buying a stock and buying Nike for 2024, just do it.
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