For all the scrutiny on private credit of late, one thing remains clear – there remains an insatiable demand for it from investors.

Case in point, the recent $315 million raise by Metrics Credit Partners for the Metrics Master Income Trust. It was done in a day.

Yet for the man often at the centre of the conversation, Metrics co-founder and Chief Investment Officer, Andrew Lockhart, the mission remains the same as when Metrics was born 12 years ago: raise capital, deploy it sensibly, and above all else, manage the ongoing risks accordingly.

That unwavering focus, coupled with an ‘always on’ work ethic, has seen Lockhart and his team grow Metrics to $30 billion of assets under management, with no signs of slowing down.

In this episode of The Rules of Investing, Lockhart discusses the conditions that led to the birth of Metrics, its phenomenal growth, and the ongoing challenges that it and the private credit sector face.

He also unpacks the current market conditions and what lower interest rates will mean for Metrics’ opportunity set and potential returns for investors. Finally, he shares an exciting new growth opportunity that leverages the company’s existing relationships and skillset.

Don’t miss this opportunity to hear directly from someone who has been instrumental in shaping Australia's private credit landscape.

Read the summary on Livewire: https://www.livewiremarkets.com/wires/in-his-own-words-andrew-lockhart-on-risk-regulation-and-responsibility-to-investors

Markets are forward looking and are one of the strongest indicators of what lies ahead for global economies. This dynamic reflects the thinking of millions of market participants digesting and pricing available information to guide how asset prices reflect the future.

For all the twists, turns, and curveballs that 2025 has delivered, markets are, in many cases, at or above where the year started. The S&P 500 is in the green, the ASX 200 is up, and yields on US 10-year bonds, a useful proxy for risk appetite, are lower than at the start of the year.

At face value, you might conclude that investors are more confident about the economic outlook, or at the very least more comfortable than they were in January. But not all signals are flashing green. A 10% fall year-to-date in the safe-haven US dollar is one example that warrants closer inspection. That’s the view of Fidelity International’s Chief Investment Officer of Equities, Niamh Brodie-Machura, who oversees a team of more than 120 analysts managing over $220 billion for Fidelity clients.

“People are getting too short term. They’re getting panicked by the developments taking place on tariffs and so forth... they don’t realise it’s often just a bargaining point.”

That’s the view of Mark Mobius, a pioneer in emerging markets investing and founder of Mobius Investments. Mobius says many investors are misreading the noise echoing around global markets. His advice? “Be patient and be willing to roll with the punches.”

In this episode of The Rules of Investing, Livewire’s James Marlay caught up with Mobius in New York to explore how he’s navigating global uncertainty, the investing lessons from decades of travel and working in Asia, and why he believes India is shaping up to be the standout opportunity of the next decade.

With a PhD from MIT and a track record that includes growing Templeton’s Emerging Markets Fund from $100 million to $50 billion, Mobius has experienced the highs and lows of multiple market cycles and dislocations.

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Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.