Macquarie SMID-Cap Best Picks Jul-2026

研报英文原文证据摘录

Macquarie SMID-Cap Best Picks Jul-2026

Macquarie Equity Research

14 July 2026

Equity Strategy

AustraliaMacquarie SMID-Cap Best Picks Jul-2026

Targeting quality and fundamental value

Tim Mitchell

Key Points Lawson, CFA Sonogan

• SMID best picks: A2M, AUB, BRG, CMM, CDA, FPH, LOV, MP1, NWL,

NWH, NEU, PNI, QAL, SSM, SUL UNI, VNT, and ZIP. Investment case from

Elizabeth James

pg 5. Miliatis Wilson

• We overlay analyst best picks with two Quant investment styles:

Quality and Fundamental Value (stocks trading cheap relative to Figure 1 - Robust outperformance

fundamentals). from Style 2.0 screens

14%• Quality Compounder Stocks not included in our best picks short list pa

include: DTL, MMS, NHF, REA and TNE. 7% Return

Excess 0%

-7% Quality 2.0 Fundamental Value (Sweet Spot)Macquarie SMID-Cap Fundamental picks Average

• To support our SMID best picks we reference Macquarie's -14% 1994 Rising Stable Falling as Quantitative Style 2.0 screens on Quality and Fundamental Value Recovery Expansion Slowdown Downturn Since QoQ QoQ QoQ an overlay across analysts' best picks. There are two components: 1)

Quality Compounder screen; and 2) Fundamental Value screen. Overall 10Yr Rates (AU) Economic Cycle (US)

• Macquarie’s Style 2.0 investor-oriented framework moves beyond Source: Macquarie Research, July 2026

traditional style definitions, recognising distinct subsets, or “style *Quality 2.0 are those companies that also are selected

by our Quality Compounders screen, Fundamental

flavours”, within value, growth, and quality. Value Sweet Spot are cheap stocks relative to our

Þ Style 2.0 captures five different types of value: cyclical, defensive, Fundamentals model with above average sentiment

yield, deep, and Fundamental Value. Unlike legacy models, Style 2.0