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Speaker 1: This is what the Flux.

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Speaker 2: I'm Brett and I'm Justin and it's Monday, the thirteenth

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Speaker 2: of April.

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Speaker 1: Jozi Wait. We spoke a few weeks ago about Combank's

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Speaker 1: one billion dollar mortgage fraud and that sounds big, but

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Speaker 1: now across the Big four and Macquarie that amount has

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Speaker 1: jumped over three billion. So I recommend just watch this space.

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Speaker 2: Heating up man. Speaking of heating up, the Flux app

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Speaker 2: has been heating up over the last few days with

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Speaker 2: thousands of people using the Flux subscription track to identify

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Speaker 2: all the subscriptions that they have been paying every single

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Speaker 2: month and not even using. We've saved some Flux uses

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Speaker 2: hundreds and some thousands of dollars by just identifying all

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Speaker 2: of the subscriptions they forgot about. So if you want

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Speaker 2: to save money this month, make sure to download the

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Speaker 2: Flux app and check out the subscription track.

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Speaker 1: Act to save some moula three delightful stories today, Josie Boy,

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Speaker 1: let's do it for our first SPC. The fruit and

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Speaker 1: veged processor has been a major beneficiary as ossies are

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Speaker 1: stocking up on baked beans and canned goods.

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Speaker 2: Forget toilet paper. We've officially entered the baked beans era.

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Speaker 1: Tell me all So. SPC is one of Australia's largest

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Speaker 1: food manufacturers, best known for its pantry staple the.

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Speaker 2: Kind of cancer that have been quietly sitting in your

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Speaker 2: cupboard for decades collecting dust yep.

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Speaker 1: Think SPC baked bean spaghetti, ARDMTA canned tomatoes, gold and

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Speaker 1: valley fruit cups.

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Speaker 2: And if you grew up in Australia, chances are SPC

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Speaker 2: was in your lunch box at some point.

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Speaker 1: Those little fruit snacks were strong trade currency in the playground.

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Speaker 1: Juice boy, you know it, I do and be man.

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Speaker 2: SPC returned to the ASEX in twenty twenty four after

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Speaker 2: nearly twenty years off the market.

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Speaker 1: That was after they merged with Original Juice Company and.

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Speaker 2: Now SPC said that its sales of canned goods has

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Speaker 2: jumped out up to twenty percent in the last month.

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Speaker 1: Mm hm, And what is the reason.

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Speaker 2: Shoppers are stocking up on long life products because they're

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Speaker 2: expecting a price increase over the coming months due to

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Speaker 2: the war in the Middle East.

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Speaker 1: Nothing like a bit of cost push inflation to drive

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Speaker 1: up prices.

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Speaker 2: So what is the key learning here?

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Speaker 1: Cost push inflation is when it becomes more expensive to

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Speaker 1: produce goods, so businesses pass those costs onto consumers through

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Speaker 1: higher prices.

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Speaker 2: For contact being man, the price of oil per barrel

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Speaker 2: jumped nearly sixty percent high as the start of this walk.

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Speaker 1: Now does it? Oil isn't just about filling up your car.

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Speaker 1: It affects almost everything.

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Speaker 2: We're talking transport, manufacturing, packaging, even fertilizer for crops.

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Speaker 1: In fact, locally transport providers have already increased prices by

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Speaker 1: as much as thirty six percent.

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Speaker 2: So companies like SPC are now dealing with higher costs

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Speaker 2: across their entire supply chain.

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Speaker 1: So to maintain their margins, they may increase product prices.

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Speaker 2: The result, consumers end up paying more at the checkout,

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Speaker 2: and that's a big reason why consumers are stocking up

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Speaker 2: now before the price increase hits and a big reason

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Speaker 2: why SPC is seeing the fruits of all its labor.

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Speaker 2: Floxam we love talking all things business and investing on

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Speaker 2: our podcast, so we're very excited to be joined by

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Speaker 2: Sue Leaf from SMP down Jones Indices. Sue is the

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Speaker 2: director and a pack head of Index Investment Strategy and

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Speaker 2: SMP DJI is the company behind some of the world's

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Speaker 2: most famous benchmarks, like the s and P five hundred

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Speaker 2: and the smpasx two hundred. Today we're getting to what

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Speaker 2: an index provider actually does, how companies get in or

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Speaker 2: get kicked out, and what's really going on behind the scenes.

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Speaker 2: So sue ocome toward the flocks.

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Speaker 3: Hi, thanks for having me.

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Speaker 2: So starting with the basics, what exactly does an index

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Speaker 2: provider do? Can you briefly explain the role of SMP

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Speaker 2: DJI versus ATF brand like and ashes.

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Speaker 3: In short, an index provider makes indices and an ETF

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Speaker 3: manager makes an investment product that mimics the performance of

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Speaker 3: an index, so investors can gain exposure to the index

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Speaker 3: by buying or selling the TF. An index provider, like

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Speaker 3: SMP thousands indices, designs, calculates, and maintains indices. An index

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Speaker 3: is simply a list of securities that change based on

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Speaker 3: a set of rules. SMP thousands induses publishes many indices

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Speaker 3: across geographies and asset classes, and the most well known

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Speaker 3: ones include the SMP five hundred that measures the largest

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Speaker 3: and most liquid five hundred US stocks, or the smpasx

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Speaker 3: two hundred, which measures the largest two hundred stocks in Australia.

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Speaker 3: By contrast, an INTF brand like I Shares is a

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Speaker 3: fund manager. They create investment products that aim to track

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Speaker 3: the performance of an index.

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Speaker 1: Very interesting, and another question that I think many members

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Speaker 1: of our audience would love to hear is how do

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Speaker 1: companies get into an index and who decides what's in

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Speaker 1: and what's out.

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Speaker 3: Yes, companies are selected for an index based on the

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Speaker 3: eligibility criteria defined in the index methodology. So SMP Dollsands

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Speaker 3: Indices sets these rules and regularly reviews the index to

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Speaker 3: ensure it reflects its stated objective. The methodology is transparent

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Speaker 3: and publicly available, so everyone can see exactly how the

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Speaker 3: index is calculated.

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Speaker 2: Okay, so let's get a little bit more practical here.

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Speaker 2: Using the I Shares Global one hundred ATF as an example,

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Speaker 2: how are companies actually assessed?

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Speaker 3: Yes, the SMP Global one hundred index focuses on multinational

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Speaker 3: blue chip companies with global significance, So how do they

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Speaker 3: pick those stocks? One example is more than thirty percent

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Speaker 3: of a company's revenue needs to be generated outside of

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Speaker 3: the company's country of domicile to be eligible for this index.

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Speaker 3: What that means is these company's fortunes are often linked

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Speaker 3: to the global demand, not just the economic cycle of

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Speaker 3: one country. This index contains many large kus companies like Nvidia, Apple, Microsoft, Amazon,

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Speaker 3: or Google, as well as South Korea Samsung Electronics, switzerlands Nesle,

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Speaker 3: and Japan's Toyota Motor Corporation. And this index is designed

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Speaker 3: to represent the large end global equities. So one screen

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Speaker 3: is a minimum market cap capitalization of five billion US dollars,

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Speaker 3: but the size isn't enough. A second key filter is liquidity,

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Speaker 3: which is basically how easily can this not be bought

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Speaker 3: or sold? In practice, higher trading volume and better liquidity

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Speaker 3: makes a company more index friendly because it's easier for

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Speaker 3: an index tracking fund to trade efficiently, So the index

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Speaker 3: is not just big funds, but the big companies that

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Speaker 3: trade actively. And last, but not least, sector balance is

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Speaker 3: considered to reflect the sector distribution of the global equity

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Speaker 3: market through these one hundred stocks. A practical outcome of

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Speaker 3: selecting the biggest global multinational is that the sector mix

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Speaker 3: can look very different from the Australian market. For example,

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Speaker 3: the SMP Global one hundred currently has about forty three

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Speaker 3: percent in information technology, whereas SMPASX two hundred has only

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Speaker 3: two percent.

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Speaker 2: Wow, So so good to have you on What the

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Speaker 2: Flex podcast learning more about the indices both in Australia

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Speaker 2: and globally. Thanks for joining us, look forward to chatting again.

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Speaker 1: Thank you for our second story. Uniclo is heading for

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Speaker 1: another record year with global expansion driving a surprise surge

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Speaker 1: in profits.

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Speaker 2: Unicloe officially the uniform of Australians right now, by man,

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Speaker 2: so tell me more so.

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Speaker 1: Uniclo is owned by a parent company called Retailing, which

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Speaker 1: started as a single store in Hiroshima, Japan in nineteen

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Speaker 1: eighty four.

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Speaker 2: And be man, did you know the name Uniclo was

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Speaker 2: short for Unique Clothing? But the person submitting the company

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Speaker 2: registration mistyped it with a Q instead of a C

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Speaker 2: and the rest is history.

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Speaker 1: Wow. Fast forward to today and Uniclo has got over

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Speaker 1: twenty five hundred stores worldwide and will not stop growing.

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Speaker 2: And now uniclothes lifted its full year profit forecast after

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Speaker 2: reporting a much stronger than expected quarterly result.

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Speaker 1: We're talking and operating profit jump of nearly thirty percent and.

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Speaker 2: Even better, b man, Uniclo upgraded its full year profit

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Speaker 2: forecast to seven hundred billion yen.

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Speaker 1: Oh wow, which puts it on track for a fifth

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Speaker 1: consecutive record year.

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Speaker 2: All right, numbers man, where is the growth coming from? Well,

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Speaker 2: mainly North America and Europe. But Beman, Uniclo also has

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Speaker 2: another secret weapon up at sleeve, the declining yen. Yeah,

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Speaker 2: and so what is the key learning here? When your

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Speaker 2: currency drops, your country can become a global shopping bargain overnight.

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Speaker 1: Japanzien has fallen roughly twenty five to thirty percent against

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Speaker 1: the US dollar since twenty twenty one, and Unicloe is

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Speaker 1: benefiting in two key ways.

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Speaker 2: Not only has the wiki enit dreven more tourism too Japan,

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Speaker 2: but it's also helped with their sales.

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Speaker 1: Tourists are basically arriving with empty suit cases and leaving

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Speaker 1: dressed head to toe in Uniclo.

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Speaker 2: In fact, b Man foreign shoppers now contribute around ten

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Speaker 2: percent of unicloes domestic sales from Japan.

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Speaker 1: But globally there's another tailwind. When uniclose sells in stronger

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Speaker 1: currencies like the US dollar or euro, those earnings convert

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Speaker 1: back into more yen on the company's financial statements, So

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Speaker 1: even if they sell the exact same number of clothes,

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Speaker 1: their revenue can still go up. So Jessie Boy currency

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Speaker 1: movements can amplify international earnings without any change in sales volume.

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Speaker 1: For our third and final story, Anthropy is holding back

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Speaker 1: its most powerful AI model and only giving it to

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Speaker 1: big tech to stop hackers winning the AI arms race.

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Speaker 2: This one kind of feels the little sci fi eb man,

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Speaker 2: Tell me what's happening.

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Speaker 1: So, jazie boy. Anthropy is one of the world's biggest

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Speaker 1: AI companies, the one behind the Claude model.

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Speaker 2: Think chat jipt is quieter but arguably more powerful cousin.

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Speaker 2: Over the past few months, Claude has been every Yeah,

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Speaker 2: they've rolled out things like Claud Cowork cloud skills and

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Speaker 2: newer versions of Claud code too. And they've just built

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Speaker 2: a new AI model called Mythos, but they're not releasing

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Speaker 2: it to the public, okay, And why is that?

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Speaker 1: Well, because the thing is apparently a little too good,

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Speaker 1: a little bit too effective at hacking.

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Speaker 2: And Theropy claims that Mythos has uncovered thousands of software

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Speaker 2: vulnerabilities across thousands of companies, some that have been hiding

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Speaker 2: in systems for up to twenty seven years. So instead

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Speaker 2: of launching it like a normal AI product, Anthropy is

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Speaker 2: only giving access to a select group of heavy hitters

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Speaker 2: like your Amazon's, your Apples, your Microsoft, your Googles, and

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Speaker 2: your JP Morgans.

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Speaker 1: So what's the key learning here?

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Speaker 2: AI isn't just helping companies build better products, it's also

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Speaker 2: uncovering their weaknesses.

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Speaker 1: And in the cybersecurity world, the AI arms race has

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Speaker 1: become especially intense.

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Speaker 2: Yeah, we know that AI can now automate tasks that

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Speaker 2: usually required highly skilled and many humans, like scanning code,

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Speaker 2: identifying vulnerabilities, or even launching cyber attacks. In fact, the

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Speaker 2: man Mythos found a bug in software that had already

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Speaker 2: been tested over five million times and no human had

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Speaker 2: spotted it.

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Speaker 1: And if you think about cybersecurity, in the past, companies

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Speaker 1: usually had a bit more breathing room to respond to threats, but.

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Speaker 2: In this new world of AI, that window is shrinking fast.

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Speaker 1: And the stakes are pretty high. When you're talking about banks,

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Speaker 1: or energy companies and other systems that we all rely on,

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Speaker 1: for example being Man Commbanking, west Pack both use AWS

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Speaker 1: to store their cloud data, and NAB has ninety percent

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Speaker 1: of its apps in the cloud with a mix of AWS,

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Speaker 1: Microsoft as Or, and Google Cloud.

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Speaker 2: So Anthropy is trying to give the biggest cloud players

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Speaker 2: early access to these powerful tools before the bad actors

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Speaker 2: can get their hands on it and potentially act. If

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Speaker 2: you feel like you start every single month with hundreds

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Speaker 2: of dollars taken out of your account because of subscriptions

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Speaker 2: that you signed up for late at night or when

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Speaker 2: you are half asleep, the Flux Subscription Tracker can help

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Speaker 2: more money in your bank account every single month. It

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Speaker 1: Thanks for listening and we'll see you on Wednesday. The

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