Alex Gluyas
Alex Gluyas is a markets reporter at the Australian Financial Review who examines how investor flows, valuation pressures and structural shifts shape the Australian sharemarket, with a particular focus on equities and the technology sector. His brief spans major asset classes, and he writes regularly about equities alongside commodities and currency markets. Across his work he combines performance data with fund manager commentary to show how professional and retail investors navigate changing conditions.
Equity markets and ASX trading dynamics
Gluyas’s core patch is the equity markets beat, where he tracks ASX performance, trading conditions and sector moves. He has reported on the ASX capping one of the “toughest” years for stock pickers, detailing how backing the mining sector was rewarded while bets on technology and healthcare were “brutally” wrong‑footed, and setting the index’s 12‑month gain against its long‑term average. He also examines trading behaviour, such as record levels of online activity and how algorithmic trading firms, hedge funds, passive flows and superannuation funds contribute to heightened volatility and leave popular market darlings exposed. In live markets coverage he contributes real‑time updates on how local shares respond to global moves, political shocks and company news, including sessions where the bourse ends lower while gold miners and the dollar gain. This day‑to‑day work keeps a close eye on where risk and opportunity are shifting across the local market.
Fund managers, stock picking and market strategy
Gluyas spends significant time inside the world of professional investors, using fund managers’ portfolios and decisions to explain market themes. He has profiled a prominent manager who cashed in a high‑conviction short position in Magellan, unpacking the thesis behind the trade and its timing. In broader strategy pieces he has highlighted “fundies on alert” for risks to equities, canvassing how leading investors viewed the balance of threats and opportunities going into 2022. More recently he has reported on fund managers “loading up on ASX dogs”, outlining which beaten‑up stocks and sectors they are buying after a volatile financial year and why they see a path to a comeback. His coverage of GQG’s warning over SpaceX’s “eye‑watering” valuation extends this lens to global markets, using a major investor’s concern about private tech valuations to frame the risk of an inflated technology bubble. He has also written on why the sell‑off in big tech looks overdone, relaying views from investors such as Munro Partners’ chief investment officer on how growth narratives and valuation resets interact. Taken together, these pieces show a sustained interest in how active managers position for turning points in markets.
Technology stocks, AI and valuation risk
Technology and growth stocks are a recurring focus of Gluyas’s reporting, especially where valuations intersect with structural changes such as artificial intelligence. In his “SaaSurrection” coverage he documents investors wagering that Wall Street’s tech revival will spill over into Australia’s software names, describing how a sharp recovery in the Nasdaq has revived appetite for local SaaS companies. He links this to earlier episodes where a brutal sell‑off in technology, driven by fears that AI could displace established software businesses, turned parts of the ASX tech sector into a hunting ground for contrarian fund managers. His work on big tech volatility, including arguments that the sell‑off looks overdone, explores both the resilience of underlying business models and the dangers of extrapolating short‑term price moves. Across these articles he balances narratives of innovation and growth with explicit attention to valuation discipline and bubble risk, tying global shifts in technology to their impact on Australian listed stocks.
Market structure and concentration on the ASX
Another strand of Gluyas’s coverage looks at how the structure of the Australian sharemarket is changing. He has reported on the ASX shrinking for the first time in 18 years, examining the decline in listed companies and what a smaller market means for investors and capital formation. His front‑page markets work has also explored rising concentration risk in the S&P/ASX 200, drawing on research that shows the index becoming increasingly dominated by its top holdings and explaining the historical relationship between high concentration and the outperformance of equal‑weight strategies. These structural stories sit alongside his daily markets reporting, providing context on index composition, diversification and the balance of power between large caps and the broader market. By combining analysis of market mechanics with investor behaviour, Gluyas gives readers a clear view of both how the ASX trades and how it is evolving over time.
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Alex Gluyas
Alex Gluyas is a markets reporter at The Australian Financial Review who links fund manager strategy, trading flows and sector shifts into one clear equity market story. He covers Australian equities and the ASX, explaining how professional investors, concentration risk, sector rotation and stock‑specific moves drive index performance. His work spans front‑page markets pieces, weekend features, regular online coverage and intraday commentary for the Markets Live blog across equities, commodities and currency markets. He reports on mining rallies, underperforming technology and healthcare stocks, “ASX dogs”, global tech giants, private equity themes and the impact of retail, algorithmic and passive trading on volatility and short selling. He relies on fund manager case studies, mandates and performance data to show how investor decisions and market structure shape share prices and returns.