Buy or Sell · Sep 24, 2026
With Daniel Kelly, Chief Investment Officer at Viola Private Wealth · Andrew Wielandt, Director at DP Wealth Advisory
Asked to build an income portfolio from only three listed funds, Daniel Kelly of Viola Private Wealth put two of his three slots into listed private credit and estimated the combined yield at about 7.4%.
Andrew Wielandt of DP Wealth Advisory stayed with listed shares: an index fund of Australian dividend payers, an actively managed global fund and Plato's monthly-paying Australian fund, for a yield he put at around 6.4%. When each was asked to cut one of the other's picks, Wielandt chose one of Kelly's private credit funds.
"I would actually not focus on management fees for these types of exposures."
Daniel Kelly, Chief Investment Officer at Viola Private Wealth, on Buy or Sell, brings more than a decade of experience in private and investment banking. Andrew Wielandt, a director at DP Wealth Advisory whom the host introduced as the "ETF Whisperer", has nearly 30 years in financial services.
The full episode is covered here so you can skip it.
Here are the 9 calls that matter.
Key Takeaways
Listed private credit now gives retail investors yields once reserved for the wealthy, Kelly said
Minimums are $500, against the $5 million to $15 million those yields once required
Kelly would not judge private credit funds on their fees, only on the income left after them
Wielandt would sell the Qualitas real estate credit fund because of unhelpful sentiment around Australian private credit
Kelly would sell Plato's PL8, reluctantly, because it trades at a large premium to the value of its assets
Neither adviser used a royalty fund or a yield-maximizer ETF, because three funds left no room
Talaria's global fund holds cash to buy in a market drop and charges four times as much as Vanguard's index fund
1. Wielandt's Cheap Index Fund
The host asked Wielandt for his three funds first. He said his model portfolios would hold more than three, then named the Vanguard Australian Shares High Yield ETF (VHY), Talaria's global equity fund and Plato's PL8, one-third in each.
He described VHY as a fund that follows an index of 92 Australian dividend-paying shares, excluding real estate investment trusts. By his figures it pays about 4.3%, carries a high level of franking credits, pays quarterly and charges around 0.25% a year.
VHY's weakness is how much it holds in banks and other financial companies
He said financial stocks make up about 27% of the Australian index from memory, and he thought the fund could hold as much as 40%.
"So that's its fatal flaw but certainly it's got around $8 billion funds under management from memory." — Andrew Wielandt
He said it is cheap enough that it would be in the portfolios of many of his clients who are not running a three-fund portfolio "for entertainment purposes only."
