"There isn't an Aussie fund manager who's not buying this stock right now"

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When the going gets tough, the active hedge fund managers get going.Four of them do, at least.The second panel session of Livewire Live 2023, titled "Opportunities beyond "houses and holes" on the ASX", saw four of Australia's leading hedge fund managers discuss the pockets of opportunity they can see in an otherwise challenged market.That included:Philip King from Regal Funds ManagementMark Landau from L1 CapitalTim Carleton from Auscap Asset ManagementMatt Williams from Airlie Funds Management."When there’s too much money in passive, the opportunities arrive for active managers," says King.Where are they seeing those opportunities? Not in China, at least in the short term. You can forget about defensives too.Resources are a different story, with current prices for iron ore a good bellwether for the sector writ large.But as the namesake of the session implied, it's not all about the holes. While Australia's economy is dominated by property and mining, there are plenty of opportunities across a wide swathe of sectors, from retail to tech and healthcare.Matt Williams (Left) Matthew Kidman (Middle) Tim Carleton (Right) (Source: Livewire Markets)The iron ore price is a strange, yet bullish, signalIron ore's strength (it's currently trading at around US$120) amid a slowing China and teetering global economy has left many analysts scratching their heads.“We are flabbergasted that [iron ore] is holding up because steel consumption on a per-person basis peaked in 2020," says Carleton."And we expect that it’s at the start of a very, very long descent."Of course the outlook for China dovetails the outlook for iron ore, because of how much it consumes for steel production.As Carleton shows in the graph below, it's all about China. Source: World Steel Association, AuscapKing's deeply concerned about China; particularly its property market, which he calls "a bigger bubble than Bitcoin." Yet he doesn't think the Middle Kingdom will go the deflationary way of Japan."There's a lot of differences between China today and Japan of 30 years ago. We just haven't seen the bubble in Chinese stocks that we saw in Japanese stocks, and a lot of the debt."King suggests the strong iron ore price is a bullish signal as it is a net positive for commodities."It's very bullish for all commodities that in a rising inflation environment, with rising cost curves, commodities are holding u...

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