Investment

Investment Articles

RAM THIRUKKONDA , SETH WEINGRAM , THOMAS DOBLER | Comments | THURSDAY, 6 MAY 2021

Over the past four decades, the long-term sovereign bonds that typically dominate asset owners' fixed income allocations have delivered outstanding returns. Moreover, since 2000, they have also been ... Read more

The renewable energy investment case

GANESH SUNTHARAM , TOBY BELLINGHAM | Comments | FRIDAY, 23 APR 2021

The energy sector is currently at the early stages of a major restructure from fossil fuels to clean energy. This evolution will continue for decades, supported by a globally coordinated effort to transition ... The ... Read more

Three lessons when assessing ESG risks

JOSHUA KENDALL | Comments | THURSDAY, 8 APR 2021

Wirecard, the German payments company, filed for insolvency on 25 June 2020 after the group revealed over-indebtedness and reported incidences of fraud. Having issued an investment grade bond in September ... Wirecard ... Read more

Trading at London 4pm: The illusory benefits of maximum liquidity

STUART SIMMONS | Comments | TUESDAY, 30 MAR 2021

This paper explores why trading at the London 4pm WM/Refinitiv benchmark fix (Fix) brings Australian institutional investors only the illusory benefits of maximum liquidity. The conclusion is that investors ... This ... Read more

FANMAGs: because FAANGs are so yesterday

ISHAN GHOSH | Comments | FRIDAY, 12 MAR 2021

FANMAG (Facebook, Amazon, Netflix, Microsoft, Apple, and Google (now trading as Alphabet)) returns have been extreme relative to their contemporaries, but not their predecessors - their performance has ... FANMAG ... Read more

From hurdler to hero

RAEWYN WILLIAMS | Comments | THURSDAY, 11 FEB 2021

Mass consolidation is a much-studied phenomenon of the corporate sector, riding the economic boom/bust cycle—but it is a first for Australia's $3 trillion superannuation industry (see Australian ... Mass ... Read more

Child superannuation contributions

MARTIN FOWLER | Comments | THURSDAY, 28 JAN 2021

Child superannuation contributions strategies are often dismissed due to the very long period of time before the funds can be accessed. This paper explores if contributions can be made and whether they ... Child ... Read more

Judgment or not, trustees must not ignore climate risk

SARAH BARKER , ELLIE MULHOLLAND | Comments | THURSDAY, 3 DEC 2020

Superannuation trustees and company directors had been keenly anticipating the outcome of the claim by Mark McVeigh against the trustee of REST Super. The case was regarded as the first opportunity globally ... Superannuation ... Read more

Direct or listed infrastructure

SARAH SHAW | Comments | FRIDAY, 25 SEP 2020

A popular discussion point for investors in recent months has been what shape the post-pandemic recovery will take. While the answer to this question is yet to be revealed, one thing that remains true ... A ... Read more

Equity portfolio evolution

RAEWYN WILLIAMS , JOSHUA MCKENZIE | Comments | FRIDAY, 18 SEP 2020

All sectors of the superannuation industry agree that successful equity investing entails some short-term pain to enjoy long-term gain. Superannuation funds and investment managers who embrace an active ... All ... Read more

Staring down the barrel of an uncertain future

MARK LEWIS | Comments | THURSDAY, 10 SEP 2020

A few months is a long time in oil markets. In late February 2020, the attention of oil-industry analysts and investors was fixed firmly on the supply side of the market, with all eyes on the growing ... A ... Read more

Walk the talk: on engagement and proxy voting

BJORN DE SMEDT | Comments | FRIDAY, 28 AUG 2020

In the last few years, a growing number of investor stewardship codes have called for investors to become more active owners. Stewardship codes typically outline how investors can encourage companies ... In ... Read more

The road ahead: secondaries markets in 2020

SEAN COLE | Comments | WEDNESDAY, 19 AUG 2020

While there has been a hiatus in new deal activity in fund secondaries markets during the significant market dislocation experiences in the first quarter of this year, we look ahead to the green shoots ... While ... Read more

ESG compliance during a pandemic

CHRISTINE COVINGTON | Comments | THURSDAY, 13 AUG 2020

The COVID-19 pandemic has justifiably absorbed management and board attention, but environmental and other activist groups have not shifted their focus during the lockdown. Despite the coronavirus, climate ... The ... Read more

A sting in the transition tail

RAEWYN WILLIAMS , JOSHUA MCKENZIE | Comments | FRIDAY, 26 JUN 2020

The sophisticated world of large superannuation fund investing demonstrates an age-old aphorism: the only constant is change. Funds initiate some changed themselves to implement new ideas, address risks ... The ... Read more

ESG performance and cannabis

KELLIE JOHNSTON , ANDREA BREWER | Comments | FRIDAY, 12 JUN 2020

The link between positive environmental, social and governance (ESG) performance and economic growth is not new. However, the heightened focus by market participants on value creation through sustainability ... The ... Read more

Goals-based investing

MATTHEW WALKER | Comments | FRIDAY, 22 MAY 2020

Goals-based investing is about building and managing investment portfolios to achieve particular outcomes. Goals-based investing focuses on achieving the specific results desired by the end client, the ... Goals-based ... Read more

Investing in property via an SMSF

MARK WILKINSON , GEOFF ROONEY | Comments | FRIDAY, 15 MAY 2020

The introduction of the self-managed superannuation fund (SMSF) 20 years ago gave Australians greater flexibility, control and choice over how they invest their retirement savings. Property ownership ... The ... Read more

The struggle for oil market supremacy

KIM CATECHIS | Comments | FRIDAY, 24 APR 2020

The markets have been reacting violently to the sudden weakness in the oil price. West Texas International (WTI) is down 48% from the level of $61 per barrel, where it started the year. Brent's fall ... The ... Read more

The curious performance impact of buybacks

RAEWYN WILLIAMS , JOSHUA MCKENZIE | Comments | FRIDAY, 27 MAR 2020

Off-market share buybacks are a curious form of Australian corporate action: what rational investor would deliberately elect to sell back shares at a price below market value? The answer lies in the ... Read more

Income, growth and certainty

DUNCAN KNIGHT | Comments | FRIDAY, 21 FEB 2020

Retirement investing is necessarily complex. The median superannuation balance when entering retirement generally will not be adequate enough to support a comfortable lifestyle in the retirement years ... Retirement ... Read more

An ESG returns story

ALEX EVERETT | Comments | FRIDAY, 14 FEB 2020

When a company is the subject of its own blockbuster movie, it tends not to be good news. Examples of Deepwater Horizon (BP), The Social Network (Facebook) and Too Big to Fail (multiple financial institutions) ... When ... Read more

Investing in a non-geared unit trust

NICHOLAS ALI | Comments | FRIDAY, 24 JAN 2020

An alternative to a self-managed superannuation fund (an SMSF) establishing a limited recourse borrowing arrangement (LRBA) is for the fund to invest in a unit trust. An advantage of a fund investing ... An ... Read more

How to construct superior sustainable portfolios

ASHA MEHTA , MATTHEW PICONE , SETH WEINGRAM | Comments | THURSDAY, 10 OCT 2019

Over the past decade, investors have pursued a growing range of responsible investing objectives. Increasingly, investors recognise the alpha potential and risk mitigating properties of responsible investing. Over ... Read more

Negative interest rates

KASHI TRATHEN | Comments | FRIDAY, 27 SEP 2019

In 1987, the then Federal Treasurer Paul Keating remarked that if you went into your local pet store, you would find the galah talking about microeconomic reform. In 2019, those same galahs (they can ... In ... Read more

A guide to ethical investing

NICHOLAS STOTZ | Comments | THURSDAY, 22 AUG 2019

Socially conscious investing, whereby companies are evaluated not only by their investment potential but also by their environmental and social impact, is one of the fastest growing investment strategies ... Socially ... Read more

Active currency management for long-term investors

GORDON BROWN | Comments | THURSDAY, 11 JUL 2019

"It is a riddle, wrapped in a mystery, inside an enigma." ~Sir Winston Churchill Churchill's well-known words describing Russia applies equally well to the topic of currency management. "It ... Read more

Understanding the water-energy-food nexus

MARIA DREW | Comments | THURSDAY, 16 MAY 2019

Water. Energy. Food. Three vital components for sustainable development. The interaction of these factors is commonly referred to as the Water-Energy-Food Nexus (WEF-Nexus). Changes in population, urbanisation ... Water. ... Read more

Closing the gulf

CARL ROSS | Comments | THURSDAY, 9 MAY 2019

On 31 January 2019, J.P. Morgan, which manages the EMBI suite of emerging market bond indices, added five new countries of the Gulf Cooperation Council (GCC) to the external debt benchmarks. This addition ... On ... Read more

Anecdotes versus evidence

RAEWYN WILLIAMS , MAHESH PRITAMANI | Comments | WEDNESDAY, 24 APR 2019

Everyone likes a good news story. For large superannuation fund equity portfolios, a favourite topic is the value Australian equity managers can add by participating in initial public offerings (IPOs). Everyone ... Read more

Deconstructing decarbonisation

TOM NELSON , PHILIP SAUNDERS | Comments | THURSDAY, 18 APR 2019

The fast view Humanity faces an unprecedented challenge: to transition quickly to a carbon-free growth model, one that reduces the emissions causing climate change and could also lead to a more sustainable ... The fast view Humanity ... Read more

Climate change investment strategy

MATT WHINERAY | Comments | THURSDAY, 11 APR 2019

The New Zealand Superannuation Fund was established to help reduce the future tax burden of universal pensions for New Zealanders. We began considering the implications of climate change more than 10 ... The ... Read more

Renewable energy: Investing in an evolving generation landscape

ANDREW PICKERING | Comments | FRIDAY, 29 MAR 2019

Over the past decade, wind and solar have provided the bulk of additional generation capacity to the National Electricity Market (NEM), replacing retired coal and gas-fired plants. Despite a significant ... Over ... Read more

Liquid Alts: Rising to the occasion

JOHN THORNDIKE | Comments | TUESDAY, 12 MAR 2019

How liquid alternatives, aided by higher cash rates, could help position portfolios to achieve 5% real returns. Executive summary In the years following the Global Financial Crisis, liquid alternative ... How ... Read more

DNA of a manager search

TOBY GOODWORTH | Comments | FRIDAY, 15 FEB 2019

Derivatives-based overlay strategies to protect against equity losses have become increasingly popular through the past twelve months among pension funds, endowments and other asset owners. Investors ... Derivatives-based ... Read more

The APAC growth era: Spring is here to stay

TOH SHAOWEI , ADELINE CHAN | Comments | FRIDAY, 11 JAN 2019

Even though much has already been spoken about the coming Asia Pacific (APAC) growth era, the investment universe is still caught in a tug-of-war between the familiar comforts of growth in the West and ... Even ... Read more

Rhetoric vs. reality (Part two)

MATTHEW STROTTON , MATTHEW PETER | Comments | FRIDAY, 16 NOV 2018

Key takeaways The online challenge is not uniform across all retail segments. E-commerce penetration has been especially notable in highly commoditised, non- perishable and digital goods segments Sales ... Key ... Read more

Rhetoric vs. reality (part one)

MATTHEW STROTTON , MATTHEW PETER | Comments | FRIDAY, 9 NOV 2018

US consumer tail wind augurs well for A and B grade malls The US retail sector is proving a difficult landscape to navigate as competing forces jostle for dominance. Tailwinds from a strong U.S. economy ... US ... Read more

Optimality is in the eye of the beholder

RAEWYN WILLIAMS , CHRIS DREW , MAHESH PRITAMANI | Comments | FRIDAY, 26 OCT 2018

Having the right ingredients for equity investing is mission-critical for superannuation funds. On average, APRA-regulated funds invest almost half of members' capital (47%) into listed equities portfolios. Having ... Read more

Turning tide to reveal more credit uglies

DAMIEN WOOD | Comments | FRIDAY, 19 OCT 2018

The saying goes that a rising tide floats all boats. In the land of credit, it has been a king tide enabling almost anyone to get a loan or issue a bond - as long the interest paid was high enough. This ... The ... Read more

A numbers game: The changing face of demographics

CHRIS RANDS | Comments | FRIDAY, 5 OCT 2018

In 2011, a dramatic shift occurred throughout the developed world - working age populations began a multi-decade decline. Demographic shifts like this in an economy can have profound effects, including ... In ... Read more

ESG integration for investment performance

SUSHEELA PERES DA COSTA | Comments | FRIDAY, 28 SEP 2018

The environmental, social and governance (ESG) performance of companies is increasingly in the spotlight in a world where information and opinion travel fast. Shareholders have also recognised ESG as ... The ... Read more

Australian private debt (Part Two)

BOB SAHOTA | Comments | FRIDAY, 14 SEP 2018

Across the spectrum of Australian private debt, there are a number of sub-sectors that have presented, and continue to present, stronger risk-adjusted returns. These sub-sectors include: Leveraged buyout ... Across ... Read more

Australian private debt (Part one)

BOB SAHOTA | Comments | FRIDAY, 7 SEP 2018

The Australian private debt market is not a new market and has existed for decades. The market consists of several broad categories including owner-occupied mortgages, investor mortgages, consumer loans ... The ... Read more

Perspectives of leading Australian investors in hedge funds

ALTERNATIVE INVESTMENT MANAGEMENT ASSOCIATION | Comments | FRIDAY, 31 AUG 2018

One of AIMA Australia's key goals is to facilitate and develop closer ties to the investment community, both retail and institutional. In order to facilitate this, the AIMA Australia investor advisory ... One ... Read more

Sequencing risk

ACCURIUM * | Comments | FRIDAY, 24 AUG 2018

A key investment risk affecting a client's retirement portfolio relates to the order in which they receive returns. These investment returns, good or bad, have more impact at some points in a client's ... A ... Read more

Taking advantage of the fear and uncertainty

DAVID EISWERT | Comments | FRIDAY, 17 AUG 2018

Global markets are certainly showing plenty of fear and uncertainty right now, as the raging bull narrative has turned back to one of an aging and fading bull. One primary reason relates to concerns ... Read more

The growing importance of the 'E' in ESG

JEREMY TAYLOR , NATHAN COCKRELL | Comments | FRIDAY, 10 AUG 2018

Environmental regulation is escalating Stringent regulations that focus on environmental disclosures, limits, and targets have grown over the past two decades. In early 2017, over 1,400 climate laws ... Read more

Multi-asset class strategies

PETER CHIAPPINELLI | Comments | FRIDAY, 3 AUG 2018

Once perceived as misfits for investors, multi-asset class strategies are now used for all sorts of portfolio solutions. Not too long ago, investors, consultants, and advisers in the asset management ... Once ... Read more

Hedging for profit: constructing robust risk-mitigating portfolios

ASHISH TIWARI , JOSH DAVIS , BRAD GUYNN | Comments | FRIDAY, 6 JUL 2018

Recent spikes in volatility have focused investors' minds on mitigating the risk of an equity market correction - and for good reason. The economic cycle in developed economies is approaching its ... Recent ... Read more

Debunking the ESG myths in emerging market debt

SIMON COOKE | Comments | FRIDAY, 29 JUN 2018

Investors often discount the importance of environmental, social and governance (ESG) analysis in emerging market debt (EMD) investing, based on perceptions that emerging market governance is inherently ... Investors ... Read more

Measuring physical climate risk in equity portfolios (part two)

DWS * | Comments | FRIDAY, 15 JUN 2018

Part one of this paper, published last week, looked at the risk indicators developed by Four Twenty Seven and used in their modelling to obtain physical climate risk score, which is applied below to ... Read more

Measuring physical climate risk in equity portfolios (part one)

DWS * | Comments | FRIDAY, 8 JUN 2018

This white paper provides some of the tools that investors need to more accurately monitor and address the physical effects of climate change on investment portfolios. The objective is to satisfy institutional ... This ... Read more

Discerning the nuances in distressed credit

WILLIAM DE LEON , JONATHAN HORNE | Comments | FRIDAY, 1 JUN 2018

In distressed credit investing, careful legal and capital structure analysis must go hand in hand with fundamental corporate analysis. In distressed credit investing, careful legal and capital structure ... Read more

Is infrastructure a bond proxy?

GREG GOODSELL | Comments | FRIDAY, 25 MAY 2018

Inflation looks to be very slowly emerging from a long slumber and interest rates are heading north. This has significant implications for the world's economy and global equity markets. For global ... Inflation ... Read more

Marine infrastructure

TONY FOSTER | Comments | FRIDAY, 11 MAY 2018

As infrastructure investors begin to cast their nets wider in the search for high-yielding and diversifying assets, marine infrastructure is one area which offers many characteristics that will appeal ... As ... Read more

History will not be kind to them

DAMIEN WOOD | Comments | THURSDAY, 29 MAR 2018

Years from now, when historians look at the "big ease" after the "great recession" of 2008, we suspect the reviews of some central bankers of the recent era will not be favourable. Years ... Read more

An Aussie sense of style (Part II)

OLIVIER D'ASSIER | Comments | FRIDAY, 16 MAR 2018

Profitability Profitability has been a very, well, profitable factor to bet on in Australia YTD. With the exception of the LO-FMP strategy, this large cumulative factor return of 4.46%, was not captured ... Profitability Profitability ... Read more

An Aussie sense of style

OLIVIER D'ASSIER | Comments | FRIDAY, 9 MAR 2018

It is common wisdom in the industry that not all alpha factors make good risk factors. There is, however, plenty of evidence in the literature that some of the style risk factors commonly found in fundamental ... It ... Read more

Emerging market debt: To blend or not to blend?

MATHIAS NEIDERT | Comments | THURSDAY, 25 JAN 2018

For investors in emerging market debt, one key decision above any other has dictated performance over the past decade: The use of local versus hard currency bonds. Local versus hard currency has also ... For ... Read more

Culture and sustainable alpha generation

SANJAY NATARAJAN , MICHAEL CANTARA , CAROL GEREMIA , BEN KOTTLER | Comments | FRIDAY, 19 JAN 2018

"I came to see in my time at IBM that culture isn't just one aspect of the game, it is the game." - Lou Gerstner. Culture matters - and it really matters in investment management firms. "I ... Read more

Brazil: Bold and beautiful

ANDREW GREENUP | Comments | FRIDAY, 1 DEC 2017

I have just spent a week in Brazil visiting infrastructure companies, assets, regulators and government in Curitiba, Brasilia and Sao Paulo. The following research provides an overview of Brazil's infrastructure ... I ... Read more

Harvesting factor premia down under

OLIVIER D'ASSIER | Comments | FRIDAY, 24 NOV 2017

In this paper, we use the medium horizon variant of Axioma's newly released Australian fundamental factor model (AXAU4 - MH) to analyse and compare four Smart Beta ETFs listed on the Australian Stock ... In ... Read more

Impact investing: An emerging opportunity to add broader value?

JONATHAN STEFFANONI , DESIREE LUCCHESE | Comments | FRIDAY, 10 NOV 2017

In a 1970 article in the New York Times Magazine, Nobel Laurette and late University of Chicago Professor Milton Friedman pronounced that "the social responsibility of business is to increase its ... In ... Read more

Adding alpha by subtracting beta

CHRISTOPHER MARTIN | Comments | FRIDAY, 20 OCT 2017

Fundamental (discretionary) portfolio managers typically build their portfolios from the bottom up. That is, they identify stocks they expect to beat the market and combine them to create a portfolio. Fundamental ... Read more

Active management

QIC LIMITED | Comments | FRIDAY, 29 SEP 2017

The "climate wars" pitting the two major political parties against each other has been one of the most debilitating features of the public policy debate in Australia over the past decade. It's been a ... The ... Read more

Global listed infrastructure: past, present, future

ANDREW GREENUP | Comments | FRIDAY, 22 SEP 2017

The past decade has witnessed the birth of a new asset class: Global Listed Infrastructure Securities (GLIS). While investors have embraced infrastructure as an asset class since the 1990s, the idea ... Read more

Redefining active management for emerging market debt

SERGIO PAZ , ERNESTO BETTONI , PABLO GOLDBERG | Comments | FRIDAY, 15 SEP 2017

The qualities that make emerging market debt attractive to institutional investors are no mystery: higher coupons than developed market debt, within a diversified investment universe. With global interest ... The ... Read more

Understanding risk in Australian retirement portfolios

ROBERT MEAD , FABIAN DIENEMANN | Comments | FRIDAY, 8 SEP 2017

While housing has definitely helped support the Australian economy over the past four to five years, any further increases in house prices that are in excess of wage growth will represent potential systemic ... While ... Read more

Global and emerging market equity outlook 2017

EDWARDS PERKS , MARK MOBIUS , STEPHEN DOVER | Comments | FRIDAY, 1 SEP 2017

Out-of-sync global growth appears apt to continue in 2017, much as we have seen in the past few years. In our view, incremental improvement in global economic output should be supported by a combination ... Out-of-sync ... Read more

The creation of an alternative asset class

ALAN GREENSTEIN | Comments | FRIDAY, 14 JUL 2017

The Australian investment market of 2017 is evolving rapidly. Low interest rates and global monetary policy have pushed yields to record lows. Property prices have reached "bubbly" proportions ... The ... Read more

Infrastructure: Financing Australia's future

JAMIE WILLIAMSON | Comments | FRIDAY, 13 JAN 2017

It's hard to ignore the appeal of infrastructure as an investment option with chronic under investment in the asset class and the world's population booming. Offering a diverse range of assets ... It's ... Read more

Discovering phi

SUZANNE DUNCAN | Comments | FRIDAY, 13 JAN 2017

In this paper, the global head of State Street's Center for Applied Research, Suzanne Duncan, discusses the hidden variable missing in discussions about investment management. In this paper ... Read more

Smart credit investing: Harvesting factor premiums

PATRICK HOUWELING , JEROEN VAN ZUNDERT | Comments | FRIDAY, 13 JAN 2017

Factor investing Investors are increasingly allocating their assets to factors. Factor investing differ from traditional portfolio management by following a systematic, rules-based approach to harvest ... Factor ... Read more

Select emerging markets remain resilient and undervalued

MICHAEL HASENSTAB | Comments | FRIDAY, 13 JAN 2017

Throughout much of 2016, bond markets held onto stretched valuations in US Treasuries, largely ignoring the undercurrents of rising inflation and resilient strength in the US labor market. During the ... Throughout ... Read more

Tails and transitions

MIHIR WORAH , GERALDINE SUNDSTROM | Comments | FRIDAY, 13 JAN 2017

One can hardly imagine a better inflection point to revisit asset allocation frameworks than after the U.S. presidential election, especially given increasing skepticism of free trade and open borders ... One ... Read more

Cash: An asset in adolescence

MARK AUSTIN | Comments | FRIDAY, 13 JAN 2017

If the investment industry has a rebellious teenager in the house today, that teenager would be cash: it costs you more, is more challenging and offers little in return. Since the 2008 global financial ... If ... Read more

The impact of carbon on share price

KATHRYN MCDONALD | Comments | FRIDAY, 13 JAN 2017

Much of the work that has been done to date on the subject of pricing carbon involves predicting future regulations or the assessments of economic externalities. Very little work has been done to explore ... Much ... Read more

Stocks or property: where to invest next?

ROGER MONTGOMERY | Comments | FRIDAY, 13 JAN 2017

East coasters who believe property cannot turn lower should really take a look at what is now being experienced in Perth, Western Australia, right now. The downturn in Perth is being described as the ... East ... Read more

Interest rate risk: The unexplained risk of bond index funds

IAN MARTIN | Comments | FRIDAY, 13 JAN 2017

There has been a great deal of media discussion about what happens to bonds when the Federal Reserve raises interest rates again. The broad consensus is that they'll raise, so the questions become ... There ... Read more

The how and why of investing in agriculture

DAVID BASSANESE | Comments | FRIDAY, 16 SEP 2016

Although Australia is a major agricultural exporter, the typical Australian investor's portfolio tends to have relatively low exposure to agriculture or "soft commodities". Although ... Read more

Impact investing: From niche to mainstream

AMANDA YOUNG | Comments | FRIDAY, 16 SEP 2016

Impact investing - once a niche corner of the market - has entered the mainstream. This has been driven by increasing awareness among investors of the important role they can play in order to help address ... Impact ... Read more

Index funds: Leaving active in the shadows

DARREN SNYDER | Comments | FRIDAY, 16 SEP 2016

Globally there are "I told you so" sentiments floating about the index investors in funds management. Those who have championed index investing for decades are using their aggregated clout to deliver ... Globally ... Read more

What to look for in unlisted real estate funds

ADRIAN HARRINGTON | Comments | FRIDAY, 16 SEP 2016

In the current low interest rate environment, the hunt for yield is a powerful force. Non-residential real estate via listed real estate investment trusts (A-REITs) and unlisted real estate funds (syndicates) ... In ... Read more

Building a "Smart Carbon" portfolio

IAN SIMM | Comments | FRIDAY, 16 SEP 2016

Carbon risk for investors: building a "smart carbon" portfolio The debate around the "carbon bubble", un-burnable carbon, stranded assets and fossil fuel divestment has attracted ... Read more

The risks of investing outside the flags

SUPERGUARD 360 | Comments | FRIDAY, 17 JUN 2016

SMSFs and the risks they face SMSFs do not have the same level of protection from misconduct and fraudulent behavior as traditional super funds. This is because they are regulated by the ATO rather than ... SMSFs ... Read more

Was the Federal Budget all bad news?

DAVID O'CONNELL | Comments | FRIDAY, 17 JUN 2016

It's now been several months since Scott Morrison handed down his first Federal Budget on 3 May 2016, with significant proposed changes to the superannuation system. Almost immediately, discussion on ... It's ... Read more

The 'real' power performer

DARREN SNYDER | Comments | FRIDAY, 17 JUN 2016

A story widely celebrated in the superannuation industry, investment in property and infrastructure assets has delivered consistent growth-like returns to those who matter most - the members. Industry ... A ... Read more

Earning or Yearning?

ROGER MONTGOMERY | Comments | FRIDAY, 17 JUN 2016

The S&P/ASX 100 (XTO) is a stock market index capturing Australia's top 100 companies by market capitalisation. It accounts for 63% (at April 2016) of the Australian equity market, however it ... The ... Read more

Risk is in the eye of the beholder

SCOTT LAWRENCE | Comments | FRIDAY, 17 JUN 2016

Designed specifically for Australian superannuation investors this paper provides an overview of a number of different measures of investment risk, describes their characteristics, and contemplates their ... Designed ... Read more

Changing lanes

THEO MAAS | Comments | FRIDAY, 17 JUN 2016

In this article Arnhem Investment Management partner Theo Maas looks at the drivers behind automotive industry investment. Maas believes that an acceleration of technological breakthroughs will likely ... In ... Read more

The new recruit to your alpha team

RAEWYN WILLIAMS | Comments | FRIDAY, 17 JUN 2016

Tax as a source of investment alpha 'Alpha' as an investment concept is well understood. It is the difference between a portfolio's actual return and the return expected from the portfolio ... Tax ... Read more

Global dividends: weighed and found wanting

ALAN MCFARLANE | Comments | FRIDAY, 17 JUN 2016

Investors at Belshazzar's Feast The biblical story of Belshazzar's Feast has given the English language two vivid phrases still used today. The best known, derived from the story without appearing ... Investors ... Read more

Equity infrastructure valuations: leads, lags and controversies

TIM HUMPHREYS , JEFF ROGERS , GREG MACLEAN | Comments | FRIDAY, 15 APR 2016

Global institutional demand for infrastructure assets has risen substantially during recent years and with portfolio allocations to infrastructure expected to rise, global demand is likely to remain ... Read more

The rise of the millenials

AMANDA YOUNG | Comments | FRIDAY, 15 APR 2016

The investment management and pension industries must adapt to capture this next generation of investors. This will include creating products that reflect the Millennials' attitudes and beliefs, as well ... The ... Read more

Under the spotlight: How much does it cost to trade equities?

RAEWYN WILLIAMS | Comments | THURSDAY, 29 OCT 2015

The 'bread and butter' investment activity of any large superannuation fund is the day-to-day trading that occurs within its equity portfolios. Ask a typical fund about its trading and the fund's ... The ... Read more

Harnessing the power of alternative beta in a modern portfolio

MARK SMITH | Comments | THURSDAY, 29 OCT 2015

With higher fees, lower liquidity and ever-transforming risk profiles, traditional hedge fund strategies are attractive to only a handful of institutional investors. But with fixed income markets serving ... With ... Read more

Where angels fear to tread? Crowd-sourced equity funding

JON IRELAND | Comments | THURSDAY, 29 OCT 2015

The federal parliament is currently encouraging submissions on draft legislation proposing a regulatory framework to facilitate crowd-sourced equity funding (CSEF) in Australia. This article by Henry ... The ... Read more

The case for a review of investment strategy within SMSFs

GEMMA DALE | Comments | THURSDAY, 29 OCT 2015

The extraordinary success of the self-managed superannuation fund (SMSF) sector has been widely recognised and commented on; according to the Australian Tax Office (ATO) and the Australian Prudential ... The ... Read more

Fixed income - time to think differently

ARIF HUSAIN | Comments | SUNDAY, 4 AUG 2013

There is still a place for fixed income, despite the fact that the 30-year bond bull market has ended, argues T. Rowe Price's Arif Husain. There is still a place for fixed income, despite the ... Read more

Investor responses to climate change

HELGA BIRGDEN | Comments | SUNDAY, 4 AUG 2013

Mercer's Helga Birgden looks at how asset managers and pension funds are tackling the risks associated with climate change. Mercer's Helga Birgden looks at how asset managers and pension ... Read more

Regulation and risk

MADHU GAYER | Comments | SUNDAY, 4 AUG 2013

Madhu Gayer of BNP Paribas compares two strategies for measuring risk: the European Synthetic Risk Reward Indicator and the Australian Standard Risk Measure. Risk management is firmly in the spotlight ... Madhu ... Read more

The responsibility of super

SIMON O'CONNOR | Comments | SUNDAY, 4 AUG 2013

RIAA chief executive Simon O'Connor discusses the importance of responsible investment, arguing that consumers are increasingly expecting their super funds to invest their money ethically. It's ... RIAA ... Read more

One size does not fit all: retirees are different!

DON HAMSON | Comments | TUESDAY, 7 MAY 2013

Most equities strategies do not take into account the fact that different investors are taxed differently. Plato managing director Don Hamson explains how a strategy can be tailored specifically for ... Read more

The case for investing in direct infrastructure

PERRY LUCAS | Comments | TUESDAY, 7 MAY 2013

AMP Capital's Perry Lucas takes a fresh look at the evolving world of direct infrastructure investment. AMP Capital's Perry Lucas takes a fresh look at the evolving world of direct infrastructure ... Read more

Does private equity have a role in superannuation portfolios?

KAR MEI TANG | Comments | MONDAY, 19 NOV 2012

Dr Kar Mei Tang of AVCAL explores what role private equity can play in providing for people's retirements. Dr Kar Mei Tang of AVCAL explores what role private equity can play in providing for ... Read more

Target benefit retirement schemes part one

EPCO VAN DER LENDE , JAN BAARS , PETR KOCOUREK | Comments | THURSDAY, 20 SEP 2012

As defined contribution schemes become increasingly prevalent, the authors of this paper present an innovative approach for a collective defined contribution pension system or fund. As defined contribution ... Read more

Volatility management

MICHAEL THOMAS , ROBERT COLLIE | Comments | THURSDAY, 20 SEP 2012

In this paper, the authors test three promising approaches to volatility management, exploring the underpinnings of each, and asking whether the recent effectiveness of the strategies can be expected ... In ... Read more

The investment case for emerging market debt

YOEL PRASETYO , MANIRANJAN KUMAR | Comments | TUESDAY, 11 DEC 2012

In 1973, a global oil crisis reversed traditional flow of capital as oil exporting nations began to accumulate vast wealth. In 1973, a global oil crisis reversed traditional flow of capital as oil ... Read more

What now for emerging markets?

SLIM FERIANI | Comments | TUESDAY, 11 DEC 2012

After an excellent start to 2012 when emerging markets rose by 18% in US dollar terms over the first two months of the year, investor sentiment and performance have clearly faltered over recent months ... After ... Read more

A 21st century investment theme: Food

TOM STEVENSON | Comments | TUESDAY, 11 DEC 2012

Increasing populations and food shortages around the world mean that food as an asset class is increasingly attractive, writes Tom Stevenson Increasing populations and food shortages around the ... Read more

How sustainable are Australian retailers' new sourcing strategies?

MANS CARLSSON-SWEENY | Comments | TUESDAY, 11 DEC 2012

Cautious consumers have led discretionary retailers to increase their focus on supply chain efficiencies. However, only chasing cheaper labour costs can backfire. Investors need to understand the direct ... Cautious ... Read more

Property in SMSFs - borrowing, development and everything in between

MARK RATCLIFF | Comments | WEDNESDAY, 11 JUL 2012

This paper explores the intricacies of borrowing within a self managed super fund, taking an in-depth look at limited recourse borrowing, acquirable assets and single acquirable assets and the use of ... This ... Read more

Squeezing the lemon: Driving insurance profits in the new investment landscape

GRAHAM HARMAN | Comments | WEDNESDAY, 11 JUL 2012

This paper looks at ways to work your asset portfolio harder, clarifying the mechanisms by which developments in secuity markets can impact an insurance company; identifying which variables are within ... This ... Read more

Residential property - an investment asset class ?

BRETT MACGILLIVRAY | Comments | WEDNESDAY, 11 JUL 2012

This paper will consider the size, scope and investment features of the residential property sector. What are the potential benefitsof investment in the sector? Why are there few, if any, investment ... Read more

Latest SMSF estate planning trends and strategies

DEBORAH WIXTED | Comments | WEDNESDAY, 11 JUL 2012

With over half of all SMSF members aged 55 and over, and one-fifth aged 65 or over, it's more important than ever to plan for the succession of SMSF benefits. This paper will canvass some of the ... Read more

Running winners: Presenting evidence of skill

RICK DI MASCIO | Comments | WEDNESDAY, 11 JUL 2012

Rick Di Mascio investigates how effective fund managers run their winners, and demonstrates that it is a key characteristic of skillful managers. This is the first in a series of research papers on skill ... Rick ... Read more

Truth in labelling: judging superannuation products by name

PAUL GERRANS | Comments | TUESDAY, 13 MAR 2012

The Australian Prudential Regulation Authority has recently issued guidance to superannuation trustees regarding the labelling of superannuation investment options. The guidance places a welcome emphasis ... The ... Read more

Why individually managed accounts are right, right now

STUART HOLDSWORTH | Comments | TUESDAY, 13 MAR 2012

There has been some considerable debate between the use of managed accounts over managed funds in the last few years, much of which has centered on whether managed accounts are a better structure than ... There ... Read more

Be dynamic in your asset allocation

MAGALI AZEMA-BARAC | Comments | TUESDAY, 13 MAR 2012

The Global Financial Crisis (GFC) has put global asset allocation back into focus. Some have blamed the downfall on asset allocation while others have blamed it on investment judgment. Some investors ... The ... Read more

Responsible investment in infrastructure

AZHAR ABIDI | Comments | MONDAY, 4 FEB 2013

Azhar Abidi from Industry Funds Management, argues that when investing in long-term assets like infrastructure, investors need to ensure that they take into account all possible issues that these assets ... Azhar ... Read more

Big and Getting Bigger

RENATE FINKE | Comments | MONDAY, 4 FEB 2013

Despite the effects of the 2008 financial crisis, the global retirement market is expected to grow by 66 per cent by 2020, representing an annual growth rate of 4.7 per cent. Total pension assets will ... Despite ... Read more

Asset Pooling Comes of Age - A Roadmap to Pooling Pension Assets

ALEXANDER VAN ITTERSUM | Comments | MONDAY, 4 FEB 2013

In the light of the economic crisis, pensions are now very much a boardroom issue, with CFOs looking to reduce pension risks and to control costs. For companies with pension plans in multiple countries ... In ... Read more

Property Investing for SMSFs

EDDIE CHUNG | Comments | MONDAY, 4 FEB 2013

In recent times, more and more people are approaching their financial advisers to set up their own self managed superannuation funds (SMSFs) to invest in property. This is hardly surprising as most people ... In ... Read more

The Impact of Smoothed Unlisted Returns ... and the Father-in-Law Effect

GARETH ABLEY | Comments | MONDAY, 4 FEB 2013

Superannuation funds with high allocations to unlisted assets considerably outperformed in the recent bear market. The question is, are unlisted assets truly 'lower risk' than their listed ... Superannuation ... Read more

Self-managed superannuation funds investing in property

GRAEME COLLEY | Comments | MONDAY, 1 JAN 2007

Behavioural finance implications in portfolio construction

JOHN LIVANAS | Comments | MONDAY, 1 JAN 2007

The weight of money in the Australian market place Consequences and implications

EMILIO GONZALEZ | Comments | MONDAY, 1 JAN 2007

The need to differentiate between noise and skill: Too many fooled by randomness

TIM UNGER , MICHAEL BLAYNEY | Comments | MONDAY, 1 JAN 2007

Most outcomes in life are impacted by skill (or a lack of it) as well as noise (random chance or luck). What do we mean by this in practice? We mean that a portion of any outcome is likely to relate ... Read more

Portfolio risk analysis should not stop at tracking error

STEPHEN BORTHWICK | Comments | TUESDAY, 1 JAN 2008

Active portfolio management is the art of balancing risk and return. The term "balance" insinuates that half of the art of portfolio construction lies in stock selection and the other half ... Read more

Pension-liability analysis: An application of fixed income analytics

MICHAEL SENOSKI | Comments | TUESDAY, 1 JAN 2008

Pension liabilities are long-term cash flow obligations of the plan sponsor. Financial accounting and US federal funding standards require that these liabilities are to be valued based on a high-quality ... Pension ... Read more

Time to step up hedge fund allocations

SCOTT MACDONALD | Comments | TUESDAY, 1 JAN 2008

The continuing volatility in all equity markets and other traditional assets means the move into alternative investments should be an easy decision. With this in mind why is it currently estimated that ... The ... Read more

Russian roulette

SUSAN GOSLING | Comments | TUESDAY, 1 JAN 2008

Imagine you are offered $5 million to play Russian roulette. If you put a revolver with a bullet in one of the six available chambers to your head, there are six possible outcomes - five of which are ... Imagine ... Read more

Benefits of global diversification on a real estate portfolio

ADAM HASTINGS , HANS NORDBY | Comments | THURSDAY, 1 JAN 2009

Commercial real estate in the US alone has a market cap of roughly $4.5 trillion. For comparison purposes, the Federal Reserve estimates the market cap of corporate stocks at just under $15 trillion ... Read more

India growth story

RUCHIT PURI | Comments | THURSDAY, 1 JAN 2009

The Indian economy is amongst the largest emerging market economies and presents among the most attractive growth opportunities globally because so much of its growth is domestically driven. Combine ... Read more

AussieMac

CHRISTOPHER JOYE , JOSHUA GANS | Comments | THURSDAY, 1 JAN 2009

The Commonwealth Government's move to establish a government-owned enterprise - which we have termed 'AussieMac' - to provide a minimum level of back-stop stability to the residential mortgage-backed ... The ... Read more

Sustainability in property equals profitability

ROGER WALKER | Comments | THURSDAY, 1 JAN 2009

In this article we provide some clarity on the fundamental components of sustainability in the property industry and identify a new approach to delivering profitable sustainability. We will go over some ... In ... Read more

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