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PortfolioConstruction Forum


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 Friday 06 November 2015

On asset allocation
While I hope you take the time to read all of Fodder this week, the asset allocation paper by PortfolioConstruction Forum Member, Michael Furey, is particularly innovative. He has replicated the BHB study of 30 years ago on the importance of asset allocation, but with Australian diversified funds - and then he takes things a few steps further, looking at whether active management has added value. It's a great paper.
All the best for another great weekend's learning - Graham
P.S.  Mark your diary!  Markets Summit (16 Feb) & Finology Summit (17 Feb) - registration will open soon.


The importance of asset allocation in Australia
Between 15 and 30 years ago, there were several studies into the importance of asset allocation. Is asset allocation still important today, and in the Australian fund context? How successful is active management?
Michael Furey, Delta Research & Advisory
1.00 CPD Research

From memory to denial in Russia
In Putin's third presidential term, dissidents are routinely dubbed deviants, fifth columnists, and traitors, as the regime leads a drive for national unity based on religion, tradition, and paranoid rhetoric. For the moment, Putinism is the only game in town.
Robert Skidelsky, Warwick University Opinion

Harnessing India’s growth by investing before the crowd
To harness the full potential of India's growth story, investors should seek exposure to India's mid and small cap companies, rather than just the large, liquid companies with significant global revenue bases which dominate benchmark allocations.
Mugunthan Siva, India Avenue Investment Management
  White Paper

Equity - Global
Beyond Borders: Follow the revenue, not the domicile
A better way to evaluate companies and portfolios is to consider where companies do business, not where they are headquartered. It is time to invest beyond borders.
Robert Lovelace, Capital Group
| 0.75 CE | Resources

Infrastructure investing needs a tight definition
Infrastructure has gained greater focus in recent years, with investors drawn to its defensive characteristics. But infrastructure investing requires a tight definition to deliver the defensive attributes that investors are targeting.
Andrew Maple-Brown
, Maple-Brown Abbott | 0.50 CE | White Paper


At the crossroads... Alpha & Smart Beta… fact, fallacy or fantasy?
3 fundamental strategies for outperforming markets and adding alpha
Indexing could be as problematic during the next few decades as it has been successful in the past few. This heightens the appeal of active management for those brave enough to pursue it.
Dr Woody Brock
, SED 0.50 CE Resources

At the crossroads… Decision making under uncertainty - sensible or senseless?
Will they still need you, will they still know you, when they're 64?
Cognitive functioning declines as we age, affecting financial decision making. Practitioners need an increased awareness about issues relating to aging and cognitive decline.
Dr Joanne Earl
, UNSW 0.50 CPD Resources

At the crossroads - insist on a very active equities approach
Six years into a bull market, Australian equity values are beginning to look stretched. But large divergences in valuations across sectors are creating great opportunities for truly active managers.
J Morrison & Dr R Whiteoak
| 1.00 CE White Paper

Does active share equal good performance?
High active share is often profiled as "better" but such portfolios can exhibit risk concentrations which may lead to volatile return streams. Low active share funds should not be excluded from asset allocators’ tool kit.
Ido Eisenberg & Piera Elisa Grassi, JP Morgan Asset Management
| 1.00 CE | White Paper

Concentrations, correlations & structural issues in Australian equities
The increasing concentration of the Australian stock market indices is mirrored by the concentration of the Australian funds management industry. What does this mean for alpha generation?
Paul Drzewucki, Ellerston Capital | 1.00 CE | White Paper

Member comments
The invasion
I am impressed by the realism and research in Mr Papic's article. I am also relieved by his optimism.
John Schofield, Broadly Based Financial Services

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