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Our regular
Forum Fodder email alerts Members to what's new on this site and
with our live professional development progams.
A sample of the Forum Fodder email is below.
Become a Member (with our
compliments) to receive Forum Fodder and access our multi-media learning
centre, PortfolioConstruction.com.au (this site) featuring:
- Resources Kits - videos and podcasts of the sessions and accompanying
papers from our live programs;
- Perspectives library - exclusive interviews, research papers, white
papers, opinion papers and special interest
subscription services from local and international investment
professionals and subject matter experts; and,
- CPD Campus - our online portfolio construction learning and
accreditation resource.
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On markets and managers
This week
in Fodder, Mohamed El-Erian looks at the
implications of the impending monetary policy
divergence in the US and Europe while Faculty
member, Dr Woody Brock, challenges the consensus
view that the global growth slowdown is due to China
slowing, and then looks at what's really going on.
Faculty member, Michael Furey, tests whether
fund
managers taking more non-market risk really do
produce higher alpha (yes and no). And, Bob
Huebscher summarises the findings of a new paper
challenging factor-based investing over asset
allocation by asset class, before Ashley O'Connor
argues the use of alternatives in portfolios.
All the best for another great weekend's learning -
Graham
P.S.
Registration will open next week for
Markets Summit (16 Feb) and
Finology Summit (17 Feb). |
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LATEST... |
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Does higher non-market risk produce higher alpha?
The possible introduction of the Furey Ratio
There's a widely held belief that in order to create
alpha, a fund manager needs to make meaningful bets
away from the market. But is this the reality? Does
greater non-market risk actually produce higher
alpha?
Michael Furey,
Delta Research & Advisory
| 0.50 CE
| Research
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The great
policy divergence
As the Fed normalises its monetary policy and the
ECB doubles down on extraordinary measures, we
certainly should hope for the best. But we should
also be planning for a substantial rise in financial
and economic uncertainty.
Mohamed El-Erian, Allianz
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Opinion
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The global slowdown - China is not the problem
Today's
slowdown is truly global, with economies everywhere
contributing to it. We witness "disappointing"
growth, quarter by quarter, year after year. The
consensus pays too much attention to China as the
cause. So what really is behind all this?
Dr Woody
Brock, SED
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White Paper
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A new challenge to factor-based investing
Disciples of factor-based investing need to respond
to a new challenge - while factor analysis is
valuable for two reasons, investors are better
served by a strategy based solely on allocating to
asset classes, a new study claims.
Robert
Huebscher, Advisor Perspectives
| Opinion
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Alternatives
Alternatives - the answer to your diversification
dilemma
With traditional asset classes expensive and
historically low yields on bonds compromising their
role as a diversifier, investors are at a
crossroads. Investors should be looking for
alternative sources of return and genuine
diversification.
Ashley
O’Connor, Invesco Australia
| 0.75
CPD
| Resources
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Member comments
Illiquid assets
A great piece. Cannot stress highly enough that
frequently it is not illiquidity itself that is the
problem, but investors own actions/reactions to
it...
Dugald Higgins,
Zenith
Investment Partners | Comment
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RECENTLY... |
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Is it deja-vu (all over again)?
Does it feel like we've been here before?
It's
expected (again) that the Fed will raise rates at
its next meeting, the situation in the Middle East
is (again) alarmingly tense, currency wars are
(again) rife, bond market liquidity is (still)
tight, many believe some asset markets are (again)
in bubble territory, yet for commodities, it's like
the 21st century never happened. The more things
change, the more they seem to stay the same! But
does that mean that going forward, markets and asset
classes will behave as in the past? Is it different
this time? Or is it deja-vu (all over again)?
And that's the theme for Markets Summit 2016! We'll
see you there. |
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Illiquid assets – portfolio "must have"? Or
"mirage"?
The case for and against illiquid assets is hotly
debated. Indeed, other than fees, the battle between
industry funds and retail super funds has been
heavily fought around significantly differing levels
of exposures to the main illiquid asset classes.
Dominic McCormick, Select Investment Partners
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comment
| Opinion
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Goal risk tolerance matters too
Risk tolerance is a key constraint in designing a
portfolio, but it should also be considered a key
constraint in establishing a client's goals for investing
in the first place.
Michael Kitces, Pinnacle Advisory Group
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0.25 CE
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White Paper
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Multi-asset
Risk crossroad: Weather markets with multiple risk
strategies
What is truly
more important to investors - losing less or making
more? While 36% of investors say they are ‘reviewing
their need for downside protection’, only 8% are
currently implementing it. Yet there are many
strategies available to manage risk in portfolios.
Jon Shead, State Street Global Advisers
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0.75 CE
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Resources
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QMTV: A risk awareness framework
QMTV, which stands for quality, momentum, transition
and value, is a framework that can help investors
manage the buy, hold and sell decision process
through the various cycles as well as providing a
crossroad signal.
Fidelity Worldwide Investment
| 1.25
CPD
| White
Paper
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The case for private over public equity
I have 80% of my personal assets in private equity -
and I plan to increase that to roughly 100%. I don’t
have many other good ideas as to what to do in this
environment.
Dr Marcel Erni, Partners Group
| Opinion
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