Forum Fodder - Quarterly CE Alert!

Quarterly CE Alert! | June 2023

Our Quarterly CE Alert! highlights our upcoming live continuing education programs, and all of the complimentary on-demand CE/CPD-accredited resources we’ve published over the past three months.

If you are pressed for time, you can tag learning activities to your Forum MySaved record to read/watch later. Click on the link in this email to go to the web page, then click the flag by the CE hours at the top of the page. Then when you’re ready to complete the learning activity, go to your MySaved record to see your list.

The CE/CPD hours you earn can be used to help meet the CE/CPD requirements of 20 governing bodies (regulators, associations, and institutes), including ASIC, APRA, Legislated, FAAA, FMA and CIMA^® CE/CPD requirements, to name a few.

You can access your CE/CPD certificates via your complimentary Forum MyCE record where you can store, view, print and export your CE/CPD 24/7 earned via the Forum - as well as any CE/CPD hours you have earned from learning activities hosted our CE Accreditation Partners.

Strategies

Strategies Conference 2023 “You can do anything, but not everything!”
AEST Wed-Thu 23-24 August 2023
Strategies Conference will challenge and refresh your portfolio construction thinking by debating contemporary and emerging portfolio construction strategies, to help you build better quality portfolios.
Today, as we continue to navigate the structural shift to an inflationary, higher interest rate investment regime in a volatile, uncertain, complex and ambiguous world, it stands to reason that portfolio strategies must continue to evolve from what worked in the prior “lower for longer” regime. Common wisdom warns us against throwing the baby out with the bathwater. Prioritising the most important changes to make to investment objectives, asset allocation, currency management, manager selection and blending, and portfolio risk management is key – because you can do anything, just not everything!
Join us in our live studio, a live site or live stream | 12+ CE | Register now!

Philosophy | Finology

Behavioural Finance: Investment decision-making short course
Led by behavioural finance expert, Herman Brodie, the Behavioural Finance - Investment Decision-Making course will help you identify, analyse and evaluate the principal human preferences that influence decision-making in situations of uncertainty, so you can recognise and identify these preferences in others, to improve investment decision-making.
Herman Brodie | 8.00 CE | Enrol

Commendation of the course from David Graham, Senior Financial Planner & Investment Specialist
“The core subjects will provide you with a background and key concepts while the ensuing subjects have resonance for both beginners and experienced practitioners. Using a range of academic investigations to generate practical applications for course participants, Herman Brodie presents a series of concise lectures with clarity and authority. In some instances, he literally wrote the book.”

Strategies | Markets

Actively managed small caps is a core portfolio holding
Active management has consistently delivered outperformance in small companies as the opportunity set allows managers to demonstrate both stock selection and portfolio construction skill.
Andrew Mouchacca, Flinders Investment Partners | 0.25 CE | Listen, Watch

Investing | Philosophy

Research Review: Active index investing
The most recent evolution in index investing has been a drift into the active world. Until recently, active passive investing has not been subject to much analysis. The two papers considered here begin to make some inroads.
Ron Bird, Australian National University & Portfolio Construction Forum | 2.50 CE | Read

Investing

Research Roundtable: Ruffer Total Return International Australia
This Research Roundtable focused on the Ruffer Total Return International (Australia) strategy, with senior practitioners deciding, after briefings, Q&A and debate, their individual rating for the strategy and whether to include it on a hypothetical APL and/or multi-manager portfolios. Afterwards, the meeting is truncated and published for on-demand viewing by all Forum members.
Portfolio Construction Forum | 2.00 CE | Read, Watch

Finology (Ethics)

Active trust building is ethical
Trust is the product of two judgements clients make about us - our competence and our benevolence. So trust could, at least partly, be won without being earned. So is it ethical to try?
Herman Brodie, Prospecta | 0.75 CE | Listen, Watch

Strategies | Markets | Investing | Finology | Philosophy

Research Review: The adaptive markets hypothesis
Despite widespread criticism of the efficient markets hypothesis, development of comparably broad alternatives has been lacking. One promising direction is the adaptive markets hypothesis which seeks apply the concepts and methods of ecology and evolutionary biology to financial market dynamics.
Rob Hamshar, Portfolio Construction Forum | 2.50 CE | Read

Finology

Helping clients decumulate responsibly promotes well-being
The mind-set that works so well when people are building their nest egg for retirement can damage their quality of life in retirement. We help clients accumulate responsibly - we can help them decumulate responsibly, too.
Meir Statman, Santa Clara University | 0.75 CE | Read, Listen, Watch

Finology | Philosophy | Rated in the top 3 at Finology Summit 2023

I believe our brains can beat uncertainty
Confidence in a sea of confusion is key to success. Using three tools of persuasion, we can create a sense of certainty even when who knows what is just around the corner.
Adam Ferrier, Thinkerbell | 0.50 CE | Listen, Watch

Finology | Philosophy | Rated in the top 10 at Finology Summit 2023

Analysing decisions not results is essential for better alpha
Decision attribution analysis provides a crucial lens on equity manager skill, benefiting asset owners and fund buyers as they select and monitor managers.
Clare Flynn Levy, Essentia Analytics | 0.50 CE | Read, Listen, Watch

Markets | Finology | Philosophy | Rated in the top 5 at Finology Summit 2023

I believe behavioural alpha is the most sustainable
Investors today have more knowledge than any prior generation, however there remains a chasm between knowing and doing. Acknowledging we are all biased, because we are all human, is the first step to better decisions.
David Wanis, Longwave Capital | 0.25 CE | Listen, Watch

Investing | Finology | Philosophy | As seen at Finology Summit 2023

I believe ESG should be banned
ESG investment is coming under increasing criticism, some valid - but the real problem is the ill-defined use of the acronym itself and we will all be better off if we stop using it.
Tom King, Nanuk Asset Management | 0.50 CE | Listen, Watch

Strategies | Philosophy | As seen at Finology Summit 2023

I believe every balanced portfolio should include CRE debt
CRE Debt provides dependable returns, backed by real property first mortgages. On a risk-adjusted return basis, every balanced portfolio should include an allocation into CRE debt.
Patrick Keenan, Pallas Capital | 0.50 CE | Listen, Watch

Strategies | Markets | Finology | Philosophy Rated in the top 10 at Finology Summit 2023

I believe in a portfolio tailored for the energy transition
The energy transition represents the greatest economic opportunity since the industrial revolution. Reliably capturing the potential and delivering tangible environmental impact requires three core beliefs.
David Costello, Magellan Financial Group | 0.50 CE | Listen, Watch

Strategies | Finology | Philosophy | As seen at Finology Summit 2023

I believe private equity is a must have in portfolios
Unlisted assets provide access to a bigger opportunity set that reflects active management in its truest form, giving opportunity for investment managers to further diversify multi asset portfolios with rich investments across diverse industries.
Dan Farmer, Insignia Financial | 0.50 CE | Listen, Watch

Strategies | Finology | Philosophy | As seen at Finology Summit 2023

I believe lifetime income better delivers what clients want
A partial allocation of retirement savings to a contemporary lifetime income stream can help increase the certainty of delivering what the income that retiree clients want. And such an allocation can help clients preserve assets.
Andrew Lowe, Challenger | 0.50 CE | Listen, Watch

Finology | Philosophy | As seen at Finology Summit 2023

I believe in building justified trust
To earn justified trust from clients and deliver consistently good outcomes for them year after year requires globally recognised fiduciary standards of care.
Aaron Drew, MyFiduciary | 0.25 CE | Listen, Watch

Investing | Finology | Philosophy | Rated in the top 10 at Finology Summit 2023

I believe people-centric investors handle uncertainty better
To better develop the skills required to analyse corporates, we can start with individuals as case studies and scale from there. If analysts can’t do that, it’s unlikely they can address more complex situations.
Douglas Isles, Platinum Asset Management | 0.25 CE | Listen, Watch

Finology | Philosophy | As seen at Finology Summit 2023

Investors should listen to their gut feelings when taking risk…
…though not unconditionally. The nascent field of Neurofinance suggests that investors attuned to their emotions can make better decisions during critical market events.
Elise Payzan-Le Nestour, UNSW Business School | 0.50 CE | Listen, Watch

Finology | Philosophy | Rated in the top 10 at Finology Summit 2023

I believe that having a Plan B is more important than Plan A
We can help retirees build and retain their sense of control by keeping on building trust and educating them, modelling possible outcomes and showing a planned approach – including providing a Plan B.
Richard Dinham, Fidelity International | 0.25 CE | Read, Listen, Watch

Strategies | Finology | Philosophy | Rated in the top 5 at Finology Summit 2023

I believe certainty of income leads to confidence
Retirement strategies must adapt in line with markets and demographics trends and the additional risks that are relevant for investors in decumulation.
Mark Lapedus, Allianz Retire+ | 0.50 CE | Listen, Watch

Strategies | Finology | Philosophy | As seen at Finology Summit 2023

A good spending plan is essential for a good financial plan
A critical part of any retirement plan is a spending plan (which is not the same as a budget). Ultimately, a good spending plan helps keep clients’ investments on track.
Tim Farrelly, farrelly’s Investment Strategy | 0.25 CE | Listen, Watch

Markets | Strategies | Investing | As seen at Markets Summit 2023

Every VUCA cloud has a silver lining! Key takeouts
Our diverse panel of experts debated which of the high conviction propositions they heard during Markets Summit 2023 they most strongly agreed with and why, including identifying “silver linings” (investment opportunities not yet fully priced into the market) and which they disagreed with most and why - and the portfolio construction implications of both.
Jacob Mitchell, Katie Hudson, Richard Quin, Daniela Jaramillo, Tim Farrelly | 0.75 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

In every way, it is different this time
As the clouds of Volatility, Uncertainty, Complexity and Ambiguity continue to swirl, the silver lining is that we are on the road back to normal monetary policy settings, from abnormal, and a return to more rational asset prices. But we must be patient.
Jonathan Pain, The Pain Report | 0.50 CE | Listen, Watch

Markets | Strategies | Rated in the top 3 at Markets Summit 2023

This time really IS different
Investors need to leverage the experience of past decades while also humbly contemplating an uncertain outlook. Compared to any post-WWII period, this time really is different!
Ronald Temple, Lazard Asset Management | 0.50 CE | Listen, Watch

Markets | Rated in the top 3 at Markets Summit 2023

It’s time to say goodbye to TINA
The pre-pandemic New Normal decade introduced investors to TINA - there is no alternative. With interest rates and bond yields having moved higher, it’s time to say goodbye to TINA because bonds are back.
Daniel Ivascyn, PIMCO | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

Private debt is your safe port in any storm
In these unsettled VUCA conditions, private debt can offer short duration with a focus on capital preservation, a silver lining for investors in the form of consistent, risk-adjusted returns and income.
Andrew Lockhart, Metrics Credit Partners | 0.50 CE | Listen, Watch

Markets | Rated in the top 3 at Markets Summit 2023

Decade-high yields alone don’t make bonds attractive
Those constructing portfolios must understand the nuances of bond risk/return drivers and how bond market performance can be impacted by different macro scenarios. Opportunities abound.
Gopi Karunakaran, Ardea Investment Management | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

The RBA is crashing the party
The RBA is set to continue rate hikes that will bring on an earnings recession in 2023. Use Australian equity market weakness later in this year as the silver lining to position for an improved long-term outlook for Australian equities.
William Curtayne, Milford Asset Management | 0.50 CE | Listen, Watch

Markets | Rated in the top 5 at Markets Summit 2023

In an AI world, semiconductors are the new oil
Global demand for greater computing power continues to escalate, presenting an exciting silver lining of possibilities and investment potential.
Nick Griffin, Munro Partners | 0.50 CE | Listen, Watch

Markets | Strategies | As seen at Markets Summit 2023

Private equity is no longer an alternative asset class
Inclusion of private equity as an alternative asset in portfolios is an out-of-date approach that does not consider secular trends in companies staying private and the unfolding democratisation of PE.
David Chan, MLC Asset Management | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

A return to progress is a silver lining of Covid-19
As economies continue to recover from the catastrophe of Covid-19 lockdowns, we must re-embrace the pursuit of progress, an idea that is central to science, freedom, and a thriving society.
Gigi Foster, University of New South Wales | 0.25 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

G-REITs are the liquid real estate value play
Although the consequential volatility casts a VUCA cloud over global REIT performance, the silver lining is that this is transitory, in part reflecting a number of the sector’s key attributes.
Andrew Parsons, Resolution Capital | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

Portfolios need to embrace secular trends
Sustainability is at the core of future societies. By channelling investments in companies with sustainable practices, heightened by environmental and social conscience, investors can seize opportunities in transitioning economies.
Ecaterina Bigos, AXA Investment Managers | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

Secular growth opportunities can be identified in a VUCA World
After a chaotic period, across most asset classes, silver linings are emerging. Global equity investors can capture these by identifying companies best placed to benefit from shifts in energy and technology.
Nikki Thomas, Magellan Financial Group | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

For global smalls, the macro doesn’t matter - cash flow is King
Once the decision has been made to invest in global small caps, fundamentals return to the fore. Limited research coverage and inefficiencies in the market are the opportunity.
Marcus Burns, Spheria Asset Management | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

We live in a multi-polar world and ought to invest like it
Investors will have to work harder to make money than just owning US beta. The silver lining is that there are large equity markets and sectors that are cheap with significant growth drivers.
Julian McCormack, Platinum Asset Management | 0.50 CE | Listen, Watch

Markets | Rated in the top 5 at Markets Summit 2023

The tide is set to rise for emerging markets equities
After a lost decade, cyclical and structural headwinds are abating for emerging market equities, while profound secular changes are becoming tailwinds. But the path ahead will look very different to the past.
Tassos Stassopoulos, Trinetra Investment Management | 0.50 CE | Listen, Watch

Markets | Philosophy | As seen at Markets Summit 2023

Sustainable investing (done right) is capitalism at its best
ESG analysis advances and drives sustainable investing by helping investment practitioners develop a clearer view of a company’s true market value, consistent with their fiduciary duty.
David Blood, Generation Investment Management | 0.50 CE | Listen, Watch

Forum CE Library - over 750 CE/CPD hours
Complimentary for all Forum members, the Forum’s online on-demand CE Library offers over 750 CE/CPD hours of accredited learning resources, to help members meet the CE/CPD requirements of 20+ governing bodies (regulators, associations, and institutes) including ASIC, APRA, Legislated, FAAA, FMA and CIMA^® CE/CPD requirements, to name a few.
Earn CE/CPD hours

Forum CIMA CE Library - over 150 CE hours
This subset of our full CE Library features just those learning resources that are accredited for CIMA CE hours, so CIMA certificants can more easily find learning resources to meet their recertification obligation (at the same time as meeting the CE/CPD requirements of other governing bodies e.g. ASIC, APRA, Legislated, FAAA, FMA, etc).
Earn CIMA CE hours

Connect with me on LinkedIn
We also let my LinkedIn network know as soon as we release new articles on portfolioconstructionforum.edu.au and when registration opens for our face-to-face CE programs. If LinkedIn is more your thing than Twitter, I’d welcome you connecting. And of course, I’d welcome having an offline direct conversation with you any time.