1. Research Review: The investment behaviour of hedge funds

    Two recent papers looking at hedge funds provide further evidence that the more proactive managers are the best performers.

    Ron Bird | 09-11-18 | 1.00 CE | More
  2. Impact investing is the way of the future for fixed income

    It is a common misconception that profit and impact are mutually exclusive. In fact, managing for mainstream risk-adjusted returns and creating a positive impact can be achieved in parallel.

    Affirmative Investment Management | 23-10-18 | More
  3. Using Australian Asset Backed Loans in portfolios

    Potential returns on traditional assets are falling and the search is on for different sources of attractive returns. The Australian Asset Backed Loans asset class deserves a place in many portfolios.

    Tim Farrelly | 22-10-18 | 1.00 CE | More
  4. Research Review: Asset management, overconfidence and market discipline

    Two recent research papers on investment management look firstly at the implications of overconfident managers and, secondly, at career risk associated with poor investment performance.

    Ron Bird | 17-10-18 | 1.00 CE | More
  5. 5 essential issues - managed account vs managed fund

    There is no silver bullet to portfolio implementation. Both managed funds and managed accounts can provide a more streamlined and sophisticated portfolio implementation solution – and both have pros and cons.

    Annika Bradley | 16-10-18 | 1 comment | More
  6. 2018 IMR Conference

    Now in its 12th year, the annual IMR Conference presents investment management research. It brings together the full spectrum of investment management analysts - academic faculty from leading university business schools, public sector members, central bankers, professional investors, consultants and experienced practitioners and advocates.

    19-09-18 | More
  7. Research Review: Small portfolios are beautiful

    Markowitz informed us of the risk-reduction advantages of diversification. But just how diversified does an investor have to be to realise almost all of the benefits of diversification?

    Ron Bird | 11-09-18 | 1.00 CE | 2 comments | More
  8. IMAC-S4CS1: Portfolio Performance Measurement & Attribution

    This lecture instructs IMAC candidates on the accurate and meaningful measurement and assessment of investment portfolio performance, specifically performance measurement and attribution.

    Paul Kofman | 25-08-18 | More
  9. Future-proof is too hard but we can better meet client needs

    Investors like to have their cake and eat it - i.e., they like investment returns (the higher the better) but dislike volatility (particularly negative returns). It is possible to engineer investment returns that meet those requirements.

    Ron Bird | 24-08-18 | 0.50 CE | More
  10. ABS are now more "Moneyball" than "Big Short"

    Global Asset Back Securities were directly tested and survived the challenges of 2008. In this rising rate environment, they are well placed to help "future-proof" portfolios.

    Richard Quin | 23-08-18 | 0.25 CE | More
  11. A borderless approach delivers better EM investment outcomes

    The investment opportunity in EM is greater than just the companies domiciled there. In essence, investing in global growth should not simply be defined or determined by where a company receives its mail.

    Andy Budden | 23-08-18 | 0.50 CE | More
  12. Capturing future earnings upgrades leads to outperformance

    Businesses adapting successfully to disruption exist across all industries and can be identified irrespective of prevailing market conditions. Finding those with improving earnings outlooks can deliver a future proofed portfolio.

    Nikki Thomas | 23-08-18 | 0.50 CE | More
  13. Good governance is a strong amplifier of small cap performance

    Many of Australia's small companies are potential future leaders. A sharp focus on corporate governance can help identify those high quality, sustainable businesses that can last the distance.

    Michelle Lopez | 23-08-18 | 0.50 CE | More
  14. Investors need style neutral global equities exposure

    To improve the accuracy of intended portfolio risk, investors should consider using a style neutral global equities fund to offset the likelihood they’re already invested in heavily style-biased portfolios.

    Ian Paczek | 23-08-18 | 0.25 CE | More
  15. Future-proof portfolios? Key takeouts

    Investment portfolio construction is, by definition, an exercise in long-term thinking. Given the uncertainties and competing priorities, are future-proof portfolios achievable? Practitioners share their views.

    Panel | 22-08-18 | More
  16. Human + machine in investing is better than either in isolation

    To future proof portfolios, you need human skill and judgment to distinguish between the purely random and real investment insights. This is the power of combining machines and humans.

    Nick Thomas-Peter | 22-08-18 | 0.50 CE | More
  17. People underestimate the depth & length of "normal" drawdowns

    Due to biases in investing, Sharpe ratios of investor portfolios are often not as high as investors expect. How low can a random walk of a Sharpe ratio wander through the natural realisation of risk?

    Philip Seager | 22-08-18 | 0.50 CE | More
  18. Owner-managed companies are the backbone of a good portfolio

    Research shows that owner-manager businesses reward their long-term (non-family) investors because they instill a stability, a culture, and a focus that is geared towards the long term.

    Matt Williams & Emma Goodsell | 22-08-18 | 0.50 CE | More
  19. In the AI age, active managers making smart human decisions will win

    AI-based investment solutions will change the landscape much faster than expected - and the importance of making good human decisions will be amplified.

    William Low | 22-08-18 | 0.50 CE | More
  20. IMAC-S1AS2: Basic Investment Management Statistics

    This lecture instructs IMAC candidates on the statistics used to describe and analyse the risk and return characteristics of securities and portfolios.

    Nadima El-Hassan | 01-08-18 | More
  21. Passive is not the way to go when investing in Asia

    Differences in regulation, politics, and transparency between Asian countries are all factors that cannot be captured by passive investing but which represent opportunities for active investors.

    Peter Kim | 30-07-18 | More
  22. Why do older Australians save?

    A recent study gives us a better understanding into the decisions made by older Australians between consumption and saving.

    David Knox | 24-07-18 | More
  23. Undiscovered Fund: A unique way to access emerging markets

    A fundamentally driven and benchmark unaware exposure to smaller companies within the emerging markets sector, this fund represents a unique way for investors to access emerging markets.

    Zenith Investment Partners | 26-06-18 | 1.00 CE | More
  24. Passive investing - reshaping the investment landscape

    Game changer or new danger? The rise of passive funds throughout this decade is recalibrating the traditional core-satellite portfolio model.

    Amin Rajan | 26-06-18 | More
  25. Forum Fodder 22 June 2018

    This week in Forum Fodder: Susan Lund – a corporate debt bubble?; Aaron Minney - most investors need to eat capital; Michael Furey - Investment faux pas; Tom Switzer - Don’t write off America; Douglas Isles - Beware the trifecta of desire

    Graham Rich, Publisher, PortfolioConstruction Forum | 22-06-18 | More
  26. Are we in a corporate debt bubble?

    Since the GFC, the value of non-financial companies' outstanding bonds has nearly tripled. While a correction seems likely, the broad shift toward bond financing is actually a welcome development.

    Susan Lund | 20-06-18 | 2 comments | More
  27. A few investment selection faux pas

    Over the years, I've seen countless portfolios. Virtually all have had a pre-defined asset allocation aligned to a risk profile. But occasionally, that's where the alignment ended.

    Michael Furey | 18-06-18 | More
  28. Netflix will be the next dominant digital business

    Over-the-top streaming will become the dominant form of media consumption, and Netflix will be the dominant global provider. Near-term valuation multiples may ultimately prove cheap.

    Nick Griffin | 12-06-18 | More
  29. Will longevity products now become attractive?

    New means test rules for pooled lifetime income products, together with development of CIPRs, have the potential to radically alter Australians' views on retirement income products.

    David Knox | 30-05-18 | More
  30. Masterclass NZ 2018 - resources

    Masterclass NZ is a post-graduate extension program focused on contemporary issues that are fundamental to building better quality portfolios. Each year, the one-day program features five research-based, active learning sessions.

    25-05-18 | More
  31. Research Review: More on momentum investing

    Eugene Fama described momentum investing as the one remaining market anomaly. A recent paper gives an explanation for it. Another shows it still offers high profits after implementation costs.

    Ron Bird | 11-05-18 | 1.00 CE | More
  32. The difference for advice in retirement

    Many baby boomers are retiring with decent super balances and need advice on spending their retirement savings appropriately. Consuming capital for a higher standard of living is, after all, what super is for!

    Aaron Minney | 09-05-18 | More
  33. Do stocks outperform Treasury bills?

    It is generally accepted that stock markets provide long-term outperformance over cash. However, a recent academic research paper reveals this is not the case for the majority of stocks since 1926.

    Nick Griffin | 08-05-18 | 1.00 CE | More
  34. From asset allocation to risk allocation

    Asset allocation is often regarded as the most important portfolio decision, with asset classes then populated by investments. But this two-step approach can an asset allocation and investment selection mismatch.

    Michael Furey | 01-05-18 | 2 comments | More
  35. Risk mismatch the biggest mistake

    Only by understanding two factors can practitioners mitigate the risk of permanent loss of capital in emerging market companies.

    Alex Duffy | 24-04-18 | More
  36. Research Review: Performance, fees and active managers

    Recent research examines the performance of active bond managers, and the impact of performance fees on returns of active equity funds and private equity funds.

    Ron Bird | 09-04-18 | 1.00 CE | More
  37. 2018 IMR Workshop

    The annual Investment Management Research Workshop showcases early stage research in the area of investments to a practitioner and academic audience. It is an initiative of the Investment Management Research Program which is presented by Portfolio Construction Forum, in collaboration with faculty of the University of Technology Sydney (UTS) Business School. The IMR Program succeeds the UTS Paul Woolley Centre.

    26-03-18 | More
  38. Making the case for sovereign GDP-linked bonds

    The time has come for national governments around the world to start issuing their debt in a new form, linked to their countries' resources.

    Robert J. Shiller | 21-03-18 | 1 comment | More
  39. Diversification - what it is and is not

    The concept of diversification may seem to be second nature. However, some of its fundamentals are often misused and sometimes misrepresented.

    Michael Furey | 15-03-18 | 3 comments | More
  40. IMAC-S2CS1: Fixed Income Investments

    This lecture instructs IMAC candidates on properties of fixed income markets, the investment features and risks of bonds, the application of the time value of money to the valuation of bonds, and the concepts of duration and convexity and their application to bond portfolio management.

    Nadima El-Hassan | 08-03-18 | More
  41. Research Review: Everything you need to know and a bit more

    In nine pages, this paper says all that needs to be said on the ability of any of us to estimate the true value of financial assets. The next two papers produce conflicting findings on the impact of index investing on markets.

    Ron Bird | 28-02-18 | 1.00 CE | More
  42. Investors need growth equities as change accelerates

    Structural change and the resulting earnings growth will always outrun interest rates in the long run, so as change continues to accelerate, investors need growth equities in their portfolio.

    Nick Griffin | 13-02-18 | 0.50 CE | More
  43. The blind assumption of unendingly low rates is dangerous

    The general uptrend in the broader equity market seems set to continue given economic data globally remains robust and central banks very accommodating. Given divergent risks, investors should focus more than ever on uncovering sources of idiosyncratic alpha, rather than relying on momentum or passive beta.

    Antipodes Partners | 07-02-18 | More
  44. Cryptoassets is an emerging asset class with huge potential

    Technological revolutions often spawn financial booms and busts - but the value proposition of blockchain is profound, and the technology has given rise to cryptoassets. Practitioners will increasingly be required to understand them.

    Catherine Wood | 06-02-18 | 1 comment | More
  45. Research Review: More insights into fund managers

    The holy grail is to find active managers who can add value. The combined insights of these two papers suggest avoiding large managed funds, especially those under the control of managers who run a concurrent SMA.

    Ron Bird | 19-01-18 | 1.00 CE | More
  46. 10 "fearless" predictions for 2018

    It is the time of the year when those in the forecasting business like to lay out our expectations for the coming year. Here are mine...

    Tim Farrelly | 18-01-18 | More