1. 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 | 02-12-15 | More
  2. Non-market risk and Alpha

    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 | 01-12-15 | 0.50 CE | More
  3. 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 | 26-11-15 | 1 comment | More
  4. 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 | 24-11-15 | More
  5. About Research Roundtable

    Research Roundtable helps identify quality investment solutions and their place in portfolios. Covering a diverse range of investment strategies across a continuous series of meetings, it aims to further develop Investment Committee members’ knowledge and skill in the “secondary” fund research area of “know your product”, and the related due diligence of fund research houses, fund managers and funds, as well as Investment Committee APL and multi-manager portfolio decision-making.

    23-11-15 | More
  6. 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 | 04-11-15 | 0.50 CE | More
  7. 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 | 02-11-15 | 1.00 CE | More
  8. Bond funds don't belong in retirement portfolios

    The efficient frontier for retirement income generally consists of combinations of stocks and income annuities - perhaps surprisingly, bond funds do not serve a useful role in the optimal retirement income portfolio.

    Wade D. Pfau, The American College | 08-10-15 | 0.50 CE | More
  9. A three box approach to building debt portfolios

    With interest rates at record lows, it is a really good time to revisit how we build debt portfolios. A three box approach can really help in making and communicating investment decisions for the secure part of their portfolio in the new, low interest rate environment.

    Tim Farrelly | 05-10-15 | 0.50 CE | 2 comments | More
  10. In defence of manager research

    An Oxford Uni paper in 2013¹ severely criticised consultants for failing to pick winners via their fund manager research. The New York Times picked it up. But the fact that consultants couldn't identify gold medal winners in advance doesn't matter.

    Don Ezra, Russell Investments | 01-10-15 | More
  11. A widely accepted portfolio construction flaw

    The typical approach to portfolio construction in the world of financial planning is a two-step process encompassing asset allocation and investment selection. It is the second step where a major flaw exists.

    Michael Furey | 30-09-15 | More
  12. Real return funds... lacking reality?

    Real return investing isn't too real at all, with big targets like CPI+5%. It is an objective that is not strongly linked to the reality of investment markets - so prepare for another investment approach aligned with disappointment.

    Michael Furey | 01-09-15 | 9 comments | More
  13. Conference 2015: the director’s cut

    PortfolioConstruction Forum Strategies Conference 2015 featured a carefully selected faculty of more than 35 international and local portfolio construction experts offering their best high conviction ideas about critical portfolio "crossroads". Here are the highlights.

    31-08-15 | More
  14. Is China done?

    Many have taken an alarmist approach to the recent sell-off in China's A sharemarket, declaring the bubble has definitely burst. The question was well put by one of our key clients who in late June asked, "Is China Done?".

    Dominic McCormick | 21-08-15 | More
  15. The Great Debate - At the crossroads...

    Our eclectic Panel - a politician, a pastor, a professor, a portfolio manager, a practitioner, a provocateur, and a 'preneur, moderated by our Publisher - addresses Conference 2015 delegates' questions about key Crossroads, Dilemmas and Decisions.

    20-08-15 | 1.25 CE | More
  16. Australians’ vision of retirement is both promising & worrying

    A recent survey of 1000 Australian investors found that individuals who are advised have greater confidence in their retirement readiness and a heightened awareness of the retirement strategies and solutions available.

    Dan Farley, State Street Global Advisors | 20-08-15 | 0.25 CE | More
  17. Liquid Alts – a better Alternative

    Going forward, there are headwinds for equity and fixed income markets, however the outlook for alpha generation from many alternative strategies remains robust. Now is an attractive point in the cycle to add, or increase exposure to alternative strategies.

    Ian Haas, Neuberger Berman | 20-08-15 | 0.75 CE | More
  18. Weather markets with risk strategies

    While 36% of investors say they are ‘reviewing their need for downside protection’, only 8% are currently implementing it. Yet there are many strategies to manage risk in portfolios.

    Jonathan Shead, State Street Global Advisors | 20-08-15 | 0.75 CE | More
  19. High active share ≠ good performance

    High active share is often profiled as “better” but it creates a dilemma – portfolios can exhibit risk concentrations which may lead to volatile return streams for investors. Low active share funds should not be excluded from asset allocators’ tool kit.

    Ido Eisenberg, JP Morgan Asset Management | 20-08-15 | 0.75 CE | More
  20. At the crossroads: insist on a very active equities approach

    The smooth sailing of Australian equities over the last few years has developed complacency among investors. But rougher seas ahead will require a more active approach. It’s time to ensure that you engage a truly active manager.

    Dr Richard Whiteoak, Allan Gray Australia | 20-08-15 | 0.75 CE | More
  21. 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 | 20-08-15 | 0.75 CE | 1 comment | More
  22. Factor Investing must be a strategic allocation

    By avoiding unrewarded risk and by avoiding going against other factors, the risk return profile of factor investing portfolios can be improved further.

    Rob van Bommel, Robeco | 20-08-15 | 0.75 CE | More
  23. Infrastructure investing needs a tight definition

    At the heart of defensive investing lies infrastructure assets - but only only in its purest form is infrastructure able to deliver the defensive qualities that investors are targeting.

    Andrew Maple-Brown, Maple-Brown Abbott | 20-08-15 | 0.75 CE | More
  24. Harvesting alpha & managing risk via fundamental insights

    Investors face five dilemmas on which judgments need to be made with respect to: earnings, valuations, momentum, reinvestment and sentiment.

    James Abela, Fidelity Worldwide Investment | 20-08-15 | 0.75 CE | More
  25. Negative yields are not catastrophic

    As volatility in bond markets becomes more pronounced, and asset bubbles develop, investors will need to reassess their approach to the asset class. Unconstrained bond investors can exploit opportunities across relative value, yield curve and fixed income volatility.

    Sebastian MacKay, Standard Life Investments | 20-08-15 | 0.75 CE | More
  26. Panel: Alpha & Smart Beta… fact, fallacy or fantasy?

    Our panel debated the views of the two presenters who addressed this "crossroad" - that boutique investment managers outperform and that smart beta is dumb.

    20-08-15 | 0.50 CE | More
  27. Smart beta is dumb

    Smart beta's popularity has swept not only the ETF world but academia too. Yet there is academic debate about whether smart beta produces alpha, risk-adjusted performance or only beta, a premium for bearing risk.

    Michael Edesess | 20-08-15 | 0.50 CE | More
  28. Boutique investment managers outperform

    While the debate over the value of active management has intensified in recent years, the outperformance of boutique managers has been overlooked. Active boutique managers have consistently outperformed both non-boutique peers and indices over the past twenty years.

    Matthew Kelley, Affiliated Managers Group | 20-08-15 | 0.50 CE | More
  29. 3 fundamental strategies for 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.

    Woody Brock | 20-08-15 | 0.50 CE | More
  30. Active share – winning the game of loans

    There are two possible outcomes from the extreme debt levels in the global economy - high inflation or long-term below trend growth. The key dilemma is how to minimise this uncertainty and return dispersion.

    Warryn Robertson | 19-08-15 | 0.75 CE | More
  31. Risk management is as important as return management

    Investors need to be more focused on downside risk management. An environment of lower expected returns and higher volatility means risk management is just as important as return management.

    Tracey McNaughton, UBS Global Asset Management | 19-08-15 | 0.75 CE | More
  32. Small cap equities are an essential risk diversifier

    The diverse range of quality small cap companies with recurring earnings and growing dividend yields offer investors essential risk diversification and should be incorporated into portfolios.

    Simon Conn, Investors Mutual | 19-08-15 | 0.75 CE | More
  33. At the ethical crossroads – navigating the values dialogue

    The view that investors should leave their values at the door is fundamentally mistaken as both an ethical theory and an investment strategy.

    Prof Charles Sampford, Griffith University | 19-08-15 | 0.50 CE | More
  34. At the crossroads… Dilemmas I Decisions

    Portfolio construction is approaching a crossroads – critical questions must be answered, and critical decisions must now be made.

    Graham Rich, PortfolioConstruction Forum | 19-08-15 | 0.50 CE | More
  35. QMTV: A risk awareness framework

    A QMTV (quality, momentum, transition and value) framework can help investors manage buy, hold and sell decisions through various cycles and provide a crossroad signal.

    Fidelity Worldwide Investment | 15-08-15 | 1.25 CE | More
  36. At the crossroads - insist on 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.

    Julian Morrison & Dr Richard Whiteoak, Allan Gray | 13-08-15 | 1.00 CE | More
  37. 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 | 13-08-15 | 0.50 CE | More
  38. The boutique premium

    While the debate over the value of active investment management has intensified in recent years, the outperformance of boutique managers over non-boutiques and indices has been overlooked.

    Affiliated Managers Group | 07-08-15 | 0.75 CE | More
  39. A real alternative for all

    The rise of liquid alternatives not only marks an improvement on traditional fund of hedge funds, it also makes a hedge fund allocation a genuine competitor with other onshore absolute return solutions.

    Ian Haas & Fred Ingham, Neuberger Berman | 05-08-15 | More
  40. Walking the tightrope

    This report explores institutional investors' attitudes toward equity market risk and looks at the downside protection strategies they are using to insure their portfolios against volatility.

    State Street Global Advisors | 04-08-15 | More
  41. Under-standing skill - a paradox

    The challenge in finding differential skill among active managers reflects a surfeit, not a dearth, of skill. This is the major lesson of the paradox of skill. As Napoleon was reported to say, "Ability is nothing without opportunity."

    Michael Mauboussin, Credit Suisse | 28-07-15 | 0.75 CE | More
  42. The mirage of the financial singularity

    Will alpha eventually go to zero for every imaginable investment strategy, as suggested by Swedroe & Berkin's The Incredible Shrinking Alpha? The idea of financial singularity may seem inspiring, but real world markets are nowhere close to it.

    Robert J. Shiller | 20-07-15 | More
  43. Bank hybrids - equity risk with bond returns?

    We hear this one a lot. It's incredibly misleading. Bank hybrids offer better than bond returns with higher risk, and lower than equity returns with much lower than equity risk.

    Tim Farrelly | 06-07-15 | More
  44. Symposium 2015 - my key takeouts

    As always, PortfolioConstruction Forum Symposium is the highlight of my year in terms of professional development. This year's was probably the best to date. Here are the key takeouts I sent to my clients.

    Janet Natta, Smart Money Advice | 22-06-15 | More
  45. Academy

    PortfolioConstruction Forum Academy challenges and advances portfolio construction knowledge and wisdom. Open to a select group of just 80 senior, experienced portfolio construction practitioners each year, Academy will enable you to continuously develop, test, and validate your portfolio construction philosophy and decision-making framework.

    20-06-15 | More
  46. 2014-2015 Academy Resources Kit

    The 2014-2015 Academy Resources Kit is a rich repository of continuing education material including the presentations, podcasts, and research papers from the Academy Seminars for the 2014-2015 curriculum year...

    20-06-15 | More
  47. 2013-2014 Academy Resources Kit

    The 2013-2014 Academy Resources Kit is a rich repository of continuing education material including the presentations, podcasts, and research papers from the Academy Seminars for the 2013-2014 curriculum year...

    20-06-15 | More
  48. 2012-2013 Academy Resources Kit

    The 2012-2013 Academy Resources Kit is a rich repository of continuing education material including the presentations, podcasts, and research papers from the Academy Seminars for the 2012-2013 curriculum year.

    20-06-15 | More
  49. 2011-2012 Academy Resources Kit

    The 2011-2012 Academy Resources Kit is a rich repository of continuing education material including the presentations, podcasts, and research papers from the Academy Seminars for the 2011-2012 curriculum year.

    20-06-15 | More
  50. 2010-2011 Academy Resources Kit

    The 2010-2011 Academy Resources Kit is a rich repository of continuing education material including the presentations, podcasts, and research papers from the Academy Seminars for the 2010-2011 curriculum year.

    20-06-15 | More
  51. Academy Winter Seminar 2015 - Resources Kit

    PortfolioConstruction Forum Academy Winter Seminar 2015 featured four sessions. This Resources Kit contains the materials for preparing for the Seminar, as well as the presentation slides.

    15-06-15 | 37 comments | More
  52. In defense of smart beta

    Michael Edesess has encouraged investors to be skeptical of the strategies being marketed under the moniker of "smart beta". I'm compelled to cross-examine his accusations.

    Keith Goddard, Capital Advisors | 10-06-15 | More
  53. 2015 Symposium - Resources Kit

    Symposium 2015 featured 20+ leading investment professionals arguing their best, high conviction ideas about the markets, strategies and investing.

    05-06-15 | More
  54. Why 'smart beta' is really dumb

    Does smart beta deserve the attention it is getting? I can't see how it's possible to have more diversification benefit using a factor approach to constructing portfolios than any other approach.

    Michael Edesess | 04-06-15 | 0.75 CE | More
  55. Alternative beta - the third leg of the stool

    In an age where we have lost one of the pillars of traditional diversification - fixed income - what do you do? You need to stretch portfolios into other areas, including alternative beta.

    Philippe Jordan, Capital Fund Management | 02-06-15 | More
  56. Big raises and lifestyle creep

    The surprising result of a recent study is that the "conventional" view that earnings rise steadily (above inflation) throughout our careers is not accurate. Good spending habits established early on can make an astounding difference to wealth over a lifetime.

    Michael Kitces | 29-05-15 | 0.50 CE | More
  57. The patient is out, but the doctor is (all) in

    Divergences in global economic and policy outcomes have important implications for markets around the world. This policy divergence has directly influenced asset prices across the globe with implications for stocks, bonds and currency markets.

    David Fisher, PIMCO | 28-05-15 | 0.50 CE | More
  58. The Chinese property bubble is set to burst!

    China now has to deal with a massive excess supply of property… This is unlikely to be “just another property cycle” in China. The bursting of China’s property bubble poses a major risk to both the country’s stability and the global economy.

    Sam Churchill, Magellan Asset Management | 28-05-15 | 0.50 CE | More
  59. Portfolio construction of the future will focus on 3 risk buckets

    Portfolio construction should focus on three risk buckets – beta, smart beta, and alpha. If not, you run the risk of creating a poorly diversified (that is, over diversified) portfolio – and, worse, a portfolio that costs far more than it should.

    Michael Furey | 20-05-15 | 0.75 CE | More
  60. Symposium 2015 Key Takeouts Workshop - Strategies & Investing

    Each of our Symposium 2015 DDF presenters gave a 2-minute overview of their high conviction portfolio construction strategy idea.

    20-05-15 | More
  61. Harness India's growth by investing before the crowd

    Rather than large, liquid companies with significant global revenue bases which dominate benchmark allocations, investors should seek exposure to India’s surging local demand…

    Mugunthan Siva, India Avenue Investment Management | 20-05-15 | 0.75 CE | More
  62. Multi-manager global equity portfolios needn’t be low active share

    When combining managers together to form a multi-manager global equity portfolio, investors should still aim to keep active share relatively high.

    Alan Clarke, ANZ Investments | 20-05-15 | 0.75 CE | More
  63. NZ debt – picking the highest yield is not enough

    uilding NZ fixed interest portfolios is harder than it has ever been… Portfolios need to be constructed for the specific needs of clients, which will typically be a combination of liquidity, income, quality, and diversification

    Christian Hawkesby, Harbour Asset Management | 20-05-15 | 0.75 CE | More
  64. Engaging NZ companies on governance will improve outcomes

    At the coal face, engagement between company boards and institutional shareholders can achieve meaningful improvements for all investors. Perseverance and commitment are essential.

    Rebecca Thomas, Mint Asset Management | 20-05-15 | 0.75 CE | More
  65. Small Caps are an essential risk diversifier

    The diverse range of quality small cap companies with recurring earnings and growing dividend yields offer investors essential risk diversification and should be incorporated into portfolios.

    Simon Conn, Investors Mutual | 20-05-15 | 0.75 CE | More
  66. All is not lost in preserving yield in a low-yield environment

    Investors will need to hunt out alternative sources of yield to meet their investment objectives. All is not lost. Yield can be preserved in a low yield world but investors need to be aware of the risks and trade-offs.

    Keith Poore, AMP Capital NZ | 20-05-15 | 0.75 CE | More
  67. Symposium 2015 Key Takeouts Workshop - The Markets

    Each panelist outlined which high conviction markets idea from Symposium 2015 day one they agreed with most, and which one they agreed with least.

    20-05-15 | More
  68. Portfolio construction implications panel - The NZ Economy

    Our Symposium 2015 debated their high conviction ideas on the drivers of, and medium-term outlook for, the New Zealand economy.

    19-05-15 | 0.50 CE | More
  69. Portfolio construction implications panel - Market

    Our Symposium 2015 Faculty debated their high conviction ideas on the drivers of, and medium-term (two to three year) outlook for the markets.

    19-05-15 | 0.75 CE | More
  70. Investing in NZ is a big challenge for an Au-based, Kiwi investor

    Despite a genuine desire to invest in New Zealand on behalf of a substantial Australian superannuation fund, after several years of trying, no money has been invested.

    Sean Henaghan, AMP Capital | 19-05-15 | 0.50 CE | More
  71. Oil price moves are a cyclical risk

    For investors, one of the most important events of 2014 was the dramatic collapse in the oil price. The long-term equilibrium price is now likely to be lower. Overall, portfolios must be repositioned for increased volatility.

    Nick Langley | 19-05-15 | 0.50 CE | More
  72. Get used to low interest rates

    World-wide low interest rates are not a temporary phenomenon. The world has changed and it is highly likely that the current low rate environment will be with us for decades. Getting used to low rates will be a critical adjustment for all investors to make in the coming years.

    Tim Farrelly | 19-05-15 | 0.50 CE | More
  73. Desperate central banks are causing Pollyanna asset prices

    Slow growth is an old story. The new story is that world is finally beginning to re-balance - a process that unfortunately will take another 20 years. Well-intended policies are causing bubbles and distortions to asset prices.

    Robert Gay | 19-05-15 | 0.50 CE | 2 comments | More
  74. The global economy is firing on all cylinders

    The outlook for the global economy is unambiguously positive. At long last, all regional economic cylinders are firing in unison and secular stagnation is yesterday's story.

    Jonathan Pain | 19-05-15 | 0.50 CE | 1 comment | More
  75. Facilitating debate on the markets, strategies & investing

    PortfolioConstruction Forum Publisher and Symposium NZ 2015 Moderator, Graham Rich, opened Symposium NZ 2015 in his usual thought-provoking (and entertaining) way, highlighting key issues to consider over the jam-packed, marathon program.

    Graham Rich, PortfolioConstruction Forum | 19-05-15 | 0.50 CE | More
  76. Governance - a guide to monitor listed companies

    The ACSI Governance Guidelines, which hold a wealth of information about what constitutes good corporate governance, are a valuable resource for any investor (or business owner).

    Angela Ashton, PortfolioConstruction Forum | 13-05-15 | More
  77. Active share and multi-manager global equity portfolios

    When combining managers together to form a multi-manager global equity portfolio, investors should aim to keep active share relatively high.

    Alan Clarke, ANZ Investments | 12-05-15 | More
  78. The oil price fall and portfolios

    The collapse in oil prices in the second half of 2014 is very large in a historical context. This paper explores the implications for portfolios.

    Dr Jonathan Mirrlees-Black, RARE Infrastructure | 12-05-15 | 0.50 CE | More
  79. Role of investment philosophy in evaluating managers

    Investment managers have a better chance of adding alpha if they have a clear philosophy of how they generate it, according to research on the importance of a robust investment philosophy.

    Angela Ashton, PortfolioConstruction Forum | 06-05-15 | 1.50 CE | More
  80. Size matters, if you control your junk

    In recent years, academics have been at war over whether the small cap premium exists. This recent paper finds it does - if you control for quality - and that it is significant, and not time or market specific.

    Angela Ashton, PortfolioConstruction Forum | 30-04-15 | 2.00 CE | More
  81. Assessing manager risk and perf

    Fund research is something of a dark art - there is little quality information available on how to go about it. But here are two great papers covering qual and quant analysis of funds and managers.

    Angela Ashton, PortfolioConstruction Forum | 16-04-15 | 0.75 CE | More
  82. How indexation killed growth

    Indexing, as I have written before, is a form of socialism, since capital is allocated not as it should be. It is hard to think of a more stupid way to allocate this scarce resource.

    Charles Gave, GaveKal | 15-04-15 | More
  83. The case for active investment mgmt

    Even the most skillful active managers will sometimes underperform. And, in some market environments, most active managers can be expected to underperform.

    Bill Priest, Epoch Investment Partners | 15-04-15 | 1.00 CE | More
  84. Three regions, three strategies

    Fundamentally, there are three ways to make money in financial markets. A well structured, well-diversified portfolio should encompass all three, across all geographies.

    Louis-Vincent Gave, GaveKal | 26-03-15 | More
  85. Financial ratio analysis

    Even if it's not your intention to recommend stocks, understanding financial analysis in general and ratios in particular, can enhance your ability to analyse equity funds.

    Angela Ashton, PortfolioConstruction Forum | 26-03-15 | 1.25 CE | More
  86. Academy Autumn Seminar 2015 - Resources Kit

    PortfolioConstruction Forum Academy Autumn Seminar 2015 featured four sessions. This Resources Kit contains the materials for preparing for the Seminar, as well as the presentation slides.

    24-03-15 | 41 comments | More
  87. 9 out of 10 times the consensus will be wrong?

    When faced with a huge majority of experts expecting international equities to outperform Australian equities, I blurted this out. I was wrong, and on a few counts.

    Tim Farrelly | 17-03-15 | 3 comments | More
  88. ASX fund choices

    The recent listing of the Magellan Global Fund has essentially introduced a new structure into the ASX-listed and quoted fund universe. With more choice comes more complexity.

    Dominic McCormick | 11-03-15 | 3 comments | More
  89. Just how important is asset allocation?

    In this seminal paper, Ibbotson confirms that after the decision to actually invest is made, asset allocation and manager selection are equally important.

    Angela Ashton, PortfolioConstruction Forum | 23-02-15 | 0.50 CE | More
  90. Currency tailwind losing force?

    Investing globally is increasingly popular with the expectation of a continued weak AUD being a big driver. But easy currency gains may have been had.

    Dominic McCormick | 19-02-15 | More
  91. Australia's New Neutral: Low interest rates for even longer

    Lower 'neutral' monetary policy rates across the developed world will continue to serve as an important anchor for the secular valuation of all asset classes.

    Robert Mead, PIMCO | 17-02-15 | 0.50 CE | More
  92. Bond markets lock up and lock out returns

    Bond markets were once the world's most liquid. Today, trading even $5 million in bonds can be difficult. Managed fund holders must recognize that funds may limit withdrawals and hold larger cash balances.

    Scott Weiner, Payden & Rygel | 17-02-15 | 0.50 CE | 1 comment | More
  93. Emerging Markets: Cyclically challenged, structurally adjusting, secularly promising

    Differentiation is key for emerging markets. Secularly, countries enjoying the rise of consumerism are expected to drive local company earnings above the global norm.

    Tai Hui, JP Morgan Asset Management | 17-02-15 | 0.50 CE | More
  94. Think yes Japan, not ex Japan

    Japan has become a nation to which many investors are largely indifferent. But individual Japanese stocks offer some of the most compelling asymmetric risk/return profiles within the equity landscape.

    John Hock, Altrinsic Global Advisors | 10-02-15 | More
  95. Not another Emerging Market crisis

    After a run of historically rapid improvement in living standards in the first decade of the millennium, emerging markets will face a more challenging outlook - not a crisis - over the next few years.

    Jeremy Lawson & Nicolas Jaquier, Standard Life Investments | 10-02-15 | 2.00 CE | More
  96. Academy Summer Seminar 2015 - Resources Kit

    PortfolioConstruction Forum Academy Summer Seminar 2015 featured four sessions. This Resources Kit contains the materials for preparing for the Seminar, as well as the presentation slides.

    05-02-15 | 48 comments | More
  97. The price all investors pay for benchmarking

    Is the practice of measuring manager performance by comparing it to a market index distorting prices across the whole market? That is the conclusion of a recent paper.

    Michael Edesess | 30-01-15 | More
  98. Dividends by another name

    Share repurchases have recently been receiving a lot of press, much of it critical. We see dividends and share repurchases as equal ways of returning excess free cash flow to business owners.

    Bill Priest, Epoch Investment Partners | 29-01-15 | More
  99. Risk transfer vs risk retention

    The real distinction in retirement income philosophies is not about which are "safe" and which are not. It is whether risk is transferred or retained (and if retained, managed).

    Michael Kitces | 20-01-15 | 1 comment | More