1. Use Active Share to assess management fees

    Active Share can be an effective way to evaluate the appropriateness of a fund manager's fee. Low Active Share funds should come with index-fund-like fees.

    Michael Kitces | 01-11-16 | 0.50 CE | More
  2. Understand "founder's mentality" to generate outperformance

    Only 1 in 10 listed companies globally achieved sustainable, profitable growth over the decade. A disproportionate number had a founder still running the firm or who remains on the Board.

    Mugunthan Siva, India Avenue Investment Management | 12-10-16 | More
  3. The banks at risk of an Aldi moment - sell!

    The latest reason offered as to why not to buy Australia's major banks is that their margins could be taken away by a well resourced disrupter. Should we not own the banks, as a result?

    Tim Farrelly | 16-09-16 | More
  4. Look for the signal amongst the noise

    Using a simple case study, this paper illustrates an approach to cutting through fund performance "noise" to find the signal - the bigger picture investment view that enables us to construct better investment portfolios.

    Michael Furey | 06-09-16 | 1 comment | More
  5. The long and short of it - key takeouts

    Conference 2016 delivered 50+ high conviction ideas on how to manage the friction between short-term and long-term investing imperatives. Here are the key takeouts.

    Will Jackson | 01-09-16 | More
  6. 2016 Conference - Webcast

    Conference 2016 featured a stellar lineup of international and local experts offering their best high conviction idea/thesis around the the friction between short-term and long-term investing imperatives - and the portfolio construction decisions that must be made.

    30-08-16 | More
  7. Look for the signal among the noise

    Too often when analysing investments, the focus is on pure performance over too short a timeframe. We must lengthen the timeframe and adjust for risks, before we can begin to know whether value has truly been added.

    Michael Furey | 25-08-16 | More
  8. You don't own enough global small caps

    Investors can harness the long-run benefits of active satellites like global small caps to drive better portfolio outcomes despite volatile markets.

    Rob Failla, Lazard Asset Management | 25-08-16 | 0.50 CE | More
  9. Global Equity Income - timing not time in that counts

    While not traditionally known for income, there are thousands of dividend income opportunities among global companies which can provide income similar to Australian shares.

    Don Hamson, Plato Investment Management | 25-08-16 | 0.50 CE | More
  10. Over inflated long duration assets will lose you money

    Real assets including real estate have overinflated valuations. Investors need to understand the frame work necessary to manage the trade-off between shorter term returns and longer term risks.

    Stephen Hayes, Colonial First State Global Asset Management | 25-08-16 | 0.50 CE | More
  11. Spurn the supernova and fight the fear of fixed income

    With global yields at record lows, bond market Cassandras proclaim the formation of a supernova, warning of the investment perils. It's time to spurn that talk, and stick with the core, defensive anchor provided by global fixed income.

    Jeff Grow, UBS Asset Management | 25-08-16 | 0.50 CE | More
  12. It's time to turn to liquid alternatives

    Liquid alternatives have the potential to provide significant short- and long-term benefits for investors. It is important to not let common misconceptions about liquid alternatives undermine their potential benefits.

    Sam Mann, Franklin Templeton Investments | 25-08-16 | 0.50 CE | More
  13. Infrastructure provides reliable earning irrespective of crises

    Provided investors define infrastructure in a disciplined manner, investment in infrastructure will continue to deliver investors reliable earnings over time.

    Gerald Stack, Magellan Asset Management | 25-08-16 | 0.50 CE | More
  14. Tracking error cause short termism

    Tracking error constraints on active management focus on short-term outcomes and don’t align with most investor goals, which are longer term. So how else can portfolios be designed?

    Olivia Engel | 25-08-16 | 0.50 CE | More
  15. Asset managers must adapt to serve their clients

    Client needs are changing. And these changes will challenge asset managers, especially as the industry goes through consolidation.

    Doug Hodge, PIMCO | 24-08-16 | More
  16. Embracing low cost is an important principle

    Cost structures will continue to evolve rapidly, as more firms and individuals realise that cost is the one component than investors can control, to improve their outcomes.

    Bill McNabb, Vanguard | 24-08-16 | More
  17. Data has and will continue to revolutionise financial markets

    Finding patterns in data to make money in falling or rising markets relies on an empirical, skeptical, scientific mindset to identify signals.

    Mitesh Patel, Winton Capital Management | 24-08-16 | 0.50 CE | More
  18. Investor time horizons impact infrastructure returns

    Listed and unlisted infrastructure investment are complimentary ways to access the same underlying cash flows. But varying investor time horizons impact the investment returns both targeted and achieved.

    Nick Langley | 24-08-16 | 0.50 CE | More
  19. Prudently managed, equities are an excellent income generator

    Increasing equity exposure for retirees does not have to be a daunting move. Breaking down the index shows that income and not capital has been doing the heavy lifting over the longer term.

    Jason Teh, Investors Mutual | 24-08-16 | 0.25 CE | More
  20. Smart-beta managers can't replicate idiosyncratic stock selection

    The active versus passive debate is being displaced by active versus smart beta. Active managers need to demonstrate that their investment philosophy is designed to exploit inefficiencies that are sustainable over time.

    Stephen Weeple, Standard Life Investments | 24-08-16 | 0.50 CE | More
  21. Demographics does not mean dull

    Demographic trends give a solid basis from which to forecast beyond the usual two-year time horizon. Demographic layering of equity investment decisions can be a powerful structural growth tool as well as a strong risk mitigator.

    Alva Devoy, Fidelity International | 24-08-16 | 0.50 CE | More
  22. Long-term investing a fool's paradise

    Finance principles tell investors to buy good companies at attractive prices and they should perform over the long term. But what worked last century won't necessarily stand true this century.

    Sean Fenton, Tribeca Investment Partners | 24-08-16 | 0.25 CE | More
  23. Not all Australian income funds fit for purpose

    Australia’s bond market has evolved over time. As it grows and sub-sectors emerge, investor must ask – is my defensive allocation true-to-label?

    Charles Jamieson, Jamieson Coote Bonds | 24-08-16 | 0.50 CE | More
  24. Active managers require three ingredients for success

    Active fund groups with the right combination of culture, technology and philosophy enable investors to protect and grow their capital in a complex world.

    Bill Priest, Epoch Investment Partners | 24-08-16 | More
  25. The past is passive, the future is definitely active

    Passive investment has flourished since the GFC but we are entering a new environment where active management will thrive. The opportunity for practitioners to add value has gone up significantly.

    Charles Carroll, Lazard Asset Management | 24-08-16 | More
  26. The long and short of it

    Investing is supposed to be about the incremental replacement of human capital with financial capital over the long term. But today's environment and our behavioural biases conspire against such a pure case.

    Graham Rich, PortfolioConstruction Forum | 24-08-16 | 0.25 CE | More
  27. A revolution is underway in portfolio construction

    Rising liabilities and low expected returns are driving a greater focus on outcome-based strategies and factor investing.

    Ron O'Hanley, State Street Global Advisors | 22-08-16 | More
  28. Blinded by optimism

    Data overfitting is a well known problem and one would expect clever statisticians and scientists not to succumb to its temptations. But "meta-overfitting" may be endemic in finance.

    Mark Roulston & David Hand, Winton Capital Management | 22-08-16 | More
  29. Do you own enough global small caps?

    A satellite allocation to global small caps can increase portfolio efficiency over the long term.

    Lazard Asset Management | 19-08-16 | More
  30. The changing face of global companies

    A new breed of companies – creative, nimble and networked – offer a powerful investment opportunity. Investors need to consider diversifying domestic exposures to access this set of long-term opportunities.

    Andy Budden | 19-08-16 | More
  31. Idiosyncratic alpha

    Amongst fundamental managers, it is critical to distinction those that are genuinely active and achieve high active share and tracking error through generating idiosyncratic returns.

    Fidelity International | 19-08-16 | More
  32. Liquid alternatives are hedge funds for today's investor

    Critics charge that liquid alternative funds may not provide exposure to quality hedge fund managers and exhibit lower performance potential. This paper examines those concerns.

    Sam Mann & David Saunders, Franklin Templeton Investments | 19-08-16 | More
  33. The case for equities providing income in retirement

    Maintaining a solid level of income for the retiree must remain at the forefront of thinking and a move up the risk spectrum into equities provides a solution.

    Investors Mutual | 19-08-16 | More
  34. Not all Australian income funds are fit for purpose

    As the Australian bond market grows and sub-sectors emerge, investor must ask – is my defensive allocation true-to-label?

    C Jamieson, A Coote & P Chin, Jamieson Coote Bonds | 19-08-16 | 0.25 CE | More
  35. Infrastructure - reliable earnings irrespective of crises

    The infrastructure asset class, when defined in a disciplined manner, generates reliable earnings - and for the foreseeable future, earnings of infrastructure assets should continue to be reliable.

    Magellan Asset Management | 19-08-16 | More
  36. Global equity income - it's timing not time in that counts

    Despite interest rates being at historic lows, there are thousands of dividend income opportunities amongst global companies that can provide income for a desirable retirement lifestyle.

    Plato Investment Management | 19-08-16 | More
  37. Long term investing is a fool's paradise

    A range of cognitive biases leads investors to generally overestimate their skill. A long-term investment strategy simply compounds this problem. A long-short investment structure can improve outcomes.

    Tribeca Investment Partners | 19-08-16 | 1 comment | More
  38. Lengthening the investment time horizon

    Investors are increasingly short term in their orientation. An arbitrage opportunity exists for managers with a longer investment horizon.

    MFS Investment Management | 19-08-16 | More
  39. Tracking error causes short-termism

    Tracking error constraints on active management focus on short-term outcomes and don't align with most investor goals, which are longer term. A low tracking error portfolio can often lead to an unfavourable outcome for end investors.

    Olivia Engel | 19-08-16 | More
  40. Investment horizon is a key risk/return driver in infrastructure

    The listed infrastructure market provides investors with a broad, deep and liquid range of infrastructure investment opportunities.

    RARE Infrastructure | 19-08-16 | More
  41. Focus on change – the search for equity alpha

    Change is pervasive, whether at macro, sector or stock level. This argues for an approach that does not favour any particular investment style.

    Standard Life Investments | 19-08-16 | More
  42. Backgrounder: The long and short of it

    Managing the fundamental friction between short-term and long-term investing imperatives is a key challenge when building portfolios. This Backgrounder explores some of the key concepts and debates.

    PortfolioConstruction Forum | 19-08-16 | More
  43. Spurn the supernova & fixed in-come fear

    Bond market Cassandras proclaim the formation of a supernova, warning of the investment perils. It's time to spurn this talk, and stick with the core, defensive anchor provided by global fixed income.

    UBS Asset Management | 15-08-16 | More
  44. 30 years - reflections on 10 attributes of great investors

    The world of investing and business has seen a great deal of change in the past 30 years. Investors face a slew of psychological challenges. Here are the 10 attributes I believe to be the hallmark of a great investor.

    Michael Mauboussin, Credit Suisse | 12-08-16 | More
  45. Discount narrowing - a valuable source of returns

    With most asset classes offering limited return potential, there is a drive for more alpha, but finding it is not easy. Discount narrowing on LICs can be a valuable source.

    Dominic McCormick | 28-07-16 | More
  46. Form follows function (org structure and investment results)

    New research has found that teams of three portfolio managers deliver higher gains, adjusted for risk, than funds managed by a single individual or by teams of other sizes.

    Michael Mauboussin, Credit Suisse | 22-07-16 | More
  47. Magellan: acorn to oak tree in 10 years

    It's 10 years since the Forum's publisher, Graham Rich, interviewed Hamish Douglass and Chris Mackay as the firm launched the now behemoth Magellan Global Fund.

    Hamish Douglass, Magellan Financial Group | 22-07-16 | More
  48. 10 "Gray Swans"

    By definition, Black Swans are unknowable - they should surprise us. But here are 10 "gray swans" complicating the outlook for markets and portfolio construction.

    Dan Farley, State Street Global Advisors | 03-06-16 | More
  49. How much risk do equities contribute to diversified strategies?

    Many have spoken of the significant risks funds carry with Australian equities exposures. So I thought I'd check the evidence on the influence of equities on multi-asset portfolios.

    Michael Furey | 02-06-16 | 0.25 CE | 1 comment | More
  50. 2016 Symposium - Resources Kit

    Symposium facilitates featured a stellar line up of 20 international and local experts - including special guest keynote, Professor Niall Ferguson, PhD, internationally renowned economic and financial historian - offering their expert, high conviction ideas to help build better quality investor portfolios.

    27-05-16 | More
  51. Think differently to find sustainable, secure sources of income

    US private market home loans – income producing, low credit risk, low volatility assets that can generate a stable flow of monthly income - are one of many opportunities to consider for portfolios.

    Adam Grotzinger, Neuberger Berman | 18-05-16 | 0.50 CE | More
  52. Symposium 2016 - The Great Debate

    Our Symposium 2016 Faculty debated two high conviction ideas from the first day's program - firstly, the idea that delegates agreed with most and then, the idea delegates disagreed with most.

    Symposium 2016 Great Debate Panel | 17-05-16 | 0.50 CE | More
  53. Gold stocks are not just for the bears

    Gold stocks have become a great addition to portfolios - based on expected returns as well as their strong diversification benefits given a beta of almost nothing.

    Olivia Engel | 06-05-16 | More
  54. "Debt bubble economics" rules

    Australia is increasingly resorting to "debt bubble economics" - exactly what caused bubbles and major busts in the US and other economies in recent decades.

    Dominic McCormick | 06-05-16 | 1 comment | More
  55. Eight core ideas to guide retirement income planning

    Retirement income planning is a relatively new field that differs from traditional wealth accumulation. Eight key ideas serve as a manifesto for my approach to retirement income planning.

    Wade D. Pfau, The American College | 20-04-16 | More
  56. What makes for a useful statistic

    The worlds of business, investing, and sports are awash in numbers, yet we rarely pause to consider what makes for a suitable statistic.

    Michael Mauboussin, Credit Suisse | 08-04-16 | More
  57. Capturing the governance premium in less developed markets

    In the last 10 years, many companies from emerging economies have closed the corporate governance gap relative to their developed market counterparts. Such companies find themselves in a sweet spot.

    Mugunthan Siva, India Avenue Investment Management | 22-03-16 | More
  58. Why Brexit won't happen

    Among the many challenges facing the EU - refugees, populist politics, German-inspired austerity, government bankruptcy in Greece and perhaps Portugal - one crisis is well on its way to resolution. Britain will not vote to leave the EU.

    Anatole Kaletsky | 23-02-16 | 2 comments | More
  59. Don't pile into resources this year

    Like 2014 and 2015, Australian resources stocks in 2016 may look cheap but it is not an attractive trade. More reliable returns will be delivered by high quality companies well beyond the familiar territory of the 20 Leaders.

    Olivia Engel | 16-02-16 | 0.50 CE | More
  60. The case for gold resurrected

    When central banks are taking to extreme policies, and Donald Trump has a decent chance of being US President, we need to be prepared for anything. Gold may not be the perfect hedge, but what is?

    Dominic McCormick | 04-02-16 | More
  61. Investing in demo-graphics - an update

    Three demographic megatrends support a number of structural growth themes that allow identifiable companies to benefit from strong and compounding cash returns over investible timescales.

    Fidelity International | 31-01-16 | 1.00 CE | More
  62. Does the Financial Services Council understand imputation?

    The FSC has called for a cut in the company tax rate to 22%, funded by an increase in the GST. It's hard to see why FSC made this call, particularly given that its stated number one priority is "working to improve the well-being of all Australians".

    Tim Farrelly | 22-01-16 | 4 comments | More