Different ways of presenting an identical set of data lead to very different insights into a fund’s performance. Using an arithmetic graph is by far the easiest to understand - and it can also be the most deceptive.
This paper provides a penetrating view into some of the motivational dynamics in play for individual investors who select sustainability-related investments, and implications for financial intermediaries who manufacture and sell such products.
This report summarises the key observations from ASIC's review of how issuers of investment products are meeting design and distribution obligations and areas for improvement.
When seeking exposure to the energy transition, investors typically think of wind and solar farms, and hydrogen and battery production. But the best risk/reward energy transition opportunities can be found elsewhere.
The WallStreetBets phenomenon - and the sensational short squeeze of Gamestop in 2021 in particular - demonstrated the potentially dramatic influence of collective retail behaviour on financial markets.
Established in 2002, Strategies Conference is THE portfolio construction strategies conference of the year. Presented each August, the program features 50+ carefully selected leading investment thinkers who will challenge and refresh your portfolio construction thinking by debating contemporary and emerging portfolio construction strategies, for you to consider applying in practice to build better quality portfolios.
In the same way that Moneyball has swept every professional sport, data science is bringing greater transparency to portfolio managers' decision-making skill. To select managers capable of outperforming, behavioural analysis is crucial.
Every day, every one of us is touched by infrastructure and, the longer we live, the more billions of us there are, and the more we need infrastructure. Demand for essential infrastructure offers opportunities for investors.
Global small caps may be rewarded by the markets going forward supported by faster expected earnings growth and compelling valuations relative to large cap equities.
Private Equity pooled returns have been attractive while also less volatile than investing in a single fund or fund-of-funds. Enabling investors to "buy the private market" would complement portfolios just like in public markets.
Small Caps have underperformed large cap peers in recent times however cyclical factors today and a rebound in domestic risk sets up for the reemergence in Australian Smalls.
The Investing Roundtable explored key challenges and opportunities that practitioners should be thinking about when building quality multi-asset, multi-manager portfolios.
Until the early 1950s, investing was an art. Then, along came the publication of work undertaken by Harry Markowitz (1952). Over a 20-year period, this played the primary role in moving investing from an art to a science.
The bulk of the research on sustainable investing has concentrated on returns. These two papers look beyond that to whether investors are so committed to sustainability that they will continue to invest irrespective of returns or fees.
Protecting capital in down markets is the foundation for superior returns – and quality investing, with a long-term investment horizon, protects shareholder wealth on the downside, while capturing steady capital growth.
Industry funds don't use up to date valuations on their unlisted assets, and this is effectively cheating on their performance reporting? That's nuts and you can clearly see it's nuts.
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.
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.
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.
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.
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.
This lecture argues that a diversified portfolio of core fixed income securities is an essential component of an optimal multi-asset portfolio. What's your philosophy?
Value investing has proven successful over time but it requires discipline and a long-run horizon - and disagreement remains over whether the value premium will persist. What's your philosophy?