Human capital is the foundation of long-term economic growth, yet in Western democracies, it is under severe and structural strain. Education systems are faltering, producing graduates lacking core competencies, while civic discourse increasingly rewards outrage over critical thinking. Meanwhile, the rapid advancement of AI poses a double threat, displacing low- and mid-skilled jobs while demanding higher-order cognitive abilities that our current systems fail to cultivate. This erosion of "Human Intelligence" threatens our ability to innovate, govern effectively, and sustain competitive markets. In Australia, productivity growth has stagnated, reflecting issues in skills development, institutional capacity, and economic dynamism at the same time that rising inequality, falling birth rates, and widespread reliance on government support signal the breakdown of the aspirational social contract. Meanwhile, shallow public understanding of China and a shrinking pipeline of China-literate experts leave Australia dangerously unprepared for a complex strategic environment. This complex array of issues is changing the outlook for economies and investment markets. It is time to make a move – we can each contribute to shaping a smarter, more resilient future, and, by better understanding these issues, practitioners can better manage risk and uncertainty, and design portfolios capable of improving the financial well-being of individuals.

Western order that has long underpinned global prosperity is cracking. Not dramatically. Quietly. And nothing feels missing, until everything is. From the origins of Western order in the Renaissance through the Enlightenment, five interconnected crises now threatening its foundations: fragmenting trade; collapsing alliances; fading Western hegemony; vanishing civic knowledge; and, an AI revolution that will amplify every weakness. Business leaders and citizens alike have become unwitting guardians of this inheritance. When its foundations crumble, the rules we take for granted simply stop working. Just as the Medici invested in civilisation and created returns measured in centuries, today's leaders must become Renaissance people in dark times. That means thinking across fields, building what lasts and looking beyond the next quarter and to the next century. Our choice is simple – optimise within decline, or rebuild the foundations that made our prosperity possible.

In an era defined by rapid economic shifts and evolving banking regulation, traditional areas of the private credit universe are becoming increasingly saturated and necessitate caution. The time to make a move is now – asset-based finance is emerging as a compelling frontier for investors seeking stability of income, downside protection through collateral, diversification, and attractive returns.

As yields remain at decade highs, Australian investment-grade credit is no longer just a defensive anchor, it’s become a strategic source of return. Offering 7–8% returns from high-quality, liquid securities, this segment now competes with high yield, private credit and offshore strategies, but with greater transparency, lower complexity and less downside risk. With parts of the private credit market under pressure from rising impairments and liquidity constraints, investment-grade credit provides a way to access equity-like returns without taking on additional risk or sacrificing liquidity. In today’s environment, there is no need to move up the risk curve. Diversified, liquid investment-grade strategies continue to deliver superior risk-adjusted returns compared to less liquid alternatives, while preserving capital and enhancing portfolio resilience.

Value has and continues to be a cornerstone of equity investment discipline and the uncovering of mispricing that is central to active management. Now, in a market captivated by growth narratives and the allure of quality, investors are risking imbalance and volatility in their core global equities allocations. Investors should challenge what value means in today’s evolving market and think pragmatically about how value co-exists alongside other accretive factors, thereby uncovering opportunities that challenge the traditional definition. If they get it right, a greater focus on valuations in core equity allocations will deliver a smoother investment journey in the decade to come. It's time to question where your next dollar should go, challenge current allocation strategies, and move towards value as an indispensable component of every portfolio.

Today’s global equity market is shaped by structural disruption, with winners and losers emerging across industry sectors. An absolute return, long-short approach to global equities investing offers a powerful edge over traditional strategies. The long-short research process builds conviction in long positions while unearthing shorting opportunities in structurally declining sectors, capturing absolute value from both the long and short side of the investment book. Taking this approach and combining it with the freedom to invest over a 5+ year horizon to align with the long-term investment plans of structural winners can unlock one of the great remaining alpha opportunities in the market. Traditional long only and low-net long-short funds are often constrained by exposure limits, strict mandates, and investment pressures from investing over the long term and shorting. It is crucial to have the freedom to invest in the best long-term opportunities whatever they are, turning time and disruption into a competitive advantage.

Private credit is a maturing asset class globally but expanding rapidly in Europe (outpacing growth in the US). Europe provides compelling geographic and sector diversification, and a strong bias towards resilient sectors with high visibility on cash flows. European spreads tend to price at a premium to their US counterparts, the market is less mature, more fragmented and provides higher interest cover and lower default rates. Don’t discount the untapped potential of European low to mid-market companies that can offer lower leverage and spread pick-up opportunities. Now is the time to add European private credit to portfolios.

Corporate returns on capital tend to progress along a life cycle - they accelerate, compound, fade, mature, and turn around. When you think about global equities, every company can be placed in one of these five categories. By selecting stocks and constructing portfolios within a corporate life cycle framework, the alpha driven by stock selection is increased significantly, while generic factor and style specific risk is reduced significantly, too. This leads to far greater risk-adjusted returns across all market environments - something allocators must strive for in their global equity core. It’s time to move global equities portfolio construction and stock selection with the corporate life cycle - for alpha, balance, and consistency.

The explosion of data and advances in AI have permanently changed active investing. In an era where most market-relevant information has been created in just the last two years, the alpha edge lies not in discarding skill, but in scaling it. The core ingredients of alpha are skill, breadth, and efficiency, yet to optimise it now requires a systematic approach. Systematic investing processes vast datasets, identifies predictive linkages, and executes with discipline, stripping away behavioural biases. The portfolio construction implication is clear – now is the time for active managers to embrace scale into their investment process by leveraging data and technology to stay ahead and to help generate repeatable alpha. Those who don’t will be left behind.

In a world of disrupted supply chains, recalibrated interest rates, and technological acceleration, asset class dynamics are being redefined as some sectors quietly set up for multi-period outperformance. This session explores key challenges and opportunities in multi-asset class portfolio construction that practitioners should be thinking about – three asset class issues that it’s time to make a move on – in order to deliver best-of-strategies solutions capable of improving the financial well-being of individuals.

Capital and companies are shifting away from public markets. The rise of the passive listed equity fund has created unparalleled indexation and correlation in the public domain. Conversely, private markets have demonstrated return outperformance (with less volatility) over a long period of time. The result is a generational shift in capital and businesses to the private markets. Within private markets, mid-market private equity is home to some of the country’s most dynamic, high-growth investment opportunities. Yet most of these remain out of reach for public market investors. In fact, the number of mid-market businesses across Australia and New Zealand is over nine times greater than the total number of companies listed on the ASX. Mid-market private equity managers pursue an opportunity set that is vast, with less competitive pressure, and greater relative value creation potential. Innovation in accessible private market investment structures means now is the time to think beyond public markets and make your move into mid-market PE.

Emerging markets account for over half the world’s population and a third of global GDP, yet they remain glaringly underrepresented in most investment portfolios. After a decade of US mega-cap tech dominance, investors have largely sidelined EMs, discouraged by weak performance and relentless negative headlines. But markets are cyclical, and today’s low valuations could be the springboard for a powerful rebound. EMs also bring a critical ingredient that portfolios are starving for - diversification. In today’s narrow, concentrated market landscape, that’s not just a nice-to-have, it’s an essential ingredient for resilient client portfolios. The world has changed, and ignoring emerging markets now could mean missing one of the most compelling opportunities to build portfolio resilience and unlock growth. Is it time to quadruple emerging markets exposures?

In today’s information-saturated markets, the challenge isn’t ignorance – it’s bias. Recency, overconfidence, anchoring, and confirmation bias shape more portfolio decisions than many realise. The edge no longer lies in discovering what’s happening, but in discerning what truly matters. Where traditional approaches falter, systematic investing rises to the challenge, using data science, probabilistic thinking, and structured processes that strip away narrative traps and deliver repeatable, robust outcomes. Performance over one year is luck; over many years, it’s process. Systematic strategies prioritise transparency, consistency, and adaptability, building portfolios that resist the allure of storytelling. For those seeking to move from episodic brilliance to persistent advantage, the verdict is clear – now is the time for systematic investing.

A portfolio is only as good as the sum of its parts. This session explores key challenges and opportunities in multi-asset, multi-manager portfolio construction that practitioners should be thinking about – three portfolio deign issues that it’s time to make a move on – in order to deliver best-of-strategies solutions capable of improving the financial well-being of individuals.

The enduring gap between investors’ intentions and their market actions is a critical challenge. While investors may voice clear objectives, ranging from long-term retirement savings to ethical mandates, their behaviour often lags. This is not a failure of financial knowledge, but a misalignment between personal values and portfolio goals. By first articulating and understanding their core values, investors can design objectives that are not just financially sound but also compelling psychologically and behaviourally. This values-first approach closes the gap between intent and action, leading to more effective portfolios.

Economic realities and policy shifts are diverging from market pricing. US equity valuations are at record highs and yet the outlook for the world’s largest economy is challenged. In addition, tensions between the White House and Federal Reserve raise the risk that the independence of the central bank will be undermined. It's time to make a move to rebalance portfolios, adjusting allocations across geographies, asset classes, and factors.

This diverse panel of asset class experts discusses and clarifies the implications of four global economic and markets outlook scenarios for the medium-term (three-year) outlook for key asset classes, during which the Strategies Summit delegates vote to give their view on the likelihood of each scenario, from most to least likely. The asset allocation implications are then revealed in the Peer Exchange Group session later in the morning.

In an era of increasing fee compression, complex global markets, and individual investors’ growing preference for customisation and personalisation, the traditional model of outsourcing investment management to an OCIO is reaching its practical limits. While it offers scale, it often operates as a transactional, one-size-fits-all solution that keeps the investment adviser at arm's length. The OCIO relationship with the investment adviser needs to evolve from this transactional, 'outsourced' model to a deeply integrated partnership that moves beyond an investment-only service to being a strategic asset that unlocks greater "Solutions Alpha" – the tangible value derived from improved investment outcomes, greater business efficiency, and increased investment advice agility – to directly enhance both investment advice practice value and the financial well-being of individuals.

First, we stress test the asset allocation implications of the economic scenarios debated earlier in the morning. Our diverse panel of portfolio construction practitioners then discusses the asset allocation outcomes, which of the high conviction propositions they heard during Strategies Summit 2025 they agreed and disagreed with most – and, which ones it is time to make a move on, to design resilient portfolios in practice.

Investment is more than technical; it is fiduciary and communal, requiring alignment with values and stewardship of economic and social foundations. Oliver draws together the threads of Strategies Summit 2025, sharing his key takeouts and the implications for investment fiduciaries becoming civilisational stewards.

This lecture instructs IMAC candidates on the fundamentals of specifying a Neutral Asset Allocation when building investment portfolios.

The Investment Management Analyst Certificate (IMAC) advances investment management analyst knowledge, skill and expertise in a definitive set of competencies necessary for building and/or advising on quality multi-manager portfolios. It is both a structured post-graduate certificate course in its own right, and the Australian-based Registered Education Program for the global Certified Investment Management Analyst® (CIMA®) program.

While the impact of US trade tariffs will be far less than investors fear, broad portfolio diversification is paramount and indexed strategies are no longer appropriate.

This lecture instructs IMAC candidates on the characteristics of hedge fund investments.

This lecture instructs IMAC candidates on the characteristics of digital asset investments.

This lecture instructs IMAC candidates on the characteristics of private equity investtments.

This lecture instructs IMAC candidates on the on the definitions and characteristics and the use of public and private real asset investments in multi-asset portfolios.

This lecture instructs IMAC candidates on the characteristics of private real asset investments.

This lecture instructs IMAC candidates on the characteristics of private debt investments.

While some people argue that US trade tariffs will boost the domestic economy, history shows that such policies will more likely reduce international trade and increase unemployment around the world.

This lecture instructs IMAC candidates on the defining characteristics of an asset class.

This Research Spotlight focuses on the Talaria Global Equity strategy, a value-biased global equities exposure executed through the use of exchange traded options.

According to the latest generation of behavioural finance theory, individuals seek life wellbeing (underpinned by financial wellbeing) which additionally incorporates non-financial factors.

We should observe markets as they truly are, rather than filtering them through traditional models and assumptions. This introduction to the Markets short course, Thinking Differently About Markets, explores what it means to "think differently" by challenging conventional economic theories and developing a new perspective on market behaviour.

Enlightenment thinkers played crucial roles in shaping early economic thought, focusing on specialisation and market functions. Part of the Markets short course, Thinking Differently About Markets, this lecture traces the evolution of economic and financial theories to provide historical context to modern thinking about the markets.

Traditional thinking about markets can be limiting - understanding the broader context, rather than relying solely on predefined structures, is crucial for effective decision-making. Part of the Markets short course, Thinking Differently About Markets, this lecture looks at the concept of "markets" both theoretically and practically.

Part of the Markets short course, Thinking Differently About Markets, this lecture explores the themes of money, debt, and financial crises, reviewing both orthodox and heterodox perspectives and how economic thinking has evolved over time.

Understanding monetary policy, credit cycles, and financial stability is crucial for navigating financial markets effectively. Part of the Markets short course, Thinking Differently About Markets, this lecture emphasises the importance of understanding market behaviour, how central banks make interest rate decisions, and the signs that indicate shifts in asset performance and potential investment opportunities.

Markets remain fundamentally games of prediction and reaction, despite technological and financial advancements that have seen financial markets expand, introducing a vast array of investment instruments. Part of the Markets short course, Thinking Differently About Markets, this lecture explores portfolio construction in a financial landscape defined by Volatility, Uncertainty, Complexity, and Ambiguity (VUCA).

The financial landscape of the next decades will differ significantly from the past 30 years. Part of the Markets short course, Thinking Differently About Markets, this lecture brings together key themes from the previous five lectures then shifts focus towards the future of investing.

Against a heightened Volatile, Uncertain, Complex and Ambiguous (VUCA) macro backdrop, it is crucial that practitioners identify and understand the gaps in markets – including the disconnect between Wall Street and Main Street, equity prices and economic growth, divergence in central bank policies, and valuation discrepancies between private and publicly-traded assets – to reduce the unavoidable dissonance between our own perceptions and market realities and enable us to better understand what lies ahead for economies and investment markets so we can reorient portfolios accordingly. Mind the gap(s)!

The new US administration could upend assumptions about global growth and markets for years to come. Investors need to prepare portfolios now for a new investing era.

Near- and medium-term gaps in current market narratives and perceptions lead to a simple conclusion - it is time for caution.

Extraordinary and interrelated developments are unfolding in politics, geopolitics and deep tech innovation. Trump's disruptive approach has enormous implications for global markets.

By combining AI, alternative data sets, and human expertise, investors can identify new themes, access untapped markets, and capitalise on market dislocations.

As inflation has re-emerged, interest rates have risen and asset prices have levelled off and even declined, a withdrawal of capital from commercial real estate lending markets is creating a new opportunity to be greedy when others are fearful.

For the last decade, technology companies have been rallying. But quality investing is more than just tech. Defensive equity growth opportunities can fill a defensive gap in portfolios.

The heightened VUCA macro environment, coupled with an unprecedented set of industry and government catalysts, is creating a generational investment opportunity for infrastructure.

As the private credit sector grows, it faces increasing media scrutiny, making a manager's approach to disclosure of default rate and causes an increasingly important consideration for investors.

The US (and soon rest of world) hasn't seen this much demand for power since World War 2. While this introduces investment possibilities for many segments, listed infrastructure is disproportionately well-placed to fill this gap.

Investors should pivot exposure to the growing number of high quality, mid-cap companies that have reinvested to develop market-leading products with global opportunities and long runways for growth.

At current valuations, high quality core bonds offer attractive yields relative to cash, as well as the prospect of higher and less volatile returns than equities over the next five years.

Direct lending has become the fastest-growing segment within private credit offering the opportunity for premium yields that are often unavailable in the public credit markets.

As investors chased Mag7, a wide valuation gap opened up. Investors need a fresh growth narrative. TICKing off four markets - China, India, Korea, and Taiwan - is the most efficient starting point and opportunities abound.

The lower coverage of SMID Caps means greater opportunity to exploit market mispricing relative to large caps.

In mid-market Australian private equity, where inefficiencies and hands-on value creation thrive, outsized returns are being captured beyond the public eye.

Understanding the drivers of and outlook for the markets is essential to multi-asset, multi-manager investing (MAMMI). However, MAMMI is full of traps. As the saying goes "It's simple, it's just not easy!".

As we progress through the Trumpification of markets, the political and information prism through which we view the world will help us mind the gap(s) between market perception and investing reality.

Our end of day session revealed delegates' views on which of the high conviction theses they'd heard through the day they intended to investigate further or implement in practice.

Our post-program Implementation Zoominar led by consulting firm, InvestSense, drew together the key takeouts from Markets Summit 2025 and the practical implications for client portfolios, turning the insights from Markets Summit 2025 into actions.

Our Markets Summit program kicks off with a video retrospective of the key events of the prior year...

Equity investors should set aside their fears of a second Trump presidency and focus instead on the structural opportunities presented by decarbonisation.

With monetary policy easing set to provide an additional tailwind for smaller companies, now is the time for practitioners to consider increasing global small caps exposure in portfolios.

The 2024 US election result could potentially upend assumptions about global growth and markets in the years ahead. The next four years could be Volatility, Uncertainty, Complexity and Ambiguity (VUCA) on steroids!

The consensus on Wall Street is that the equity market will keep on rising in 2025. But independent economist, Andrew Hunt, thinks differently. He argues that the US corporate sector is highly leveraged and struggling to generate profits, with private credit posing a systemic risk.