With interest rates near historical lows and asset prices around all-time highs, practitioners are grappling with the defensive side of multi-asset portfolios. In team sports, offensive players typically get the glory, but it’s a robust defence that wins games. More than ever, practitioners need to ensure that the defensive side of multi-asset portfolios is match fit, if they are to meet the long-term investment objectives of clients. The best offence is a great defence!
With US inflation at a 40-year high, and the housing and labour markets red hot, the US Fed has finally taken a distinct and meaningful step forward on the path back to normal. Investors need to accept that the days of abnormal monetary policy are over.
Is there such a thing as normal? Steady states are becoming increasingly rare, the belief in 'reversion to the mean' is less relevant than ever and, ultimately, investors are better placed focusing long-term change.
Investing over the next several years is going to be unlike anything we've experienced in decades. It's time to go back to the drawing board to reassess the best approach to both defence and offence in a more volatile, changing market.
Unlike the annexation of Crimea in 2014, the 2022 Russia-Ukraine crisis is occurring in an inflationary macro context. As in 2014, increasing exposures to wheat and gold to hedge against the risk of higher inflation is a strategy that should perform strongly.
Investors shouldn't overlook the potential benefits of focusing on companies in the energy sector. It looks like what's "old" will be “new” again.
Over the long-term, dividend growth and dividend yield are the dominant sources of long-term return. Valuation's importance recedes over time. Sustainable dividend growth companies appear to play defence well.
In a world of rising yields, fixed income investors must know that what's worked in the past might not work going forward. A braver and broader approach is required, by going on the offensive in fixed income.
All the indicia of a colossal equities bubble are in place. But there is a lot to own for the next five years if you are prepared to go where the crowd is thinnest, allowing you to be on offense as you defend your clients' portfolios.
Investors may be facing a regime shift in markets that changes the traditional relationship between growth and defensive allocations. In a low conviction world, an allocation to a blend of public and private credit makes sense.
Global microcaps offer investors an unparalleled opportunity to invest in economic or market recoveries. Global microcaps' asymmetry around large market events provides investors with a powerful offence that is a great portfolio defence.
The game has changed - the 2010s is the wrong analogue for the 2020s. DIG in for an important era, when stakeholder capitalism displaces shareholder capitalism and becomes the main route to boosting shareholder value.
The next decade of decarbonisation is the decade of opportunity to de-risk portfolios and identify green investments. Climate change risk factors are changing asset valuations. Key to success is the need for portfolios to account for climate change risk or risk being obsolete.
Rising interest rates will create casualties and collateral damage in asset prices, but will bring back market discipline, requiring a rethink of what "defensive" even means.
In achieving longer term objectives, climate change demands both a defensive strategy to mitigate longer term risks and an offensive, tactical, approach to capitalising on opportunities.
A great attack scores points, but defence wins premierships. The same principal applies to investment portfolios. By making private debt the centre of a defensive strategy, investors can win in all conditions.
A new market regime demands a change to the art of portfolio construction. The return of inflation volatility represents the most challenging and significant paradigm shift in decades.
Many expect that the end of the pandemic, reopening of economies, tight labour markets and excess consumer savings will push markets higher. Proceed with caution, the best offence is a great defence.
Although traditional barriers to participation in PE are fading, PE remains on the bench for many individual investors. With an end to easy value creation and challenging conditions ahead, don't miss out on PE outperformance in 2022.
Our diverse panel of experts debated which of the high conviction propositions they heard during Markets Summit 2022 resonated most strongly, and which they disagreed with most - and the portfolio construction implications.
We have distilled the Markets Summit 2022 Faculty's high-conviction propositions into three key discussion threads, and analysed how these threads relate to the key take-outs from Markets Summit 2021. By considering the discussion threads within the context of the program theme, you will be better able to decide whether you agree or disagree with each proposition, and to decide your key take-outs, and which of the propositions will investigate further after the live program.
Established in 2009, Portfolio Construction Forum Markets Summit is THE investment markets scene setter of the year. With interest rates near historical lows and asset prices around all-time highs, practitioners are grappling with the defensive side of multi-asset portfolios. Downside protection is essential in such an uncertain environment. Arguably, the best offence is a great defence! Markets Summit will help you better understand the key drivers of and outlook for the markets, and the opportunities and risks ahead on a three- to five-year view, to aid your search for return and to help them build better quality investor portfolios.
The past half-century brought about a world that's globalised, centralised, and stratified. Now, the pendulum is swinging the other way. Everywhere, a new economic order is taking shape as we enter an era of more inclusive and sustainable localisation, bringing wealth back home. As we shift to a bipolar or tripolar world, practitioners must understand the implications for different asset classes, sectors and geographies.
Fiscal stimulus will help boost US growth to its strongest levels in decades in 2022 and European economies are poised to rebound. However, inflationary pressures will persist. Portfolios will need assets that provide downside protection, as well as strategies to capitalise on the growth ahead.
Led by behavioural finance expert, Herman Brodie, the Behavioural Finance - Investment Decision-Making course will help you identify, analyse and evaluate the principal human preferences that influence decision-making in situations of uncertainty, so you can recognise and identify these preferences in others, to improve investment decision-making.