PIMCO founder and co-CIO, Bill Gross, has recently appending the even drearier modifier "minus" to his "new normal" moniker. He explains why, and the implications for those building portfolios...

Robert Huebscher, Advisor Perspectives

A soft landing in China is beginning to look like wishful thinking. The investment v consumption imbalance has only worsened...

Aberdeen Asset Management

It's 10 years since Jim O'Neill - a regular speaker at PortfolioConstruction Forum - coined the term 'BRIC'. These BBC podcasts look at what's ahead for the BRIC economies...

Most emerging countries were able to counter an economic slowdown in developed countries in 2008-09. Can this scenario be repeated?

Bunt Ghosh

We asked the fund research houses - how much (if any) of an international equities allocation should be hedged, assuming a 10-year investment timeframe?

Compiled by PortfolioConstruction Forum

This Academy Seminar debates the following three topics in a Socratic learning environment: Investment fables - part 1; Scenarios and their investment implications - part 2; and, Hot topic: Greece is the word - but what are the investment implications?

Will the Euro exist in ten years? Why doesn't Germany leave the EMU? How will Euro confidence improve? What structural changes must occur in Australia? Do free markets work? Will QE3 actually help? Has the world reached the limits of GDP growth?

Chris Watling | 1 comment

Conference 2011 helped delegates better understand the key macro AND micro issues and what they mean for investor portfolios. This Resources Kit features videos, presentations, papers and podcasts for the 36 sessions featuring more than 40 investment experts...

The Conference Masterclass is an optional one-day, classroom/workshop-style program presented by selected subject matter experts. The emphasis is on an active-learning environment featuring small, high-quality peer group interaction where in-depth Socratic debate and active discussion is encouraged (indeed, expected!).

We asked the fund research houses - should all portfolios be ‘overweight’ to emerging market equities? If so, overweight to what?

Compiled by PortfolioConstruction Forum

This white paper contends that investment in emerging market sovereign debt continues to look attractive and investors should carefully consider adding emerging market sovereign bonds to their asset allocations and revisit the proportional weighting of the asset class as it continues to mature...

Dr Michael Hasenstab, Franklin Templeton

In this closing keynote Critical Issues Forum session at the 2011 PortfolioConstruction Forum Conference, Jonathan Pain looks at the where the Middle East is heading in the years to come, and the investment implications...

Jonathan Pain | 4 comments

The 2011 Portfolio Construction Forum Conference helped delegates better understand the key macro AND micro issues and what they mean for investor portfolios, to help them successfully navigate through the woods AND the trees. In this final Critical Issues Forum session, selected PortfolioConstruction Forum Academy members, Longview's Chris Watling and Tim Farrelly, principal of farrelly's Investment Strategy, give their key takeouts from the two-day program...

Tim Farrelly & Chris Watling

In this first half of this Critical Issues Forum session at the 2011 PortfolioConstruction Forum Conference, Jim O'Neill - inventor of the BRIC concept and acronym - gave an exclusive update on his view of the BRIC economies and the emergence of other growth economies...

Jim O'Neill

In this Critical Issues Forum session at the 2011 PortfolioConstruction Forum Conference, Dr Michael Hasenstab looks at how monetary policy and geopolitical events are impacting the challenges and opportunities facing global bond investors. Chris Watling then argues we're in a long-term, secular equities bear cycle, and what that means for equities investing...

Michael Hasenstab & Chris Watling | 1 comment

Why China's leaders will struggle to maintain economic growth (the main source of Communist Party legitimacy) while managing the growing expectations of its population...

Linda Jakobson

Harvard Business School's Dr Niall Ferguson of "The Ascent of Money" fame, discusses what he believes lies ahead - the key macro AND micro issues and what they mean for investor portfolios - to successfully navigate through the woods AND the trees...

Niall Ferguson

Dr Woody Brock, Alan Brown (Schroders), Gregor Andrade (AQR Capital), Hamish Douglass (Magellan), Chris Selth (Five Oceans) and Chris Watling (Longview), discuss the key macro and micro issues we cannot of afford to lose sight of when constructing portfolios...

Woody Brock | 3 comments

This Due Diligence Forum Research Paper, presented at the 2011 PortfolioConstruction Forum Conference, argues that key attributes of infrastructure assets have led to its inclusion within portfolios and that while infrastructure can be considered separate asset class, there is a clear link to the economy...

Nick Langley

This Due Diligence Forum Research Paper, presented at the 2011 PortfolioConstruction Forum Conference, looks at a number of factors that must be considered when looking at offshore credit and fixed income investing...

Perpetual

This Due Diligence Forum Research Paper, presented at the 2011 PortfolioConstruction Forum Conference, highlights the knowledge needed to approach the commodities asset class, and examines macroeconomic and long-term drivers of prices within the sector...

Barclays Capital

This Due Diligence Forum Research Paper, presented at the 2011 Conference, argues short-duration bonds are attractive during rising interest rate periods, offering potential for inflation protection and a yield advantage over cash and other low duration assets...

Principal Global Investors

This Due Diligence Forum Research Paper, presented at the 2011 PortfolioConstruction Forum Conference, argues that the Australian bond market continues to provide a reliable real return with relatively low volatility, and asks 'are we deep in the woods or is there a way out?'

PIMCO

This Due Diligence Forum Research Paper, presented at the 2011 PortfolioConstruction Forum Conference, argues that as emerging markets wages increase significantly, core CPI in many developed world economies will rise, forcing central banks to revisit interest rate settings - and therefore, positioning portfolios for the prospect of rising inflation is critical...

Magellan Asset Management

This Due Diligence Forum Research Paper, presented at the 2011 PortfolioConstruction Forum Conference, argues that China's path to growth is unsustainable, and highlights which economies, sectors and industries in the Asia Pacific region will benefit most from China's transformation and which will be most at risk...

Pengana Capital/ nabInvest

This month has brought some of the most turbulent times in the history of investment markets. What does it mean for those managing investor portfolios?

Jonathan Pain

We're facing a very complicated, rich and interesting landscape. For investors, distinguishing the woods from the trees is going to be very difficult - but will pay well because of that difficulty...

Hon. Dr Pippa Malmgren, DRPM Group | 1 comment

Following the challenging period of the GFC, significant doubts arose as to the core value premise of FOHF products. This Sector Insight summarises the key themes and ratings from the recent review of the sector...

Standard & Poor's

There are three key reasons why it is prudent to reduce commodities allocations and redistribute some of that allocation into equities - and in particular, western equities...

Chris Watling

In the past few weeks, it's become clear that Italy must now be included in the group of submerging economies - and that portfolios should become more cautious and defensive...

Jonathan Pain

A concise update on the challenges for global fixed income markets over the next six months, including the US and European debt situation, and rising inflation in emerging markets...

Dr Michael Hasenstab, Franklin Templeton

Australian residential property does not behave like other investment classes. Why? And what does that mean for forecasting returns?

Tim Farrelly | 2 comments

The Academy Winter Seminar 2011 debates the following three topics in a Socratic learning environment: How to build a framework for assessment of niche exposures in a portfolio; How to incorporate value strategies in equity portfolios; and, How to analyse investment scenarios and their implications for portfolios...

Post 1 July, New Zealand's financial advisers will be held to far greater account for the portfolios they build for clients - and this comes at a time when global investment markets are more volatile than at any other time in the past 20 years, and likely to remain so for years. Investment Symposium 2011 will help you better understand the pillars for building better quality investor portfolios...

Is this the time to be buying or selling international equities?

Tim Farrelly

Fueling fears of a China bubble is the rapid rise in prices of its residential property market in many of its key cities. Structurally, however, while residential house prices may be vulnerable near term, over the long term, the uptrend would appear to be underpinned...

Chris Watling

The Academy Autumn Seminar 2011 will debate the following three topics in a Socratic learning environment: How to judge whether a manager will or has added value; Is investing post-retirement different?; and, How to spot global trends and draw investment inferences from them...

The question of whether China is a bubble is critical for strategic asset allocation, for the outlook for emerging markets, for the future strength of global economic growth, and in determining how much longer the commodity super cycle is likely to continue...

Chris Watling

The final session of the Markets Summit 2011 saw our specialists return to stage for a vigorous debate about the prospects for their competing asset classes, and the implications for constructing portfolios, before Inquisitor Tim Farrelly summed up the day's key takeouts...

Concern about investment bubbles is at unprecedented levels. Markets Summit 2011 helped delegates decide what is and what is not, a bubble - and what that means for constructing investor portfolios...

The question every investor has right now is 'are we in a bubble'? There's no doubt that the huge infusion of free money into the world economy by every government from the US to China has created enormous price movements. But the single most important risk to be thinking about now is inflation risk...

Hon. Dr Pippa Malmgren, Principalis Asset Management | 2 comments

As suggested in the last Pain Report, it looks like The House of Saud is prepared to stand and fight with Bahrain's House of Al-Khalifa. We are rapidly approaching a critical decision point - will they or won't they? My view, very regrettably, is that the Saudis will intervene in Bahrain...

Jonathan Pain

This one has been around for a while now. We have seen how the sub-prime lending crisis brought the US and European banking systems to their knees. The story goes that the Australian banking system is also a time bomb waiting to happen...

Tim Farrelly

The rise in prices for natural resources and the associated planned increase in Australian-based capacity to supply key commodities is one of the largest economic events in our history. I will structure my remarks around four questions: What do we know from previous booms? What do we know about this one? What don't we know? How should we respond?

Glenn Stevens

The tectonic plates of the Arab world have ruptured and the geopolitical fault lines that have shaped and defined the region for sixty years have shifted inexorably. What does that mean for investing?

Jonathan Pain | 1 comment

The Summer Seminar 2011 debated the following three carefully selected topics, in a Socratic learning environment: Forever blowing bubbles; Avoiding avoidable mistakes; and, Agency risk and portfolio construction...

What are the broader perspectives on the implications of the Egyptian crisis for markets and investors?

Joseph Tanious

Inspired by the overthrow of the Tunisian president, demonstrations began in Egypt on 25 January and the rest, as they say, is history. Before we attempt to predict what the consequences will indeed be, let us first understand what we are actually seeing and why...

Jonathan Pain

It's with considerable trepidation that I take on the world's central bankers who are protecting the world against the evils of deflation...

Tim Farrelly