PortfolioConstruction Forum Academy Spring Seminar 2014 features three sessions. This Resources Kit contains the materials for preparing for the Seminar. After the Seminar, it will also contain the presentations for each session.
Perhaps the most crucial change in our retirement planning language is simply to rename "retirement".
What do Richard Nixon, novel "Zen and the Art of Motorcycle Maintenance", and Bridgewater Associates have to do with risk parity investing and Conference 2014?
This presentation addresses the importance of developing improved and dynamic investment approaches that seek to better understand and manage total portfolio risk as well as identify sources of return.
The empirical relation between risk and return in emerging equity markets is flat, or even negative - including controlling for exposures to the size, value and momentum effects.
To achieve absolute return objectives, many risk management techniques remain relevant but their application and focus need to change.
If geopolitics is far more important in considering investment markets today, how do we integrate geopolitics into portfolio construction?
As we sit today with some unprecedented market conditions, it's probably more relevant than ever to understand both sides of the risk and return equation in the fixed income space.
A sustained period of lower global growth, rich valuations from traditional assets and an eerie calm before the storm in asset price volatility require a different approach to asset allocation.
The top six stocks in the ASX 300 represent 45% of market cap and 50% of market risk. A 4% TE constrained manager must hold 15%-20% in these six stocks even if they do not like them.
The seismic shift in fixed income after a 30-year bull market for bonds has created significant portfolio construction challenges and opportunities.
The size of the global infrastructure asset universe will expand from $40 trillion earlier this decade to over $110 trillion by 2030, presenting significant opportunities to invest.
Alpha Potential is gaining traction as another important quantitative tool. Its use lies in identifying opportunities for active management of Australian equities amongst other asset classes.
The last decade has seen a distinct disconnect between investment risk and return, versus what we're taught should be the case.
What are the questions that everyone is asking today? When will interest rates spike? And, what about the increased rate of inflation? One has to accept the changing nature of these two elements.
Six stocks make up just under half of the Australian equity market. This research paper examines the impact of this on investors' returns, and whether it is responsible investing.
This paper explores the thesis that capturing the traditional relationship of fixed income in the total client portfolio will require more untraditional approaches going forward.
This paper explores the opportunities within private equity and private debt and examines their role in providing downside protection for investors.
This research paper discusses (in simple terms) how to reconnect the concept of Risk and Return via the practical application of volatility derivatives to portfolios.
Over the past 40 years, the high-yield landscape has grown exponentially. Knowing the key risks and emerging opportunities can help map a path forward.
We've come to accept a world where the US drives what happens in the global economy and markets. But that's changing - with significant implications for portfolios.
It is not surprising that bond managers have significant difficulty in outperforming a market cap-weighted benchmark.
Do geopolitical events involving potential or actual military conflict really matter in the constructing of investment portfolios?
Symposium NZ 2014 facilitated debate on the three pillars of portfolio construction – markets, strategies and investing - to help delegates build better quality portfolios. This CPD Quiz is for delegates to complete, to receive Structured CPD Hours.
PortfolioConstruction Forum Academy Winter Seminar 2014 featured four sessions: Risk, return & relating; Statistics, lies, and investment performance analysis; How safe are safe withdrawal rates in retirement?; and, Communicating and learning with and from clients.
What we are witnessing in Iraq is a war within Islam. Will it mutate into a broader regional war thereby threatening oil supplies?
Investing differently gives no certainty of great results (increasing the odds of being wrong as well as right). But it is a necessary but not sufficient ingredient for great performance.
This paper and presentation argue that starting period equity valuations impact not just medium-term equity returns, but medium-term equity volatility and bond-equity correlations also.
This paper and presentation argue that the bond market can offer compensation against rising rates through roll down and active management of forwards.
The majority of the world will see an improvement in economic growth this year. While equities remain the most attractive asset class, they will need a more nimble approach.
While it is well established that equity valuations impact medium-term equity returns. It is less well known that starting period equity valuations also impact medium-term equity volatility and bond-equity correlations.
Understanding what is going on under the bonnet at central banks is key to understanding what will drive markets – and therefore how to best position portfolios.
The Academy Autumn Seminar 2014 featured four sessions: 10 golden rules for portfolio construction; Reassessing the global debt spectrum; Currency revisited - to hedge or not to hedge; Volatility investing - the next frontier.
Target date funds are becoming the workhorse for DC plans but there are problems with the approach. This paper offers a portfolio construction framework to overcome them.
In recent months, we've highlighted one school of research on funding retirement income, being the sustainable withdrawal rate approach. This paper takes a different approach.
In theory, recent currency devaluations should make EM countries more competitive. But they're also facing a technological jump that they may not be able to keep up with.
Does Fama and French's latest work, A Five-Factor Asset Pricing Model, provide any information that can be of practical value to advisers or investors? The answer is no.
It's the eternal debate - can active management outperform? Two recent reports offer some interesting insights into the issue.
Increasing corporate activity in the US, and a more positive US macro-economic backdrop make US micro-cap stocks a good place to invest for the next five to 10 years.
This Resources Kit is a deluge of videos, podcasts, and papers for all 18 sessions of the jam-packed Markets Summit 2014 program - The Great Escape (what will markets be like in the QE runout?) so you can "attend" even if you weren't part of the 500-strong audience.
In rapid-fire presentations, 18 experts from various parts of the world debated the biggest issue facing the financial world.
Our Markets Summit faculty debated two critical issues arising from Unconventional Monetary Policy; for the coming two to three years, to substantially overweight DM vs EM Equities in portfolios and substantially overweight Short vs Long Duration Bonds.
Emerging Markets were a focal point in 2013, repricing as US stimulus, commodity prices and China's boom subsided. In future, EM performance will depend on individual merit.
To achieve the Great Escape, central banks must first complete the Great Unwind – the removal of ultra-easy monetary policies. So what is the roadmap for the Great Unwind?
Breaking Unconventional Monetary Policy (B.U.M.P.) and it's impact on global financial stability is the key risk for the foreseeable future.
The ability to pick inflection points in markets as well as deploying TAA across credit will be the key ingredient going forward.
Short-term rates are likely to remain low for a prolonged period of time. Investors will still need to source yield, they'll simply have to be more creative to find it.
If the US and China prove to be prescient and 'ahead of the curve', financial markets will flourish; if they dawdle, we'll see yet another boom and bust cycle that ends in tears.
Today's long period of very easy money and very low yields has distorted the financial system. This will cause unintended consequences in the near future as QE ends.