The dominance of passive investing and mega-cap concentration has created a widening structural opportunity in small-cap equities - the widest inefficiency in public equity markets and a compelling return outlook.

AI, geopolitical realignment, energy transition, and aging demographics are reshaping the world, creating opportunities for diversification and downside protection versus passive core portfolios overweight the 'old world'.

The valuation disconnect between REITs and broader equities is at levels only seen during the GFC, yet the underlying real estate fundamentals tell a very different story. It's time to ‘buy-the-dip’ in high quality global real estate.

A changing equity market structure is emerging, driven by changing investor behaviour and advances in AI - and global small-cap equities sit at the centre of this shift, as one of the last frontiers of inefficiency in public markets.

Powerful cyclical, secular and structural changes are reshaping the outlook for asset classes. This panel debated the outlook for real assets, global absolute return debt, and Australian and international private credit.

Real assets, including direct lending, core real estate, and infrastructure, can help improve overall portfolio efficiency by offering positive returns during periods of economic contraction and high inflation.

After more than two decades of an ever-present central bank demand backstop, we're now entering a global fixed income market devoid of price insensitive demand, challenging the risk/return profile going forward.

A persistent supply–demand imbalance, combined with tighter bank capital requirements, is opening the door to more opportunities for private lenders.

As demand for private credit has grown over the past five years, so too has the availability of offerings such as the US Business Development Companies (BDCs). The current balance of risks tilts toward a favourable risk/return profile.

Headlines highlight the growing demand for power generation, largely driven by digitalisation, AI, robotics, and automation. The undersupply of infrastructure needed to support it provides a real market opportunity for investors.

Post-GFC, banks trimmed corporate credit risk from their balance sheets, creating a direct lending boom. We are now in the early innings of Asset Backed Finance filling a similar capital void.

Powerful cyclical, secular and structural changes are reshaping the outlook for asset classes and opportunities abound for those able to reorientate investment portfolios accordingly. This panel debated the outlook for global equities and liquid alternatives.

Artificial Intelligence is disrupting industries and creating winners, losers, and perceived losers. Long-term value is created by owning resilient businesses rather than chasing momentum.

The first phase of the AI super cycle was driven by a narrow group of US companies, but the world’s reliance and dependence on US technology and defence has shifted. A new chapter of technological power has begun beyond US borders.

Liquid alternatives promise two things - diversification from equities and compelling standalone returns. Yet most fall short. Investors need liquid alternatives to be bold and flexible.

We are living in an age of exponential change and radical uncertainty. We must prepare ourselves (and our portfolios) for the seismic societal and economic shocks that are hurtling our way – we're witnessing the mother of all disruptions.

Each year, Portfolio Construction Forum Markets Summit kicks off with a video retrospective of the prior year, reflecting on the biggest geopolitical, economic, market, environmental, sporting, and human interest stories of the prior year...

Investors should assign a higher weighting to the possibility of President Trump and President Xi striking a bargain on Taiwanese sovereignty.

The global rules-based order is cracking, resulting in an increasingly complex and uncertain macro backdrop. Practitioners will need to consider information from a broader array of specialists to understand the drivers of and outlook for markets.

Investors will look back on 2025 as the beginning of the end of US exceptionalism. Practitioners must now consider geopolitics in their fundamental analysis, alongside macroeconomic and company factors.