Six years into a bull market, Australian equity values are beginning to look stretched. But large divergences in valuations across sectors are creating great opportunities for truly active managers.

The increasing concentration of the Australian stock market indices is mirrored by the concentration of the Australian funds management industry. What does this mean for alpha generation?

Infrastructure has gained greater focus in recent years, with investors drawn to its defensive characteristics. But infrastructure investing requires a tight definition to deliver the defensive attributes that investors are targeting.

Although it is widely appreciated that past performance is not a guide to future returns, it is less appreciated that past diversification is not a guide to future risk.

In this week's Fodder, we bring you perspectives from some of our faculty for the upcoming PortfolioConstruction Forum Conference 2015.

In this week's Fodder, we bring you perspectives from some of our faculty for the upcoming PortfolioConstruction Forum Conference 2015.

High active share is often profiled as "better" but such portfolios can exhibit risk concentrations which may lead to volatile return streams. Low active share funds should not be excluded from asset allocators’ tool kit.

The rise of liquid alternatives not only marks an improvement on traditional fund of hedge funds, it also makes a hedge fund allocation a genuine competitor with other onshore absolute return solutions.

This report explores institutional investors' attitudes toward equity market risk and looks at the downside protection strategies they are using to insure their portfolios against volatility.

There are a number of reasons to be optimistic about China's long-term economic future, but the short-to-medium term challenges are considerable.

This week's Fodder kicks off with three perspectives on China, before turning to the challenge of finding skill in active managers, plus a new "Undiscovered Fund".

This week's Fodder kicks off with 3 perspectives on China, before turning to the challenge of finding skill in active managers, plus a new "Undiscovered Fund".

The challenge in finding differential skill among active managers reflects a surfeit, not a dearth, of skill. This is the major lesson of the paradox of skill. As Napoleon was reported to say, "Ability is nothing without opportunity."

In Fodder this week - GaveKal & Hartwich on the Eurozone plus Michael Kitces provides an improved version of the 4% rule.

In Fodder this week - GaveKal & Hartwich on the Eurozone plus Michael Kitces provides an improved version of the 4% rule.

As we have just witnessed, it took an enormous effort to keep Greece in the eurozone. In the end, Europe could deal with the problem. For other members, such propping up will not always be possible. What happens next in France, Spain and Italy may well turn out to be more worrying than anything we have seen around Athens so far.

A simple ratchet-style "safe" withdrawal rate approach, where spending is increased by 10% any time the portfolio rises more than 50% above its starting value, beats the traditional 4% rule, generating equal or better retirement spending, even while being conservative enough to not require a spending cut in the event of a market pullback in the future.

This is a special interest subsection of our wider Perspectives library in which we present research and opinion about lifecycle investing issues.

This week's Fodder is a mixed bag covering markets, strategies and investing with Jack Gray, Tim Farrelly and GaveKal

This week's Fodder is a mixed bag covering markets, strategies and investing with Jack Gray, Tim Farrelly and GaveKal