Industry funds don't use up to date valuations on their unlisted assets, and this is effectively cheating on their performance reporting? That's nuts and you can clearly see it's nuts.

Over the past 15 years, as behavioural sciences gained widespread recognition, economics has progressively acknowledged the significance of the biases that drive individuals and firms to behave irrationally.

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The arguments for and against active and passive management are much more nuanced than is often suggested by proponents on either side. In this Spotlight, we review the hard facts as represented by the S&P Index Versus Active (SPIVA) data, which farrelly’s views as the definitive database on active management.

Active management has consistently delivered outperformance in small companies as the opportunity set allows managers to demonstrate both stock selection and portfolio construction skill.

The G7 countries may have set out to deter China without escalating the new cold war, but the perception in Beijing suggests that they failed.

The most recent evolution in index investing has been a drift into the active world. Until recently, active passive investing has not been subject to much analysis. The two papers considered here begin to make some inroads.

We should never let rules of thumb override financial fundamentals, but there are times when fundamentals become quite hazy. Recent inflation data suggests that we are in such a period right now.

Throughout history, technological change has created both winners and losers. There is no reason why AI, like previous technologies, shouldn't produce more of the former than the latter.

Only buy High Yield Debt when it is super cheap? It's nuts and you can clearly see it's nuts.

Fragmentation and decoupling are becoming the new normal - US and China remain on a collision course, and a dangerous deepening of the ongoing "geopolitical depression" is all but inevitable.

Confidence in a sea of confusion is key to success. Using three tools of persuasion, we can create a sense of certainty even when who knows what is just around the corner.

Decision attribution analysis provides a crucial lens on equity manager skill, benefiting asset owners and fund buyers as they select and monitor managers.

Investors today have more knowledge than any prior generation, however there remains a chasm between knowing and doing. Acknowledging we are all biased, because we are all human, is the first step to better decisions.

ESG investment is coming under increasing criticism, some valid - but the real problem is the ill-defined use of the acronym itself and we will all be better off if we stop using it.

CRE Debt provides dependable returns, backed by real property first mortgages. On a risk-adjusted return basis, every balanced portfolio should include an allocation to CRE debt.

The energy transition represents the greatest economic opportunity since the industrial revolution. Reliably capturing the potential and delivering tangible environmental impact requires three core beliefs.

Unlisted assets provide access to a bigger opportunity set that reflects active management in its truest form, giving opportunity for investment managers to further diversify multi asset portfolios with rich investments across diverse industries.

A partial allocation of retirement savings to a contemporary lifetime income stream can help increase the certainty of delivering what the income that retiree clients want. And such an allocation can help clients preserve assets.

To earn justified trust from clients and deliver consistently good outcomes for them year after year requires globally recognised fiduciary standards of care.