Against a heightened VUCA macro backdrop, it is crucial we reduce the unavoidable dissonance between our own perceptions and market realities, to enable us to better understand what lies ahead for economies and investment markets and reorient portfolios accordingly. Mind the gap(s)! Markets Summit 2024 (Wed 21 Feb) will help you better understand the key drivers of and outlook for the markets and help you build better quality investor portfolios.
In a world where Volatility, Uncertainty, Complexity, and Ambiguity are ever-present and ever-changing, the act of investing is about assessing probabilities and payoffs, not trying to predict what will happen.
The farrelly's Dynamic Asset Allocation Handbook features editorial exploring investment strategy "hot topics", farrelly's long-term forecasts for asset classes, a detailed review of the long-term forecasts for an individual asset class (rotating across asset classes each quarter) and three asset allocation models to assist with implementation...
Welcome to the farrelly's Dynamic Asset Allocation New Zealand subscriber only area...
Welcome to the farrelly's Dynamic Asset Allocation Australian subscriber only area...
The farrelly's Dynamic Asset Allocation Handbook features editorial exploring investment strategy "hot topics", farrelly's long-term forecasts for asset classes, a detailed review of the long-term forecasts for an individual asset class (rotating across asset classes each quarter) and three asset allocation models to assist with implementation...
At Strategies Summit in August 2024, a diverse panel of asset class experts debated the implications of four medium-term scenarios. Now, practitioners need to re-visit their medium-term outlook for investment markets.
Certified Investment Management Analyst (CIMA) is the peak, international technical portfolio construction certification program designed for investment management analysts - that is, those involved in any aspect of constructing multi-asset, multi-manager portfolios.
While the global economy is on track for a soft landing over the next 12 to 18 months, high stock prices, recession risk, and political uncertainty cloud the outlook for equities.
At one extreme, the whole investment decision-making process could be turned over to AI - at the other, it can just be used in data collection. These two papers capture the challenges of integrating AI into funds management and financial advice processes.
This Research Spotlight focuses on the Brandywine Global Opportunistic Equity strategy, a benchmark unaware true value global equity strategy that has produced very strong alpha.
Powerful geopolitical, demographic, environmental, technological and sociological trends are reshaping our world, impacting investment risk and uncertainty and how best to design portfolios capable of improving the financial well-being of individuals.
Investors need to challenge conventional wisdom around investment style, process and active share and focus on durable sources of alpha that will improve total portfolio returns.
With a more benign outlook for interest rates conditions, there is an opportunity to capitalise on the innate earnings power of infrastructure assets.
An Alternative Risk Premia (ARP) approach to investing, rooted in academic research, can deliver more stable and resilient performance even in volatile market conditions.
Within emerging market economies, there are many companies that have developed to challenge the world's best businesses. Valuations are attractive and do not reflect the underlying value of the business.
Did you ever wonder why so many pundits got their Australian house price forecasts so wrong? Real estate pricing is not driven by interest rates, population growth, or tax regimes.
The market growth and quality of private market alternatives provides investors an opportunity to meaningfully enhance 60/40 with higher returns and less volatility.
Higher rates and structural changes, such as tighter regulation, are reshaping both public and private debt markets, requiring investors to take a multi-sector and relative value approach across both.
The breadth and depth of private markets increased significantly in recent years and practitioners can no longer ignore unlisted assets when building multi-asset portfolios.
When it comes to investing in public equities, it's easy to get deterred by media headlines but it's vital to remember that stocks are not the economy.
In a higher interest rate regime, with a higher correlation between stocks and bonds, replacing public equities with private market investments makes sense.
Private Equity pooled returns have been attractive while also less volatile than investing in a single fund or fund-of-funds. Enabling investors to "buy the private market" would complement portfolios just like in public markets.
It is essential that portfolios are exposed to different, uncorrelated alternative risk factors and capture a variety of available risk premia to maximise risk-adjusted returns.
The widespread adoption of managed account solutions has shown a seismic shift in most investment advisers believing it is too risky to entrust just one active investment manager with building a diversified portfolio for clients.
Our diverse panel of asset class experts discussed and clarified the implications of four economic scenarios for the medium-term (three-year) outlook for key asset classes, and then the Investment Committee (Summit delegates) voted to determine probabilities for each of the scenarios as inputs to the Asset Allocation Roundtable.
Our diverse panel of experts identified their key takeouts from Strategies Summit 2024 and the portfolio construction implications.
Multi-asset, multi-manager investment portfolios can be viewed as complex machines that, if properly assembled and managed, provide benefits far outweighing those of their individual components. The whole is definitely greater than the sum of its parts! Strategies Summit 2024 (Wed-Thu 21-22 Aug) challenges and refreshes your portfolio construction thinking by debating contemporary and emerging portfolio construction strategies to help you build better quality portfolios.
This lecture instructs IMAC candidates on the diversification benefits and limitations of a multi-asset, multi-manager approach to portfolio construction.
This lecture instructs IMAC candidates on the fundamentals of client discovery and formulating an Investment Policy Statement in the investment consulting context.
While the majority underperform, there are still many, many managers that do outperform their relevant index over long periods. The rewards for good manager selection are real and worthwhile - if you have above average manager selection skills.
This lecture instructs IMAC candidates on the process for the design of a strategic investment plan for a portfolio to meet client goals, that applies equally to a small retail client or a very large institutional client.
I was speaking to a new doctoral student whose thesis is on the role of risk profiling in the development of an investment strategy. This led us to discuss why risk profiling was important and the purpose of investment advice.
Many commentators have noticed the positive correlation between bonds and equities over the past few years and announced the end of bonds as a useful diversifier - often claiming "The 60/40 portfolio is dead, long live alternatives!".
Private debt has grown in popularity as an alternative source of debt financing, with the asset class tripling in size since 2008. This self-paced, two-hour online short course equips you with the expertise to navigate private debt investment confidently across diverse market conditions.
This Guide sets out a procedure to recommend financial products that are only available to Wholesale Clients including the method for classifying a client as a Wholesale Client and common misconceptions about providing advice to them.
Jonathan Pain, Author and Publisher of The Pain Report, is a regular key note presenter at Portfolio Construction Forum's continuing education programs. Over the years, he has debuted new investment theses and challenged delegates about how to build better quality investor portfolios...
With just about every equity index globally dominated by a handful of companies, indexed investors might soon discover they are overweight future failure.
By all means, discuss geopolitical events and the likely investment implications. But you should then completely ignore those discussions and consciously exclude geopolitics from your investment decision-making process.
The Investment Management Analyst Certificate (IMAC) advances investment management analyst knowledge, skill and expertise in a definitive set of competencies necessary for building and/or advising on quality multi-manager portfolios. It is both a structured post-graduate certificate course in its own right, and the Australian-based Registered Education Program for the global Certified Investment Management Analyst® (CIMA®) program.
There are a number of aspects to the farrelly's Investment Strategy service. To get an appreciation of the range of tools and uses, we suggest that you work through this two- to three-hour "Getting started" program. It's also a great resource to revisit from time to time, to make sure you're making the most of your farrelly's subscription.
There are a number of aspects to the farrelly's Investment Strategy service. To get an appreciation of the range of tools and uses, we suggest that you work through this two- to three-hour "Getting started" program. It's also a great resource to revisit from time to time, to make sure you're making the most of your farrelly's subscription.
Our Markets Summit program kicks off with a video retrospective of the key events of the prior year...
There's much to learn from history, but every time is different when it comes to markets. The backdrop for investing will require investors to identify how the outlook today intersects with our experiences of the past and where it differs.
With heightened global geopolitical risks, reduced fiscal support from governments, a deflating Chinese property bubble, and an ongoing US commercial real estate crisis, 2024 is a year for investors to be nimble and tactical.
Our diverse panel of experts debated the high conviction propositions they heard during Markets Summit 2024 and the portfolio construction implications.
Markets Summit 2024 "History doesn't repeat, but it rhymes!" will help you better understand the key drivers of and outlook for the markets, and the opportunities and risks ahead on a three- to five-year view, to aid your search for return and to help you build better quality investor portfolios. Join us Wednesday 21 February 2024 at the live studio, a live site or via live stream.
We are in an investment environment like that of the pre-GFC period. Bonds will offer higher levels of both income and diversification, within a multi-asset portfolio.
Contrary to wide opinion, globalisation is not "history" but is being reinvented. For investors, a less interconnected world has significant implications for corporate capital expenditure and country allocation.
I was amazed several years ago to learn that the class I was teching believed that 90% of a fund's returns are due to asset allocation. Having once been a major promoter of this myth, it is important I contribute to its eradication.
What a difference a year makes. In February 2023, investors were preoccupied by the risks of rising inflation, monetary tightening and recession. This year, the focus is on disinflation, monetary easing and economic growth.
Is there, as many predict, another financial crisis looming? The history of financial crises suggests that the preconditions are present. But this has been the case a few times since 2008. What is the reality?