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Conference 2012 - Resources Kit For the first time in generations, we’re in a new investment regime, where new rules apply. Investment markets are likely to produce modest real returns with significant volatility for the next decade or more and certainly compared to the past – meaning investor expectations and needs will be much harder to meet. Different (and difficult) times call for different approaches to portfolio construction. We need to be tHiNkInG oUtSiDe ThE bOx. Conference 2012 facilitated debate on portfolio construction “2.0” to help meet the challenge of building better quality investor portfolios in the new regime. This Resources Kit will contain all of the videos, presentations, podcasts and papers from the the jam-packed, marathon, three-day, 25-hour program featuring 40 intensive, objective, interactive sessions and more than 50 local and international portfolio construction experts. |
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Quicklinks |
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Day 1: Masterclass Resources |
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Theme |
Thinking outside the box about…
portfolio construction in practice |
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Overview |
The Conference Masterclass is an 8-hour, classroom/workshop-style program presented by selected subject matter experts. The emphasis is on an active-learning environment featuring small, high-quality peer group interaction where in-depth Socratic debate and active discussion is expected!. |
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Briefing 1 |
Strategies Many practitioners want to manage their clients’ asset allocation more proactively (not tactically!) but find the implementation issues confusing. In many cases, they are actually far more easily addressed than most advisers assume. Tim discusses how his clients have addressed the issues around implementing a proactive asset allocation approach.
Presenter: |
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Case Study 1 |
Strategies, Investing With few exceptions, the financial community practices buy and hold investing with investors told to be patient and wait out any storms. Michael discusses his Washington DC-based firm's proprietary method for investing that combines portfolio diversification of traditional investing with active portfolio management, to ensure client's financial goals are met.
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Case Study 2 |
Investing Developing a scalable and efficient advice proposition means transforming every aspect of the business – from client communication, compliance, staffing and profitability. Santi shares the pitfalls his firm encountered along the way, the steps required to do it yourself and why a scalable advice proposition in the future will be the key component of successful practices.
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Due Diligence Forum 1 |
Strategies, Investing Defensive portfolios face two permanent risks – interest rate risk and inflation risk. Managing these should be the highest priority of any defensive portfolio. This session focused on how to design and implement a contemporary defensive portfolio build around a mix of three types of assets – inflation-linked bonds, fixed rate instruments and floating rate securities - as well as exploring the best way to implement these assets into portfolios.
Presenters: |
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Briefing 2 |
Strategies SMSF members have the confidence and preference for control to direct their own investment strategy and investment selection. Advisers who wish to attract HNW clients must provide a viable and effective value proposition to SMSF members - and that may mean developing a new advice framework to match their motivations. This session looked at opportunities to service SMSFs by offering predominantly strategic advice to cater for the different phases of SMSFs and their members.
Presenters: |
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Due Diligence Forum 2 |
Strategies, Investing What does best practice asset management look like from an adviser's perspective? This session reviewed various ways to implement - DIY, outsource, partnership, models, fees, unit trust, IMA/SMA - and discussed the 3Ps of portfolio management, as well as decision-making process and implementation issues, including robust risk management.
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Case Study 3 |
Strategies, Investing Managing client portfolios in uncertain times requires a comprehensive review of how to translate portfolio and investment ideas into real solutions for clients. This session gave an insight into how one privately-owned and self- licensed advice firm transformed itself to ensure a win-win solution for both clients and the business. It walked through the process undertaken, the questions to be addressed, and the motivation to undertake such a project.
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Key takeouts |
Strategies, Investing This session determined the key takeouts from the day's program, and actions to take when building investor portfolios.
Expert Panel: |
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Theme & Overview |
Thinking outside the box about
portfolio constuction The main two-day Conference program features the 10-hour, plenary style Critical Issues Forum featuring more than 20 leading investment thinkers from around the world, and the 4-hour Due Diligence Forum electives program featuring 20 more international and local investment experts. |
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Video Thought Pieces |
In these video thought pieces, each prepared exclusively for Conference, leading global investment experts share their thoughts on the challenge of tHiNkInG oUtSiDe ThE bOx about constructing portfolios. |
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- Cliff Asness, Founding Principal, AQR Capital Management (Greenwich) |
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- Dr Woody Brock, President, Strategic Economic Decisions (New York) |
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- Anthony Bolton, President Inv, Fidelity Worldwide Investments (HK) |
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- Alan Brown, Senior Adviser, Schroders (London) |
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- Hamish Douglass, Managing Director, Magellan Financial Group (Sydney) |
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- Prof Jack Gray, University of Technology (Sydney) |
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- Bill Gross, Managing Director, PIMCO (Newport Beach) |
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- Michael Hasenstab, Co-Dir Intl Bonds, Franklin Templeton (San Mateo) |
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- Steven Helmarick, Colonial First State Global Asset Management (Sydney) |
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- Prof Toby Moskowitz, University of Chicago (Chicago) |
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- Prof Amin Rajan, University of Oxford (London) |
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- Dr Joanne Warner, Colonial First State Global Asset Management (Sydney) |
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- Steven Johnson, 'Where Good Ideas Come From' |
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Critical Issues |
Markets We're confronting unprecedented political risk, debt, and economic restructuring around the world. This 2012 Conference session debated the key market and economic risks and opportunities going forward - and, of course, the portfolio construction implications.
Presenters and Expert Panel: |
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Due Diligence |
Investing |
Debt |
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Investing |
Australian Equities |
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Investing |
Global Equities |
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Investing |
Multi asset class |
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Investing |
Undiscovered Fund |
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Due Diligence |
Investing |
Debt |
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Investing |
Australian Equities |
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Investing |
Global Equities |
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Investing |
Alternatives |
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Investing |
Undiscovered Fund |
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Critical Issues |
Markets, Strategies Traditional approaches to managing investment risk have not served investors well. This 2012 Conference session showed that major risk events occur in clusters, and focused on how to prioritise risk to achieve better investment decisions.
Presenters and Expert Panel: |
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Critical Issues |
Strategies MPT is not broken, it has just been (badly) misapplied for the past 60 years. This 2012 Conference session argued that appropriate use of MPT requires forward-looking projections - and there are numerous factors to use to determine those - and can lead to more efficient risk/return trade-offs.
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Critical Issues |
Markets | Strategies The most important geopolitical considerations are the impending leadership change in China and its effect on China's policies, and the political and economic challenges created by the US and European debt crises. This 2012 Conference session debated these issues and the implications for portfolio construction.
Presenters and Expert Panel: |
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Due Diligence |
Investing |
Property |
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Investing |
Australian Equities |
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Investing |
Global Equities |
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Investing |
Asian Equities |
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Investing |
Undiscovered Fund |
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Due Diligence |
Investing |
Debt |
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Investing |
Australian Equities |
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Investing |
Global Equities |
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Investing |
Alternatives |
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Investing |
Undiscovered Fund |
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Critical Issues |
Markets | Strategies Signs that the US secular equity bear cycle is nearing its end are growing clearer, implying both a stronger US dollar and that the commodity super cycle is nearing its end. China is also under pressure and, on a 100-year view, Australia appears to be in a housing price bubble. Taken together, this challenges a strong home bias to Australian equities in portfolios.
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Critical Issues |
Markets | Strategies | Investing It's only by defining the box that you are able to begin to think outside it. In other words, we need to identify the assumptions underlying the way we build portfolios, and then challenge ourselves to think differently about each one. Tim will discuss seven areas where thinking outside the box may lead us to different portfolio construction decisions.
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Critical Issues |
Markets | Strategies | Investing
Expert panel: |
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Critical Issues |
Markets | Strategies "Africa's economies are amongst the fastest growing in the world, with technological change sweeping across the continent. At the same time, the burgeoning youth population in Africa is changing economies and political systems in profound ways... We believe Africa can be the world's next major economic success story." Barrack Obama June 2012. Is Africa the next China?
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