1. farrelly's Investment Strategy (Australia)

    Welcome to the farrelly's Dynamic Asset Allocation Australian subscriber only area...

    14-09-18 | More
  2. farrelly's Dynamic Asset Allocation Handbook (NZ Edition)

    The quarterly Dynamic Asset Allocation is published electronically, and emailed to subscribers in early March, June, September, and December. It features farrelly's Editorial; long-term outlook for markets; Forecast in Focus; and three different approaches to Implementation...

    14-09-18 | More
  3. farrelly's Investment Strategy (NZ)

    Welcome to the farrelly's Dynamic Asset Allocation NZ subscriber-only area...

    14-09-18 | More
  4. farrelly's Dynamic Asset Allocation Handbook (Australian Edition)

    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...

    14-09-18 | More
  5. IMAC-S4CS1: Portfolio Performance Measurement & Attribution

    This lecture instructs IMAC candidates on the accurate and meaningful measurement and assessment of investment portfolio performance, specifically performance measurement and attribution.

    Paul Kofman | 25-08-18 | More
  6. IMAC-S5DS2: Managing Currency in Portfolios

    This lecture instructs IMAC candidates on the drivers of currencies in the short and long term and different approaches to currency risk management for portfolios.

    Tim Farrelly | 25-08-18 | More
  7. Why we get it wrong - culture not companies dictate trends

    Investors need to entirely rethink their processes, assumptions and research approach, to focus on the cultures of consumers in different markets. Only by thinking like new brands themselves, can investors identify and invest in the next powerful emerging trend.

    Tassos Stassopoulos | 23-08-18 | 0.50 CE | More
  8. Designing for scenarios is critical to future-proof portfolios

    A disciplined, scenarios-based approach to determining your views on the outlook for markets and then the asset allocation implications can help future-proof portfolios.

    18-08-18 | More
  9. Future-proof portfolios are entirely achievable

    Future-proofing isn’t about guaranteeing an outcome. No strategy can do that. It's about implementing strategies today that increase the likelihood that multiple objectives, often with different time horizons, can be all achieved.

    Rudi Minbatiwala | 14-08-18 | More
  10. IMAC-S1AS2: Basic Investment Management Statistics

    This lecture instructs IMAC candidates on the statistics used to describe and analyse the risk and return characteristics of securities and portfolios.

    Nadima El-Hassan | 01-08-18 | More
  11. IMAC-S3AS1: Portfolio Theories & Models

    This lecture instructs IMAC candidates on the theoretical and empirical underpinnings of portfolio management, specifically in relation to how portfolios are designed and measured.

    David Gallagher | 01-08-18 | More
  12. IMAC-S1BS1: Applied Economics

    This lecture instructs Investment Management Analyst Course (IMAC) candidates on the fundamental of applied economics with an Australian perspective.

    Gordon Menzies | 01-08-18 | More
  13. Passive is not the way to go when investing in Asia

    Differences in regulation, politics, and transparency between Asian countries are all factors that cannot be captured by passive investing but which represent opportunities for active investors.

    Peter Kim | 30-07-18 | More
  14. We're on the cusp of an EM crash

    For 10 years, the world chased yield - flows into emerging markets were massive. As rates rise, money will move to safer environments. It’s time to protect portfolios against major outflows from emerging markets.

    Brett Gillespie | 16-07-18 | More
  15. Undiscovered Fund: A unique way to access emerging markets

    A fundamentally driven and benchmark unaware exposure to smaller companies within the emerging markets sector, this fund represents a unique way for investors to access emerging markets.

    Zenith Investment Partners | 26-06-18 | 1.00 CE | More
  16. Italy, tariffs are sideshows – the US is the main story

    With US unemployment running at just 3.8% (equal lowest rate since 1969), the Fed will have to hike rates four times this year, with the risk that bond yields go not just to 3.5% but somewhere well north.

    Brett Gillespie | 13-06-18 | More
  17. Netflix will be the next dominant digital business

    Over-the-top streaming will become the dominant form of media consumption, and Netflix will be the dominant global provider. Near-term valuation multiples may ultimately prove cheap.

    Nick Griffin | 12-06-18 | More
  18. Cash is the alternative asset class

    Many asset classes - such as real estate and infrastructure - face the same valuation headwinds as equities and bonds. Practitioners should consider using cash as the diversifier for multi-asset portfolios.

    Sonja Laud | 29-05-18 | More
  19. Markets creak as yields creep higher

    Calm returned to global stock markets in May. But investors should not be lulled into a false sense of security. Equities and bonds face considerable headwinds as the Fed continues to tighten.

    Brett Gillespie | 28-05-18 | More
  20. Bill Phillips - the Man, the Myth, the Curve

    The consensus view is that the Phillips Curve is dead. To understand it, you must understand the history of the model and the Kiwi who first researched the link between unemployment and wages.

    Payden & Rygel | 02-05-18 | More
  21. Risk mismatch the biggest mistake

    Only by understanding two factors can practitioners mitigate the risk of permanent loss of capital in emerging market companies.

    Alex Duffy | 24-04-18 | More
  22. Stay focused, ignore the noise

    Fears of a US-China trade war contributed to recent stock market volatility. Practitioners must look beyond the market noise and focus on the medium-term outlook.

    Brett Gillespie | 16-04-18 | More
  23. Disruptive technologies will revolutionise healthcare

    Genomic medicine will radically change how diseases are diagnosed and treated. Healthcare valuations do not currently reflect the long-term opportunities in the sector.

    Bianca Ogden | 03-04-18 | More
  24. Small caps are thriving in the global upswing

    Around the world, smaller companies are benefitting from robust economic growth, low base rates and balance sheet flexibility. Investors should focus on opportunities in Japan and Europe.

    Ed Rosenfeld | 22-03-18 | More
  25. Latest US stimulus is a red flag

    There is now a 50% chance that the US Federal Reserve will hike interest rates more sharply than markets expect, leading to a recession in the next one to two years.

    Brett Gillespie | 13-03-18 | More
  26. IMAC-S2CS1: Fixed Income Investments

    This lecture instructs IMAC candidates on properties of fixed income markets, the investment features and risks of bonds, the application of the time value of money to the valuation of bonds, and the concepts of duration and convexity and their application to bond portfolio management.

    Nadima El-Hassan | 08-03-18 | More
  27. Markets are heading into extra time

    When building portfolios, practitioners must consider that inflationary pressures may return and that "beautiful normalisation" may simply not exist.

    Sonja Laud | 20-02-18 | More
  28. Threat of a wages blow-out is real

    With unemployment at 30-year lows in many countries, practitioners should consider the possibility that wage pressures may force policymakers to tighten more aggressively, triggering substantial equity market falls.

    Brett Gillespie | 19-02-18 | More
  29. Panel: Finology is central to the future of financial advice

    Against the backdrop of legislated increases in financial adviser education, standards and ethics, finology must be seen as central to the curriculum of what financial advisers learn and how they practice, for professionalism to be complete.

    Herman Brodie, Nick Hakes, Michael Kitces, Mia Taylor, Michael Ward | 14-02-18 | 0.75 CE | More
  30. Beware the trifecta of desire

    Practitioners demand a trifecta from fund managers - performance, simplicity, connection. But many great investments are contrarian and uncomfortable.

    Douglas Isles | 14-02-18 | 0.25 CE | More
  31. Is it relevant? Is it understandable? We can all do much better….

    Too much of our communication with end investors is either irrelevant, unintelligible to the average investor - or worse still, both.

    Tim Farrelly | 14-02-18 | 0.50 CE | More
  32. Ride the Managed Accounts tsunami

    Managed accounts have become increasingly popular with approximately A$40bn in assets. Prepare to ride the managed accounts tsunami or be left in its wake.

    George Walker | 14-02-18 | 0.50 CE | More
  33. Successful practitioners are caring practitioners

    “Nobody cares how much you know, until they know how much you care,” cautioned Theodore Roosevelt. This is especially true when risk is involved.

    Herman Brodie | 14-02-18 | 0.25 CE | More
  34. Robo-advisors are NOT the future (but technology is)

    While robo-advisors have been the big buzz as replacement humans, they’re not (and data proves it). Technology alone is not enough (otherwise everyone with a FitBit on their wrist would be healthy).

    Michael Kitces | 14-02-18 | 0.50 CE | More
  35. Behavioural biases lead to unrecognised risk-taking

    Behavioural biases - substitution, aggregation, and feedback risks, overconfidence, and limited attention and availability bias - distort money managers' perceptions and lead them to take risks they don’t see.

    Terrance Odean | 14-02-18 | 0.50 CE | More
  36. Downsize now and rejoice at leisure

    Government incentives may help to encourage downsizing but the decision itself may not be purely financial as recent research reveals.

    Joanne Earl | 14-02-18 | 0.50 CE | More
  37. The trust mandate is how asset managers win and keep clients

    Trust – the belief that those to whom we are vulnerable are both willing and able to act in our interests – is the no.1 factor in the decision to select and retain an asset manager.

    Herman Brodie | 14-02-18 | 1.00 CE | More
  38. The finologist of the future is a cyborg

    The combination of man and machine - tech-augmented humans or "cyborgs" - can be more effective than either alone, posing the greatest opportunity to human financial advisers in the long run.

    Michael Kitces | 14-02-18 | 0.50 CE | More
  39. Cryptocurrencies are a new epoch in monetary history

    The Chinese authorities recognise the potential of blockchain technology and are outpacing the US, in the race to develop an "official" cryptocurrency. If the Chinese experiment succeeds, we may witness the start of a new epoch in monetary policy.

    Niall Ferguson | 13-02-18 | 0.50 CE | More
  40. Changing gears? Panel 3

    For Australian investors, are international markets still attractive sources of growth? Or is the Australian equity market more attractive? Do Australian sovereign bonds remain an anchor portfolio allocation for well diversified portfolios?

    Alva Devoy, Charlie Jamieson, Crispin Murray, Tim Farrelly | 13-02-18 | 0.50 CE | More
  41. China’s Belt and Road Initiative is less than meets the eye

    China’s Belt and Road initiative is expected to reshape the global economic landscape. However, the plan is poorly understood. It may generate political "returns" but opportunities for investors will be limited.

    Alex Wolf | 13-02-18 | 0.25 CE | More
  42. Don’t write off America

    To paraphrase Mark Twain, reports of America’s retreat are greatly exaggerated. Even if China can sort out its long-term demographic problems, other big challenges loom.

    Tom Switzer | 13-02-18 | 0.25 CE | More
  43. The reflationary regime will persist and propel risk assets

    In 2017, the global economy experienced synchronised acceleration for the first time in a decade. The regime shift now underway will challenge portfolio construction designed for the previous regime.

    Hani Redha | 13-02-18 | 0.25 CE | More
  44. Bonds are more important than ever

    The diversification benefits of bonds increases in a low yield market, and bonds remain one of the best instruments available to investors looking for liability matching as they approach retirement.

    Dean Stewart | 13-02-18 | 0.25 CE | 1 comment | More
  45. The assumption of unendingly low interest rates is dangerous

    Investors should focus more than ever on uncovering sources of idiosyncratic alpha, rather than relying on momentum or passive beta.

    Jacob Mitchell | 13-02-18 | 0.25 CE | More
  46. Europe: It’s a long way to the top

    It is doubtful that "safe" exposures (global consumer giants) will earn investors strong returns from this point – shift gears rather to domestic European exposures.

    Nik Dvornak | 13-02-18 | 0.25 CE | More
  47. Electric vehicles are not game changing

    Consensus appears to assume that electric vehicle adoption rates will increase dramatically. This view is misplaced. The impact on the oil price and equity market leadership is not something that investors are positioned for.

    Stephen Anness | 13-02-18 | 0.25 CE | More
  48. As we approach peak growth, gear down risk allocation

    The global economy is approaching peak growth and investors should prepare for increasing left tail risks. This may be an opportune time to increase allocation to bonds as an insurance policy.

    Rob Mead | 13-02-18 | 0.50 CE | More
  49. Investors need growth equities as change accelerates

    Structural change and the resulting earnings growth will always outrun interest rates in the long run, so as change continues to accelerate, investors need growth equities in their portfolio.

    Nick Griffin | 13-02-18 | 0.50 CE | More
  50. Avoid constant gear changes with a generational perspective

    Whether an investor's investment horizon is three to five years, 10 years, or even 30 years, they would benefit from taking a generational perspective to enhance returns.

    Bo Knudsen | 13-02-18 | 0.25 CE | More
  51. Licence To Tilt – DAA can overcome lower returns

    Historical asset allocation methods will not generate appropriate returns in the period ahead, driving the need to be more dynamic to increase both absolute and risk-adjusted portfolio returns.

    Kej Somaia | 13-02-18 | 0.25 CE | More
  52. Global Bonds - It’s time to shift gears from auto to manual

    Data from the larger economies generally support the scenario of synchronised global expansion. The biggest risk to portfolios is strong growth and investors need to position themselves in anticipation of rising rates.

    John Beck | 13-02-18 | 0.25 CE | More
  53. Bonds are no longer a reliable risk diversifier

    Simply holding bonds no longer diversifies an investment portfolio, with genuine risk diversification better achieved by exploiting currently under-priced risk premia in volatility and inflation markets.

    Gopi Karunakaran | 13-02-18 | 0.25 CE | More
  54. Changing gears? Panel 2

    Will global synchronised growth drive earnings growth to a higher gear that warrants current elevated valuations? And should the early effects of technological changes influence investment choices now?

    Ronald Temple, Patrik Schowitz, Chris Watling, John Beck | 13-02-18 | 0.50 CE | More
  55. Bond yields will rise much more than the Fed is letting on

    Bond yields may rise by up to 90bps a lot faster than the Fed is suggesting. It's time to consider what happens to your portfolio if bond yields change gears.

    Brett Gillespie | 13-02-18 | 0.25 CE | More
  56. Incorporate tech’s impact in your investment choices

    Technological change is advancing with unprecedented speed and scale. The early effects of these technological changes on growth, labour, policy and trade should influence investment choices now.

    Patrik Schowitz | 13-02-18 | 0.25 CE | More
  57. Ignore the exit ramp, better conditions ahead

    The US might have three to five years of additional growth ahead. Global synchronised growth is likely to drive earnings growth to a higher gear that warrants current elevated valuations.

    Ronald Temple | 13-02-18 | 0.25 CE | More
  58. Changing gears? Panel 1

    Are we in for a global inflation shock leading to significantly higher bond yields and a recalibration of relative valuations? Are we close to a one-in-a-generation change in the world's monetary order? Should we be switching gear with portfolios?

    Jonathan Pain, Chris Watling, Tim Farrelly, Hani Redha | 13-02-18 | 0.25 CE | More
  59. Focus on what’s important!

    Global economies and central banks are changing gear. Should you be switching gear with your portfolios? To answer, you need a laser focus on what is important for you.

    Tim Farrelly | 13-02-18 | 0.25 CE | More
  60. Things (in the economics world) are broken

    Every generation or so, things (in the economics world) break. Indeed, the history of the world's international monetary order is a history of change, occurring on average every 40 years. This current system is, therefore, long in the tooth.

    Chris Watling | 13-02-18 | 0.50 CE | More
  61. Brace yourself for a global inflation shock

    A combination of factors is set to generate an unexpected inflationary shock to the financial markets, leading to significantly higher bond yields and a recalibration of relative valuations.

    Jonathan Pain | 13-02-18 | 0.25 CE | More
  62. Sustainability is crucial to infrastructure returns

    Infrastructure assets have large environmental footprints. Incorporating ESG factors into the infrastructure investment process can improve risk-adjusted returns.

    Rebecca Sherlock | 08-02-18 | More
  63. Cryptoassets is an emerging asset class with huge potential

    Technological revolutions often spawn financial booms and busts - but the value proposition of blockchain is profound, and the technology has given rise to cryptoassets. Practitioners will increasingly be required to understand them.

    Catherine Wood | 06-02-18 | 1 comment | More