1. Fiscal lemmings - 2013 and beyond

    Going into 2013, I'm significantly more positive about the outlook for US growth, notwithstanding the fiscal cliff, while I think China will continue to to grow at around 7%.

    Jonathan Pain | 07-12-12 | More
  2. PortfolioPick: Australian equities

    This PortfolioPick discusses what in Lonsec's view is a common error being made in the Australian equities sector of portfolios - a gravitation to extremes.

    Lukasz de Pourbaix, Lonsec | 22-11-12 | More
  3. Changing of the (Chinese) guard

    This month, a younger and better educated generation take power in China.

    Linda Jakobson | 09-11-12 | More
  4. Does GDP matter to investing?

    Obama is back in, attention has turned to the fiscal cliff. Can we just ignore the economy and get on with investing?

    Tim Farrelly | 08-11-12 | 3 comments | More
  5. Financial repression

    How governments will reduce debt is the subject of considerable debate. One option seems most likely.

    Tim Farrelly | 11-10-12 | 1 comment | More
  6. Thinking about... Africa, the new old continent

    Africa's economies are among the fastest growing in the world. Is it the next China?

    Jonathan Pain | 23-08-12 | More
  7. 2012 Conference - key takeouts

    The key takeouts, and actions to take when building investor portfolios.

    Chris Watling, Tim Farrelly, Michael Kitces | 23-08-12 | More
  8. Thinking about... thinking outside the box

    Seven areas where thinking outside the box may lead to different portfolio construction decisions.

    Tim Farrelly | 23-08-12 | 1 comment | More
  9. Thinking about... intl equity allocations

    Challenging a strong home bias to Australian equities in portfolios.

    Chris Watling | 23-08-12 | More
  10. Deconstructing the portfolio construction challenge

    Are alternative investments as complex as them seem - and how can the optimal mix be implemented in portfolios?

    Samuel Mann, K2 Advisors | 23-08-12 | More
  11. Portfolios in an age of creative destruction

    Globalisation, the rise of China and technology have profoundly increased competitive pressures on business. This dynamic is critical in equity investment...

    Chris Selth, Five Oceans Asset Management | 23-08-12 | More
  12. The risk management dilemma

    By focusing on investors’ primary objectives (capital preservation and a reasonable return), a more efficient investment approach is possible...

    Rhett Kessler, Pengana Capital | 23-08-12 | More
  13. The tyranny of the present

    Fixed income investing for the future will need to be different from the past in order to maximise portfolio outcomes...

    Victor Rodriguez, Aberdeen Asset Management | 23-08-12 | More
  14. Is Asia in crisis or is it buying opportunity?

    The short- and long-term structural factors remain intact to drive Asian stock markets...

    Eng Teck Tan, TAAM | 23-08-12 | More
  15. Emerging markets as a single asset class

    Treating emerging markets as a single asset class can underpin long-term capital growth, preservation of capital and lower volatility of returns...

    Luis Oliveira, Capital International | 23-08-12 | More
  16. 4 key indicators of an outside the box manager

    Every investment management firm claims it is different from its competitors. Yet many firms produce results that are anything but different. What does it mean to be contrarian?

    Dr Simon Marais, Allan Gray | 23-08-12 | More
  17. It's safe to go back in the water but stay inside the flags

    Unlisted property is well-suited to the mood of investors – it should provide a return derived largely from income. The issue is the scars of the past...

    John Taylor, Centuria | 23-08-12 | More
  18. 2012 Conference - Thought piece - Steven Halmarick

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Steven Halmarick shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Steven Halmarick, Colonial First State Global Asset Management | 23-08-12 | More
  19. 2012 Conference - Thought piece - Bill Gross

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, PIMCO's Bill Gross shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Bill Gross, PIMCO | 23-08-12 | More
  20. 2012 Conference - Thought piece - Hamish Douglass

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Hamish Douglass shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Hamish Douglass, Magellan Financial Group | 23-08-12 | More
  21. 2012 Conference - Thought piece - Anthony Bolton

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Anthony Bolton shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Anthony Bolton, Fidelity Worldwide Investments | 23-08-12 | More
  22. 2012 Conference - Thought piece - Dr Woody Brock

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Dr Woody Brock shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Woody Brock | 23-08-12 | 1 comment | More
  23. 2012 Conference - Thought piece - Cliff Asness

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Cliff Asness shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios.

    Cliff Asness, AQR Capital Management | 23-08-12 | More
  24. Thinking about... geopolitics and investing

    What are the implications for portfolios, of China's leadership change and the political and economic challenges in the US and Europe?

    Pippa Malmgren and Linda Jakobson | 23-08-12 | More
  25. Thinking about... portfolio construction 2.0

    MPT is not broken, it has just been (badly) misapplied for the past 60 years. Appropriate use of MPT can lead to more efficient risk/return trade-offs...

    Michael Kitces, Nick Bullman, Piers Bolger, Greg Cooper, and Tim Farrelly | 22-08-12 | More
  26. Thinking about... portfolio risk

    This 2012 Conference session showed that major investment risk events occur in clusters, and focused on how to prioritise risk to achieve better investment decisions.

    Nick Bullman, Piers Bolger, Greg Cooper, Michael Kitces, and Tim Farrelly,  | 22-08-12 | More
  27. An alternative approach to portfolio construction

    Managed futures strategies can aid diversification.

    John Wareham, Aspect Capital | 22-08-12 | More
  28. Do dividends matter globally?

    Dividend-yield strategies have outperformed in up and down markets, making them more of an all-weather approach than many may think...

    Ian Link, Wellington Management Company | 22-08-12 | More
  29. EM bonds - retirement income of the future?

    The process of reallocation to EM bonds is likely to accelerate, creating more liquidity and stability, and adding to their attractiveness for retirement income needs...

    Ramin Toloui, PIMCO | 22-08-12 | More
  30. An investment strategy for the information age

    Global tactical asset allocation is a strategy that is well tailored to the new paradigm, generating excess returns with low volatility in both bull and bear markets...

    Caroline Saunders, Barclays | 22-08-12 | More
  31. Equity income – meeting objectives in a deleveraging cycle

    The deleveraging cycle is creating a conundrum for investors and asset managers. Investors want more income but with less risk...

    Tim McGowen, PM Capital | 22-08-12 | More
  32. Flight to safety - sure, but where do you land?

    Exploring how to augment traditional portfolio construction techniques though better understanding of how asset classes' correlate in particular bonds and equities...

    Vimal Gor, BT Investment Management | 22-08-12 | More
  33. Thinking about... the global economy & markets

    With unprecedented political risk, debt, and economic restructuring around the world, our expert panel debated the portfolio construction implications.

    David Hale, Ian Link, Vimal Gor, Ramin Touloui, Chris Watling | 22-08-12 | More
  34. 2012 Conference - Thought piece - Dr Joanne Warner

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Dr Joanne Warner shares her views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Dr Joanne Warner, Colonial First State Global Asset Management | 22-08-12 | More
  35. 2012 Conference - Thought piece - Michael Hasenstab

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Michael Hasenstab shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Michael Hasenstab, Franklin Templeton | 22-08-12 | More
  36. 2012 Conference - Thought piece - Prof Jack Gray

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Prof Jack Gray shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Prof Jack Gray, UTS | 22-08-12 | More
  37. 2012 Conference - Thought piece - Alan Brown

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Alan Brown shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Alan Brown, Schroders | 22-08-12 | More
  38. 2012 Conference - Thought piece - Prof Amin Rajan

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Prof Amin Rajan shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Amin Rajan | 22-08-12 | More
  39. 2012 Conference - Thought piece - Prof Toby Moskowitz

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Prof Toby Moskowitz of Chicago University shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Prof Toby Moskowitz, University of Chicago | 22-08-12 | More
  40. Conference Masterclass 2012 key takeouts

    Key takeouts from the Conference Masterclass 2012 program, and actions to take when building investor portfolios.

    Tim Farrelly, Michael Kitces & Assyat David | 21-08-12 | More
  41. Delivering efficient, equitable portfolio client solutions

    How a privately-owned, self- licensed advice firm transformed to ensure a win-win for clients and the business...

    Phillip Win, Profile Financial Services | 21-08-12 | More
  42. Best practice portfolio management

    What does best practice asset management look like from an adviser's perspective?

    Andrew Fairweather & Dominic McCormick, Select Asset Management | 21-08-12 | More
  43. Servicing SMSF members with strategy support

    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.

    Assyat David, Strategy Steps | 21-08-12 | More
  44. Defensive investing

    Defensive portfolios face two permanent risks – interest rate risk and inflation risk. Managing these should be the highest priority of any defensive portfolio...

    Doug Turek, Professional Wealth & Jonathan Howie, iShares | 21-08-12 | More
  45. Developing a scalable, efficient advice proposition

    Developing a scalable and efficient advice proposition means transforming every aspect of the business – from client communication, compliance, staffing and profitability...

    Santi Burridge, Implemented Portfolios | 21-08-12 | More
  46. Evolution of a wealth management firm

    Michael discusses how his firm combines portfolio diversification with active portfolio management, to ensure client's goals are met.

    Michael Kitces | 21-08-12 | More
  47. Moving to proactive asset allocation approach

    Many practitioners want to manage their clients’ asset allocation more proactively (not tactically!) but find the implementation issues confusing...

    Tim Farrelly | 21-08-12 | More
  48. Academy Winter Seminar 2012 - Resources Kit

    This Academy Seminar debates the following three topics in a Socratic learning environment: Better the devil you know; Demystifying quantitative equity investing; and, Investment Fables IV - Growth.

    20-06-12 | More
  49. PortfolioPick: K2 Australian Absolute Return Fund

    A pick of the investment bunch, as identified by research house Lonsec for you to consider for your Approved Products List.

    Lukasz de Pourbaix, Lonsec | 01-06-12 | More
  50. The political gale

    There are really only two words to discuss - Greece and Spain - and the implications for Australian cash rates, bond yields and equity markets - and, of course, portfolios.

    Jonathan Pain | 01-06-12 | 2 comments | More
  51. Infrastructure investing through the macroeconomic cycle

    This Due Diligence Forum Research Paper and Presentation examine why infrastructure assets have performed differently to other investable assets (and whether we can expect this to continue), how this performance can be linked to underlying asset characteristics, and how investors can use some of the unique attributes of infrastructure to improve portfolio returns...

    Nick Langley | 24-05-12 | More
  52. A risk premium approach to strategic asset allocation

    This Due Diligence Forum Research Paper and Presentation argue that strategic asset allocation should be determined with a long-term horizon in mind - so the key input in the construction process is the long-term return outlook for different asset classes. To help inform that judgment, we should consider returns through three separate lenses: - what did happen, what theory says should have happened, and what the market is pricing will happen.

    PortfolioConstruction Forum Symposium featuring Keith Poore | 24-05-12 | More
  53. If you're taking extra risk, make sure you're being paid for it

    This Due Diligence Forum Research Paper and Presentation examine the various income options available to NZ retail investors, and look closely at the extent to which they are being appropriately rewarded for the risk posed by various income products including hybrids...

    PortfolioConstruction Forum Symposium featuring Tony Hildyard | 24-05-12 | More
  54. Building better active global shares portfolios

    This Due Diligence Forum Research Paper and Presentation focus on how to construct multi-manager global share portfolios in a way to reduce the overall risk of the portfolio without dampening or reducing the overall expected outperformance of the underlying managers...

    PortfolioConstruction Forum Symposium featuring Russell Investments | 24-05-12 | More
  55. Building portfolios in the real world

    In this Workshop, two full-time research professionals demonstrated how they would design a portfolio for a real investor, based on a real world portfolio construction case study submitted by one of the Symposium delegates...

    PortfolioConstruction Forum Symposium featuring Tim Farrelly & Darren Howlin | 24-05-12 | More
  56. Passive vs active equity portfolios

    As with debt portfolios, many advisers are designing and building direct equity portfolios of NZ and Australian equities. In this Critical Issues Forum, our presenters had 15 minutes each to argue their case - one for using passive direct equities via ETFs when building NZ/Australian equity portfolios and the other for using active managed funds...

    PortfolioConstruction Forum Symposium featuring Tom Keenan & Andrew Bascand | 24-05-12 | More
  57. Global markets outlook - investing through the seasons

    This Critical Issues Forum discussed the key macro-economic and geopolitical issues we cannot afford to lose sight of in constructing portfolios, before turning to the current status, key issue and outlook for global equity markets...

    PortfolioConstruction Forum Symposium featuring Jonathan Pain & Hamish Douglass | 24-05-12 | More
  58. Direct vs managed debt portfolios

    Many New Zealand advisers are designing and building debt portfolios by buying bonds direct. Our two presenters had 15 minutes each to argue their case - one for building direct debt portfolios and the other for using active managed funds.

    PortfolioConstruction Forum Symposium featuring Roy Savage & Tony Hildyard | 24-05-12 | More
  59. Portfolio construction 2.0

    MPT has been misapplied for the past 60 years. In this Critical Issues Forum, Michael Kitces argued that markets are not efficient, but they are adaptive - so appropriate use of MPT requires forward-looking projections. This requires more work to apply effectively, but can lead to portfolios that are more efficient and give better risk/return trade-offs.

    PortfolioConstruction Forum Symposium featuring Michael Kitces | 24-05-12 | More
  60. The world economy at a crossroads

    The tectonic plates of the world economy are shifting. This Critical Issues Forum argued that Europe is not just in a financial crisis, but also a social, political and demographic decline. Will the Euro break up? Can Asia save us?

    PortfolioConstruction Forum Symposium featuring Dr Oliver Hartwich | 23-05-12 | More
  61. Meet the Manager: Mike McCorry, BlackRock

    The average active Australian equity manager aims to deliver 3% to 4% alpha per year - so it's quite out of the ordinary for a manager to target 8% alpha pa...

    Mike McCorry, BlackRock | 26-04-12 | More
  62. Academy Autumn Seminar 2012 - Resources Kit

    This Academy Seminar debates the following three topics in a Socratic learning environment: Investment fables III - Value; What does financial success look like in retirement; and, Turning micro China observations into macro insights.

    18-04-12 | More
  63. Meet the Manager: Michael Turner, FRM

    The prevailing expectation is that we’re in for a period of lower returns and significant volatility. In this exclusive interview, Michael Turner, Head of Quantitative Research & Analysis with FRM in London discusses how a CTA fund can contribute to portfolios in such an environment...

    23-02-12 | More
  64. Academy Summer Seminar 2012 - Resources Kit

    This Academy Seminar debates the following three topics in a Socratic learning environment: Investment fables II - Momentum; Making sense of Markets Summit; and, Developing a robust philosophy and policy...

    15-02-12 | More
  65. Gold - A Knight in shining armour

    The Hot Topic Debate at the 2012 Markets Summit focused on the case for and against including gold in portfolios. Is gold a good means of portfolio diversification and protection, as well as a hedge against inflation and currency depreciation? Or is it, as those in the opposing corner argue, that the last decade is an anomaly for gold and it has no place in portfolios...

    PortfolioConstruction Forum - featuring Laurie McGuirk & Jack Gray | 14-02-12 | More
  66. Zombie Economics

    The inaugural Peter L Bernstein Memorial Lecture at the 2012 Markets Summit focused on Zombie Economics. The GFC exposed the flaws in many of the assumptions behind market liberalism - in most cases, problems were evident well before the GFC, but those who pointed them out were dismissed or ignored. These dead ideas still walk among us...

    PortfolioConstruction Forum - featuring Prof John Quiggin | 14-02-12 | More
  67. 2012 Markets Summit - Key takeouts

    This session helped delegates determine the key takeouts from the Markets Summit, and actions to take when building investor portfolios...

    Tim Farrelly & Chris Watling | 14-02-12 | More
  68. Asset Class Forum debate MS2012

    This Asset Class Forum session at the 2012 Markets Summit saw our presenters and Inquisitors debate the outlook for the Australian debt and equities market, REIT market, Asian equities market and global commodities market, and the portfolio construction implications...

    14-02-12 | More
  69. The 2012-2014 outlook for global commodities

    The 2012-2014 outlook for the global commodities market versus cash, the risks and opportunities, and portfolio construction implications...

    Chris Watling | 14-02-12 | More
  70. The 2012-2014 outlook for Asian equities

    The 2012-2014 outlook for the Asian equities market versus cash, the risks and opportunities, and portfolio construction implications...

    Eng Teck Tan, TAAM | 14-02-12 | More
  71. The 2012-2014 outlook for REITs

    The outlook for the REITs vs cash, risks and opportunities, and portfolio construction implications...

    Andrew Parsons | 14-02-12 | More
  72. The 2012-2014 outlook for Australian equities

    This Asset Class Forum session at the 2012 Markets Summit focused on the 2012-2014 outlook for the Australian equities market, including the most likely scenario, performance v cash, risks and opportunities, and portfolio construction implications...

    Ian Harding, Wavestone Capital | 14-02-12 | More
  73. The 2012-2014 outlook for Australian debt

    The 2012-2014 outlook for the Australian debt market, versus cash, the risks and opportunities, and portfolio construction implications...

    Victor Rodriguez, Aberdeen | 14-02-12 | More
  74. The EM & DM equity markets debate MS2012

    This Big Picture Forum session at the 2012 Markets Summit saw our presenters and Inquisitors debate the outlook for the global developed market (DM) and emerging market (EM) equities markets, and the portfolio construction implications...

    14-02-12 | More
  75. The 2012-2014 outlook for global DM equities

    The 2012-2014 outlook for the global emerging market equity markets, risks and opportunities, and the portfolio construction implications...

    Bill Priest, Epoch Investment Partners | 14-02-12 | More
  76. The 2012-2014 outlook for global EM equities

    The 2012-2014 outlook for the global emerging market equity markets, risks, opportunities, and portfolio construction implications...

    Allan Conway, Schroders | 14-02-12 | More
  77. The global economy and debt markets debate MS2012

    This Big Picture Forum session at the 2012 Markets Summit saw our presenters and Inquisitors debate the outlook for the global economy and global debt markets, and the portfolio construction implications...

    14-02-12 | More
  78. The 2012-2014 outlook for global debt

    The outlook for the global debt markets relative to cash, risks and opportunities, and portfolio construction implications...

    Scott Mather, PIMCO | 14-02-12 | More
  79. The 2012-2014 outlook for the global economy

    The 2012-2014 outlook for the global economy with particular emphasis on the US and Europe, key scenarios and portfolio construction implications...

    Russ Koesterich, iShares | 14-02-12 | More
  80. farrelly's subscriber webinar January 2012

    This subscriber-only area gives you access to the recording of the quarterly farrelly's subscriber webinar in which principal Tim Farrelly explains the thinking behind the quarterly update to the Proactive Asset Allocation tool set.

    23-01-12 | 1 comment | More