On the Hunt is a monthly lecture series focused on the human factors in investment portfolio construction, including the ethical implications. It will help you better identify and understand how investing biases, beliefs and behaviours impact portfolio construction practices - and therefore, investment outcomes - to help you build better quality investor portfolios.

This lecture argues that client behaviour profiling should be a critical first step of the financial advice process. It examines why ethical client profiling - leveraging off psychology, behavioural finance, ethics, and the financial advice process - is necessary to successfully deliver consistent positive client outcomes. NOTE: This lecture is available for purchase - go to https://portfolioconstructionforum.edu.au/on-the-hunt/

When seeking exposure to the energy transition, investors typically think of wind and solar farms, and hydrogen and battery production. But the best risk/reward energy transition opportunities can be found elsewhere.

As risks related to over-indebted governments, the Russia-Ukraine war and Brexit fuel instability in Europe, the opportunity set for private credit investors is growing.

Established in 2002, Strategies Conference is THE portfolio construction strategies conference of the year. Presented each August, the program features 50+ carefully selected leading investment thinkers who will challenge and refresh your portfolio construction thinking by debating contemporary and emerging portfolio construction strategies, for you to consider applying in practice to build better quality portfolios.

Established in 2009, Portfolio Construction Forum Markets Summit is THE investment markets scene setter of the year. With interest rates near historical lows and asset prices around all-time highs, practitioners are grappling with the defensive side of multi-asset portfolios. Downside protection is essential in such an uncertain environment. Arguably, the best offence is a great defence! Markets Summit 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 them build better quality investor portfolios.

The fact that structural changes do exist and that historical data are often of limited relevance presents a major opportunity for investors seeking to outperform others.

These tutorials relate to the IMAC 2023 lectures and are available to CIMA candidates currently completing the Investment Managment Analyst Certificate course.

Artificial intelligence will revolutionise our lives - but investors should beware the lofty multiples being assigned to AI-related stocks. We are in a replay of the dotcom bubble.

Today, as practitioners continue to navigate the structural shift to an inflationary, higher interest rate investment regime in a volatile, uncertain, complex and ambiguous world, it stands to reason that portfolio strategies must continue to evolve from what worked in the prior “lower for longer” regime. We must think through which portfolio construction strategies remain fit for purpose, which are no longer appropriate, and which new strategies should be adopted. But common wisdom also warns us against throwing the baby out with the bathwater. Prioritising the most important changes to make to investment objectives, asset allocation, currency management, manager selection and blending, and risk management is key – because you can do anything, just not everything!

We are living in the middle of a major societal shift towards not just the use of, but the reliance, dependence and advancement of our lives being built on technology that seeks to emulate us, mimic us and envelope us.

We are at a critical turning point in human history as developments in the field of artificial intelligence revolutionise the ways in which people work, learn and play – to the same extent that the printing press, steam engines, electrification, telephones, television, computing and the internet changed the world. While the integration of AI promises radical productivity improvements across a range of activities, concerns are growing that such technologies will exacerbate social inequality, the spread of misinformation, and financial volatility, to name just a few. And then there is the “known unknown” risk of so-called singularity in which AI surpasses human intelligence.

Some 20 years ago, the Forum stood out from the crowd by arguing that the “Turbo of Technology” was one of five megatrends that would shape portfolio construction for decades to come. It’s hard to remember, but Google was just a baby! But it seems we ain’t seen nothing yet. Not only has the Turbo of Technology arrived, a ludicrous exponential curve is upon us. Technology is more than one of five Megatrends – it is THE megatrend! Investment fund managers, service providers and practitioners must understand the risks and opportunities associated with the unfolding evolution of technology and AI, and take specific action relevant to multi-asset, multi-manager investment portfolio construction. Doing nothing is not an option!

AI has been described as important a lever for detaching economic growth from population growth as the steam engine. Companies that don't use AI to remake their business simply don't have a place in today's portfolios.

Three gigantic, global, interconnected risks have the potential to upend the world as we know it. Investors who understand these will be better positioned to successfully navigate the uncertainty plaguing our world.

In the same way that Moneyball has swept every professional sport, data science is bringing greater transparency to portfolio managers' decision-making skill. To select managers capable of outperforming, behavioural analysis is crucial.

At a time when "you can do anything", there are meaningful implications and opportunities for portfolio rebalancing and investors still structurally underweight bonds need to put aside recency bias and "do something" - now.

Yield premium over comparable liquid markets, control, upfront economics and low historical volatility and default rates make private credit an asset class to consider for a core allocation in investors' portfolios.

As markets become narrow and expensive, core, growth and quality portfolios are converging. This presents risks for many portfolios but a great opportunity for valuation-focused investors.

Every day, every one of us is touched by infrastructure and, the longer we live, the more billions of us there are, and the more we need infrastructure. Demand for essential infrastructure offers opportunities for investors.

Global small caps may be rewarded by the markets going forward supported by faster expected earnings growth and compelling valuations relative to large cap equities.

Opinions about private markets are often not rooted in facts, due in part to the fact that data on private markets has been scarce. But data is available and it debunks some of the common misconceptions about private markets.

The unique characteristics of private debt make it ideal for any portfolio, fitting in either the defensive or growth component of a portfolio – or even both at the same time.

Brokers hire a great many analysts to write and publish detailed analysis on corporate earnings forecasts. It's right to focus on earnings, but the level of delivered growth is less important than the surprise in growth (positive or negative).

The transition a net zero emission economy offers risks and opportunities for investors. Infrastructure is a simple way to benefit from the transition to a net zero emission economy and represents a multi-decade growth opportunity.

Today, many of the leading companies servicing emerging market economies have superior earnings growth to developed market peers, with many trading even cheaper than at the height of the Covid market turmoil.

The primary criticism directed at those who think about the future is that it's an act of futility. But thinking about how the future may unfold has proven to be a useful way to make decisions amidst radical uncertainty.

Investment-grade corporate bonds can improve portfolio risk-adjusted returns. A focus on the highest quality global corporate bonds will provide opportunities for investors to capture future income, as well as add a defensive anchor within portfolios.

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.

Small Caps have underperformed large cap peers in recent times however cyclical factors today and a rebound in domestic risk sets up for the reemergence in Australian Smalls.

As professionals we need to stand with our clients and share our voice to ensure risk-aware approaches part of our investment landscape.

The Investing Roundtable explored key challenges and opportunities that practitioners should be thinking about when building quality multi-asset, multi-manager portfolios.

The young are better able to navigate VUCA owing to their natural growth and learning mindset. In an environment where investors can do anything, just not everything, we can all benefit from adopting a youth mindset.

Markets have undergone a regime shift - to prosper, we need to understand the factors that will be crucial to building multi-asset portfolios capable of delivering financial wellbeing in the years ahead.

This is Part Two of our annual three-part Strategies Conference Investment Committee hypothetical.

The Investment Committee (our Strategies Conference delegates) has appointed an independent consulting firm to provide a robust and transparently determined and documented global economic outlook for the next three years, using a scenarios-based economic modelling philosophy. In this session, the economists summarise and debate three plausible, forward-looking economic and market scenarios that have a reasonable probability of occurring during the next three years.

Then, the economists and a diverse panel of asset class experts debate the implications of the three economic scenarios for medium-term (three-year) asset class returns.

Following the panel discussion, the Investment Committee members (Strategies Conference delegates) vote on the likelihood of each of the three scenarios, to determine which is most likely, next most likely and least likely. The outcome is then an input to into the Asset Allocation Roundtable 2023, Part Three of our Investment Committee hypothetical.

This is Part Three of our annual three-part Strategies Conference Investment Committee hypothetical.

The inputs from the Economic Scenarios & Asset Class Outlook Roundtable are used to determine a neutral asset allocation for a hypothetical portfolio.

Our Investment Committee (Strategies Conference delegates) then determines the dynamic asset allocation by voting separately on whether to underweight or overweight the various asset classes.

Our panel then debates the optimal implementation of the DAA, with reference to investment styles, duration, credit, and listed/unlisted assets, among other considerations.

Three gigantic, global, interconnected risks have the potential to upend the world as we know it. Escalating US-China war, the rapid acceleration of artificial intelligence, and challenges to the US dollar’s reserve currency status will define the geopolitical, technological, and economic landscape in coming decades. Yet each risk is accompanied by tremendous opportunity. Investors who understand a wide range of potential outcomes for ambiguous developments will be better positioned to successfully navigate the uncertainty plaguing our world.

Part 3 draws together the threads of Strategies Conference 2023, in a debate on the key takeouts from this year’s program and the actions that practitioners can take to mitigate global risks and take advantage of the accompanying opportunities in multi-asset, multi-manager portfolios.

Beyond a near-term sluggish outlook for global growth, practitioners should think about three key forces which will drive long-term market risks and opportunities.

Achieving equity like returns with much lower risk and equivalent liquidity is the holy grail that is now on offer from high yield.

Since central banks abandoned their ultra-loose monetary policies, currencies once again offer a source of investment returns, as well as portfolio diversification.

While the US dollar's share of global foreign exchange reserves is in long-term decline, the currency's dominance will continue despite the rising risk of embedded inflation.

As economies slow, fixed income will once again provide portfolio diversification, allowing practitioners to focus on capturing long-term trends such as climate change and artificial intelligence.

As we move into an era which is both more inflationary and more volatile, asset allocators will need to adapt in order to deliver returns. A dynamic and unconstrained approach to asset allocation will become essential.

Protecting capital in down markets is the foundation for superior returns – and quality investing, with a long-term investment horizon, protects shareholder wealth on the downside, while capturing steady capital growth.

farrelly's Investment Strategy provides subscription and consulting tools and services to enable a dynamic, forward-looking approach to asset allocation, a key driver of quality portfolio construction and quality results for investors...

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

These tutorials relate are available to CIMA candidates currently studying for the global CIMA Certification Exam.

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.

To better develop the skills required to analyse corporates, we can start with individuals as case studies and scale from there. If analysts can't do that, it's unlikely they can address more complex situations.

...though not unconditionally. The nascent field of Neurofinance suggests that investors attuned to their emotions can make better decisions during critical market events.

We can help retirees build and retain their sense of control by keeping on building trust and educating them, modelling possible outcomes and showing a planned approach – including providing a Plan B.

Retirement strategies must adapt in line with markets and demographics trends and the additional risks that are relevant for investors in decumulation.

A critical part of any retirement plan is a spending plan (which is not the same as a budget). Ultimately, a good spending plan helps keep clients' investments on track.

This Research Roundtable focused on the Ruffer Total Return International (Australia) strategy, with senior practitioners deciding, after briefings, Q&A and debate, their individual rating for the strategy and whether to include it on a hypothetical APL and/or multi-manager portfolios. Afterwards, the meeting is truncated and published for on-demand viewing by all Forum members.

Established in 2009, Markets Summit is THE investment markets scene setter of the year, focusing on the key drivers and outlook for the markets. As usual, 2023 Faculty were each challenged to offer their best high conviction proposition in the context of the program theme - this year, "Every VUCA cloud has a silver lining!" Their high-conviction faculty propositions can be distilled into three key discussion threads, supporting the case that, for portfolios, every VUCA cloud has a silver lining! Watch the highlights video, read the key takeouts - and then delve into the high conviction presentations that most interest you.

As the clouds of Volatility, Uncertainty, Complexity and Ambiguity continue to swirl, the silver lining is that we are on the road back to normal monetary policy settings, from abnormal, and a return to more rational asset prices. But we must be patient.

Investors need to leverage the experience of past decades while also humbly contemplating an uncertain outlook. Compared to any post-WWII period, this time really is different!

The pre-pandemic New Normal decade introduced investors to TINA - there is no alternative. With interest rates and bond yields having moved higher, it's time to say goodbye to TINA because bonds are back.

In these unsettled VUCA conditions, private debt can offer short duration with a focus on capital preservation, a silver lining for investors in the form of consistent, risk-adjusted returns and income.

Those constructing portfolios must understand the nuances of bond risk/return drivers and how bond market performance can be impacted by different macro scenarios. Opportunities abound.

The RBA is set to continue rate hikes that will bring on an earnings recession in 2023. Use Australian equity market weakness later in this year as the silver lining to position for an improved long-term outlook for Australian equities.

Global demand for greater computing power continues to escalate, presenting an exciting silver lining of possibilities and investment potential.

Inclusion of private equity as an alternative asset in portfolios is an out-of-date approach that does not consider secular trends in companies staying private and the unfolding democratisation of PE.

As economies continue to recover from the catastrophe of Covid-19 lockdowns, we must re-embrace the pursuit of progress, an idea that is central to science, freedom, and a thriving society.

Although the consequential volatility casts a VUCA cloud over global REIT performance, the silver lining is that this is transitory, in part reflecting a number of the sector's key attributes.

Sustainability is at the core of future societies. By channelling investments in companies with sustainable practices, heightened by environmental and social conscience, investors can seize opportunities in transitioning economies.

After a chaotic period, across most asset classes, silver linings are emerging. Global equity investors can capture these by identifying companies best placed to benefit from shifts in energy and technology.

Once the decision has been made to invest in global small caps, fundamentals return to the fore. Limited research coverage and inefficiencies in the market are the opportunity.

Investors will have to work harder to make money than just owning US beta. The silver lining is that there are large equity markets and sectors that are cheap with significant growth drivers.

After a lost decade, cyclical and structural headwinds are abating for emerging market equities, while profound secular changes are becoming tailwinds. But the path ahead will look very different to the past.

ESG analysis advances and drives sustainable investing by helping investment practitioners develop a clearer view of a company's true market value, consistent with their fiduciary duty.

Our diverse panel of experts debated which of the high conviction propositions they heard during Markets Summit 2023 they most strongly agreed with and why, including identifying "silver linings" (investment opportunities not yet fully priced into the market) and which they disagreed with most and why - and the portfolio construction implications of both.

There was plenty of food for thought and grist for the investment portfolio mill, coming out of the recent Markets Summit 2023 "Every VUCA cloud has a silver lining!".

This lecture argues that a diversified portfolio of core fixed income securities is an essential component of an optimal multi-asset portfolio. What's your philosophy?

This lecture explores the concept of ethics, contemporary issues in financial services as they relate to ethics, and the relevancy and application of ethics in our everyday lives.

Value investing has proven successful over time but it requires discipline and a long-run horizon - and disagreement remains over whether the value premium will persist. What's your philosophy?