26 April 2011 14:00
“We had to be sure that the tax treatment of the derivatives would align with the tax treatment of the underlying portfolio, and both be on the capital account,” Richards said.
“If the derivatives were on the income account, in some situations this process wouldn’t work, you’d lose all your franking credits for the entire year. It was important for us to ensure that wouldn’t happen.”
Colonial First State chief investment officer Jonathan Armitage says a shift away from reliance on US mega-cap tech stocks is reshaping portfolio resilience, with emerging markets, private debt and catastrophe bonds helping to drive returns across the portfolio.
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