Since joining Funds SA last February, chief investment officer Con Michalakis has been on a clear mission: improve investment performance for the $50 billion fund’s 11 state clients, spanning super funds, foundations, and endowments.

To get there, Michalakis has taken a deliberate approach, including introducing a “TPA lite” strategy to free the portfolio from benchmark constraints, culling underperforming active strategies in equities and deepening relationships with a smaller group of managers.

“Underwrite well, generate a return, and then worry about where you want to stick it. That’s one thing I love to change in investing – don’t be a slave to benchmarks,” he said.

In the latest episode of the Investment Magazine CIO Series, Michalakis sits down with APAC correspondent Darcy Song to unpack his investment philosophy, his return to Adelaide, and what he wishes he’d known when he first became a CIO.

The Investment Magazine CIO Series is produced in partnership with Robeco, dedicated to in-depth conversations with chief investment officers from Australia’s leading asset owners.