Fiduciary Investors Symposium Digital 2020
Investing for the long term as a fiduciary is complicated, and never more so than the current environment where regulatory and economic paradigm shifts aim to mitigate the health risks posed by the coronavirus pandemic. This conference explores the significant changes present and anticipated as society experiences an unprecedented change in social behaviour, investor confidence and capital allocation.
videoInvestor profile
‘Coincidence of impacts’ marginalising 60/40 benchmark: State Super’s Pratt
The move away from traditional 60/40 benchmark portfolios may have been hastened by the pandemic and our ultra-low rate environment, says the fund’s head of strategic partnership, but the writing has been on the wall for a number of years.
Session recordingInvestment strategy
Investment Transition At TCorp – What Has The Journey Felt Like?
TCorp is nearly four years into a transformational journey toward a risk-based total portfolio approach. With very strong client alignment and without the need to give regard to peer portfolios or be subject to a material profit motive, TCorp has arguably higher ability to leverage several comparative advantages.
Session recording and slidesSustainability
The Next Frontier, Sustainable Developments Goals And The Asset Classes
Investors are increasingly looking at integrating sustainability considerations beyond equities. Historically, the integration of sustainability has referred to the application of data and ratings to the investment process. However, given the prominence of the SDGs and greater expectations of the members, what should a deeper level of integration incorporate?
Session recordingSustainability
Core Impact: Avoiding The Greenwash Bubble
As ESG integration gains prominence investors are discerning on greenwashing. While the popular ESG narrative has virtuous intentions in many cases it falls short as exposure to the highly priced FAANGS dominates the portfolio.
Session recording and slidesInvestment strategy
Your Future, Your Super: An Interactive Session
The Your Future Your Super (YFYS) reforms will re-shape the superannuation industry from a structural, investment and outcomes perspective. In this digital break-out session the investment community comes together in a safe environment to discuss their views on YFYS.
Session recordingInvestor profile
Transitioning From CIO To CEO: Roles And Responsibilities
The pandemic has accelerated the speed of change, and investors need to respond. Alongside the investment market challenges and opportunities, investors will need to contend with four key themes, purpose, adapting to change, regulatory policy, mobility and culture.
Session recordingInnovation
Volatility, Anxiety And Amplifying Mental Fitness
The impact of the pandemic both on financial markets and individuals has been immense. The issue of mental health and anxiety is a societal problem amplified by COVID-19 that requires collaboration by super funds, insurers and employers. What training and resources are available to reduce the stigma of mental health and improve workplaces?
Session recording and slidesInnovation
Innovation, Collaborative Disruption And Diversifying The Economic Base
As the global community reimagines a world post the pandemic there are many new catalysts for innovation - across all aspects of our lives. This session uncovers the characteristics of disrupters, how they collaborate and access capital to spawn future industries and companies that will be both profitable and sustainable in the new world order.
Session recording and slidesReal estate
Real Estate Resilience, Data-Driven Models And Valuations
The impact of the pandemic on real estate has had a great shock on many sectors. The financial stress has already started to shift from tenants to property owners and their lenders. How people work, live, and play has likely changed forever.
Session recordingInvestment operations
Quantifying E, S And G And Observed Stock Return Predictability
Applying materiality to ESG ratings can improve the accuracy for forecasting returns. What are the data challenges of quantifying ESG and determining materiality?
Session recordingInvestment strategy
Redefining Defensive During Irrational Exuberance
The omnipotent central bank narrative has taken hold. Is this a permanent feature of the investing environment where fundamentals, like economic growth, inflation and real interest rates no longer matter?
Session recordingInvestment strategy
Investment Strategy, Tilting And The Reference Portfolio At NZ Super
This fireside chat will be a wide-ranging discussion. Investment beliefs are a core part of an investor’s active strategy. Testing those beliefs by way of a reference portfolio is one approach to judge skill.
Session recordingGeopolitics
Lessons In Consolidating Portfolios In The UK Local Government Pension Scheme
Market dynamics have led to increasing levels of fund consolidation. The process of consolidation is highly time consuming and requires a lot of decision-making. What are the key areas that an investor needs to consider as part of this process?
Session recordingCredit
Market Dynamics And The Evolving Private Credit Landscape
The timing and the shape of the recovery post the pandemic remains uncertain. However, private debt offers an essential source of liquidity and long-term finance as banks continue to exhibit low-risk appetite.
Session recordingInvestment strategy
After The Free Lunch: The Next Drivers Of Investment Success
The 60/40 benchmark portfolio is 35 years old. Its prominence culminates with the longest decrease in interest rates. How do investors need to reframe the way that they look at portfolios today?
Session recordingInvestment strategy
Breakout Session: Monitoring And Refreshing Due Diligence On New And Existing Managers
The cloud of COVID has transformed the due diligence process. What are the observations to date from the asset owners and the consultants during this period?
Session recordingInvestment strategy
Blending Art And Fundamentals In Total Portfolio Management Approach
There are many reasons why TPA is superior to a SAA. But the TPA portfolio construction process requires decisions to ensure that the governance, people and investment model line up with organisation effectiveness.
Session recordingInvestment strategy
Winner Takes All: Capitalism, Growth And The Bifurcation Of Equities
Don’t be evil. Today, seven large technology companies have market dominance, and mutually reinforcing factors make it almost impossible to displace them. How does this impact investor decision-making, particularly given their weighting in equity indices, and innovation?
Session recordingGeopolitics
Central Banks, The Fourth Turning and the Endpoint
The US stock market has returned to its previous highs. But has the economy been pushed beyond breaking point in the process?
Session recordingInvestment strategy
Transformation And The Modernisation Of Asset Management
Asset management is facing its extinction rebellion moment. Facing significant disruption, the industry needs to prove its value to investors.
Session recordingGeopolitics
Trade Wars, Class Wars and the Increasing Global China Tension
China’s economy is vastly complex. Despite Chinese policymakers wanting to increase domestic consumption and reduce the power of state-owned companies, powerful interest groups and incentives are seeking to override these objectives.
Session recordingGeopolitics
The Polarisation Industry: How Can Our Divisions Be Overcome?
Successful societies require competent and compassionate leadership, on the one hand, and social solidarity and trust on the other. How did we end up with excesses of both incompetence and social division?
videoGeopolitics
Mistrust and the ‘polarisation industry’: Kotkin on what’s ailing the US
As the US prepares to elect its leader for the next era, Princeton’s professor Stephen Kotkin highlights the core issues that will need to be addressed in order for a fractured society to regain some semblance of solidarity.
PodcastInvestment strategy
Michael Drew | Addressing investment challenges, risk frameworks and governance of other people’s money
In episode 63, Alex Proimos speaks with Michael E. Drew, chief investment officer, of MGD Private and professor of finance at Griffith University
PaperInvestment strategy
Investment governance for fiduciaries
To say that the financial well-being of hundreds of millions of people around the globe rests on the performance of the tens of trillions of dollars held in funds with long-term investment horizons is not hyperbole.
PaperInvestment strategy
Relatively simple
Complexity is everywhere. And nowhere is its forward march more evident than in the field of investing. Seemingly unabated, the complexity of new products, processes, financial engineering and innovation grows.
PaperInvestment strategy
Managing other people’s money
Investment governance tries to codify how to put safeguards around managing other people’s money, Michael Drew and Adam Walk say in their new book.
PaperInvestment strategy
Investment governance for fiduciaries: The how and the why
How do we as fiduciaries approach investment governance? That question is more important than ever.
PaperSustainability
Water disruption: Investment risk from multiple angles
There is a lot of talk about how regulatory reforms connected to climate change will impact financial markets. However, we firmly believe the leading issue, at the end of the day, is that we have been entrusted to look after our clients’ assets and are responsible for returning those assets in better condition than when we received them.
PaperInvestment strategy
The case for venture
In 2020, there are 4 very powerful and visible phenomena, the convergence of which is likely to bring tremendous change and disruption, much of which will be at the expense of incumbent business models and with significant investment implications.
PaperSustainability
Industry guide to the sustainable development goals
Today, perhaps as never before, the interdependency of global economic, social, and environmental systems has been laid bare.
PaperInnovation
Investing in the next innovation supercycles
While the immediate economic shocks from COVID-19 have been dramatic, they likely will seem immaterial when compared to the deluge of tidal waves that have swelled up from the revolutionary innovations and permanent shifts adopted by businesses and consumers to cope with the crisis.
PaperGeopolitics
Is higher global inflation around the corner?
The monetary and fiscal stimulus implemented since the coronavirus erupted has been sizable, and policymakers around the world have acted with unprecedented speed.
PaperCredit
Have the markets become unmoored from fundamentals?
The strong recovery of financial markets in recent months has far outpaced the real economy’s more mixed rebound. We show that a broadly similar divergence has been a feature of every U.S. recession for more than 50 years. Furthermore, the timing of such divergences has typically been a powerful signal of a forthcoming macro recovery.
PaperCredit
PGIM Fixed income fourth quarter market outlook
Longer time horizons naturally have a wider window of uncertainty; the more time, the more opportunity for foreseen and unforeseen risks to jump into the picture. However, at this juncture, our perception of time and risk is flipped.
PaperSustainability
Aggregate confusion: The divergence of ESG ratings
This paper investigates the divergence of environmental, social, and governance (ESG) ratings.
PaperSustainability
Building long-term sustainable outcomes for clients
At this point in the cycle, investors should consider focusing on risk management and mitigating downside risk in investment markets, a process inherent in active management.
PaperInvestment strategy
The end of shareholder primacy and its impact on equity valuations
In our view, society has started to shift away from the shareholder primacy model. The COVID-19 pandemic is likely to accelerate this shift, requiring investors to understand the value companies have been creating for and extracting from all stakeholders.
PaperInvestment strategy
Why now is the time to consider investing in private debt
While the future of traditional fixed income investing may look gloomy, we believe private debt can help investors meet their income needs at a time when it is harder than ever to find real returns.
PaperGeopolitics
Hockey stick growth in the 2020s
Lionstone expects migration of people and firms to the “Hockey Stick” of America will be a primary characteristic of the 2020s. Millennials are facing many of the same challenges and opportunities their parents, the baby boomers, did, and are expected to make similar quality of life choices.