Investment

Investment Articles

Tapping into the fixed income evolution to improve client portfolios

PAUL BENSON , MANUEL HAYES | Comments | WEDNESDAY, 28 JUL 2021

The fallout from the Global Financial Crisis set off a sea change in fixed income markets. The rise in electronic trading, a growing roster of liquidity providers, and efficient market completion tools ... ... Read more

PI insurers kill advisers' crypto appetite

KANIKA SOOD | Comments | THURSDAY, 27 MAY 2021

If a security were to rise from 97 cents to $70,000 in 10 years, it would be hard for a financial adviser to not get calls from clients asking about it. This is what Bitcoin did between April 2011 and ... ... Read more

ALEX LEE | Comments | THURSDAY, 1 APR 2021

The behaviour of financial assets during the 2020 pandemic triggered a re-examination of the role of correlation in portfolios. Most market participants were surprised that the historically observed ... Read more

Global megatrends

MONIK KOTECHA | Comments | WEDNESDAY, 10 MAR 2021

Megatrends and disruption are not mutually exclusive, but inexorably entwined. Disruption is now playing a stimulant role to what has been going on for many years in pervasive global megatrends. The ... Read more

The economics behind low interest rates

ANDREW WILSON | Comments | FRIDAY, 5 FEB 2021

People often ask why interest rates are so low, what is a negative interest rate and when will rates rise again. This paper explains the economics behind low interest rates, considers what Australia's ... ... Read more

Core portfolio allocations

PETER HARPER | Comments | FRIDAY, 11 DEC 2020

Core exposures form the foundation of an investor's portfolio. Key attributes of these exposures are longevity, value and the ability to meet asset allocation objectives. Exchange-traded funds (ETFs) ... ... Read more

How closed-ended LICs and LITs benefit investors

ANGUS GLUSKIE | Comments | FRIDAY, 6 NOV 2020

Closed-ended investment entities such as listed investment companies (LICs) or listed investment trusts (LITs) have a fixed capital. When investors seek to reduce their investment in a LIC or LIT, they ... ... Read more

Bonded to the benchmark

JUSTIN TYLER | Comments | THURSDAY, 22 OCT 2020

Benchmarks are commonly used to measure performance. However, this paper explains why this approach may be problematic in fixed income investing and how to track performance and find returns when investing ... ... Read more

A lasting bond

PAUL CHIN | Comments | THURSDAY, 3 SEP 2020

High-grade sovereign (or government) bonds remain as relevant as ever in an uncertain and complex market environment. Today's bond yields are indeed low, and some investors may be finding it difficult ... ... Read more

The hunt for yield during COVID-19

SABIL CHOWDHURY | Comments | FRIDAY, 28 AUG 2020

The search for yield is proving to be an endless challenge for investors during the market crisis brought on by the coronavirus (COVID-19) pandemic. Finding attractive yield has become more difficult ... ... Read more

Resilience in the face of crisis

JOHN FLYNN | Comments | THURSDAY, 30 JUL 2020

We view the potential for a systemic bank failure due to the coronavirus (COVID-19) economic shock as low. Today's banks are more resilient than in the past, given their robust capital positions ... Read more

The corporate loan market

ANDREW LOCKHART | Comments | THURSDAY, 16 JUL 2020

Australian investors are currently facing a conundrum when it comes to their asset allocation. With low rates and persistently low growth, finding reliable sources of return is becoming an increasingly ... ... Read more

The end of analysis

JULIAN HOWARD | Comments | FRIDAY, 5 JUN 2020

Markets have for some time now been largely ignoring fundamentals. This remains the case even as coronavirus (COVID-19) threatens a deep depression. In our opinion, not all market sectors will benefit ... ... Read more

Psychological traps in a market crisis

SABIL CHOWDHURY | Comments | FRIDAY, 8 MAY 2020

In finance textbooks, academics assume that investors act rationally when making investment decisions. However, in practice, investors are not fully rational. This is especially true during market crises ... ... Read more

COVID-19 and past shocks

SETH WEINGRAM | Comments | FRIDAY, 1 MAY 2020

A major challenge facing advisers in responding to coronavirus (COVID-19) news-flow is a lack of systematic research to guide decision- making after surprise geopolitical events, such as epidemics. Do ... ... Read more

Fixed income at low yields

LOUIS CROUS | Comments | FRIDAY, 6 MAR 2020

Most investors appreciate the role of fixed income in a diversified portfolio> That is, steady income streams, lower volatility, and protection against falls in equity values during periods of market ... ... Read more

Unconventional monetary policy

PAUL CHIN | Comments | THURSDAY, 13 FEB 2020

Why do central banks and governments pursue unconventional monetary policies? There are plenty of lessons for other markets from Japan's experience with zero interest rates and quantitative easing (QE). ... Read more

ETFs versus managed funds

BETASHARES * | Comments | THURSDAY, 6 FEB 2020

This paper examines the key differences between traditional, actively managed funds (managed funds) and exchange-traded funds (ETFs), and highlights how these differences can affect investors. Risk diversification ... ... Read more

The AUD, foreign debt and trade

PETER PONTIKIS | Comments | MONDAY, 9 DEC 2019

In this whitepaper, Peter Pontikis discusses what the next decade will look like in practical terms. Australia posts its first current account surplus in 44 years Recent Australian overseas trade and ... ... Read more

Bearish cases for macro outlook

BCA RESEARCH | Comments | TUESDAY, 26 NOV 2019

This paper outlines the cyclical (six to 12 months) bearish outlook for assets within BCA Research's team. The group foresees a further deterioration in activity or a delayed recovery, additional ... ... Read more

Bullish case for macro outlook

BCA RESEARCH | Comments | FRIDAY, 22 NOV 2019

BCA Research has been the market's leading source for independent global macro research for 70 year. Occasionally, this independence has resulted in strongly diverging views. Today, two views on ... Read more

The anatomy of bear markets

JASON TEH | Comments | THURSDAY, 17 OCT 2019

Bear markets are great. To explain, lower prices mean greater future returns. Bear markets always occur during global slowdowns as investor confidence is shaken from lower growth expectations. It is ... Read more

RMBS: Weighing up risk vs reward

JOHN SORRELL | Comments | FRIDAY, 13 SEP 2019

During and after the global financial crisis, the prices of residential mortgage-backed securities (RMBS) were quite severely impacted; however, since then they are once again proving popular with investors. ... Read more

The benefits of uncorrelated assets and strategies

ROB STEWART | Comments | THURSDAY, 5 SEP 2019

A market neutral strategy should provide meaningful diversifying benefits for investors given the expected low correlation to the underlying equities market. Market neutral is often mistakenly viewed ... ... Read more

Profiting from IPOs

STEPHEN WOOD | Comments | FRIDAY, 30 AUG 2019

An initial public offering (IPO) typically presents a snapshot of a business as it prepares to list. There is usually a 'proforma' profit and loss and balance sheet, which means that the accounts ... ... Read more

Bonds don't always diversify risk

GOPINATH KARUNAKARAN | Comments | FRIDAY, 23 AUG 2019

The interest rate duration inherent in conventional bond investments is the central diversification play used by most balanced portfolio construction frameworks. This is entirely reliant on a single ... Read more

Why investors are going to hear a lot more about MMT

CHRIS BEDINGFIELD | Comments | FRIDAY, 9 AUG 2019

Modern Monetary Theory (MMT) has been gaining attention in recent months - some positive and some not so positive. Over the next few years, investors can expect to hear a lot more about MMT. So what ... Read more

There's more to fixed income than just buying bonds

GOPINATH KARUNAKARAN | Comments | FRIDAY, 12 JUL 2019

In fixed income investing, there are two conventional sources of return that investors are familiar with - collecting interest payments from bonds (i.e. income) and correctly predicting the direction ... ... Read more

A simplified guide to the complex world of fixed rate bonds and duration

CHRIS RANDS | Comments | FRIDAY, 21 JUN 2019

Over the past five years, financial market participants have held more of a negative view of fixed rate bonds given that interest rates were expected to consistently move higher. While rising interest ... ... Read more

Deconstructing decarbonisation

TOM NELSON , PHILIP SAUNDERS | Comments | FRIDAY, 17 MAY 2019

The fast view Humanity faces an unprecedented challenge: to transition quickly to a carbon-free growth model, one that reduces the emissions causing climate change and could also lead to a more sustainable ... ... Read more

Building long-term wealth in a low growth world

MARK ARNOLD , JASON ORTHMAN | Comments | FRIDAY, 10 MAY 2019

The secret to making money in a capitalist system The secret to building long-term wealth is simple - earn consistent, attractive returns on capital, and allow them to compound and accumulate over the ... ... Read more

The Marvelous Mr. Market

ANDREW MACKEN , CHRISTOPHER DEMASI | Comments | THURSDAY, 18 APR 2019

In the hit TV series, The Marvelous Mrs. Maisel, Miriam "Midge" Maisel - married, mother of two from the upper west side of New York City - discovers a hidden talent for stand-up comedy. Her ... ... Read more

Investing in tomorrow

ILAN ISRAELSTAM , DON HOANG | Comments | FRIDAY, 29 MAR 2019

The above quote is now referred to as Amara's 'law' and was coined sometime in the 1960s by Roy Amara, Stanford University computer scientist and long-time head of the Institute for the Future. In current ... ... Read more

Never a better time to boost bank capital

DAMIEN WOOD | Comments | FRIDAY, 15 FEB 2019

It is not often you will get this writer singing the praises of our bank regulator. But the recent discussion paper released by APRA on how to increase capital to meet global standards for our major ... Read more

Australia 2019 Market Outlook

RANDAL JENNEKE | Comments | FRIDAY, 8 FEB 2019

For the better part of the last two years, we have been positive about the broader economic outlook, confident that improving global growth and strong corporate earnings would drive markets higher. At ... ... Read more

Is this another diversification trap?

ROGER MONTGOMERY | Comments | FRIDAY, 25 JAN 2019

In the wake of the global financial crisis (GFC), index ETFs were meant to offer risk-averse investors a safe and easy way to gain diversification. But nine years into the global market's bull run, they ... ... Read more

Emerging markets: What matters long-term

ROBERT ALMEIDA JR | Comments | FRIDAY, 18 JAN 2019

For centuries the investment industry has been plagued by storytelling and chart chasing. In the 1600s, it was tulip bulbs in the Netherlands. In the early 1700s, it was securities issued by the South ... ... Read more

Successful small cap investing

LIAM DONOHUE | Comments | FRIDAY, 14 DEC 2018

The listed Australian small companies' market is known for its significant capital growth, wealth creation and most importantly the fostering of innovative emerging businesses. It is the birthplace of ... ... Read more

Investing for the long term: 'Future quality' companies

JAMES KINGHORN | Comments | FRIDAY, 7 DEC 2018

The Nikko Asset Management global equity team philosophy is based on the belief that investing in 'future quality' companies will lead to outperformance over the long term. This paper draws on academic ... ... Read more

Why global bonds?

DAVID HOFFMAN , STEPHEN SMITH , THEODORE FETTER | Comments | FRIDAY, 30 NOV 2018

Global bonds: An opportune investment Global bonds are a unique opportunity class that can produce superior returns and provide diverse sources of alpha for a purely domestic bond portfolio. We believe ... ... Read more

Blending alpha-seeking, factor and indexing strategies: A new framework (Part two)

LISA O'CONNOR , SIMONA PARAVANI-MELLINGHOFF | Comments | FRIDAY, 23 NOV 2018

Blending alpha, factors and index Our empirical work can be applied in a variety of contexts, no matter the investor's portfolio construction preference. A few key factors will shape the alpha-seeking ... ... Read more

Blending alpha-seeking, factor and indexing strategies: A new framework (Part one)

JEAN BOIVIN , LISA O'CONNOR , SIMONA PARAVANI-MELLINGHOFF | Comments | FRIDAY, 16 NOV 2018

Blending alpha-seeking and index products has become more challenging as the number of indices has increased and factor strategies have emerged to replicate what was previously alpha. We present a framework ... ... Read more

Bank greed and latent risks

DAMIEN WOOD | Comments | FRIDAY, 9 NOV 2018

Fish apparently rot from the head down. The chief executives of Australia's big four banks have helped themselves to monster pay rises over the past 20 years. Bank staff were financially motivated to ... ... Read more

Skin in the game

KANIKA SOOD | Comments | MONDAY, 15 OCT 2018

Three men sit huddled together, watching a video that plays on a computer screen in a large-ish empty room. Sounds like a late-night university study session? Only the men are in crisp white shirts, ... Read more

How to profit from market myths

ANDREW MACKEN | Comments | FRIDAY, 5 OCT 2018

In 1962, President John F. Kennedy delivered Yale's graduating class of 1962 a piece of advice that all investors should hold dear: "The great enemy of truth is very often not the lie - deliberate ... ... Read more

Emerging debt in a rising interest rate environment

CARL ROSS | Comments | FRIDAY, 31 AUG 2018

As a fixed income asset class with relatively high duration, sovereign emerging debt is sensitive to interest rates. But is there anything else we can say? The yield on a sovereign debt portfolio can ... ... Read more

Why equal weighting outperforms

MICHAEL BROWN | Comments | THURSDAY, 9 AUG 2018

Equally weighted portfolios outperform their market capitalisation counterparts over the long term and over almost all short term periods. The evidence to support this is cited in the References and ... Read more

Goldilocks and the three bears

DOMINICK DEALTO | Comments | FRIDAY, 3 AUG 2018

As 2018 began, the consensus market narrative was centered around a Goldilocks scenario characterised by synchronised strong global growth and modest inflation pressures. This macro backdrop, combined ... ... Read more

Is investing starting to get difficult again?

BEN INKER | Comments | FRIDAY, 29 JUN 2018

For the last eight years, investing has seemed to be a pretty easy activity to most observers. Not only have markets given strong returns, but the apparent riskiness of both individual assets and overall ... ... Read more

As good as it gets?

DOMINICK DEALTO | Comments | THURSDAY, 7 JUN 2018

What a difference a quarter makes. When I last wrote in January, we remained cautiously risk on, but extremely nervous in the process. As I noted at the time, we saw risks that a change in the inflation ... ... Read more

ESG: Improving your risk-adjusted returns in emerging markets

BINU GEORGE , HARDIK SHAH | Comments | FRIDAY, 18 MAY 2018

The demand for environmental, social, and governance (ESG) or responsible investing (RI) is growing at a rapid pace with nearly USD 23 trillion of assets being professionally managed under RI as of 2016 ... ... Read more

A fork in the road

ROGER MONTGOMERY | Comments | FRIDAY, 4 MAY 2018

We are value investors for many reasons, one of which is that establishing an estimated intrinsic value provides an anchor or a solid point of reference from which the turbulence of markets can be viewed ... ... Read more

Vanguard Economic and Market Outlook for 2018 (Part two)

JOSEPH DAVIS | Comments | THURSDAY, 29 MAR 2018

Part one of this paper, from the previous week, discussed Vanguard's global economic and growth outlooks, as well their perspective on Australia and the United States. Following a decade of aggressive ... ... Read more

Vanguard Economic and Market Outlook for 2018 (Part one)

JOSEPH DAVIS | Comments | FRIDAY, 23 MAR 2018

Vanguard's distinct approach to forecasting To treat the future with the deference it deserves, Vanguard has long believed that market forecasts are best viewed in a probabilistic framework. This ... ... Read more

Investment stewardship for positive societal impact

GEORGE SERAFEIM | Comments | FRIDAY, 9 MAR 2018

In recent years, the growth of investor interest in sustainable investing has been remarkable. As that interest has grown, the response of corporations has evolved. Early on, companies usually allocated ... ... Read more

Three ways to win

ANDREW MACKEN | Comments | THURSDAY, 15 FEB 2018

When Leonardo da Vinci was sketching out his design for one of the earliest parachutes in the year 1483, he no doubt understood the consequences of such a device failing. It would not have taken Leonardo ... ... Read more

Fixed income strategy

JEFFREY ROSENBERG | Comments | FRIDAY, 9 FEB 2018

Cold winter weather provides some inspiration for the lead theme for the 2018 fixed income outlook: fuel for (over)heating. The heat of global economic acceleration may lead to this narrative gaining ... ... Read more

What happened to inflation?

BEN INKER | Comments | THURSDAY, 25 JAN 2018

A year ago, the US economy seemed poised for a significant shift, but now we're left with continued uncertainty about where interest rates will wind up. ... Read more

Making the implicit explicit

VANGUARD INVESTMENTS | Comments | FRIDAY, 12 JAN 2018

Imagine for a moment that you live in a world with only two fund options: a passive managed fund and an actively managed fund with similar levels of volatility. You, the investor, are trying to determine ... ... Read more

Getting active - the next evolution in exchange traded funds

DAVID BASSANESE | Comments | FRIDAY, 8 DEC 2017

The Australian Exchange Traded Products (ETPs) sector of the funds management industry has grown rapidly in recent years and continues to evolve with increasing investor familiarity and comfort with ... Read more

A fixed income portfolio manager's perspective on 'yield enhancement'

KIERAN QUAINE | Comments | THURSDAY, 7 SEP 2017

Kieran Quaine, Head of FIIG's Managed Income Portfolio Service (MIPS) answers frequently asked questions, candidly discussing the strategies that he and his team use to outperform. For calendar year ... Read more

Emerging value and margin of superiority

BEN INKER | Comments | FRIDAY, 1 SEP 2017

Long-time GMO clients have become accustomed to a certain kind of behavior from our asset allocation portfolios. If they are reading stories about how well an asset class has been doing, chances are ... Read more

The rise of passive investing

JAMES SMITH | Comments | THURSDAY, 24 AUG 2017

Active Versus Passive Funds At various times in investment cycles the familiar theme of active management versus passive management gains the attention of the media and investment commentators. The perennial ... ... Read more

Investing in alternative risk premia

ASHISH TIWARI , BRAD GUYNN | Comments | FRIDAY, 11 AUG 2017

In pursuit of returns and diversification, growing numbers of investors are turning to alternative risk premia (ARP) strategies, which offer access to well-known sources of excess return potential - ... Read more

Global listed infrastructure: past, present, future

ANDREW GREENUP | Comments | THURSDAY, 27 JUL 2017

The past decade has witnessed the birth of a new asset class: Global Listed Infrastructure Securities (GLIS). While investors have embraced infrastructure as an asset class since the 1990s, the idea ... Read more

Non-concessional contributions strategies

CLAUDINE SIOU | Comments | FRIDAY, 2 JUN 2017

Existing rules apply until 30 June 2017 making it easier to plan for non-concessional contributions before the caps drop dramatically on 1 July 2017. Clients eligible to bring-forward non-concessional ... ... Read more

Investing in line with your values

SIMON O'CONNOR | Comments | FRIDAY, 2 JUN 2017

Late last year an outrage occurred in New Zealand when it was revealed that all the default KiwiSaver funds on the market were holding investments in companies that either produced land mines, cluster ... ... Read more

Scaling it back

ANDREW BALLS , JOACHIM FELS | Comments | FRIDAY, 24 MAR 2017

With her speech entitles 'From Adding Accommodation to Scaling It Back" on 3 March 2017, US Federal Reserve Chair Janet Yellen not only cemented market expectations for the Fed's third rate ... ... Read more

Emerging Markets: Mapping the Opportunities

MICHAEL HASENSTAB | Comments | FRIDAY, 24 MAR 2017

The last several years have been trying for emerging markets, with 2015 marking the fifth consecutive year of decelerating growth. As the immediate recovery post-GFC was exceptionally strong, some deceleration ... ... Read more

Economic Update

ALEX JOINER | Comments | FRIDAY, 24 MAR 2017

Markets are focused heavily on policy speeches given in the US this month. The first came with President Donald Trump delivering a more measured, positive and optimistic message for his first Congressional ... ... Read more

Managed portfolios: a sound investment in your clients and your business

HUB24 PTY LTD | Comments | FRIDAY, 24 MAR 2017

It is no secret that financial advisers are under increasing pressure to grow their business which means focusing on revenue growth and profitability as well as delivering quality financial product advice ... ... Read more

Leverage: where advisers fear to tread

JULIE MCKAY | Comments | FRIDAY, 13 JAN 2017

A customer meets an adviser for the first time. After a discussion, the adviser comes to understand two things about their new customer: they have big dreams but want timid investment options - what ... Read more

Stocks or property: where to invest next?

ROGER MONTGOMERY | Comments | FRIDAY, 13 JAN 2017

East coasters who believe property cannot turn lower should really take a look at what is now being experienced in Perth, Western Australia, right now. The downturn in Perth is being described as the ... ... Read more

Owning and conducting a business as a fund investment

GRAEME COLLEY | Comments | FRIDAY, 13 JAN 2017

Whether a fund is able to conduct business activity, comply with the superannuation rules and not fall foul of a range of other issues must be met with the universal technical answer, "it depends." ... Read more

mFund: Platform to the future?

JAMIE WILLIAMSON | Comments | FRIDAY, 14 OCT 2016

Despite having what many have described as a slow start, the ASX's mFund platform has gained considerable traction amongst investment managers since its 2014 inception, particularly in the last 12 ... ... Read more

The how and why of investing in agriculture

DAVID BASSANESE | Comments | FRIDAY, 14 OCT 2016

Although Australia is a major agricultural exporter, the typical Australian investor's portfolio tends to have relatively low exposure to agriculture or "soft commodities". ... Read more

The impact of carbon on share price

KATHRYN MCDONALD | Comments | FRIDAY, 14 OCT 2016

Much of the work that has been done to date on the subject of pricing carbon involves predicting future regulations or the assessments of economic externalities. Very little work has been done to explore ... ... Read more

Impact Investing

AMANDA YOUNG | Comments | FRIDAY, 14 OCT 2016

Impact investing - once a niche corner of the market - has entered the mainstream. This has been driven by increasing awareness among investors of the important role they can play in order to help address ... ... Read more

What to look for in unlisted real estate funds

ADRIAN HARRINGTON | Comments | FRIDAY, 14 OCT 2016

In the current low interest rate environment, the hunt for yield is a powerful force. Non-residential real estate via listed real estate investment trusts (A-REITs) and unlisted real estate funds (syndicates) ... ... Read more

Building a "Smart Carbon" portfolio

IAN SIMM | Comments | FRIDAY, 24 JUN 2016

The debate around the "carbon bubble", un-burnable carbon, stranded assets and fossil fuel divestment has attracted significant media and analyst attention. High profile, headline remarks are ... ... Read more

Investing in the grey boom

CHRIS DEVES | Comments | FRIDAY, 24 JUN 2016

Real estate, given its functional and intrinsic value, is a corollary of social forces. It is the brick-and-mortar response to how we live our lives and which goods and services we demand. As an asset ... ... Read more

Bonds Live to Die Another Day

ANDREW CORMACK | Comments | FRIDAY, 24 JUN 2016

The Australian pension industry is one of the fastest growing holders of retirement assets globally. Between 2005 and 2015 pension assets grew at an annualised rate of 9.2%, outpacing the global average ... ... Read more

Risk is in the eye of the beholder

SCOTT LAWRENCE | Comments | FRIDAY, 24 JUN 2016

With our investor's best financial interests in mind, how can we best navigate through the uncertainty of financial markets? ... Read more

What has everybody been worried about?

TODD MCCLONE | Comments | FRIDAY, 24 JUN 2016

Despite recent signs of improvement, investor sentiment about emerging markets has been fundamentally depressed over the past year. Relative to their historical positioning, global institutional investors ... ... Read more

The rise of the millennials

AMANDA YOUNG | Comments | FRIDAY, 4 MAR 2016

The financial industry and the products it supplies have always evolved to meet market challenges and opportunities. Today is no different. One of the key factors that will drive the industry over the ... ... Read more

The ageing brain: the impact of ageing on financial decisions

BRIE WILLIAMS | Comments | FRIDAY, 4 MAR 2016

Ask 10 investors what risk management means to them and you could get 10 answers that all focus on market risk, even though most have never hedged their exposure to market risk. On the other hand, few ... ... Read more

Australia's financial system and climate risk

KATE MACKENZIE | Comments | FRIDAY, 4 MAR 2016

Climate change is already having wide-ranging economic effects, which are expected to become more intense. The exact nature and severity of these effects will be largely determined both by efforts to ... ... Read more

Calmer Cs ahead? How China, commodities and central banks dominate the global outlook

JOACHIM FELS , ANDREW BALLS | Comments | FRIDAY, 4 MAR 2016

Navigating an environment of tepid nominal growth and near-zero or negative interest rates was never going to be easy. Still, the events that have unfolded since the Federal Reserve's first rate ... Read more

Adviser's Alpha

PAUL CHIN , DONALD BENNYHOFF , FRANCIS KINNIRY | Comments | FRIDAY, 4 MAR 2016

How do sophisticated advisers construct portfolios in Australia? Typically, they use some form of asset allocation process to determine the most suitable portfolio for their clients' particular goals. ... Read more

Boring returns make all the difference when it comes to equities

JOHN DYALL | Comments | FRIDAY, 4 MAR 2016

When people buy equities they are buying more than part ownership of a company. They are buying multiple sources of return: Dividends, retained earnings and changes in the valuation of the company. Understanding ... ... Read more

Adviser's alpha

FRANCIS KINNIRY | Comments | FRIDAY, 4 MAR 2016

Impact investing through private equity

ROBECOSAM PRIVATE EQUITY | Comments | TUESDAY, 3 NOV 2015

Impact investing is a global phenomenon, gaining momentum and focus around the world. A number of international initiatives have emerged to trigger the development of impact investing globally and locally. ... Read more

Top 10 trends in the Australian wealth management industry

DARREN STEVENS | Comments | TUESDAY, 3 NOV 2015

Escalating social and demographic changes to the traditional client base, together with the unabated adoption of digital delivery, are transforming the provision of next generation platforms, products ... ... Read more

Derivatives gratify our being human

WAI-YEE CHEN | Comments | TUESDAY, 3 NOV 2015

The instinct to protect ourselves from harm is instinctual. But we do make conscious decisions to go against this instinct, in pursuit of something else. The adrenalin rush, the sense of achievement ... ... Read more

Seven essential tips for managing currency risk

JONATHAN SHEAD | Comments | THURSDAY, 11 DEC 2014

While international investments have the potential to deliver real benefits, they are also exposed to currency fluctuations. Currency can turn a loss into a profit - or vice versa. Fortunately, with ... Read more

Understanding and selecting managed account services

BRETT SANDERS , MATHEW BIRCH , RHONDA LEE QUAN | Comments | THURSDAY, 11 DEC 2014

Managed accounts have been accelerating in popularity in the past few years with funds under management (FUM) estimated at over $15 billion and there is much industry anticipation that their rate of ... Read more

Client onboarding - First impressions drive lifetime outcomes

RICHARD DUNKERLEY | Comments | THURSDAY, 11 DEC 2014

Research conducted by the Aite Group1, in the US, found that only 30% percent of wealth management businesses regard the client onboarding process as an opportunity to create competitive differentiation. ... Read more

Advice from a rising star

BENJAMIN BUDGE | Comments | THURSDAY, 11 DEC 2014

Ben Budge is the Association of Financial Advisers (AFA) rising star for 2014. But above all, he is a trusted adviser. Building a trusting relationship with every single one of his clients is at the ... Read more

Are traditional investment theories and techniques becoming irrelevant?

MATTHEW DAVIS | Comments | MONDAY, 9 JUL 2012

In recent times it would seem that relying on the tenets of traditional investment theory has become an excuse for fund managers and investment advisers to be lazy and apathetic. Many advisers rely on ... ... Read more

Australian equity managers: separating luck from skill

RICK DI MASCIO | Comments | MONDAY, 5 DEC 2011

This Inalytics paper quantifies how misleading track records are as an indicator of skill. We provide evidence that even fund managers with no skill in stock picking have still been able to have positive ... ... Read more

The economic costs of excessive short-termism

MARK ARNOLD | Comments | MONDAY, 5 DEC 2011

Short-termism is a pandemic that continues to flourish unchecked within financial markets, resulting in significant long-term economic costs to investors. This research paper, co-authored by Jason Orthman ... ... Read more

Aussie Rules – The new trading landscape for Australian equities

STEVE GROB | Comments | MONDAY, 5 DEC 2011

With ASX's launch of its new smart order routing system and the go-live of Chi-X in Australia, it is clear that the Australian trading landscape is going through a period of rapid transformation ... ... Read more

Australian accounting firms move into the Cloud to administer SMSFs

WOLF SCHUMACHER | Comments | MONDAY, 1 AUG 2011

The emergence of cloud computing in the wealth management industry is changing the way accountants and advisers do business. This paper presents three case studies of businesses that have successfully ... ... Read more

Back in (the) black

JOHN MCBAIN | Comments | MONDAY, 1 AUG 2011

In this paper, Back in (the) black - Unlisted property as part of a properly diversified portfolio: what advisers should be telling their clients, John McBain from Centuria Capital and Jason Huljich ... Read more

How to select a transition manager

SIMON HUTCHINSON | Comments | FRIDAY, 11 MAR 2011

In his paper, "How to select a transition manager", Hutchinson examines the best techniques that can be applied when selecting a transition manager for your portfolio restructuring. Hutchinson ... ... Read more

Understanding "Greed and Fear' - the key to successful investing

ROBERT VAN MUNSTER | Comments | FRIDAY, 11 MAR 2011

Van Munster, head of Australian equities at Tyndall Investments, looks at the affect that investor emotions take on their own behaviour and, in turn, the behaviour of markets. The GFC and the subsequent ... ... Read more

High Net Worth Individuals and Sustainable Investment Part II - Sustainable Investment Products

MATT CHRISTENSEN | Comments | THURSDAY, 14 JAN 2010

In the previous issue, Part I of Matt Christensen's paper, he defined Sustainable Investment as an investment philosophy that combines investors' financial objectives with their concerns about ... ... Read more

Inflation - Say Hello to a Little Friend

DANIEL LIPTAK | Comments | THURSDAY, 14 JAN 2010

Daniel Liptak says that high inflation is usually associated with an economic environment that is high in fiscal deficits and reeling from severe economic shocks combined with a loss in confidence in ... ... Read more

Agribusiness Managed Investment Schemes

DYLAN GREENWAY | Comments | SATURDAY, 10 JAN 2009

Dylan Greenway provides a brief introduction to agricultural schemes which have recently had such bad press. Greenway argues that agricultural schemes which typically last from 6 to 25 years have low ... ... Read more

High Net Worth Individuals and Sustainable Investments

MATT CHRISTENSEN | Comments | SATURDAY, 10 JAN 2009

Matt Christensen is Executive Director of Eurosif which is the premier European think tank and industry association for sustainable investment. Eurosif defines Sustainable Investment as an investment ... ... Read more

Commodities Commotion

CHRISTOPHER BURTON , ANDREW KARSH | Comments | SATURDAY, 10 JAN 2009

According to Christopher Burton and Andrew Karsh commodities offer significant diversification opportunities which may reduce overall portfolio risk and improve returns. Commodities pay no interest and ... ... Read more

Saving Mr Credit

DEON JOUBERT | Comments | MONDAY, 1 JAN 2007

I was standing in a corner store queue in South Africa during a recent trip to see my family. While I was waiting my turn to pay, a sign hanging above the checkout caught my eye: "It is with great ... ... Read more

Contracts for difference (CFDs) - an introduction

ANDREW LEELARTHAEPIN | Comments | MONDAY, 1 JAN 2007

What is a CFD? A contract for difference, also commonly known as a CFD, is defined as an agreement between two parties to exchange the difference between the opening value and the closing value of a ... Read more

The case for alternatives

DOMINIC MCCORMICK | Comments | MONDAY, 1 JAN 2007

This paper addresses some of the key issues and benefits of altern at give investments from SELECT's perspective. We hope that it will assist advisers and investors in better understanding alternative ... ... Read more

Insurance bonds re-invented - a tax paid master fund

ROSS HIGGINS | Comments | SUNDAY, 1 JAN 2006

Financial advisers have a new way to improve after-tax investment performance for higher taxed clients. By using imputation bonds, they can combine the long-established taxation benefits of an insurance ... ... Read more

Investing in direct property for better investment performance

RICHARD STACKER | Comments | SUNDAY, 1 JAN 2006

Direct property investments are unlisted managed funds investing in properties built for business, such as office, retail, industrial and other specialist sectors like hotels and hospitals. A growing ... ... Read more

Investing today versus the 80s and 90s

HAROLD SHAPIRO | Comments | SUNDAY, 1 JAN 2006

Australians have always been savvy investors, scrutinising investment options and tailgating the trends. Yesteryear it was large pooled super funds, which then moved to self-managed super funds with ... Read more

Choosing a fund manager: Measuring manager skills

RICK DI MASCIO | Comments | MONDAY, 1 JAN 2007

The days of investors and planners relying on fund managers' track records to judge their performance are over. Inalytics introduces a new approach to measuring their investment skills. Skill is ... Read more

Myths and realities of hedge fund investing

ROBERT JAEGER | Comments | MONDAY, 1 JAN 2007

Everybody's talking about hedge funds, but a lot of what they're saying doesn't make much sense. Some of the nonsense emanates from within the hedge fund community, where marketing people ... ... Read more

International equities: man or machine?

STEWART BRENTNALL | Comments | MONDAY, 1 JAN 2007

After more than three years of exceptional returns from Australian equities, financial advisers and the research houses and fund managers that serve them are asking - 'is it time to switch more capital ... ... Read more

The strategic use of options in a portfolio

WAI-YEE CHEN | Comments | MONDAY, 1 JAN 2007

Many everyday investors do not use options as part of their investment strategy; it is viewed as either too risky or too complex. There are numerous advantages in using options strategically in a portfolio. ... Read more

Stepping beyond the tracks record to shed light on investment skill

RICK DI MASCIO | Comments | MONDAY, 1 JAN 2007

The 20th century British economist John Maynard Keynes has said "Markets can be wrong for longer than you can be solvent." This sentiment resonates very well with investors who have faced the ... ... Read more

Beyond a "Zero Sum Game": How currencies can add alpha and lower risk

CHARLES JACKLIN | Comments | MONDAY, 1 JAN 2007

Conventional wisdom suggests that attempting to add value through the active management of currencies is doomed to failure due to the efficiency of the currency market. However, this assumption is not ... ... Read more

Managed accounts and the superannuation environment

TRACY BYRNE | Comments | TUESDAY, 1 JAN 2008

Managed accounts are not new - they are an evolution in money management in Australia - retail unit trusts, master trust, wrap and now managed accounts. They have been used in the US for many years and ... ... Read more

Contracts for difference - an introduction for planners

DAVID SKILTON | Comments | TUESDAY, 1 JAN 2008

The increase in popularity of contracts for difference (CFDs) has been one of the hottest topics in personal finance over the past few years. From a standing start just six years ago, CFDs have grown ... ... Read more

Self-funding instalments - wanted: dead or alive

ROBERT DEUTSCH | Comments | FRIDAY, 22 MAY 2009

Robert Deutsch works for The Royal Bank of Scotland (RBS). He details how and why many self funded instalments were largely withdrawn from the market during 2008. One of the reasons was the spike in ... Read more

Margin lending in today's environment

JULIE MCKAY | Comments | FRIDAY, 22 MAY 2009

Julie McKay works for Leveraged Equities. Her paper provides excellent background research on why using gearing to build wealth over the medium- to long-term remains a valid strategy. "Even in today's ... ... Read more

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Advisers query super changes ANNABELLE DICKSON Financial advisers have been focused on mitigating the impacts of COVID-19 on superannuation for their clients, according to BT.	Capstone drops jailed adviser KARREN VERGARA Capstone Financial Planning has revoked the authorisation of Mark Babbage, the Victorian financial adviser jailed for breaching Western Australia's strict border restrictions to attend the AFL Grand Final.

Industry mixed over FSC advice framework ANNABELLE DICKSON The financial advice industry welcomes the Financial Services Council (FSC) recommendations to help reduce red tape and make financial advice more affordable, but one dealer group is unsure whether the FSC is trustworthy - particularly for risk advisers.	ASIC extends SoA relief measure KARREN VERGARA Corporate regulator ASIC is extending the temporary Statement of Advice relief measure until 15 April 2022.

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