H&B | WEALTH SYMPOSIUM 2020
REGISTRATION – Woolshed Ballroom Foyer
WELCOME – Tim Townsend, Founding Partner of TownsendCobain
IS IT DIFFERENT THIS TIME?
KEY CHALLENGES AND OPPORTUNITIES FOR THE NEXT DECADE
As investors, we are often reminded of the dangers of the belief that ‘this time it’s different’. Going beyond market valuations, are there other lessons we can learn from history, from global pandemics to trade wars, that could help us navigate the period ahead of us? Is the US at risk of losing its technological edge, and global economic leadership, over the next several years? This session will give us the opportunity to take a step back and assess where markets stand relative to history, and share views on what are the key risks to mitigate, and potential drivers of return, that are set to have the greatest impact on portfolio construction over the next decade.
STEVEN BLITZ, Managing Director & Chief US Economist, TS Lombard (virtual presenter)
ANTHONY DOYLE, Cross Asset Specialist, Fidelity International
THE ROAD TO HELL... IS PAVED WITH HIGH YIELD
Valuations are high, interest rates are low, but investors still expect growth and income. The pious will call for reducing return expectations, which will close part of the gap, but can our clients survive on these lower yields?
As advisers, we have been pitched a broad array of solutions, but all likely involve taking on some form of additional risk. Perhaps the road to capital destruction is paved with chasing returns?
Should we simply stay the course and stick broadly with balanced portfolios, or is the 60/40 portfolio ‘doomed’ as some now suggest? Speakers in this session will share their perspectives on how we should achieve a balance between lower return expectations and extracting higher yields.
ANDREW CANOBI, Director, Australia Fixed Income, Franklin Templeton
FIL ANDRONACO, Director, InvestSense
NELSON YUAN, Investment Analyst, PIMCO (virtual presenter)
DRAWING THE LINE IN SOCIAL AND ETHICAL INVESTING
Advisers are questioning how to implement ethical or sustainable investing while an increasing number of investors are recognising environmental, social, and governance (ESG) factors as important drivers of value. Approaches have moved beyond negative screens that exclude certain sectors, towards proactively seeking out investments seen as ethical, sustainable, and/or achieving a positive impact for society. With ethical/sustainable investing expected to continue gaining greater traction and interest, can these types of strategies be implemented in a way that meets a client’s bespoke specifications while delivering long term returns?
STUART PALMER, Head of Ethics Research, Australian Ethical Investment
LEAH WILLIS, Head of Client Relationships, Australian Ethical Investment
CHRIS WILSON, Partner, Philanthropy & Social Capital, Koda Capital (virtual presenter)
IRRATIONAL EXUBERANCE? MAKING SENSE OF VALUATION MULTIPLES
The significant multiple expansion by growth stocks in recent years has been described by some as a potential bubble ready to burst. However, given central bank policies and current bond yields is this an overly simplistic assumption? With style risk and the dispersion between growth and value a key issue impacting Australian equities and portfolios more broadly, this session will delve into the underlying relationship between bond yields, growth rates, and valuations, and looking forward, explore the implications for markets and investors.
SEAN FENTON, Chief Investment Officer, Sage Capital – an investment manager partner of Channel Capital
LOST AND FOUND – GROWTH AT A REASONABLE PRICE
Despite the impact of COVID-19 on the global economy, markets have traded relatively strongly, buoyed by significant government stimulus, and the continued growth of the technology sector. Given the challenging outlook, and high market valuations, can attractive investment opportunities still be found? Speakers in this session will discuss and debate which sectors domestically and overseas are best positioned for the conditions that lie ahead.
QIAO MA, Portfolio Manager – Asian Equities, Cooper Investors (virtual presenter)
WARRYN ROBERTSON, Portfolio Manager/Analyst, Lazard Asset Management
JOEL FLEMING, Yarra Capital Management, Portfolio Manager for the UBS Microcap Fund
EMERGING MARKETS – SHOULD I STAY OR SHOULD I GO?
With emerging markets having underperformed their developed market counterparts over recent years as many investors have sought more attractive opportunities elsewhere. Over this time, the composition of emerging markets has changed significantly, with an increasing number of companies showing an ability to compete globally. Speakers in this session will delve into the factors set to drive returns in the years ahead, and whether the current market environment is an opportune time to reconsider the asset class.
SHANE WOLDENDORP, Investment Specialist, Orbis Investments (virtual presenter)
SAURAV DAS, Investment Analyst, Orbis Investments (virtual presenter)
END OF DAY ONE