ESTABLISHING A STRONG FOUNDATION FOR PORTFOLIO CONSTRUCTION
ARE WE TRULY IN UNCERTAIN TIMES?
As investors, we are often reminded of the dangers of the belief that ‘this time it’s different’. With debate over whether we are only in the early stages of a new, more volatile market environment, there are parallels from past market cycles which carry lessons to apply today. 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 5-10 years.
MARK BURGESS, Chairman, Yarra Capital and Chair HESTA Investment Committee
ASSET ALLOCATION – IS CHANGE ALWAYS A GOOD THING?
We all start with the strategic asset allocation, but to what extent should this be altered according to the prevailing market environment? There are many inputs into this decision and it is worth revisiting as your practice evolves over time, with business structure, investment philosophy, use of internal/external resources, scale, and client profile all having an impact. Speakers in this session will peel back the strengths and weaknesses of different approaches, with several case studies to highlight how successful asset allocation models have been adapted and applied.
CORRIN COLLOCOTT, Chief Investment Officer, BT
RICHARD DINHAM, Head of Client Solutions and Retirement, Fidelity International
While technology as an investment theme is well understood, it can be difficult to assess exposure and make allocation decisions based on existing sector classifications. The consensus understanding of technology focuses on ‘traditional’ hardware and software companies, such as Apple and Google. However, is it still relevant to define technology as a single sector exposure, or is a broader definition required? This session will explore these questions, taking a more holistic approach to investing in the technology thematic.
SCOTT BERG, Portfolio Manager T. Rowe Price Global Growth Equity Strategy and Vice President of T. Rowe Price Group, Inc.
After a decade long bull-market, conviction in the growth themes that drove the rally is being tested. Can we still identify attractive opportunities in the current market environment? Speakers in this session will discuss and debate which sectors domestically and overseas are best positioned for the conditions that lie ahead.
JORDAN CVETANOVSKI, Portfolio Manager, Pengana International Equities, Pengana Capital Group
MARCUS GUZZARDI, Co-head of Americas – Global Equities, Cooper Investors
Intense competition from passive funds and ETFs has driven down fees for active managers globally, with investors also becoming warier of paying for active strategies that in practice closely track their benchmark. The well-worn cliché is that past performance is not a reliable indicator of future performance. So, what is? Speakers in this session will challenged to share their latest research and insights into selecting outperforming active managers.
MATT REYNOLDS, Investment Director, Capital Group
ANDY SOWERBY, CEO, Head of Australia & New Zealand, Legg Mason Asset Management
JONATHAN TOLUB, Director, InvestSense
DARKEST BEFORE THE DAWN – GET READY FOR VALUE’S COMEBACK
There is a growth bubble in full swing. The discount for value stocks usually rises in the late stages of a cycle, when markets are expensive and increasingly driven by momentum. Yet this cycle is producing a particularly extreme example that we have not seen since the latter stages of the early 2000s tech boom. History shows that these cycles revert and value’s long history outperformance will return. But is it different this time? Has technology and structural change killed the value premium? This session will argue that while trends and market leadership change, investment fundamentals do not. Active fundamental value strategies are now well placed to capitalise on a significant dispersion opportunity.
PHILIPP HOFFLIN, Portfolio Manager/Analyst, Lazard Asset Management