H&B | INVESTMENT PERSPECTIVES FORUM 2024 | MELBOURNE
AGENDA
08:45
REGISTRATION – The Ballroom
09:15
WELCOME – Chairperson
DOUG TUREK, Partner, Minchin Moore Private Wealth Advisers
09:35
AVOIDING THE “MUNDANE-7” | EXPLORING OPPORTUNITIES OUTSIDE THE ASX20
With the top-20 stocks making up over 60% of the ASX200, the index is heavily skewed towards banks and miners. But as the banking sector faces the prospects of negative growth and iron ore prices remain susceptible to a weak demand outlook, the Australian markets could well be anchored by the 'mundane seven'.
Further complicating matters, inflation remains well above the RBA's target and rate cuts remain uncertain, the outlook for markets continues to look volatile and one must ask what they are doing to address this risk?
In this session our speaker walks through the benefits of the Ex-20 index for investors seeking diversification, reduced volatility, and higher unique alpha over the long term.
SPEAKER:
DION HERSHAN, Head of Australian Equities, Yarra Capital Management
10:20
MORNING TEA
10:40
THE PRIVATE DEBT FRENZY | FEAR OR FORTUNE?
As the regulator forces the big-4 banks to hold more capital when lending for corporate and construction loans, our banking system has become disincentivised to provide capital to what would be traditionally considered strong borrowers. In the absence of banks providing capital to what are productive sectors within in the Australian economy, the non-bank sector has boomed, providing opportunities to investors to provide capital to these unbanked borrowers. But as interest rates rise and the global economy slows, how should we think about allocating capital? In this session, our speaker will explore the pitfalls and benefits of the private debt frenzy.
SPEAKER:
JUSTIN HYNES, Managing Partner, Metrics Credit Partners
11:30
THE BIG QUESTION I SIZING GROWTH APPROPRIATELY
Growth made a strong comeback through 2023, ending with the Magnificent 7 becoming the dominant names in the MSCI World Index. The dominance of US equities & US tech leads to a difficult question being asked of investors today and arguably the most important decision to be made for any portfolio, how should we think about sizing this position?
In this session our speaker looks to address these challenges, discuss how investors should think about "growth", and talk about some of the opportunities today. A session where we explore portfolio construction, asset allocation, US markets, big tech and healthcare.
SPEAKER:
MICHAEL TESTORF, Portfolio Manager, ClearBridge Investments
12:20
PANEL DISCUSSION
Tim Farrelly will host the speakers from various sessions for a panel discussion on a wide range of topics.
SPEAKER:
MICHAEL TESTORF, Portfolio Manager, ClearBridge Investments
MICHAEL STAHEL, Partner, LGT Capital Partners
JUSTIN HYNES, Managing Partner, Metrics Credit Partners
NICHOLAS PAUL, Portfolio Manager, MFS Investment Management
DION HERSHAN, Head of Australian Equities, Yarra Capital Management
12:55
LUNCH
13:55
SMALL COMPANIES, BIG OPPORTUNITIES I THINKING OUTSIDE THE INDEX
Despite global small companies outperforming large-caps over the long term, global small-caps trade at multi-decade lows relative to large cap valuations. What are investors missing and is there a real opportunity now? Or will large caps driven by the “magnificent-7” tech stocks continue to dominate equity markets and force small & mid caps to trade at a permanent discount moving forward? Our speaker will look to unpack the opportunity set in small caps available to investors today and explore the benefits of making an allocation within investor portfolios. We explore the unique aspects of the asset class and whether an active approach makes sense.
SPEAKER:
NICHOLAS PAUL, Portfolio Manager, MFS Investment Management
14.55
INVESTING IN THE ASIAN CENTURY I A LOOK AT MARKETS IN ASIA
Developed markets and emerging markets have bifurcated in their approach to economic management since COVID, with the former being dominated by high inflation, excessive fiscal spending, tightening monetary policies and a lack of reform. Whereas emerging markets as represented by Asia is reflective of a trend towards controlled inflation, low levels of public and private debt, loosening monetary policy and major reform to open up markets and industry.
How do investors capitalise from this trend? Will Chinese equities finally bounce back? Are Indian equities trading too dearly from a valuation perspective? When will Bangladesh and Vietnam’s capital markets mature enough for global investors to participate and support their successes?
Our speaker in this session will unpack some of the themes in play and provide a unique perspective on investing in Asia.
SPEAKER:
RIZI MOHANTY, Portfolio Manager, FSSA Investment Managers
15:40
AFTERNOON TEA
16:05
COLLECTING THE PREMIUM I HOW INSURANCE LINKED BONDS CAN GENERATE RETURNS
In a world of rising interest rates and volatile markets, investors look to answer the question, how to truly diversify your portfolio? Are there really any financial markets that allow investors the ability to produce uncorrelated returns?
In this session, our speaker will provide insights about risk, insurance and the opportunity set available to investors to generate returns from insuring companies against extreme events such earthquakes or hurricanes. Something the traditional investor may not think about, a sector that generates uncorrelated returns and allows investors to benefit from a significant improvement in pricing and expected returns.
SPEAKER:
MICHAEL STAHEL, Partner, LGT Capital Partners
16:55
FROM MELBOURNE TO THE GLOBE I A LOOK AT THE MAJOR DEMOGRAPHIC TRENDS OF THE NEXT DECADE
Advisers need to think about investing through the market cycle which is generally thought of as a 7-10 year period. By taking a view on demographics we take a look at what is in store for various regions. Starting from Melbourne to the rest of the world, we take a deep look at how demographics interplay with geopolitics.
With China’s contracting population, we ask the question, do they still need Australia for our food and energy? And with India booming, what does that mean for the middle class in both countries? We take a look at how immigration will play across different jurisdictions, from selective immigration into Australia to uncontrolled immigration into other regions due to wars and climate change. Our speaker unpacks these themes by taking a look at the decade ahead and the effect on global geopolitics through a demographic lens.
SPEAKER:
SIMON KUESTENMACHER, Director of Research, The Demographics Group
17:45
DINNER - Longsong, Melbourne
20:00
FORUM TO CONCLUDE