What is fundamental indexing and why is it so controversial?
7 March 2007
Sponsored by AMP Capital Investors
Rob Arnott
Chairman of Research Affiliates
In his presentation, Rob addressed the shortcomings of widely accepted market cap weighted indices. He also highlighted the impressive long term results that support fundamentally based indexing as a realistic and achievable strategy for outperforming more traditional benchmarks.
Presenting Confidently in a Global World
3 May 2007
Sponsored by Citigroup
Mariette Rups-Donnelly Trisha Carter
Powerhouse Presentation Transcultural Careers
A softskills workshop on presenting with confidence and success in a cross-cultural environment.
The workshop aimed to provide valuable and practical insight on:
- Projecting confidence (in all situations)
- Cultural awareness
- Adapting your strengths to connect
The evening provided opportunities to put these skills into practice, including:
- Maintain focus in challenging situations
- Develop physical skills to enhance presence
- Understand how culture shapes us and our listeners
- Recognise how different values lead to different expectations
- Avoid potential cultural traps
- Present with cultural confidence
Asian Economic Outlook
16 April 2007
Sponsored by Perpetual Investments
Manu Bhaskaran, CFA
Partner and Member of the Board, Centennial Group Inc.
The Asian economies have had a strong run in the past two years but with the US economy showing signs of decelerating and with indications of overheating in some major Asian economies, there is increasing uncertainty over the short to medium term direction in Asian growth. There have also been a number of political shocks in countries such as Thailand, which have added to the uncertainty. Manu clarified some of these issues and sketched out his view for the prospects in Asia in coming years.
Investing in Commodities
24 May 2007
Sponsored by Pareto Australia and Mellon Australia
Ronald Layard-Liesching
Chairman, Pareto, New York LLC
Investing in commodities remains controversial. A long-only allocation to commodities brings risk reduction and inflation protection to a traditional portfolio asset mix. As funds search for higher-returning and liability-matching assets, interest in commodity investment is rising rapidly. Ron discussed how the majority of institutional investment in commodities has traditionally been index based, but newer strategies, such as index plus and active long-only, are increasing in popularity.
Liability Driven Investing
1 June 2007
Sponsored by BNP Paribas Asset Management
Philippe Lespinard
Deputy CEO of Fischer Frances Trees & Watts
Philippe Lespinard presented on the topic of liability driven investing. He presented examples of various organisations, highlighting the current mismatch between their assets and their liabilities. He offered sample solutions that are liability focused in nature and can provide both performance and protection relative to those underlying liabilities.
Infrastructure – An Analyst’s Insight
14 June 2007
Sponsored by Morgan Stanley
Philip Wensley, CFA
Executive Director, Morgan Stanley
In this CFAS workshop Philip Wensley, CFA introduced the key characteristics of infrastructure, including industry dynamics and project structures. He also covered financial accounting issues, valuation methodology and current investment opportunity set.
Measuring Happiness and Well-Being: Policy and Investment Consequences
30 July 2007
Sponsored by Perpetual Investments
Jack Gray
Co-Director, Asset Allocation, GMO
The 18th century Utilitarian aim of economic policy was to increase human happiness and well being. Over time, the supposedly vague notion of happiness was rejected in favour of the supposedly precise notion of wealth. A few economists now realise the two are not synonymous. Led by Roger Layard, both ‘happiness’ and the extent to which it differs from ‘wealth’ are being measured and analysed. In this lunchtime presentation, Jack Gray reported on some of the early work in this field and its potential policy and investing implications.
An Evening with Ron Insana
20 Monday August 2007
Sponsored by nabCapital
Ron Insana
Founder and Managing Director, Insana Capital Partners.
Ron talked on “Where to from here” for hedge funds and the media influence on
investors in the recent (and ongoing) “sub-prime” situation.
Ron brings more than two decades of financial market experience as an award-winning journalist covering global economics, financial markets, political policy and the alternative investment industry. Mr. Insana garnered two exclusive interviews with President George W. Bush in two years. Mr. Insana has also interviewed Former President Bill Clinton at his home in Chappaqua, NY.
Investing in “Frontier” Markets
12 September 2007
Sponsored by Morgan Stanley
James Upton
Executive Director, Morgan Stanley Investment Management
In this seminar, James discussed the dynamics of those countries which he believes deserve to be properly defined as Frontier countries. Crucial for foreign investors, James seeks to define acceptable investability for this universe and, equally importantly, to consider the likelihood for its expansion. The seminar reviewed the factors that have led to strong performance in emerging markets, and discussed their future sustainability. James also reviewed some of the major risks and challenges of investing in the Frontier markets, as well as identifying some countries whose markets have a compelling long-term outlook with potential catalysts for growth.
Current Insights into the Private Equity Market
3 October 2007
Sponsored by BNP Paribas
Hartley Rogers
Chairman, Hamilton Lane
Private Equity faces some headwinds from the upheaval in credit markets occurring in August. Hedge funds had become one of the most important providers of liquidity to leveraged buyouts and much of this was through derivative vehicles. This demand has dried up since August leaving the debt on bank balance sheets. As for the future, 3 potential scenarios were signaled – (1) Fed steps in and markets quickly recover (45% probability), (2) market recovers but weakness and recession follows (35%), or (3) recession eventuates (20%).
In all scenarios, there are a number of common themes including: more expensive debt, a slowdown in large public to private transactions for at least 2-3 quarters, contraction in multiple paid on purchases and exits, greater competition from strategic buyers, continuing emphasis outside the US, and likely continued cyclical sector weakness.
