2019 Strategies Conference

STRATEGIES CONFERENCE 2019 - PROGRAM & PREP Great eyesight depends on more than just clarity of vision - peripheral awareness, eye co-ordination, depth perception, focus and colour sensitivity all play a crucial role, without which our vision is impaired. To design and build quality portfolios capable of meeting the long-term objectives of investors, practitioners need clear vision across a range of issues - setting objectives, asset allocation, portfolio risk and currency management, selecting and blending specific investments, and analysing the resulting portfolio. Of course, hindsight has the benefit of being 20/20 vision, so we can look back with clarity on the past decade and the portfolio construction lessons learned. But more importantly, we need clear foresight of the forces which will influence portfolios in the 2020s and beyond. Strategies Conference 2019 will challenge and refresh your portfolio construction thinking, by debating contemporary and emerging portfolio construction strategies - with emphasis on looking ahead at the issues that will dominate the 2020s and beyond - to provide greater clarity in building quality portfolios.
QUICKLINKS
Overview & Registration When, where, aim, who it's suited to, CE/CPD accreditation, registration options Program & Prep - Program at a glance, Keynote Faculty (detailed program, and prep materials to come)
PROGRAM & PREP
Portfolio Construction Forum Strategies Conference is THE investment markets scene setter of the year. The two-day, blended face-to-face and online learning program is designed and curated by our specialist, experienced and independent team and features our Faculty of 50+ leading investment thinkers from around the world. Each offers his/her best high conviction ideas on contemporary and emerging portfolio construction strategies, in the context of the program theme, 20/20 vision. Program at a glance Faculty Program in full & Prep materials
PROGRAM AT A GLANCE
Wednesday 21 August 2019 7.15am-7.45am - Arrive, check in, grab a coffee/tea 7.45am-8.10am - On the move to the Theatre, take your seat 8.10am - Critical Issues Forum 1 20/20 vision - Graham Rich 8.50am - Critical Issues Forum 2 When navigating uncertainty, breadth trumps depth - Vikram Mansharamani 10.00am - Morning break 10.30am - On the move to the Theatre 10.40am - Critical Issues Forum 3 Australia must make 5 core shifts to reach its full potential - Katherine Wynn 11.15am - Critical Issues Forum 4 Vision matters, but so does implementation - Jim Creighton 11.50am - On the move to Special Interests Forum rooms 12.00pm - Special Interests Forum 1 Choice of four sessions featuring two presentations each - refer full program below 1.10pm - Lunch break 1.45pm - On the move to the Theatre 1.55pm - Critical Issues Forum 5 Value investing will triumph over growth in the 2020s - Tim Samway, Philipp Hofflin, Andrew Clifford, Sonia Bluzmanis, Lukasz de Pourbaix 3.10pm - Afternoon break 3.35pm - On the move to the Theatre 3.45pm - Critical Issues Forum 6 You are a factor investor - Antonio Picca 4.20pm - Critical Issues Forum 7 Systematic ESG integration is simply smart investing - Masja Zandbergen 4.55pm - Critical Issues Forum 8 Capitalism is about more than making money - Magatte Wade 5.45pm - Networking Reception in the Cafe 7.00pm - Strategies Conference 2019 day 1 ends Thursday 22 August 2019 7.15am-7.45am - arrive, grab a coffee/tea 7.45am-7.50am - On the move to the Theatre, take your seat 7.50am - Critical Issues Forum 9 Designing portfolios for scenarios is critical for 20/20 portfolios - Graham Rich, Robert Gay, Vikram Mansharamani, Tim Farrelly, John Woods, Tracey McNaughton, Kerr Neilson, Mary Manning, Michael Buchanan 9.25am - Morning break 9.55am - On the move to the Theatre 10.05am - Critical Issues Forum 9 (cont'd) Designing portfolios for scenarios is critical for 20/20 portfolios - Tim Farrelly, Tracey McNaughton 10.25 am - Critical Issues Forum 10 Soapbox: A 60/40 "balanced" split will fail superannuants of the 2020s - Robert Prugue, Tim Farrelly, Tracey McNaughton 10.40am - Critical Issues Forum 11 Seeking alpha in a VUCA world requires a whole brain approach - Philipp Hensler 11.15am - On the move to Special Interests Forum 11.25am - Special Interests Forum 2 Choice of four sessions - refer full program below 12.35pm - Lunch break 1.10pm - On the move to Special Interests Forum rooms 1.20pm - Special Interests Forum 3 Choice of four sessions - refer full program below 2.30pm - Afternoon break 2.55pm - On the move to the Theatre 3.05pm - Critical Issues Forum 12 Income investors should look beyond just yield - Michael Martel 3.40pm - Critical Issues Forum 13 Values need to move from peripheral vision to the focal point - Tassos Stassopoulos 4.15pm - Critical Issues Forum 14 We will have to choose between the US and China in the 2020s - Tom Switzer, Anastasia Lin, James Laurenceson, James Curran 5.15pm - Networking Reception 6.15pm - Strategies Conference 2019 ends
FACULTY - CRITICAL ISSUES FORUM
		Strategies Graham Rich, Managing Partner & Dean, Portfolio Construction Forum (Sydney) Graham is a pioneer of retail managed funds research in Australasia, and of financial planning in NZ. In 2002, Graham established Portfolio Construction Forum, the specialist, independent continuing education, accreditation and certification service for investment portfolio construction practitioners in Australia and NZ.
		Markets \| Macroeconomics (Global) Vikram Mansharamani, PhD, Lecturer, Harvard University (Boston) Vikram first gained widespread attention with his book, Boombustology, which offered a framework to identify and decipher bubbles before they burst. He regularly advises sovereign wealth funds, endowments, foundations, and family offices on how to manage investments in the face of overwhelming uncertainty. He has taught courses on financial bubbles, economic inequality, business ethics and governance.
		Markets \| Macroeconomics (Australia) Katherine Wynn, PhD, Senior Economic Advisor, CSIRO Futures (Melbourne) CSIRO Futures is the strategic advisory arm of Australia’s national science agency. Katherine draws on the research expertise within CSIRO to advise senior decision makers in Australia's largest companies and government on strategies to address uncertainty around future markets and operating environments.
		Strategies \| Portfolio Analysis Jim Creighton, Consultant, Ironbark Longreach HQI (San Francisco) Jim has more than 35 years of investment experience and a strong history of quantitative innovation. He served as Global CIO at Barclays Global Investors, Deutsche Asset Management and Northern Trust Asset Management. In 2004, he founded Creighton AI (CAI) with the objective of applying machine learning to create equity portfolios.
		Strategies \| Asset Allocation / Product Selection & Blending Tim Samway, Managing Director, Hyperion Asset Management (Sydney)
		Strategies \| Asset Allocation / Product Selection & Blending Philipp Hofflin, PhD, Portfolio Manager & Analyst, Lazard Asset Management Pacific Co. (Sydney) Philipp began working in the investment field in 1995. Prior to joining Lazard in 1999, he was the Head of Financial Markets Research with Royal & Sun Alliance in Australia, (previously Tyndall Investment Management) and a tutor/lecturer at the University of Sydney.
		Strategies \| Asset Allocation / Product Selection & Blending Andrew Clifford, Co-Founder & CIO, Platinum Asset Management (Sydney) Andrew co-founded Platinum in 1994 as the Deputy Chief Investment Officer, assuming the role of Chief Investment Officer in 2013. He took over the role of Chief Executive Officer of the Platinum Group from Kerr Neilson on 1 July 2018.
		Strategies \| Asset Allocation / Product Selection & Blending Sonia Bluzmanis, CIMA, Portfolio Manager - Equities, BT Financial Group (Sydney) Sonia is responsible for management of multi-manager equities and REITs portfolios, and for the development and maintenance of models, as well as working with the team's analysts to conduct ,manager research and the execution of strategy.
		Strategies \| Asset Allocation / Product Selection & Blending Lukasz de Pourbaix, CIMA, Executive Director & CIO, Lonsec (Sydney) Lukasz leads the Lonsec Investment Solutions business, delivering portfolio solutions to financial advisers. He is chair of Lonsec's Asset Allocation Investment Committee and a member of the Manager Selection and Direct Equities Investment Committees.
		Strategies \| Product Selection & Blending Antonio Picca, PhD, Head of Factor-Based Strategies - Quantitative Equity Group, Vanguard (Malvern) Antonio is a senior portfolio manager and head of factor-based strategies, responsible for conducting and overseeing research and portfolio management for all of active factor strategies. He did his doctoral work under the supervision of Gene Fama.
		Philosophy Masja Zandbergen, CEFA, Head of Sustainability Integration, Robeco (Rotterdam) Masja is responsible for coordinating ESG integration across asset classes. She is the company’s spokesperson on the topic of sustainability and works with clients to share knowledge and expertise on this field.
		Philosophy Magatte Wade, Founder & CEO, Skin is Skin (Austin) Magatte is passionate about "conscious capitalism". She is a serial entrepreneur, inspirational speaker, and visionary business leader with a passion for creating positive change in Africa. Magatte has spoken at dozens of universities including Harvard, Yale, Columbia, MIT, Wharton, Cornell and Brown, as well as at global conferences on innovation and economic development. She writes for the Huffington Post, Barron’s, and the UK Guardian. Magatte is a Young Global Leader with the World Economic Forum at Davos.
		Markets \| Macroeconomics Robert Gay, PhD, Managing Partner, Fenwick Advisers (New York) Bob is a 30-year veteran of investment markets. He served eight years as Senior Economist with the Board of Governors of the Federal Reserve in Washington DC, primarily during the chairmanship of Paul Volcker. Following this, he worked as Senior International Economist at Morgan Stanley and Chief Strategist for International Markets at Bankers Trust.
		Strategies \| Asset Allocation Tim Farrelly, Principal, farrelly's Investment Strategy (Sydney) farrelly's is the first independent, specialist asset allocation research service for investment advisory firms in Australia and New Zealand. Previously, Tim served as an executive director with Macquarie Group.
		Strategies \| Asset Allocation John Woods, CFA, Portfolio Manager, MLC (Sydney) John is a co-Portfolio Manager for all the portfolios managed by the Capital Markets Research team and has a particular focus on the tailored portfolio, which aims to deliver absolute returns from direct listed investments.
		Strategies Tracey McNaughton, CFA, Head of Asset Allocation, Wilsons (Sydney) Tracey has over 20 years’ experience specialising in investment strategy, across both fixed income and multi-asset. She joined financial advisory firm, Wilsons, in 2018 from UBS Asset Management where she was Head of Investment Strategy assisting in the management of the firm suite of multi-asset, multi-manager funds.
		Strategies \| Asset Allocation Kerr Neilson, Co-Founder and Investment Analyst, Platinum Asset Management (Sydney) Kerr founded Platinum Asset Management in 1994. In addition to managing Platinum’s global mandates, he was CIO until 2013, and CEO until 2018. He serves as a full-time executive director of the Platinum Group and a member of the investment team.
		Strategies \| Asset Allocation Mary Manning, PhD, Portfolio Manager, Ellerston Capital (Sydney) Mary is a member of the investment team and is a Portfolio Manager for the Ellerston Asia Growth Fund, Ellerston Asian Investments and the Ellerston India Fund. She has over 17 years investment management expertise and joined Ellerston in 2012.
		Strategies \| Asset Allocation Michael Buchanan, CFA, Deputy CIO, Western Asset Management Company (Pasadena) Michael oversees Global Credit Team, which covers investment-grade, high-yield and bank loan sectors. He also oversees the Structured Product Teams and strategies, Chairs the Global Credit Committee and is Co-Chair of the Asset Allocation Committee.
		Strategies Robert Prugue, Principal Consultant, Callidum Investment Research (Sydney) Rob has over 30 years' experience in financial services. In 2018, he retired as CEO of Lazard Asset Management (Asia Pacific), after 15 years at the firm in a variety of roles. Previously, he was Head of Research at Van Eyk Research and Director & Head of International Equities at State Super Financial Services.
		Strategies Philipp Hensler, D.M., President & COO, Epoch Investment Partners (New York) Prior to joining Epoch in 2018, Philipp was the President and CEO of Vontobel Asset Management, before which he was Head of Distribution for Oppenheimer Funds. Earlier in his career, Philipp was a Fund Manager at Coutts Bank and worked at Rothschild Bank.
		Markets \| Geopolitics Libby Cantrill, CFA, Executive Vice President & Executive Officer - Public Policy, PIMCO (New York) Libby coordinates PIMCO's response to public policy issues and analyses policy and political events for the Investment Committee. Previously, Libby served as a legislative aide to a member of Congress. She has also worked in the investment banking division at Morgan Stanley.
		Strategies \| Asset Allocation Horace "Woody" Brock, PhD, President, Strategic Economic Decisions (Boston) Woody is one of the world’s foremost economists. He has spent more than 25 years counselling global corporations on ongoing structural changes in the global economy. His speaking engagements have included the World Economic Forum in Davos, the CIA, The Aspen Institute, board of directors of corporations and banks, and high net-worth family offices, private equity groups, and hedge funds.
		Strategies \| Asset Allocation & Portfolio Risk Management Michael Martel, MD & Head of Portfolio Management - Investments Solutions Group, State Street Global Advisors (Boston) Mike is responsible for the design and management of multi-asset class strategies. His work with clients includes aligning assets with investment objectives, tactical asset allocation, and employing overlay strategies to enhance return and better manage risks.
		Philosophy Tassos Stassopoulos, Founder & CIO, Trinetra Investment Management (London) Tassos uses ethnographic research to capture growth opportunities in emerging markets. Previously, he was Head of EM Growth Equity at Ashmore, portfolio manager at AllianceBernstein, and MD at Credit Suisse.
		Markets \| Geopolitics Tom Switzer, Executive Director, The Centre for Independent Studies (Sydney) Tom is a former senior fellow at the University of Sydney’s US Studies Centre (2009-17), a former editor of Spectator Australia (2009-14), a senior federal Liberal leader adviser/speech writer (2008), opinion editor of The Australian, (2001-08), editorial writer at the Australian Financial Review (1998-01) and assistant editor at the American Enterprise Institute in Washington, DC (1995-98). He hosts Between the Lines on the ABC’s Radio National.
		Markets \| Geopolitics Anastasia Lin, Scholar-in-Residence, The Centre for Independent Studies (Sydney) Anastasia is an award-winning actress, beauty pageant titleholder, and human rights advocate. She has spoken at the National Press Club in Washington, DC, the Oxford Union, and the Geneva Human Rights Summit at the UN, Oslo Freedom Forum and has testified in the US Congress, the UK Parliament, and the Taiwanese Legislative Assembly. Her articles have appeared in The Washington Post, The Huffington Post, The Globe and Mail, and other major newspapers.
		Markets \| Geopolitics James Laurenceson, PhD, Acting Director - Australia-China Relations Institute, University of Technology Sydney (Sydney) James is a Professor at the Australia-China Relations Institute at UTS. He has held appointments at the University of Queensland, Shandong University (China) and Shimonoseki City University (Japan). he was President of the Chinese Economics Society of Australia from 2012 to 2014.
		Markets \| Geopolitics James Curran, PhD, Professor, University of Sydney (Sydney) James is a Professor in the Department of History, specialising in the history of Australian and US foreign relations. In 2013, he held the Keith Cameron Chair at University College Dublin, and in 2010 was a Fulbright scholar at Georgetown University. Prior to joining academia, Curran worked in The Department of Prime Minister and Cabinet and the Office of National Assessments.
		Strategies Jason Teh, Chief Investment Officer, Vertium Asset Management (Sydney) Jason has 20 years of Australian equity investment experience. He founded founded Vertium Asset Management in 2017. Jason leads the investment team and is responsible for investment philosophy, process and portfolio management.
		Strategies Rosie Malcolm, CFA, Head of Franchises, Magellan Asset Management (Sydney) Rosie joined Magellan in 2017 as an investment analyst and in 2018, was made Head of Franchises. She is a member of the Investment Committee. Previously, Rosie worked as analyst at Foglamp Capital, and was 15 years at Goldman Sachs.
		Strategies Peter Meany, Head of Global Listed Infrastructure, Colonial First State Global Asset Management (Sydney) Peter established the Global Listed Infrastructure Securities strategy in 2007. He has more than 20 years of investment experience, including as Head of Infrastructure and Utilities Research at Credit Suisse Equities.
		Strategies Donald Huber, CFA, Senior VP & Portfolio Manager - Franklin Equity Group, Franklin Templeton Institutional (New York) Donald is responsible for managing institutional and retail global large-cap equity portfolios. He also serves as the investment team's dedicated ESG Coordinator. He entered the financial services industry in 1981.
		Strategies Jason Koo, CIMA^®, Portfolio Manager, Macquarie Investment Management (Sydney) Jason is responsible for manager search and selection, investment research, and portfolio construction analysis for the Macquarie Professional Series Global Alternatives Fund. He is also focused on ongoing manager due diligence for alternative manager funds.
		Strategies James Blair, Investment Director - Fixed Income, Capital Group (Singapore) James has 27 years of industry experience. Prior to joining Capital Group a year ago, James was a senior fixed income strategist at UBS Asset Management, head of strategic accounts Asia ex-Japan at Barclays Global Investors, and head of Asia-Pacific fixed income at Aberdeen Asset Management.
		Strategies Joanna Nash, CFA, VP & Portfolio Manager, Acadian Asset Management (Sydney) Joanna is a member of the Portfolio Management Team, focusing on Acadian’s Australian equity strategies. Previously, she was a member of the Scientific Active Equities team at Blackrock/BGI.
		Strategies Warryn Robertson, Portfolio Manager/Analyst, Lazard Asset Management Pacific Co (Sydney) Warryn is a Portfolio Manager/Analyst on the Global Listed Infrastructure, Global Equity Franchise, and Australian Equity teams. Previously, he was an Associate Director at Capital Partners, and worked at PriceWaterhouseCoopers.
		Strategies Daniel Foley, CFA, Associate Portfolio Manager, CBRE Clarion Securities (Radnor) Daniel is a member of the firm's global infrastructure research team, responsible for evaluating listed infrastructure companies in the communications and utilities sectors globally. He has over 12 years of financial industry experience.
		Strategies Ashley Pittard, Head of Global Equities, Pendal Group (Sydney) Ashley was appointed as Head of Global Equities in 2016, responsible for setting the strategy, processes and risk management. His experience spans over 22 years including 20 years as a global equities fund manager.
		Strategies Benjamin Treacy, CFA, Institutional Portfolio Manager, Fidelity Investments (Boston) Benjamin is a member of the portfolio management team covering US and Quantitative Equity strategies. Previously, he was Director of Investment Analysis at Fidelity Management and Research Company from 2000 through 2008.
		Strategies Jacqui Lennon, Head of Product and Customer Experience, Allianz Retire+ (Sydney) Jacqui leads the design and implementation of customer experience, and product development. She has 20 years experience in financial services, including executive roles in product design and strategy at IRESS Ltd and Macquarie Group.
		Strategies Mark Arnold, CFA, CIO & Investment Committee Chair, Hyperion Asset Management (Brisbane) Mark is the most senior portfolio manager in the team, with portfolio management responsibilities across all equity strategies. He is Chair of the Investment Committee, an executive director on the Hyperion Board, and Chair of the Executive Committee.
		Strategies Ned Bell, CIO & Portfolio Manager, Bell Asset Management (Melbourne) Ned has over 20 years’ experience researching and managing global, international and regional equity strategies. He is primarily responsible for the overall return outcomes of client portfolios and providing investment leadership.
		Strategies James Kim, Investment Analyst, Intermede Investment Partners (San Francisco) Prior to James's current role covering Global Technology and Services, he was with Fidelity Management and Research in Tokyo and Boston as an investment analyst covering the Asian technology sector (2006-2014).
		Strategies Tim Carleton, CFA, CMT, Principal & Portfolio Manager, Auscap Asset Management (Sydney) Tim is co-founder of Auscap. He has 15 years’ experience in financial services. From 2007 to 2011, he was an Executive Director at Goldman Sachs, responsible for managing an Australian equities long/short portfolio. Prior to 2007, he worked at Macquarie Bank.
		Strategies Charles Dalziell, CFA, Investment Director, Orbis Investment Advisory (Sydney) Charles joined Orbis in 2018 as an Investment Director representing the global investment team in Australia. He has 23 years’ experience as an equities analyst and portfolio manager, primarily with Sydney-based fund manager Maple-Brown Abbott.
		Strategies Thomas Poullaouec, FIA, Head of Multi Asset Solutions Asia, T. Rowe Price (Hong Kong) Thomas is head of Multi-Asset Solutions - Asia Pacific within the Multi-Asset division. Prior to joining T. Rowe Price in 2017, he was most managing director and regional head for strategy and research within the Investment Solutions Group for State Street Global Advisors in Hong Kong.
		Strategies Rob Mead, MD & Co-Head of Asia-Pacific Portfolio Management, PIMCO (Sydney) Rob co-oversees the portfolio management teams in the region. Previously, he was a portfolio manager in Munich and head of the European investment grade corporate bond team. He has 30 years of investment experience.
		Strategies Nick Seeto, Portfolio Manager, Regal Funds Management (Sydney) Nick joined Regal Funds Management in late 2018. Previously, he was a portfolio manager with RF Capital from 2016 to 2018, a director of Third Moment Capital from 2013 to 2016, and Head of Exotic Derivatives Trading at UBS Investment Bank from 2001 to 2012.
		Strategies Jonas Palmqvist, Portfolio Manager, Alphinity Investment Management (Sydney) Jonas focuses on the Health Care, Energy and Materials sectors. Previously, he was a Senior Portfolio Manager and Analyst at AMP Capital, responsible for managing the core equity portfolios in the Australian fundamental equities team.
		Strategies John Julian, Investment Director & Fund Manager, AMP Capital (Sydney) John is an Investment Director in AMP Capital’s Global Infrastructure Equity business, and fund manager of the AMP Capital Core Infrastructure Fund. He has over 23 years financial sector and investment experience.
PROGRAM IN FULL & PREP MATERIALS
Wednesday 21 August 2019
	8.10am-8.50am: Critical Issues Forum 1
		Strategies 20/20 vision Great eyesight depends on more than just clarity of vision - peripheral awareness, eye co-ordination, depth perception, focus and colour sensitivity all play a crucial role, without which our vision is impaired. To design and build quality portfolios capable of meeting the long-term objectives of investors, practitioners need clear vision across a range of issues - setting objectives, asset allocation, portfolio risk and currency management, selecting and blending specific investments, and analysing the resulting portfolio. Of course, hindsight has the benefit of being 20/20 vision, so we can look back with clarity on the past decade and the portfolio construction lessons learned. But more importantly, we need clear foresight of the forces which will influence portfolios in the 2020s and beyond. - Graham Rich, Managing Partner & Dean, Portfolio Construction Forum (Sydney) Prep! - Strategies Conference 2019 - 20/20 vision - Backgrounder: 5 Megatrends driving portfolio construction - Paradigm shifts - Three economic and market scenarios for 2020 portfolios - The case for a barbell investment strategy
	8.50am-10.00am: Critical Issues Forum 2
		Strategies When navigating uncertainty, breadth trumps depth Today’s chaotic global political and economic environment has rendered single-lens approaches to thinking about the future less useful than historically. To succeed within the ever-shifting context in which investment decisions are made, investors should adopt a multi-lens approach. Context matters, and siloed thinking can be detrimental. Acknowledging that every perspective is both limited and biased, breadth of perspective can mitigate the blinders of deep expertise. Just as capable photographers uses various lenses, so too should portfolio managers dynamically toggle between wide angle and telephoto lenses to spot opportunities and identify risks. - Vikram Mansharamani, PhD, Lecturer, Harvard University (Boston)
	10.00am-10.40am: Morning break
	10.40am-11.15am: Critical Issues Forum 3
		Strategies Australia must make 5 core shifts to reach its full potential Australia has enjoyed nearly three decades of uninterrupted economic growth – but there are sound reasons to question whether this good fortune will continue in the future. The world is changing rapidly and Australia will need to adapt to keep up. The Australian National Outlook 2019 presents two years of integrated modelling and the expertise of Australia’s business, academic and non-profit leaders to examine Australia’s future. It identifies six key economic, environmental and social challenges facing Australia, ranging from disruptive technologies to climate change to inequality and stagnant wage growth. Australia is at risk of falling into a slow decline if no action is taken, however, we have a bright future if we tackle these challenges head on. Five core shifts – industry, urban, energy, land and culture – are needed for Australia to reach its full potential. - Katherine Wynn, PhD, Senior Economic Advisor, CSIRO Futures (Melbourne) Prep! - Australian National Outlook 2019 - Executive Summary - Australian National Outlook 2019
	11.15am-11.50am: Critical Issues Forum 4
		Strategies Vision matters – but so does implementation Portfolio managers do not have perfect vision. It is possible to measure prediction accuracy for active managers – and doing so reveals predictions for future returns are less than the 20/20 vision we aspire to. Prediction accuracy influences optimal portfolio construction, with better prediction accuracy meaning optimal portfolio construction results in more concentrated portfolios, higher turnover, higher position limits and higher returns and information ratios. - Jim Creighton, Consultant, Ironbark Longreach HQI (San Francisco)
	11.50am-12.00pm: On the move
	12.00pm-1.10pm: Special Interests Forum 1
	Room 1
		Strategies After value’s tough ‘10s, we must stick to our guns for ‘20s The 2010s challenged value investors as, paradoxically, cheap stocks became cheaper and expensive stocks grew more expensive. The “Nifty Fifty” and the Technology Bubble were similar. Things are not different today. For value investors’ clients, the key challenge is fighting FOMO - lagging indices can still be adequate, while changing tack late in trends is catastrophic. Entry prices, and growth, drive long-term returns. Perceived safe havens and secular growth offer poor future outcomes, while cyclical valuations imply crisis. For those holding their nerve, the inconsistency sets up a good 2020s. There is no new paradigm. Time-tested methodologies remain critical to portfolio success. - Andrew Clifford, CEO & Chief Investment Officer, Platinum Asset Management (Sydney)
		Strategies Retirement portfolios are riskier today than before the GFC Prior to the GFC, you could build a retirement portfolio on the back of a 7% yield, virtually risk free. Today, without that free kick, a 7% yield is a much harder job, especially from a risk-budgeting perspective. As an industry, we have developed new product in the equity space to better deal with decumulation needs, but the variance in risk results implies not all parties are focusing on risk management the same way. We need to better manage market beta to help preserve capital in down markets. Otherwise, with 20/20 vision, we may find we have inadvertently exposed the current portfolio generation to a whole new market correction. - Jason Teh, Chief Investment Officer, Vertium Asset Management (Sydney) Prep! - The anatomy of bear markets
	Room 2
		Strategies In a world of low-interest rates, megatrends matter even more In a world of low interest rates, investment returns in the form of yields are harder to come by. Lower yields are also generally a reflection of a world that offers lower returns from broad-based economic growth. As such, an anti-dote for a low-rate environment is investing in companies enjoying the benefits of mega-trends, global shifts that are likely to boost demand for the products of a firm over the long term. As we enter the 2020s, understanding megatrends and how to invest in them is critical for successful portfolio construction. - Rosie Malcolm, CFA, Head of Franchises, Magellan Asset Management (Sydney)
		Strategies Pro-active investors can manage infrastructure disruption Investors with the vision to allocate to a well-defined infrastructure portfolio have been rewarded with exceptional risk-adjusted returns over the last decade. Future return expectations are less clear due to disruptive forces, ranging from renewable and autonomous technologies to polar politics and un-social media. Managing these risks requires an unrelenting focus on improving efficiency and customer service. Pro-active investors need to identify best practice and engage to drive change. - Peter Meany, Head of Global Listed Infrastructure, Colonial First State Global Asset Management (Sydney)
	Room 3
		Strategies The way risk is managed in concentrated portfolios matters The active investment management industry is in the throes of major upheaval. The rise of index funds and the failure of many traditional diversified active managers to consistently outperform their benchmarks has led to growing demand for more concentrated, actively managed portfolios. To generate alpha, a portfolio manager must take risk, but the traditional tools for measuring and analysing portfolio risk in these more concentrated active global equity strategies may come up short. An alternative approach, limiting the overlap of economic exposures, more effectively creates concentrated, yet diversified portfolios that are capable of meeting the long-term objectives of investors out into the 2020s, while better managing risk. - Donald Huber, CFA, Senior Vice President & Portfolio Manager, Franklin Equity Group, Franklin Templeton Institutional (New York) Prep! - Managing risk in concentrated global equity portfolios
		Strategies True diversification is not about portfolio insurance Investors want it all from their alternatives. They want their alternatives to keep up with equities in bull markets, and they expect alternatives to provide portfolio insurance when markets fall. Insurance would be relying on equity corrections to generate returns. True diversification, rather, is all about adding independent sources of return to portfolios. Through careful manager selection, true diversification can simultaneously reduce portfolio risk and add the potential for higher long-term returns. Looking ahead into the 2020s, true diversification leads us to building alternative portfolios that can generate returns irrespective of equity market performance. - Jason Koo, CIMA, Portfolio Manager, Macquarie Investment Management (Sydney)
	Room 4
		Strategies Alternative income streams are essential in times of change The recent risks to the longstanding policy around rebating of franking credits to low-tax investors serves as a useful reminder on the importance of having alternative sources of income within investment portfolios. A deliberate blend of emerging market debt and high yield opens up another universe of liquid, high income opportunities - which can offer an attractive risk/return profile, relative stability in returns and at the same time, deliver the potential of higher income for SMSF and other retirement-focused investors. - James Blair, Investment Director - Fixed Income, Capital Group (Singapore) Prep! - Local currency EMD – Why it might be time to reconsider an active allocation
		Strategies Machine learning gives great flexibility – and responsibility Artificial Intelligence, Machine Learning (ML), and Deep Learning represent an important expansion of the quantitative investors’ analytical toolkit, providing substantial new flexibility. While its application is relevant throughout the investment process, the rise of such approaches represent an evolution rather than a revolution. For the foreseeable future, finance domain knowledge will remain essential in its application. Portfolio constructors seeking to gain 20/20 vision from these techniques run the risk of astigmatism, as the opacity of some ML methods increases the challenge of distinguishing true added value from overfitted, data-mined results. Empirically driven research remains a portfolio constructor’s best tool to gain perspective and discriminate between value-added applications of ML versus slick marketing. - Joanna Nash, CFA, Vice President & Portfolio Manager, Acadian Asset Management (Sydney) Prep! - Machine Learning in Quant Investing: Revolution or evolution?
	1.10pm-1.55pm: Lunch break
	1.55pm-3.10pm: Critical Issues Forum 5
		Strategies Value investing will triumph over growth in the 2020 The decade since the Global Financial Crisis has been a challenging period for value style equity investing. Growth equities have outperformed value stocks in the US market for more than 12 years, the longest period in living memory. The dispersion in price performance between the two styles is now the widest it’s been over this period. Not surprisingly, investors are questioning the ‘value’ of value investing. Value investors argue that as we enter the 2020s, valuations heavily favour value stocks - but growth investors argue that investment returns in the 2020s and beyond will be concentrated in a few winners with real earnings. - Tim Samway, Managing Director, Hyperion Asset Management (Sydney) - Philipp Hofflin, PhD, Portfolio Manager & Analyst, Lazard Asset Management Pacific Co. (Sydney) - Andrew Clifford, Co-Founder & CIO, Platinum Asset Management (Sydney) - Sonia Bluzmanis, CIMA, Portfolio Manager - Equities, BT Financial Group (Sydney) - Lukasz de Pourbaix, CIMA, Executive Director & CIO, Lonsec (Sydney) Prep! - Value investing addendum (Aug 2019)
	3.10pm-3.45pm: Afternoon break
	3.45pm-4.20pm: Critical Issues Forum 6
		Strategies You are a factor investor Factor-based investing is not a revolutionary concept. Whether you realise it or not, you and your clients use factors every time you make an asset allocation decision. Factors are the underlying drivers that influence and explain investment performance. Over the last 50 years, the innovation in research has allowed us to better identify and measure these drivers and to create a factor-based framework for portfolio construction. Historically, this framework has only been available to quantitative active managers but, thanks to technological innovation, it is now available to all investors. In the 2020s, factor-based funds are going to represent an increasing share of the active AUM. This is not because they are superior investment vehicles, they are just tools that enable investors to build active portfolios in a relatively transparent and low-cost way. Having said that, factor-based investing is not easy. Factor performance is highly cyclical and typically inconsistent across different economic and market conditions. Investors need a strong discipline and a long-term focus to increase their odds of investment success. Combining together multiple factors using a multifactor approach can help investors smooth the ride and increase the chances for investment success. - Antonio Picca, PhD, Head of Factor-Based Strategies - Quantitative Equity Group, Vanguard (Malvern) Prep! - Equity factor-based investing: A practitioner's guide
	4.20pm-4.55pm: Critical Issues Forum 7
		Philosophy Systematic ESG integration is simply smart investing Long-term environmental, social and governance (ESG) trends have enormous impact on economies and their financial consequences can no longer be ignored. How a company manages its workforce, supply chains and the environment can have an important impact on its valuation. Focusing on financially material ESG data and systematically including them into investment analysis facilitates 20/20 vision of a company’s risk-return profile. However, there are more approaches to integrating sustainability. Active dialogue with companies can also enhance the value of investments. Done the right way, sustainability integration can lead to better risk-adjusted returns for portfolios in the long run. - Masja Zandbergen, CEFA, Head of Sustainability Integration, Robeco (Rotterdam) Prep! - The big book of SI
	4.55pm-5.45pm: Critical Issues Forum 8
		Philosophy Capitalism is about more than making money Capitalism has brought more people out of poverty in the past 30 years than ever before in history - yet we are seeing a frightening revival of socialism. If we want a vibrant capitalist future in the 21st century, we need to support ethical legal frameworks for capitalism and practice "Conscious Capitalism" which takes into account key stakeholders so that business is more consistently perceived as a win-win-win. ROI depends on the legal and cultural ecosystems within which we do business. An anti-capitalist reaction, leading to conflict, could result in a 21st century even more violent than the 20th century. - Magatte Wade, Founder & CEO, Skin is Skin (Austin)
	5.45pm-7.30pm: Networking Reception
	7.30pm: Day one ends
Thursday 21 August 2019
	7.50am-9.25am: Critical Issues Forum 9
		Strategies Designing portfolios for scenarios is critical for 20/20 portfolios A disciplined, scenarios-based approach to determining your views on the outlook for markets and then the asset allocation implications is vital for building 20/20 portfolios. Determining investment strategy by analysing issues from a number of viewpoints allows you to arrive at plausible scenarios for how the future may unfold. This hypothetical Investment Committee meeting considers three relevant, forward-looking economic and market scenarios which have a reasonable probability of occurring during the next two to three years: 1. Neutral scenario - The new normal; 2. Bear scenario - Trade wars and isolationism; and, 3. Bull scenario - Virtuous cycle. After our Expert Panel debates the scenarios, the Investment Committee (delegates) determines the probabilities of the three scenarios. - Vikram Mansharamani , PhD, Lecturer, Harvard University (Boston) - Tim Farrelly, Principal, farrelly's Investment Strategy (Sydney) - John Woods, CFA, Portfolio Manager, MLC (Sydney) - Tracey McNaughton, Head of Asset Allocation, Wilsons (Sydney) - Kerr Neilson, Co-Founder and Investment Analyst, Platinum Asset Management (Sydney) - Mary Manning, PhD, Portfolio Manager, Ellerston Capital (Sydney) - Michael Buchanan, CFA, Deputy Chief Investment Officer, Western Asset Management Company (Pasadena) - Rob Mead, MD & Co-Head of Asia-Pacific Portfolio Management, PIMCO (Sydney) - Robert Gay, PhD, Managing Partner, Fenwick Advisers (New York) Prep! - Three economic and market scenarios for 2020 portfolios
	9.25am-10.05am: Morning break
	10.05am-10.25am: Critical Issues Forum 9 (cont'd)
		Strategies (Asset Allocation) Designing portfolios for scenarios is critical for 20/20 portfolios We consider the next steps of integrating the three scenarios into portfolios. - Tim Farrelly, Principal, farrelly's Investment Strategy (Sydney) - Tracey McNaughton, Head of Asset Allocation, Wilsons (Sydney)
	10.25am-10.40am: Critical Issues Forum 10
		Strategies (Asset Allocation) Soapbox: A 60/40 "balanced" split will fail superannuants of the 2020s Actuaries tell us that a "balanced" fund is one which has a long-term return objective of CPI+2% (or 3)%; a risk profile of a negative return in 1 in 7 years; and, a maximum draw down of 10% in any one year. Yet somehow the optimal growth/defensive asset split from the 1980s is still considered "balanced" today - never mind that for the first time since the 1930s, the cost of capital is stubbornly static at a negative real return. We are in an unique environment whereby G7 bonds are all yielding a negative real interest rate, let alone some showing negative nominal figures. If funds are beholden to a 60/40 split, it is for purely for agency reasons over their principal objectives. If investors to hold anything near 40% in bonds, they are either going to have to take massive idiosyncratic risk, or push up allocation towards lower-rated fixed income securities. The stark reality is that bonds are only a tactical allocation as their strategic objective of CPI+ objective is at least a decade away. - Robert Prugue, Principal Consultant, Callidum Investment Research (Sydney) - Tim Farrelly, Principal, farrelly's Investment Strategy (Sydney) - Tracey McNaughton, Head of Asset Allocation, Wilsons (Sydney)
	10.40am-11.15am: Critical Issues Forum 11
		Strategies Seeking alpha in a VUCA world requires whole brain approach Traditional left-brain investment skills are technical analysis, mathematical prowess and logical reasoning. Although influenced by logical factors, changes in investment markets are often irrational and illogical. A whole-brain approach to seeking alpha is necessary to win in the investment game. With the help of both the left (logical) and right (empathetic) hemispheres of their brain, an investor is better prepared to mitigate and adapt to unexpected market fluctuations, and help ensure their portfolio achieves greater financial returns. Right-brain skills are crucial to surviving market conditions in the 2020s. - Philipp Hensler, D.M., President & COO, Epoch Investment Partners (New York) Prep! - The limits of theory
	11.15am-11.25am: On the move
	11.25am-12.35pm: Special Interests Forum 2
	Room 1
		Strategies Equity market’s rosy forecasts have left benchmarks broken There is no 20-20 vision in forecasting and it remains the most difficult task facing any investor, particularly with heightened market uncertainty. The extreme low rate starting point and valuation risk has raised the stakes - mistakes at this point of the cycle will be costly. Against such a challenged backdrop, to achieve a satisfactory return from equities, you must identify high quality forecastable businesses, apply a strict valuation discipline and have the conviction to be different from the herd. Asset allocators need to consider concentrated strategies, for not only return seeking but also risk mitigation. - Warryn Robertson, Portfolio Manager/Analyst, Lazard Asset Management Pacific Co (Sydney)
		Strategies Private markets hold the answer to infrastructure alpha Surging private market demand for core infrastructure assets around the world is having a meaningful impact on listed infrastructure valuations. The return profile and alpha from infrastructure assets is amidst the largest structural change seen in decades as the wave of funding from private markets into direct assets globally increases at rates never seen before. The significant valuation gap between the listed and direct markets presents an opportunity to arbitrage value from the two as the gap closes. Having a singular viewpoint is no longer enough and understanding the weight of this change into 2020 and beyond is the key. - Daniel Foley, CFA, Associate Portfolio Manager, CBRE Clarion Securities (Radnor) Prep! - Private market trends suggest a listed market opportunity
	Room 2
		Strategies The current credit cycle is set to endure The curious combination of slow global growth, low inflation and positive credit metrics has resulted in ongoing central bank accommodation, lower interest rates and healthy market technicals. When combined with secular trends in regulation and conservative balance sheet oversight by corporations, the current credit cycle is likely to have longevity far beyond that of previous cycles. Only the benefit of 20/20 vision allows investors to build true all-weather portfolios, however, the diverse characteristics of credit markets provides investors the ability to construct robust portfolios around their base case, offering investment opportunities suitable for all potential market environments. - Michael Buchanan, CFA, Deputy Chief Investment Officer, Western Asset Management Company (Pasadena) Prep! - A global credit cycle built for endurance
		Strategies Global equities' risk requires a different perspective Low volatility suggests that the risk in global equities is low. But it appears to be at its highest in over 20 years. Sectors in favour are rewarded and grow bigger, attracting further flows – and the trend continues…until it doesn’t. Valuation premiums in broad segments are a key driver of risk in today’s environment, given valuation starting points drive long-term returns. Opportunities exist and can be identified by understanding a company’s true competitive industry and environment. Moving into the 2020s, global equity portfolios should be concentrated and highly selective. They should be positioned to address both the fundamental changes in the global backdrop and the vulnerabilities in the successful styles of recent years. - Ashley Pittard, Head of Global Equities, Pendal Group (Sydney)
	Room 3
		Strategies Lagging in rising markets can benefit portfolio outcomes On average global equity markets rise over time and post positive return in most years. Most investors feel they need to capture these returns to benefit their portfolio. Trailing a rising market can feel like missing out. However, pure pursuit of highest returns can have unintended consequences. Protecting capital on the downside has a material impact on total returns due to the power of compounding. Attractive downside protection characteristics provide a smoother return profile. Research demonstrates that low volatility stocks outperform high volatility stocks on a return-to-risk basis. Looking forward, combining low volatility equities with other equity alternatives will increase portfolio efficiency for clients in the 2020s and beyond. - Benjamin Treacy, CFA, Institutional Portfolio Manager, Fidelity Investments (Boston) Prep! - Choose the ‘equity escalator’ not the ‘equity rollercoaster’
		Strategies Australian retirees deserve better portfolios When retirees look to what the future holds for them, they want certainty that they won't run out of money so they can spend the money that they do have with confidence. Portfolio construction techniques that use volatility as a risk metric ignore this key issue for retirees, and traditional methodology can actually increase the risk of retirees running out of money. Retirement portfolios should be built with a view to reduce this risk, and the conversation with retirees needs to move away from projections based on averages and volatility risk measures, towards a probability-based assessment of running out of money. - Jacqui Lennon, Head of Product and Customer Experience, Allianz Retire+ (Sydney)
	Room 4
		Strategies In a low growth world, the value anomaly is dead For six decades following the end of WW2, buying stocks on short-term value heuristics such as low P/E or P/B ratios resulted in high alpha generation that could not be explained by the efficient market hypothesis. But looking back 60 years only provides partial vision – looking back further gives better context and clarity, and shows that this “value anomaly” was driven by very strong economic tailwinds including low oil prices, the commercialisation of a broad range of technologies, young growing populations, a robust middle class, increasing female participation in the workforce, wage arbitrage in emerging markets, increasing use and acceptance of debt in society, and benign levels of competition. Post 2008, the world has changed. Economic tailwinds have reduced or reversed. Competition has increased. Average companies have struggled. Investment returns in the 2020s and beyond will be concentrated in a few winners with real earnings growth. The value anomaly is dead. - Mark Arnold, CFA, CIO & Investment Committee Chair, Hyperion Asset Management (Brisbane) Prep! - In a low growth world, the value anomaly is dead
		Strategies Global SMID Caps - 20/20 alpha is hiding in plain sight At a time when investors are seemingly hand wringing over the multitude of earnings, valuation, macro and geopolitical risks, one of the best performing equity sub-asset classes over 20 years is seemingly being ignored. Global Small- and Mid-Cap (SMID) equities come with less valuation risk than large cap growth equities, less earnings risk than emerging markets equities, and less liquidity risk than small cap equities (domestic and global). Global SMID equities also boast a superior 10-year Sharpe ratio (0.83) to other growth sleeves like emerging markets and Australian small cap equities. Valuation wise, global SMID equities are trading below their five-year average and at a material discount to large cap growth equities. Investors should seriously consider an allocation to global SMID equities in their portfolios. - Ned Bell, Chief Investment Officer & Portfolio Manager, Bell Asset Management (Melbourne) Prep! - Global SMID Caps - 20/20 alpha is hiding in plain sight
	12.35pm-1.20pm: Lunch break
	1.20pm-2.30pm: Special Interests Forum 3
	Room 1
		Strategies A great business is an intangible business The rise of intangible assets has created a new level of economic potential for successful businesses. Intangible assets are likely to continue to enable winner takes all markets reinforced by network effects that favour the emergence of global champions. Dominant intangible businesses are very likely to possess attractive economic characteristics. The ability of companies to adapt their business models to a rapidly evolving environment will be a key driver of their ability to sustain long term free cash flow generation. These changes have been accompanied by a new set of investment and analytical challenges that must be navigated by investors. For both growth and value investors, the nature of fundamental analysis must evolve to match an intangible world. Management capital allocation ability will become ever more vital, as dominance of asset light business models generating high levels of profitability will create pools of capital that will need to be allocated judiciously. The ability of intangible businesses, particularly in technology, to induce optimism in investors, means that valuation discipline is also essential in order to secure good long-term outcomes. In short, buy great businesses, but have the patience to acquire them at compelling valuations. - James Kim, Investment Analyst - Global Technology & Services, Intermede Investment Partners (San Francisco)
		Strategies There is a bullish case for the Australian economy for 2020 Many investors are reconsidering a strong traditional overweight exposure to Australian equities. Part of this relates to the state of the domestic economy, where bearish commentary abounds. High household leverage, falling residential building approvals, changing industry dynamics and global trade are frequently cited as reasons to be cautious. These potential negatives need to be considered in context. Household expenditure is healthy, wage growth is improving, employment is strong and population growth continues to drive demand. The Federal budget is back in balance with fiscal stimulus and an infrastructure boom underway. Commodity prices are high, terms of trade are favourable, and the resource investment outlook is positive. There are a myriad of reasons to be optimistic, providing opportunities in the domestic sharemarket. The structural forces driving domestic growth continue to support an overweight allocation to Australian equities into the 2020s. - Tim Carleton, CFA, CMT, Principal & Portfolio Manager, Auscap Asset Management (Sydney)
	Room 2
		Strategies Complacency kills - the party is over for growth investing Value stocks have underperformed growth stocks in the US market for more than 12 years, the longest stretch of underperformance in living memory. A number of theories have been put forward to explain what has happened and why this might be the new normal. But the explanations are contradicted by the historical data. This time is not different. Neither technological change nor interest rates explain the last 12 years, rather we have just come through a period where the starting valuations favoured outperformance of growth stocks. Now, as we enter the 2020s, valuations heavily favour value stocks and the data shows that value has a greater than 85% chance of outperforming growth from here. - Charles Dalziell, CFA, Investment Director, Orbis Investment Advisory (Sydney) Prep! - Complacency kills: The party is over for growth investing
		Strategies Retirement planning must be active to get past the 2020s It is the year 2029, let’s look back with 20/20 vision on what has mattered most to improving retirement incomes. Technology has helped ensure customised client preferences are at the heart of developing more effective retirement income strategies. It’s also a period defined as the revenge of the stock pickers. Alpha still matters and an active approach can enhance portfolio returns, creating extra saving to be spent in retirement. - Thomas Poullaouec, FIA, Head of Multi Asset Solutions Asia, T. Rowe Price (Hong Kong) Prep! - Seeking retirement income solutions in Asia Pacific
	Room 3
		Strategies Remove your rose coloured binoculars, reality is setting in The new neutral is now firmly embraced by central bankers and investors alike. While the recalibration of interest rate expectations has surprised many, particularly bond bears that have migrated from hibernation to extinction, a 1% (and falling) Australian policy rate is your 2020 reality check. Hindsight has taught us the importance of active core bond funds as an insurance policy and now is the time to consider expanding your investable universe as the secular need for income intensifies. Seek out new investments with ‘bend but don’t break’ cash flows while maintaining an appropriate level of insurance in your portfolio. - Rob Mead, MD & Co-Head of Asia-Pacific Portfolio Management, PIMCO (Sydney)
		Strategies Volatility is a source of income In times of lower growth and falling interest rates, volatility strategies can be used to produce a steady stream of income to complement other sources of returns such as equities, fixed income, credit and private equity. Carry strategies have been deployed in other asset classes such as FX, fixed income and commodities for many years. In the recent decade, equity volatility carry has emerged as a source of income that can provide equity-like characteristics but with a more subdued risk profile. By foregoing the potential large upside gains in direct equities, a volatility income strategy can be used to provide a much smoother return profile over a medium to long time horizon (3-10 years). Specifically, this means lower portfolio volatility (standard deviation), higher risk-adjusted returns (Sharpe Ratio) and shallower drawdowns. Market commentary has been steering towards a more sombre outlook in contrast to the preceding bull market in risk assets. Major institutions such as global pension funds have already begun to embrace equity volatility strategies to achieve the target returns for their members into the 2020s. - Nick Seeto, Portfolio Manager, Regal Funds Management (Sydney)
	Room 4
		Strategies Investing in earnings leadership adds foresight to a portfolio Ten years ago, almost no-one predicted interest rates globally to still be as low as they are today. This has shaped the performance of investments, both of and within global equities. Looking forward, we can never know for certain how the macro backdrop will change or which investment style will dominate. But we can focus on uncovering the fundamental earnings leadership - a stock driver where we have better insight - to tune out market noise, enhance returns and protect against unintended investment outcomes. A portfolio of stocks at the right time of their individual earnings cycles is unconstrained and can help to build portfolios for the 2020s. - Jonas Palmqvist, Portfolio Manager, Alphinity Investment Management (Sydney) Prep! - Finding alpha in an earnings upgrade cycle
		Strategies A portfolio without infrastructure is incomplete The current investment environment is full of challenges. We are facing record low interest rates, a fragile economic growth outlook, volatile markets, as well as a myriad of political and macroeconomic risks. Infrastructure’s ability to provide consistent returns through market cycles, generate attractive long-term revenue streams, and provide diversification benefits which can help manage overall portfolio risk means it is a must-have inclusion in a portfolio to help navigate these challenges into the 2020s. - John Julian, Investment Director & Fund Manager, AMP Capital (Sydney)
	2.30pm-3.05pm: Afternoon break
	3.05pm-3.40pm: Critical Issues Forum 12
		Strategies Income investors should look beyond just yield Income-oriented investing has become increasingly popular, but it’s been a difficult environment for such strategies given the new norm of central bank policies. Since the start of this decade, income-focused investors have been facing new challenges. This is especially true in Australia where we are seeing a compression in rates and the yields that investors are able to generate. Investors can either accept low yields and draw down on the balances or take on more risk in order to achieve a higher level of income. A holistic approach to income across the entire portfolio should have income as the base for total return and expand the range of asset classes to deliver yield while taking advantage of Markowitz’s free lunch. - Michael Martel, Managing Director & Head of Portfolio Management - Investments Solutions Group, State Street Global Advisors (Boston)
	3.40pm-4.15pm: Critical Issues Forum 13
		Finology Values need to move from peripheral vision to the focal point Portfolio managers and investment advisors still too often follow their own values, rather than their clients’, when making investment decisions. Over the past 20 years, readily available online information has empowered our clients to make decisions and revolutionise the speed of investment. However, with the rise of AI, values have often become sidelined. In the 2020s, values will move from the periphery to the focal point for successful investments. They enhance existing data, provide deeper and richer understanding, resulting in better decision making in portfolio construction. - Tassos Stassopoulos, Founder & CIO, Trinetra Investment Management (London)
	4.15pm-5.15pm: Critical Issues Forum 14
		Markets We will have to choose between the US and China in the 2020s For years, Australian policymakers have balanced China's desire for an enhanced regional role with our desire for US protection. However, there could be an intense strategic rivalry between our major trading partner and our major strategic ally in the 2020s, as Washington is unlikely to let China become the dominant military power in the region without putting up a fight. In the increasingly intense strategic and economic competition between Washington and Beijing, it's naive to think Australia can just sit on the sidelines. - Tom Switzer, Executive Director, The Centre for Independent Studies (Sydney) - Anastasia Lin, Scholar-in-Residence, The Centre for Independent Studies (Sydney) - James Laurenceson, PhD, Acting Director - Australia-China Relations Institute, University of Technology Sydney (Sydney) - James Curran, PhD, Professor, University of Sydney (Sydney)
	5.15pm-6.15pm: Networking Drinks
	6.15pm: Strategies Conference 2019 ends

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