Strategies Conference 2022 - Program & Faculty

Strategies Conference 2022 will challenge and refresh your portfolio construction thinking, as we debate investment strategies to help you build better quality investor portfolios given the future ain’t what it used to be!

Rarely, a crisis – or combination of crises – heralds a sea-change in global affairs. Such regime shifts reverberate through societies and economies. Back in 2020, Strategies Conference explored the idea that we were entering “a whole new world” due to Covid-19, and debated what that meant for building quality investor portfolios. At the time, not everyone agreed that it was a whole new world. Two years on, more major crises have unfolded, and the new global regime is coming into sharper focus. Times have changed!

The deflationary benefits of globalisation have run their course and deglobalisation is on the rise. Simultaneously, the decades-long disinflationary regime has turned to inflation, and interest rates are on the rise again in many countries for the first time in years. Constructing quality multi-asset, multi-manager portfolios capable of meeting client goals in the years ahead is going to be more challenging than over the past 30 years. Understanding the profound societal and economic changes that are underway and their investment implications is vital.

We’d welcome you joining us - at our live studio in Sydney, as part of a group at an off-site live site, or via live stream.   Register now!

Graham Rich
Dean, Portfolio Construction Forum

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Established in 2002, Strategies Conference has earned a reputation as THE portfolio construction strategies conference of the year. The program is designed and curated by our specialist, experienced and independent team and features an exceptional Faculty of 40+ leading investment thinkers - portfolio managers, CIOs, senior investment analysts, investment strategists, economists, independent consultants and practitioners - from around the world. Each offers their best, high conviction ideas around contemporary and emerging portfolio constructions issues and strategies, in the context of the program theme.

Theme:  The future ain’t what it used to be!

Strategies Conference 2022 will challenge and refresh your portfolio construction thinking, as we debate investment strategies to help you build better quality investor portfolios when the future ain’t what it used to be!

Rarely, a crisis – or combination of crises – heralds a sea-change in global affairs. Such regime shifts reverberate through societies and economies. Back in 2020, Strategies Conference explored the idea that we were entering “a whole new world” due to Covid-19, and debated what that meant for building quality investor portfolios. At the time, not everyone agreed it was a whole new world. Two years on, more major crises have unfolded, and the new global regime that is coming into sharper focus is one that will make constructing quality portfolios to meet client goals much more challenging than in the past 30 years.

Following the end of the Cold War in 1991, investors benefitted from low interest rates, benign inflation and globalisation – all within a US-led, “rules-based” international order. In this environment, the traditional 60/40 or 70/30 portfolio served investors well, providing attractive returns, income and diversification.

But times have changed.

The deflationary benefits of globalisation have run their course and deglobalisation is on the rise, as Covid-19 and geopolitical tensions impact global supply chains and prompt firms to prioritise supply chain resilience over efficiency, while encouraging Western governments to refocus on national, energy and food security. The weaponisation of the financial system to impose financial sanctions to penalise Russian aggression, and to discourage similar actions by China, is hastening the exit of autocracies from the US dollar system and creating a “balkanised” global financial system split along democratic/authoritarian lines.

Simultaneously, the decades-long disinflationary regime has turned to inflation as rising supply costs and very tight labour market conditions put the squeeze on business profit margins and cause consumer prices to soar around the world. Interest rates are on the rise again in many countries for the first time in years, as Reserve Banks around the world step in to rein in inflation. Fiscal activism further complicates the outlook for inflation, as policymakers – desensitised to high debt loads during the pandemic – seek to address social inequalities and ensure their own re-election.

These regime shifts – which are interacting with powerful secular forces, including the rise of digital technologies, a shift in the balance of economic power from West to East, climate change and the transition to renewables, and global ageing – all point to the emergence of a multi-polar, more regionalised world, in which higher inflation and higher interest rates become the new normal. As a result, the long-run return expectations for traditional asset classes are lower.

Constructing quality multi-asset, multi-manager portfolios capable of meeting client goals in the years ahead is going to be more challenging than over the past 30 years. Understanding the profound societal and economic changes that are underway and their investment implications is vital.

Each day of the Strategies Conference 2022 program has a distinct focus, allowing delegates to consider the over-arching theme “The future ain’t what it used to be!” – through two different lenses:

• Day 1 - Macro matters! - the Critical Issues Forum program emphasises thematic, secular issues, offering portfolio construction practitioners greater clarity on the “big picture” within which investment decisions must be made.
• Day 2 - Asset allocation matters! - the Critical Issues Forum program changes gear and we focus on practical implications of secular and structural issues for building better quality multi-asset, multi-manager portfolios.

Wednesday 17 August 2022 - Macro matters!

 
AEST 7.45am - Live stream starts

 
AEST 8.15am - Pre-opening scene-setter

 
AEST 8.30am - Critical Issues Forum

The future ain’t what it used to be! Macro matters!
Rarely, a crisis – or combination of crises – heralds a sea-change in global affairs. Such regime shifts reverberate through societies and economies. Back in 2020, Strategies Conference explored the idea that we were entering “a whole new world” due to Covid-19, and debated what that meant for building quality investor portfolios. At the time, not everyone agreed that it was a whole new world. Two years on, more major crises have unfolded, and the new global regime is coming into sharper focus. Times have changed! Constructing quality multi-asset, multi-manager portfolios capable of meeting client goals in the years ahead is going to be more challenging than over the past 30 years.
- Graham Rich, Dean, Portfolio Construction Forum (Sydney)

Prep!
Watch: Tassos Stassopoulos’ Strategies Conference 2020 presentation “Covid-19 is a blueprint for the emotionomics 2.0 world”
Read: The post-inflation economy that could be
Watch: Raghuram Rajan’s Strategies Conference 2021 presentation “Markets are the means, not the end”

 
AEST 8.35am - Critical Issues Forum

Australia’s future ain’t what it used to be!  Watch on-demand
The latest national census reveals that Australia is a nation determined to change direction. Generational control is shifting, there is a greater sense of Indigenous identity, and core beliefs that once bound our nation tightly are loosening. China is being usurped by India as our primary source of immigrants, foreign students and overseas workers. There is even evidence of the return of the suburban home. Collectively, such trends will re-shape Australia’s economic and cultural landscape and influence the way that practitioners build multi-asset portfolios capable of meeting the long-term financial goals of Australians.
- Bernard Salt, AM, Executive Director, The Demographics Group (Melbourne)
- Allegra Spender, Member for Wentworth, Australian Government (Sydney)
- Tassos Stassopoulos, Managing Partner & CIO, Trinetra Investment Management (London)

 
AEST 9.35am - Critical Issues Forum

Globalisation’s future ain’t what it used to be!  Watch on-demand
The Covid-19 pandemic brought the fragility of global trade and supply chains into stark relief, while the political and economic chaos caused by the war in Ukraine further underline the vulnerabilities of globalisation. The neoliberal economic philosophy of prioritising efficiency over resilience and profits over local prosperity that underpinned the past half century of globalisation has produced massive inequality, persistent economic insecurity, and distrust in institutions. It has run its course. As a new age of economic localisation reunites place and prosperity, practitioners must understand the implications for economies and societies - and for portfolio construction.
- Rana Foroohar, Financial Times global business columnist & CNN global economic analyst (New York)
- Tom Switzer, Executive Director, Centre for Independent Studies (Sydney)

 
AEST 10.40am - Morning Break

 
AEST 11.10am - Critical Issues Forum

Geopolitical alpha ain’t where it used to be!  Watch on-demand
Investors should ignore media-hyped narratives, insights from “smoke-filled rooms” and political consultants and, instead, focus exclusively on the measurable, material constraints facing policymakers. In the tug-of-war between policymaker preferences and their constraints, the latter always win out in the end. With geopolitical tensions on the rise, portfolio construction practitioners need a framework for making sense of the cacophony of geopolitical risks with the eye towards generating investment-relevant insights.
- Marko Papic, Partner & Chief Strategist, Clocktower Group (Santa Monica)
- Mathew Jeremy, Managing Director, Caravel Consulting Services (Brisbane)

 
AEST 12.05pm - On the move

 
AEST 12.15pm - Special Interests Forum 1 - choice of concurrent sessions:

1.  Divergent inflation is an unprecedented setup for Asia  Watch on-demand
Post Covid, the inflation equation has changed between the East and the West, from high to low beta. An abundance of labour in Asia vs labour scarcity in developed markets is making the relative inflation case for Asia much more attractive. Diverging monetary policy settings and subsequent future economic growth favour the East in a world where the future ain’t what it used to be.
- Andrew Swan, Head of Asia (ex-Japan) Equities, MAN GLG (Sydney) represented in Australia by GSFM

2.  Ignore the hype - GREITs are the investment for all seasons  Watch on-demand
The future ain’t what it used to be – that’s just noise. Listed Global REITs provide investors with a competitive return profile and diversification from equities which provides a compelling reason for allocations to the sector in portfolios. Underpinned by the physical real estate and listed on stock markets, REITs may appeal to a broad range of investors including those seeking exposure to the underlying returns of the real estate in a tax efficient structure and a more balanced composition of income and capital. Given the exposure to hard assets, REITs also offer the potential to provide an inflation hedge as values track replacement costs. Furthermore, if market conditions deteriorate, REITs are able to provide liquidity when unlisted real estate alternatives often seize up, resulting in lengthy cues for redemptions and untold anxiety for investors. Global REITs have also adapted well to the new way real estate is being utilised and provide exposure to sectors increasingly relevant to the economy, particularly to healthcare, digitisation, ecommerce and housing affordability. What’s more they come with best-in-class property management teams that have developed superior technology platforms to better manage the assets and have shown leadership in sustainability. This makes them an attractive target for Private Equity seeking to deploy large amounts of capital efficiently. Hence, GREITs are the investment for all seasons.
- Andrew Parsons, MD & Senior Portfolio Manager, Resolution Capital (Sydney) represented in Australia by Pinnacle Investment Management

3.  Thematic investing is a better mousetrap for global small caps  Watch on-demand
There is an opportunity to capture value in global small cap equities through the identification of attractive long-term themes that are created by the interaction between the secular trends of population growth, aging and urbanisation, and the disruptive forces of technology, society, and resource constraints. Proper theme identification is key to curating an investment universe of companies that are likely to grow sales and earnings in excess of the broader market over time. The future ain’t what it used to be, so capital allocators should look beyond arbitrary benchmarks and combine a thematic universe with the structural benefits of small cap investing - including informational inefficiencies, heightened growth, and high active share – to potentially further enhance returns.
- David Sullivan, CFA, Exec Director & Co-Portfolio Manager, UBS Asset Management (New York)

 
AEST 12.55pm - Lunch Break

 
AEST 1.45pm - Critical Issues Forum

Researchers’ Roundtable: The future ain’t what it used to be!  Watch on-demand
Portfolio construction practitioners have access to an ever-expanding array of investment research, strategies and tools. Yet the obstacles to meeting clients’ long-term financial goals are equally numerous and challenging, especially when the future ain’t what it used to be! In an environment of high inflation, tightening monetary policy and heightened economic uncertainty, practitioners must remain open-minded and continuously challenge their portfolio construction beliefs, techniques and tools.
- Philipp Hofflin, PhD, Portfolio Manager & Analyst, Lazard Asset Management (Sydney)
- Michael Furey, CIMA^®, Managing Director, Delta Research & Advisory (Brisbane)
- Michael Salvatico, Head of Asia, Pacific, Middle East & Africa, S&P Global Sustainable 1 (Sydney)
- David Wright, CEO, Zenith Investment Partners (Melbourne)

 
AEST 2.55pm - On the move

 
AEST 3.05pm - Special Interests Forum 2 - choice of concurrent sessions:

1.  Global corporate bonds should be a core allocation  Watch on-demand
The risk of recession is rising, with inflation pushing monetary policy tighter in today’s late-cycle global landscape. But a rise in yields uncovers fresh opportunities across markets. The role of bonds in a portfolio can aid in pursuing investor goals or stabilising a portfolio to be more resilient when economic shocks hit markets - however, many investors would benefit from evaluating whether their bond holdings are meeting these goals. Investment-grade corporate bonds fulfil several of these roles and the case for replacing traditional sovereigns as a core allocation is strengthening with the income opportunity of this sub-asset class being the brightest it’s been in years.
- Harry Phinney, Investment Director Emerging Markets Debt, Capital Group (Los Angeles)

2.  The search for returns just got real  Watch on-demand
The regime has changed. We know diversified portfolios are robust in a disinflationary world, as that is the regime that has prevailed for the past few decades. The recent poor performance of global equities (-14%) and bonds (-10%) in the year to June 2022 has highlighted that some portfolios may not be so robust in an inflationary world. Identifying assets with real cash flows that are resilient to inflation can help restore balance in a diversified portfolio, should the inflation environment remain volatile. For example Gold could be held as a defensive allocation if inflation proves persistent and compromises growth. The key is being able to access these asset classes in an innovative and flexible manner to deliver a more consistent return profile to clients. The future is definitely not what it used to be.
- Al Clark, Head of Investments, MLC Asset Management (Sydney)

3.  The future of private debt IS what it used to be!  Watch on-demand
Over the past decade, few asset classes have consistently delivered attractive returns with investors capital exposed to significant volatility. As markets change, investors have had an uphill battle keeping up and positioning their portfolios to protect and grow their capital. Over time, private debt has consistently demonstrated a low correlation to public markets and is an attractive alternative source of income in a portfolio. Due to its position in the capital structure and ability to price at a floating rate, private debt, managed by an experienced manager, has and will continue to provide capital protection, stable returns and increasing income against the effects of rising inflation and interest rates. If the question is how to achieve an attractive risk-adjusted return through all economic environments, then private debt is the answer. The future ain’t what it used to be - except for private debt.
- Andrew Lockhart, Managing Partner, Metrics Credit Partners (Sydney)

 
AEST 3.45pm - Afternoon Break

 
AEST 4.05pm - Critical Issues Forum

Alternatives Roundtable: The future ain’t what it used to be!  Watch on-demand
The wealth management industry underwent a major transformation during the past decade, including increased scepticism from investors, the growth of robo-advisers, product evolution, and an evolving value proposition - alongside heightened geopolitical risks, increased correlation across asset classes, changing demographics, and rising social tensions. There is increasing traction for the idea that, to succeed in today’s complex, uncertain world of investing, practitioners must go beyond plain vanilla stocks, bonds and funds, and embrace alternative investment strategies. But are alternatives the multi-asset portfolio solution they’re made out to be?
- Tony Davidow, CIMA^®, President & Founder, T. Davidow Consulting (New York)
- Angela Ashton, Director & Founder, Evergreen Consultants (Sydney)
- Piers Bolger, CIO, Infinity Asset Management (Sydney)
- Razvan Remsing, CFA, Director of Investment Solutions, Aspect Capital (London) represented in Australia by Colonial First State

Prep!
Read: Private markets: asset allocation and portfolio construction

 
AEST 5.30pm - Strategies Conference 2022 day 1 ends

Followed by a Networking Reception in the live studio, ending 7.00pm

Thursday 18 August 2022 - Asset allocation matters!

 
AEST 7.45am - Live stream starts

 
AEST 8.15am - Pre-opening scene-setter

 
AEST 8.30am - Critical Issues Forum

The future ain’t what it used to be! Asset Allocation matters!
Rarely, a crisis – or combination of crises – heralds a sea-change in global affairs. Such regime shifts reverberate through societies and economies. Back in 2020, Strategies Conference explored the idea that we were entering “a whole new world” due to Covid-19, and debated what that meant for building quality investor portfolios. At the time, not everyone agreed that it was a whole new world. Two years on, more major crises have unfolded, and the new global regime is coming into sharper focus. Times have changed! Constructing quality multi-asset, multi-manager portfolios capable of meeting client goals in the years ahead is going to be more challenging than over the past 30 years.
- Graham Rich, Dean, Portfolio Construction Forum (Sydney)

Prep!
Watch: Jonathan Pain’s Market Summit 2022 presentation “The days of abnormal monetary policy are over”
Watch: The Market Summit 2022 Expert Panel’s presentation “The best offence is a great defence! Key takeouts”

 
AEST 8.40am - Critical Issues Forum

Macro Markets Roundtable: The future ain’t what it used to be!  Watch on-demand
Investors began 2022 in bullish form, as the S&P 500 index touched a new all-time high. However, rising inflation concerns, combined with Russia’s invasion of Ukraine, soon soured the mood, triggering sharp falls across the major asset classes. With the US Federal Reserve engaged in the most aggressive tightening cycle in 40 years, and many other central banks following suit, the outlook for stocks, bonds and other financial assets is highly uncertain. More than ever, practitioners need to understand the drivers of and the outlook for markets. In this session - the first step of our hypothetical Investment Committee meeting - two market strategists highlight key secular and structural forces impacting on markets and the portfolio construction implications, before the panel debates their views.
- Jonathan Pain, Author & Publisher, The Pain Report (Sydney)
- Marc Seidner, MD & CIO Non-traditional Strategies, PIMCO (Newport Beach)
- Andrew Clifford, CEO, Co-CIO & Portfolio Manager, Platinum Asset Management (Sydney)
- Nikki Thomas, CFA, Portfolio Manager – Global Equities, Magellan Financial Group (Sydney)

1. It’s time to batten down the hatches!
It’s time to batten down the hatches as we brace for the perfect storm. Led by the Fed, the world’s major central banks kept rates way too low for way too long, and now they will take rates up to a level which will deliver recessions in each of their economies. Yes, they will deliver on their mission to bring inflation back down, but the cost will be recession. The U.S has just recorded two consecutive quarters of negative economic growth and inflation is at 9.1%. Europe is experiencing a severe energy crisis. According to last week’s Bank of England Monetary Policy Report, the UK is projected to enter recession from the fourth quarter of this year. Meanwhile, we are witnessing a tectonic shift in the geopolitical landscape as the Axis of Autocracy, with China and Russia at its core, flex their military muscles. First it was Russia’s invasion of Ukraine in February 2022 and now it is China’s de facto blockade of Taiwan this month, with Chinese missiles currently flying over Taiwan. Mark these events in your diary as they have just changed the course of history. The future really ain’t what it used to be! Be as defensive as your portfolio mandates permit and do everything you can to protect your clients’ capital in the months ahead.
- Jonathan Pain, Author & Publisher, The Pain Report (Sydney)

2. We must prepare portfolios for heightened market volatility
The pre-pandemic New Normal decade of subpar-but-stable economic growth, below-target inflation, subdued volatility and strong asset returns is rapidly fading as a distant memory. Current levels of inflation are uncomfortably elevated, central banks are rapidly increasing policy rates, financial conditions are tightening and recession is more likely than not. After years of central bank repression, bond markets once again present their traditional benefit in a broader asset allocation. The three pillars of the bond market include extra term premium and carry over the cash rate, an attractive level of income, and diversification benefits versus a risky portfolio. In this new environment where the future ain’t what it used to be, active management should benefit over passive strategies, bottom-up research and security selection will take on renewed importance, and liquidity and risk management are critical.
- Marc Seidner, MD & CIO Non-traditional Strategies, PIMCO (Newport Beach)

 
AEST 10.20am - Morning Break

 
AEST 10.40am - Critical Issues Forum

Economic Scenarios Roundtable: The future ain’t what it used to be!  Watch on-demand
A disciplined, scenarios-based approach to determining your views on the outlook for markets is essential to building portfolios capable of achieving client goals when the future ain’t what it used to be. In this second step of our hypothetical Investment Committee meeting, three economists describe and debate three plausible, forward-looking economic and market scenarios that have a reasonable probability of occurring during the next two to three years. These are then inputs to the Asset Class Outlook Roundtable.
- Dominique Dwor-Frecaut, PhD, Macro Strategist, Macro Hive (Los Angeles)
- Andrew Hunt, Principal, Andrew Hunt Economics (Norwich)
- John McDermott, PhD, Executive Director, Motu Economic & Public Policy (Wellington)
- Jonathan Ramsay, Director, InvestSense (Sydney)

 
AEST 11.40am - On the move

 
AEST 11.50am - Special Interests Forum 3 - choice of concurrent sessions:

Room 1.  The demise of the 60/40 means portfolios need trend  Watch on-demand
Here be dragons! Having been used by early mapmakers to symbolise uncharted and yet-to-be discovered territory, the phrase “Here be Dragons” has entered the lexicon in reference to the basic human fear of the unknown. The seismic shift in economic, social and political themes means the future ain’t what it used to be! This has made the macro investment landscape feel like uncharted waters. Several significant macro forces have gone into reverse: globalisation to nationalism and reshoring; deflation to inflation; quantitative easing to quantitative tightening – rendering the 60/40 portfolio inadequate. Where portfolio stresses have gone ‘off-the-charts’, the new economic paradigm requires trend following strategies to navigate uncertainty owing to their directional agnosticism, liquid, adaptive, systematic and broad market coverage.
- Razvan Remsing, CFA, Director of Investment Solutions, Aspect Capital (London) represented in Australia by Colonial First State

Prep!
Read: Here be dragons

Room 2.  Your world is your “green” bond  Watch on-demand
Climate change is one of the most critical issues facing society – it brings damaging impacts for people, communities, and the natural world, as well as disrupting national economies. Climate action is critical for human progress. Investing and engaging for change, committing to tackling the climate-related risks that threaten the future of the planet is our duty or our future ain’t what it used to be! Green bonds are a $1trn market that has burst into the investment world as we all seek to build sustainable future economies. Green bonds channel investments in companies with sustainable practices, allowing investors to seize opportunities in transitioning economy. Coupled with doing good, the well-balanced and transparent universe, with compelling yield and attractive current valuations, make green bonds a meaningful long-term portfolio allocation.
- Ecaterina Bigos, CIO Core Investments Asia ex Japan, AXA Investment Managers (Hong Kong)

Room 3.  Private equity investing is critical in times of market turbulence  Watch on-demand
Private equity as an asset class is one of the longest-term strategies. Setting up a solid top-down framework, resilient to market evolutions, is key to successful private equity portfolio construction. Building a proven private equity portfolio is not about timing markets, but about identifying the best ideas within that framework - at any point in time. It should be bottom up in approach, while following the course set by the long-term strategy. Surely, one wants to be nimble within continuously evolving market conditions. Yet remaining steady and within the overall long-term objective is key to deliver the best risk-adjusted returns for private equity portfolios.
- Pauline Wetter, Principal - Private Equity, LGT Capital Partners (Zurich)

 
AEST 12.30pm - Lunch Break

 
AEST 1.10pm - Critical Issues Forum

Asset Class Outlook Roundtable: The future ain’t what it used to be!  Watch on-demand
A disciplined, scenarios-based approach to determining your views on the outlook for markets is essential to building portfolios capable of achieving client goals when the future ain’t what it used to be. In this third step of our hypothetical Investment Committee meeting, a diverse panel of asset class experts debates the implications of the three economic scenarios outlined in the Economic Scenarios Roundtable for the medium-term (three years) for asset class returns. At the end of the panel discussion, the Investment Committee (Strategies Conference 2022 delegates) votes on the likelihood of each of the three scenarios to determine which is most likely, next most likely and least likely. The outcomes are then inputs to the Asset Allocation Roundtable.
- Rob Mead, Head of Australia & Co-head of Asia-Pacific Portfolio Management, PIMCO (Sydney)
- Joseph Lai, MBBS, CFA, Principal, Portfolio Manager and CIO, Ox Capital Management (Sydney) represented in Australia by Fidante Partners
- Jacob Mitchell, Founder, CIO & Lead Portfolio Manager, Antipodes Partners (Sydney) represented in Australia by Pinnacle Investment Management
- Isaac Poole, PhD, CIMA, CIO, Oreana Financial Services (Bernie)

 
AEST 2.15pm - Critical Issues Forum

Asset Allocation Roundtable: The future ain’t what it used to be!  Watch on-demand
A disciplined, scenarios-based approach to determining your views on the outlook for markets is essential to building portfolios capable of achieving client goals when the future ain’t what it used to be. In the final step of our hypothetical Investment Committee meeting, our asset allocation consultants use the inputs from the Asset Class Outlook Roundtable to explain the asset allocation implications of each of the three Economic Scenarios, and a portfolio that blends all three scenarios using the Investment Committee’s votes on the likelihood of each scenario from the prior session. The panel will then debate how best to implement those asset allocations across sub asset classes and types of investments.
- Sébastien Page, Head of Global Multi-Asset and CIO, T. Rowe Price (Baltimore)
- Tim Farrelly, Principal, farrelly’s Investment Strategy (Sydney)
- Lydia Kav, Head of Manager Research, Perpetual Australia (Sydney)
- Jonathan Ramsay, Director, InvestSense (Sydney)
- David Wright, CEO, Zenith Investment Partners (Melbourne)

The future of multi-asset investment ain’t what it used to be
In a changing world, for a future that is anything but certain, portfolio constructors need to adapt. Asset allocation is the key to delivering investing performance, however, no single approach works perfectly. To develop the right balance requires a clear-eyed look at the many models available, various investing methodologies, and the client’s level of risk tolerance. The future ain’t what it used to be and you need a broad toolkit to adapt your portfolio construction effectively.
- Sébastien Page, Head of Global Multi-Asset and CIO, T. Rowe Price (Baltimore)

Putting it all together
We’ll first design a portfolio for each of the three Economic Scenarios and, then, a portfolio that blends all three scenarios using the Investment Committee’s votes on the likelihood of each scenario from the prior session.
- Tim Farrelly, Principal, farrelly’s Investment Strategy (Sydney)

 
AEST 3.30pm - Afternoon Break

 
AEST 3.50pm - Special Interests Forum 4 - choice of concurrent sessions:

Room 1.  Infrastructure’s inflation hedge is real, yet misunderstood  Watch on-demand
Infrastructure’s inflation hedge mechanisms are unique amongst real asset options but misunderstood by generalist investors. Investors grappling with allocation decisions for a future that ain’t what it used to be must understand how infrastructure’s unique inflation hedge characteristics protect companies and investors while allowing a tailwind of asset base growth to drive long-term total returns.
- Shane Hurst, Managing Director & Portfolio Manager, ClearBridge (Sydney)

Room 2.  Investors can achieve net-zero without giving up returns  Watch on-demand
Decarbonisation of the economy is the most important thematic of the next 30 years. The future ain’t what it used to be! The impact will be profound, upending industries in the same way that digitisation disrupted markets over the last 30 years. Investors are recognising that the carbon footprints of their portfolios often dwarf their personal carbon footprints. Traditional approaches to eliminating portfolio carbon often fall short. Carbon offsets are costly and of dubious quality. Excluding high emission companies can drive risk up, return down, and stymy engagement. Investors can achieve net-zero portfolios, however, without compromising returns or increasing risk by using a targeted short overlay of the most egregious carbon emitters. Further, these “green shorts” are a highly effective way to drive corporate change.
- David Allen, PhD, Head of Short/Long Strategies, Plato Investment Management (Sydney) represented in Australia by Pinnacle Investment Management

Room 3.  Sustainable investors need to go beyond ESG and target SDGs  Watch on-demand
Sustainable investing is booming. But today’s mainstream sustainable investing strategies aim to avoid financial risks stemming from ESG issues, rather than promoting positive societal and environmental impact. The future ain’t what it used to be! In a context of rising temperatures, collapsing biodiversity, and pressing social challenges, there is a need for sustainable investors to align their strategies with sustainable development ambitions. The Sustainable Development Goals, adopted by the United Nations, provide a valuable blueprint for creating sustainable investing strategies that invest in companies that contribute to a better world.
- Jan Anton van Zanten, PhD, SDG Strategist, Robeco (Rotterdam)

 
AEST 4.30pm - On the move

 
AEST 4.50pm - Critical Issues Forum

Portfolio construction strategies ain’t what they used to be!  Watch on-demand
With rising global anxiety and shifting geopolitical, economic, environmental, and social bedrocks, portfolio construction requires precarious navigation in an ever-changing world. When doing nothing is not an option, how do you avoid curveballs coming at you from all directions? Without a straight path ahead, every investment or allocation needs to be viewed from the bottom up to understand its trendline and the wider dynamics. Only when we adapt our skillsets and reframe our perspectives can we understand why things are happening and capture upcoming opportunities.
- Tassos Stassopoulos, Managing Partner & CIO, Trinetra Investment Management (London)

 
AEST 5.30pm - Strategies Conference 2022 ends

Followed by Networking Drinks in the live studio, ending 6.30pm