Carbon Scorecard for Global Equity Portfolios

Key Insights UN PRI and UN SDGs provide strong encouragement and a defined framework for investors to assess impacts of their investment decisions including carbon emissions and its impact on climate. Australia has the highest per capita greenhouse gas emissions in the OECD (26...
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Global Real Estate Investment Trusts

Key Insights Overall there has been modest allocations towards Global Real Estate Investment Trusts (GREITs) by Australian investors and super-funds. Exposure to listed REITS trails unlisted real estate. Lower interest rate environment post GFC has provided a nice tailwind behind...
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Growth Assets Outperform While Weak AUD Boosts Unhedged Asset Returns

Key Insights Growth assets such as equities and real estate have outperformed defensives and alternative investments during the 2018FY. Weak AUD, relative to most peers, have boosted offshore unhedged assets’ returns. Defensive assets have been more volatile than expected...
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Global Small Caps provide a rich source of idiosyncratic growth for global equity portfolios

Despite the high certainty of global small caps out-performing global large caps (aka the ‘small cap effect’) over the long term, Australian institutional and wholesale investors have been reluctant to allocate equity capital outside the global large caps and global emerging...
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Growth, Quality and Momentum factors drive world equity market returns

Global Equity – Developed Markets. Growth momentum and quality factor premiums highly persistent over 3, 6 and 12 months Value factors underperform, led by dividend yield and earnings yield Medium-term Momentum recorded the highest positive premium globally over the...
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Global Listed Infrastructure: Active Strategies to offer better downside protection going forward

Global listed infrastructure investors have earned very healthy returns over the past decade. Despite increasing allocations in the past decade, the asset class is still under owned by many Superannuation funds. Strong secular returns have been underpinned by earnings and...
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Do active managers in Emerging Markets add Value?

Key points Emerging Markets (EM) have been outperforming Developed Markets (DM) and this trend is likely to continue given the fundamental backdrop. Factor premiums across EM have been very strong and broad-based. Intra-market correlations between EM countries have dropped,...
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Realised factor premiums much stronger in Emerging markets

Global Developed markets experienced notable reversals in factor premiums since December 2016. So far in 2017, Value style factors recorded negative premiums while Growth and Momentum style factors delivered positive premiums. The YTD factor premium experience is contrary to...
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How are the Australian Super Funds investing their capital?

Using Q2 2017 data from APRA, we took a fresh look at how Australian superannuation funds have invested their capital over the past 4 years. At 30 June 2017, total assets of Australian superannuation industry grew by $211 billion (10%) to $2,324 billion compared to June 2016....
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How to reduce fund selling, hiring and firing mistakes by using factor insights?

by Jay Kumar, September 2017. In a crowded market of active management, investors need to focus on unique drivers of alpha and assess their sustainability through a complete investment cycle. The recent proliferation of passive ETFs, fundamental-indexing and factor-tilting...
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