Category Archive: Risk

Aug 17

Look for the Signal amongst the Noise

Background When disappointing performance occurs, alarm bells will typically ring in the minds of investors, advisers, asset consultants and perhaps the managers themselves. Investing has only ever been a long game but thanks to the internet, the 24-hour news cycle, social media, etc. etc., it appears that success is expected to occur quickly and this …

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May 30

The influence of equities on multi-asset strategies…both less and more than you think

Background Over recent years many commentators and experts have spoken of the significant risks superannuation funds are carrying with respect exposure to Australian equities. Most notable were comments a few years ago from David Murray, former Chairman of the Future Fund, and Ken Henry, former Federal Treasurer, who both said they had concerns that Australian superannuation funds …

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Mar 30

Australian Equities Market from a Global Equities Perspective…quant- style

It’s well known that the Australian equity market is only around 2% of Global equity markets. When we have allocations that overweight the Australian equities asset class compared to the Global equities asset class in our portfolios, it is typically justified due to the benefits of franking credits, higher dividends, and perhaps familiarity. The primary risks associated with …

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Sep 27

Bill Gross leaves PIMCO…might lead to a downgrade or two

Irrespective of the quality of the rest of the firm, and there is a lot of quality, with the departure of Mohammed El Erian at the start of the year and now Bill Gross, it doesn’t take much to guess there may be a little destabilisation at the PIMCO offices for a while. Whilst Bill …

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Aug 22

Low Beta Anomaly…mispricing or risk?…(a little technical)

At the Portfolio Construction Conference 2014 I had the good fortune of being on stage to discuss Ryan Taliaferro’s presentation on the Low Beta Anomaly. Now I know I’ve opened up with a lot of jargon, so in plain english…the low beta anomaly  more or less says, shares that exhibit low levels of price volatility, on …

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