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‘Another opinion doesn’t hurt’, but activist short sellers still get a bad rap

More damage is done by consensus longs than short reports that shake company valuations according to Perpetual’s Anthony Aboud, who argues that investors stuck in underperforming stocks would have preferred a second opinion when they bought it.

Lachlan Maddock | 31st May 2023 | More
How fundies deal with scale (and ‘rockstar’ managers)

Scale is a double-edged sword but fund managers with the right model can make it work. And while other super funds are internalising as fast as they can, Aware Super will never completely abandon outsourced management.

Lachlan Maddock | 26th May 2023 | More
  • New problems for choice products in next YFYS test

    The Your Future, Your Super performance test will have a tough time weeding out underperforming trustee-directed products when they’re already closed, according to Chant West, while many of those housed on platforms could fail because of their unique fee structures.

    Lachlan Maddock | 19th May 2023 | More
    Why the active opportunity set is ‘richer than it has been in years’ (and what to do about it)

    Active management might be back in a big way but asset managers need to make sure they’re getting what they pay for: skill, not luck. Figuring out manager style and factor biases is key.

    Lachlan Maddock | 19th May 2023 | More
  • ‘Valuation matters again’: Growth after ‘growth’

    Growth is not a dirty word, but it didn’t cover itself in glory through the market upheaval of 2022. Managers now find themselves in a paradigm where what they pay is important again.

    Staff Writer | 19th May 2023 | More
    Asset allocators back active equities after market meltdown

    Institutional investors have come crawling back to equities, according to bfinance, while high growth managers have led the rebound in an “abrupt style reversal”. But hopes for a meaningful market rebound could be misplaced.

    Lachlan Maddock | 18th May 2023 | More
    ‘A weird disaster’: Markets in for more churn as Fed frets inflation

    The market is betting that the Fed will tame inflation without blowing up the global economy. The Fed itself isn’t so sure, but Brandywine Global believes it’s approaching the problem from the wrong end.

    Lachlan Maddock | 12th May 2023 | More
    ‘Moving fast and moving first’ on decarbonisation in emerging markets

    Emerging markets are no longer the backwaters of the global economy, but their corporate debt is a multi-trillion-dollar market that’s gone almost untapped by institutional investors.

    Staff Writer | 10th May 2023 | More
    60/40 alive and well, but don’t stop diversifying there

    60/40 isn’t dead, but that doesn’t mean that investors shouldn’t be searching high and low for diversification. Despite what Harry Markowitz once said, it won’t necessarily come cheap.

    Lachlan Maddock | 1st May 2023 | More
  • Illiquid assets top fund performance driver in tough 2022

    Private markets were the main driver of superannuation fund performance for 2022, according to Frontier, but only a few of this year’s top 10 funds feature in the league tables over the last decade. And the YFYS test is still creating anomalous outcomes.

    Lachlan Maddock | 26th Apr 2023 | More
    Alts in, 60/40 out after the ‘Great Moderation’: BlackRock

    A BlackRock survey of institutional investors has found the growing appetite for private markets is dampened only by liquidity concerns. Meanwhile, its strategists warn that the efficacy of the classic 60/40 portfolio is waning.

    Lachlan Maddock | 21st Apr 2023 | More
    Marks frets banks, real estate after SVB collapse

    The meltdown of Silicon Valley Bank is “an early step” towards a more rational market environment, according to Howard Marks, but new problems might arise from bank exposure to commercial real estate.

    Lachlan Maddock | 21st Apr 2023 | More
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