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Super’s hidden merger problem – and some ideas to fix it

APRA’s “utopian ambition” for organic super fund consolidation might not be realised, leaving a long tail of small funds. More drastic measures could be needed.

Lachlan Maddock | 15th Mar 2023 | More
Private markets deal with the ‘fear effect’

Private market managers aren’t entirely insulated against falls in the public markets, which have resulted in diminished fundraising activity. But private assets aren’t going to stop outperforming anytime soon.

Lachlan Maddock | 10th Mar 2023 | More
  • If you’re looking for diversification in PE, keep looking

    Institutional investors using private equity for diversification are just “doubling up on their main bet”, according to Capital Fund Management, and true diversification will only come through strategies that have fallen out of favour in the last decade.

    Lachlan Maddock | 8th Mar 2023 | More
    ‘Everybody’s waiting for the other shoe to drop’ on private valuations

    There’s fairly wide disagreement about what private market outperformance will look like in the future, and investors are sweating the amount of money pouring into the asset class. At least the question of valuation is less frenzied than six months ago.

    Lachlan Maddock | 3rd Mar 2023 | More
  • ‘All the game is in the few’: Why (most) stocks don’t outperform T-Bills

    There’s “ammunition for both sides” of the active/passive debate in research that shows just 2.39 per cent of stocks outperform Treasury Bills. But active managers will be buoyed by findings that fundamentals probably do matter.

    Lachlan Maddock | 1st Mar 2023 | More
    ‘Harm is part of investing’: Portfolios are robust, not resilient

    Investors say they want to build resilient portfolios but all they’re doing is making them robust. And that’s not enough to come back better from a downturn.

    Lachlan Maddock | 1st Mar 2023 | More
    Coalition finds its footing in the super wars

    The Coalition wants to take the upper hand in the often emotional superannuation wars. Nation building and the new objective of super give it the perfect opportunity.

    Lachlan Maddock | 24th Feb 2023 | More
    ‘Your entire philosophy is self-survival’: Three ways forward for investors

    ASFA’s 2023 conference began with a pessimistic but realistic view of what investors can expect. They either need to build more resilient portfolios, trade more or “nail their colours to the mast and sail”.

    Lachlan Maddock | 22nd Feb 2023 | More
    ‘Lots of debate and gnashing of teeth’ awaits super’s objective

    If the Albanese Government gets its way, superannuation will finally have a true objective. But actually legislating it will mean navigating a semantic minefield.

    Lachlan Maddock | 22nd Feb 2023 | More
  • A new investment order, but don’t throw the baby out with the bathwater

    It’s too soon to call the death of traditional portfolio construction even as an apparent new investment paradigm makes it more challenged. Investors should instead stay ‘humble students of the market’.

    Lachlan Maddock | 17th Feb 2023 | More
    2022 a sign of things to come for funds

    Global pension assets fell sharply in 2022, but the “global polycrisis” that caused the chaos is unlikely to be a one-off, according to the Thinking Ahead Institute.

    Staff Writer | 17th Feb 2023 | More
    Time for a chief liquidity officer: PGIM

    Most asset allocators and institutional investors have a chief risk officer to manage investment volatility – but liquidity poses the greater risk, according to PGIM, and few institutions have a role for managing it.

    Lachlan Maddock | 15th Feb 2023 | More