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‘You never want to accept how bad it is’: AustralianSuper’s unlisted property problem

AustralianSuper CIO Mark Delaney believes the fund is harder on internal teams than external managers, but says that its unlisted property experience has been “the worst of all worlds”.

Lachlan Maddock | 25th May 2023 | More
Value’s waking nightmare ends

Market conditions have shifted dramatically in recent months. But while growth strategies have suffered significant pain, value investors are finally proving their bona fides.

Lachlan Maddock | 22nd Jun 2022 | More
Extreme weather, persistent inflation: ‘peak fear’ is here

Wildly anomalous times are giving rise to a new inflationary paradigm, and Lazard’s Ron Temple has climate change, mitigation risk, and equity duration on his mind.

Lachlan Maddock | 1st Jun 2022 | More
  • Morningstar’s wake-up call for theme-dreamers

    Global research house, Morningstar, has prepped investors for disappointment amid a boom in thematic funds. In a new report on the sector, the researcher notes that while thematic funds have experienced record growth in recent years as well as outperformance, history suggests the good times won’t last for long. “Over the past 15 years, more…

    David Chaplin | 20th Apr 2022 | More
    Listed managers down but not out

    Many listed managers have been dragged back to earth in the recent spate of market volatility, but Morningstar believes some of the strongest names are oversold – and that they’ll soon mount a recovery. It’s the classic path from (somewhat) overhyped to (heavily) oversold. The share price of Magellan has fallen some 74 per cent…

    Lachlan Maddock | 23rd Mar 2022 | More
    Rest hands ESG mandate to Calvert, Parametric

    The $60 billion industry fund has appointed Calvert and Parametric to implement sustainable screens across its real assets portfolio. Rest has awarded an enhanced ESG mandate to Parametric and Calvert to provider further diversification to its Sustainable Growth ethical investment option. The mandate will see Rest implement ethical and sustainable screens and tilts across its…

    Staff Writer | 12th Feb 2022 | More
  • Douglass departure has silver lining

    Magellan’s funds are unlikely to survive the departure unscathed, but commentators seem to believe the business will be better for the long-term. There seemed to be little sign that Hamish Douglass was in distress last week. He happily talked his book at a Morningstar conference as a horde of retail investors grew increasingly frustrated on…

    Lachlan Maddock | 9th Feb 2022 | More
    Hamish Douglass is hoping for rain

    An ugly situation in markets could be just the thing Hamish Douglass needs to reverse the fortunes of Magellan. But there’s no telling what will happen when it arrives. Hamish Douglass is hoping for rain – or really, the whole storm. He can’t guarantee that Magellan’s flagship global equities fund will do better in one,…

    Lachlan Maddock | 3rd Feb 2022 | More
  • ‘Not a colossal train wreck’, but bubble warnings abound

    As investors speculate on whether the bubble will pop or already has, there’s fewer and fewer safe havens to be found. But it’s worth remembering that it’s not necessarily the end of the world. Yes, the bubble is going to pop, has popped, or is popping. Investors are either about to feel the pain or…

    Lachlan Maddock | 3rd Feb 2022 | More
    Proxy advice reforms savage investor outcomes: Morningstar

    Josh Frydenberg’s unilateral changes to proxy advice regulation look increasingly unjustifiable. The question that remains is why they were forced through in the first place. The changes, rammed through in late 2021 using regulations powers, will make it nearly impossible for the Australian Council of Superannuation Investors (ACSI) to operate with a requirement that it…

    Lachlan Maddock | 14th Jan 2022 | More