Investors have traditionally seen the largest 20 companies in the S&P/ASX 200 Index as the Australian champions that should form the backbone of an investment portfolio.

These names have become a staple for many investors if only because we don’t see a lot of rotation among them, even over relatively long periods of time. These companies have historically been banks, telcos, and even media conglomerates that sat at the centre of Australia’s news and entertainment industry.

In the Australian investing mindset, these companies are associated with industry leadership, proven business models, and high dividends. They are valued for the strength of their market position and the fact that they have been a feature of the corporate landscape for decades. Often, the longer investors hold these shares, the more reluctant they are to sell them.

However, given the market turmoil in the wake of COVID-19, investors are starting to ask themselves if they have become too reliant on these names. With companies forced to cut, delay, and even cancel dividends, the traditional view of blue-chip investing is starting to change.

Today, newcomers like Australian Healthcare giant CSL, major supermarkets in Woolworths and Coles, key Consumer Discretionary player Wesfarmers, and not to mention BHP are playing greater prominence within a balanced portfolio. While the banks still feature heavily, their dominance has dwindled post the GFC as regulation and lower interest rates limit their growth opportunities.

The role of large-cap shares in your portfolio

In Lonsec’s view, there is an important role for large-cap shares within a diversified portfolio. However, focusing too heavily on a handful of large companies and expecting them to do the heavy lifting can result in poor performance and likely will not be serving the investor’s needs and objectives.

The COVID-19 crisis has no doubt exposed a number of investors who believed they could rely on a company’s size and track record without considering their sources of risk or how exposed they were to certain sectors.

Diversification is critical when constructing a portfolio. This means having suitable exposures to different sectors, company sizes, and geographic regions. It also means understanding how your portfolio is positioned to manage various risks and opportunities as they emerge.

Heading into 2020, Lonsec’s portfolios were defensively positioned, with overweight exposures to the Health Care and Consumer Staples sectors. Following changes made in March, we increased our defensive exposure with companies we considered had a higher degree of earnings certainty, strong balance sheets, and a margin of safety that would help withstand the cashflow crunch.

At the other end of spectrum, the outlook for the Financials, Energy, and Consumer Discretionary sectors remains challenging, and Lonsec has remained underweight these sectors. Some companies like JB Hi-Fi and Harvey Norman reported surprisingly strong sales numbers, likely due to a switching of discretionary spend from food and leisure due to families being in ‘lockdown’, as such this is likely to be a short-term spike.

As short-term stimulus measures come to an end, these sectors may come under increasing pressure, and stock selection within these sectors will become critical.

Banking on the banks is not always wise

In terms of the banks, it’s very difficult to be positive. The Financials sector fell 20% over the first half of 2020, and while the banks are still generating a return on equity, the days of shareholders enjoying ROEs of around 15% are likely a thing of the past. Regulators have been working with the banks to help absorb the shock, but valuations remain low.

The key headwinds are the ultra-low interest rate environment, which has eaten into lending margins, and whilst mortgage deferrals have the potential to increase bank earnings (by inadvertently increasing their mortgage books), although the risk is that these actually turn into impairments. The banks may need monitor dividends or raise capital should this eventuate.

While ANZ and WBC looked to suspend their interim dividends, NAB cut their dividend by more than 50%, but sought to raise $3.5 billion from shareholders, which has been highly dilutive. Given APRA’s written guidance to the banks that they should be limiting discretionary dividend payments, boards are likely to be conservative with payout ratios until there’s further clarity. While the full impact is difficult to gauge at this time, the bottom line is that we should not expect the sort of dividends we have seen in the past, at least for the foreseeable future.

The effects of COVID-19 on the market has prompted investors to reconsider their understanding of blue-chip investing and the strategies that rely heavily on them. For many investors, expanding their horizon has helped put things in perspective. Asian markets are a good example of how dynamic things can be even at the high end of the market cap, which has seen the rise of different blue chips compared to Australia.

Asia certainly is showing strong growth in the tech sector, but the market is also benefiting from the rise of the middle class. When you look at the Financials and Consumer Discretionary sectors there, they have a higher EPS growth trajectory compared to Australia, simply because of those demographic factors that are driving earnings.

Looking further afield can also help investors identify a wider set of opportunities, even during the COVID-19 pandemic. Suddenly we’re working online, and many have been surprised at how seamlessly this happened. This has been facilitated by the rise in a host of digital services, which have allowed consumers and businesses to continue operating even during lockdown.

In Asia, the so-called fourth industrial revolution—new developments in automation, AI, and machine learning—combined with the demographic headwinds, is creating a lot of new growth potential. These could become the new blue-chip shares of the future, if they aren’t already. Alibaba and Baidu are prime examples of this. If Australian investors want to benefit from the growth in these companies, they need to expand their definition of blue-chip.

Including international blue chips in your portfolio is an important way of diversifying your risk and gaining exposure to different sources of growth. There are a range of products that help investors target these sectors, but the key is how these products are used within a broader risk-managed portfolio. Taking an active approach to managing these exposures is also key, especially given market dynamics can change incredibly quickly in the current environment.

Blue-chip shares have served Australians well, but the days of using the likes of BHP or Telstra to form the nucleus of an Australia-centric portfolio are over. If investors want to capture the new growth opportunities in world driven by technological change, while avoiding the potential dividend trap of traditional blue-chip shares, it’s time to start thinking differently.

The COVID-19 crisis is a living example of how an extraneous shock to economies can result in a rapid change in market dynamics and swings in sentiment as investors struggle to parse a constant flow of incoming news and data.

In this environment, the investors need two things to weather the storm: firstly, the discipline to stick to their long-term investment strategy, and secondly, the ability to quickly implement tactical changes to their portfolio to manage risk and take advantage of opportunities as they appear.

The value of timely implementation can have a very material impact on the performance of your portfolio even in relatively normal market conditions. During periods of market stress, timeliness becomes essential to protecting wealth, taking advantage of value in certain companies or sectors, and benefiting from the recovery when it happens. In this market, failure to implement changes quickly can even be fatal to your long-term strategy.

To be clear, timeliness does not mean timing the market. There is a big difference between trying to pick the top or bottom of a market cycle and being able to implement tactical changes quickly. Given the uncertainty that investors face, especially in periods of heightened volatility, timing the market is usually a losing game.

However, once you have identified a risk or opportunity in the market, the faster you can adjust your portfolio, the more value you can extract from your tactical views before market conditions change. As COVID-19 has taught us, things can change very, very fast.

The true cost of delayed implementation

Timely portfolio implementation is more than just an academic exercise. It can have a very real impact on the long-term value of your investment.

This can be demonstrated by taking a look at some key portfolio changes that Lonsec Investment Solutions has made to its Core SMA and comparing the effect of immediate versus delayed implementation. To get a meaningful comparison, we need to look at the difference in performance over at least one year.

As an illustration, in April 2019 we decided to remove Computershare (CPU) – an IT sector share – from our Core SMA and add Aristocrat Leisure (ALL) – a Consumer Discretionary sector share. Our view was that CPU had performed strongly over the past two years, but that a lack of organic growth across some of its divisions meant it was time to take profit. Similarly, ALL was attractive due to the growth in its digital revenue, driven by recent acquisitions, and we believed this would continue.

The charts below show the performance of each share over the subsequent year and the cost of delaying implementation, measured by the excess return forgone as a result of delay.

CPU and ALL performance over 12 months

Both ALL and CPU took a big hit in March 2020 due to COVID-19, but ALL’s growth over the preceding period, compared to CPU’s flat trajectory, meant the portfolio change ultimately resulted in significantly better performance.

What would have happened if we delayed this implementation?

Effect of delayed implementation on Core SMA returns
Return since portfolio change 17 April 2019

As the above chart shows, delaying implementation by one month would have meant losing out on 4.8% in excess returns (the difference between ALL’s and CPU’s performance). However, moving this out to a two-month delay sees a vast increase in the cost to investors, namely 26.9% in missed excess return. Wait six months, and this rises even more to 32.7%.

Once an opportunity in the market has been identified, it needs to be taken advantage of immediately for the investor to benefit from it. If portfolio changes are made to reduce risks, then the investor can not only miss out on the upside but may end up taking a harder hit to their portfolio that could have ramifications for long-term performance.

Using managed accounts to facilitate rapid implementation

Over the past three months, Lonsec has made a number of changes to its suite of managed portfolios and SMAs, ranging from asset allocation adjustments through to individual fund manager and stock changes. These changes have been made to further diversify the portfolios, manage risk, and take advantage of investment opportunities where there has been significant dislocation in markets and value has been identified.

In such an environment, the ability to implement in a timely manner has been important as market dynamics have shifted quickly.

The managed account structure has facilitated the efficient implementation of these changes. In practice, the process of making an investment decision – from the time the investment committee meets, to the implementation of the changes, through to the communication of these changes to advisers and end-investors – takes around two days.

Compare this to the conventional process: an investment decision, the adviser produces a Statement of Advice (SOA) that’s sent to the client, the client confirms the changes, and then the adviser implements the changes to the client’s portfolio, but only after they’re done making changes to other portfolios.

For those running their own portfolio through an SMSF, the challenge is in identifying opportunities and risks, identifying the necessary changes, and then implementing them quickly. For this process to work smoothly, the investor needs to be continually monitoring the markets and the portfolio’s position while taking an active role in managing exposures.

Unfortunately, neither scenario is ideal for investors or advisers who are time poor or lack the capability to actively manage their investments efficiently. Right now, advisers need to focus on running their business and helping clients through a period where many require more guidance than usual across a range of issues, from early access to super, business cash flow advice, government payments, and negotiating with the Australian Taxation Office. Likewise, individual investors might lack an understanding of how to align or tailor their portfolio to their financial objectives and needs.

A key benefit of managed accounts is the efficiency they offer and the ability to implement high quality, active investment strategies quickly. A large component of this efficiency relates to the fact that once someone is invested within a separately managed account (SMA) structure there is no requirement for the financial adviser to issue a Record of Advice (RoA) when portfolio changes are made.

For the average advice firm with an average book size, this represents a serious advantage. Advisers can be high-energy individuals but contacting 80 clients every time a change is made to the portfolio is a tall order. Not only is it inefficient, but by the time the adviser is part way through the process of implementing the changes and notifying clients, market dynamics have changed, and previously identified investment opportunities have faded away.

Changes made to managed and SMA portfolios are instructed to all relevant platforms usually within two days after an investment committee has recommended a change. This means that investors can be aligned to the recommended portfolio structure almost immediately, allowing them to capture the full benefits of portfolio changes.

The advantage this provides for financial advisers and end investors goes beyond saving time and making the process of portfolio implementation more efficient. As demonstrated, delays in implementation can cost investors, and in the long run can have a significant impact on investment performance and outcomes.

Macro issues always play a key role in investment decisions, but it’s fair to say that globalisation was always considered a fixture within most investing frameworks, rather than an assumption that was up for debate. Open markets, freely flowing capital, and the free movement of people were the established norms of the global economic system. Consumers and businesses benefited in the form of lower production costs, lower prices, larger markets, and greater choice.

In the COVID-19 world, these assumptions are being challenged. While we’re unlikely to see a total rejection of globalisation and a complete closing of national economies, what we have already seen is a reassessment of supply chains and some early efforts at diversifying production and logistics. Where the conversation goes from here is something we will all have to watch, but the long-term implications for prices, business models, and investment portfolios could be significant.

At Lonsec’s latest investment committee meeting, we discussed the ongoing rhetoric around supply chain risks and the desire for governments and companies to become less reliant on China. The dwindling manufacturing base in countries like Australia and the United States have been topics of strategic discussion for a long time. As we know, when the manufacturing goes, it’s very hard to bring it back without something extraordinary happening. Whether COVID-19 is extraordinary enough to make politicians and businesses take real action remains to be seen.

We don’t believe globalisation is coming to an end. However, we do believe the COVID-19 crisis has sparked a serious conversation about the risks of becoming overly dependent on a particular country, manufacturer or market. Some companies are already looking at how they can diversify their supply chains, whether that means bringing those onshore or looking at regions outside China. Depending on how far this process goes, we could be facing some significant structural change in coming years.

One issue this raises is inflation. One thing globalisation has delivered is lower costs of production and lower prices for consumers, which has been the driving force behind its spread. If we start walking back globalisation, there will be benefits in the form of lower supply chain risk, but there will also be the reality of higher costs. We don’t consider this to be an immediate risk, but if this pushback against globalisation were to continue over a number of years, inflation may pick up across the board.

Of course, inflation isn’t something a lot of people are talking about right now. The immediate risk in this environment is the collapse in GDP due to lockdown measures and travel restrictions. Even as the global economy bounces back, we don’t expect inflation to be a problem for investors in the short term. However, over the long term, these structural changes could have a big impact, and this is an area we’re keenly watching. The outcome of the US presidential election will be critical to shaping the conversation, and understanding how these issues will play out and their impact on different asset classes is key.

Even while we grapple with the short-term challenge of the COVID-19 crisis, it is critical that investment committees continue to analyse the long-term macro implications that could follow. These trends feed into our long-term market assumptions, help us determine our strategic asset ranges, and ultimately impact our long-term performance. Even if you consider these issues to be academic now, they likely won’t be down the track, and your portfolio will need to play catchup.

This is where having the right expertise on your investment committee is key. Lonsec’s committees comprise a wide range of experts, from sector specialists to portfolio construction professionals to macro-economists. Without a top-down perspective to inform your investment decisions, you may find the short-term opportunities but miss the big trends that have a real impact on your portfolio’s performance in the long-run.

The power of an investment committee comes from its ability to draw on a wide range of views and expertise. Not everyone has to agree—in fact, disagreement is a sign that you’re doing things right. Different perspectives can create a more robust thesis on which to base your strategic asset views. When it comes to the future of globalisation, no one is going to have all the answers, but chances are that someone else will see something that you’re missing.

 

 

SuperRatings Executive Director Kirby Rappell shares the latest performance results for superannuation funds and the future outlook for the industry.

Members should be prepared for more ups and downs. However, a patient approach has paid off for members over the long term with the median balanced style fund returning 7.0% per annum since the introduction of superannuation in 1992.

 

 

 


Any advice that SuperRatings provides is of a general nature and does not take into account an individual’s financial situation, objectives or needs. Because the information that SuperRatings receives about superannuation and pension financial products is from a number of sources, it is not guaranteed to be completely accurate. Because of this, individuals should, before acting on the information, consider its appropriateness having regard to their own financial objectives, situation and needs and if appropriate, obtain personal financial advice on the matter from a financial adviser. Before making a decision regarding any financial product, individuals should obtain and consider a copy of the relevant Product Disclosure Statement from the financial product issue.

The live webinar was held on Wednesday at 10 AM AEST, 1st July, 2020

Overview

We were blown away by the response to the Lonsec Webinar Series, which saw over 3,000 people attend across five webinars. Unfortunately, given the range of topics and limited time available, we weren’t able to get to everyone’s questions. So for this webinar, we opened it up to the floor. Join our portfolio construction experts in an exciting panel discussion.

Moderator: Brook Sweeney, Senior Investment Consultant

Panel:

• Lukasz de Pourbaix – Chief Investment Officer
• Veronica Klaus – Head of Investment Consulting
• Dan Moradi – Portfolio Manager, Listed Products
• Deanne Baker – Portfolio Manager, Multi-Assets

 

If you attended our live webinar, please note that further instruction on how to receive the CPD Points will be delivered to your inbox in the next 5-10 business days. Whilst we aim to ensure every attendee receives CPD Points, it is within the guidelines provided that you are required to attend the full duration of the live webinar to receive your CE accreditation. Our technology platform collects data that reflects the duration and your full engagement during the live session.

 


The content, presentations and discussion topics covered during this event are intended for licensed financial advisers and institutional clients only and are not intended for use by retail clients. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the information presented.
Except for any liability which cannot be excluded, Lonsec, its directors, officers, employees and agents disclaim all liability for any error or inaccuracy in, misstatement or omission from, these presentations or any loss or damage suffered by the attendee or any other person as a consequence of relying upon the information presented.

This information is provided by Lonsec Investment Solutions as a corporate authorised representative of Lonsec Research Pty Ltd who hold an AFSL number 421445. This is general advice, which doesn’t consider your personal circumstances. Consider these and always read the product disclosure statement or seek professional advice prior to making any decision about a financial product. You can access a copy of our financial services guide at lonsec.com.au

This video is provided by Lonsec Investment Solutions Pty Ltd ACN 608 837 583, a Corporate Authorised Representative (CAR 1236821) (LIS) of Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). LIS creates the model portfolios it distributes using the investment research provided by Lonsec Research but LIS has not had any involvement in the investment research process for Lonsec Research. LIS and Lonsec Research are owned by Lonsec Holdings Pty Ltd ACN 151 235 406. Past performance is not a reliable indicator of future performance. This is general advice, which doesn’t consider your personal circumstances. Consider these and always read the product disclosure statement or seek professional advice prior to making any decision about a financial product. While care has been taken to prepare the content of this video, LIS makes no representation or warranty to the accuracy or completeness of the information presented, which is drawn from public information not verified by LIS. The information contained in this video is current as at the date of publication. Copyright © 2020 Lonsec Investment Solutions Pty Ltd ACN 608 837 583

There are plenty of fund managers who claim environmental, social and governance (ESG) credentials, but how many of them are actually the real deal?

When clients approach advisers looking to specifically invest in ESG, the problem has been distilling the true-to-label ESG players from those which only tick some of the boxes. Unfortunately, the objectives of investors are not necessarily identical to those of the fund managers.

There have always been ‘pretenders’ in the mix when it comes to ESG managers, but part of the issue is that mum and dad investors view ESG very differently to professional fund managers.

Confusion partly arises due to the different approaches to ESG, and this is where a gap in understanding arises. Often, when institutional fund managers discuss ESG, they are talking about a different thing to what regular investors might have in mind they think about how environmental, social and governance factors are incorporated into a portfolio.

Generally, when funds talk about ESG, they are looking at it through an investment prism – i.e. what will the ESG risk do to the value of a particular company?

However, when the mum and dads are looking at this, they are concerned about the ESG risks as they pertain to them, and what these mean for their community, planet and grandchildren. The bottom line is that the perspective the institutional fund managers and the mum and dad investors have may be quite different, and part of the adviser’s job is to work through this discrepancy and ensure their clients are investing in products that meet their expectations.

In order to do this, advisers and their clients need to understand the underlying investments of individual products and be able to make assessments and comparisons based on objective criteria. This is why Lonsec has been working with advisers to develop a new suite of research that is designed to give advisers and end investors the ability to identify investments that align with an investor’s values.

Under the new regime, all funds covered by Lonsec are issued with a sustainability score, which reflects the underlying investments of individual products and their compatibility with the United Nation’s 17 Sustainable Development Goals (SDGs). The research is provided in partnership with Sustainable Platform, a leading provider of sustainability data for investment managers and institutions.

There is growing awareness among investors of the importance of considering sustainability issues when constructing a portfolio. Advisers are now typically confronted with the question: ‘What am I really invested in?’ It’s essential that advisers are in a position to not only answer this question, but to create a portfolio that is truly aligned to their client’s preferences.

Under Lonsec’s new approach, a Sustainability Report is issued for each fund that undergoes assessment – a two-page document detailing the relative success of the fund in supporting the SDGs, together with any exposure to the 10 controversial industries. The Lonsec Sustainability Score reflects the net impact of these measures, which is peer ranked and results in a score of between one and five bees.

There are certainly a lot of traditional fund managers who have very good ESG processes, and they do understand the risks. However, if they feel the market is compensating investors sufficiently for these risks, they’ll take them. This is because they’re thinking about it in terms of the future value of a firm, but they’re not necessarily thinking about the risk to the future of the planet.

So there are certainly companies and funds that will be assessed very strongly by Lonsec as ESG managers because they do the work, understand the risks, and engage with companies, but that doesn’t mean that their portfolios will align with what investors are looking for.

Hence the need for a new way of assessing sustainability. This new approach is crucial in order to determine what is really going on behind the ‘sustainable’ and ‘ESG’ labels. That is what Lonsec has tried to do – we’ve tried to separate the way ESG is implemented and how fund managers think about it in terms of the investing process from what clients expect and care about.

This means looking beyond the marketing stories that managers are trying to tell. Instead, we need to assess portfolios based not only on what a particular company is, but what it makes (i.e. its products and services) and how are they used.

By mapping these activities to the SDGs and controversial industries, and distilling this into a single score, we hope to give advisers the tools and information they need to make investment decisions that genuinely align with their clients’ values. We also wanted to present this information in a way that allows advisers to clearly demonstrate how their investment selection is helping them contribute to a better world.

ESG is not a redundant process – far from it. If investors understand what ESG products are trying to achieve and how they work, then they may find these products valuable. However, we need to enable advisers to have these conversations with clients and fund managers so that investors can make informed decisions. That’s a goal we hope everyone can support.

Markets didn’t blink in May continuing their upward trajectory buoyed by accommodative policy settings for risk assets. Many investors have been left scratching their heads given the poor economic outlook and increased geopolitical tensions, coupled with civil unrest in the US. However, what it does tell us is that markets like liquidity. This is not a new play book, as markets have been supported by accommodative central bank policy since the global financial crisis in 2008 – we are simply seeing it applied much faster and on a more unprecedented scale than before. Looking at fundamentals remains important in analysing markets, however understanding money supply is also essential.

In our most recent asset allocation committee meeting we did not make any changes to the existing asset allocation settings. The previous move to neutralise our slightly underweight exposure to equities has benefited the portfolios as equity markets have continued to rise on the view that COVID-19 cases have peaked across many key economic regions, and that economies will begin reopening for business. At the same, time further fiscal stimulus packages have been announced within Europe as well as China, which the market has reacted to favourably.

In March and April, we saw our valuation signals go ‘green’ for most risk assets as asset prices fell. Since then we have seen valuation opportunities within equities as share markets reduce, most notably in the US, where shares have recovered since their trough in March. Our valuation model indicates that most asset classes are trading at fair value, with the exception of government bonds, which continue to look expensive, and A-REITs, which look attractive on a relative basis.

Liquidity and policy remain favourable as central banks and governments continue to prop up economies via monetary and fiscal policy measures. Cyclical indicators remain weak, with most economic indicators such as unemployment figures and PMIs continuing to show weakness. Finally, risk indicators such as the VIX and MOVE indices continue to trend down. Indeed the MOVE index, which measures implied volatility within bond markets, is back at pre COVID-19 levels.

While markets have shown strength, risks remain. The impact of COVID-19 on company earnings remains unclear at this stage. The market has been pricing in negative news, meaning any news regarding company earnings that is worse than expected will likely adversely impact markets. Geopolitical risks, while ever present, are in the spotlight again. Tensions between the US and China are elevated, and the path forward is unclear. This is against the backdrop of the upcoming US election in November and recent civil unrest within the US.

Despite the rebound in markets we believe portfolio diversification remains important. Having some defensive assets in portfolios remains warranted as we get a better picture of the impact of COVID-19 on company earnings. While we have neutralised our exposure to risk assets from a slightly underweight exposure, we have been further diversifying our portfolios from a bottom-up perspective both from a source of return and risk perspective.

Markets are up so why is economic news still negative?

2020 has been a rollercoaster ride. In the first half of the year we had bush fires, a pandemic, social distancing, borders closing, job loses, and some business models decimated while others experienced tremendous growth. We’ve witnessed civil unrest in the US and geopolitical tensions between the West and China intensifying. In March, financial markets experienced one of the fastest pullbacks on record, but we’ve just seen an incredible rebound. There seems to be a disconnect between economic fundamentals and how the market is reacting at the moment.

So why has the market gone up, and will it continue? Lukasz de Pourbaix, CIO at Lonsec explains what has contributed to the rebound and the factors to consider when trying to understand how markets behave.

 


 

This information is provided by Lonsec Investment Solutions as a corporate authorised representative of Lonsec Research Pty Ltd who hold an AFSL number 421445. This is general advice, which doesn’t consider your personal circumstances. Consider these and always read the product disclosure statement or seek professional advice prior to making any decision about a financial product. You can access a copy of our financial services guide at lonsec.com.au

This video is provided by Lonsec Investment Solutions Pty Ltd ACN 608 837 583, a Corporate Authorised Representative (CAR 1236821) (LIS) of Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). LIS creates the model portfolios it distributes using the investment research provided by Lonsec Research but LIS has not had any involvement in the investment research process for Lonsec Research. LIS and Lonsec Research are owned by Lonsec Holdings Pty Ltd ACN 151 235 406. Past performance is not a reliable indicator of future performance. This is general advice, which doesn’t consider your personal circumstances. Consider these and always read the product disclosure statement or seek professional advice prior to making any decision about a financial product. While care has been taken to prepare the content of this video, LIS makes no representation or warranty to the accuracy or completeness of the information presented, which is drawn from public information not verified by LIS. The information contained in this video is current as at the date of publication. Copyright © 2020 Lonsec Investment Solutions Pty Ltd ACN 608 837 583

View webinar recording

The live webinar was held on Wednesday at 10AM AEST, June 10th, 2020

Overview

Sustainability versus ESG – what is your client really looking for?

As many sustainable funds seem to have outperformed during the recent correction, is now the time to ramp up your understanding of what sustainable really means? We discuss how advisers can help their clients cut through the terminology and find solutions that truly align with their values and preferences.

Richard Brandweiner, CEO, Pendal
Tony Adams, Head of Sustainable Investment Research, Lonsec

 

If you attended our live webinar, please note that further instruction on how to receive the CPD Points will be delivered to your inbox in the next 10-12 business days. Whilst we aim to ensure every attendee receives CPD Points, it is within the guidelines provided that you are required to attend the full duration of the live webinar to receive your CE accreditation. Our technology platform collects data that reflects the duration and your full engagement during the live session.

On-Demand

To attain your CE/CPD accreditation, please visit here.

CE/CPD accreditation is provided by our CE Accreditation Partner, Portfolio Construction Forum.

 


The content, presentations and discussion topics covered during this event are intended for licensed financial advisers and institutional clients only and are not intended for use by retail clients. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the information presented.
Except for any liability which cannot be excluded, Lonsec, its directors, officers, employees and agents disclaim all liability for any error or inaccuracy in, misstatement or omission from, these presentations or any loss or damage suffered by the attendee or any other person as a consequence of relying upon the information presented.
Lonsec advises that all content presented at this event by any Symposium partner (not part of the Lonsec group of companies) is 3rd party content and forms representations and opinions of those 3rd parties alone. The contents of the presentations at this event are not in any way endorsed by Lonsec.

View webinar recording

The live webinar was held on Wednesday, June 3rd, 2020

Overview

How not to follow the herd: Differentiated strategies that offer true diversification

As Australia and the world head into recession, investors must look beyond traditional portfolio construction methods to gain true diversification through exposure to different investment strategies. We talk with two managers with their own unique strategies and share innovative solutions for challenging times.

Gopi Karunakaran, Portfolio Manager, Ardea Investment Management (Fidante)
Chad Padowitz, Chief Investment Officer, Talaria
Veronica Klaus, Head of Investment Consulting, Lonsec

CPD Points

If you attended our live webinar, please note that further instruction on how to receive the CPD Points will be delivered to your inbox. Whilst we aim to ensure every attendee receives CPD Points, it is within the guidelines provided that you are required to attend the full duration of the live webinar to receive your CE accreditation. Our technology platform collects data that reflects the duration and your full engagement during the live session.

On-Demand

To earn CE/CPD accreditation, please visit here.

CE/CPD accreditation is provided by our CE Accreditation Partner, Portfolio Construction Forum.

 


The content, presentations and discussion topics covered during this event are intended for licensed financial advisers and institutional clients only and are not intended for use by retail clients. No representation, warranty or undertaking is given or made in relation to the accuracy or completeness of the information presented.
Except for any liability which cannot be excluded, Lonsec, its directors, officers, employees and agents disclaim all liability for any error or inaccuracy in, misstatement or omission from, these presentations or any loss or damage suffered by the attendee or any other person as a consequence of relying upon the information presented.
Lonsec advises that all content presented at this event by any Symposium partner (not part of the Lonsec group of companies) is 3rd party content and forms representations and opinions of those 3rd parties alone. The contents of the presentations at this event are not in any way endorsed by Lonsec.

Important information: Any express or implied rating or advice is limited to general advice, it doesn’t consider any personal needs, goals or objectives.  Before making any decision about financial products, consider whether it is personally appropriate for you in light of your personal circumstances. Obtain and consider the Product Disclosure Statement for each financial product and seek professional personal advice before making any decisions regarding a financial product.