GLOBAL INVESTMENT INSIGHTS

Sunil Thakor, Senior Portfolio Manager, Research Analyst, Sands Capital

Read our Q&A profile interview with Sunil where he shares his unique insights on what is driving global equity markets right now; the types of businesses investors ought to be looking to capture in their portfolios; he discussed themes and trends that are likely to drive long-term growth in equities; and, explained how much emphasis investors should place on where valuations sit relative to fundamentals when deciding where to allocate capital into global equity markets.

We will be hosting a Virtual Roundtable where Sunil will be one of our keynote speakers. To participate in the event taking place on Thursday, 13 May 2021 from 10am-11.15am SHARP (AEST), please register your interest within the article.

NOTE: Participation is strictly limited in number and open only to senior representatives of asset owner organisations.

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Kylie Willment, Chief Investment Officer Pacific, Mercer

The challenge comes from a forward-looking return environment that is likely to generate lower returns than we have been used to, with potentially more volatility and uncertainty as we navigate a post-COVID future.

The opportunity comes through a number of seismic shifts playing out, including the increased focus on sustainable investing, technological evolution and the future of work. Navigating these challenges and opportunities is causing us to focus our attention on a number of key areas.

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David Surridge, Senior Consultant, JANA

There are always reasons to be optimistic about the future of investing. One of the challenges asset consultants face is the constantly changing investment environment overlayed with changing regulation. Now, more than ever, it is important to help clients utilise their uniqueness. Clients of varying sizes have unique advantages and we try to play to their strengths. For smaller sized clients I am excited about the solutions that we are coming up with to help them compete against the larger funds and stay relevant, in a very competitive environment.

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Lukasz de Pourbaix, Chief Investment Officer, Lonsec

We are only at the tip of the iceberg when it comes to the possible applications of blockchain technology and we will also see significant developments in cryptocurrencies that operate off blockchain protocols. There are many questions yet to be answered and more work needs to be done as to what role, if any, cryptocurrencies may play in a diversified portfolio.

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Matthew Condon, Head of Asset Allocation, Togethr Trustees (Equip & Catholic Super)

Our asset allocation evolves depending on market conditions and very low bond yields provide us with several problems to solve. With very low cash rates and rising inflation we are seeing negative real returns on cash and traditional bond investments, which makes them very unattractive. As such, the direction, and speed, of any movement in bond yields are key focal points for markets this year.

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Michael Wyrsch, Chief Investment Officer, Vision Super

Expected returns for most asset classes, particularly defensive asset classes, are low. Building a balanced portfolio with decent return expectations and tolerable levels of volatility is increasingly difficult. Attaining return objectives is further complicated by the impact climate change is having on investor behaviour and returns, the possibility of markets being affected by disruptive innovation and changes to the operating environment due to never-ending evolution in the regulatory regime super funds face.

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Ben Kilmartin, Investment Committee Chair, Drummond Capital Partners

As investors, we cannot predict the future, but we can prepare our clients’ portfolios for various scenarios that may occur. From that perspective, it is important to have a dynamic and active approach to managing portfolios that enables us to capitalise on opportunities and navigate portfolios through risk events as they arise.

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Paul Bevin, General Manager Investments, NZ Government Superannuation Fund and the National Provident Fund

For the vast bulk of investors represented by institutional funds or otherwise, their core portfolio should comprise a market cap weighted global equity portfolio.

As far as global equities are concerned, we try to maintain exposure to a range of rewarded factors and time horizons and rely on our active managers to capitalise on various thematics and market pricing dynamics to add value. Exposure to innovation through small caps, private equity and venture capital is also important.

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Colin Liang, RWC China Equity Fund, RWC Partners

As China transforms into a consumption-based economy, premiumisation is becoming a growing phenomenon fueling the economy’s growth, however there are also a number of key investment themes playing out in China that are driving opportunities which investors may seek to capture in their portfolios in pursuit of alpha.

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Garry Evans, Chief Strategist - Global Asset Allocation, BCA Research

Many investors are asking themselves if a 60-40 equity/bond portfolio makes sense anymore. If bond yields, and therefore likely bond returns, are so low, why should investors own government bonds at all? And, if you do not want to hold bonds much further into the future, what do you buy?

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Suzanne Tavill, Global Head of Responsible Investing, StepStone Group

Investing mainstream capital purposefully with particular non-financial outcomes in mind, at the aggregate societal level, may shift sufficient capital flows to address climate change and build a more just and equitable society. However, responsible investing, like any fast-evolving space requires standardisation of policies and processes and for investors to master the tools of trade around non-financial issues.

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Debbie Alliston, Chief Investment Officer, AMP Capital, Multi-Asset Group

The market environment continues to present ongoing and evolving challenges. It is evident that zero rates and QE programs are not going away any time soon, and those policies will also keep evolving. This necessitates the adaptation of what a ‘defensive’ portfolio looks like.

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