PortfolioConstruction Forum - PortfolioConstruction Conference 2003

Conference

PortfolioConstruction Conference 2003

| Friday, 19 September 2003

Delegate feedback from our second annual conference - THE Investment Conference 2003 on 18/19 August 2003 in Sydney - was very, very positive (the full report can be viewed here on the site). The presentations and papers from most sessions have now been posted. You can view a summary of the sessions through this article, which also contains links to the presentations and papers available...
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DAY>1 MONDAY 18 AUGUST 2003

Opening Keynote - I’ve been thinking about… 2010 - Don Stammer, Chairman PC Forum AAB
As our conference opening keynote, we asked Don to provide a context for our two day program, by looking ahead to 2010 and hypothesising about what the global economic landscape will look like, identifying the big political, social and economic trends ahead, and describing what they mean to you, in terms of positioning portfolios today for the future.
Click HERE to view Don's slides, and an edited transcript of his presentation.

Plenary 1: Garbage In, Garbage Out – What are the right asset class inputs?
Most asset allocation processes require you to decide asset class returns. So what's "normal", and what should you be using now? Carefully selected investment experts "drop their trousers" and show you their income, growth, and total returns expectations, and the risks to them. This session took the form of a debate and so our experts (Kumar Palghat, Direcor, Portfolio Management Asia Pacific, PIMCO; Andrew Clifford, Director, Platinum Asset Management; Crispin Murray, Head of Australian Equities, BT Financial Group; Tanya Branwhite, Head of Quant Applications Group, Credit Suisse Asset Management; and Andy Fay, CIO, Deutsche Asset Management for Zurich) did not give pre-prepared presentations.
Click HERE to view an edited transcript of this session.

Plenary 2: The Currency Conundrum
Can the A$ keep going up, and if so, how much? Is the US$ losing its supremacy, and what effect would this have on world markets? Which currencies may emerge in its place? Most managers shy away from forecasting currencies - we've uncovered a few brave souls who are willing to put their necks on the block:

Renaud Mattis, Senior Portfolio Manager, Overlay Asset Management for BNP Paribas, Paris - Click HERE to view Renaud's presentation; and
Dirk Morris, Head of Currency and Director of Australasian Business, Putnam Investments for BT Financial Group - Click HERE to view Dirk's presentation.

Due Diligence Forum 1
Click HERE to view the Due Diligence Forum program and access presentations and papers.

Plenary 3: Property - misused?
Most of us hear "property" and think "listed", but is it really an asset class? What diversification benefit does it provide in a portfolio? If it's so great, why don't researchers and fund managers allocate more to it? Fund managers have begun going offshore for property - what benefits does that bring to a portfolio?

Mark Steinert, Global Head of Real Estate Research, and Scott Crowe, Global Real Estate Research Analyst, UBS - Click HERE to view their presentation;
David Kivell, Head of Listed Property, Macquarie - Click HERE to view David's presentation; and
Brett Ward, Senior Portfolio Manager, AMP Henderson Global Investors - Click HERE to view Brett's presentation.

Due Diligence Forum 2
Click HERE to view the Due Diligence Forum program and access presentations and papers.

Plenary 4: Model portfolios part 1: The PC Forum AAB's TAA
The PC Forum Asset Allocation Board first met at last year’s conference, and has been meeting every three months since. A year on, its tactical asset allocation has achieved an impressive result, which they unveiled and explained at the presentation - including their mistakes - as well as presenting its next tactical asset allocation update:

Don Stammer, Independent, Chairman PC Forum Asset Allocation Board - Click HERE to view Don's presentation of the AAB's latest TAA; and
Michael Bargholz, CEO, Alliance Capital Management - Click HERE to view Michael's presentation about the performance of the AAB's TAA in its first year; and
Callum Burns, Head of Global Asset Allocation, BT Financial Group - Click HERE to view Callum's presentation about .

Plenary 5: MOLOTOV COCKTAILS brought to you by InvestmentLink
We've heard "low return" environment to death. There must be some performance enhancers out there. Is it private equity? Small caps? Gold? Asia? Currency? Gearing? A wing and a prayer? We're putting a panel of international and local "gurus" under the spotlight, to grill them about their best bets for the next year. This was a panel session and participants did not give presentations.
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DAY>2 TUESDAY 19 AUGUST 2003

Day 2 Opening Keynote "I've been thinking about… MPT" Jonathan Pain, Principal, JP Consulting
This was the standout most popular session of THE Investment Conference, earning a stunning 4.7 out of 5.0 average rating across all our delegates. Jonathan looked at investment theory, its history, its relevance and what current valuation models imply for future returns. He argued we need to radically alter the way we construct portfolios, if we are to build portfolios that are in our client's best interests - and then walked us through what this means for the conventional asset management model.
Click HERE to view Jonathan's slides

Due Diligence Forum 3
Click HERE to view the Due Diligence Forum program and access presentations and papers.

Due Diligence Forum 4
Click HERE to view the Due Diligence Forum program and access presentations and papers.

Plenary 7: Would the right asset allocation approach please stand up?
What should your asset allocation models look like going forward? Is strategic and tactical asset allocation past its "use by" date? Can an absolute returns approach work in the real world with real clients? Proponents of different asset allocation approaches argued their merits and weaknesses:

David Dixon, Head of Investment, Colonial First State - Click HERE to view David's presentation;
Grant Harris, Head of Investment Research, Monitor Money - Click HERE to view Grant's presentation;
Phillip Wilson, CEO, AdvisoryWorld, Los Angeles - Click HERE to view Phil's presentation; and
David Brown, Senior Fund Manager, Queensland Investment Corporation - Click HERE to view David's presentation.

Due Diligence Forum 5
Click HERE to view the Due Diligence Forum program and access presentations and papers.

Plenary 8: Model portfolios part 2: Blending
It’s the researchers' and asset consultants' turn to show what they’ve got up their sleeves for the next year, presenting their asset class models - that is, the securities they've blended together in each asset class - for a recovery portfolio, an income portfolio, a growth portfolio, and an “alternative” portfolio:

Stephen van Eyk, CEO, van Eyk Research - The Recovery Portfolio - Click HERE to view Stephen's presentation;
Steven Gamerov, Head of Investment Solutions, ICE - The Growth Portfolio - Click HERE to view Steven's presentation;
Cecily Williams, Head of Retail Consulting, Mercer Investment Consulting - The Income Portfolio - Click HERE to view Cecily's presentation; and
Chris Thompson, Portfolio Manager, InTech for BT Financial Group - The All-Weather Portfolio - Click HERE to view Chris' presentation.

Closing Keynote "I've been thinking about… what this all means!" Ruth Richardson, Ruth Richardson Ltd
As our closing keynote, Ruth will bring her considerable local and international geo-political and economic experience to bear to ensure delegates can "separate the wheat from the chaff" from the two days, and go away with a clear understanding of the key issues facing the Australian financial services industry, and the strategies to make the most of the opportunities ahead. Ruth gave an incredible presentation (earning a 4 out of 5 average rating from delegates!) without any slides, so it was one of those "you had to be there" sessions!

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