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Following is a list of Investing articles published on PortfolioConstruction Forum throughout 2005...

Watching the market react to economic data is really about watching the human beings that constitute the market react with fear and optimism to normally mixed messages. 2006 is shaping up to be the year of volatility... Full Story >

A week ago, we updated you on what the world is doing with gold, and reported predictions of gold reaching $US500/oz by Christmas. In fact, it's happened much sooner... Full Story >

In a move that can only be taken as a massive victory for hedge funds and their major promoters, the global investment banks, the Australian Stock Exchange has announced changes to the rules requiring disclosure of the identity of brokers behind buy and sell transactions... Full Story >

A recent study out of the US takes a shot at what you may believe about dollar cost averaging, one of the sacred cows of investment… Full Story >

Advisers that turned up to last week's FPA Conference on the Gold Coast were treated to a debate that is at the leading edge of a massive turning point in the investment management industry... Full Story >

Emerging markets have been out of favour with mainstream investors since the series of financial shocks in the late 1990s that culminated with the default by Russia on its sovereign bonds in 1997. So what has changed since then, to bring emerging market debt back into favour (with a number of new products being released that provide exposure to emerging market debt)? Full Story >

With the Aussie stock market at or near record highs over the last few months, investors are increasingly confused about what type of equity portfolios they should be designing for their clients. Defensive stocks have made way for a profound switch to cyclicals (with resource stocks predominant). But as global inflation worries raise questions about the longevity and depth of the resource boom, style is again becoming a key direct investing issue... Full Story >

As we took the Global Energy and Commodities Investing Forum around the country, one of the hot discussion points was total return investing and portfolio construction... Full Story >

Last week, Delphi Corp, one of the key players in the US auto parts industry, defaulted on its bond payment obligations. The loss from Delphi has adversely impacted at least two CDOs known to Australian investors: Deutsche Bank's Nexus 3 and Macquarie's Generator Income Notes... Full Story >

Infrastructure funds develop and hold infrastructure assets - which are increasingly becoming available for private sector ownership as Governments privatise public sector assets as part of budget deficit reduction programs... Full Story >

One of the most frequent questions we're asked by advisers considering an IPO for a new listed product is "Will this product list at a discount?" The question applies to ordinary shares as well as listed alternative assets, and listed structured products. No doubt, the concern stems from the rash of listed investment companies (LICs) listed at the end of 2003, some of which continue to trade at a discount to their net asset value today... Full Story >

Dealer groups wishing to differentiate themselves and strive to achieve greater alpha in client’s portfolios face a dilemma. To move "beyond the vanilla," there are a number of practical issues to sort out before properly embarking on an expanded approved list... Full Story >

As the great Australian icon Norman May used to say, the economic news this week is all about "Gold, Gold, Gold". Sure, Nugget May was talking about our Aussie Olympic athletes, but in the context of the market there's definitely some important guidance here for Aussie investors... Full Story >

Private equity offers the promise of occasional outstanding returns – but with the significant risk that some private equity investments will end with no return. To encourage investment, there are a range of significant tax concessions available for investors accessing private equity through Pooled Development Funds (PDFs)… Full Story >

In each You Asked For It, we ask the public research houses to respond to topical portfolio construction questions of the day. This fortnight, it’s hedge funds. Are they an asset class? Should they be classified as growth investments, defensive, both or neither? Seven research houses responded… Full Story >

At this week’s PortfolioConstruction Conference, HFA Chief Investment Strategist Jonathan Pain will present a compelling review of the prospects for world equity markets – in fact, he'll present twice, firstly the case for a global equities bull market, and then the contrasting case for a global equities bear market… Full Story >

A common question from the many advisers who implement direct equities through model equity portfolios is how to justify putting a client into the underlying shares which may have risen steeply since the inception of the portfolio, or since its last rebalance… Full Story >

Since their introduction to – and initial acceptance by – the Australian financial planning industry, hedge funds have probably not delivered the returns promised. This article explores other reasons why hedge fund returns may have been lower than expected., the market conditions needed to generate returns, the current environment for hedge funds, and the outlook for sector... Full Story >

Thank you for your kind comments, at the International Monetary Conference in Beijing recently, regarding the state of the investment industry and the benefits of investing in skilled managers who actively seek absolute returns through a combination of diversified strategies. I particularly appreciated your comments as follows… Full Story >

Hybrids have been successfully issued since the early 1990’s, however, due to recent accounting changes, these types of products are no longer being issued. Their replacement, the Step Up Preference Share, has a problematic investment profile with high levels of equity risk, and is potentially unsuitable for inclusion in the fixed interest portfolio… Full Story >

What is an ETF, what are the key performance and cost differentiators compared to actively managed equity funds, and how can they be integrated into a portfolio? Full Story >

In a core and satellite approach to portfolio construction, some of the benefits of including low cost, index-tracking products such as exchange traded funds (ETFs) in the “core” of a portfolio... Full Story >

Private equity firms understandably advocate the hands-on style that distinguishes them from other traditional portfolio investors. But does this active ownership really produce superior performance, ask McKinsey principal Joachim Heel and director Conor Kehoe ask in an article published in the McKinsey Quarterly… Full Story >

Global investors are continuing to pour money into emerging market bond funds, with year-to-date inflows passing the US$3 billion mark during the second half of May… Full Story >

After enjoying strong above-average returns from the Australian sharemarket over the past two calendar years, the Australian equity market provided negative returns in both March and April 2005 – the first time in over two years we’ve seen consecutive months of negative returns. So which fund managers can be expected to outperform in falling markets? Full Story >

Distressed debt is one asset type beloved of hedge funds. There are four distinct types of distressed debt, and each carries unique risks and rewards, says Mercer Investment Consulting, warning that this event-driven style is not as homogenous as the definition indicates… Full Story >

As the numbers of hedge funds on offer increases, the lines between hedge funds and traditional asset managers are fading. More traditional managers are establishing a presence in the market, writes Mercer Investment Consulting in its latest Hedge Funds newsletter… Full Story >

Rising interest rates and a resurgence in oil prices proved difficult headwinds for Australian superannuation funds in the March quarter, according to research released by Intech today… Full Story >

In giving evidence to the Parliamentary Joint Committee on Corporations and Financial Services inquiry into Commonwealth Regulation of Property Investment Advice, the FPA expressed its concerns about the lack of effective regulation for property investment advice… Full Story >

A few years back, Roger Gibson offered a very simple four-part matrix to help advisers determine what they believe about investing. Some commentators are now rethinking one quadrant which they used to reject out of hand... Full Story >

Strong financial performance can be directly linked to good corporate responsibility, according to new research by AMP Capital Investors. The research breaks new ground - although extensive research in this area has been carried out in North America and Europe very little has been undertaken in Australia… Full Story >

Another study has confirmed earlier research by SIRCA that writing covered calls (the so-called buy-write strategy) can increase returns and reduce risk. This latest study confirms the strategy may be particularly suited to managing superannuation funds… Full Story >