The finance industry
The end of bank hybrids

Investors need to find a new home for their capital; as a starting point, we’ve compiled a list of potential alternatives.
Read more | 5 min read
The finance industry
Challenges confronting the mega funds
There’s been barely any questions asked about how the size of the super funds is essentially forcing them to diversify further into alternative and international assets, and the risks that this entails.
Read more | 6 min read
The finance industry
Are markets broken?
If passive investors are crowding into the large cap stocks that dominate indices, and active investors are mimicking them to keep up with performance benchmarks, it’s logical that the reverse can happen too.
Read more | 6 min read
The finance industry
Diversified Fund Managers Versus Boutique Large-Cap Australian Equity Managers A brief overview of the last 15 years.
In this paper we review those managers in our database that have offered a broad-based Australian equity fund for a minimum of 15 years.
Read more | 7 min read
The finance industry
Banking on value

Figure out what something is worth, then invest with a margin of safety. Keep this front of mind.
Read more | 5 min read
The finance industry
Can you trust the valuation of super funds?
AustralianSuper CIO Mark Delaney says it's in the best interest of industry super funds to ensure private asset valuations are up to date.
Read more | 2 min read
The finance industry
Silicon valley lessons from silly con game reflections

Borrowing short, lending long" and having capricious depositors sank SVB, but there are parallels in equity markets investors can take advantage of.
Read more | 6 min read
The finance industry
Is your industry super fund too illiquid?

We take a look at the liquidity profile of five large superannuation funds.
Read more | 7 min read
The finance industry
In an uncertain world, how defensive are bonds?

The failure of Silicon Valley Bank is a timely wake up call; the causes are several, though with some more important than others.
Read more | 5 min read
The finance industry
The weird end of Credit Suisse: Do stocks outrank hybrids now?
Holders of low-ranking Credit Suisse debt are getting wiped out, but its shareholders aren't. Does this change everything?
Read more | 5 min read
The finance industry
[VIDEO] Banks to emerge as the rate hike winners: Morningstar
Read more | 4 min read
The finance industry
Can you trust industry super fund valuations?
The Australian Prudential Regulation Authority's recent commitment to update SPG531 – Valuation cannot come soon enough. The financial year-end performance data has been met with suspicion from investors, advisers, and even between superannuation funds. The reality is the industry has come a long way in recent years.
Read more | 4 min read
The finance industry
Australia's Finance Industry Again Demonstrates the Failings of Its Portfolio Holdings Disclosures to Fund Investors
At a time when the Australian Prudential Regulation Authority is calling on Australian super fund trustees to improve the frequency and methodology used in unlisted asset valuations, perhaps we should also remind ourselves how abysmal Australia's portfolio holdings disclosure requirements are when compared with other countries'.
Read more | 4 min read
The finance industry
Crimson Tide: How Are Bond Managers Handling Rising Interest Rates?
Consensus has shifted overwhelmingly towards expecting higher interest rates to address burgeoning inflationary pressures—it wasn't too long ago that the Reserve Bank of Australia was maintaining a yield-curve-control policy and projecting to keep interest rates on hold until 2024. Changes in the shape of the Australian yield curve over this period tell the story—it's risen and steepened significantly, particularly at the front end and intermediate maturities.
Read more | 5 min read
The finance industry
Can you still bank on the banks?
Last week the future for banks looked bright. Rising interest rates would nourish emaciated margins. A red-hot economy would keep new borrowers coming through the door and credit growth strong. The $200 billion Australians had squirreled away in savings and offset accounts would ward off defaults or an economic slowdown.
Read more | 5 min read
The finance industry
Slowing growth in China and a brewing supply chain crisis in Eastern Europe will give inflation-rattled markets more to worry about
Oil and gas, and to a lesser extent wheat, have dominated the headlines and financial markets since the invasion in February.
Read more | 8 min read
The finance industry
Another one bites the dust: Lowe joins the hawks in a rush
As central banks move to wrangle inflation, market fears shift to risk of a growth slowdown.
Read more | 8 min read
The finance industry
Fixed Income Advisory and Research | Monthly Review: March 2022
The first quarter of calendar year 2022 represented the worst quarter on record for the AusBond Composite Index, returning -5.88%. It was also the worst month on record, returning -3.75%. Commodities continued to benefit from de-globalisation, while interest rate expectations hammered fixed-rate investors.
Read more | 15 min read
The finance industry
Balancing the Performance Test Guidelines With Best Interest Duty
Your Future, Your Super and its performance test is set to be applied from July 2022 to some multisector choice products. Some of these choice products are available on retail super platforms, and there will almost certainly be a barrage of questions when the next round of “underperforming” letters reaches members. There will also be implications for the advice sector. Advisors need to prepare themselves and work out how to balance best interest duty with the guidance from the regulator.
Read more | 4 min read
The finance industry
Wall of worry grows as Fed finally hikes rates

Monetary policy tightening needs to tread lightly amid rising inflation, a stock market moving into bear territory and war in Eastern Europe.
Read more | 6 min read
The finance industry
Market volatility is nothing new
Despite some extreme stock market moves, recent market performance hasn't been that far outside the norm, says Morningstar's Amy Arnott.
Read more | 5 min read
The finance industry
Australian Listed Managed Investment Landscape. Exploring an evolving market.
Of the roughly 100 LICs currently listed on the Australian Security Exchange, a small handful have seen a half century or more of market activity, with the five oldest companies boasting an inception date prior to 1972.
Read more | 7 min read
The finance industry
ETFs are the Marvel of listed galaxies, even with star WAR
ETFs had a slow start, making little progress by the time the GFC came in 2008. LICs flourished while they had the support of financial advisers and handsome stamping fees paid by issuers. It was not until the end of 2018 that ETFs finally took over LICs. ETFs have since become the avengers, sweeping LICs aside with the inclusion of a wide range of indexes, sectors and niche products, and a big boost from the Magellan active funds.
Read more | 6 min read
The finance industry
Understanding Regulation on Cryptocurrency
Contrary to popular belief, there is more substantial regulatory clarity for cryptoassets than many advisors think.
Read more | 7 min read
The finance industry
Indexation complication! Four changes you need to know
Several superannuation thresholds will be indexed from 1 July 2021. In this article we will review the thresholds that impact retirement pensions and contributions.
Read more | 8 min read
The finance industry
The Bond Market Rout Exposes an Assortment of Risk
The actions of central banks around the world are well known—they are undertaking substantial quantitative-easing programs to support their economies. While they have control of cash rates and their bond purchases at the shorter end have been more effective at keeping rates low, further out the curve, they have not. And even in the face of central bank purchases, investors have sold longer-dated bonds and quickly driven up rates in early 2021. Unsurprisingly, this has had flow-on effects in other markets, too, particularly equities. This article explores what is going on in the bond markets now, how our fixed-interest managers have fared, and what it means for equity markets.  
Read more | 10 min read
The finance industry
How the Reserve Bank scuppers retail depositors
The Reserve Bank of Australia (RBA) and Amazon have a lot in common in 2021. They have both positioned themselves as the premier high volume, low price, low margin product provider. They are redefining logistics in their distribution channels. Their current market position on price competition and sheer scale of influence unleashes factors of productivity improvement and makes it difficult for others to compete on traditional business models.
Read more | 7 min read
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