Global Investment Insights

On demand webinar with Aaron Anderson, Senior Vice President of Research & Investment Policy Committee Member, Fisher Investments

**For Institutional Investors ONLY**

Macro insights: the drivers of global equity markets

In this 1-hour webinar, Aaron Anderson, Senior Vice President of Research, Investment Policy Committee at Fisher Investments shares his global equity macro insights.

Topics discussed include:

The new bull market and its likely direction from here.
What’s driving valuations and market breadth – are they bullish or bearish signals?
Early vs. late cycle indicators and their implications for Growth vs. Value and Large Caps vs. Small Caps.
Do equity markets care about inflation and interest rates (anymore)?
Is Japan booming while China is stalling?
AI tailwinds will benefit more than just big tech.

Spotlight on Natalie Garcia, Managing Director, Head of Underwriting, Deerpath Capital

“Should the macroeconomic environment materially worsen, combined with the higher rates and leverage carried by larger companies, coupled with weakened lender protections, could see default rates and, recoveries, in the event of default, be materially worse than historical levels.

“A less supportive economic environment for companies looking to source debt funding should prompt institutional investors to examine the companies, sectors and structures they are exposed to and focus their attention on making sure they have appropriate diversification, protections and compensation for the risk they are taking on.

“At Deerpath our focus has always been in the lower middle market, a part of the direct lending opportunity set that still enjoys full covenant loan terms, other lender protections and lower leverage at the company level”, comments Natalie Garcia, Managing Director, Head of Underwriting, Deerpath Capital.

Natalie will be presenting at Global Investment Institute’s upcoming Fixed Income & Alternatives Investment Forum, taking place on Thursday, 7 September 2023 at the Westin Melbourne, Victoria.

To register your interest in attending, click here or for more information email zlatan.kapetanovic@globalii.com.au.

Spotlight on Jeff Klingelhofer, Co-Head of Investments & Managing Director, Thornburg Investment Management

“We believe fixed income investing over the next few years is going to look quite different than the past few years.

“Our expectation is for market volatility to rise as central banks no longer desire to suppress the cost of capital, to push demand forward and stimulate growth. With rising volatility comes the risk of dislocation, which in our view calls for fixed income portfolios and fixed income asset allocation to be managed with a much more nimble and flexible approach, which contrasts with the predominant ‘siloed’ approach many managers take to fixed income investment management. The speed which credit spreads widen and subsequently recover has increased over the past decade, and most notably during the COVID crisis. This affirms our conviction that flexibility with respect to both a manager’s investment style and institutional investor asset allocation decision making will hold greater importance in achieving successful outcomes”, commented Jeff Klingelhofer, Co-Head of Investments and Managing Director, Thornburg Investment Management.

Jeff will be presenting at Global Investment Institute’s upcoming Fixed Income & Alternatives Investment Forum, taking place on Thursday, 7 September 2023 at the Westin Melbourne, Victoria.

To register your interest in attending, click here or for more information email zlatan.kapetanovic@globalii.com.au.

Spotlight on Anurag Agarwal, Managing Director, Head of Portfolio Management, Global Transportation Group, J.P. Morgan Asset Management

“Large global end users (corporations), that need access to transport assets as a critical part of their supply chains, have historically not been interested in owning the assets, creating a need for off-balance sheet financing in the form of leasing capital. Given heightened regulations from Basel III and IV, banks have largely exited the transport financing business, which has allowed J.P. Morgan Asset Management’s Transport Group to position itself as a leading lessor in the worldwide maritime and energy logistics sectors”, commented Anurag Agarwal, Managing Director, Head of Portfolio Management, Global Transportation Group, J.P. Morgan Asset Management.

Investment in this asset class is suitable for investors looking for: diversification within their portfolio, or a specific allocation to a diverse alternative investment, predicatble income/uncorrelated returns, inflation protection, resilient asset class, steady cash flow or an alternative investment that is ESG aligned.

Anurag will share his expertise on the asset class at Global Investment Institute’s upcoming Fixed Income and Alternatives Investment Forum, taking place on Thursday 7 September 2023 at Westin Melbourne.

To register your interest in attending, click here or for more information email zlatan.kapetanovic@globalii.com.au.

Spotlight on Dr Harrison Hong, Academic Advisor, LSV Asset Management

“The net-zero transition brings both risks and opportunities to the global equities/value space. On the risk end, value portfolios tilt toward carbon-intensive firms and hence are subject to transition risks associated with rising carbon prices.

“Research suggests that a portfolio tilt toward green firms is unlikely to insulate sufficiently against net-zero transition risks. There also needs to be a within sector-by-country selection process that accounts for firm adaptability to demand and supply shocks due to climate policies”, remarks Dr Harrison Hong, Academic Advisor, LSV Asset Management.

Harrison will be presenting at Global Investment Institute’s upcoming Equities Investment Forum, taking place on Wednesday, 6 September 2023 at the Westin Melbourne, Victoria.

To register your interest in attending, click here or for more information email zlatan.kapetanovic@globalii.com.au.

Spotlight on Denise Simon, Managing Director, Portfolio Manager/Analyst, Lazard Asset Management

“Despite a challenging market environment since the taper tantrum of 2013, emerging market debt has outperformed global fixed income alternatives over longer time horizons. We believe the conditions are once again in place to support an allocation to emerging markets debt. Growth differentials increasing in favour of emerging markets, peaking developed markets policy rates, and still elevated emerging markets real yields offer opportunities.

“Given the current late cycle dynamics and significant dispersion across countries in terms of fundamentals and valuations, we believe being selective among both the different segments of the market and individual countries will be key to capturing opportunities and mitigating risk in emerging markets debt”, commented Denise Simon, Managing Director, Portfolio Manager/Analyst, Lazard Asset Management.

Denise will be presenting at Global Investment Institute’s upcoming Fixed Income and Alternatives Investment Forum, taking place on Thursday 7 September 2023 at Westin Melbourne.

To register your interest in attending, click here or for more information email zlatan.kapetanovic@globalii.com.au.

Lonsec appoints CIO and Deputy CIO

August 2023

Global Investment Institute congratulates Lonsec on the appointment of Nathan Lim as Chief Investment Officer and Executive Director, Lonsec Investment Solutions. Furthermore, we wish to congratulate Deanne Baker who has been promoted to the newly created position of Deputy Chief Investment Officer of Lonsec.

We wish the team at Lonsec continued success and all the best to Nathan and Deanne in their leadership roles.

Spotlight on Rob Hinchliffe, Portfolio Manager, Head of Global Sector Cluster Research, PineBridge Investments

“It is one of the longest-running debates in investing: growth vs. value. For decades, leading financial minds and countless investors around the world have gone back and forth over which of the two major investment styles is the more effective and reliable strategy for outperforming the markets.

2022’s volatility saw a major reversal in growth’s decade-and-a-half of dominance. Now, a tiny sliver of growth has contributed to one of the narrowest rebounds on record, with eight stocks contributing to 55% of the ACWI index’s performance in the first half of 2023, potentially setting investors up for another fall. Is your focus on style investing giving you ‘bad breadth’ and is it time to move on from style investing altogether?”, asks Rob Hinchliffe, Portfolio Manager, Head of Global Sector Cluster Research, PineBridge Investments.

Rob will be presenting at Global Investment Institute’s upcoming Equities Investment Forum, taking place on Wednesday, 6 September 2023 at the Westin Melbourne, Victoria.

To register your interest in attending, click here or for more information email zlatan.kapetanovic@globalii.com.au.

Two new senior hires to bolster Aware Super's investment leadership team

August 2023

Global Investment Institute congratulates Aware Super on the appointment of two senior hires who will further bolster its investment leadership team as it continues on its journey toward growing their FUM to AU$250 billion.

Aware Super is already one of Australia’s largest industry funds providing superannuation, advice and retirement solutions to those who teach, nurse, care, respond and help others in our communities. The Fund currently manages a combined asset pool of AU$125 billion on behalf of its 1.1 million members.

Joining from September 2023 in the role Head of Portfolio Management, Simon Warner and Chief Operating Officer – Investments, Justin Howell, they will be reporting directly to Aware’s Chief Investment Officer, Damian Graham.

We wish Simon and Justin all the best in their new roles and continued success to the team at Aware Super.

Jo Cornwell appointed to Head of Manager Research role at Evidentia Group

August 2023

Global Investment Institute congratulates Jo Cornwell on joining Evidentia Group in the role Head of Manager Research.

Evidentia Group is a boutique asset consultant, building and managing investment portfolios for a select group of Australia’s leading Private Wealth firms.

In her role as Head of Manager Research, Jo has responsibility for the manager research and portfolio construction process, as a key member of the investment team. Jo also has a focus on packaging and communicating her proprietary manager research findings to ensure the team’s asset consultants and partner advice firms receive exclusive, timely and high value insights.

We wish Jo all the best in her new role and continued success to the team at Evidentia Group.

Spotlight on Dr Michael Hunstad, Deputy CIO & CIO Global Equities, Northern Trust Asset Management

“Investors seeking to mitigate climate-change risk have traditionally focused on de-carbonisation by reducing exposure to companies with relatively high carbon emissions or fossil fuel reserves. While these strategies have reduced carbon exposures, they can bring unintended risks. We think investors need to take a more nuanced view to prevent sector biases, low-quality financial fundamentals, and poor ESG performance”, remarks Dr Michael Hunstad, Deputy CIO and CIO of Global Equities, Northern Trust Asset Management.

Michael will be presenting at Global Investment Institute’s upcoming Equities Investment Forum, taking place on Wednesday, 6 September 2023 at the Westin Melbourne, Victoria.

To register your interest in attending, click here or for more information email zlatan.kapetanovic@globalii.com.au.

State Super appoints Jonathan Chung to lead its Defined Contribution equity strategies

August 2023

Global Investment Institute congratulates Jonathan Chung on being promoted to the role of Senior Investment Manager - Equities at State Super. In his new role Jonathan will lead State Super’s Defined Contribution equity strategies.

State Super is the Trustee of the State Authorities Superannuation Scheme (SASS), State Superannuation Scheme (SSS) and Police Superannuation Scheme (PSS). The assets of all schemes have been combined into the STC Pooled Fund. State Super is one of Australia's largest superannuation schemes with over 90,000 members and AU$38 billion in assets (as at 30 June 2022).

We wish Jonathan all the best in his new role and continued success to the team at State Super.