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102: Qantas Super's Andrew Spence

Conversations with Institutional Investors

Release Date: 07/30/2024

113: FCLT's Eduard van Gelderen – Long Term Investing, Concentrated Portfolios and Decarbonisation show art 113: FCLT's Eduard van Gelderen – Long Term Investing, Concentrated Portfolios and Decarbonisation

Conversations with Institutional Investors

Eduard van Gelderen is Head of Research for Focusing Capital on the Long Term (FCLT), an organisation that was established in the wake of the Global Financial Crisis, or Great Recession as it is known in the US, to move away from a so-called “quarterly capitalism”, which arguably contributed to the crisis, and towards a true long-term mind-set.

info_outline 112: Fulcrum's Suhail Shaikh – Absolute Return Investing, Market Timing and The Role of Luck show art 112: Fulcrum's Suhail Shaikh – Absolute Return Investing, Market Timing and The Role of Luck

Conversations with Institutional Investors

Suhail Shaikh is Chief Investment Officer of Fulcrum Asset Management and is the portfolio manager of Fulcrum’s Discretionary Macro and Diversified Absolute Return strategies. In today’s incredibly volatile environment of tariff wars and deglobalisation, investors tend to be more sensitive about the level of their absolute returns, than their performance against the benchmark. In this episode, we delve into the philosophy of absolute return investing, we talk about the role of skill versus luck, the use

info_outline 111: ART's Michael Weaver – The Role of Real Assets in a Pension Portfolio show art 111: ART's Michael Weaver – The Role of Real Assets in a Pension Portfolio

Conversations with Institutional Investors

In episode 111 of the [i3] Podcast, we speak with Michael Weaver, who is the Head of Global Real Assets with the Australian Retirement Trust. We discussed the role of real assets in the context of a multi-asset, pension portfolio, the ever-lurking threat of inflation, the return of office property and more. Please enjoy the show!

info_outline 110: Allspring Global Investment's Jamie Newton – Is Now The Time to Add Duration? show art 110: Allspring Global Investment's Jamie Newton – Is Now The Time to Add Duration?

Conversations with Institutional Investors

In episode 110 of the [i3] Podcast, we speak with Jamie Newton, Head of Global Fixed Income Research and Deputy Head of Sustainability at Allspring Global Investments. We discuss why now is a good time to add duration to fixed income portfolios, concerns over the lack of experience with high default rates in private credit and opportunities in data centres and other digital assets. Enjoy the Show!

info_outline 109: Is DeepSeek What It Promised To Be? – Will Liang Explains New AI Model show art 109: Is DeepSeek What It Promised To Be? – Will Liang Explains New AI Model

Conversations with Institutional Investors

In episode 109, we are back with Will Liang, Executive Director at MA Financial, to discuss the introduction of DeepSeek and the impact on the future development of artificial intelligence and the global economy. Are tech firms going to scale back their investments due to this low cost model, or is it all a bit of a hype? Enjoy the Show!

info_outline 108: Victory Park Capital's Brendan Carroll – Private Credit, Asset-backed Lending, ChatGPT show art 108: Victory Park Capital's Brendan Carroll – Private Credit, Asset-backed Lending, ChatGPT

Conversations with Institutional Investors

Private credit has evolved significantly since the global financial crisis, and Brendan Carroll, Senior Partner at Victory Park Capital, has been at the forefront of that transformation. In this episode, we explore how private credit investments are adapting to meet the needs of insurers, the growing role of asset-backed lending, and why insurance companies are becoming the fastest-growing investor base in the space.

info_outline 107: Scott Donald on Governance and Member Meetings show art 107: Scott Donald on Governance and Member Meetings

Conversations with Institutional Investors

In episode 107 of the [i3] Institutional Investment Podcast, we speak with Scott Donald, Associate Professor at the School of Private and Commercial Law of the University of New South Wales, about his research into governance and the now mandatory annual member meetings of superannuation funds.

info_outline 106: Tuckwell Family Office's Craig Dandurand show art 106: Tuckwell Family Office's Craig Dandurand

Conversations with Institutional Investors

In episode 106 of the [i3] Institutional Investment Podcast, I speak with Craig Dandurand, Chief Investment Officer of the Tuckwell Family Office. Craig has an impressive career in the investment industry that spans time with US pension fund CalPERS and Australia's the Future Fund. We talked about his background in credit investing, setting up a hedge fund program and the world of private wealth. Enjoy the show!

info_outline 105: T. Rowe Price's Jessica Sclafani show art 105: T. Rowe Price's Jessica Sclafani

Conversations with Institutional Investors

In episode 105 of the [i3] Institutional Investment Podcast, we speak with Jessica Sclafani, a Global Retirement Strategist with US fund manager T. Rowe Price, which manages $1.6 trillion in total assets on behalf of clients. Retirement is a more complex phase than wealth accumulation and it needs a more sophisticated approach to deliver good outcomes. Sclafani discusses a 5 dimensional approach to retirement and the tradeoffs that come with choosing a suitable approach

info_outline 104: State Super's John Livanas show art 104: State Super's John Livanas

Conversations with Institutional Investors

John Livanas is the Chief Executive Officer of State Super, the $37 billion superannuation fund for public service and public sector workers in NSW. In this episode, we talk about the use of defensive overlays, dealing with the COVID drawdown and machine learning in investments. Enjoy the show!

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In episode 102 of the [i3] Podcast, we speak with Andrew Spence, Chief Investment Officer of the $9 billion corporate super fund Qantas Super. Qantas Super recently announced to merge with ART and we took the opportunity to look back at the investment strategy that Spence put in place as the fund's first CIO, the innovations along the way and lessons learned. Overview of podcast with Andrew Spence, CIO of Qantas Super 02:00 I came on board when Qantas Super decided to split the CEO and CIO role into two roles. 05:00 When I started there were nine active managers in the Australian equity portfolio and no passive investments. Whatever the question was, the answer was not nine active managers. 11:00 The GFC meant we took a safety first, peer unaware approach to our portfolio. Because if members experience too much volatility they switch to a lower risk option 12:00 What I inherited was a bunch of commingled funds and no individual mandates. Then as we went through the GFC, what we found was that a lot of these products were gated and didn’t have the liquidity that was on the tin 13:00 There is increasingly less competition in the small and mid-market 14:00 Talking timberland 19:00 The delegation framework has been a competitive advantage for us 19:45 At the end of 2008, the chair of the investment committee came to me and said: ‘We seem to be holding you up a bit’. 21:00 The trustee’s role is to govern and the management’s team is to manage and be held accountable for the outcome they deliver 24:00 We saw a lot of member switching during the onset of the pandemic and that meant these members missed out on the recovery in the next 12 to 18 months 25:00 We didn’t hit any of our illiquidity tolerance levels, but we came close 29:00 Addressing sequencing risk through a glide path 33:00 I think it is important to make information is freely available across the team and is not just held by the CIO 34:00 By the end of 2019, the investment committee was pushing us to be more peer aware 39:00 Tax managed, centralised portfolio management saved us $250 million over 10 years 40:00 The partnership model has worked well for us 42:00 Backing managers early on in their career means we were invested in each others success