{"id":28682,"date":"2023-09-20T05:09:00","date_gmt":"2023-09-20T05:09:00","guid":{"rendered":"https:\/\/ramgroup.com\/structuring-the-defensive-part-of-the-portfolio\/"},"modified":"2025-02-24T03:45:27","modified_gmt":"2025-02-24T03:45:27","slug":"structuring-the-defensive-part-of-the-portfolio","status":"publish","type":"post","link":"https:\/\/ramgroup.com\/zh-hant\/in-the-media-zh-hant\/structuring-the-defensive-part-of-the-portfolio\/","title":{"rendered":"Structuring the defensive part of the portfolio"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Brendan Paul (Atrium Investment Management), David Berthon-Jones (Aequitas Investment Partners), and Michael Frearson (Real Asset Management) explain their approaches to constructing the defensive part of the portfolio.&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When looking at the defensive side of a portfolio, David Berthon-Jones, CFA \u2014 Joint Chief Investment Officer at Aequitas Investment Partners \u2014 believes that in the current environment, with inflation receding and interest rates peaking, the 4.2 per cent yield investors can get with Australian government bonds looks particularly attractive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI don\u2019t think we need to make the defensive playbook as complex or creative as we did in the decade post-GFC, where yields were around zero. Instead, we can expect in the post-COVID environment, a negative correlation between stocks and bonds will prevail,\u201d says David. \u201cSo, we think an allocation to the likes of cash, investment grade credit, and government bonds will be incredibly important for portfolios, regardless of what\u2019s happening in the economic cycle.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<em>I don\u2019t think we need to make the defensive playbook as complex or creative as we did in the decade post-GFC, where yields were around zero. Instead, we can expect in the post-COVID environment, a negative correlation between stocks and bonds will prevail.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>-David Berthon-Jones, CFA<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading heading-bookmark\"><strong>Building the defensive part<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Also speaking at the 2023 IMAP Independent Thought Conference in Melbourne, Brendan Paul \u2014 Senior Portfolio Manager, Co-head of Multi Asset at Atrium Investment Management \u2014 believes that when it comes to constructing the defensive part of a portfolio, it\u2019s important to have a risk targeted investment philosophy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Risk targeted investing is a dynamic approach to generating investment returns in a more consistent manner, while controlling overall portfolio risk. As part of this approach, Atrium uses a rolling three-year risk target for its multi-asset portfolios, which helps to maximise returns for the level of risk taken.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For its portfolio construction process, Atrium uses three investment buckets to help drive returns: \u2018growth\u2019 (equities), \u2018diversifiers\u2019 (absolute return strategies), and \u2018preservers\u2019 (cash, high grade credit, and government bonds).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe way we think about building the defensive part of a portfolio is by determining how the \u2018diversifiers\u2019 bucket and the \u2018preservers\u2019 bucket interact with each other, particularly in terms of any structural change in the correlation between bonds and equities,\u201d says Brendan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBecause we are concerned about risk and capital preservation, we build portfolios that try and achieve a solid outcome. So, for the defensive part of the portfolio, we want both the \u2018diversifiers\u2019 and \u2018preservers\u2019 to be robust to attain their correlation, which is achieved through the interaction between our absolute return strategies and our preservers.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Michael Frearson, CFA \u2014 Director, Head of Fixed Income at Real Asset Management (RAM) \u2014 the challenge for RAM in running its diversified income portfolio within a managed accounts structure is to provide a defensive solution for clients that provides regular income and low levels of capital risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RAM aims to achieve that by using a barbell strategy \u2014 an investment concept that aims to strike a balance between reward and risk by investing in the two extremes of high-risk and no-risk assets, while avoiding middle-of-the-road choices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As part of this barbell strategy, RAM invests in ASX-listed hybrids, but it also blends that with ETFs to provide some high quality floating rate investment grade exposure, as well as fixed rate government bond exposure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThat approach generally dampens the risk in the portfolio, while still allowing us to achieve the investment objective,\u201d says Michael. \u201cIn terms of the managed account structure, there are limitations in what we can buy, whilst trying to keep costs down and also helping to stabilise the overall portfolio overcome.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cGenerally, ETFs provide good sub-sector beta exposure across a range of sectors. This enables us to get some government bond exposure, floating rate senior credit, and also some floating rate sub-debt in the portfolio.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cGenerally, ETFs provide good sub-sector beta exposure across a range of sectors. This enables us to get some government bond exposure, floating rate senior credit, and also some floating rate sub-debt in the portfolio. \u201c<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>-Michael Frearson, CFA<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading heading-bookmark\"><strong>Overcoming structural issues<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">David accepts that, at times, there are structural impediments to getting the strategies Atrium wants within certain asset classes, including within the managed accounts structure. And while he says this can be an issue, particularly with alternatives, he believes there are enough liquid, low cost portfolio diversifying options available in the market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Brendan agrees, adding that sourcing the right investment solutions for clients in a managed accounts structure can be a challenge. Despite this, well structured and diversified liquid alternatives strategies are critical to Atrium\u2019s portfolio construction process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe look offshore for vehicles and funds that are not available in Australia. To accommodate that, we\u2019ve created some feeder vehicles that are available on platform for our managed account clients. That gives them access to managers that wouldn\u2019t ordinarily be available in Australia. We also help manage the liquidity situation for those clients through these feeder vehicles.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>We look offshore for vehicles and funds that are not available in Australia. To accommodate that, we\u2019ve created some feeder vehicles that are available on platform for our managed account clients. That gives them access to managers that wouldn\u2019t ordinarily be available in Australia. We also help manage the liquidity situation for those clients through these feeder vehicles.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>-Brendan Paul<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading heading-bookmark\"><strong>A role for property<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although not traditionally considered a defensive asset, David accepts there is a role for property as a defensive play within a portfolio. He believes property, particularly premium commercial property, does provide some defensive characteristics and interesting opportunities in a diversified portfolio.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At Atrium, property falls into the manager\u2019s \u2018diversification\u2019 bucket. However, Brendan cautions that with property: you need to understand the verticals you\u2019re looking at; what type of risks you\u2019re taking in that part of the portfolio; and whether they are correlated to other risks you already have in parts of your portfolio.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFor this reason, we\u2019ve been avoiding commercial\/office for a while in our real estate portfolio. There are also liquidity issues to be aware of. You want to make sure that the structures you\u2019re going into have liquidity that match the liquidity of the underlying assets,\u201d he says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, Michael doesn\u2019t believe property can be considered a defensive asset.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIf you\u2019re structuring the defensive part of a portfolio, there are many more defensive assets you can include \u2014 like cash, bank bills, investment grade credit, and government bonds. You can blend these together in a diversified portfolio to provide the defensive part of the portfolio,\u201d he says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cFrom a portfolio construction perspective, we\u2019re aware of the qualities of having foreign currencies in portfolios and the diversification benefits they can provide. We have a reasonable foreign currency allocation because of its defensive qualities.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>-Brendan Paul<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading heading-bookmark\"><strong>Currency as a defensive play<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">David believes currency plays an important role as part of a portfolio\u2019s defensive allocation. He says when it comes to currency, advisers will either completely hedge or unhedge the international equities component of the portfolio.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSo, if you are trying to be defensively positioned, then not being fully hedged could be something to consider if we do go into recession, as this could be an important source of portfolio return,\u201d he says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Brendan acknowledges that currencies are notoriously difficult to forecast. Atrium has a Forex-based strategy that examines how the changing role of different factors will impact currency forecasts over time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFrom a portfolio construction perspective, we\u2019re aware of the qualities of having foreign currencies in portfolios and the diversification benefits they can provide. We have a reasonable foreign currency allocation because of its defensive qualities,\u201d he says. \u201cHistorically, when you get to around the AUD to USD$0.60 mark \u2014 and we\u2019re not too far off that now \u2014 that\u2019s when it makes sense to hedge up some foreign currency exposure.\u201d&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading heading-bookmark\"><strong>Geopolitical risks<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to geopolitical concerns, Brendan believes the broader geopolitical landscape has changed significantly, particularly in relation to \u2018friendshoring\u2019 and \u2018onshoring\u2019, as the West seeks to decouple from China.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIn terms of potential conflict, say between China and Taiwan, we\u2019ve built defensive elements in our portfolio,\u201d says Brendan. \u201cWe have some duration, some foreign currency exposures, and we also have reserve currency exposures, which we feel will protect the portfolio. We also run derivative overlays in our strategy for any shock moves in equities and for tail events.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe believe our approach to portfolio construction provides a robust and resilient framework to protect the portfolio against these types of shocks.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And what about Donald Trump winning the 2024 U.S. Presidential election? David laughs: \u201cI think Trump is an unhedgeable risk,\u201d he says. \u201cWhen it comes to geopolitical risks, don\u2019t overcomplicate things. Spread your capital far and wide and avoid putting too much into emerging markets.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading heading-bookmark\"><strong>About<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Brendan Paul is&nbsp;Senior Portfolio Manager, Co-head of Multi Asset&nbsp;at Atrium Investment Management;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>David Berthon-Jones, CFA is Joint Chief Investment Officer at Aequitas Investment Partners;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>and Michael Frearson, CFA is&nbsp;Director, Head of Fixed Income at Real Asset Management Group.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>They&nbsp;spoke on \u2018Structuring the defensive part of the portfolio\u2019 at the 2023 IMAP Independent Thought Conference in Melbourne.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The session was moderated by Rebecca Jacques \u2014 Head of Portfolio Solutions, Wealth&nbsp;at Mercer.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brendan Paul (Atrium Investment Management), David Bert [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":34205,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"post-type":[],"class_list":["post-28682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-media-zh-hant"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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