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Pendal and Perpetual’s multi-asset teams have combined forces, bringing together deep expertise, broader global insights and an expanded range of active capabilities.
The team includes nine investment professionals with an average of 25 years of investment experience, managing multi-asset portfolios through many market cycles. This includes capturing opportunities and mitigating risk when it matters most.
A broad range of active, diversified and sustainable portfolios to suit different client goals and risk appetites.
Our multi-asset strategies are grounded in one disciplined philosophy: quality assets, attractive valuations and diversified sources of return.
Markets can overshoot and undershoot fair value. Because the price you pay largely determines your future return, valuation sits at the heart of every decision we make – from individual securities to allocation across asset classes.
Active management is central to how we manage multi-asset portfolios. Rather than rely on static allocation, we continuously read the economic cycle, valuations and market momentum – reducing exposure as fundamentals weaken and adding as conditions improve.
This approach balances risk and opportunity, capturing value where and when it arises while actively managing downside risk.
It can be hard to focus on the health of our investments knowing that many people are struggling for survival in war zones around the world.
Yet amid global geopolitical uncertainty, our responsibility to our family’s future remains.
In his latest article, Pendal’s head of multi asset Michael Blayney offers some tips for managing investments in times of global turmoil.
A few key points:
Global economic growth remains resilient despite the most significant monetary policy tightening cycle in four decades – diminishing the chances of a hard landing.
That’s what Pendal multi-asset PM Alan Polley sees in his team’s economic cycle model.
“Last year we were concerned the services sector – which was holding everything together – might turn down and join the manufacturing sector in contraction,” says Alan. “It appears that isn’t happening.”
Pendal’s economic cycle model is signalling continued economic growth to start 2024 due to:
“No one told the US consumer that 550 basis points of interest rate increases is supposed to lead to recession,” says Alan.
Right now, many investors will be chewing over whether to let high-performing investment settings ride in 2024.
It’s tempting. But Pendal’s head of multi-asset Michael Blayney believes it’s important to rebalance portfolios after a period of strong performance.
“It is very hard to do emotionally, because you’re rewarding the losers and penalising the winners,” Michael says.
“But in the long term, markets do exert a degree of mean-reverting behaviour.
“After a period of strong performance it makes sense to take some profits – and that’s what rebalancing is.
“For an adviser, it’s important to set the long-term strategy with the client. Review regularly – perhaps once a year – and then have active asset allocation.
“If you do nothing else, rebalance because then you will naturally buy low and sell high.”
As 2023 comes to a close there’s a relative calm in markets after several years of volatility in inflation, interest rates and markets.
That means it’s a good time for investors to examine their portfolios, says Pendal’s head of multi-asset Michael Blayney.
Financial markets have shifted to a “more normal” environment in recent months – and investors should think about portfolio allocation in a more traditional way, says Michael.
“Investors should maintain a balanced mix of equities and bonds and some alternatives,” argues Michael.
“In Australian equities you have a market that offers pretty good dividend yields and you get franking.
“We also still really like bonds. There is a yield cushion in case of further volatility.
“Alternatives should still be part of a portfolio, but with bond yields higher investors don’t need as large an exposure to alternatives to generate returns.”
Have you checked your “home bias” recently?
The term refers to the percentage of a portfolio invested in domestic versus international assets.
For years Australian investors drifted away from a traditional preference for investing at home.
Reasons included greater diversification in geography and sectors, better exposure to tech and lower carbon intensity.
But now those arguments are losing their punch.
“There were good reasons for that shift, but we think it is now done,” says Pendal multi-asset PM Alan Polley.
Alan argues investors should check their home bias “and either keep it as it is and stop drifting – or even marginally go the other way now and increment the home bias up a little bit”.
In a new article Alan explains why it’s time to consider moving back home.
After the GFC, investors generally had to chase greater risk to achieve targeted returns.
A lack of fiscal support from overly austere governments meant monetary policy had to take up the slack via non-conventional tools such as quantitative easing, says Pendal multi-asset PM Alan Polley.
“The resulting wall of money increased valuations, decreased prospective returns and risked asset bubbles,” says Alan. “But that’s now unwinding.”
Post-pandemic governments have realised monetary policy is out of bullets and fiscal policy needs to fire up again, he says.
“The transition to fiscal policy is good for investment returns, because governments will now do some of the work to bolster aggregate demand.
“There’s decent prospective returns for equities and bonds, and that now makes balanced funds more attractive.”
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