IMAP Podcast Series - Independent Thought

Our host Emily Barlow (Evidentia Private) is joined by Amit Pathak (Head of U.S. Equity Product Management, Asia-Pacific, S&P Dow Jones Indices) to discuss: S&P 500's cap-weighting naturally tilting toward AI leadersHow the Top 10 companies now make up ~40% of the index, up from 18% a decade ago Active investors still driving price discoveryHow companies are choosing to stay private longer, yet the S&P 500 still captures the largest, most liquid slice of the U.S. market.Index providers prioritising rules-based methodology over predicting winners View the latest S&P Dow Jones Indices research and insights here.Disclaimer: S&P Dow Jones Indices is an independent third party provider of investable indices. S&P Dow Jones Indices does not sponsor, endorse, sell or promote any investment fund or other vehicle that is offered by third parties. The views and opinions of any third party speaker are his/her own and may not necessarily represent the views or opinions of S&P Dow Jones Indices or any of its affiliates.

Our host Emily Barlow (Evidentia Group) is joined by Ritesh Prasad (Colonial First State) to discuss: How the CFS multi-asset team builds portfolios, and why it's "multi-asset" rather than "multi-manager"What five years of market, policy and geopolitical change means for portfolio constructionHow a risk lens shapes day-to-day portfolio construction, and how active, quant and passive tools are chosen across asset classesWhether concentration in index-driven markets should push passive and quant into a bigger core role, or give investors pause

Our host Emily Barlow of (Evidentia Group) is joined by Christian Baylis (Fortlake Asset Management) to discuss: How post-GFC regulations shifted risky lending from banks into private credit marketsPrivate credit ratings lacking transparency, raising investment grade classification concernsRedemption queues in semi-liquid private credit structures Covenant-light lending surging from ~10% to nearly 90% of leveraged financeAustralia's inflation rates

Join our host Emily Barlow (Evidentia Group) and Ben Morton, Head of Listed Infrastructure at Cohen & Steers as they discuss how global forces are reshaping the opportunity set for listed infrastructure investorshow to think about this asset class in a world of faster technological and policy changeswhether infrastructure investments tend to provide equity-like returns at presentwhat the outlook is for listed infrastructure investments

Our host Emily Barlow is joined by James Harwood of Russell Investments to discuss:How political pressures have driven an ESG rollbackTesting RI strategiesHow rising conflict risk has pressured RI portfolios, prompting some investors to reallocate awayHow AI and unprofitable tech have been a mixed blessing for RI strategiesGeopolitics helping clients reframe their long-term RI expectations

Join our host Emily Barlow (Perpetual Private) and Ari Rajendra, Head of Private Markets Indices at S&P Dow Jones Indices, as they discuss how: Private market demand has surged in private wealth, with growing (but uneven) global vs Australian adoption  Structural shifts are improving access for wealth and wholesale investors  Traditional performance measures (IRRs, peer groups) have limitations and create challenges for advisers  Advances in data and indexing are making private market benchmarks more credible and investable  Greater transparency, potential ETFs, improved measurement, reporting and access for investors will improve the outlook for the futureS&P Dow Jones Indices is an independent third party provider of investable indices. S&P Dow Jones Indices does not sponsor, endorse, sell or promote any investment fund or other vehicle that is offered by third parties. The views and opinions of any third party speaker are his/her own and may not necessarily represent the views or opinions of S&P Dow Jones Indices or any of its affiliates.For more information: https://www.spglobal.com/spdji/en/landing/investment-themes/private-markets/

This episode join our host Emily Barlow (Perpetual Private) with Michael Karagianis (JANA) and Adrian Vidotto (Strategic Wealth) as they discuss:The partnership between JANA and Strategic Wealth Why MDA's have become central to Strategic Wealth's modelEmerging themes shaping their advice approach

Join our host Emily Barlow (Perpetual Private) and Diana Phillips (Baillie Gifford) as they discuss;Identifying rare companies capable of delivering outsized long-term growthWhether the recent broadening of market leadership beyond mega-caps is changing opportunity setsThe gap between AI’s productivity promise and its real-world impact on businessesThe recent software sell-off and debate around AI disrupting traditional SaaS modelsHow geopolitical tensions and market rotations may shape long-term global equity opportunities

Join our host Emily Barlow (Perpetual Private) & Geopolitical Strategist Thomas Mucha (Wellington Management) as they discuss: How geopolitics is now a major driver of markets and portfolio riskCompeting global blocs, especially US–China tensions, and how they are reshaping asset allocationHow US regional focus and supply-chain shifts are changing emerging market dynamicsKey market influences such as Europe, energy security and climate policyRising geopolitical risk and how it is renewing focus on active management

Join our host Emily Barlow (Perpetual Private) and Chris Adams (Infinity Asset Management) as they discuss: The Return of Small and Mid CapsFinding Opportunity Beyond Large CapsIncome, Franking and Growth Trade-offsWhere Small Cap Value Is AppearingManaging Volatility and Future RisksInfinity Asset Management are the winners of the 2025 IMAP Managed Account award for best Australian Equities Small Cap manager

Join our host Emily Barlow (Perpetual Private) and Alex Ventelon (Morgan Stanley) as they discuss: From Assumptions to Action – Inside the Investment ProcessPositioning for Today’s MarketsWhen to Go Active and When to Stay PassiveThe Role of AlternativesTurning local - AustraliaOutlook for 2026Morgan Stanley are the winners of the 2025 IMAP Managed Account award for Licensee and Multi-asset categories. 

Delian Entchev & Alasdair Kingham from Aoris Investment Management join our host Emily Barlow (Perpetual Private) to discuss International Equities:What’s Driving MarketsAoris’s Lens on Quality and ValuationWhere Aoris is Finding ValueInvestor Behaviour and OutlookAoris Investment Management are the winners of the 2025 IMAP Managed Account award for International equities.

Join our host Emily Barlow (Perpetual Private) and Charlie Callan (BondAdviser) our Fixed Interest Category Winner at the IMAP Managed Account Awards 2025.  They discuss;The key changes they are seeing in the Australian fixed interest market right now AT1 hybrids are trading at post-GFC tights, with Big Four margins around +185bps. What’s driving this demand-supply imbalance?How investors think about liquidity and volatility riskTier 2 spreads have compressed too far, partly due to ETFs making up about 8% of the universe. What’s your advice on positioning in this context?BondAdviser has noted wave of issuance recently; is this just post-reporting season activity, or a sign of deeper appetite for A$ credit?Will international names continue dominating issuanceLonsec recently downgraded Metrics’ flagship fund. Should investors read this as a broader signal for the private credit space?Private Credit as an asset class and the way investors should assess risk in this part of the market

Join Mark Mazzarella (Dexus) & our host Emily Barlow (Perpetual Private) as they discuss:Key differences between listed and unlisted propertyThe role of REITs in balanced and income-focused portfoliosPositioning AREITs & Global REITs vs bonds, hybrids, and unlisted trustsValue of diversifying across domestic and global exposuresImpact of rates, macro trends, and why listed property looks attractive now

Join our host Scott Fletcher (Woodbury Financial Services) accompanied by Nehemiah Richardson (Pengana) & Sarang Kulkarni (Vanguard Active Global Credit Bond fund) discussing: Thinking about portfolio constructionBenefits and challenges of investing globally vs investing in domestic credit marketsMacro and fundamental backdrop for global credit investing over the year aheadPublic vs private credit … or both?

Bert van Manen MP (Federal Member for Forde) & Pedro Marin Ramirez (Marin Wealth) discuss:- The biggest inefficiencies in the financial advice process today- Improving regulation around the creation of advice- Legislation in response to The Quality of Advice Review- What impact a new class of advisers might have (superannuation funds and insurance) Hosted by Emily Barlow (Perpetual Private) 

Julie Ballard (S&P Dow Jones Indices) and Tim Farrelly (Farrelly's Investment Strategies) discuss:- Benchmarking managed accounts in Australia today- Specific challenges facing advisers when reviewing managed account performance- How can advisers approach benchmarking for portfolios with allocations to alternatives?- How should advisers balance performance with risk management?& moreHosted by Emily Barlow (Perpetual Private)

Join Chad Hitzeman (GlobalX), David Wanis (Longwave Capital Partners) and Emily Barlow (Perpetual) discussing: - Active vs passive- Is passive and active black & white?- The impact of ETFs- Trends, what's here to stay?Moderated by Emily Barlow.

Emily Barlow (Perpetual Private) & Glen Foster (Atrium) discuss risk management, including: How do you define risk?Are there risks you are more or less focussed on?How does this play through into portfolio construction?& more...

Join Emily Barlow (Perpetual Private) accompanied by Matt Walker (Dynamic Asset) and Alex Cousley (Russell Investments) for an interesting conversation on goals based investing. Key points covered are: A personalised approach to managing wealthImplications on portfolio constructionThe market outlook and more....

Join Emily Barlow (Perpetual Private) accompanied by Alex Ramsey (Infradebt), and Matt Macreadie (Income Asset Management Group)  for an insightful discussion on fixed income investing. They explore:The pros and cons of direct investing versus funds and whether there is room for both approachesThe role of green bonds and infrastructure debtHow investors should be positioning the defensive part of their portfolioAreas investors should be avoiding at this point in the market cycle & more

Hosted by Emily Barlow (Perpetual Private), joined by Rowan Stewart (Aequitas) and Ben Drury (Baillie Gifford) Are equities overvalued and should investors be repositioning their portfolios?Does Growth face headwinds in a higher for longer interest rate environment?Is the magnificent 7 a bubble that’s about to burst?

Damon Riscalla who is National Head of Practice Development for Betashares discusses his insights about how to run the best advice practice. Changing with clients over timeDeveloping a business plan that helps youDeveloping your niche/strengthsKnowing when to let clients goManaging referrals wellModerated by David McDonald, CFA of IMAP

Craig Lazzara, CFA  is Managing Director and Emeritus Global Head of the Index Investment Strategy Group at S&P Dow Jones Index based in the USA and spoke with IMAP during his time in AustraliaCraig spoke to S&P DJI research showing that index investors have an above-average chance of achieving above-average investment results.He debates his view that most active managers under-perform most of the time, with any out-performance tending to be temporary. The effect of transaction costs contributing to the net performance difficulties for active investment managementThe use of wider dispersion across assets as a way to measure the potential value of stock selection ability to construct an index-beating portfolio Moderated by David McDonald, CFA of IMAP

James Kingston of Blackrock and Pedro Marin  Ramirez, CFP of Marin Wealth discuss tomorrow's clients. Who are they?The rise in unexpected demographicsWhat are the needs of these clients?How to connect with clients families for ongoing support. Social media and tomorrows clients Moderated by David McDonald, CFA of IMAP

 Susan Chenoweth, PMESA  - Head of Philanthropic Services and Lynda McKie CFP  Senior Private Weath advisor from Elston (one of Australia's largest privately owned and operated financial services companies) talk about the reasons for Philanthropy increasingly being a topic of interest to clients :the reasons for the growing demand for assistance with Philanthropyidentifying clients with interest in this areahow and when  to discuss Philanthropy with clientsoptions to presentModerated by David McDonald, CFA of IMAP

Will Riggall (Clime Investment Management) and Matthew Rencken  (James Street Advisors) discuss: The challenges of running investment management within a diversified financial services businessTypical HNW clients and their needsHow do investment objectives and needs of HNW differ from other clients?HNW objectives: ESG, income, use of alternativesManaging the compromise between efficiency and high service requirementsThe interaction between the investment team and advisersModerated by David McDonald (IMAP)

Alex Ventelon (Morgan Stanley) discusses:Interest rates: are RBA and Fed finished. Have they gone too far - is recession likelyCan inflation return to target soon or are we in for an extended period of 3-4% inflation (or higher)Asset allocation views at presentDomestic vs international exposure in equities and bondsExpected returns for portfolios over the next few yearsModerated by David Mcdonald (IMAP) 

Jenny Mulders - Chair of the IMAP Regulatory Group (Source Services), Jesse Vermiglio (Holley Nethercote) and Simon Carrodus (Hamilton Locke) from IMAPs Regulatory Group discuss:- Different obligations for different managed account structures- Complaints management- Target Market Determinations (TMDs) Moderated by David McDonald, CFA -  IMAP 

Charles Hamieh (ClearBridge Investments) & Greg Pease (Evidentia Group) discuss:  How infrastructure performs under different economic conditionsProspects for dividend growthESG implications Defensive qualities of infrastructureModerated by David McDonald, CFA (IMAP) 

Steve Hiscock of SG Hiscock discusses Why active management works. What is active and what is passive?The role of ETFs and their increasing popularity The rise of new methods of investing The role of financial advisors and asset consultants and how this has changedHave client needs changed? Residential property and the sharp rise in interest rates Property sector - is it the end of the office? 

Dr Shane Oliver - Head of Investment Strategy and Economics and Chief Economist, AMP Investments discusses:- High inflation and its aftermath, how it affects expectations and the challenge of getting interest rates back down, along with lags in monetary policy impacts. - Whether the RBA and other central banks have done enough is a judgement call. Upcoming retail sales and jobs data are critical in this.

This podcast examines;How alternatives perform during market volatilityWhether private investors should be allocating to alternativesHow to meet income needs with alternativesHow alternatives can be accessed by retail investorsWhether alternatives offer an uncorrelated option to bonds and equitiesHow higher interest rates and inflation impact alternatives Featuring Mathew Kaleel, Janus HendersonModerated by David McDonald, CFA IMAP

Presented by;Kieran Rooney, Evergreen Asset ManagementLeon de Wet, Elston Asset Management Marcus Bogdan, Blackmore CapitalVictor Huang, MillimanModerated by David McDonald, CFA IMAP

This podcast discusses the Outlook for Markets in 2023. We ask; What Asset Allocation decisions are you making?What is your view on bonds vs equities and domestic vs international?What will the RBA and Federal Reserve choose to do in 2023?What are the risk events in 2023?Australian equity outlook and sector views Featuring:Victor Huang, MillimanMarcus Bogdan, Blackmore CapitalLeon de Wet, Elston Asset Management Kieran Rooney, Evergreen Consultants Moderated by David McDonald, CFA -  IMAP 

Podcast Highlights - What will it take to serve retail investors in 2023This summarised  and short version of podcast episode 16 picks out the key challenges of servicing Retail investors' demands in 2023What is your value proposition for different groups of clients and how to create a sustainable service optionTechnology to implement your proposition and communicate efficiently with clients ESG: what are client preferences and how can advisors become comfortable in discussing ESG with clients. Ethical thinking in dealing with clientsGeopolitics: handling client concernsCommunicating with clients around volatility and appropriate actions or need to not make changes if not appropriate Featuring:James Freeman, Philo Capital AdvisersNick Mitchell, Mason StevensSteven Tang, Zenith Investment PartnersRick Di Cristoforo, Morningstar Moderated by David McDonald, CFA -  IMAP

This podcast examines the challenges of servicing Retail investors' demands in 2023What is your value proposition for different groups of clients and how to create a sustainable service optionTechnology to implement your proposition and communicate efficiently with clients ESG: what are client preferences and how can advisors become comfortable in discussing ESG with clients. Ethical thinking in dealing with clientsGeopolitics: handling client concernsCommunicating with clients around volatility and appropriate actions or need to not make changes if not appropriate Featuring: James Freeman, Philo Capital Advisers Nick Mitchell, Mason Stevens Steven Tang, Zenith Investment Partners Rick Di Cristoforo, Morningstar Moderated by David McDonald, CFA -  IMAP 

Andrew Garrett, CFA of Perpetual Private and David McDonald, CFA of IMAP discuss Perpetual's views on current macro-economic and market issuesInflation, interest rates and geopolitics Views on key asset classes. Equities v Bonds, alternatives. Offshore v domestic assets. Volatility - is it expected to continue?Client communication with an emphasis on coping with volatility

Matthew Strotton of Real Asset Management discusses;Targeting the healthcare and essential services retail sectorsInvesting here in contrast to other asset classesInvestment opportunities & considerations Approaching investment in the sectorModerated by David McDonald, CFA of IMAP

Dan Miles of Innova Asset Management and Nat Webb of Dobbrick Financial Services discuss;Recent market volatility and outlook Approaches to risk managementWhat works for clients and the value of educationBenefits of managed accounts and using external investment experts Moderated by David McDonald, CFA of IMAP

Angela Ashton of Evergreen Consultants and Diana Mousina of AMP discussGlobal and local inflation outlookEconomic growth: Are we in for a recession, stagflation or neitherThe impact of growth and inflation on real assetsWhat is worst outcome for real assets?Which real asset sub classes offer inflation protection and how?Liquidity issues and access to real assets for managed accountsThe impact of covid and work from home on office property

Isaac Poole of Oreana Portfolio Advisory & Monik Kotecha of Insync discuss the following pointsDemographic and generational trends in China and AsiaImplications for portfolio constructionChanges in Asia over past decade and whether geographic allocation is still validHow to achieve exposure - directly or indirectlySector specific issuesImplications of Asian trends for global growth 

Lukasz de Pourbaix of Lonsec Investment Solutions & Hamish Fitzsimons of Alliance Bernstein discuss the following pointsHow are you changing portfolios in response to rising inflation and interest rates?Now that bond yields are over 3% are you reconsidering adding to fixed income in portfolios?What other asset classes do you like in this environment?Is it too late to sell long duration assets now or switch out of high growth managers?How do you see rising inflation impacting equity markets? What parts of the equity market do you prefer in an environment of rising rates and high inflation?What sectors do you see as potential offering inflation protection?

Simon Steele of Fiera Capital and Darren Beasley of Evidentia discuss the following pointsThe impact of higher interest rates and inflation when selecting managersThe concept of style adjusted alphaWe've seen a switch from growth equities to value. Is this likely to be a short-lived phenomenon or could higher bond rates dampen the performance of high growth stocks?The search for protection against inflation in the current environmentUkraine and Russia and any impact on growth Predicting long-term profitability and success of individual companiesRegional preferences within global equities and the importance of geographical exposure. The importance of valuation and short-term performance?

In this podcast Chris Ogilvie of Investblue and Paul Eitelman of Russell Investments will be discussing: What are investors asking their adviser about?What is the source of inflation – supply driven or labor market – which will prove significant in the long run?How quickly will the Fed raise rates and what are they watching most closely?How are investors reacting to rising interest rates?How might market respond in 2022 to the current economic conditions?What is the role of real assets in the portfolio?What role do real asset play for Australian investors?What are the implications of the Ukrainian conflict for investment markets?Has the spike in energy prices accelerated the potential to include alternative energy sources in portfolios?Moderated by David McDonald,CFA IMAP Investment Specialist

In this podcast John McIlroy of Crystal Wealth and Nicholas Ali of SuperConcepts will be discussing: Who is starting SMSFs and what are their motivations?Who is making the investment decisions once the SMSF is established?Relation of the SMSF strategy to the mandate for the managed account portfoliosIncorporation of other assets into the way the portfolio is managedRole of ESG in SMSF portfolios Advantages of using managed accounts for SMSFsWhat are main assets in SMSF and what is missing?Moderated by David McDonald, IMAP Investment Specialist

In this podcast Tim Murphy of Morningstar and Stephen Furness of MGD Wealth will be discussing: The events of 2021:Which asset classes/sectors did well and which ones didn't perform?The reversal in the value vs growth story and performance of the tech sectorWhat happened in fixed income given inflation fears and expectations of rate rises?For January 2022:How did markets perform?What have been the main drivers for this performance?What concerns and questions did your clients have?Is the "correction" over or we can expect continued volatility?For 2022:What you are recommending for portfolio positioning?What are your expectations for interest rates and inflation? What are major questions and concerns that clients might have? Moderated by David McDonald, IMAP Investment Specialist

Nick Kirrage, Co-head Schroders value team & Jonathan Ramsay,  Director InvestSense discuss;- What value investing means to them- To what extent they use Growth and Value as inputs to their thinking about the amount invested in global equity markets- Whether they  have a target period to hold any particular investment- Their view on inflation and- Their view on the likely direction of rates in major marketsModerated by Toby Potter, IMAP

In this podcast Angela Ashton of Evergreen Consultants and Rebecca Myatt of First Sentier Investors will be discussing: How ESG is integrated into the Responsible Listed Infrastructure fund The different approaches to ESG across managers and how they have changed over the yearsWhy the UN Sustainable Development Goals are a natural "benchmark"Whether there has been an uptick in clients wanting ESG solutions Is net zero is achievable in listed infrastructure? What would that mean to portfolios and portfolio construction?  Moderated by Toby Potter, IMAP Chair 

In this podcast Mathew Kaleel of Janus Henderson and Isaac Poole of Oreana Portfolio Advisory Services will be discussing: Alternative strategies and how Managed Account portfolio managers think about themThe role of Alternatives in portfolios and the level of exposure appropriate in portfoliosWhether Alternative strategies be thought of as part of the way of managing volatility or as a return generatorTheir short and medium term outlook for investment markets and how that colours their view of the use of Alternatives Moderated by Toby Potter, IMAP Chair