9:00am Opening and conference welcome

• Conference MC: Wayne Sullivan, Director of Marketing and Business Development, Frontier Advisors
• Conference welcome: Andrew Polson, Chief Executive Officer, Frontier Advisors

9:20am Perspectives of a central banker

We will begin our conference with the perspectives of a former RBA Governor. The session will explore how policy makers around the world would be considering critical developments in trade fragmentation, geopolitical tensions, reemerging inflationary pressures, and global capital flows, and how central banks are likely to respond. In particular, we will discuss how these developments will likely impact Australia, what the response of monetary policy could be and how currency and investment markets will be affected during these turbulent times.

Chair:

• Alexandra Veroude, Senior Consultant, Frontier Advisors

Presenters:

• Chris Trevillyan, Director of Investment Strategy, Frontier Advisors
• Glenn Stevens, Chairman Macquarie and former Governor of the Reserve Bank of Australia

10:40am US exposure risk

This session delves into how evolving global dynamics – particularly from Trump 2.0 and the developments and shifts in thinking around emerging markets – are impacting investment strategy. Building on the themes introduced in the first session, our speakers will unpack some of the complexities of the current economic environment and provide their perspective on how investors can enhance portfolio resilience amid growing uncertainty.

Chair:

• Alice Berriman, Senior Consultant, Frontier Advisors

Presenters:

• Niamh Brodie-Machura, Co-Chief Investment Officer Equities at Fidelity International (London)
• Jacob Mitchell, Chief Investment Officer, Antipodes

11:20am Artificial intelligence in investment portfolios

AI is no longer on the horizon, it’s here, fundamentally reshaping industries, driving massive efficiency gains, and challenging how we live, work and interact with technology. For investors, the question isn’t if you should invest or innovate, but how quickly can you position your portfolio to capitalise. To do this, you need to understand the different layers of AI from infrastructure to application, the different development paths that could unfold, incumbents versus new entrants, first movers versus followers and how recent no-code development tools are allowing startup companies to scale at breakneck speed. This session will include:

• Real-world examples of AI adoption in enterprises and predicting which industries and functions are likely to see the biggest disruption, and why.
• How “vibe coding” and no-code tools could unlock a new wave of disruptive startup companies.
• The macro risks investors can’t ignore, from data monopolies to cyber threats and systemic unemployment.

The session will be both provocative and practical, designed to help you future-proof your portfolios whilst leaning into the next wave of innovation. It may also leave you questioning whether you are doing enough in your own enterprises.

Breakout session stream A – 1:15pm – 1:55pm

Session A1 – Private credit: Unpacking and navigating the risks

In this session we will review market performance, spread levels and defaults. How should investors think about risk in private credit? What other options are available and what types of sleeves should be targeted for different types of investors. Should investors be concerned about a bubble in private credit and impact on future performance? Join us as we unveil Frontier’s latest direct lending market survey results and interact with a panel of private markets industry practitioners to unpack this important topic.

Session A2 – Real estate: A dose of healthcare, life sciences, housing or a little retail therapy?

In this cauldron of uncertainty with paradigm shifts afoot globally, we try to delve into the re-shaping of real estate markets. AI impacts on the built environment and human needs are key to successful and stable markets over the long term. Traditional sectors such as office and retail are responding in different ways. In this session we compare future trajectories of investment opportunities in Australia, and globally for a range of investors (small and large). We welcome leading industry leaders from different geographies with unique perspectives.

Session A3 – Infrastructure: The digitalisation infrastructure revolution

AI is driving significant investment in digital infrastructure, which comprises a broader universe than data centres. This session provides an overview of the digital investment universe and key investment drivers. In addition, we will explore the convergence of two key investment themes in infrastructure, digitalisation and the energy transition, and the challenges this places on the energy system. Power supply will largely be met by renewable energy sources requiring significant investment in both renewable energy and associated infrastructure such as transmission networks.

Session A4 – Impact investing: Perspectives from endowment and foundation investors

Endowments and foundations are increasingly seeking to align the management of their investment portfolios with their broader missions and values. Impact investments offer these investors the opportunity to see their capital generate both attractive investment returns and positive environmental/social impact. In this session, we will hear perspectives from endowments and foundation investors who will detail their impact investment journeys – why they are doing this, what they have achieved so far, and lessons learned along the way.

Breakout session stream B – 2:00pm – 2:40pm

Session B1 – Liquid alternatives: The death of 60/40 and rebirth of hedge funds. Is this time truly different?

In recent times, the re-emergence of inflation and less accommodative monetary policy has reduced the efficacy of bonds as a traditional diversifier. This has been accompanied by an increasingly fragmented geopolitical environment, where the ‘Trump-put’ ceases to exist. This new market paradigm has evidenced heightened market volatility, greater macroeconomic dispersion and increased security level price dispersion; all of which should be conducive to active management – which is the basis of liquid hedge fund performance. We will explore whether this time truly is different and whether the investment thesis for liquid alternatives is more compelling on an ex-ante basis. In particular, we will identify possible opportunities, and the type of hedge funds finding favour in the current environment.

Session B2 – Equities: Quantitative strategies. Can quants continue to deliver?

In listed equities, active management has experienced one of its most challenging periods in recent history. This has come amid rising, record levels of market concentration and low market breadth, which has been a headwind to active management outcomes as a whole. However, there has been one segment of active managers who have navigated this difficult period well – quantitative strategies. These strategies have seen renewed interest from our clients for a variety of reasons, including underperformance of fundamental strategies, fees, scale and better risk/YFYS management. Quants can play an important role in the core part of equities configurations for these reasons. But are today’s quants any better placed (given more sophisticated models and potentially less correlated models) to navigate less conducive environments than the past? The session aims to explore the background behind this, pros and cons and importantly, portfolio construction implications of allocating to these strategies.

Session B3 – Natural real assets: Opportunities in natural real assets

Interest in natural real assets is increasing among institutional asset owners who are seeking further diversification within unlisted assets. But can these investments deliver competitive financial returns? And can they create a positive environmental impact? This session will explore natural real assets (agriculture, timber and water) and the challenges, opportunities and risks for asset owners seeking to build an allocation.

Session B4 – Liability-driven investors: A perfect match

Many insurers seek to match their liabilities as part of their portfolio management approach, which comes with a broader opportunity cost. In this session, we explore the potential benefits of assuming some mis-match risk and assess the resulting implications for capital, risk and return. Using Frontier’s insurance modelling platform, we will compare expected outcomes across a range of portfolios, consider the impact on the capital charge and likely portfolio performance through a range of stress scenarios.

3:00pm Trump 2.0 and the ESG backlash – how should responsible investors respond?

Emerging from its anti-woke capitalism roots in US Republican states, the ESG backlash refers to the opposition of incorporating environmental, social and governance factors in business and investing. The 2024 election of President Trump has further amplified this movement via his administration’s positions on issues like climate and diversity, equity and inclusion (DEI). Companies and investors are wrestling what this means for their responsible investment and sustainability approaches. Our panel will explore the causes of the ESG backlash, how responsible investors might respond, and how this may impact key sustainability challenges such as climate change.

3:50pm Tax exempt investing

“In this world nothing can be said to be certain, except death and taxes”, said Benjamin Franklin.  Tax is something we all need to be wary of, however there are a group of investors across multiple segments who are classified at tax exempt. Does tax exemption mean investors can be agnostic to tax, or can their portfolios be optimised to achieve better tax outcomes for their beneficiaries? Does this tax exemption status come with any other burden? How does the tax exempt status impact asset allocation and risk/return outcomes? What can we learn from some prominent tax exempt investors with truly long-term investment horizons and how are these organisations investing to maximise their potential to deliver on their overall purpose. These are the types of questions that we will explore with our panel in what promises to be an engaging learning opportunity for our audience.

4:20pm Perspectives: A conversation with Rich Kushel

Rich Kushel, is Senior Managing Director and Head of BlackRock’s Portfolio Management Group, overseeing fixed income, fundamental equities, private credit, systematic investments, multi-asset strategies and private investor businesses. He is a member of Blackrock’s Global Executive and Global Operating Committees. Rich joined Blackrock in 1991.

BlackRock is the largest fund manager globally, managing US$11.6 trillion in assets as at the end of 2024, including net record inflows of US$641 billion in 2024.  BlackRock is active across asset classes, is the largest manager of ETFs globally, and has a significant business in risk management systems.  More recently, Blackrock has moved into private markets assets with major acquisitions in infrastruture, private credit and private markets data.

Rich will discuss a wide range of topics ranging from current US policymaking and its impact on macroeconomics and geopolitics; BlackRock’s current strategy and aspirations in private markets; developments in responsible investment; the rise in passive management; current portfolio trends; and his personal insights from over three decades at BlackRock.

Chair:

• Kim Bowater, Director of Consulting, Frontier Advisors

Presenter:

• Rich Kushel, Senior Managing Director & Head of Portfolio Management Group, BlackRock

5:00pm Conclusion