The Rio Tinto staff superannuation fund has over 30,000 members and $5.3 billion in assets. It achieved strong returns of 13.8% in 2013-14 due to its tilt towards growth assets. The fund invests 100% actively managed by selecting several Australian and international equity managers. It focuses on consistent long-term returns over index-beating performance. Member uptake is high at over 90% due to the fund's solid reputation among Rio Tinto employees.
Netwealth portfolio construction series - How to find undervalued investment ...netwealthInvest
Roger Montgomery from Montgomery Investment Management presented to an audience on 17th August 2016 on the "value investing" approach and what it means for investors.
This presentation evaluates the current state of the asset management industry and takes a look at where it might be expected to go from here. Topics covered include capital flows, the emergence of alternatives and the M&A environment
The 2013 Temasek Review, titled “Beyond Investing”, was launched on 4 July 2013.
Structure
- The Temasek Charter
- Performance Overview
- From Our Chairman
- Portfolio Overview
- Group Financial Summary
- Financing Framework
- Shaping Our Portfolio
- Shaping Our Institution
- Expanding Horizons
- Commitment to Community
- Major Investments
- Contact Information
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
Netwealth portfolio construction series - How to find undervalued investment ...netwealthInvest
Roger Montgomery from Montgomery Investment Management presented to an audience on 17th August 2016 on the "value investing" approach and what it means for investors.
This presentation evaluates the current state of the asset management industry and takes a look at where it might be expected to go from here. Topics covered include capital flows, the emergence of alternatives and the M&A environment
The 2013 Temasek Review, titled “Beyond Investing”, was launched on 4 July 2013.
Structure
- The Temasek Charter
- Performance Overview
- From Our Chairman
- Portfolio Overview
- Group Financial Summary
- Financing Framework
- Shaping Our Portfolio
- Shaping Our Institution
- Expanding Horizons
- Commitment to Community
- Major Investments
- Contact Information
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
Why do people make irrational investment decisions? How to make sure you don't.netwealthInvest
Part of Netwealth's portfolio construction webinar series - Chris Inifer from Allan Gray presented to an audience on 12th July 2016 on how a contrarian investment approach may help protect against poor human decision making that are often driven by emotion and biases.
DSP World Mining Fund - An Open Ended Fund Of Funds Scheme investing in Mining Companies through International Funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking*:
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of mining companies
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
Netwealth portfolio construction series - Why you should consider investing o...netwealthInvest
Julian Beaumont from Bennelong Australian Equity Partners presented a webinar session on how to invest outside of the top 20 ASX stocks, for Netwealth on May 26, 2016.
SIA Funds: de Value Investing a Strategic ValueValueSchool
Nombre y breve perfil del invitado
Marcos Hernández Aguado es CIO de SIA Funds. Con 25 años de experiencia en el mercado bursátil, la mitad en análisis (analista de varios sectores en Credit Agricole y Merrill Lynch) y la mitad en gestión (Merrill Lynch SIG Long Short y SIA Value), Marcos Hernandez es el actual CIO y co-gestor del LTIFClassic y LTIFNaturalResources, junto a José Carlos Jarillo, fundador de SIA. Se incorporó a SIA en 2008, unos meses antes de la debacle bursátil, y desde entonces ha ocupado los puestos de jefe de análisis de la oficina de Ginebra y posteriormente la cogestión de todos los fondos de SIA. El LTIFClassic ha tenido una performance absoluta del 9% anual desde que se lanzó en 2002, y es un fondo global value con el objetivo de rentabilidad del 10% anual neto con un riesgo industrial muy limitado.
Sinopsis
SIA Funds y su fondo insignia LTIFClassic empezaron su andadura en 2002 con una estrategia de value investing básica (con bastante peso de recursos naturales), que rápidamente obtuvo una de los mejores alfas del mundo: c20% anual en el período 2002-2007. Pero llegó la crisis global y en 2008 el fondo Classic cayó un 60%. A partir de ahí empieza una evolución estratégica del fondo desde value investing puro a strategic value con el fin de renunciar a parte del alfa potencial a cambio de una fuerte reducción del riesgo. Esto permitió aprender en vivo, y a lo largo de una década, la lección que Buffett lleva años comentando: su transición desde pure value hacia good businesses at reasonable price. Y Graham ya lo había anticipado mucho antes, en los años 30, con su famosa frase que divide la inversión en dos partes: protección del capital y retorno satisfactorio. SIA también ha desarrollado una fuerte experiencia en commodities y recursos naturales y gestiona desde 2005 el fondo especializado LTIFNaturalResources.
Why do people make irrational investment decisions? How to make sure you don't.netwealthInvest
Part of Netwealth's portfolio construction webinar series - Chris Inifer from Allan Gray presented to an audience on 12th July 2016 on how a contrarian investment approach may help protect against poor human decision making that are often driven by emotion and biases.
DSP World Mining Fund - An Open Ended Fund Of Funds Scheme investing in Mining Companies through International Funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking*:
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of mining companies
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
Netwealth portfolio construction series - Why you should consider investing o...netwealthInvest
Julian Beaumont from Bennelong Australian Equity Partners presented a webinar session on how to invest outside of the top 20 ASX stocks, for Netwealth on May 26, 2016.
SIA Funds: de Value Investing a Strategic ValueValueSchool
Nombre y breve perfil del invitado
Marcos Hernández Aguado es CIO de SIA Funds. Con 25 años de experiencia en el mercado bursátil, la mitad en análisis (analista de varios sectores en Credit Agricole y Merrill Lynch) y la mitad en gestión (Merrill Lynch SIG Long Short y SIA Value), Marcos Hernandez es el actual CIO y co-gestor del LTIFClassic y LTIFNaturalResources, junto a José Carlos Jarillo, fundador de SIA. Se incorporó a SIA en 2008, unos meses antes de la debacle bursátil, y desde entonces ha ocupado los puestos de jefe de análisis de la oficina de Ginebra y posteriormente la cogestión de todos los fondos de SIA. El LTIFClassic ha tenido una performance absoluta del 9% anual desde que se lanzó en 2002, y es un fondo global value con el objetivo de rentabilidad del 10% anual neto con un riesgo industrial muy limitado.
Sinopsis
SIA Funds y su fondo insignia LTIFClassic empezaron su andadura en 2002 con una estrategia de value investing básica (con bastante peso de recursos naturales), que rápidamente obtuvo una de los mejores alfas del mundo: c20% anual en el período 2002-2007. Pero llegó la crisis global y en 2008 el fondo Classic cayó un 60%. A partir de ahí empieza una evolución estratégica del fondo desde value investing puro a strategic value con el fin de renunciar a parte del alfa potencial a cambio de una fuerte reducción del riesgo. Esto permitió aprender en vivo, y a lo largo de una década, la lección que Buffett lleva años comentando: su transición desde pure value hacia good businesses at reasonable price. Y Graham ya lo había anticipado mucho antes, en los años 30, con su famosa frase que divide la inversión en dos partes: protección del capital y retorno satisfactorio. SIA también ha desarrollado una fuerte experiencia en commodities y recursos naturales y gestiona desde 2005 el fondo especializado LTIFNaturalResources.
Zwei Drittel der europäischen Internet-Nutzer haben Bedenken, ihre privaten Daten bei US-amerikanischen Firmen zu speichern. Das geht aus einer repräsentativen Studie von Convios Consulting im Auftrag von GMX hervor. Innerhalb Europas gibt es dabei starke Unterschiede. In Spanien ist das Misstrauen mit 86 Prozent am größten, danach folgen Deutschland und Österreich mit jeweils 70 Prozent. Am wenigsten Bedenken haben die Briten mit 45 Prozent.
Case Review #3: 53 year old male with severe spinal cord compressionRobert Pashman
53 year old male presented with arm weakness, severe spinal cord compression, and degenerative disc disease. Dr. Pashman treated the patient with an anterior cervical disectomy and fusion.
WPS y PQR Conforme al código D1.4 Structural Welding Code - Reinforcing SteelRafael Pérez-García
En este documento se realiza la metodología para la elaboración de la especificación del procedimiento de soldadura (WPS, por sus siglas en inglés, Welding Procedure Specification) y el registro de calificación del procedimiento (PQR, por sus siglas en inglés, Procedure Qualification Record) conforme al Código: ANSI/AWS D1.4, Structural Welding Code, Reinforcing Steel
El procedimiento de soldadura es realizado mediante el proceso de Soldadura por Arco de Metal y Gas, (GMAW, por sus siglas en inglés, Gas Metal Arc Welding) se realizó inspección visual como control de calidad, la prueba de tensión y macroataque como pruebas mecánicas para la calificación del procedimiento.
El código ANSI/AWS D1.4, Structural Welding Code, Reinforcing Steel se aplica a la unión por medio de soldadura de:
1. Acero de refuerzo a acero de refuerzo, y
2. Acero de refuerzo a acero al carbono o acero estructural de baja aleación
Asset Management Industry Success: Build, Transform and Protect Value into 2020Grant Thornton LLP
Though hedge fund volume has doubled in the past five years, fees are pressured down; responsive strategies to replace fee dependency include expansion — M&A, joint ventures and alliances.
During the last 15 years more than $800 billion dollars has been contributed to index funds. At Selective we believe there are many limitations to these products and don't truly capture the heart of investing - business ownership. To learn more go through the presentation. If you would like more content like this visit us at www.selectivewm.com or contact us at info@selectivewm.com
How emerging managers can raise capital, hire the best people, sustain profitability and organize for tax efficiency. More here: http://gt-us.co/1qG5Xlu
Market Outlook: Hedge Funds 2017 – Discover the Changing OutlookFIS
The hedge fund industry has ridden out a very tough period, leaving the truly tried and tested funds next to newcomers of the highest quality.
Keeping up with the demands made by prime brokers, regulators and investors will require top-notch management of resource and operations. These can help to control costs and deliver outperformance by enabling a greater level of agility to handle challenging markets.
To enable a more flexible operational base within their firms, hedge fund managers need to assess their existing provision of IT and services, along with partner relationships.
View this slideshow to discover the changing outlook for hedge funds from their own perspective as well as from key market analysts.
The market for sustainable investments has grown to over $12 trillion in the U.S. and the movement of investable assets into sustainable strategies is expected to accelerate. The update reviews the growth of sustainable investing over the last decade and considers the valuation implications for your RIA.
AFR tax reform summit - Phil Edmands - media coverage
150918 From coal mines to Collins St AFR
1. anywhere from a Queensland coal mine to
an office on Collins Street. The fund has a
distinct bias to growth assets, a reflection of
its comparatively young workforce.
It also offers enhanced insurance options,
including a partial disability or ill-health
benefit, which acknowledges the higher-risk
vocations of many resources workers.
Members can choose to invest in individual
asset classes or one of its four pre-mixed
options. It does not offer a "balanced" option
and 65 per cent of the fund is invested in the
default growth strategy.
The tilt towards growth assets goes some
way to explain the strong performance,
but it also creates a direct link between the
fund and the average self-managed super
fund because SMSFs are typically growth
orientated and contain plenty of shares.
Another similarity between Rio's fund
and your garden-variety SMSF is that its
exposure to the sharemarket is 100 per
cent active. Rio pays fund managers to look
after both its local and international equity
exposures, which runs counter to the trend
of institutions swapping active for lower-cost
:
SMART PEOPLE
From coal
mines to
Collins Street
The strategies employed by Rio Tinto's top-
performing staff superannuation fund can
and should be explored by self-managed
super fund members, writes James Frost.
I
t's an open secret within the
superannuation industry that the best
performing funds are run byinsiders.
Over the past 10years the super
funds run by and for the employees
of Goldman Sachs, the Reserve Bankof
Australia and Commonwealth Bankof
Australia can be found among the top five
performing funds of almost any given year,
according to data collected by the Australian
Prudential Regulation Authority.
But in 2013-14, a fund run by a company
not normally associated with high finance
broke ranks and stormed home with a
13.8 per cent return - muscling its way into
fifth spot in the process. That fund was Rio
Tinto's S5.3 billion staff super fund, chaired
by managing director Phil Edmands.
"We like to keep things pretty simple,"
Edmands says."We are seeking consistent
returns that are a little bit better than
the market and we hope that will lead to
significant outperformance over time."
The 70-year-old fund has more than
30,000 members who work across Rio Tinto's
Australian operations. The fund caters to
a broad mix of staff who could be working
Page 1 of 3
18 Sep 2015
Australian Financial Review, Australia
Author: james frost • Section: Smart Investor • Article type : News Item
Audience : 57,243 • Page: 6 • Printed Size: 754.00cm² • Market: National
Country: Australia • ASR: AUD 13,184 • Words: 858 • Item ID: 467169657
Copyright Agency licensed copy (www.copyright.com.au)
2. index or index-enhanced strategies.
"Wehave been able to find active managers
with the expertise to add value and sowe
don't have any plans to move to passive
at this point," Edmands says.Riogives
mandates to a small number of Australian
equity managers including Balanced Equity
Management, Fidelity, Paradice Investment
Management, Integrity Asset Management
and Renaissance Asset Management.
The fund has close to $500 million
invested with Andrew Sisson's Balanced
Equity Management. BEMis well known
for two things: its comparatively small
"Fund managers are people too; they can't
be perfect every day of every month of every
year. We look at things over the long term
and understand that they need some leeway.
We are notjust flipping between managers."
Perhaps the best measurement of the
fund's success is its high take-up among
Rio staff. About 21,000 staff members
from a pool of 23,000 havejoined, with an
additional 10,000 former employees and
spouses also choosing the fund.
"In terms of the feedback we get from
members, we are highly regarded and they
like what we do," Edmands says.
"When Istarted working for RioTinto nine
years ago, I got some professional advice
about whether Ishouldjoin the fund. They
[took a] good look at it and told me that I
wouldn't do better anywhere else. Ihaven't
looked back since."H
management fee and its ability to
consistently beat the index without shooting
the lights out. This philosophy dovetails
neatly with the fund's aims.
Fund managers are selected by the
investment committee in conjunction with
asset consultants JANA, a subsidiaryof
National Australia Bank. The performances
and processes of fund managers on the roster
are then reviewed regularly. "We certainly
keep close tabs on what they are doing. Our
internal team and JANAare both very hands
on in this respect," Edmands says.
"If a manager had a process that we
liked and that changed we would seekto
review that. If there were staff changes that
concerned us then we would look at it as
well. Sometimes you come across a manager
who is unequivocally better."
Achange in investment process at the
global investment firm GMO,founded by
respected investor Jeremy Grantham, is
believed to have led Rio Tinto to dump
the manager. GMOran a mandate worth
$164 million for the fund during 2014-15.
Members of Rio Tinto's staff super fund
will be informed of the change in managers
when its annual report is distributed in
: coming weeks. Edmands says Rio takes
a long-term view and it seeks to avoid
switching managers if possible.
WE HAVE BEEN ABLE TO
FIND ACTIVE MANAGERS
WITH THE EXPERTISE TO ADD
VALUE AND SO WE DON'T HAVE
ANY PLANS TO MOVE
TO PASSIVE.
Page 2 of 3
18 Sep 2015
Australian Financial Review, Australia
Author: james frost • Section: Smart Investor • Article type : News Item
Audience : 57,243 • Page: 6 • Printed Size: 754.00cm² • Market: National
Country: Australia • ASR: AUD 13,184 • Words: 858 • Item ID: 467169657
Copyright Agency licensed copy (www.copyright.com.au)
3. «•
I
; ^ ^ *--r
PROFILE
Phil Edmands
e: Managing
director, Rio Tinto
Australia
Other roles: Chairman
of Rio Tinto Staff
Superannuation Fund
Page 3 of 3
18 Sep 2015
Australian Financial Review, Australia
Author: james frost • Section: Smart Investor • Article type : News Item
Audience : 57,243 • Page: 6 • Printed Size: 754.00cm² • Market: National
Country: Australia • ASR: AUD 13,184 • Words: 858 • Item ID: 467169657
Copyright Agency licensed copy (www.copyright.com.au)