The Portfolio Construction Podcast

Episodes

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  EP87: Can you take emotion out of investing? - Vinva 02.11.2026 32m

  Systematic investing can sound like algorithms making the investment decisions. In reality, the ideas still start with people, while data and technology help test them, apply them consistently and support in reducing the influence of emotion. In this episode, join Morry from Vinva Investment Management to explore systematic investing in practice, from separating signal from noise to understanding why more data and AI doesn't necessarily create an investment edge. They discuss: Why systematic investing is human-led, not algorithm-led, with technology used to scale and consistently implement investment ideas. Why emotion can detract from investment decisions, and how embedding buy and sell disciplines into a systematic process can help avoid reacting to short-term news and market noise. How to distinguish genuine investment signals from noise, by testing the rationale behind an idea across different markets, industries and market regimes before incorporating it into the investment process. Why increasingly accessible AI tools and data may be becoming commoditised, shifting the potential investment edge towards how information is interpreted, challenged and learned from. The risk of investors using similar AI models and datasets reaching similar, concentrated conclusions, and why critical thinking, problem-solving and scepticism may become even more important.
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  EP86: The new drivers of Private Equity returns - Neuberger Berman 18.08.2026 37m

  For more than a decade, private equity benefited from a tailwind of low interest rates, cheaper leverage and expanding valuation multiples. According to Gabriel Ng, that environment has changed, and so has the private equity playbook. In this episode of the Portfolio Construction Podcast, Paul O'Connor sits down with Gabriel to explore what's driving private equity returns in today's market. They discuss: Why private equity managers may need to rely more on growth and operational improvements to drive returns How operational improvement and strategic acquisitions can create value How secondaries and continuation funds are helping navigate a slower exit environment How a more challenging fundraising environment is reshaping capital flows and driving consolidation across the industry. Why manager selection matters more in a market with wider dispersion of outcomes The views discussed are those of the speaker and are subject to change. Future outcomes are uncertain and not guaranteed.
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  EP85: Are we late to AI or right on time? - Global X 10.07.2026 32m

  AI is overhyped - but are we actually early, not late? In this episode, Paul O'Connor sits down with Billy Leung from Global X to unpack why artificial intelligence may be less about hype and more about a multi‑year investment cycle. As the AI opportunity broadens, the challenge is capturing it without overloading on the same few stocks. Tune in to hear Billy's thoughts on: Why AI may still be in the early stages of a multi‑year investment cycle, with spending and adoption accelerating rather than peaking Where AI demand is running into limits and why the companies solving these constraints could be the real winners How the AI opportunity is expanding beyond mega‑cap tech into infrastructure, energy, materials and even traditional industries Why thinking across hardware, infrastructure and adopters may be critical to capturing the full opportunity while managing concentration risk This podcast contains general information only and does not take into account your personal objectives, financial situation or needs. Information may change due to market and economic conditions.
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  EP84: The rise of policy‑driven markets - Macquarie Asset Management 15.05.2026 42m

  In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Brett Lewthwaite to unpack how deglobalisation, rising policy intervention, and AI are combining to create a more volatile, policy‑driven market and to discuss why portfolios may not be positioned for it. Tune in to hear a discussion on: How the shift towards national self‑reliance is increasing market instability and reinforcing the need for a more active portfolio approach Why policy awareness is becoming as important as fundamentals, as governments and central banks play a larger role in shaping rates and market outcomes How AI may be acting as both a deflationary force and a source of disruption, increasing uncertainty around business models, valuations, and long‑term returns Why many portfolios still reflect a low‑rate, low‑volatility environment and Brett's perspectives on how this is viewed in current market conditions
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  EP83: Beyond borders: Why going global still matters in real estate 10.04.2026 30m

  In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Josh Scoville, Global Head of Research at Hines, to explore how global real estate markets are evolving and why property cycles are starting to turn after the 2025 low. Drawing on Hines' global research and frontline experience, the conversation examines how macro shifts, geopolitics and sector dynamics are reshaping real estate outcomes globally. Tune in to learn: Why global real estate is emerging from a period of repricing and low activity, and why 2026 is shaping up as an important vintage for investors How industrial and living sectors are leading real estate returns, with performance now driven by income growth and active asset management rather than simply valuation uplift How deglobalisation and geopolitical tension are increasing the importance of local asset selection, while risk management is best addressed through global diversification How liquidity and currency risk are managed in an evergreen global real estate portfolio, without compromising long‑term returns Disclaimer: The information provided is general information and is not indicative of future results. Outcomes may vary depending on strategy and market conditions.
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  EP 82: The hidden risks of AI driven markets - BlackRock 13.03.2026 45m

  In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Mike McCorry, Chief Investment Officer of BlackRock Australia, to unpack how AI is becoming a dominant force shaping markets, and the risks this is creating for investors. Tune in to learn: Why the performance of a small group of AI‑heavy mega‑cap companies is now driving a disproportionate share of market returns and volatility Why AI is fundamentally different from past technology cycles, requiring massive upfront investment in data centres, chips, energy and grid infrastructure How the gap between AI spending now and profits later is raising debt levels and making market outcomes more sensitive How this environment strengthens the case for active, selective decision‑making, as concentration, timing risk and uncertainty make broad exposure less reliable   Important Information: This material has been created with the co-operation of BlackRock Investment Management (Australia) Limited (BIMAL) ABN 13 006 165 975, AFSL 230 523 on [13/03/2026]. Comments made by BIMAL employees here represent BIMAL's views only. This material provides general advice only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide at blackrock.com/au for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdiction.
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  EP81: 2026 and beyond: Investing in a hype driven market - Antipodes 06.02.2026 38m

  In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Jacob Mitchell, CIO and founder of Antipodes, to explore how pragmatic value investing can cut through market hype. Tune in to learn: What pragmatic value really looks like in today's market and how to use industry‑level insights to help avoid value and growth traps Why AI adopters, not AI hype stocks, can offer more sustainable long‑term opportunties and how to tell the difference Why Europe stands out, with resilient industrial companies and banks growing their margins at attractive valuations Why gold has strengthened, supported by tighter industry discipline, better operations and rising demand as countries diversify away from US‑dollar reserves Why relying on a handful of large, highly priced companies increases benchmark risk, and how active strategies can help navigate uncertainty
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  EP80: The power of investing in people - Scarcity Partners 10.12.2025 34m

  In this episode, Paul O'Connor sits down with Matthew Webb, co-founder of Scarcity Partners, to unpack private equity's next frontier: GP staking. Discover how shifting from funds to backing managers is rewriting the growth game. Tune in to learn: Why backing businesses and leaders, not just individual funds, gives you exposure across all their investments, bypasses the J curve, and can unlock greater growth potential Why the right strategic partnerships drive scale, and how to seize this opportunity in the Australian market Disciplined due diligence: How Scarcity Partners' multi‑stage process and deep relationship building surfaces the best managers How private markets could make up 10% of Australian wealth portfolios and why GP staking can help position you for early advantage*   Want to deepen your understanding of private market due diligence? Discover insights from 12 industry thought leaders and their five-stage approach to refining the process. Download now.      Disclaimer: Information provided is general information and not indicative of future results. *Depending on strategy and market conditions.
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  EP79: The great property pivot: Winners, risks, and what's next for investors - Invesco Real Estate 31.10.2025 37m

  In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Max Swango, Managing Director and Global Head of Client Portfolio Management at Invesco Real Estate. Together, they unpack the forces reshaping global property portfolios - from retail's resurgence and shifting office dynamics to the rising demand for residential assets. The conversation explores strategies to diversify across property sectors and the realities of investing in fast-growing sectors like data centres. Get insight on: The shift in property portfolios: office exposure plunges while industrial real estate and residential property dominate Why retail property offers short-term upside, residential drives medium-term growth, and targeted office assets remain a smart long-term play The risks and opportunities in data centres, and why a cautious approach is essential The expanding role of private markets and alternatives in institutional portfolios, and why property continues to be a core allocation   Curious about the bigger picture? Netwealth's latest private market reports dive deeper into the rise of private real estate and niche lending, showing how global investment professionals, from Lipman Burgon to Evidentia, are making private real estate a cornerstone allocation in client portfolios. For more insights, download the reports now.
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  EP78: Credit's rise as the backbone of portfolio strength - Schroders Investment Management Australia Ltd 08.10.2025 37m

  In this episode of the Netwealth Portfolio Construction Podcast, Paul O'Connor is joined by Helen Mason, Portfolio Manager at Schroders Investment Management Australia. Helen explores the real story behind Australia's credit markets and where change sparks new opportunities for advisers and investors. Get insight on: How APRA's phase-out of hybrids and the shift to Tier 2 capital are changing liquidity, pricing, risk, and yield in Australian credit markets Why credit is now preferred over equities for stable income, lower volatility, and capital preservation How Australia's strong economy, bond yields, and rate cuts are creating new opportunities in fixed income and credit The rise of private credit and commercial real estate lending, and the importance of liquidity, diversification, and regulatory scrutiny for robust portfolios
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  EP77: From tariffs to tensions: Investing through global uncertainty - Janus Henderson Investors 05.09.2025 42m

  In this episode of the Netwealth Portfolio Construction Podcast, Paul O'Connor is joined by Jay Sivapalan, Head of Australian Fixed Interest at Janus Henderson Investors. Jay shares his perspective on how shifting geopolitical and macroeconomic forces are reshaping investment strategies. The conversation explores: How China's leadership in renewable energy, shipbuilding, and electric vehicles is opening fresh investment opportunities The race for technological dominance, particularly in AI, and its impact in transforming industries, reshaping supply chains, and redefining global trade and security Australia's need to diversify its export mix, pointing to opportunities in services, education, tourism How active management in fixed interest is unlocking high-yield opportunities across government, corporate, and infrastructure debt The importance of long-term thinking and understanding how policy and regulatory factors influence portfolio performance
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  EP76: Fads, frauds & forgotten stocks in global small caps - APIS Capital Advisors 24.07.2025 44m

  In this episode of the Netwealth Portfolio Construction podcast, Paul O'Connor is joined by Eric Almeraz from APIS Capital Advisors, Eric offers a window into the world of global small caps, where 90% of listed companies live. Eric shares his thoughts on: How to spot value and avoid traps in a universe of 19,000 stocks, many of which they think are under-researched and mispriced. Why small caps are a goldmine for shorting, with themes like Chinese renewables and broken growth stories - companies that are over-earning or benefiting from temporary booms. What makes a contrarian view profitable, and how APIS used deep research to uncover a multi-year opportunity in overlooked tech. How regulation is reshaping industries, with real-world examples. Why AI isn't just hype, discover how AI is impacting investment strategies.
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  EP 75: Currency hedging, the AUD and managing USD exposure – Rochford Capital 12.06.2025 33m

  When over 50% of a portfolio's offshore assets are USD-denominated, currency risk isn't just a theoretical issue—it can be a real drag on performance. In episode 75 of the Portfolio Construction Podcast Series, Paul O'Connor (Netwealth Head of Investment Management & Research) speaks with Tom Averill, Managing Director of Rochford Capital, about how investors can more effectively manage USD exposure—especially with the AUD near the low end of its long-term range. They discuss why traditional hedging tools often fall short, how the Rochford Leveraged Long AUD Fund provides targeted FX exposure through OTC derivatives, and why this can be a more accurate, scalable, and tax-efficient solution than switching between hedged and unhedged funds. Also covered: the macroeconomic outlook for the Australian dollar, implications of the US credit downgrade, the growing structural role of China, and how geopolitical shifts are reshaping global currency dynamics.   To learn more about today's guest and Netwealth, visit: 👉 Super Accelerator (for super): https://www.netwealth.com.au/web/personal/super-and-smsf/super-accelerator-plus/?utm_source=pc 👉 Wealth Accelerator (for investment accounts): https://www.netwealth.com.au/web/personal/investment-solutions/wealth-accelerator/?utm_source=pc 👉 Compare Funds & Models tool to view investments: https://www.netwealth.com.au/nw/Fund/CompareFundsAndModels?utm_source=pc   Timestamps:  00:00 – Intro & context: AUD volatility, USD exposure, and the case for smarter hedging 01:45 – Meet Tom Averill: Background in FX, macro strategy, and launching Rochford Capital 05:10 – Institutional hedging explained: Why hedging behaviour differs across asset classes 08:00 – Is the AUD undervalued?: Long-term range, fair value metrics, and capital flows 11:40 – US downgrade & structural debt risk: What rising deficits mean for USD confidence 15:30 – Global dynamics: China's slowdown, US retrenchment, and implications for AUD 18:25 – The Rochford fund mechanics: 3x leveraged AUD exposure via OTC derivatives—not futures 23:05 – Precision and efficiency: Why the fund helps avoid CGT events and hedging inefficiencies 26:50 – Cash management & execution: Managing liquidity, carry, and cost through institutional relationships 30:40 – Portfolio applications: How direct investors and advisers are using the fund for targeted hedging 35:10 – AUD/USD outlook: Interest rate differentials and the case for longer-term AUD strength 38:15 – Key takeaways: Where the fund fits in portfolio construction and risk management   Disclaimer: Netwealth Superannuation Services Pty Ltd issues Netwealth Super Accelerator. Netwealth Investments Limited issues the Netwealth Wealth Accelerator Multi-Asset Portfolio Service. Information contained within this podcast is of general nature only. Consider whether the products are appropriate for you and seek advice where required. To help you decide, read the PDS or IDPS Guide and TMD available at https://www.netwealth.com.au/
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  EP 74: The art of the short – Fidelity International 19.05.2025 30m

  In this episode of the Portfolio Construction podcast, Paul O'Connor, Head of Investment at Netwealth, chats with Dmitry Solomakhin from Fidelity International. Dmitry unpacks the thinking behind Fidelity's Global Long Short Fund, which uses a contrarian value approach to invest in "unloved companies" they believe are mispriced. The discussion explores Dmitry's disciplined approach to shorting stocks, grounded in rigorous analysis to ensure its aligned with the fund's contrarian philosophy. Paul and Dmitry also examine the inherent risks of shorting, such as volatility and potential losses, and how these are mitigated through thoughtful portfolio construction and diversification. Dmitry shares his perspective on the evolving AI ecosystem, its practical applications, the potential risks associated with the current AI craze, and what it means for his stock selections.
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  Ep 73: Beyond traditional assets: Building an alternatives allocation for wholesale investors - Lonsec 14.04.2025 36m

  In this episode of the Portfolio Construction podcast, Paul O'Connor, Head of Investment at Netwealth, chats with Nathan Lim, Chief Investment Officer at Lonsec Investment Solutions. Nathan breaks down Lonsec's take on alternatives, explaining the difference between defensive and growth assets based on their volatility, while emphasising that volatility alone doesn't fully capture the strategy's nature. They dive into the opportunities and risks of alternative strategies like private equity and private credit, highlighting the importance of picking the right managers and understanding illiquidity. They also discuss how the post-COVID economic landscape, with rising inflation and interest rates, impacts alternative investments and what to consider when building a portfolio.
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  EP 72: Global economic outlook and investment strategies for 2025 - Vanguard 03.03.2025 40m

  In this episode of the Portfolio Construction podcast, Paul O'Connor, Head of Investment at Netwealth, chats with Matt Cho, Head of Multi-Asset Solutions at Vanguard Australia. Matt shares insights on Vanguard's recently released economic outlook for 2025, the performance of multi-asset products in 2024, and potential returns for various asset classes. They review the strong 2024 returns from international and Australian equities, and the positive performance of fixed-income markets. The discussion covers the global economic outlook, including perspectives on Europe, Asia, and Australian economies, as well as the US and the impact of Trump's re-election. They discuss the role of private credit in diversified portfolios, and Vanguard's long-term forecasts for equities and fixed income.
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  EP 71: Investing in new world businesses: Insights on AI, digitisation, and market trends - Hyperion 21.01.2025 34m

  In this episode of the Netwealth Portfolio Construction podcast, Paul O'Connor, Head of Investments at Netwealth, is joined by Jolon Knight, an investment specialist from Hyperion Asset Management. They dive into the global equities market, exploring the opportunities Hyperion sees for investors. They discuss investing in "new world" businesses as opposed to "old world" businesses and how Hyperion identifies and invests in these companies for the long-term, acting as business owners rather than share traders. Knight also shares insights on the potential impact of the recent US presidential election, and their outlook on inflation and the market environment moving into 2025.
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  EP 70: APRA's crackdown: What it means for fixed income investors - UBS Asset Management 10.12.2024 36m

  In this episode of the Portfolio Construction podcast, Paul O'Connor, Head of Investment at Netwealth, is joined by Tim Van Klaveren, Head of Australian Fixed Income at UBS Asset Management. They discuss macroeconomic factors impacting fixed-income markets, including the global shift towards more accommodative monetary policy following a period of high inflation, the complexities of managing fixed-income portfolios in this environment, and the potential implications for various bond market segments. Van Klaveren offers his outlook on interest rate movements, and they discuss APRA's regulatory changes regarding tier one securities and what these mean for a diversified portfolio, as well as the impact of global trends, including the US election and China's stimulus measures, on fixed income investments.
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  EP 69: Digitalisation, infrastructure, urbanisation in India and their impact on investors - India Avenue Investment Management. 25.10.2024 36m

  The Indian economy is the fastest-growing major economy in the world. Driven by internal demand and a burgeoning middle class, India may offer an opportunity for investors. In this episode of the Portfolio Construction podcast, Paul O'Connor, Head of Investment at Netwealth, chats with Mugunthan Siva, Managing Director and Co-Founder of India Avenue Investment Management. Mugunthan shares his perspective on why he believes India is poised for continued growth, the factors driving corporate earnings, and the expanding investment opportunities in specific sectors like pharmaceuticals and real estate. They also explore the impact of government policies, digitisation, and infrastructure development on the Indian economy and the potential risks of investing in India, such as rising oil prices and industrial challenges.
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  EP 68: The new face of private equity - HarbourVest Partners 23.09.2024 46m

  The private equity landscape is evolving, with companies staying private longer due to available growth capital, expanding access and investment opportunities in private markets. In the latest episode of the Portfolio Construction podcast, Paul O'Connor, Head of Investment at Netwealth, chats with Craig MacDonald, Managing Director of HarbourVest Partners Ireland. Craig shares his perspective on why he believes private equity consistently outperforms public markets, the growing interest from Australian investors, and the innovative structures of modern private equity funds. They also explore emerging companies, liquidity and risk management strategies, and the transformative impact of AI on private markets, highlighting growth opportunities in sectors like healthcare and industrials.