Morningstar Individual Investor Conference

Sydney | 2018

25 October 2018 | Wesley Conference Centre


Morningstar’s sixth annual event for Australian investors offers a rare opportunity to gain expert insights and practical knowledge to help you rise above the uncertainty in today’s short-term world.

Our Speakers

Anton Tagliaferro
Investors Mutual Limited

Andrew Clifford

Ben Griffiths
Eley Griffiths Group

Peter Hogan
SMSF Association

Dawn Kanelleas
Colonial First State GAM

Julian Morrow
Comedian and TV Producer

Vihari Ross
Magellan Asset Management

Robin Bowerman

Peter Warnes

Jay Sivapalan
Janus Henderson Investors

Shane Ellis
Shane Ellis Legal Group

On the Agenda

Agenda is subject to change.


Registration Opens


Welcome and Introduction

Jamie Wickham, CFA, Managing Director, Morningstar Australasia


Keynote Address: Global Investing in Turbulent Geo-political Times

Vihari Ross, Global Portfolio Manager, Magellan Asset Management / Peter Bull, Head of Equity Investments, Morningstar Investment Management / Jay Sivapalan, Co-head of Australian Fixed Interest, Janus Henderson / Moderator: Emma Wall, Senior International Editor, Morningstar

What is the impact of geo-political risk on global markets? We discuss trade tariffs, political turmoil, interest rates and more. What should investors engage with, how should you invest through the noise and how important is macro when making market decisions?


Australian Share Market Outlook

Peter Warnes, Head of Equities Research, Morningstar Australasia

Following a largely positive earnings season for full-year 2018, the outlook for fiscal 2019 is less positive. Peter Warnes discusses what he expects from financials, commodities, energy and other key sectors in the year ahead, and takes questions from the audience.


Morning Tea


The Art and Science of Valuing Stocks

Concurrent Stream: Investing Classroom (Main Theatre)

Adam Fleck, Director of Equity Research, ANZ, Morningstar

Have you ever wanted to estimate your own fair value for stocks? Adam Fleck guides you through the process of building a forecast, discounting future cash flows, and incorporating a company's moat into your analysis. 


How to Establish and Maintain an SMSF Pension

Concurrent stream: SMSF (The Lyceum)

Peter Hogan, Head of Technical, SMSF Association

Transitioning your SMSF from accumulation to pension mode involves a number of complexities, both in establishing and maintaining it. But Peter Hogan explains what you need to know.


Funds, LICs & ETFs: What it Takes to Win Morningstar Gold

Concurrent stream: Investing Classroom (Main Theatre)

Matt Wilkinson, Senior Manager Research Analyst

Managed investments come in all shapes and sizes from the traditional managed fund and superannuation options through to listed investment companies and exchange traded funds. This session will look at the advantages of managed investments, the different options and how Morningstar analysts determine which options achieve the highest Morningstar Analyst Rating.


SMSFs & Estate Planning Under the New Transfer Balance Caps

Concurrent Stream: SMSF (The Lyceum)

Shane Ellis, SMSF Specialist Lawyer, Shane Ellis Legal Group

It is critical to get your SMSF documentation and estate planning correct to keep the maximum amount in your tax effective SMSF, both now and upon the death of the first spouse. Correct planning and procedures means tax can be legally minimised, or even totally avoided, and maximum amounts can be retained in your pension account.

This session is key for all SMSF Members and Trustees.


20 Lessons from the Market

Concurrent stream: Investing Classroom (Main Theatre)

Anton Tagliaferro, Founder, Investors Mutual Limited

The investment team at Investors Mutual have developed 20 lessons from 20 years of quality and value investing to mark their anniversary. Anton will share some of the learnings for investors in the Australian sharemarket.


The Roadmap for Retirement

Concurrent Stream: SMSF (The Lyceum)

Robin Bowerman, Head of Marketing Strategy and Communications, Vanguard Investments Australia

To help ensure your fund prospers in the new post-retirement regulatory environment, we explore some of the imminent policy changes and how Australia's shifting demographics are influencing this.




Global Equities Keynote Address

Andrew Clifford, Chief Executive Officer, Platinum

Are we late cycle and are markets overvalued? The answer depends very much on where one looks. Amid high valuations for winners and disruptors, deep value can be found in more prosaic businesses such as industrials, financials and other cyclicals.  Find out more from Andrew Clifford, Platinum’s CIO.


Small Cap Investing: Higher Returns but Greater Risk?

Dawn Kanelleas, Senior Portfolio Manager, Colonial First State Global Asset Management / Ben Griffiths, Founder, Eley Griffiths Group / Moderator: Ross Macmillan, Senior Analyst, Manager Research, Morningstar Australasia

Small-cap stocks generally provide high returns, but are perceived to hold more investor risk. However, most active small-cap managers covered by Morningstar have outperformed both the small- and large-cap indices over the long-term. Dawn Kanelleas and Ben Griffiths will discuss their view of the opportunities and risks of small cap investing, and how they have positioned their portfolios to benefit from rapid technological, social and economic changes.


Afternoon Tea


Best Stock Ideas

Adam Fleck, CFA, Director of Equity Research, ANZ, Morningstar / Brian Han, Senior Equity Analyst, Media & Telcoms, ANZ, Morningstar / David Ellis, Senior Equity Analyst, Banking and Insurance, ANZ, Morningstar / Gareth James, CFA, Senior Equity Analyst, Technology, ANZ, Morningstar

Morningstar sector specialists from our equity analysis team will delve into some of their favourite companies, providing expert insights and their future outlook.



Checking out the Royal Commission: Lessons for Financial Consumers

Julian Morrow, Comedian and Television Producer, The Chaser, The Checkout

Former member of The Chaser comedy team, and Producer of irreverent ABC TV consumer affairs program The Checkout, Julian applies his unique wit to some of the financial industry's shortcomings uncovered earlier this year.


Conference End

7:30 a.m.–7 p.m.

Registration Open

7:45–8:30 a.m.

Breakfast in the Exhibit Hall

8:30–9:30 a.m.

General Session 1

Andrew Ang, BlackRock

9:30–10:30 a.m.

General Session 2

Chris Brightman, Research Affiliates

10:30–10:50 a.m.


10:50–11:40 a.m.

Making Sense of the Multitude of Multifactor ETFs

Track: Strategic

Lukas Smart, Dimensional Fund Advisors / Kal Ghayur, Goldman Sachs / Rob Nestor, BlackRock / Adam McCullough, Morningstar

Multifactor ETFs have multiplied in recent years. Spreading one’s factor bets makes sense, but making sense of the current menu of these funds is a tall task. Our expert panel will unpack the key considerations investors should take when doing their due diligence on these funds.  


How Might Defensive Strategies Fare in a Rising Rate Environment?

Track: Tactical

Darby Nielson, Fidelity Investments / Raman Aylur Subramanian, MSCI / Jason Stoneberg, Invesco PowerShares / Alex Bryan, Morningstar

Should interest rates continue to rise, investors in stodgy traditional strategies may be in for a surprise. Panelists will discuss how playing defense through buying dividend payers and less volatile stocks may leave their flank exposed in a rising rate environment.

11:45 a.m.–12:45 p.m.

Is There Potential for Strategic Beta in Fixed Income?

Track: Strategic

Sal Bruno, Index IQ / Martin Kremenstein, Nuveen Investments / Kevin Flanagan, WisdomTree / Phillip Yoo, Morningstar

While strategic-beta ETFs have proliferated in the equity space, the fixed-income arena still looks relatively ripe for new approaches to building bond portfolios. This discussion will focus on the current crop of strategic-beta bond ETFs and what the future might hold for rules-based bets on bonds.


Shades of Value

Track: Tactical

Wes Gray, Alpha Architect / John Ameriks, Vanguard / John West, Research Affiliates / Daniel Sotiroff, Morningstar

Value strategies come in many different approaches, each of which might yield very different investment outcomes. Our expert panel will discuss the varieties of value approaches and how investors might select the one that best suits their tastes.

12:45–2 p.m.

Luncheon and Keynote Presentation

Richard Thaler, University of Chicago

2:10–3 p.m.

Not All Small-Cap Indexes Are Created Equal

Track: Strategic

Craig Lazzara, S&P Dow Jones Indices / Rolf Agather, FTSE/Russell Investments / Paul Kim, Principal Global Investors / Ben Johnson, Morningstar

Small-cap stocks are an essential ingredient in a well-diversified portfolio. For investors opting for a passive approach in the small-cap space, understanding index construction is paramount, as differences in the makeup of small-cap benchmarks are material. This discussion will center on those differences and frame them in the context of asset allocation.


Tricks of the Trade

Track: Tactical

David Mann, Franklin Templeton Investments

Trading ETFs can be tricky business. This trading tutorial will cover best practices in ETF trading and how to navigate the ebbs and flows of ETF liquidity.

3:10–4 p.m.

How Is the Rise of Passive Investing Influencing Corporate Governance?

Track: Strategic

Michelle Edkins, BlackRock / Glenn Booraem, Vanguard / Rakhi Kumar, State Street Global Advisors / Ben Johnson, Morningstar

The growth in assets under management in index funds and ETFs has consolidated ownership of many stocks among a small handful of asset managers. Our panel will discuss how these firms are using their sway to influence corporate agendas and whether passive investors can be agents of change.


The Case for International Equities

Track: Tactical

Fran Kinniry, Vanguard / Jeremy Schwartz, WisdomTree / Michael Arone, State Street Global Advisors / Alex Bryan, Morningstar

It’s been tough to make the case for international diversification in recent years, as U.S. stocks have trounced their counterparts overseas. Is the case for international diversification dead? Our panel will explore the rationale for building a portfolio of stocks that extends beyond U.S. borders.

4–4:30 p.m.


4:30–5:30 p.m.

General Session 3

Barry Ritholtz, Ritholtz Wealth Management

5:30–7 p.m.

Reception in Exhibit Hall

When You Get Here

Welcome to the Wesley Conference Centre

The Wesley Conference Centre is conveniently located in the heart of Sydney’s CBD and easily accessible by public transport.




Wesley Conference Centre

220 Pitt Street, Sydney NSW 2000


Thank You to Our Sponsors

Be a visible part of the conference experience by becoming a sponsor. It’s about more than attendees seeing your company’s logo—it’s an effective way to reach decision makers.

Principal Sponsor

StateStreetGlobalAdvisors Logo

Lead Sponsors

BetaShares Logo
NEWCromwell Logo
Fidelity Logo
Magellen Logo
InvestorsMutual Logo
Trilogy Logo

Major Sponsor

JanusHenderson Logo

See You at the Conference.