Morningstar® Investment Conference

Sydney 2018

24 May 2018 | International Convention Centre, Sydney


Registration Is Now Open

Morningstar brings the latest market insights and investment views from the industry’s top minds. Discover new perspectives on the market and ideas to put into practice.


The conference brings together some of the financial industry's top minds.

Keynote Speakers

Michael Hasenstab, Ph.D.
Franklin Templeton Investments

Kerr Neilson
Platinum Asset Management

Joanna Jonsson
Capital Group

Kunal Kapoor

William J. Stromberg, CFA
T. Rowe Price

Featured Speakers

Jacob Mitchell
Antipodes Partners

Simon Doyle

Brett Lewthwaite

Kate Howitt
Fidelity International

Brad Boyd
Payden & Rygel Investment Management

Jonathan Howie

Vince Pezzullo

Alex Vynokur

The Agenda


Agenda is subject to change.

8 a.m.–8:30 a.m.

Registration Open

8:30 a.m.–9 a.m.

Welcome & Opening Address

Jamie Wickham, Morningstar / Tim Murphy, Morningstar

9 a.m.–10:30 a.m.

A Look at the Big Picture

Keynote - Plenary (Ballroom 1 & 2)

Michael Hasenstab, Franklin Templeton Investments / Kerr Neilson, Platinum Asset Management / Anthony Serhan, Morningstar

Volatility is back - whether it be markets, politics, technological disruption, or economic policies, but what factors will really shape investment outcomes in the years ahead? Two leaders in the global investment profession will set the scene by outlining the big issues occupying their minds when thinking about portfolios and calling out what parts of the news cycle are mere distraction. Economic growth, interest rates, politics, corporate profits, trade wars, currencies, valuations, and much more. Watch the views, listen to the discussion, and join the debate with your questions.

10:30 a.m.–11 a.m.

Morning Tea Break in Exhibit Area


Morningstar Tech Hub Showcase & Meet the Analysts

Ballroom 3

Join Matthew Ver Beek and Elle Kuhta at the Morningstar Tech Hub, and experience an interactive demonstration showcasing Morningstar’s latest technology solutions, including Morningstar Adviser Research Centre and Morningstar Direct. Matthew and Elle will be available for two scheduled demonstrations, to take place at the Morning Tea break and again during the Afternoon Tea break. They will also be available in the Tech Hub area throughout the day and can show you how Morningstar’s technology solutions can create significant efficiencies for your business from investment research, reporting and model construction through to compliance – as well as help you bring your advice strategies to life with your clients.

11 a.m.–11:40 a.m.

Asset Allocation – Nowhere to Run, Nowhere to Hide

Fund Investing Stream - Ballroom 1 & 2

Andrew Lill, Morningstar / Simon Doyle, Schroders / Kunal Kotwal, Morningstar

In a world of increasingly less attractive asset price valuations, where do investors go for real return outcomes? In the absence of significant volatility and repricing of assets, how likely is it that CPI + 5% outcomes are achievable? Instead of investors looking to increase risk within equities should the most prudent action be to lower the return expectations of their real return managers? We explore the absolute expectations but also look at where there may be some pockets of relative value in a market which has been tough for value-based investing.

Direct Equities – Finding Value in an Overvalued Market

Direct Investing Stream - Ballroom 3

Adam Fleck, Morningstar / Mathew Hodge, Morningstar / John Likos, Morningstar / Gareth James, Morningstar

Despite a pullback in the Australian equities market since the start of the year, value remains tough to find. But opportunities exist, and our equities research team works to uncover these stocks trading at sizable discounts to their intrinsic value. Join our panel as we discuss the names we think offer suitable margins of safety, and which don’t, in the technology, financial, and resources sectors.


11:40 a.m.–11:50 a.m.

Managed Accounts—‘Game Changer’or ‘Frame Changer’?

Fund Investing Stream - Ballroom 1 & 2

James Louw, Morningstar

In a recent Investment Trends study, advisers using Managed Accounts estimated time savings of 12.4 hours per week on portfolio management tasks. With the promise of ‘game-changing’ efficiencies like this, it’s no wonder the industry has seen an avalanche of interest in Managed Accounts. However, if left unchecked, Managed Accounts can also pose significant risks for advisers and clients alike. In this insightful session, you’ll learn the key operational and client-best-interest considerations to ensure you avoid common pitfalls and realise the full benefits of Managed Accounts in your practice.


Forecasting Asset Class Returns Beyond Just Australian Equities

Direct Investing Stream - Ballroom 3

Philip Straehl, Morningstar

In the short run, the sharemarket is mostly driven by investor sentiment causing over- and under-reactions to underlying fundamentals. But in the long run, corporate cash flows are the drivers of returns. Philip will discuss Morningstar Investment Management’s valuation-driven asset allocation approach, and focus on which opportunities are currently presenting as being attractive.


11:50 a.m.–12:30 p.m.

Fixed Interest – Seeking Value Without Jeopardising its Role in Portfolios

Fund Investing Stream - Ballroom 1 & 2

Brad Boyd, Payden & Rygel / Brett Lewthwaite, Macquarie / Tim Wong, Morningstar

Bond investors face tricky circumstances to navigate. Amid consensus expectations of tightening US monetary policy, sovereign bond yields globally still remain historically low and credit spreads very tight. Under these circumstances, how can bond managers strike a balance of investing opportunistically while maintaining their portfolio’s diversifying properties – and does a potential rise in risk free yields make this all moot?


Current Trends in ETFs

Direct Investing Stream - Ballroom 3

Alex Vynokur, BetaShares / Jonathan Howie, BlackRock / Alex Prineas, Morningstar

Virtually nothing in financial services is seeing growth or innovation like ETFs. The sector is raking in assets, and new products are launching at an overwhelming pace: style ETFs, multi-factor, fixed income, active ETPs, ESG funds and more. Not only are new products launching, there are also new benchmarks and index-providers to make sense of. This session brings insights from iShares, the world’s largest ETF provider, and BetaShares, one of Australia’s fastest growing ETF players. The panellists will share their thoughts on what is going on in Australia’s ETF market right now, what really matters, and what to expect in future.

12:30 p.m.–1:20 p.m.

Lunch in Exhibit Area

1:20 p.m.–2:10 p.m.

The Future of Financial Advice - A Global Perspective

Ballroom 1 & 2

Kunal Kapoor, Morningstar / William Stromberg, T. Rowe Price / Jamie Wickham, Morningstar

Kunal Kapoor will delve into advice – the future of advice, the role of the adviser and how it needs to change in an age of transparency. Kunal will touch on his global views on the key challenges facing the industry and how Morningstar is helping you illuminate the real and quantifiable value of your advice with a new generation of investors. Kunal will also be joined on stage by William Stromberg, global CEO of T.Rowe Price for a candid Q&A on the ever changing advice landscape in the US; and what this means for advisers here and across the globe.

2:10 p.m.–2:20 p.m.

Transparency - The New Currency of Socially-Aware Investors

Ballroom 1 & 2

Anthony Serhan, Morningstar

Trust, transparency and values are more important than ever. Providing your socially-aware investors with more choices about the way they invest could be a game changer. Hear how Morningstar is working with asset managers to create an even stronger platform for analysing funds. Understand how Morningstar is tackling Sustainability by bringing to life ESG and carbon factors in the portfolios that your clients invest in – helping you forge stronger and more meaningful relationships with your clients.

2:20 p.m.–3 p.m.

Scouring the World for Opportunities in an Aging Bull Market

Global Equities - Ballroom 1 & 2

Joanna Jonsson, Capital Group / Jacob Mitchell, Antipodes / Chris Douglas, Morningstar

Global equities are very much back in favour with Australian investors and it’s not difficult to see why. Investors can access a tremendously diverse range of companies from the leading technology disrupters to the latest in healthcare medicine, or perhaps exposure to the fast-growing emerging markets. But what about equity market valuations? Or perhaps the ever growing geopolitical risks that investors have to face? Is it time to start thinking more defensively, or should investors expect to see the bull market continue? In this session we have two proven global equity investors with outstanding track-records. Hear their views on the current market environment and how they are positioning their portfolios.

3 p.m.–3:30 p.m.

Afternoon Tea in Exhibit Area


Morningstar Tech Hub Showcase & Meet the Analysts

Ballroom 3

Join Matthew Ver Beek and Elle Kuhta at the Morningstar Tech Hub, and experience an interactive demonstration showcasing Morningstar’s latest technology solutions, including Morningstar Adviser Research Centre and Morningstar Direct. Matthew and Elle will be available for two scheduled demonstrations, to take place at the Morning Tea break and again during the Afternoon Tea break. They will also be available in the Tech Hub area throughout the day and can show you how Morningstar’s technology solutions can create significant efficiencies for your business from investment research, reporting and model construction through to compliance – as well as help you bring your advice strategies to life with your clients.

3:30 p.m.–4:10 p.m.

The Return of Volatility and the Opportunity for Active Investors

Australian Equities - Ballroom 1 & 2

Kate Howitt, Fidelity International / Vince Pezzullo, Perpetual / Michael Malseed, Morningstar

The sudden return of volatility in early 2018 was a wake-up call for investors. After a nine year bull market, equity valuations appear to be delicately balanced. A synchronised global economic recovery and modest inflationary pressures are constructive for corporate earnings, but the gravitational pull of higher bond yields has the potential to bring valuations back to earth. In this environment, active managers have the opportunity to prove their worth. Discerning portfolio management and skilled stock picking will be required to successfully navigate the path ahead. In this session we will discuss the risks and opportunities currently facing investors with two highly regarded portfolio managers from two of Australia’s largest investment firms.

4:10 p.m.–4:20 p.m.

Helping You Do What You Do Best

Ballroom 1 & 2

Tim Murphy, Morningstar

As the adviser’s role becomes increasingly more challenging, Morningstar continues to invest heavily in our products and services for advisers. This update will highlight the new initiatives we have added to our local adviser solutions, provide an update on our independent research perspectives we have published, and offer insights to how you can deliver better outcomes for your business and your clients.


4:20 p.m.–5 p.m.

Discussing the Right Strategies for Your Client Portfolios

Ballroom 1 & 2

Tim Murphy, Morningstar / Chris Douglas, Morningstar / James Foot, Morningstar / Jamie Wickham, Morningstar

Morningstar’s investment experts will interpret and apply learnings from throughout the conference and answer the top questions on your mind. Gain insights into portfolio construction, investment selection, and more.

5 p.m.

Networking Drinks in Exhibit Area

7 a.m.–7 p.m.

Registration Open

7 a.m.–8 a.m.

Breakfast in the Exhibit Hall

8 a.m.–9 a.m.

Future of Financial Planning in the Digital Age

General Session

Michael Kitces, Pinnacle Advisory Group

9:10 a.m.–10 a.m.

Straight Talk About Strategic Beta

Track: Passive/Strategic Beta

Moderated by Ben Johnson / Patrick O'Shaughnessy, O'Shaughnessy Asset Management / Wes Gray, Alpha Architect

Strategic beta, or so-called "smart" beta, ETFs have been all the rage in recent years. New funds have proliferated and new inflows have been strong and steady. Our expert panel will demystify this newly popular category of investments and provide insights on how to cut through the hype.


Liquid Alts: The Square Peg for Your Round Portfolio

Track: Outcome-Oriented Investing

Moderated by Jason Kephart / Bob Boyda, John Hancock / Catherine LeGraw, GMO / Joel Dickson, Vanguard

When used responsibly, liquid alternatives give investors the potential to improve their portfolios’ risk-adjusted returns over the long term. This panel will address the best practices for including liquid alts in a portfolio and offer our panelists’ best ideas on which alternatives strategies are built for tomorrow’s markets


The Best Investments—Anywhere

Track: Active Management

Moderated by Kevin McDevitt / Noriko Chen, Capital Group / Charles Pohl, Dodge & Cox / Amit Wadhwaney, Moerus Capital Management

This panel of talented asset allocators will discuss their approaches to investing and detail how they look across asset classes, regions, sectors, and securities for the best opportunities. 


Pillars of a Modern Advisor: How to Achieve Scale and Prosper

Track: Practice Management

Sheryl Rowling, Rowling & Associates

Discover the easy way to achieve greater scale and profitability while serving clients’ best interests. Advisors can have a hard time managing growth and bringing on new clients. The quality of client services can decline as work overpowers their personal time. This session will demonstrate with  a few simple steps—with or without technology— how to better serve current clients and take on new ones. All while still having a personal life.

10 a.m.-11 a.m.

Break in Exhibit Hall

11 a.m.–11:50 a.m.

Fixed Income: The Achilles Heel of Indexing

Track: Passive/Strategic Beta

Moderated by Ben Johnson / Natalie Zahradnik, PIMCO / Karen Schenone, BlackRock / Gemma Wright-Casparius, Vanguard

Fixed income markets are believe by many to be the last bastion of active management. Do bond index funds stand a chance versus their actively managed peers? What does the future hold for bond indexes?


Income-Focused Strategies for Retirees

Track: Outcome-Oriented Investing

Moderated by Leo Acheson / Brett Sumsion, Fidelity Investments / Andrew Suzman, Capital Group / Ed Perks, Franklin Templeton Investments

With an estimated 10,000 baby boomers retiring every day, the number of Americans age 65 and older is expected to reach more than 70 million by 2030. Does it make sense to roll their assets into an income-oriented portfolio? What options exist in this space, and how are the managers navigating the volatile interest-rate landscape?


The Active Equity Challenge

Track: Active Management

Moderated by Katie Reichart / Clare Hart, JP Morgan / Matt Fruhan, Fidelity Investments / Mark Finn, T. Rowe Price

Most active equity fund managers have failed to beat their benchmarks after fees in recent years, but the portfolio managers on this panel have been winners over the long term. We’ll dig into their funds to discuss why they’ve been successful and why indexing provides stiff competition.


The Augmented Advisor: How Technology Amplifies the Significance of Financial Advice

Track: Practice Management

Bill Winterberg,

Startups have raised hundreds of millions of dollars under the premise of deploying algorithms and artificial intelligence to disintermediate human financial advisors. But instead, startups have pivoted to cater to the unique needs of human advisors and their clients. In this provocative session, you will learn ways to use your current technology to enhance the advice you provide and be exposed to innovations on the horizon that have the potential to amplify your relationships with clients and prospects. 


Incorporating Sustainable Investing Into Your Practice


Paul Ellis, Paul Ellis Consulting / Jeffrey Gitterman, Gitterman Wealth Management / Moderated by Jon Hale, Morningstar

As trillions of assets transfer to younger investors and women over the coming years, their interest in making an impact with their investments and investing in sustainable companies will drive many of their choices. Research shows that more than 80% of millennials and 70% of women are interested in sustainability. In this session, we will discuss the benefits of incorporating sustainability into your practice with two successful financial advisors. We will also outline practical steps for portfolio construction, as well as integration of client service and marketing strategies for sustainable investment. 

12 p.m.–1:30 p.m.

Michael Lewis, author of The Undoing Project

Lunch Keynote Presentation

From Liar's Poker to The Big Short to his latest, The Undoing Project, Michael Lewis has proven himself one of America's greatest living true storytellers. In this wide-ranging discussion, he'll provide his take on the financial markets, sports, and more.

1:40 p.m.–2:40 p.m.

Value (Index) Investors Club

Track: Passive/Strategic Beta

Moderated by Alex Bryan / Ronen Israel, AQR / John West, Research Affiliates / Jared Watts, Morningstar

Value investors have been through trying times. Has value gone missing? Are there any signs that it might soon return? What is the best way for investors to harness that value factor?


Preparing for Inflation and Protecting Purchasing Power

Track: Outcome-Oriented Investing

Moderated by Jeff Holt / Jessica Bush, Principal Financial Group / Michael Aked, Research Affiliates / Ken Baumgartner, Wellington Management

In the wake of the financial crisis, inflation has remained well below historic norms, but this threat to investors’ purchasing power looms following years of accommodative monetary policy to stimulate growth. Come hear a panel of three multi-asset portfolio managers discuss current inflationary pressures and different methods of preparing a portfolio for inflation.


A Flexible Approach to Fixed Income

Track: Active Management

Moderated by Miriam Sjoblom / Bryan Whalen, TCW/Metwest / Brian Kennedy, Loomis Sayles & Co.

Years of low yields across the developed bond markets have meant challenging times for investors. Join us as we talk with three managers who venture beyond the confines of traditional bond benchmarks in their search for value. How will these approaches change if rates continue to rise?


Goals-Based Risk: A Better Way to Understand Clients’ Risk Preferences in the Context of Investing Well

Track: Practice Management

Ryan Murphy, Morningstar

We present a framework that emphasizes coherence between investors’ current financial situation, their long-term fiscal goals, and sensible investment strategies. Risk preferences inform part of this approach, but they are only one piece of a more complicated puzzle. The goals-based risk approach highlights the inherent trade-offs an investor faces when developing an investment strategy and helps clarify the role an advisor has in helping clients make good decisions consistent with their aspirations both in the short and long term.

2:30 p.m.–3:30 p.m.

Break in Exhibit Hall

3:30 p.m.–4:30 p.m.

Best Business Partners for the Next Decade

General Session

Laura Lutton, Morningstar / Gregg Warren, Morningstar

Amid performance, fee, and regulatory pressure, the competitive landscape for fund firms has been shifting rapidly. Join some of Morningstar's equity and fund researchers as they review which asset managers are likely to deliver the best results going forward and which have lost their edge. We'll also discuss the impact on advisors' client portfolios. 

4:40 p.m.–5:30 p.m.

"I took the road less travelled by..." Comments by John C. Bogle

General Session

John C. Bogle, Vanguard

Vanguard founder John C. Bogle will talk about the creation of the first index mutual fund and the long journey to index-fund dominance. He'll also comment on the tension between business strategy options for active fund managers and their fiduciary duty to their fund shareholders, the differences between TIFs and ETFs, and some personal reflections on his 65 years in the mutual fund industry. This session will be broadcast via a live video stream. 

5:30 p.m.–7 p.m.

Reception in Exhibit Hall

When You Get Here


International Convention Centre

Level 5, Grand Ballroom

14 Darling Drive, Sydney NSW 2000

Welcome to Sydney

It’s Morningstar Australasia's home and one of the world's most desirable meeting and event destinations. Located in the heart of Darling Harbour, ICC Sydney is easily accessible by public transport, including light rail, ferry, and train and is only a 10 minute walk from Central and Town Hall train stations. Secure car parking is also available and conveniently located within the Darling Harbour precinct. 

Unwind at one of the following Darling Harbour properties, located close to the MICAU venue and offering our guests discounted rates. 

Sofitel Sydney Darling Harbour

12 Darling Drive, Darling Harbour NSW 2000

61 2 8388 8888 /

Quote block ID 89950 or Morningstar upon calling or emailing reservations to receive 10% discount. 

Novotel Sydney Darling Harbour

100 Murray Street, Pyrmont NSW 2009

61 2 9288 7180 /

Quote MOR240518 upon calling or email reservations to receive 10% discount.

Ibis Sydney Darling Harbour

70 Murray Street, Pyrmont NSW 2009

61 2 9288 7180 /

Quote MOR240518 upon calling or emailing reservations to receive 10% discount.

Novotel Sydney Darling Square

17 Little Pier Street, Darling Harbour NSW 2000

61 2 8217 4081 /

Quote Mstar2018 upon calling or emailing reservations to receive 10% discount.

Note: Morningstar does not hire or authorise anyone to contact you to book your hotel rooms at any of the Accor properties for the Morningstar Investment Conference. If you are contacted by a third party to book your room at an Accor property for the Morningstar Investment Conference, please contact

Thank You to Our Sponsors

Be a visible part of the MICAU 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. View the sponsorship kit.

Principal Sponsor

Capital Group Logo

Major Sponsor

Pendal Logo
Bentham Logo
Grant Samuel Funds Management Logo
Platinum Logo
Sustainalytics Logo

See You in the Exhibit Hall

Network with over 700 of your fellow financial professionals and leading asset management, fintech and financial advice firms. Morningstar experts will be on hand too – ready to answer your burning questions.

FAM Funds

Fidelity Investments

Financial Advisor Magazine

Financial Planning

First Affirmative Financial Network

First Eagle Investment Management

Firsthand Technology Value Fund, Inc.

First Trust Portfolios L.P.

FMI Funds


Forester Value Fund

FPA Funds

Franklin Templeton Investments

Frost Investment Advisors, LLC

Gabelli Funds

Guggenheim Investments

GuideStone Funds

Harbor Funds

Heartland Funds

Harding Loevner

Hartford Funds

Havener Capital Partners

Hotchkis & Wiley

HSBC Global Asset Management


Impact Communications



Investment News

Investor’s Business Daily

IVA Funds

Ivy Investments

Janus Capital Group

Jensen Investment Management

John Hancock Investments

J.P. Morgan Asset Management


Legg Mason Global Asset Management

Leuthold Funds

Litman Gregory

Longleaf Partners

Loomis, Sayles & Company, L.P.

Mainstay Investments

Mairs & Power

Matthews Asia

MFS Investment Management

Miller / Howard Investments


Moerus Capital Management, LLC

Morgan Stanley Investment Management


Neuberger Berman

NextShares Solutions, LLC


Contact Us

See You at the Conference