GSAM:

The future isn’t what it used to be: how to invest in a rapidly changing world

A world of high-and-rising interest rates, double-digit inflation, elevated geopolitical tensions, and major structural changes makes for a very different investment climate to the past 15 years. In this session we will look to connect some of those geo-economic themes to tangible implications for portfolio positioning.

Orbis Investments:

Balancing the Blend

2022 was a difficult year in the industry – bonds didn’t diversify stocks and many multi-asset funds didn’t diversify one another. If one lesson was learnt off the back of this, it was that name diversification does not equal fundamental diversification. In this presentation, we highlight the importance of true fundamental diversification against the backdrop of the value versus growth cycle, the importance of rebalancing, and how a well-diversified, regularly rebalanced portfolio can improve outcomes in the decumulation phase.

By the end of this session, attendees will be able to:

• Distinguish between name diversification and true fundamental diversification

• Articulate the benefits of blending funds with different styles, including in decumulation

• Explain the benefits of regular rebalancing

Speakers

Nicola Dormehl, Investment Counsellor

Nicola joined Orbis in 2015, having spent three years as a business analyst at Orbis’ sister company, Allan Gray Proprietary Limited. She is a member of Orbis’ team of investment counsellors and a specialist on the Orbis Global Balanced and Global Cautious strategies. She has a Bachelor of Commerce in Economics (Cum Laude) and a Bachelor of Commerce (Honours) in Financial Economics and Investment Management (Cum Laude) from University of the Free State.

James Ashley, Managing Director, Goldman Sachs Asset Management

Goldman Sachs Asset Management James is a managing director in the Global Client Business within Goldman Sachs Asset Management. He leads the International Strategic Advisory Solutions team, which provides clients across EMEA and Asia Pacific with expertise on market trends, portfolio construction and innovative business practices. James joined Goldman Sachs in 2015 as an executive director and was named managing director in 2021. Prior to joining the firm, James worked at Royal Bank of Canada as chief European economist. He has more than 22 years of cumulative experience, working across buyside, sell-side and policy-making institutions. James earned a BA in Economics from Durham University in 1999 and an MSc from University College London in 2002.