Gray Rectangle

Insights & Research

Parametric is widely recognized as a thought leader in engineered portfolio management. Below is a sampling of our writings across a variety of topics. Use the filters to search for specific content or authors.

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ResearchBite: Income targeting in a Retirement Portfolio: Too much, too little or just right?
Raewyn Williams
Josh McKenzie
October 20, 2020
The Retirement Income Panel’s work over the past year has refocused super funds on designing good retirement portfolios. Our new ResearchBite looks at the important role income targeting plays in this design and how super funds can answer the important question, “how does a fund determine yield ‘success’ in equity investing for pension members?”.
Whitepaper|
Tax management|Retirement|
Institutional Investor|
Read Now
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Parametric ResearchBite: After-tax benchmarking: which method fits your fund?
Raewyn Williams
Josh McKenzie
September 28, 2020
Our July ResearchBite illustrated how custom after-tax benchmarks help super funds answer the performance questions that really matter. Our new follow-up ResearchBite weighs in on the lively debate of whether a ‘pre-liquidation’ or ‘post-liquidation’ after-tax calculation method should be used, and explains why the passive investing trend ups the ante on funds getting this decision right.
Whitepaper|
Tax management|Retirement|
Institutional Investor|
Read Now
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Parametric ResearchBite: After-tax benchmarking: which method fits your fund?
Raewyn Williams
Josh McKenzie
September 28, 2020
Parametric ResearchBite: After-tax benchmarking: which method fits your fund?
Whitepaper|
Tax management|Retirement|
Institutional Investor|
Read Now
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Parametric ResearchBite: Addressing climate change: Could Australian super funds win from a backward U.S. step?
Raewyn Williams
September 15, 2020
Our new ResearchBite explores a recent setback in the U.S. and shows why this could lead to a surprising step forward for Australian funds.
ResearchBite|
Retirement|Responsible investing-ESG|
Institutional Investor|
Read Now
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Parametric ResearchBite: Will retirees pay the price for superannuation tax rises?
Raewyn Williams
Joshua McKenzie
September 1, 2020
Speculation is mounting that taxes on super will be raised to help pay the fiscal bill from countering the economic impact of coronavirus. We investigate the impact that raising super investment taxes could have on retirement outcomes.
ResearchBite|
Tax management|Retirement|
Institutional Investor|
Read Now
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Parametric ResearchBite: Backcasting Super
Raewyn Williams
August 4, 2020
This short thoughtpiece, with worked examples, encourages funds to take up the innovation challenge – exploring their challenges and opportunities from a new angle – using an approach futurists call ‘backcasting’.
ResearchBite|
Tax management|Retirement|
Institutional Investor|
Read Now
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Unlocked: A Framework for Superannuation Equity Portfolio Evolution in a Taxable Environment
Raewyn Williams
Josh McKenzie
August 4, 2020
Super funds need to keep evolving their equity portfolios, but future progress may be stymied by upfront tax costs. The framework we develop in this whitepaper shows how funds can continue the important work of equity portfolio evolution in a taxable environment.
Whitepaper|
Tax management|Retirement|
Institutional Investor|
Read Now
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A Tale of Two Benchmarks: Why traditional benchmarks don’t work for taxable super funds
Raewyn Williams
Joshua McKenzie
July 2, 2020
Why traditional equity portfolio benchmarks don’t suit most super funds and what they can do about it.
ResearchBite|
Tax management|Retirement|
Institutional Investor|
Read Now
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Raewyn Williams joins the IN Chats podcast
Raewyn Williams
May 18, 2020
Managing director Raewyn Williams joins the IN Chats podcast to warn super funds against ignoring the tax consequences of portfolio readjustments.
Podcast|
Tax management|Retirement|
Institutional Investor|
Listen Now
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The Sting in the Transition Tail
Raewyn Williams
May 4, 2020
Transaction costs are just one pain point in transition management—but taxes can hurt a lot more.
Whitepaper|
Tax management|Retirement|
Institutional Investor|
Read Now
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Can Past Pandemics Guide Investors Through Coronavirus?
Tom Lee
CFA
Evan Rourke
CFA
March 2, 2020
Is the coronavirus pandemic’s effect on markets something we’ve seen before? Investors looking for parallels with past epidemics, such as SARS, might think so. But that episode may not hold as many lessons as we might like to think.
Blog|
Defensive equity|
Wealth Manager|
Read More
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Going Backward to Go Forward: The Curious Performance Impact of Buybacks
Raewyn Williams
February 18, 2020
Some super funds have embraced a quick fix for dealing with the harsh pretax impact of buybacks in performance calculations. We explain why this fix falls short of a more sustainable solution.
Whitepaper|
Tax management|Retirement|
Institutional Investor|
Read Now
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Fundamental Indexing: Why True Tax Efficiency Beats Simply Keeping Turnover Low
Raewyn Williams
December 9, 2019
For a superannuation fund to gain tax efficiency, all it has to do is switch from active to passive management, right? Well, no. True tax efficiency comes from fundamental thinking. From designing and implementing a portfolio with after-tax thinking in mind.
Whitepaper|
Tax management|
Institutional Investor|
Read Now
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‘Drip, Drip’: The Case for Controlling What You Can Control
Raewyn Williams
November 1, 2019
Harsh investment conditions are affecting superannuation funds. Learn how you can reduce the leakage of tax and transaction costs from your portfolio.
Whitepaper|
Centralised portfolio management|Tax management|
Institutional Investor|
Read Now
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The Rise of Index Investing Still Spooks Some Investors. It Shouldn’t.
Brian Langstraat
CFA
October 30, 2019
Who’s afraid of index investing? Now that passive flows have exceeded active flows, it seems like a good time to debunk a few horror stories circulating in the financial press.
Blog|
Tax management|
Wealth Manager|
Read More
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Should Superannuation Funds Segregate Their Assets?
Raewyn Williams
May 6, 2019
In its 2018 report the Productivity Commission laments the lack of tax management in super fund members’ accounts. But how much is it really costing? We calculate the effect.
Whitepaper|
Retirement|Centralised portfolio management|
Institutional Investor|
Read Now
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Anecdotes Versus Evidence: The Institutional Case for IPO Participation
Mahesh Pritamani
PhD, CFA
March 5, 2019
IPOs make for splashy news stories, but are they right for super funds? This paper looks beyond the sensational anecdotes and delves into the data.
Whitepaper|
Institutional Investor|
Read Now
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After-Tax Returns: Filling In the Productivity Commission’s Report
Raewyn Williams
January 18, 2019
In its 2018 report the Productivity Commission laments the lack of tax management in super fund members’ accounts. But how much is it really costing? We calculate the effect.
Whitepaper|
Institutional Investor|
Read Now
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Benefits of Centralised Portfolio Management for Super Funds
Jared Gray
CFA
October 1, 2018
Parametric's Director of Centralised Portfolio Management (CPM), Jared Gray, discusses the benefits of CPM for Super Funds.
Video|
Centralised portfolio management|Tax management|
Institutional Investor|
Watch Now
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What Should Managers Manage?
Raewyn Williams
August 14, 2018
The concept of after-tax investing is no longer a thing of the future - it’s here. The superannuation industry is now embracing it, with a small number of early moving funds leading the way.
Whitepaper|
Centralised portfolio management|Tax management|
Institutional Investor|
Read Now
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The Fruits of a Collaborative Partnership: A Parametric–Research Affiliates Case Study
Raewyn Williams
July 13, 2018
Superannuation funds partner with their members in a meaningful way. But the notion of partnership doesn't have to end there. Funds can work with other strategic partners who can bring immense benefit—and help them enhance their value to members.
Whitepaper|
Institutional Investor|
Read Now
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Optimality Is in the Eye of the Beholder: The Science and Art of Equity Portfolio Construction
Mahesh Pritamani
PhD, CFA
July 2, 2018
Onshore or offshore? Developed or emerging? Active or passive? How much risk? It's one thing for a superannuation fund to determine the right equity-investing ingredients, but it's quite another to figure out how to achieve the right blend. In this paper, researched jointly with the Australian Catholic Superannuation and Retirement Fund, we look at ways to approach optimisation—and why portfolio construction is as much art as science.
Whitepaper|
Tax management|
Institutional Investor|
Read Now
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Defensive Equity: A Sharper Tool for Your Lifecycle Toolkit
Raewyn Williams
May 8, 2018
Our new research paper explains how super funds are using lifecycle strategies and explores the use of a ‘mid-step’ defensive equity allocation to improve retirement outcomes for lifecycle strategy members.
Whitepaper|
Defensive equity|Retirement|
Institutional Investor|
Read Now
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Linking a Tax Efficient Super Fund Equity Portfolio
Paul Bouchey
CFA
January 25, 2018
We examine whether the benefits of tax efficiency in a super fund’s equity portfolio flow through to option unit prices which account for deferred taxes. If they do, this directly links portfolio-level tax efficiency to better retirement savings for members. If they don’t, then funds may be chasing “fool’s gold” by implementing after-tax focused equity management.
Whitepaper|
Tax management|Retirement|
Institutional Investor|
Read Now
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Status Quo Thinking
Raewyn Williams
September 1, 2017
Our new research argues that superannuation funds need to mirror the restlessness of stakeholders (members, service providers, the government and regulators), to show they are focused on improving superannuation outcomes for members and navigating an uncertain future.
Whitepaper|
Institutional Investor|
Read Now
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Rolling the Tax Dice - How Taxes Impact Equity Factor Investing
Raewyn Williams
September 1, 2017
Many investors believe that equity factor investing is naturally tax efficient. We address this misconception and show how super funds can reduce up to half the tax drag and preserve more factor outperformance.
Whitepaper|
Factor investing|Tax management|
Institutional Investor|
READ NOW
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Responsible Investing in a Peer Sensitive World
Raewyn Williams
June 22, 2017
How does the use of superannuation capital align with the member’s own values? This demand as well as other factors influence whether funds choose to adopt a responsible investing solution.
Whitepaper|
Responsible investing-ESG|
Institutional Investor|
Read Now
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Expanding Equity Horizons: The Critical New Asset Allocation Decision
Tim Atwill
Ph.D., CFA
May 24, 2017
Australian superannuation funds stand out from their global pension fund peers in their appetite for equities and other growth assets.
Whitepaper|
Emerging markets|
Institutional Investor|
Read Now
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Country Tilts in Small Cap Indexes
Mahesh Pritamani
Ph.D., CFA
May 1, 2017
In recent years, many investors have included separate allocations in their portfolio for small-cap stocks in international and emerging market equities. Typical benchmarks for these allocations are MSCI’s EAFE Small Cap Index and Emerging Markets Small Cap Index.
Whitepaper|
Emerging markets|
Institutional Investor|
Read Now
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A New Risk Premium
Raewyn Williams
April 27, 2017
Best practice fiduciaries are empowered by portfolios which have systematic, transparent strategies rather than black boxes.
Whitepaper|
Defensive equity|
Institutional Investor|
Read Now
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Construction Issues in Emerging Market Small Cap Indexes
Tim Atwill
Ph.D., CFA
March 1, 2017
Increasingly, investors are looking to invest in emerging market small-cap equities as a separate allocation in their portfolios. This decision is to some degree motivated by the desire to capture a “small-cap premium”, the well-known theoretical notion that smaller capitalisation stocks show persistent outperformance versus large capitalisation stocks.
Whitepaper|
Institutional Investor|
Read Now
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Equity Portfolios: More Than The Sum of Their Parts
Paul Bouchey
CFA
March 1, 2017
Centralised Portfolio Management (CPM), as a way of equity investing, is a concept superannuation funds are curious about because of its startling assertion that the whole of an equity portfolio can be more than the sum of its parts.
Whitepaper|
Centralised portfolio management|Tax management|
Institutional Investor|
Read Now
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Why Invest in Emerging Markets Small Cap Stocks
Tim Atwill
Ph.D., CFA
March 1, 2017
The notion of a “small-cap premium” has become deeply established in investors’ consciousness since its introduction by Fama and French in 1993. Over the years, many investors have included an explicit allocation to U.S. and international small-cap stocks in their portfolios in order to benefit from the implied outperformance of this segment of the market.
Whitepaper|
Emerging markets|
Institutional Investor|
Read Now
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What’s Really Transforming the Superannuation Value Chain
Raewyn Williams
February 1, 2017
Compulsory superannuation turns 25 this year and one exciting development is how superannuation funds no longer simply occupy their place in the broader ecosystem, but are actively reshaping this ecosystem.
Whitepaper|
Institutional Investor|
Read Now
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Under the Spotlight: How Much Does it Cost to Trade Equities
Raewyn Williams
February 1, 2017
The ‘bread and butter’ investment activity of any large superannuation fund is the day-to-day trading that occurs within its equity portfolios.
Whitepaper|
Institutional Investor|
Read Now
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A Fresh Look At Franking
Raewyn Williams
January 1, 2017
In our 2014 research, we delivered somewhat discouraging news to superannuation funds: That while franking credits attached to Australian equity dividends can be a meaningful source of extra returns, a deliberate tilt towards franking can also introduce significant risks into the portfolio.
Whitepaper|
Retirement|Tax management|
Institutional Investor|
Read Now
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