The Investment Performance, Attribution & Risk Management Conference 2025 will bring together leading academics, practitioners, and regulators to examine critical developments in performance measurement and risk analysis within the superannuation and investment management industry.
Over two days, the program will address the regulatory, methodological, and practical challenges associated with the Your Future, Your Super (YFYS) performance test, the valuation and reporting of private markets and unlisted assets, and the implications of evolving investment strategies for trustees, members, and regulators.
Early Confirmed Speakers Include:
Speakers of The 14th iPARM Australia 2026 Investment Performance Measurement, Attribution & Risk Management
Product Management, State Street Australia Limited
Director, Global Marketing at Northfield Information Services
Head of Portfolio Analytics & Investment Risk; Morningstar Investment Management, Australia
Doctor of Finance, Funds SA
Performance Measurement Expert, Chief Adviser, Confluence (UK).
Head of APAC, Cutter Associates
Executive Director, The Conexus Institute
Research Fellow, The Conexus Institute, Honorary A/Prof, ANU
Partner, MD, Investments, Superannuation and Sustainability(ESG) at PwC
Associate Director Consulting Risk Services, KPMG
General Manager at Chant West
Lead Performance Analyst | Performance Analysis & Attribution, Vanguard Australia
Event Schedule
Learn schedule, program and topics of the 14th iPARM Australia 2026
KYLE RINGROSE
Principal Consultant
• Defensive versus Growth allocations
• Benchmark hugging
• Selective picking benchmarks of benchmarks
• Valuations of unlisted assets
• Treatment of underperforming options
• Lessons learned from APRA’s investigations
ASSOC. PROF. GEOFF WARREN
Research Director, Conexus Institute and Associate Professor, ANU
• The positive outcomes, what we have seen so far
• Potential negative outcomes, to what extent are the
concerns driven by conflicts of interest?
• Has the test improved member outcomes or just changed
the way funds present the numbers?
• What future changes should we expect?
MODERATOR:
KYLE RINGROSE
Principal Consultant
Panel Members TBA
• Valuation methodologies.
• How to report illiquid assets fairly in a YFYS performance test
world
• COVID-19 case study: stale valuations, member switching &
compensation.
• The impact of unlisted asset valuations on performance and
risk analysis
10:50 MORNING COFFEE
• Why diversification and hedging are not the same thing
• The benefits of diversification and why they may not always
be what they seem
• Why diversification may increase rather than reduce risk
• The implications of reducing volatility through diversification
between asset classes
• The key difference between diversification inter and intra
asset class
• Attributing the outcomes of diversification and hedging
KYLE RINGROSE
Principal Consultant
JODY FITZGERALD
ART general manager for defensive liquid assets and portfolio intelligence
12:30 LUNCH
• Why the industry continues to use volatility as a proxy for
risk
• The critical need to define risk from the investor’s
perspective
• When market volatility does and does not drive risk
• The importance of investment time horizons
• A deep dive into the ASFA/FSC Standard Risk Measure
• Possible alternative risk measures for superannuation fund
members
• Why fixed income attribution is so different
• How to simplify the process
• The dangers of getting bogged down in unnecessary detail
• Butterfly twists and kurtosis explained in layman’s terms
• How to present potentially complex fixed income
attribution to an Investment Committee
ANDREW COLIN
Director, Flametree Technologies
14:40 AFTERNOON TEA
• The different considerations of the audience for
performance reports, Trustees, members/investors,
investment managers and regulators
• How much detail is enough?
• Does detailed reporting only lead to even more detailed
reporting?
• Can investment managers be lost in the detail rather than
focussing on the big picture?
• YFYS performance reporting- are we moving in the right
direction?
• Are members better off in the new environment?
• What improvements could be made?
• Diversification and hedging
• Are they necessarily the same thing?
• Can diversification really lead to lower long term
returns?
• How can we quantify the benefits and/or disbenefits?
• Volatility and risk
• Are super fund members and other investors being
fed misleading information?
• What are the alternatives?
• Fixed income attribution
• Are we failing to see the wood for the trees?
• Who is the audience for fixed income attribution
• How can fixed income attribution be presented in
simple terms?
• Investment performance and risk reporting
• Is there such a thing as a “one size fits all” solution
for investment reporting?
• Do we need to increase or reduce the level of detail
in Board reports?
NETWORKING DRINKS (1 HOUR)
KYLE RINGROSE
Principal Consultant
• Defining investment risk
• Defining responsibilities throughout the organisation for
managing, measuring and reporting investment risk
• Setting a risk budget within targeted performance
outcomes
• Ensuring that the “risk tail” does not wag the “investment
dog
• The fundamental issues with valuations of unlisted assets
• Dealing with potential conflicts of interest in valuations
• Factoring concentration and liquidity risk into the
performance and risk attribution
• Last round or price discovery techniques
DR JOSE FRANCISCO VERON
Doctor of Finance, Funds SA
• Defining the components of factor-based investment
strategies
• How investment performance attribution can differ with
factor-based strategies
• Embedding investment risk into the attribution process
• The issues with momentum-based investment strategies and
traditional performance attribution
• Examples of performance and risk attribution in action
10:50 MORNING COFFEE
• Combining performance and risk into a single attribution
model
• The pros and cons of traditional risk attribution models
• Dealing with the added complexities of factor and momentum-based strategies
• Defining the appropriate measures of risk
MODERATOR:
KYLE RINGROSE
Principal Consultant Athena IOC
• Are current indices still fit for purpose as we move further
into alternative investments?
• Must a manager always be benchmarked against an index or
are there better alternatives?
• Benchmarking investment risk
• How the YFYS performance test has revealed shortcomings
in traditional benchmarks
• Bespoke benchmarks for unlisted assets, is price discovery in
listed markets a potential solution?
12:40 LUNCH BREAK
• How to successfully blend the flexibility of Excel with the
power and controls of a well-designed performance analytics system
• The role of AI in performance reporting
• Integrating ESG/climate data into performance analysis and
reporting
• How today’s technology is changing the performance
analyst’s role
• Why traditional measures of performance and risk management may not be relevant
• How the Retirement Income Covenant may affect performance and risk measures
• The different objectives of accumulation and retirement
investment strategies
• Defining risk in the context of accumulation and retirement investment strategies
• Examples of potential solutions
• Enhanced benchmarking – including additional and more focussed benchmarks?
• Tighter SAA ranges?
• Stricter definitions of asset classification?
• How to report private/illiquid assets appropriately in the
performance test
• Inclusion of single sector options?
• Inclusion of retirement income products?
• Investment risk
• Are we always using the appropriate measures of risk?
• Is there a perfect risk attribution methodology?
• How close can we come to a generic solution?
• Benchmarking
• Is there always a suitable benchmark?
• Is it possible to measure a manager’s performance
without a market benchmark?
• How can we develop meaningful benchmarks for
unlisted assets?
• Automation of performance and risk analytics
• Are today’s software solutions making life easier or
adding complexity?
• Will we ever see the back of Excel?
• Where can AI add value to the process?
• Accumulation and retirement performance and risk
measures
• Do we need different performance and risk attribution
methodologies for the different objectives of pre and
post-retirement strategies?
• Are the same measures of risk appropriate for both
accumulation and retirement?
• What risk measure could we adopt?
MODERATOR:
KYLE RINGROSE
Principal Consultant Athena IOC
CLOSING REMARKS FROM THE CHAIR
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