KYLE RINGROSE
Principal Consultant

• Outlook for performance testing following the Treasury review
• Test effectiveness in identifying underperformance
• Incentives created by the YFYS performance test framework
• Potential for systemic impacts

DAVID BELL
Executive Director, The Conexus Institute

• 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:

IAN FRYER
General Manager at Chant West

DAVID BELL
Executive Director, The Conexus Institute

• 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

NARESH SUBRAMANIAM
Partner, MD, Investments, Superannuation and Sustainability(ESG) at PwC

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

• Key challenges in combining public and private assets for
whole-of-fund performance measurement and attribution
• Benchmark selection and attribution models: how total-fund approaches differ from traditional frameworks
• Integrating private and public asset analytics at the total-fund level and the implications for investment decision-making

RICHARD GRIFFITHS
Head of Client Servicing – APAC, Ortec Finance

12:30 LUNCH

• How performance and risk attribution frameworks evolve
when applied at the whole-of-fund / Total Portfolio Management (TPM) level.
• Integrating factor, asset class, sector, and strategy-level drivers into a coherent total-portfolio attribution lens.
• Using attribution insights to inform dynamic asset allocation, portfolio construction, and risk budgeting decisions.
• Key challenges: data consistency, multi-asset aggregation, overlapping exposures, and communicating attribution in a TPM context.

REIN VAN ROOYEN
Head of APAC, Cutter Associates

• How AI-driven performance analytics is transforming measurement, attribution, and risk oversight.
• Shifting from manual, retrospective reporting to automated, real-time and predictive insights.
• Integrating next-generation tools with existing data, governance, and operating models.
• New capability requirements: skills, controls, and tech adoption strategies for modern performance & risk teams.

PANEL MEMBERS:

RHODRI ROBERTS
Product Management, State Street

REIN VAN ROOYEN
Head of APAC, Cutter Associates

SIMON CAIRNS
Associate Director, Performance & Risk Analytics, IFM Investors

15:00 AFTERNOON TEA

• Why pre-tax reporting systematically misleads Australian investors — and why Australia's tax architecture makes it worse than anywhere else.
• Quantifying the damage: tax drag, franking credits, and the alpha that never reaches the investor.
• The regulatory gap, the industry inertia, and what needs to change

RICHARD MCDOUGALL
Managing Director, Hamilton12

• 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

ROB LECK
Regional Director at FactSet

• 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?

MODERATOR:

KYLE RINGROSE
Principal Consultant Athena IOC

NETWORKING DRINKS (1 HOUR)