Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Register

5 November 2026

Home / 322

Welcome to Firstlinks Edition 322

  •   5 September 2019
  •      
  •   

The latest update on the Future Fund's portfolio shows an asset allocation that differs from almost everyone else, and certainly most SMSFs. The stark variations versus individual investors are the heavier allocation to global instead of domestic equities and significant investments in private equity, debt securities, alternative assets, infrastructure and timberland.

We explore the Future Fund's investment strategies and the lessons individuals can learn, although its claims about low volatility are as much about unlisted assets as a measure of risk.

A standout feature is a move into different fixed income assets, including direct lending, emerging market debt, peer-to-peer lending, trade finance and bank capital relief financing. Director of Debt, James Waldron, told an Investment Magazine conference:

"It's a reflection of where we see value, where we see diversification and the types of risk premia we desire at the fund level as opposed to just wearing a credit hat."

Also on asset allocation, Gemma Dale reveals the share trading preferences of nabtrade clients, with a switch underway versus patterns of the past.

For those looking to equities to cover the loss of income on cash or term deposits, Michael Pricewarns it is not a process of simply maximising dividends and there are risks to manage.

Investing in a major demographic theme, Mike Murray identifies four companies on the ASX which are benefitting from increased spending on healthcare by an ageing population.

Ashley Owen explains why the results in the latest August reporting season were disappointing. It reflects Australian GDP which grew at only 1.4% in 2018/2019, the lowest since the GFC.

And Craig Day gives valuable pointers on how to maximise superannuation benefits by equalising balances within a couple. New rules on super means there's a lot to gain from some simple steps.

Cuffelinks gains thousands of new readers each year who may not know about our massive archive of articles. As a reminder of the new section in the middle of our website with Classic Articles from the past, we highlight one of the most popular by Chris Cuffe based on his decades of investing experience. We will rotate these classics online each week so take a look.

To mark Vanguard's 10 years of offering Exchange Traded Funds in Australia, this week's White Paper is their 'Roadmap to Financial Security: a framework for decision-making in retirement'. It's a great planning primer for anyone thinking about or in retirement.

 

Graham Hand, Managing Editor

For a PDF version of this week’s newsletter articles, click here.

 

  •   5 September 2019
  •      
  •   

 

Leave a Comment:
Firstlinks is sponsored by:
banner

Most viewed in recent weeks

It’s time for LICs to die

A high-profile dividend cut and a prominent fund manager’s apology have reignited a long-running debate. If investors can access similar exposures more cheaply and efficiently elsewhere, what exactly is keeping LICs alive?

The retirement scorecard: how many of these questions can you answer?

From the maths of retirement, estimating spending and picking the right asset allocation to survive a poor decade, here are the questions every retiree – current or future – should be able to answer for themselves.

Division 296: the initial moves to make before the windows close

What if the best superannuation strategy isn't about earning more, but acting before your options disappear? Several overlooked planning windows are narrowing, with consequences that can last for decades.

Testamentary trusts: Treasury has picked the wrong reading

A decades-old estate planning tool has survived one tax crackdown only to be caught by another. The surprise isn't who the reform is targeting, but who could end up paying the price for drafting choices made years ago.

Higher yields are creating opportunities in global bonds

Bond markets are adjusting to a new reality, but not in the ways investors expect. With markets repricing and capital competing for attention, investors may need to rethink where resilience and opportunity lie. 

Will investors be better or worse off under new housing tax changes?

Housing tax reforms have sparked warnings of market turmoil and promises of greater fairness. But after modelling nearly two decades of property data, the results suggest winners and losers may not be who many investors expect.

Latest Updates

Superannuation

Superannuation’s structural failings

Politicians are fighting over access to super, but they may be arguing about the wrong thing. The system’s three fundamental flaws have been hiding in plain sight for decades, costing Australians far more than they realise.

Planning

The great wealth transfer myth

Why do some families preserve wealth for generations while others struggle to? As the great wealth transfer unfolds, the determining factor is often not the structure of the estate, but the preparation of those who will inherit it.

Investment strategies

What comes after bank hybrids?

For years, bank hybrids have been a cornerstone of portfolio income. With tens of billions of dollars now disappearing from the market, investors face a critical question: what comes next, and are the obvious replacements enough?

Investment insights from the US

What happens when knowledge becomes a commodity? The latest themes emerging from the US tech sector suggest AI could reshape company moats, disrupt incumbents and create winners and losers in unexpected places.

Investing

Can Berkshire thrive without Buffett?

Warren Buffett's departure marks the end of an era. But the more important question for investors is whether Berkshire's culture, discipline and capital allocation framework can survive without the man who built them.

Retirement

The Bengen 4% Rule: Lost in translation

For years, retirees have been told to focus on withdrawal rates. But the real question is far simpler: how many dollars can you safely spend? The answer may be very different from what conventional retirement wisdom suggests.

Interest rates

Super low interest rates came with side effects

For more than a decade, investors lived through an era of near-zero interest rates. With bond yields now surging, it's worth asking whether cheap money solved economic problems, or introduced a much larger set of risks.

Sponsors

Alliances

  • ASA-Logo-RGB-ActiveGreen-web.png

Site Map

About Firstlinks

© 2026 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.