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Corporate
Debt Investments
Infrastructure
Listed Equities
Private Equity
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Economic Update

Economic Update June 2023

Alex Joiner,
Chief Economist

Continued monetary policy tightening in recent months sees rates at levels where risks to inflation and wider economic activity are more finely balanced.

Infrastructure

Uncertainty, transition and social factors: Infrastructure Outlook

Kyle Mangini,
Global Head of Infrastructure

The transformational and interconnected themes set to shape the infrastructure market in 2023. Resilience will be tested, but there are reasons to be optimistic.

Infrastructure

Infrastructure, an asset class for all seasons

Luba Nikulina,
Chief Strategy Officer

The role of infrastructure in institutional portfolios will continue to be a prominent theme for asset allocators in 2023, along with the increasing importance of managing the 'S' in ESG.

Infrastructure

Advancing inclusion and diversity in infrastructure

Nicole Zhang,
Senior Associate

Nicholas Rivera,
Associate, Asset Management

With growing awareness of social factor-related risks and opportunities, there are potential benefits to embedding I&D considerations in asset management activities.

Infrastructure

Infrastructure remains resilient despite macro challenges

Michael Landman,
Executive Director

The macro landscape has shifted to the point where a global recession is possible in 2023. While the infrastructure asset class is not immune to these challenges, we expect it to remain resilient.

Debt Investments

Secular tailwinds are creating opportunities in infrastructure debt

David Cooper,
Regional Head of EMEA

Jacob Otto,
Debt Product Specialist

We expect infrastructure debt's typical resilience to cyclical slowdowns to be a key theme in 2023, together with two secular tailwinds that are continuing to drive transaction activity in the market.

Infrastructure

Managing infrastructure safety requires long-term focus

Shannon O’Keeffe,
Director, Social Responsibility

William Phillips,
Senior Associate, Asset Management

Nicholas Rivera,
Associate, Asset Management

Providing a safe workplace is a primary focus for infrastructure assets and for IFM as an asset owner.

Economic Update

Economic Update March 2023

Alex Joiner,
Chief Economist

Recession fears have eased substantially in recent months in response to a raft of stronger-than-expected economic data. But this threatens to keep inflation higher for longer. Central banks appear set to keep tightening policy until the data have turned.

Economic Update

2023 Economic Outlook

Alex Joiner,
Chief Economist

There are downside risks to global growth in 2023 as central banks are expected to keep tightening monetary policy to slow persistent inflation. The speed at which inflation decelerates will be a key focus for investors.

Debt Investments

The end of unconventional monetary policy in Australia

Kashi Trathen,
Associate Director, Debt Investments

The unwinding of the Reserve Bank of Australia’s Term Funding Facility and Bond Purchase Program is likely to have a significant effect on interest rate and bank funding markets.

Economic Update

Economic Update December 2022

Alex Joiner,
Chief Economist

Advanced economies are navigating the dual challenge of high inflation and weakening growth. Policy tightening will likely continue, suggesting downside risks to growth in 2023. This is the cost of central banks trying to lower inflation.

Infrastructure

Transition as a means to energy security

Albena Vassileva,
Executive Director

Mandeep Mundae,
Investment Director

Strengthening energy security is a key focus of governments’ energy transition policies amid sharply higher energy prices. We expect this to create compelling investment opportunities across the global infrastructure landscape.

Corporate

2022 IFM Investors Responsible Business Report

David Neal,
Chief Executive

Our 2022 report outlines how our responsible business approach, practices and outcomes continue to support our financial performance for our investors.

Debt Investments

Finding attractive relative value in sub-investment grade infrastructure debt

David Cooper,
Regional Head of EMEA

Jacob Otto,
Debt Product Specialist

We believe the resilient nature of infrastructure debt investing extends to sub-investment grade issues, where reliable income can be generated if the higher credit risk is well understood.

Private Equity

A perspective on embedding ESG considerations into Private Equity’s value creation approach

David Odgers,
Executive Director

Harnessing the compelling opportunity we see to embed ESG considerations into the private equity value creation approach requires alignment of purpose, strategy and actions at the investment team and portfolio company levels.

Economic Update

Economic Update September 2022

Alex Joiner,
Chief Economist

Advanced economies continue to navigate a challenging environment. Inflation remains elevated and central banks have signalled that a painful period of adjustment lies ahead. Households are set to bear the brunt and recession risk is increasing.

Debt Investments

Credit Insight: Trends in Asset Backed Securities

Andrew Beales,
Associate

Monetary policy tightening and rising interest rates have the potential to negatively impact asset backed securities as these financial instruments are usually backed by consumer loans. This has implications for credit portfolios.

Infrastructure

Infrastructure – rising rates and the "natural hedge"

Michael Landman,
Executive Director

The positive linkages that some infrastructure assets have to inflation and economic growth can provide a natural hedge that may be sufficient to offset the negative valuation impacts of higher global interest rates.

Infrastructure

Harnessing technological trends within infrastructure

IFM Investors

Rapid technological changes are challenging historical assumptions about how infrastructure assets are operated and designed, and shifting the way consumers interact with infrastructure companies.

Listed Equities

How ‘core’ equity strategies can meaningfully contribute to the climate transition

Laurence Irlicht,
Executive Director

We believe active corporate engagement coupled with targeted use of modest tracking error budgets can help enable ‘core’ Australian equity strategies to simultaneously satisfy Your Future, Your Super requirements and have a role in decarbonisation.

Economic Update

Economic Update June 2022

Alex Joiner,
Chief Economist

Frans van den Bogaerde,
Economist

The global growth outlook continues to soften, with rampant inflation and the challenging withdrawal of the extremely accommodative monetary settings, but policy tightening is the correct course of action for central banks.

Infrastructure

The role of infrastructure investment in climate risk management

Zachary May,
Executive Director, Strategy and Policy

Investors should consider positioning their infrastructure exposure for the pathway to Net Zero, with both transition and clean economy infrastructure portfolios having a climate change mitigation role to play.

Debt Investments

Inflation: considerations for real assets

Darren Pasco,
Investment Director

Alex Joiner,
Chief Economist

A spike in inflation like the recent one in advanced economies has not been experienced for decades and it has important implications for real asset investments.

Infrastructure

Resilience and Transition: Infrastructure Outlook

Kyle Mangini,
Global Head of Infrastructure

Macro-themes and disruptions that are shaping the infrastructure sector and creating investment opportunities include renewables and digital infrastructure, and closer partnerships with governments.

Private Equity

Buy and Hold: the role of long-term private capital in your portfolio

Jeremy Larkin,
Executive Director

Recently there has been an increase in private equity funds being raised with a focus on longer-dated investment strategies, often referred to as Long-Term Private Capital (LTPC).

Private Equity

Deals down under: why private equity investors should look to the Australian mid-market

Adrian Kerley,
Executive Director

Private capital investors are increasingly recognising what the Australian market has to offer - especially in the lower-middle market, with its large opportunity set and robust returns with lower risk.

Debt Investments

Integrating ESG analysis into infrastructure debt investments

Jacob Otto,
Debt Product Specialist

Anna Engwerda-Smith,
Director, Policy and Research

Transitioning infrastructure assets to a net zero world is necessary, but not easy. Pension funds are well placed to take part given their alignment with members’ interests and patient, long-term, investment horizon.

Corporate

Accelerating gender diversity in Australian workplaces

IFM Private Equity Executive Network Panel Profile

Helen Kurincic, the Chair of two ASX listed companies and a member of IFM’s Private Equity Executive Network Panel, discusses the changes that are needed to move Australia towards more gender diverse and inclusive workplaces.

Economic Update

Economic Update September 2021

Alex Joiner,
Chief Economist

Many advanced economies are close to ‘peak rebound’ from pandemic driven recessions, with the tailwinds of expansionary fiscal and monetary policy set to fade and supply constraints posing a headwind to future growth.

Debt Investments

Infrastructure debt – Opportunities in the post-COVID recovery

Phelim Bolger,
Director, IFM Investors

As economies rebuild post-COVID, aided by government infrastructure investment, we expect increasing investment opportunity in infrastructure debt that can provide resilient income and relatively low risk compared to other fixed income alternatives.

Economic Update

Economic Update June 2021

Alex Joiner,
Chief Economist

Advanced economies will experience stronger near-term growth as economies re-open and are fuelled by ongoing stimulus. Recent US inflation concerns have impacted markets but should be transitory as demand and supply normalise following the recovery phase.

Economic Insight

The impact of unlisted infrastructure assets on portfolios

Alex Joiner,
Chief Economist

Frans van den Bogaerde,
Economist

Unlisted infrastructure has the potential to provide solid returns in a low-yielding world that can facilitate effective portfolio diversification and contribute to improved risk adjusted returns.

Corporate

Managing climate risk in investment portfolios

Chris Newton,
Executive Director, Responsible Investment

This article is the second in a two-part IFM series on climate-related investment risks. It explains how we are managing climate-related risks in our investment portfolios, our achievements to date and goals for the future.

Listed Equities

IFM Active Equities: Research Recap 2020

Rob Pinnuck,
Executive Director, Active Large Cap Equities

Phelim Bolger,
Director, IFM Investors

Pension funds need to understand and anticipate the community’s implicit expectations about how they should invest in and manage community infrastructure assets in order to make these investments successful and maintain their social licence to operate.

Debt Investments

How we manage ESG risk in debt portfolios

Hiran Wanigasekera,
Executive Director, Debt Investments

Clint Dempster,
Investment Director (Australia)

Our recently refined approach to managing ESG factors within our diversified credit business is more transparent for our clients and supports our increasing level of investment in private debt.

Corporate

Year in Review

David Neal,
Chief Executive

Our performance over the year to 30 June 2020 has demonstrated the value of our distinct investor-aligned model and reinforced our purpose to protect and grow the retirement savings of millions of working people across the world.

Economic Update

Economic Update September 2020

Alex Joiner,
Chief Economist

The economic shock caused by the COVID-19 crisis is severe - many countries have suffered the steepest fall in output since official records began, most are in recession and the path to recovery is anything but certain.

Infrastructure

Building Australia Model

David Neal,
Chief Executive

Australia’s pool of superannuation savings are ready to be deployed for major infrastructure projects. To this end, IFM Investors is proposing a new infrastructure investment model to better meet the needs of governments and the public.

Debt Investments

Will Australian interest rates go negative?

Kashi Trathen,
Associate Director, Debt Investments

Jo Niall,
Senior Investment Writer

In the midst of a global pandemic, with central banks providing significant liquidity to financial markets and experimenting with unconventional policies, the prospect of negative interest rates is back in focus.

Debt Investments

Cash in a post COVID-19 world

Kashi Trathen,
Associate Director, Debt Investments

Jo Niall,
Senior Investment Writer

The RBA’s response to COVID-19 market illiquidity was effective in restoring confidence, but it has also altered the way short-term interest rate markets are functioning. This may have implications for the future management of cash portfolios.

Infrastructure

Australian Infrastructure FY 2019 Carbon Footprint Summary

Kyle Mangini,
Global Head of Infrastructure

The FY 2019 Australian Infrastructure Carbon Footprint Summary reports a 7.9% reduction in emissions, reflecting ongoing efforts to reduce carbon emissions and increase energy efficiencies across the portfolio.

Corporate

Response to the Coronavirus Outbreak

Josh Lim,
Deputy Chief Executive

Our response to the COVID-19 coronavirus pandemic prioritises the safety and wellbeing of the public and our employees, and details plans to protect our investments and millions of people’s retirement savings.

Economic Update

Economic Update March 2020

Alex Joiner,
Chief Economist

The cautious optimism that greeted 2020 has already evaporated, following the emergence of a new virus. A material global economic impact is likely, but much uncertainty surrounds its severity and duration, and the policy response.

Listed Equities

The ethics of shorting and the risk of “infinite” losses

Mark McClatchey,
Executive Director, Active Large Cap Equities

Short selling remains controversial and raises issues that investors should consider, including the ethics of shorting and the risk of “infinite” losses if the company’s share price rises rather than falls.

Corporate

IFM Investors 2019 Responsible Business Report

Brett Himbury,
Former Chief Executive 2010 - March 2020

Investor alignment and a long-term, responsible approach continues to underpin our competitive performance as we work to protect and grow the retirement savings of over 30 million working people globally.

Listed Equities

Small caps – what we look for in miners and explorers

Jim Copland,
Executive Director. Small Caps

When it comes to assessing small cap mining and explorer stocks, IFM Investors looks for five key attributes: quality, liquidity, a pathway to rerating, ESG compliance and portfolio fit.

Economic Update

Economic Update December 2019

Alex Joiner,
Chief Economist

The past year was characterised by a global slowdown, precipitated by increasing geopolitical uncertainty and heightened trade frictions.

Economic Insight

The case for ‘mid-risk’ assets in a ‘lower for longer’ interest rate world

Alex Joiner,
Chief Economist

Mid-risk assets are becoming relatively more attractive as they provide much needed diversification and solid expected returns that are less correlated and less volatile than traditional listed assets.

Corporate

Supporting our people and their careers

Amelia McArdle,
Global Head of People and Culture

IFM Investors is committed to promoting a diverse and inclusive workplace culture, where all people are valued and recognised for their unique qualities, backgrounds and perspectives.

Debt Investments

Cash Portfolios in a Low Interest Rate Environment

Kashi Trathen,
Associate Director

During the past three years, cash portfolios were generally able to perform well, while still being conservatively managed. But the resumption of monetary easing signals a new and challenging phase.

Corporate

Volunteers lend a hand in Cambodia

Chris Newton,
Executive Director, Responsible Investment

In October 2019, nine staff from IFM Investors headed to Cambodia to help build a new home for a rural Cambodian family living in poverty with inadequate shelter.

Infrastructure

Taking the lead on infrastructure carbon reduction in Australia

Chris Newton,
Executive Director, Responsible Investment

IFM Investors recently announced an ambitious and unprecedented initiative to cut carbon emissions across critical Australian infrastructure assets.

Infrastructure

Ausgrid, major Australian infrastructure asset, sets emissions reduction target

Ashley Barker,
Executive Director

With a commitment to meeting shareholder expectations and delivering on its social licence strategy, Ausgrid has set an emissions reduction target and developed a range of programs to achieve it.

Infrastructure

IFM Investors Global Infrastructure 2018 Carbon Footprint

Kyle Mangini,
Global Head of Infrastructure

The Global Infrastructure Carbon Footprint Report 2018 forms part of an ongoing effort and multi-year strategy by IFM Investors to manage climate risk.

Infrastructure

IFM Investors Australian Infrastructure FY18 Carbon Footprint

Kyle Mangini,
Global Head of Infrastructure

The Australian Infrastructure Carbon Footprint Report 2018 forms part of an ongoing effort and multi-year strategy by IFM Investors to manage climate risk.

Listed Equities

Lessons from a pickers and packers workers’ forum

Chris Newton,
Executive Director, Responsible Investment

IFM Investors is a strong advocate for greater transparency and improved human rights in the fresh food supply chain.

Private Equity

Answering LPs’ transparency needs

Stuart Wardman-Browne,
Global Head of Private Equity

IFM Investors’ Stuart Wardman-Browne, Adrian Kerley and David Odgers share with Private Equity International how LPs are seeking a better alignment of interests with GPs.

Infrastructure

Infrastructure and the Global Financial Crisis: Ten Years On

Michael Landman,
Executive Director, Portfolio Management

Alex Joiner,
Chief Economist

A decade on from the 2007-08 financial crisis, this paper examines how infrastructure fared during the crisis and its aftermath, and how a subsequent financial downturn might affect infrastructure investments.

Debt Investments

The opportunity in Australian private debt markets

Hiran Wanigasekera,
Investment Director

The Australian private debt market has traditionally been dominated by the Big 4 banks. But we believe the resultant market inefficiency is presenting opportunities to capture potentially attractive risk-adjusted returns.

Infrastructure

Renewables paving a pathway to emissions reduction

Deepa Bharadwaj,
Executive Director

Brisbane Airport has installed 22,000 solar panels, creating the largest commercial rooftop solar installation in the Southern Hemisphere. The result is lower energy costs, reduced emissions and greater shareholder value.

Infrastructure

A strong safety culture embracing technology

May Soh,
Investment Director

Leveraging technology for improved road safety. Find out more on how a diligent approach to transforming the safety culture and leveraging technology at the Indiana Toll Road has resulted in measurable safety improvements.

Corporate

The ESG Trends on IFM Investors’ Radar in 2019

Chris Newton,
Executive Director, Responsible Investment

The ESG trends on IFM Investors’ radar in 2019 fall into the key thematic areas of Planet, People and Policy & Process, reflecting what is important to IFM Investors and our investors.

Debt Investments

How pension funds can help lend to the real economy

David Cooper,
Regional Head of EMEA

IFM Investors believes there is a growing opportunity for pension funds to support firms with their growth ambitions and invest in the real economy.

Infrastructure

Innovative cadetship program promoting gender diversity

Jill Rossouw,
Investment Director

The Port of Brisbane has launched a forward-thinking Australian cadetship program to encourage and support talented women to embark on a maritime career.

Infrastructure

IFM Investors Infrastructure Carbon Footprint Report 2018

Kyle Mangini,
Global Head of Infrastructure

The Infrastructure Carbon Footprint Report 2018 forms part of an ongoing effort and multi-year strategy by IFM Investors to manage climate risk.

Corporate

IFM Investors Responsible Business Report 2018

Brett Himbury,
Former Chief Executive 2010 - March 2020

The 2018 Responsible Business Report provides a comprehensive overview of IFM Investors’ holistic approach to investing and operating responsibly.

Infrastructure

A new PPP: The Pension-Public Partnership model

Duncan Symonds,
Director, Asset Management

Lack of funding for infrastructure projects is harming growth in many developed nations. Has the time come for Pension-Public Partnerships?

Infrastructure

Fuelling the fight against climate change

Chris Newton,
Executive Director, Responsible Investment

Chris Newton examines how the investment management industry can join the fight against climate change by exerting pressure on companies to lower their emissions.

Infrastructure

Infrastructure investment in a rising interest rate environment

Michael Landman,
Executive Director, Portfolio Management

IFM Investors looks at factors affecting infrastructure investments which can reduce the impact of rises in interest rates, particularly where there is a natural hedge.

Debt Investments

Project Finance Market Design and Origination

Richard Randall,
Global Head of Debt Investments

The Project Finance/Infrastructure senior debt market is categorised as "private debt". Rich Randall explains how the market differs from the broader corporate direct lending market.

Listed Equities

IFM Investors’ engagement with Woolworths

Chris Newton,
Executive Director, Responsible Investment

In October 2016, IFM Investors began its engagement process with Woolworths demanding improved human rights management in the fresh food supply chain, particularly relating to labour hire practices.

Listed Equities

IFM Investors’ engagement with Wesfarmers

Chris Newton,
Executive Director, Responsible Investment

IFM Investors has been actively engaging with Wesfarmers on matters of ethical sourcing in agricultural and apparel supply chain issues for a number of years.

Debt Investment Insight

Economic Insight

Economic Insight

Corporate Insight

Economic Insight

Private Equity Insight

Debt Investment Insight

Economic Insight

Infrastructure Insight

Debt Investment Insight

Infrastructure Insight

Economic Insight