Markets are adjusting to a more complex backdrop shaped by shifting interest rates, geopolitical risks and structural forces such as AI and changing supply chains. Rising concentration in major equity indices is also increasing benchmark risk and challenging traditional diversification assumptions. This session will explore how these forces are shaping opportunities across equities and fixed income, and what investors should be watching as the cycle evolves.

Market leadership has become increasingly concentrated, while structural themes such as AI are creating new winners and losers across sectors and regions. This session will explore where active managers are finding opportunities beyond the dominant index exposures, including smaller companies, less crowded parts of the market and emerging beneficiaries of long-term change. Panellists will consider where dispersion is greatest and where active management may be best placed to add value.

Ben Fisher is the lead product manager for JPMAM’s investor LLLM capabilities. He joined the firm in 2019through the Military Veterans Association internship programme in London, progressing through roles in product development and coaching before relocating to NYC to join the AI product team. Prior to JPMAM, Ben spent 11 years as an intelligence officer in the Royal Air Force, leading multinational teams on multiple operational tours. He holds an Executive MBA from Bayes (formerly CASS)  Business School, London.​

Traditional diversification assumptions are being tested by changing correlations, higher macro volatility and the growing role of private markets and real assets. This session will examine whether portfolios are genuinely diversified across different return drivers or simply spread across assets that may behave similarly under stress. Panellists will explore whether genuine diversification requires looking beyond asset allocation to investment style and differentiated sources of return, alongside the role of bonds, alternatives, real assets and private markets in building more resilient portfolios.

​PREsENTATION

Higher yields have restored the role of fixed income as a meaningful source of return and portfolio ballast, but the opportunity set is increasingly varied. This session will explore where investors are being compensated for taking duration, credit and liquidity risk, and how different income strategies may behave through a changing economic cycle. Panellists will consider how advisers can balance income generation, capital preservation and resilience within client portfolios.

Australian private credit has grown rapidly, with commercial real estate and property development representing a significant share of market activity. Against a backdrop of softer valuations, higher financing costs and increasing pressure on developers, underwriting discipline and loan structuring are being put to the test. This session will explore how lenders are assessing property risk, the importance of leverage, covenants and borrower support, and where vulnerabilities may emerge as the cycle evolves.

Quantitative equity strategies use data, signals and systematic portfolio construction to identify opportunities across broad investment universes. This session will explore how quant managers seek to generate alpha, where their approach differs from traditional fundamental investing, and how systematic strategies can navigate increasingly concentrated and fast-moving equity markets. Panellists will also consider the role quant equities can play alongside other active and passive exposures.

Leadership, Transformation and the Future of Funds Management

Few leaders have had a front-row seat to the transformation of Australia's funds management industry quite like Sophia Rahmani.
Having led businesses across Australia, Asia and global markets, and now driving the next chapter of Magellan's evolution, Sophia has navigated many of the defining shifts that have reshaped the investment landscape over the past two decades.
Since joining Magellan, Sophia has helped lead a significant period of strategic transformation, including the integration of Vinva and the expansion of Magellan's capabilities into systematic investing, reflecting the evolving ways investment firms are seeking to deliver outcomes for clients.

In this exclusive fireside chat, Lorraine Robinson, CEO of Lonsec Research & Ratings, sits down with Sophia to discuss leadership through change, the future of active management, evolving client expectations, the rise of systematic investing, the impact of technology and AI, and the opportunities and challenges that will shape the next generation of investment businesses.
Drawing on their combined experience across investment research, funds management and leadership, Lorraine and Sophia will share perspectives on what it takes to build enduring businesses, navigate uncertainty and remain relevant in an increasingly complex world.