Lonsec Investment Solutions Process Document Listed Model Portfolio Construction Approach

Transcription

1 Lonsec Investment Solutions Pty Ltd ACN Lonsec Investment Solutions Process Document Listed Model Portfolio Construction

2 Contents ISSUE DATE: Lonsec An Overview 3 Lonsec Equities Research 3 Lonsec Investment Consulting 3 Lonsec s Equity Model Portfolios 4 Equity Model Portfolio Construction Process 5 Philosophy 5 Style 5 Process 5 Lonsec s Equity Model Portfolio Team 9 Lonsec Investment Committee tenure and experience 9 Lonsec Direct (Equity) Model Portfolio Investment Committee tenure and experience 10 Lonsec Equities Research tenure and experience 10 Lonsec Investment Solutions and Investment Consulting tenure and experience 11 Research Resources 12 Review and Ongoing Monitoring 13 Reporting 13 FUM and Platforms 13 Appendix A 14 Lonsec Equities Research Team 14 Lonsec Investment Solutions 14 Lonsec Investment Consulting 15 P 2-15

3 Lonsec Investment Solutions Listed Model Portfolio Construction P 3-15 ISSUE DATE: Lonsec An Overview Lonsec Investment Solutions Pty Ltd is a wholly owned subsidiary of Lonsec Fiscal Holdings Pty Ltd. Drawing on Lonsec Research s established research and portfolio construction expertise and deep resources LIS provides financial advisers access to a range of model portfolio solutions across listed and unlisted investments. Lonsec, and its predecessor Lonsdale Securities, is a leading investment research and stockbroking house that has been working in partnership with financial advisers since On 1 July 2011, Lonsec became a fully owned subsidiary of Lonsec Fiscal Holdings Pty Ltd, an Australian-based privately held company. Lonsec has developed a range of quality stockbroking, research, consulting and portfolio services tailored to provide investment solutions for financial advisers. Lonsec equity model portfolios are managed by Lonsec s Equities Research team and underpinned by Lonsec s investment committee process which ratified all asset allocation and security selection decisions. Lonsec Investment committees are comprised of senior members of the Research team, the CIO and an external expert. Lonsec Equities Research Lonsec has an experienced and specialist equities research team, which draws on a robust research process to undertake in-depth assessment of securities and construct equity model portfolios. Lonsec s offers equities research on: ASX listed companies (around 200 companies) Listed income (hybrid) securities (around 50 securities) Direct equity model portfolios (9 model portfolios) Quarterly investment outlook with tactical asset allocation The key strengths of Lonsec s equities research offering are as follows: Experienced team an equities team with 80 years combined experience in equities research and portfolio management. Proven track record an impressive 15-year track record of adding value to the benchmark return (alpha) whilst also reducing the risk of the portfolio relative to the benchmark (beta). Product well suited to financial advisers all equity research and model portfolios are well suited to the needs of financial advisors and their clients. The equity model portfolios are high concentration and low turnover portfolios ideal for SMSF and managed account structures. Backed by the resources of Lonsec the equities research team can leverage off the resources and various experts within Lonsec research, stockbroking and investment consulting to produce high quality research and a professional approach to portfolio management. Lonsec Investment Consulting Lonsec has a well-resourced and experienced investment consulting team that is focused on delivering tailored solutions to clients in Australia and New Zealand. Core areas of expertise include asset allocation, manager selection, portfolio construction, APL construction and ongoing governance, as well as investment committee participation. Lonsec is also a leader in providing specialist advice and education to financial advisers in relation to post retirement portfolio construction. The key strengths of Lonsec s investment consulting service are as follows: Well-resourced and experienced Lonsec has a stand-alone team of experienced consulting specialists to deliver high quality services to clients. Implementation and results proven track record in supporting clients in transitioning dealer groups to new advice solutions, such as model portfolios and asset allocation advice. Proven track record in delivering performance, within the context of the client s stated objectives. Backed by a large research team Lonsec s research team is the largest in the Australian market, resulting in a low financial product-per-analyst load (< 20 products) this ensures timely, in-depth research across a broad number of sectors and sub-sectors. It also ensures that Lonsec s analysts are available to clients as required.

4 P 4-15 ISSUE DATE: Breadth of research coverage Lonsec has analysts able to provide information and support across all investment sectors and sub-sectors, spanning traditional managed funds through to direct assets and alternatives, as well as listed investments such as ETFs. Lonsec s Equity Model Portfolios Lonsec offers nine equity model portfolios: Four Australian equity model portfolios Core, Income, Emerging Leaders and Listed Income (Hybrids). Five diversified direct model portfolios Defensive, Conservative, Balanced, Growth and High Growth. The Australian equity model portfolios are focused on Australian equities, A-REITs and hybrids. The diversified direct model portfolios offer a fully listed diversified portfolio via investment in ETFs, Australian equities and hybrids. Lonsec has a long history (over 15 years) of offering model portfolios that are professionally managed and with a strong track record of adding value over the benchmark (alpha) whilst also reducing portfolio risk (beta). Each portfolio typically has 20 or less securities with low turnover which is reflective of Lonsec s investment philosophy but also the needs of financial planners and retail client portfolios. MODEL PORTFOLIO UNIVERSE BENCHMARK(S) SECURITIES (AVERAGE) INCEPTION DATE CORE ASX 150 STOCKS EX-AREITS S&P/ASX 100 ACCUMULATION INDEX 15 APRIL 2000 INCOME ASX 200 STOCKS S&P/ASX 100 ACCUMULATION INDEX 12 AUGUST 2002 EMERGING LEADERS STOCK OUTSIDE THE ASX 100 WITH A MINIMUM MARKET CAP OF A$150M S&P/ASX SMALL ORDINARIES ACCUMULATION INDEX 15 DECEMBER 2010 LISTED INCOME SECURITIES DEFENSIVE CONSERVATIVE BALANCED GROWTH HIGH GROWTH ASX LISTED DEBT / HYBRID SECURITIES WITH A MINIMUM MARKET CAP OF A$150M ASX LISTED SECURITIES INCLUDING ETFS ASX LISTED SECURITIES INCLUDING ETFS ASX LISTED SECURITIES INCLUDING ETFS ASX LISTED SECURITIES INCLUDING ETFS ASX LISTED SECURITIES INCLUDING ETFS BLOOMBERG AUSBOND BANK BILL INDEX FINANCIAL EXPRESS PEER GROUP MULTI-ASSET INDICES FINANCIAL EXPRESS PEER GROUP MULTI-ASSET INDICES FINANCIAL EXPRESS PEER GROUP MULTI-ASSET INDICES FINANCIAL EXPRESS PEER GROUP MULTI-ASSET INDICES FINANCIAL EXPRESS PEER GROUP MULTI-ASSET INDICES 8 JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER 2010 For further details on portfolio objective, portfolio rules, sector weights, risk metrics and portfolio performance please see the latest performance report (which are attached to this document).

5 P 5-15 ISSUE DATE: Equity Model Portfolio Construction Process Philosophy In constructing all equity model portfolios, Lonsec fundamentally believes that good active management is about adding value to the benchmark return (alpha) whilst also reducing portfolio risk (portfolio beta). Lonsec believes value can be added by constructing concentrated portfolios of quality stocks with low turnover. Risk can be lowered by implementing firm portfolio construction rules, selecting quality stocks (from attractive sectors) that are trading at a reasonable price and by closely monitoring a number of portfolio risk metrics. Style Lonsec s equity model portfolio style is best described as a combination of: High Conviction portfolios are typically concentrated at around 15 stocks; Quality at a reasonable price we are looking for more than growth at a reasonable price, we assess a number of company and industry metrics to find quality stocks trading at a reasonable price and within preferred GICS sectors; and Low turnover once we find the best companies in the best industries, we tend to hold for 3-5 years. This means our annual turnover is around 20-30% p.a. We firmly believe that low turnover plays an important role in adding value and reducing risk. Process Lonsec s employs a 5 step portfolio construction process which is summarised below: Step 1 Identify preferred industry sectors that fit within our big picture investment themes. Lonsec identifies big picture top down themes which are likely to influence the performance of equities and sectors within the equity market. These themes are identified by the Lonsec analysts and discussed at Lonsec Investment Committee level. Our highest conviction top-down themes will influence the industries we will favour amongst the 20 GICS Industries. For example, a recent top-down theme has been that the low growth, low inflation and low interest rate environment was likely to persist for some time. This theme is supportive of sectors offering a good yield with some growth including: Telco, Banks, Consumer Staples, Infrastructure and A-REITs.

6 P 6-15 ISSUE DATE: Preferred industries should benefit from the top-down theme we have identified but we will also assess the industry fundamentals in terms of growth rate, market structure, barriers to entry, regulation, key macro drivers and volatility of revenue. Step 2 Once preferred industries are identified, we look for quality stocks trading at a reasonable price. Lonsec s equity research process follows a structured framework of assessing a wide range of qualitative and quantitative factors for each company in order to determine the key factors that are likely to impact the potential risks and returns of each investment. Lonsec s proprietary quantitative models utilize a database comprising over 200,000 actual and forecast data points to determine and classify the Income risk profile and Growth risk profile for each stock. The Rating for each stock is determined by combining the Income and Growth Risk ratings for the company. If the risk ratings in both categories are above Lonsec s risk threshold, the stock is deemed as high risk and will be classified as Not Approved. Stocks that are Not Approved are a combination of stocks that are Not Investment Grade and stocks where there is insufficient historical and / or forecast information to form an opinion about Investment Grade status. Using this approach, the ASX200 universe is filtered down to a smaller universe of quality stocks Approved or Investment Grade. Lonsec s equities research team then combines the outputs of the quant models, the latest consensus earnings forecasts, the latest company announcements, together with the Lonsec s top-down macro view (on a GICS sector level), to form an investment view and derive and maintain valuations for each of the ASX200 constituents. The valuations and investment views for each company are monitored on a daily basis to capture the latest changes in the outlook for each company.

7 P 7-15 ISSUE DATE: Lonsec s equity research team identifies portfolio stocks by assessing Approved Stocks with favourable Income and Growth risk profiles and reasonable valuations. A list of high conviction stocks is drawn up that meet our quality at a reasonable price criteria and from this list the equity model portfolios are constructed in line with the preferred sectors identified in Step 1. Step 3 Construct a portfolio of the highest conviction stocks that fit within the portfolio rules. Portfolios are typically concentrated at around 15 stocks. Our experience and academic research concludes that concentrated portfolios improve the potential to generate alpha. But we also need to ensure the portfolio is adequately diversified to mitigate portfolio risk. Academic research shows that a stock portfolio can be well diversified with between 15 to 30 stocks - there is little diversification benefit after 30 stocks (see chart below). Also keep in mind that Lonsec s equity model portfolios are tailored to financial planners and smaller retail portfolios, rather than large institutional portfolios. Most of the benefits of portfolio diversification are achieved at around 20 stocks. Lonsec equity portfolios typically have 15 stocks to allow some extra room for generating alpha whilst still maintaining a good level of diversification. Source: EJ Elton & MJ Gruber, Risk Reduction and Portfolio Size: An Analytic Solution, Journal of Business, Oct 1977 Step 4 Low turnover Once we have constructed a portfolio of quality stocks, within preferred sectors, we usually hold for 3-5 years. Stocks are only sold when we believe most of the future upside is fully priced into a stock or a stocks quality at a reasonable price rating begins to fall below our hurdle rate of 70/100. A holding period of 3-5 years means that, on average, portfolio turnover is a relatively low 20-30% p.a. For a 15 stock portfolio, this means that portfolio turnover would be 3-4 stock changes per year. We firmly believe that low turnover plays an important role in adding value and reducing risk. Step 5 Risk Management Lonsec investment philosophy is to add value to the benchmark return (alpha) whilst also reducing portfolio risk (beta). To reduce risk we have a strong risk management framework. There are five key components to Lonsec s risk management approach: 1. Strong governance two Investment Committees, one for SAA and TAA and one for equity model portfolios, set the portfolio objectives and rules. All equity model portfolio changes must be approved by the equity model portfolio investment committee; 2. Portfolio rules - clear portfolio objectives, portfolio rules and quality at a reasonable price stock selection filters mitigate portfolio risk; 3. Experienced Team the portfolios are managed by an experienced team with over 80 years combined experience in portfolio management and with a proven track record;

8 P 8-15 ISSUE DATE: Arms-length reporting - all performance figures calculated by Lonsec investment consulting and verified by independent performance reporting from SMA platforms; and 5. Risk metrics - use of a variety of quantitative-based portfolio risk metrics to understand and monitor portfolio risk.

9 P 9-15 ISSUE DATE: Lonsec s Equity Model Portfolio Team Lonsec s equity model portfolio services draw on the resources of two investment committees, its equities research team and its investment consulting team. The Lonsec Investment Committee is made up of a broad range of sector experts from across the Lonsec Group and is responsible for setting Lonsec s strategic and tactical asset allocation and its macro-economic themes and outlook. Lonsec Investment Committee tenure and experience NAME TITLE LONSEC TENURE INDUSTRY EXPERIENCE FELIX STEPHEN INDEPENDENT EXPERT N/A 45 VERONICA KLAUS GM INVESTMENT CONSULTING 4 21 LUKASZ DE POURBAIX CIO PORTFOLIO SOLUTIONS 7 17 LIBBY NEWMAN GM, FIXED INTEREST RESEARCH 8 15 PETER GREEN GM, EQUITIES RESEARCH 7 13 NICK THOMAS SENIOR RESEARCH ANALYST 2 13 AVERAGE 6 19 Felix Stephen is an external consultant who sits on both investment committees. Felix retired from Advance Asset Management in April 2015 having served the organisation as the Head of Investment Strategy and Research since May He has over 45 years of experience in international banking, treasury, fixed income, foreign exchange and portfolio management and has served on asset allocation, risk and investment strategy committees at funds management institutions in Australia and overseas. Felix has also been a consultant to institutions in Australia and overseas on strategic developments in funds management and financial markets.

10 P ISSUE DATE: The Lonsec Direct (Equity) Model Portfolio Investment Committee is made up of listed security experts from across the Lonsec Group and is responsible for setting the objectives, strategy and rules for each direct model portfolio, monitoring performance and approving any changes to the equity model portfolios. Lonsec Direct (Equity) Model Portfolio Investment Committee tenure and experience LONSEC TENURE NAME TITLE INDUSTRY EXPERIENCE FELIX STEPHEN INDEPENDENT EXPERT NA 45 ROSS BIRD EQUITY STRATEGIST 9 30 WILLIAM KEENAN GM, DIRECT EQUITIES RESEARCH LUKASZ DE POURBAIX CIO, INVESTMENT SOLUTIONS 7 17 DANIAL MORADI SENIOR EQUITY STRATEGIST 9 15 MATT ASQUITH EQUITY ANALYST 3 10 AVERAGE 7 19 The Lonsec Equities Research Team conducts equities research and constructs and manages Lonsec s equity model portfolios in line with the mandate set by the Equity Model Portfolio Investment Committee. Lonsec Equities Research tenure and experience NAME TITLE LONSEC TENURE INDUSTRY EXPERIENCE ROSS BIRD EQUITY STRATEGIST 9 30 WILLIAM KEENAN GM, EQUITIES RESEARCH DANIAL MORADI SENIOR EQUITY STRATEGIST 9 15 MATTHEW ASQUITH EQUITY ANALYST 3 10 AVERAGE 8 19

11 P ISSUE DATE: Lonsec Investment Solutions and Investment Consulting participate in both Investment Committees and provides investment information and services to both Committees and the Equities Research Team. Lonsec Investment Consulting support services include: Strategic and Tactical Asset Allocation data and analysis and Performance and Risk measurement reporting on the equity model portfolios. Lonsec Investment Solutions and Investment Consulting tenure and experience LONSEC TENURE NAME TITLE INDUSTRY EXPERIENCE LUKASZ DE POURBAIX CIO, INVESTMENT SOLUTIONS 7 17 VERONICA KLAUS GM INVESTMENT CONSULTING 4 21 ELEANOR MENNITI SENIOR INVESTMENT CONSULTANT 6 10 WILSON KWOK INVESTMENT CONSULTANT 5 9 DAVID WILSON INVESTMENT CONSULTANT 0 5 AVERAGE 5 12 For more information on Lonsec s Equities Research and Investment Consulting analysts, please see Appendix A.

12 P ISSUE DATE: Research Resources Lonsec equities research and investment consulting team can draw on an extensive range of qualitative and quantitative information sources including: In-house ASX 200 research and models Bloomberg Iress UBS equities research Style Research MatLab Financial Express Company related sources Other external research sources Lonsec s analysts build their own quantitative filters and tools, company analysis and modelling, valuations, charting, performance and risk metric reporting systems using a combination of the below information systems, Excel and qualitative research. Global equity (and other asset classes) database and information service. Company historical and consensus forecast information is used to populate our company models and run our company filters. Bloomberg also provides valuable global peer group and historical valuation multiples which we use to help value domestic stocks. Australian equity and financial market information system including market data, ASX releases, market news and charting tools. Lonsec sources ASX 220 company and sector research from UBS Securities Australia. As part of this arrangement, Lonsec analysts also gain access to UBS Neo which allows on-line access to all of UBS research issued globally. Please note that the Lonsec equity model portfolios are managed independent of the UBS research and are not tied to the UBS analyst calls. The Lonsec equity research team produces its own ASX 200 research, as mentioned above. Lonsec uses Style Research Analytics to assist in the portfolio construction process. The system enables the team to run holdings based analysis on individual funds, as well as portfolios. Examples of the output include: Style analytics: identification of style biases of a fund or portfolio over time Market Cap Exposure: analysis of market capitalisation exposure across portfolios or individual funds Contribution to risk analysis: identifying key contributors to risk e.g. style, securities, sectors, funds, countries, currency. Lonsec uses MatLab in the asset allocation review process to assist with the mean variance optimisation process. Based on Lonsec s assumptions and constraints, the system enables the consulting team to run scenario analysis on the optimal asset mix based on certain assumptions and constraints. Lonsec uses FE Analytics to conduct a variety of analysis. FE s quantitative tools are very broad, enabling a wide range of analysis, which can be generally broken down into the following areas: 1. Fund manager optimisation 2. Holdings-based analysis 3. Returns-based analysis 4. Risk metrics ratio analysis 5. Technical analysis. Industry and company information is obtained from company (both global and domestic) financial reports, presentations, annual reports, websites, company visits, roadshows and conferences. Lonsec sources research from many external private and public sources including: external brokers, credit rating agencies, independent experts, investment banks, commercial banks, fund managers, central banks, IMF, government departments, the media and various finance and economic related internet websites.

13 P ISSUE DATE: Review and Ongoing Monitoring The Lonsec equity model portfolios are monitored on a daily basis by the Lonsec equity model portfolio team. Monthly performance and risk measurement reports are issued by Investment Consulting to the Lonsec Equity Model Portfolio Committee and the broader business within two weeks of the end of month. The Lonsec Investment Committee meets to review asset allocation settings and macro-economic themes on a quarterly basis. The Lonsec Equity Model Portfolio Committee meets to review equity model portfolio rules or portfolio changes on a quarterly basis and intra-quarter, upon request by the Equity Research Team. If a material event occurs in between the normal review period, Lonsec will conduct an intra-cycle model portfolio meeting and notify clients of what has occurred, the impact on the model portfolios and suitable alternative investments. Reporting Lonsec provides the following reports in relation to the equity model portfolios: Portfolio performance report monthly Portfolio change report ad hoc, usually 1-2 change reports per year Model portfolio stock research notes issued regularly upon a material event. In addition, the various SMA platforms offering Lonsec equity model portfolios will issue independent monthly performance figures and quarterly reports. FUM and Platforms Financial planners follow the Lonsec equity model portfolios to help manage individual investment portfolios for clients. The type of platform will differ depending on the business model of the planner and the level of client discretion. A client requiring contact for portfolio management decisions are typically managed on a wrap platform. Alternatively a client can give discretion over portfolio management decisions and this typically occurs via a Separately Managed Account (SMA) product or a Managed Discretionary Account (MDA) service. Here, Lonsec will manage the portfolio on behalf of the client. Lonsec conservatively estimates that is has around $2.9bn on wrap and another $95m on SMA/MDA platforms following the Lonsec equity model portfolios. The SMA platforms currently offering Lonsec equity model portfolios include: Hub24 Macquarie SMA Praemium Onevue Powerwrap The MDA platforms currently offering Lonsec equity model portfolios include: Lonsec internal MDA managedaccounts.com.au

14 P ISSUE DATE: Appendix A Lonsec Equities Research Team William Keenan B.Bus, GradDipAppFin General Manager Direct Equities Research William joined Lonsec in April 2006 and has overall responsibility for Lonsec Direct Equities Research, which produces research across Australian equities, hybrids, model portfolios and investment strategy. He is also a member of Lonsec s Direct Equity investment committee. William has over 20 years experience in financial markets with senior investment roles at TOWER Trust and IOOF. Prior to Lonsec, William was Investment Manager at TOWER Trust where he was responsible for over $3.0bn in Funds under Management. Danial Moradi B.Eng, GradDipAppFin Senior Equity Strategist Danial Joined Lonsec in 2007, and is currently responsible for the management of Lonsec s Income and Emerging Leaders Model Portfolios, in addition to assisting with the construction and management of Lonsec s other direct equity model portfolios. Danial is also a member of Lonsec s Equity Model Portfolio Investment Committee that oversees the management and Investment strategies of Lonsec s equity model portfolios. Previously at Lonsec, Danial was responsible for in-depth research coverage on a number of listed companies from a wide range of sectors including Financial Services and Telecommunications, in addition to publishing Lonsec s quarterly Listed Income Securities Investment Journal. Danial has over 15 years experience in trading, research and analysis of local and international equity and derivatives markets. Ross Bird B.Eng, F.Fin Equity Strategist Ross re-joined Lonsec in June 2013 developing specialised portfolios for wholesale clients and providing research support for the equity model portfolios. Ross is a member of Lonsec s Equity Model Portfolio Investment Committee that oversees the management and Investment strategies of Lonsec s equity model portfolios. Ross has 30 years experience in Banking, Funds Management and Stockbroking research and portfolio management. Previously, Ross held Strategist roles at Lonsec, Aegis Equities, Morningstar and Bellwether. Prior to this, Ross was a Resources Analyst at National Mutual (now AXA) for 10 years. Matthew Asquith B.Com, CFA Level II candidate Investment Analyst Matt joined Lonsec s equity research team in October 2013 as an Investment Analyst. Matt is responsible for the provision of research coverage on model portfolio stocks and hybrid securities. His previous experience includes 3 years at private client advisory at Ord Minnett, 1 year at SAI Private and 3 years at Mercer. Lonsec Investment Solutions Lukasz de Pourbaix BCom, CIMA CIO Investment Solutions Lukasz joined Lonsec in 2008 as an Investment Consultant and was appointed General Manager of Investment Consulting in In 2015, Lukasz moved into a new role as Chief Investment Officer Investment Solutions, which aims to bring together Lonsec s research and portfolio construction capabilities into packaged investment solutions for financial advisers. Lukasz has been involved in investment research and investment consulting for over 17 years providing portfolio construction and manager selection advice to dealer groups, fund managers and private wealth institutions.

15 P ISSUE DATE: Prior to Lonsec, Lukasz was Research Manager at Financial Facts (ING Australia), where he was responsible for product research across all major asset classes. Lukasz commenced his career at BT within their client and adviser services divisions. Lukasz has a Bachelor of Commerce degree and holds the CIMA designation. Lukasz is currently on the board of IMCA. Lonsec Investment Consulting Veronica Klaus BCom, GradDipAppFin General Manager Investment Consulting Veronica joined Lonsec in October 2011 as a Senior Investment Consultant and was appointed GM, Investment Consulting in In this role, Veronica provides advice and input into the model portfolio construction process, including fund research, selection and portfolio construction advice, as well as asset allocation decisions. She is also responsible for maintaining relationships with key dealer group clients and providing them with tailored solutions. Veronica was most recently a Director of Investment Consulting at 358 Australia Pty Ltd and prior to that, she spent a number of years at CPG Research & Advisory as a Senior Consultant; Standard & Poor s Investment Consulting Division; Manager Investments at State Super Financial Services and as a research analyst at Bridges Financial Services. Eleanor Menniti BBus, CIMA Senior Investment Consultant Eleanor joined Lonsec in 2009 and provides portfolio construction advice, including fund research, selection and asset allocation analysis for Lonsec Investment Consulting s clients including dealer groups, independent financial planning groups and industry super funds. She is the Secretary of the Lonsec Investment Committee and contributes to client investment committees, and is also responsible for portfolio performance reporting for Lonsec s consulting clients. Prior to joining Lonsec, Eleanor worked as a researcher at Australian Fund Monitors, and also spent four years in the operational division of Macquarie Bank s retail financial advice group. Wilson Kwok BCom, MCom Investment Consultant Wilson joined Lonsec in 2010 as an Investment Consultant and is involved in the review of approved product lists, model portfolios and strategic asset allocation. He is also heavily involved in quantitative analysis for the research and investment consulting teams. Prior to Lonsec, Wilson was a Performance Analyst at Van Eyk Research, where he was responsible for performance reporting, approved product list and model portfolio reviews within the asset consulting team. He has also worked for Fidelity International as an investment marketing specialist focused on competitor analysis, and was previously employed as a research analyst with Rainmaker. David Wilson BCom Investment Consultant David joined Lonsec in 2015 as an Investment Consultant and is involved in the model portfolio construction process, review of approved product lists and client investment committee meeting preparation. Prior to joining Lonsec, David worked as a Research manager for the Findex Group where he was responsible for fund manager research, performance reporting, APL and model portfolio reviews and economic research for a network of 150 financial planners. David holds a Bachelor of Commerce (Economics/Finance) and is currently completing a Masters of Applied Finance.