Ep 9 - From Appliances to Aerospace - Backing the next generation of NZ companies

74% of active NZ global equity funds "underperformed" last year, according to the SPIVA NZ Scorecard. The headline spread fast. But not a single NZ global shares fund is benchmarked to the index SPIVA uses, and when we ran the same test on index funds, 86% "underperformed" too. In this episode of the Aurellan Intergenerational Thinking podcast, Chris Di Leva, CFA (CEO & CIO) and co-founder Anthony Edmonds unpack what the scorecard actually measures, why the method tilts the result towards passive, and why investors holding thematic ETFs may be far less passive than they think. In this episode:- How the 74% figure was reported, and how a statistic can be "technically true" and still not quite right - The three flaws academics Cremers, Fulkerson and Riley found in the SPIVA method, and how correcting them cut the US figure from 92% to 55% - Why the S&P World Index is the wrong yardstick for NZ funds: market coverage, exclusions and currency hedging - A thought experiment: if every surviving fund beat the market, SPIVA would still say 68% underperformed - What happened when we ran SPIVA's method on passive funds, in global and NZ shares - Where active management can earn its fee - What Jack Bogle would make of New Zealand's ETF market today Important Information This podcast is general information only and is not financial advice. Funds and products mentioned are for illustration only and are not recommendations. If you're after advice for your own situation, speak with a financial adviser.

With the Shiller CAPE above 40, roughly double its post-1950 average, what should long-term investors expect from the next decade? Aurellan CEO Chris Di Leva talks with Steve Foresti, CIO Emeritus at Wilshire, who has spent decades building capital market assumptions. They cover how starting valuations feed into ten-year equity forecasts. They also test the case for a permanently higher market multiple, and ask whether the AI capex boom is turning asset-light companies into capital-heavy ones. Steve explains how to tell a valuation signal that's wrong from one that's only slow, and why the correlation matrix can hurt clients more than the return numbers, as 2022 showed. They also discuss what private markets should really earn now that companies stay private longer. The episode closes on the single most important thing a trustee should consider when making a decision they'll live with for twenty years. Important Notice Aurellan, whose CEO hosts this podcast, is a current client of Wilshire; no compensation was paid by either party for this appearance, and this relationship creates an incentive to speak favourably about Wilshire. Views expressed are the speakers’ personal opinions as of the recording date, are subject to change, and are not an offer or solicitation to buy or sell any security. Statistics, forecasts, and comparisons discussed are estimates only and are not indicative of future results.

Listed markets have delivered exceptional returns but with valuations at elevated levels, where do investors find genuine diversification? In this episode, Aurellan CEO Chris Di Leva is joined by Mark Perry, Head of Alternatives Manager Research at Wilshire, joining us from Los Angeles. Mark leads manager research across private equity, private credit, real assets and the niche strategies in between. They discuss:

In this episode of Intergenerational Thinking, Rachel Weld sits down with Colleen Raab of Los Angeles Capital to explore a quant approach built around a simple but powerful idea: the best guide to future returns isn't past performance, it's where companies are headed next. They unpack how Los Angeles Capital's forward-looking, systematic process differs from traditional factor investing, how the strategy adapts as markets and company fundamentals shift, and what disciplined, data-driven investing means for those stewarding wealth across generations. Legal Disclosures The opinions referenced are as of the date of the publication and are subject to change without notice. This information is provided for informational and educational purposes only and does not constitute a solicitation for any product or service offered by Los Angeles Capital or any of its affiliates (the “Firm”). The views expressed herein are those of the individual. Statements regarding investment approach, process, or objectives are not guarantees and may not be achieved. Before embarking on any investment program, an investor should carefully consider the risks (including the risk of losing some or all of the invested capital) and suitability of a strategy based on their own investment objectives and financial position. Quantitative investing relies on data, hardware, and software for implementation of the investment process and its business operations. To the extent data is incorrect, not available or stale, or software/hardware does not function as planned, results could deviate from expectations, which may negatively affect investment performance. Refer to Item 8 of the Firm's ADV Part 2 Brochure for further information about risks at https://www.adviserinfo.sec.gov/Firm/119033. Market disruption can be caused by economic, financial or political events and factors. Such disruptions could lead to increased market volatility, reduced liquidity in the securities markets, or significant negative impacts on issuers and the securities markets. Applying responsible investment constraints or parameters limit the number of investment opportunities available, and as a result, portfolio investment returns may differ and even underperform portfolios that are not subject to such constraints or parameters. The Firm may incorporate artificial intelligence and quantitative tools within its research and investment process, including data analysis and model development. These tools are designed to assist investment professionals and are subject to human oversight and review. There can be no assurance that the use of such technologies will enhance investment decisions or lead to improved performance. Total Firm assets as of 31.5b as of 3/31/2026.

Aurellan co-founders Chris Di Leva and Anthony Edmonds talk global equity style. Style is often a key driver which is often overlooked in terms of portfolio construction. Anthony and Chris talk about Aurellan's approach to style diversification.