Paul Bouchey

Qantas Super and Parametric are celebrating the 10th anniversary of their partnership, which has produced enhanced benefits to members each year.

A decade of tax-efficient investment implementation at Qantas Super, working in partnership with global implementation manager Parametric, has delivered significant long-term benefits for Qantas Super members.

Parametric’s Centralised Portfolio Management (CPM) approach separates the idea generation function of portfolio management from the implementation. Centralising the implementation stops leakage from transaction costs, redundant trading and tax inefficiencies.

Parametric is part of Morgan Stanley Investment Management.

Parametric’s Global Head of Research Paul Bouchey said: “Qantas Super was a bold leader in being the first Australian superannuation fund to adopt tax-managed centralised portfolio management at a time when the industry was reluctant to embed tax considerations into investment thinking.

“For a long time, there has been a misalignment in the industry, where investment practices are based on pre-tax principles but retirement outcomes are built on after-tax dollars. The idea of after-tax investing is well accepted but minimally used in practice. There is a big opportunity still to be exploited by most funds.

“The CPM partnership has delivered an estimated saving of A$258 million for Qantas Super members in just under 10 years (till the end of June 2022) across Australian and Global equities portfolios,” added Bouchey.

In 2016, Qantas Super extended the relationship by appointing Parametric as its overlay manager.

The chief investment officer of Qantas Super, Andrew Spence, noted: “Our members have strongly benefited from being part of a CPM structure for listed equities. Implementation efficiency is one of our core investment beliefs and that focus on the effective management of investment expenses, such as fees, taxes and transaction costs, led us to Parametric.”

Daniel Vanden Boom, Managing Director at Morgan Stanley Investment Management Australia said: “We are very pleased to be able to celebrate this milestone and look forward to providing many more years of excellent service to Qantas Super and its members.”

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Global implementation specialist Parametric, part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley, says a moderate level of tracking error (divergence from a benchmark) is a by-product of ESG investment approaches, such as screening and integration.

David Post, Senior Investment Strategist, Responsible Investing at Parametric says: “It’s our view that super fund portfolio tracking error, a key driver of YFYS performance test outcomes, will face downward pressure as funds jockey to meet their new performance requirements.”

Post says Parametric’s analysis indicates funds can achieve desired ESG outcomes and manage active risk, but they may have to employ more sophisticated optimisation tools to find the right balance under the YFYS regime.

Under the YFYS performance test, each year the Australian Prudential Regulation Authority (APRA) will construct an individual benchmark for every product based on the product’s asset allocation. Each product will then be compared against its benchmark.

Products that underperform their net investment return benchmark by 0.5 percentage points per year over an eight-year period will be classified as underperforming.

Trustees whose products fail the test will be required to notify members in writing. Products that fail the test two years in a row will not be permitted to accept new members until their net investment performance improves.

APRA released the first MySuper performance tests results in August, with 13 products representing A$56 billion of assets failing. Next year, APRA will start including trustee directed products in the testing regime.

“The new rules have implications not only for MySuper products that incorporate ESG but also trustee directed products designated as ‘ESG Options’,” adds Josh Mckenzie, Analyst at Parametric.

“Given that around 40 per cent of total Australian assets under management are estimated to be managed according to ESG principles, the impact could be very significant.”

Parametric analysed approaches to two popular ESG practices, exclusionary screening and integration, to determine whether meaningfully different portfolio ESG characteristics can be achieved at low levels of additional tracking error.

Screening is used to exclude companies with undesired activities from a portfolio. Integration refers to a quantitative portfolio construction process that uses company-level ESG characteristics, such as emissions intensity, to be considered alongside other risk characteristics such as sector, country, or fundamental style factors.

The research found that by using optimisation techniques funds can trade off active risk for responsible investment outcomes and achieve modest levels of predicted tracking error and still achieve meaningful ESG impact.

Mckenzie says: “Your Future, Your Super is not the end of the road for responsible investing but super funds will benefit from the use of optimisation-based portfolio construction tools with a focus on navigating the performance test. What super funds will need are better and effective active risk controls.”

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Whitlam Zhang, manager research and strategy at Parametric said, “Our analysis shows that even failing the test once puts a super fund in a precarious situation. The probability of a second failure is very high because the next performance test will include 87.5% of the same data – that is, seven of the eight years being measured will be the same.”

Under the new performance test, each year the Australian Prudential Regulation Authority will construct an individual benchmark for every MySuper product based on the product’s asset allocation. Each product will then be compared against its benchmark.

Products that underperform their net investment return benchmark by 0.5 percentage points per year over an eight-year period will be classified as underperforming.

Trustees whose products fail the test will be required to notify members in writing. Products that fail the test two years in a row will not be permitted to accept new members until their net investment performance improves.

Zhang says, “It will require quite a performance turnaround the next year to bring the fund back to safer ground. Any fund whose strategy is to rely on their brand strength and member loyalty to survive the occasional single failure should think twice.”

Zhang says that to reduce the probability of failing the performance test, a fund needs to either decrease its level of tracking error or increase its expected information ratio.

“The good news is that tracking error is within the control of a super fund. While it cannot be controlled to a fine degree, it can be dialed up and down.”

A fund can dial down risk in order to reduce the probability of failure by taking the following options: increase allocations to low tracking error strategies, such as passive or enhanced passive investing; implement stricter rebalancing rules to reduce active risk from straying from their strategic allocations; and ensure that the fund’s risk reporting includes total risk and benchmark relative risk.

Zhang says increasing the expected information ratio is difficult, “Anyone can tell you that generating excess returns is hard enough, let along delivering it in a risk controlled and predictable manner.”

“It means that investment teams will need even higher conviction in their fund managers in order to compete in this market. Investment strategies that will do well in this regime are solutions that can deliver excess returns in a relatively more predictable manner,” notes Zhang.

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“Active managers will have to substantially reduce their risk budgets, compared with the way things work now. Taking the passive option carries its own risks,” Zhang says.

“Fund trustees will have to think creatively and make some tough decisions. Tax-managed strategies will have a role to play. In the quest for delivering the best financial results for members, sometimes it helps to focus on the simple things, such as paying less tax and reducing fees.”

Under the proposed performance test, each year the Australian Prudential Regulation Authority will construct an individual benchmark for every MySuper product based on the product’s strategic asset allocation, taking into account fees, tax and other relevant assumptions. Each product will then be compared against its custom benchmark.

Products that underperform their net investment return benchmark by 0.5 percentage points per year over an eight-year period will be classified as underperforming.

Trustees whose products fail the test will be required to notify members in writing. Products that fail the test two years in a row will not be permitted to accept new members until their net investment performance improves.

Zhang says: “Clearly this will change the way super funds think about fund manager selection. It will raise the bar for how much conviction is needed before selecting a fund manager.

“It will also lower the appetite and patience of investment teams in strategies that may suffer large drawdowns for long, drawn-out periods of underperformance.”

Asset managers whose investment universe differs from their benchmark may also be less attractive. These might include alternative asset managers that pursue niche strategies.

To work within the constraints of low risk appetites, trade-offs will have to be made. These might include shifting allocations from private markets to listed markets and significantly reducing the amount of active risk taken within listed asset classes.

Those funds that have suffered poor relative performance in recent years will be most under pressure when the new regime takes effect.

A retreat to the “safety” of passive investing comes with its own risks, says Zhang.

“By definition a super fund investing passively cannot fail the performance test but whether it is the right investment decision for the fund is another matter.

“Some of the shortcomings of going down the passive route include: not all asset classes can be accessed passively; the fund will have few options for customising and tailoring portfolios to suit members expected outcomes; and the expectation for returns may be lower.

“Indices can vary greatly within an asset class and selection of an index can potentially introduce as much active risk as an active fund manager. And in the passive investment universe there is no flexibility to incrementally add value through tax management.

“Fund trustee should consider tax-managed passive investing, particularly in listed equities portfolios, which are generally the biggest drivers of risk and return in a super fund portfolio.

“As the performance test is net of fees and taxes, paying low fees for passive management and reducing taxes paid will increase the chances of outperforming the test,” notes Zhang.

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Mr  Zhang reports to Chris Briant, Head of Australia and New Zealand, Eaton Vance Management (International) Limited and Paul Bouchey, Global Head of Research, Parametric.

As Manager of Research and Strategy, Australia and New Zealand, Mr  Zhang works closely with Parametric and Eaton Vance’s overseas offices to plan and deliver internal and client-facing thought leadership, including pieces relevant to Australian super funds. He focuses on the firm’s after-tax investing, post-retirement and responsible investing capabilities. He oversees Sydney-based analyst Joshua McKenzie and is a member of Parametric’s global thought leadership team in Seattle.

Mr Zhang joined Parametric in 2015 and most recently worked with the firm’s global core platform technology team as Enterprise Data Management Architect.

Before joining Parametric, Mr Zhang was a portfolio manager at a boutique Australian equities asset manager. He previously worked in asset consulting at Russell Investments and as an analyst with the Australian Prudential Regulation Authority (APRA).

“Our Australian business has experienced significant growth in client assets under management and product breadth over the past eight years,” said Mr Briant. “In the next phase of our growth, Whitlam is critical to further developing our Australasian business. He has an intimate knowledge of the funds management industry, having consulted to superannuation funds in Australia, and has deep local subject-matter expertise. All these experiences will prove invaluable in understanding and helping our clients in his new role.”

Mr Zhang replaces Raewyn Williams, who is leaving the firm after seven years to pursue other interests. Mr Briant commented “While we are excited about Whitlam’s promotion, we are sorry to see Raewyn leave and sincerely thank her for her enormous contribution to the business over the past seven years.  We wish her all the very best for her future.”

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Raewyn Williams

Centralised Portfolio Management (CPM) can play a pivotal role in the mass consolidation of the superannuation industry that will define its future for the next 10 years, says global implementation manager Parametric Portfolio, an affiliate of Eaton Vance (NYSE: EV).

“With the APRA-regulated superannuation funds on the cusp of horizontal integration, it is vital that merging funds deliver investment solutions that better match the needs and preferences of fund members at the right cost,” says Raewyn Williams, Parametric’s Head of Research, Australia & New Zealand.

“Funds that fail to do this could find their ‘scale dividends’ will be meagre, members could face more limited, ill-fitting options that simply pass on market returns, and culture dilution and, at worst, ‘mission drift’ could substitute superannuation funds as the neo-bank conglomerates of the future.”

A CPM strategy takes the “best ideas” of each superannuation fund’s individual fund managers and manages them in a single live portfolio that removes tax and trading inefficiencies. Its application to the fund merger process is detailed in Parametric’s latest research report, From hurdler to hero: Using super fund mergers to deliver key investment wins.

Williams says using a specialist change management and implementation structure (CPM) can help navigate the challenging, high-stakes investment rationalisation process to deliver a new, cleverly designed equity portfolio. “What might have been impossible (at best, unwieldy) in a traditional equity structure can been done with surprising ease and agility using CPM.”

She says the benefits are many and varied, which include:

• Stripping out redundancy, uncompensated risk and other inefficiencies that would otherwise survive the merger;
• Being able to pivot to meet key strategic objectives; for example, to reflect lower fees, better ESG characteristics or a lower (or higher) risk appetite;
• Preserving portfolio value through the investment rationalisation process via intentional management of taxes and transaction costs;
• Implementing the investment-related deliverables of the fund merger in a timely fashion, consistent with the broader fund merger timetable; and
• Being able to target the investment-related ‘wins’ from the merger as a contribution to the merger’s broader success.

“The beneficiaries of these wins are fund members; but there is also, arguably, a more commercial win – a competitive advantage these super funds will enjoy as the merger is executed over other funds who bypass a CPM equity structure.

“In our view using CPM will allow them to move to the implementation phase of the investment rationalisation project with a detailed understanding of the expected portfolio holdings, risks, fees, tax positions, ESG and other sensitive attributes of the newly designed, rationalised portfolio.”

Williams says the bigger the potential investment changes, the more the value of a CPM structure and best-of-breed implementation come to the fore.

“We may never see more dramatic, sweeping investment portfolio changes than in the context of the fund mergers that could halve the number of APRA-regulated superannuation funds over the next decade.

“Funds must position themselves well in advance to execute well on merger activity when it happens. This becomes compelling for larger funds that expect to be a party to fund mergers over and over again.

“Funds that take the lead in this process will be excited by the opportunity their merger plans present: to tackle the investment rationalisation required with a heroism that delivers key investment wins to the newly merged entity and its members and helps to underscore the merger’s success,” says Williams.

Read the report: From hurdler to hero: Using super fund mergers to deliver key investment wins.

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Raewyn Williams

Superannuation funds should implement responsible investing in a tax-managed way according to a new research paper by the global implementation specialist manager Parametric. The paper presents a hypothetical tax-managed Responsible Investing portfolio that adds a quarter of a percent in after-tax returns each year over a non-tax-managed version.

Raewyn Williams, Head of Research (Australia) and Analyst Josh McKenzie at Parametric, in their Research paper ‘Tax-managing a Responsible Investing Portfolio’, successfully map out the principles for a companionable co-existence of Responsible Investing goals and an after-tax investment focus for Australian superannuation funds.The paper aims to chart a course for superannuation funds to comfortably pursue the goals of both Responsible Investing and after-tax investing.

They note with a sensible framework akin to the way ‘responsible’ companies think about tax, we easily reconcile the principles of ‘good tax citizenship’ and ‘after-tax investing’ for a responsible (and taxable) superannuation fund investor. Further, using an exemplar portfolio of global equities constructed by specialist ESG manager, Calvert, we show how a superannuation fund could implement this portfolio in an after-tax focused way, with relatively little impact on the fund’s risks. We quantify a 25-60 basis points (bps) annual benefit to funds who implement our exemplar Responsible Investing portfolio with an explicit after-tax return focus.

We have successfully mapped out the principles for a companionable co-existence of Responsible Investing goals and an after-tax investment focus for Australian superannuation funds. The ideas behind tax-managed Responsible Investing, far from being ‘uncomfortable bedfellows’, sit squarely within the regulatory framework of superannuation funds and the eminently responsible idea of funds diligently managing their array of stakeholders, including fund members and the Tax Office.

The principles embody our description of a tax equilibrium superannuation funds must strike between their ‘responsible’ tax citizenship obligations and the very real stake fund members have in funds managing the tax implications of their investment decisions well. The opportunity is for superannuation funds to bring a neat, holistic coherence to their own two-sided (tax) stakeholder management as funds holds companies to account around the same principles.

Our exemplar Calvert portfolio of global equities shows why Responsible Investing is a step away from passive index-tracking and requires some appetite for active risk. Our analysis suggests, on average, this risk is rewarded in terms of investment performance, although the year-on-year journey can be bumpy.

The other reward for this active risk is for a superannuation fund to know that its portfolio is genuinely constructed around Responsible Investing principles that are shaping society and are strong convictions of a growing cohort of fund members.

For a superannuation fund prepared to take on active risk to implement Responsible Investing, it seems an easy and useful extension to add a much smaller risk budget to pursue Responsible Investing in a tax-managed way, with results that are smoother, measurable and more immediately harvestable.

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Raewyn Williams

The Retirement Income Panel’s work over the past year should give superannuation funds all the motivation they need to decide what ‘success’ in funding pensions really means, according to a research note by the global implementation specialist manager Parametric.

Raewyn Williams, Head of Research (Australia) and Analyst Josh McKenzie, in a ResearchBite titled “Income-Targeting in a Retirement Portfolio: too much, too little or just right?”, explore how superannuation funds deliver an adequate pension to retired members is a new frontier.

“They are not shackled by legacy products, they’re not the focus of peer surveys or the APRA heatmap. It is a rich ‘greenfield’-type opportunity to get back to the specific needs and sensitivities of fund members and embrace problems not yet solved by the industry – truly, a licence to innovate.”

The authors argue that delivering an adequate pension to retired fund members requires funds to determine what an ’adequate’ yield on the Australian equities component of a retirement portfolio is and be willing to move beyond mechanical, accumulation-style approaches to yield benchmarking.

“One benchmark to determine adequacy could be a portfolio’s yield equaling or exceeding the yield of the S&P/ASX 200 Index over a certain timeframe.

“Franking credits also should be added to the equation because they provide significant value to retirees. Our research shows that franking credits on the S&P/ASX 200 are worth 1.5% annually to retirees and an active, franked dividend targeting strategy can add as much as 2% annually to retired fund members, albeit with a different risk profile.

“A pension-focused Australian equity strategy without franking visibility and ‘smarts’ misses an important portfolio lever to meet its income targets. Can a super fund really answer credibly whether the equity yield outcomes are ‘successful’ without including franking?”

Williams and McKenzie say this market-cap benchmark approach to yield will appeal to many funds. “It’s relatively simple to implement, reflects familiar performance and benchmark concepts and showcases how a super fund’s thoughtful portfolio design can beat a ‘dumb beta’ equity portfolio yield outcome.”

They add that a more ambitious challenge funds could take up is to measure yield ’success’ through the prism of the member – not the fund. “For example, think about a fund with reasonable data or, for some, a good feel about member preferences. Members who would otherwise invest their retirement savings outside super in, say, term deposits, ‘blue-chip’ Australian companies or a rental property really want to know this: whether their decision, instead, to let their super fund invest to generate retirement income has been a good one. So that could translate to benchmarking the yield on their super retirement portfolio against yields on term deposits, blue-chip stocks or rental properties.

To demonstrate the amount of innovation that is possible, Williams and McKenzie also discuss an array of benchmarks funds could use to gauge yield ‘success’ based on age pension entitlements, salary replacement targets and ASFA’s dollar-based living standards for retirees.

The authors conclude: “Our key message is that as super funds develop and implement their retirement portfolios, they can do better than simply migrate mechanical accumulation portfolio–style yield benchmarks that, in truth, may miss the mark for members.

Super funds could think innovatively and define yield success in a way that more closely reflects what retired fund members would relate to and care about. The estimated 1.8 million members moving into and through retirement in the next five years hope the opportunity to measure ‘success’ well in income-targeting retirement portfolios is one that super funds don’t miss.”

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Raewyn Williams

The possibility for government to increase superannuation taxes in response to the ballooning budget deficit caused by COVID-19 could severely hurt member balances at retirement, according to a research note by the global implementation specialist manager Parametric.

Raewyn Williams, Head of Research (Australia) and Analyst Josh McKenzie, in a short paper titled “Will retirees pay the price for superannuation tax rises?” argue that investment tax inside super may be a political “soft target” because it won’t be felt directly in most voters’ hip pockets, but it will come with an unfavorable “tit for tat” – the longer-term impact on retirement outcomes.

The authors suggest that the two most likely tax options are increasing the headline tax rate of 15% or reducing the capital gains tax concession from one-third. A third option, limiting the claiming of franking credits for Australian share dividends, is discounted as being too political risky.

Using the Productivity Commission’s asset allocation, returns, fees and other modelling assumptions in its 2018 report, they suggest a fund member can expect to retire after 46 years with an account balance of $682,146 at a 15% tax rate.

“The smallest tax increase (15% to 17.5%) causes the member to forgo (in today’s dollars) $40,509 in retirement savings. But if the tax rate is increased to 25%, then the member loses $150,448 in retirement savings, ending up with 22% less than expected outcomes under the current tax regime.

“The ‘tit for tat’ retirement impact of a super investment tax rise is clear, even if not immediately felt by the super fund member.”

Williams and McKenzie say shifting the tax dial to reduce the one-third CGT discount concession would have a much more “subdued” impact on a member’s retirement balance. This is primarily because, unlike increasing the 15% headline tax, a CGT change would only impact some assets inside super and would not erode members’ initial (taxed) contributions into super.

“A very small reduction (3%) in the CGT discount concession to 30% would shave a negligible $1,545 of the member’s retirement balance of $682,146. Even using our most aggressive assumption (the CGT discount more than halving to 15%), the expected loss to retirement savings is a modest $8,446.

“Other more muted changes to the super CGT rules are also possible, such as extending the current one-year holding period rule (for CGT discount eligibility) to three years, capping carry-forward capital losses or limiting the types of assets eligible for CGT discounting.

“Faced with a raft of possible tax changes, the industry should favour changes to the CGT rules over a blanket increase in the super fund tax rate.”

Williams and McKenzie conclude that the possibility of tax increases should send a clear message to the industry – for funds to better manage the tax impacts of their investment decisions.

“Our research on the Productivity Commission’s report showed that a genuine after-tax focus could be more valuable to retirees than reigning in fees. So, what if a super fund responded to a higher-tax environment by adopting a genuine after-tax investment management focus to defend retirement outcomes? After all, good retirement outcomes are the raison d’etre of super; a way to avoid the enormous fiscal drain from public funding of age pensions in future.

“It reminds us that super funds have more in their armoury than they might think as the debate about potential super tax increases plays out. Lobbying against tax changes that will be most harmful to members’ precious retirement savings should be part of the industry’s response. But, behind the scenes, funds should also consider the value of genuine after-tax portfolio management in a higher-tax environment to limit the price paid by future generations of retiring members.”

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Chris Briant

Super funds will increasingly need investment partners that offer ‘equity agility’ as a core feature to help navigate the mounting pressure to improve returns and lower investment fees, other costs and taxes. The complex task of meeting these goals, says global implementation specialist manager Parametric, is made harder by the fact that they are becoming moving targets.

Chris Briant, Head of the Eaton Vance affiliate’s Australian business, says this pressure is coming from a raft of increasingly vocal super stakeholders including members, politicians and regulators, with APRA’s controversial MySuper Product Heatmap a prime example.

“APRA is using the Heatmap to highlight funds that they believe are either delivering poor net-of-tax returns or have high fees, and focusing on their long-term sustainability based on cashflows. It dovetails with APRA’s plan to have fewer funds, so all funds are under enormous pressure to ’measure up’. But ‘measuring up’ is itself a moving target – we saw this recently in the second iteration of the Heatmap, where some funds’ gradings changed dramatically from the first Heatmap.

“At the same time COVID-19 Early Release has, somewhat ironically, proved a great engagement mechanism for fund members; and we’ve seen some politicians use the current environment opportunistically to grandstand on super. Funds were recently told by Senator Jane Hume (Assistant Minister for Superannuation, Financial Services and Financial Technology) that scrutiny and pressure to rationalise and evolve will be ongoing.”

Briant says the new reality for funds is that their positioning is never ‘finished’ and ‘equity agility’ should be a key part of responding to this new reality, prompting Parametric to launch an ‘Equity Agility Platform’ for Australian super funds – Australian or global equity holdings in a ‘one-stop shop’ Investment Management Agreement (IMA).

“This IMA might be set up for a certain purpose, like passive equity exposure, but can pivot easily from goal to goal as the fund’s needs change; for example, to change benchmarks, add a defensive tilt, serve as a ‘carpark’ when the fund is between managers, plug an unwanted risk exposure, add or remove emerging market exposure, quickly address ESG-related concerns or even chase less orthodox return sources such as equity put and call writing.

“A valuable added benefit reflects Parametric’s pedigree in managing taxes, brokerage and other implementation frictions for super funds. It’s not cost-free for funds to constantly adapt portfolios to their moving targets around returns, fees and other measures. As with the ‘Equity Agility Platform’ accounts we’re already managing, the transition management is built in, so we can manage the costs of making these changes along the way.”

Briant says offering the platform more broadly was prompted by Parametric’s existing work with clients which highlighted the need to deliver solutions that empower funds in three crucial ways: to be able to pivot the portfolio quickly, cost-efficiently, and in a targeted way that focuses on what role the equity portfolio needs to perform for the fund at that time. Parametric’s view is that these needs are not being well met – key reasons why the idea of an ‘Equity Agility Platform’ seems to be striking a chord with super funds.

“Funds are under pressure, more than at any time in their history, and the idea of a transition manager here, a passive manager there, a quant manager over there, an ESG manager added to the mix, an overlay manager sitting across the top, et cetera is becoming increasingly unwieldy in this change environment. What they want is an implementation partner that can pull it all together with a low-cost, simple, transparent fee structure, and stay alongside them as their needs change.

“An ‘Equity Agility Platform’ account ticks all the right boxes for funds and combines the investing thinking and thought generation done within funds with the execution of a trusted investment partner. A platform like this is a powerful response to an environment where the goalposts for funds can change, and change rapidly, and the livelihood of some funds is at stake.”

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