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Vanguard Voices™

Portfolio construction

Portfolio construction

A Tale of Two Decades

U.S. equities outperformed their international counterparts by 8 percentage points per year on average over the 10 years ended December 31, 2019. However, our proprietary Vanguard Capital Markets Model (VCMM) suggests that this outperformance is unlikely to persist over the next 10 years.

23 Dec 2020
read time15 min
Portfolio construction

An enduring solution to low yields

An introduction to Vanguard's approach to total return investing.

07 Sep 2020
Portfolio constructionRachel White

ESG: Putting it all together and making decisions

Interest in ESG in Australia is healthy and growing, even as measured against global trends and the events of 2020 have only compounded those preferences.

02 Sep 2020
read time6 min
Portfolio constructionRachel White

Five common myths about ESG (and how to help align your clients' investments with their values)

There's been a lot to reckon with so far in 2020. It has made us all a bit more aware of the impact our choices have on others, and the world at large, and helped drive a new wave of interest in ESG as an investment category.

30 Jun 2020
read time8 min

Spotlight articles

Markets and economy

Mirage of Stability: China's True Economic Growth

12 Jan 2021read time1 min
Coronavirus and market updates

Emerging-market debt: Finding value in a time of pandemic

12 Jan 2021read time8 min
Markets and economy

Vanguard economic and market outlook for 2021: Approaching the dawn

17 Dec 2020read time20 min
Coronavirus and market updates

Quantifying the future of remote work

02 Dec 2020read time4 min
Portfolio constructionDuncan Burns

Choosing an index fund: it's more than just expense ratio

Since the first index fund was launched some 45 years ago, millions of investors across the world have taken advantage of this easy-to-implement investment vehicle that offers transparency, diversification, low-costs and tax efficiency.

10 Jun 2020
read time6 min
Portfolio constructionAidan Geysen

Why a 'total return' approach to investing is right for the COVID-19 era

A 'total-return' approach allows investors to separate the spending strategy that best suits their goals in retirement from their portfolio strategy.

21 Apr 2020
read time5 min
Portfolio construction

Beyond expense ratio: A contemporary guide to index fund manager selection

This paper provides a contemporary framework for evaluating index funds and asset managers by assessing fund expenses as only one component of a broader set of qualitative and quantitative factors.

13 Mar 2020
Portfolio construction

The Idea Multiplier: An acceleration in innovation is coming

In this paper, we introduce our concept of the Idea Multiplier, a metric to measure the spread of new ideas. Because the Idea Multiplier has recently accelerated, we expect productivity growth to rise in the near future.

03 Feb 2020
Portfolio constructionAidan Geysen

The importance of cost in retirement

Retirement is complex, and in spite of the volumes of research on the topic, there are rarely simple answers to many questions for those moving into retirement.

01 Jul 2019
read time5 min
Portfolio constructionAidan Geysen

How much home country bias is too much?

If Australia's dream equities run comes to an end, investors may start to feel the pain, particularly when their standard of living in retirement is at stake.

06 Jun 2019
read time3 min
Portfolio construction

Post-retirement income: Product, service or both?

Defined contribution (DC) retirement systems around the world face a pressing question: how can members generate a regular income in retirement?

07 May 2019
read time3 min
Portfolio construction

A drop in the bucket

This research paper presents a methodology for estimating the trading volume on US exchanges attributable to the portfolio management activity of index funds, index ETFs and other indexing strategies. We estimate that index funds and index ETFs currently account for approximately 1% of US trading volume.

24 Apr 2019
read time1 min
Portfolio construction

Known unknowns: Uncertainty, volatility and the odds of recession

This Vanguard research paper explores how tightening financial conditions and greater policy uncertainty influence the likelihood of recession. The paper also looks at the effects on US Federal Reserve interest rate policy.

19 Apr 2019
Portfolio construction

Cycle-based factor timing: Clear in hindsight but hazy ahead

Cycle-based factor-timing strategies require moving in and out of factors based on knowledge of which factors have performed best under various economic conditions. Investors must gauge their ability to identify the key inflection points in advance. Vanguard’s new Global Macro Matters paper studies the success of basing such strategies on historical returns.

29 Mar 2019
read time1 min

Hear directly from Vanguard leaders on topics you care about

Vanguard Voices™

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Important Legal Notice - Offer not to persons outside Australia. The PDS or Prospectus does not constitute an offer or invitation in any jurisdiction other than in Australia. Applications from outside Australia will not be accepted through the PDS. For the avoidance of doubt, these products are not intended to be sold to US Persons as defined under Regulation S of the US federal securities laws. ©2021 Vanguard Investments Australia Ltd. All rights reserved. Your use of this site signifies that you accept our:
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