On 7 and 8 February 2024, INREV conducted the Portfolio Construction course in Paris, France.
The evening before started with a welcome dinner, where all the participants could mingle in an informal setting whilst enjoying some local French cuisine. The following day, our first session kicked off with course leader Matthew Ryall, who provided an insightful introduction to portfolio investing and outlined the day ahead.
Here are some highlights and key learnings from the course:
- Gianluca Marcato walked us through the theory behind portfolio construction, discussing how investors’ return and risk preferences impact allocation decisions, while touching on limitations that can prevent optimal allocations.
- Radu Mircea took us back in time through various economic cycles, discussing the role of real estate and the strong correlation of its performance to the wider economy.
- Steven Storrs gave a fascinating insight into the role of real estate in a multi-asset portfolio. The session covered different strategies and methods to invest in real estate, including the potential to drive out-performance by considering non-traditional sectors.
- Maarten van der Spek delivered a thought-provoking session outlining strategic considerations when constructing a portfolio. He addressed the impact of leverage, the role of value-added and opportunistic strategies, and the importance of understanding the impact of different fee structures.
- Charlotte Robinson gave an investor's perspective on investing in the asset class. She touched on the importance of flexibility and discussed incorporating megatrends into portfolio construction, which can help investors adapt to evolving market dynamics and position the portfolio for long-term success.
- Jérôme Berenz talked us through PIMCO’s approach to investments—an alternative angle from the previous session, guiding the audience through the intricacies of fund investing. The session highlighted the importance of a structured approach whilst discussing some of the less tangible considerations. The session concluded that it is not about selecting the Best Manager but the Right Manager.
The day wrapped up with a case study enabling all participants to actively participate in creating a real estate portfolio.
We would like to thank everyone for making this course a success, and a special thanks to all our dedicated speakers.
If you are interested in other related courses, you can sign up for the Portfolio Management course on 19 June in Copenhagen, or check out our comprehensive list of upcoming courses.