About This Event
“Inflation, not the market, is what decides your members' real returns.”
A portfolio construction programme for schemes investing through inflation and currency volatility. It covers strategic asset allocation when inflation runs high, the government securities that dominate East African portfolios, and the currency exposures that come with cross-border investment.
What You'll Explore
A strategic asset allocation set against real return targets
Rebalancing rules and tactical ranges your committee can monitor
A government securities structure with explicit concentration limits
A currency hedging policy with the cost of each choice quantified
A revised investment policy statement, defended before an expert panel
Who Should Attend
Open to all qualifying staff, particularly: Fund Managers, Custodians, Investment Analysts, Investment Committee members.
Why This Course Matters
Allocation Built for Inflation
Set a strategic asset allocation that protects real member returns when inflation runs into double digits, using the asset classes actually available in your market rather than a textbook portfolio designed for deeper capital markets. Nominal returns look fine in a year that costs members money.
Government Securities, Used Well
Work through treasury bonds, infrastructure bonds and bill portfolios: the yield curve, auction dynamics, reinvestment risk, and the concentration that builds quietly when the sovereign is the only credible issuer in the market. You leave able to price what that concentration costs.
Currency Risk Named and Managed
Quantify what cross-border East African exposure does to reported returns, then decide deliberately what to hedge, what to leave open and why. Trustees leave with a currency position they chose rather than one they inherited from a manager's default.
Programme
Day 1
Strategic asset allocation in high-inflation environments
You will build a strategic asset allocation from real return targets rather than nominal ones, testing the mix against inflation scenarios drawn from recent East African experience. Sessions cover return and risk assumptions, the asset classes genuinely available in your market, the liquidity the scheme needs for benefit payments, and the governance ranges your board should set around each allocation.
Day 2
Government securities and currency risk management
You will construct a government securities portfolio, working through auction participation, duration positioning, reinvestment risk and the sovereign concentration that builds quietly when one issuer dominates the market. The afternoon measures currency exposure across a regional portfolio and compares the hedging instruments available, deciding which exposures to carry and at what cost.
Day 3
Tactical positioning, manager oversight and policy defence
You will set rebalancing rules and tactical ranges, then review manager performance against them, separating skill from market movement in reported returns and testing fee structures against value actually added. You finish by rewriting your investment policy statement around real return targets and defending the allocation before an expert panel.
Standards & Faculty Benchmark
CFA Institute & GIPS
Portfolio management body of knowledge and Global Investment Performance Standards for scheme reporting.
OECD Core Principles
OECD Core Principles of Private Pension Regulation on investment regulation, diversification and the prudent person rule.
RBA, URBRA & SSRA guidelines
Prescribed investment limits, valuation rules and reporting requirements for retirement benefit schemes.
Members and supervisors judge a scheme on real returns net of fees, measured the way these standards prescribe.
Is This Right for You?
- ☑You construct or oversee a scheme's asset allocation
- ☑Inflation or currency movement is eroding your reported real returns
- ☑Your portfolio is concentrated in government securities by default
Good to Know
Sessions are built around live market data and your own portfolio structure where you can share it.
The Bottom Line
Leave with an allocation you can defend in real terms, and the numbers to show what each choice costs.
Recommended For
Open to all qualifying staff, particularly: Fund Managers, Custodians, Investment Analysts, Investment Committee members.