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Podcast/Vodcast/Audio

Superannuation and Investments

Investment Ideas: Debt

By Actuaries Institute, Douglas Isles, Jan Swinhoe, Aidan Nguyen Short read • 13 February 2025

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As nations continue to respond to crises by taking on more debt, are we kicking the can down the road on global debt sustainability?

In the second episode of Investment Ideas, Debt, Douglas Isles sits down with Simon Warner, Head of Portfolio Management at Aware Super, to explore how investors should think about debt sustainability and the factors that influence debt markets.

Key areas discussed include:

The importance of institutional quality in debt sustainability
The unique characteristics of Australia's debt profile, particularly its high levels of household debt
How European peripheral countries have reduced debt-to-GDP ratios through nominal GDP growth
The evolution of investment grade credit and private credit markets
The limitations of market-cap weighted indices in fixed income

About the podcasts guests

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Simon WarnerSimon is the Head of Portfolio Management at Aware Super where he leads the development and delivery of the funds' portfolio management across the Public Market Equities, Private Equity, Property and Infrastructure portfolios. He focuses on building the fund's capability in these areas, working with the Heads of these sectors.

Simon was the Global Head of Public Markets at AMP Capital and joins from Macquarie Asset Management (MAM) post the transition of the AMP Capital Equities and Fixed Income businesses to MAM.

About the authors

Actuaries Institute

The Actuaries Institute is committed to promoting the actuarial profession and provides expert comment on public policy issues that exhibit uncertainty of future financial outcomes.

Douglas Isles

Douglas qualified as an actuary in 1999 while working at Aegon UK, where he worked in marketing and then as an investment manager. He moved to Australia in 2002, and after a brief spell with CBA, has spent over 17 years at Platinum Asset Management, in two stints, sitting on their management committee since rejoining in 2013. He is currently the Head of Investment, having previously been an Investment Analyst and Investment Specialist. Douglas lived in Singapore from 2009, launching Pengana Capital’s Asian office before working in equity sales for Standard Chartered Bank. He has an MA in Mathematics from Trinity College, Cambridge, became a Fellow of the Actuaries Institute in 2019, is a member of the AICD and sits on the board of Odyssey House NSW.

Jan Swinhoe

Jan spent the first 9 years of her career working in the Superannuation world with limited exposure to investment intricacies, but she was curious (and naiive enough) to respond to an ad through the Actuaries Institute that sought trainee derivatives dealers for a large US investment bank. The rest is history with Jan spending the next twenty years of her career in banking and broadening out many aspects of her structuring expertise to complete numerous transactions for large global companies. Since commencing her Non-executive career in 2011, she has sought to merge these passions and has served on a number of Boards including Mercer Superannuation (Chair for 10 years until June 2024), IMB Limited, Suncorp Superannuation, Athletics Australia (First female President) and Fusion Retail Group. Jan currently serves on the Boards of Swiss Re Life & Health, Australian Philanthropic Services and Vanguard Super. Jan’s personal interests include running, financial literacy for all and mental health.

Aidan Nguyen

Aidan is the Public Policy Lead for the Actuaries Institute where he cares about improving and aligning financial wellbeing for all. He helps actuaries use their voices as both trusted adviser and honest broker to get better public policy and effective regulation.