Richard Murphy

Richard is the CEO and one of the founders of ACBC. He has over 20 years' experience of developing new markets, products and services for ASX Limited. During his time at ASX, Richard was involved in developing the ETF market, the mFund...


No areas of expertise

Time to start taking duration risk seriously

Richard Murphy

UBS and Goldmans have just called the timing on Australian cash rate rises – early 2018, based on inflation growth. Fixed income fund/ETF investors who have benefited from falling rates need to take account. The AFR’s Christopher Joye has also rightly focused on growing fund duration risk in many articles,... Show More

corporate bonds etfs fixed income managed funds duration risk

Fixed income in the lower for longer world

Richard Murphy

It's becoming increasingly apparent that central banks the world over are expecting low interest rates to prevail for many years to come. Right across the globe, low interest rates are the new norm. The crucial point is this: the current global and financial environment is unprecedented. So, what are the... Show More

Malcolm in the middle

Richard Murphy

A survey at the SMSF Association conference in Adelaide asked advisers if they thought hybrids were fixed income securities. 47% said they were, or they were unsure. Show More

corporate bonds fixed income Hybrids capital stability

Worst quarter in recent times puts capital stability to the acid test

Richard Murphy

Much will be written in coming days on the impact of recent extreme volatility on the September quarter. Can any asset class withstand such an onslaught? Show More

equities volatility

New analysis shows returns from Corporate Bonds beat hybrid returns over the longer term

Richard Murphy

The chart below highlights comparative returns from Australian equities, hybrids and corporate bonds. What’s really interesting is that over the last 15 years, corporate bonds had an annualised return of 6.95% compared to hybrids at 6.29%, but with significantly lower volatility at 2.32% compared to 5.68%. Show More

Hybrid returns lower than corporate bonds over the longer term

Richard Murphy

For years now the only securities on ASX remotely close to corporate debt have been dozens of hybrids and some subordinated & other securities. Apart from the odd issue, senior bonds from BHP, TLS, WOW, etc., were the preserve of wholesale markets and specialist OTC dealers. Choice was limited for... Show More

No comments.