Intergenerational Thinking with Aurellan

With the Shiller CAPE above 40, roughly double its post-1950 average, what should long-term investors expect from the next decade? Aurellan CEO Chris Di Leva talks with Steve Foresti, CIO Emeritus at Wilshire, who has spent decades building capital market assumptions. They cover how starting valuations feed into ten-year equity forecasts. They also test the case for a permanently higher market multiple, and ask whether the AI capex boom is turning asset-light companies into capital-heavy ones. Steve explains how to tell a valuation signal that's wrong from one that's only slow, and why the correlation matrix can hurt clients more than the return numbers, as 2022 showed. They also discuss what private markets should really earn now that companies stay private longer. The episode closes on the single most important thing a trustee should consider when making a decision they'll live with for twenty years.

Important Notice

Aurellan, whose CEO hosts this podcast, is a current client of Wilshire; no compensation was paid by either party for this appearance, and this relationship creates an incentive to speak favourably about Wilshire. Views expressed are the speakers’ personal opinions as of the recording date, are subject to change, and are not an offer or solicitation to buy or sell any security. Statistics, forecasts, and comparisons discussed are estimates only and are not indicative of future results.

Listed markets have delivered exceptional returns but with valuations at elevated levels, where do investors find genuine diversification?

In this episode, Aurellan CEO Chris Di Leva is joined by Mark Perry, Head of Alternatives Manager Research at Wilshire, joining us from Los Angeles. Mark leads manager research across private equity, private credit, real assets and the niche strategies in between.

They discuss:

Learn more about Aurellan at aurellan.com or follow us on LinkedIn.

In this episode of the Aurellan Intergenerational Thinking podcast, Chris Di Leva is joined by Fiona Foster of Movac and Andrew Bascand of Harbour Asset Management for a conversation about how innovation gets funded in New Zealand and where it comes from.

Fiona shares how Movac identifies and backs high-growth companies at an early stage, drawing on examples like Dawn Aerospace, Crimson, Hnry and Auror. She explores what it takes to build conviction long before a company's potential is widely understood, and the discipline required to invest across the uncertain early phases of a company's lifecycle.

Andrew brings the perspective of listed markets, showing how breakthrough innovation often emerges from unexpected places. He points to Fisher & Paykel Healthcare, today an index heavyweight, which began life spun out of an appliance manufacturer, as a reminder that tomorrow's market leaders don't always start where you'd expect.

Together they examine the connections between public and private markets, early-stage and listed investing, and what it means to back enduring New Zealand companies with capital, patience and a genuinely long-term mindset.

In this episode of Intergenerational Thinking, Rachel Weld sits down with Colleen Raab of Los Angeles Capital to explore a quant approach built around a simple but powerful idea: the best guide to future returns isn't past performance, it's where companies are headed next. They unpack how Los Angeles Capital's forward-looking, systematic process differs from traditional factor investing, how the strategy adapts as markets and company fundamentals shift, and what disciplined, data-driven investing means for those stewarding wealth across generations.

Legal Disclosures

The opinions referenced are as of the date of the publication and are subject to change without notice. This information is provided for informational and educational purposes only and does not constitute a solicitation for any product or service offered by Los Angeles Capital or any of its affiliates (the “Firm”). The views expressed herein are those of the individual. Statements regarding investment approach, process, or objectives are not guarantees and may not be achieved. Before embarking on any investment program, an investor should carefully consider the risks (including the risk of losing some or all of the invested capital) and suitability of a strategy based on their own investment objectives and financial position. Quantitative investing relies on data, hardware, and software for implementation of the investment process and its business operations. To the extent data is incorrect, not available or stale, or software/hardware does not function as planned, results could deviate from expectations, which may negatively affect investment performance. Refer to Item 8 of the Firm's ADV Part 2 Brochure for further information about risks at https://www.adviserinfo.sec.gov/Firm/119033.

Market disruption can be caused by economic, financial or political events and factors. Such disruptions could lead to increased market volatility, reduced liquidity in the securities markets, or significant negative impacts on issuers and the securities markets. Applying responsible investment constraints or parameters limit the number of investment opportunities available, and as a result, portfolio investment returns may differ and even underperform portfolios that are not subject to such constraints or parameters. The Firm may incorporate artificial intelligence and quantitative tools within its research and investment process, including data analysis and model development. These tools are designed to assist investment professionals and are subject to human oversight and review.

There can be no assurance that the use of such technologies will enhance investment decisions or lead to improved performance. Total Firm assets as of 31.5b as of 3/31/2026.

Aurellan co-founders Chris Di Leva and Anthony Edmonds talk global equity style. Style is often a key driver which is often overlooked in terms of portfolio construction. Anthony and Chris talk about Aurellan's approach to style diversification.

Aurellan Investment Principal Rachel Weld interviews Causeway Capital's Sarah Ketterer who talks about the up's and down's of value investing over the past 25 years that Causeway Capital has been in business. Causeway Capital is an underlying manager within the Aurellan Global Shares Fund. Aurellan Asset Management Limited is an investment manager of the Aurellan Global Shares Fund and Aurellan Hedged Global Shares Fund. The issuer and manager of these Funds is FundRock NZ Limited.

We interview Cotality NZ's Head of Research Nick Goodall and Aurellan's Rachel Weld on all things property.

In this episode, Aurellan co-founder and CEO Chris Di Leva is interviewed by Anthony Edmonds. Chris and Anthony talk about Chris' path to Aurellan including learnings from his role as Portfolio Manager at Mercer and Head of Global and Multi Asset Investments at Harbour Asset Management.

Wilshire's Rob Noe talks about how Wilshire select global investment managers and how the strategy to do it isn't too dissimilar to Monopoly. Rob also talks about how he got into investments and what has shaped his perspective.

Campbell Gower talks through building enduring brands such as Charlie's Juice, Mountain Buggy, phil&teds and talks about why he and the Gower Family Office have decided to back Aurellan Asset Management.