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No matter how much, or how little, you have to invest, diversification is critical. Leng Yeow reports.

A well-constructed Australian share portfolio is diversified and holds a variety of quality stocks but you don't need 50 - or even 25. Investors can minimise risk and reap all the benefits of diversification with a 10- to 15-stock portfolio, the head of portfolio services at stockbroking and equities research firm Lonsec, Jeremy Pree, says.

''Inexperienced investors typically hold too many stocks,'' he says. ''And they keep adding new stocks.''

That's because many individual investors are good at buying shares but poor at selling them because they let emotions get in the way. ''It's important not to fall in love with stocks and good investors know when to sell, even if it's at a loss,'' he says.

Advertisement: Story continues below Lonsec's core Australian equities model portfolio, which holds between 12 to 15 blue-chip stocks, has returned 15.8 per cent a year since its inception in April 2000, compared with the ASX 100 Accumulation Index, which has returned 9.2 per cent.

So big returns are possible with a smaller but still diversified portfolio.

The optimum number of stocks depends on how much money a person has to invest, says division director at Macquarie Private Wealth, Martin Lakos. For example a DIY superannuation investor with about $500,000 to invest should hold at least 10 stocks and a maximum of 15. But a small portfolio of about $50,000 would hold fewer stocks.

''A portfolio of between 10 and 15 stocks provides diversification and scale but diversification is not just about stocks and one of the fastest ways to boost returns is to have a concentrated portfolio of quality companies in a number of different sectors,'' Lakos says.

But with the Australian sharemarket dominated by three main sectors, it can be a challenge to build a fully diversified large-cap portfolio. The financials sector (mainly the big four banks) represents more than 40 per cent of the market. Mining accounts for about 20 per cent and the industrials sector is a major chunk of the rest.

Australia is a narrow market with natural concentration, where the top 20 stocks represent 57 per cent of the All Ordinaries Index (the broadest sharemarket index) and the top 50 stocks account for 73 per cent, says Richard Nicholas, head of portfolio management at Peak Investment Partners, a specialist portfolio management company for family offices and wealthy individuals.

''When constructing an Australian shares portfolio, it's vital to first be aware of the three main sectors and then consider your growth and income requirements,'' he says.

''You need to know which sectors and stocks are exposed to the Australian dollar and which stocks have offshore exposure to countries like China and India. The resources sector is often seen as a China and India play, so investing 50 per cent of your portfolio in resource stocks is a huge risk because if China wobbles on its growth path and commodity prices fall sharply, your portfolio will take a massive hit.''

The resources and energy sectors are generally thought of as growth sectors, while the banks, infrastructure and utilities, and listed property trusts are income-oriented. The healthcare sector has historically delivered low income and moderate growth.

One popular way to structure an investment portfolio is to take a ''core and satellite'' approach where most of the portfolio, or core, consists of blue chips, with the rest in a minor allocation to mid-cap and small-cap stocks outside the ASX 100. The role of the core is to provide long-term growth and sustainable dividend income, while the satellite can provide turbo-charged gains.

Pree says it may be appropriate for some investors to hold 15 per cent to 20 per cent of their share portfolio in small-cap stocks. But he believes that because the sector is highly volatile and illiquid, investors should seek professional help or invest in a small-caps managed fund.

Regardless of whether you're a long-term investor or an active trader, it's important to construct a solid core of quality stocks, Lakos says. ''Active traders need a core, too. It depends on the individual but if there's a core of 50 [per cent] to 70 per cent, there's still 30 per cent to trade. It's very risky to trade a whole portfolio because if there is a market downturn, you're certain to underperform.''

For many DIY investors, advice is imperative, Lakos says.

''The first step is to understand what you want to achieve and having an adviser makes it much easier,'' he says.

''What a self-managed superannuation fund [SMSF] investor is trying to achieve is very different to a trader, the time horizons are different and the risk tolerance is different. Most SMSFs want to buy quality companies that will be around for a number of years to come, which excludes a lot of the market.''

Investment adviser Grant Patterson, director of Providence Wealth, says setting return objectives and a benchmark is an integral part of portfolio construction, as your goals will influence the stocks and sectors you buy. ''A high-return target requires that higher risk is taken,'' Patterson says. ''And if your aim is to beat the ASX 100 Index then a major consideration is how much to invest in the banks and resources. These two decisions will have the greatest impact on a portfolio's relative performance.''

When it comes to stock selection, Patterson employs a bottom-up style that focuses on in-depth analysis of individual stocks. This approach assumes that individual companies can do well even in an underperforming industry.

Lonsec and Peak Investment Partners, on the other hand, apply a more top-down, macro-economic approach.

Pree says it's most important to get the sector bet right.

''We look ahead at global and domestic themes and identify the sectors that will benefit from those themes,'' he says. ''Then we look at the underlying companies in those sectors and analyse their balance sheet, their management team, history of paying dividends and growth prospects.

''Then we pick the best-value companies. We may not choose the best companies in that sector because the best companies may be fully priced but we choose the best-quality companies at reasonable prices.''



Read more: http://www.theage.com.au/money/i ... .html#ixzz1Mgapohtw

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