{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The CIO Series","title":"What a decade of TPA taught HESTA’s CIO","html":"","width":"100%","height":180,"duration":2289,"description":"HESTA chief investment officer Sonya Sawtell-Rickson says one of the things she got wrong when the fund adopted the total portfolio approach in 2017 was believing it could operate in a vacuum, but regulations such as Your Future, Your Super have put additional risks and objectives in front of the board.\nSpeaking on the latest episode of the Investment Magazine CIO Series, Sawtell-Rickson also said “cash is king in a crisis”, and that HESTA builds optionality through traditional liquidity rather than synthetic trading strategies, leaving short-term trading to others.\nIn conversation with Investment Magazine’s Darcy Song, Sawtell-Rickson also reflected on the lessons that shaped her as a leader. She described taking over an investment team just before the tech wreck and learning that the price you pay matters, however good the earnings.\nShe also explained why avoiding drawdowns matters so much for members, why she’s become a convert to systems thinking, and why she believes markets are underpricing slow-moving risks such as climate change.\nThe Investment Magazine CIO Series is dedicated to in-depth conversations with the chief investment officers from Australia’s leading asset owners.","thumbnail_url":"https://img.transistorcdn.com/7DfE0JWVINmj7cACFXH2_dGr1CSCScswcnOpi1-RWns/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9lNWU1/NzMzMmIyNWQ2OWFl/ZWQyMTRjOTM2YzI1/NzIzNi5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}