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HAMBURG • 28 - 30 SEPTEMBER 2016

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Jorgen Kjaersgaard - AB
NameJørgen Kjærsgaard
Job titleHead — European Corporate Credit
CompanyAB
TitleHow to deliver European FI return without High Yield volatility
ContentAggressive central bank policies continue to have a positive impact on corporate credits and peripheral spreads. Of late, it is evident that these policies appear to be having a selective impact on markets with Fixed Income assets out performing Equity, a trend we believe will continue. With the BoE and ECB being direct buyers of corporate bonds, we expect this pattern to continue in H2 2016 and 2017, making investment grade attractive in the foreseeable future. We’ll identify the best parts of the universe to invest in, without running HY volatility. Our EIP strategy combines higher yielding corporate bonds with the stability of sovereign bonds, a strategy which we expect to provide the best risk return profile in flexible fixed income investing.
BiogJørgen Kjærsgaard is Senior Vice President and Head of European Corporate Credit. He is responsible for all of AB’s European and UK corporate credit–related strategies, and heads the European and UK High Yield and Investment Grade Credit portfolio-management teams. Jørgen is a member of the Credit, High Yield, European High Yield, Global High Income, Multi-Sector Credit, and UK and Euro Fixed Income portfolio-management teams. He is also a member of the internal Credit Research Review Committee, the primary investment policy and decision-making committee for all AB’s credit-related portfolios. Jørgen has authored a number of published papers and blogs, including ones highlighting the importance of a diversified portfolio and issue selectivity in the European corporate credit markets. Prior to joining AB in 2007 as a portfolio manager for European Credit, he was executive director for Structured Credit Solutions at Rabobank (2005–2007) and a director for Nordic Structured Solutions at Royal Bank of Scotland (2004–2005). From 1994 to 2004, Jørgen worked in both London and Copenhagen for Danske Bank, where he spearheaded the firm’s credit derivatives trading and managed-mortgage and corporate credit portfolios. He holds a BSc in business administration and an MBSc in finance from the Aarhus School of Business at Aarhus University.
Simon Fox-Aberdeen
NameSimon Fox
Job title Senior Investment Specialist
CompanyAberdeen Asset Management
TitleAlternative strategies becoming mainstream
ContentInvestors are facing increasing challenges, with their search for profitable investments hampered not only by persistently low interest rates but also concerns about the current state of the equity and bond markets and the possibility of stronger correlations between these asset classes in future. These developments have significantly increased demand for alternative investment strategies enabling investors to diversify their income from traditional asset classes, and this demand will continue to grow. While the most attractive alternative investment opportunities were previously only available via less regulated, less liquid offshore vehicles inaccessible to many investors, Aberdeen Alternative Strategies Fund now also offers investors access to alternative investments within a UCITS-regulated structure with daily liquidity – based on a strategy proven over many years.
BiogSimon Fox is a Senior Investment Specialist within Aberdeen Solutions, the home for multi-asset and specialist alternatives investing within Aberdeen. Simon’s key areas of coverage include Aberdeen’s multi-asset solutions, as well as hedge funds and broader alternatives. Simon joined Aberdeen in early 2015. Prior to joining Aberdeen, Simon spent 12 years at Mercer. From 2010 he was a member of Mercer’s Alternatives Boutique, part of the Manager Research team; in his role as Director of Research for macro, currency and commodity strategies he had responsibility for global research and client consulting, including coverage of macro and managed futures hedge funds, currency and commodity strategies and multi-asset investments (diversified growth funds). He was also a member of Mercer's Alternatives Investment Committee and the fund of hedge fund rating review committee, as well as a regular contributor to Mercer's broader intellectual capital - from hedge funds to commodities, timberland and agriculture. Before joining the research boutique his primary role was as a senior client consultant - responsible for advising on the full range of investment consulting issues including investment strategy, portfolio structuring, manager selection, and performance monitoring.
Isabelle de Malherbe Isabelle - Amundi
NameIsabelle de Malherbe
Job titleHead of Product Specialists - Structured Solutions
CompanyAmundi Asset Management
TitleBenefit from potential financial market rises while enjoying partial and permanent capital protection
ContentIn a context of low interest rates, economic and financial uncertainties, investors are more than ever seeking performance without putting all their capital at risk.
Isabelle de Malherbe, Head of Product Specialists – Structured Solutions, will explain how Amundi allows investors to benefit from potential market rises through an active and flexible management across broad, diversified investment universe. Amundi’s strategy offers daily partial capital protection formally guaranteed by Amundi SA and up ‎to 90% of the highest net asset value recorded since the product’s inception.
BiogIsabelle started her career in 1989 in the Interest Rate Derivatives department of Credit Lyonnais covering various positions: quantitative research and development in Paris and New-York then from 1995, structuring and sales in Paris. In 2000 she moved to the Equity Capital Markets team.
From 2005, she has been part of the Structuring and Financial Engineering team of the Structured Solutions Department of Amundi (formerly CASAM), in charge of international retail partner networks. In 2016, she took over the position of product specialist for Structured Solutions.
Isabelle is a graduate from the engineering school Ecole Polytechnique and from the statistics school Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE).
1
NameGreg Bennett
Job titleFounding Partner & Fund Manager
CompanyArgonaut Capital Partners
TitleSearching for Earnings Surprise, the Long and Short Story
ContentEurope is a vast and varied equity opportunity set where the only constant is change in the sources of risk and reward. Argonaut founder, Barry Norris, will discuss how Argonaut identifies both positive and negative earnings surprise and how a long/short portfolio of single stocks can produce compelling absolute returns in changing market environments.
BiogGreg is a CFA charter holder and graduated from the University of Natal (South Africa) in 1994 with a BSc. Agricultural Economics.
He has 10 years fund management experience, primarily in the UK equity market as well as US markets. He began his career at Neptune Investment Management in 2002, during which time he managed the US Opportunities and UK Equity funds as well as being assistant fund manager on the Income and Global funds. In 2006 he joined Marlborough Fund Managers where he set up and ran their UK large Cap and UK Income funds. In 2012 he joined Barry and Oliver at Argonaut. Greg is co-manager across the range of Argonaut funds.
Thomas PAGE-LECUYER - CPR
NameThomas Page-Lecuyer
Job titleStrategist
CompanyCPR Asset Management
TitleLong-term equity investing benefiting from secular trends through thematic approaches, like ageing
ContentThese last decades, significant changes occurred both in the economy and in the financial markets, which were put through challenging phases. In this context, asset management companies have to come up with robust and non-cyclical investment solutions; theme investing, if properly shaped and managed, can meet these two criteria.
In 2009, CPR AM’s Thematic Equities team started to look for a long-term and growth-provider thematic fund; demography, especially population ageing grabbed their attention.
CPR Silver Age (European Thematic Equities Fund) was launched in December 2010 and the global version 4 years later with CPR Global Silver Age in December 2014. The question is, how have they evaluated the potential of this theme? In this workshop, Thomas Page-Lecuyer will begin by presenting ageing from a macroeconomic perspective; statistics back up the fact that population, in Europe and worldwide, is ageing more and more and how the third age boom impacts all investments sectors.
Estelle Menard will then talk about the strategy around CPR Invest Global Silver Age, which consists of investing in international companies that benefit from ageing population.
BiogThomas joined CPR AM in 2014 as a strategist. He started his career in 2006 at Société Générale AM as a product specialist for structured products and ETF. He moved to Amundi AM in 2009, where he was a private wealth manager. He studied in University of Florida and in IAE Aix-en-Provence. He holds a bachelor’s degree in business finance, a master’s degree in international finance, and a master’s degree of European management and policy.
Estelle Menard - CPR
NameEstelle Menard
Job titleDeputy Head of Thematic Equities
CompanyCPR Asset Management
TitleLong-term equity investing benefiting from secular trends through thematic approaches, like ageing
ContentThese last decades, significant changes occurred both in the economy and in the financial markets, which were put through challenging phases. In this context, asset management companies have to come up with robust and non-cyclical investment solutions; theme investing, if properly shaped and managed, can meet these two criteria.
In 2009, CPR AM’s Thematic Equities team started to look for a long-term and growth-provider thematic fund; demography, especially population ageing grabbed their attention.
CPR Silver Age (European Thematic Equities Fund) was launched in December 2010 and the global version 4 years later with CPR Global Silver Age in December 2014. The question is, how have they evaluated the potential of this theme? In this workshop, Thomas Page-Lecuyer will begin by presenting ageing from a macroeconomic perspective; statistics back up the fact that population, in Europe and worldwide, is ageing more and more and how the third age boom impacts all investments sectors.
Estelle Menard will then talk about the strategy around CPR Invest Global Silver Age, which consists of investing in international companies that benefit from ageing population.
BiogEstelle Menard began her career at Credit Agricole Asset Management in 1997 in quality of European Equities Portfolio Manager. Estelle has been the portfolio manager of the Restructuring Equity expertise since 2002. She joined the Global Equity team in 2012 and is now Deputy Head of the Global Thematic Equities team at CPR AM which was set up in 2015.
Estelle holds a post-graduate degree in Banking & Finance from Bordeaux IV University. She also attended an MBA course at Kent State University, USA. Estelle is graduate and member of CIIA (Certified International Investment Analyst).
Lars thørs - Danske
Name Lars Thørs
Job titleHead of European and Global Equities
CompanyDanske Invest
TitleHow to invest in European equities in a low interest rate environment
ContentEuropean investors are challenged by the monetary policy of the central banks, which has forced interest rates to historically low levels. At the same time, the investment climate is becoming more and more complex and the low interest rate environment is forcing investors to move out of the risk curve. Investing in European equities based on the philosophy of fundamental bottom-up research, combined with an investment strategy with a defensive quality focus and a high dividend yield focus, appears to be an attractive investment opportunity for the years to come. Our High Dividend Team has a long and solid track record, with consistent high-risk adjusted returns and performance, and is anchored in the center of expertise of our European and Global Equity team.
BiogLars Thørs is responsible for the strategy and asset management of European and Global equities at Danske Invest. The department consists of 16 portfolio managers and analysts and has more than €8.5m under management. Lars has more than 30 years of experience with investment banking, investment management, life & pension and risk management in the investment industry. Before joining Danske Invest in 2015, Lars worked 5 years as head of risk assets at Danica Pension. Previously he has had leading positions as executive director & head of group treasury at Saxo Bank, vice president & head of equities at PFA Pension and senior portfolio manager in Nordea Treasury. Lars has a graduate diploma in business administration, majoring in finance and international management and economics.
Mikko Ripatti - DNB
NameMikko Ripatti
Job titleSenior Portfolio Manager
CompanyDNB Asset Management
TitleDigital disruption creates opportunities for investors
Content Several technological forces are disrupting industries. This creates both opportunities and threats for companies. The speed of change is impressive. Who could have guessed that Nokia, ones the world leading mobile phone manufacturer with more than 40% of global handset market selling 15 phones a second at the peak, would go almost bankrupt in a question of few years!
Technology is not anymore just about PCs, but it’s about cars, taxi services, hotel bookings, homes, phones, drones, security solutions, you name it. Technology is truly “eating into all sectors” and increasing its importance. More than 20% of MSCI World today is Technology when you sum up Information Technology, Telecommunication Services and Consumer Discretionary companies that are tech, like Netflix and Amazon.
We find the technology theme interesting because it has above average growth with reasonable valuations in a near zero interest rate world. Valuations have gone up, but there are plenty of opportunities for active bottom-up stock pickers like us, who don’t have to stick to a certain benchmark.
BiogMikko Ripatti joined DNB Asset Management in Luxembourg as a senior portfolio manager in June 2015. Possessing deep knowledge about portfolio management and working in close collaboration with the fund managers in Norway, Mikko supports DNB´s high level of client activities in the international markets. He also oversees DNB Asset Management´s Luxembourg-domiciled funds. Between 2007 and 2015 Mikko worked in Helsinki as a fund manager at FIM Asset Management where, as part of the emerging markets team, he was responsible for investments in Latin American markets. Between 2000 and 2007 Mikko worked for Finland’s best-known company Nokia in different strategy, market analysis and business development related positions in Latin America and Finland. Mikko has a master's degree in Economics and Business Administration from the Finnish Turku School of Economics. He speaks Finnish, Swedish, English, Portuguese, Spanish, French and a little bit of German.
Thomas Hanson - Henderson
NameThomas Hanson
Job titlePortfolio Manager
CompanyHenderson Global Investors
Title High yield: why Europe, why now?
ContentThe European high yield bond market has returned almost 8.5% over the first eight months of 2016. Conditions remain favourable, with the Henderson Global credit team continuing to see value in this segment of the credit market. In this presentation, portfolio manager Tom Hanson discusses recent market movements in the credit markets and presents compelling arguments as to why to invest in European high yield bonds now. The presentation will cover:
• The recent strong performance of the European high yield markets and of the Henderson Horizon Euro High Yield Bond Fund;
• The effect of central bank corporate bond buying on high yield bonds;
• Why Henderson’s Credit Team believes there is room for further spread compression.
BiogThomas Hanson joined Henderson in October 2015 as a Portfolio Manager, and focuses on providing support to the high yield and credit alpha funds. Prior to joining Henderson, Thomas was a senior credit portfolio manager at Aerion Fund Management. He co-managed the sterling investment grade corporate bond portfolio for the National Grid pension scheme, totalling £4.9bn. Thomas started his career at Lazard Asset Management, where he spent 14 years, and was most recently the lead portfolio manager for all sterling fixed income strategies and a senior portfolio manager for European investment grade and high yield funds.
Thomas has a BA (joint Hons) in French and Management Studies from the University of Reading which included a year studying finance and economics at Universite Paris IX Dauphine. Thomas holds the Investment Management Certificate and is a CFA charterholder.
Thorsten Paarmann - Invesco
NameThorsten Paarmann
Job titleSenior Portfolio Manager, IQS- International
CompanyInvesco
TitleCombining risk and return considerations in a Eurozone equity portfolio
ContentOver the last 10 years the Invesco Pan European Structured Equity Fund has delivered top quartile performance in its peer group - with a volatility significantly below its benchmark. About a year ago, the Eurozone version of that fund was launched, allowing investors to allocate to the same strategy but with a Eurozone investment universe. The session will cover the benefits of an active low volatility strategy, insights into the applied multi factor approach as well as its performance characteristics in different market environments.
BiogBased in Frankfurt, Thorsten is a member of the Portfolio Management Team and is responsible for business development, risk control and investment communication. He started his investment career in 2002 at Cominvest Asset Management GmbH. He joined Invesco in 2004. He holds a “Diplom Kaufmann (FH)” degree from Berlin School of Economics and a Combined European Study Programme at Anglia Business School, Cambridge. He is a CFA Charterholder and member of the German CFA Society.
Jacob Vijverberg - Kames
NameJacob Vijverberg
Job titleInvestment Manager
CompanyKames Capital
TitleOvercoming the income challenge
ContentWith global interest rates remaining at historical lows and market volatility continuing, many investors are challenged in meeting their income needs through traditional sources of income. Investment Manager of the Kames Global Diversified Income Fund, Vincent McEntegart, will discuss investing for income in the current market environment and meeting the yield target (5%) by using all the asset classes available to him to create a risk managed portfolio of 200-300 income generating securities.
BiogJacob Vijverberg joined the team in 2008. He contributes to the team’s strategic asset allocation, macro-economic views and income strategies. He previously worked for ABN-AMRO Bank as a Quantitative Risk Analyst with a focus on risk modelling. Jacob has 10 years’ investment experience and holds an MSc in Experimental Physics from Utrecht University, the Netherland. He is a CFA charterholder.
James Inglis-Jones - Liontrust
NameJames Inglis-Jones
Job titleFund Manager
CompanyLiontrust Asset Management
TitleDifferentiated European long/short – the Cashflow Solution
ContentJames Inglis-Jones and Samantha Gleave focus exclusively on company cash flows in managing the Liontrust GF European Strategic Equity Fund both to seek to protect investors when the market falls and to participate in the market’s growth. James will discuss how their distinct investment process, the Cashflow Solution, can provide low correlation with other asset classes and funds as well as the potential for better returns than the market in the long term while taking less risk. He will also explain why and how the Fund is currently positioned for volatile falling markets.
BiogJames began his career in 1997 when he joined Fleming Investment Management as an analyst before going on to manage UK equity portfolios. He then worked on JP Morgan Fleming’s institutional investment process before becoming a senior portfolio manager. In 2003 he joined Polar Capital where he managed a European market neutral fund before joining Liontrust in 2006 to develop a European investment process. James is a Chartered Management Accountant and a CFA charterholder. James graduated with a Degree in History from York University. He gained a D.Phil in History from Christ Church, Oxford.
Mansfield Mok - New Capital - EFGAM
NameMansfield Mok
Job titleSenior Portfolio Manager
CompanyNew Capital – EFG Asset Management
TitleChina’s economy is shaping up
ContentThis year, 120 million Chinese tourists are expected to travel outside of mainland China, as China’s outbound tourism boom reaches an inflection point. With tourism taking off and the combined effect of supply side reform with the progressing RMB internationalisation, China’s economy is changing shape.
BiogMansfield Mok is the Senior Portfolio Manager of the New Capital China Equity Fund. Prior to joining EFGAM in 2012, Mansfield was a senior fund manager at GAM, where he spent five years managing investments in Hong Kong and China, with a fund worth $1.5bn. The GAM Star China Equity Fund since its inception in July 2007, stood at 72% above the MSCI China Index in 2012. Previously, he assisted in creating Munich Re Asia Capital Management’s first Asian equity fund in 2000 where he ran Asian balanced portfolios and co-managed Asian equity portfolios. Mansfield holds an MSc in Financial Engineering from City University, Hong Kong, and an MBA and a BSc in Industrial Engineering.
Financial Express (FE) rated Mansfield Mok ‘FE Alpha Manager’ in 2015 and 2016, for his exceptional track record, including investment management of the New Capital China Equity Fund.
Karsten Bierre- Nordea
NameKarsten Bierre
Job titleSenior Portfolio Manager – Multi Assets Team
CompanyNordea Asset Management
TitleHow to flexibly navigate volatile fixed income markets?
ContentIn today’s still low yield market environment and fast changing macroeconomic environment, the need for active management is greater than ever. When should an investor take on duration risk? When should an investor bring down credit risk? Should the investor favour government bonds over investment grade bonds? What about currency risks? The proper solution to these questions is the Nordea 1 – Flexible Fixed Income Fund. The portfolio has a moderate level of risk (low volatility and limited drawdowns), is unconstrained (allocates risk globally to the most attractive investment opportunities), focuses on absolute and not relative risk and actively manages the risk budget (the possibility to adjust duration and credit risk when yields and/or spreads are expected to rise).
BiogKarsten Bierre holds a Master degree in Economics from the University of Copenhagen. He started his career with Danske Bank in 1994, where he began as an assistant economist and later became a senior economist, responsible for US and Danish research. He joined Nordea Markets in 2001, where he was in charge of the euro area primarily targeting institutional clients as adviser on the global economic and financial outlook. Concurrently, with positions in the banking sector Karsten has been affiliated with the Institute of Economics, University of Copenhagen, as an Assistant Professor and External Examiner.

Huw Davies - OMGI
NameHuw Davies
Job titlePortfolio Manager
CompanyOld Mutual Global Investors
TitleAlternative approaches to traditional fixed income investing
ContentBarely in living memory has the outlook for global bond markets been characterised by greater uncertainty than in 2016, with bond yields across many parts of the developed world dipping into negative territory. Going forward, traditional long-only fixed income strategies may face growing challenges as the scope for further bond price appreciation begins to reach its limits. Therefore, it may be an opportune time for investors to consider alternative approaches to meeting their fixed income portfolio requirements, seeking investments in which returns can be unrelated to the direction of yield changes.
BiogHuw brings over 23 years of fixed income investment experience to Old Mutual Global Investors. He joins from Ignis Asset Management (SLI) which he joined in early 2014 as a Fixed Income Product Specialist. Prior to joining Ignis, Huw spent the four years between 2010-2014 working at Citi as Director, UK RM Interest Rate Sales and five years at JP Morgan Chase as Executive Director, Interest rate sales from 2005-2010. During his sales career he covered a range of clients, advising Pension Funds, LDI managers, Insurance companies and absolute return funds. Prior to 2005, Huw worked in roles that covered UK and European Bond Sales roles at Royal Bank of Scotland, UBS, Barclays Capital and Sanwa International.
Yasuyuki Kanda - Tokio Marine
NameYasuyuki Kanda
Job titleChief Executive Officer/Chief Investment Officer
CompanyTokio Marine Asset Management
TitleLooking beyond the macro story in Japan
ContentIt is widely believed that Japan has a high vulnerability to external factors. There is also the fading impact of Abenomics which has caused some fears that the country may slip back into deflation. Despite this, we believe that the country still offers attractive opportunities. We feel that looking beyond the macro picture is key in the search for new sources of alpha generation. As a local manager with over 30-years’ investment experience, we feel ideally placed to help our clients capture interesting investment opportunities. Our strong local presence and well-known ‘Tokio Marine’ brand name enable our investment professionals to gain access to a wide range of corporate contacts and information across various industries in Japan. Yasu, our London regional CEO/CIO, joined by Chris, Business Development Officer, share their views on how to select ‘winners’ in this evolving market.
BiogAppointed in July 2013 as CEO/CIO of TMAM London, Yasu leads our global business development and product management for traditional and alternative asset classes. Prior to this, Yasu was Head of Hedge Funds Research at TMAM USA and played a vital role in establishing its hedge fund advisory business, which has now grown to become one of the major players in Japan. Prior to joining TMAM in 2009, Yasu managed fund of funds portfolios and global equity investments based in the UK, USA, and Japan for eight years and developed multiple cross-border business in the Japanese financial industry. He commenced his career in 1995 at Mizuho Financial Group where he developed experience in corporate finance and structured bond origination based in the UK and Japan. Yasu holds a BA in Economics from the University of Tokyo and an MBA from the Wharton School of the University of Pennsylvania. He is a CFA charterholder.
Brian Kessens - Tortoise
NameBrian Kessens
Job titleManaging Director and Portfolio Manager
CompanyTortoise Capital Advisors
TitleAccessing opportunities in North American pipeline ‘toll roads’ and across the North American energy value chain
ContentSeldom has there been such a dramatic shift in the energy landscape of any country, in such a short time period, as the one unveiling itself in North America today. Uncover this dramatic disruption in the global energy balance and learn more about North American energy, including the investment opportunities in midstream energy infrastructure and across the energy value chain. In this presentation, Tortoise Capital Advisors educates on the energy value chain and the investment opportunities within it.
BiogBrian Kessens joined Tortoise Capital in 2008. He is a Managing Director and Portfolio Manager and serves as president of the Tortoise Pipeline & Energy Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc. closed-end funds. He was a vice president in Citigroup’s global energy investment banking practice. Prior to Citigroup, he served as a field artillery officer in the U.S. Army. Brian earned a Master of Business Administration from Columbia Business School in New York and a Bachelor of Science in economics from the United States Military Academy at West Point. He is a CFA charterholder.