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COPENHAGEN • 24 OCTOBER 2017

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

KyleKloc_Medien
NameKyle Kloc
Job titleSenior Portfolio Manager, Senior Partner at Fisch Asset Management
CompanyFisch Fund Services
TitleGlobal High Yield - Two Areas of Special Focus: Rising Stars/Fallen Angels and Emerging Markets
ContentKyle will speak about two corners of the global high yield market that offer interesting alpha possibilities due to the inefficiency of credit markets. Investments in issuers on the cusp between IG and HY offer very interesting opportunities on the way down the rating scale but also the way up. Depending on the year, an investor may focus more on one or the other, but opportunities there almost always exist. In a further area that Kyle will explore, Emerging market corporates also can enhance returns as the market remains young and inefficient. However, an investor has certain other risks that must be evaluated before investing in this segment.
BiogKyle is a member of the credit team, contributing his expertise to the global high yield and corporate bond strategies. His research coverage includes U.S. and European issuers. Prior to joining Fisch, Kyle worked for 15 years at Deutsche Asset Management, previously DWS Investments, in Frankfurt. He served as co-head of global and European high yield strategies from 2007 until 2015 and was the lead portfolio manager for the global high yield construction team. Before he worked as a high yield portfolio manager for four years and two years as a high yield analyst. Kyle began his career in 2000 as an analyst at ING Barings BHF-BANK. He studied at the University of Pennsylvania, graduating with a B.A. in International Studies and earned a B.S. in Economics from the Wharton School
Lars Jaeger - GAM
NameLars Jaeger
Job titleHead of Alternative Risk Premia GAM Systematic
CompanyGAM
TitleThe Diversification Benefits of an Alternative Risk Premia Strategy
ContentIn an environment of record low to negative bond yields, high uncertainty in stocks, low but volatile credit spreads, investors are keener than ever for yielding assets. At the same time, they are often disenchanted with the promise of alpha from many traditional alternative investments, having been charged high fees for comparably little performance in recent years. Investors are growing more aware of the benefits of investing in alternative risk premia, an approach which has strong academic backing, reasonable fees and an attractive multi-year track record. Alternative risk premia are strategies that provide excess returns by taking systematic risks across global capital markets by using alternative investment techniques. Alternative risk premia offer systematic risk-based returns beyond the traditional long-only equity and bond duration risk premia. In addition, they exhibit low to zero correlation versus stocks and bonds. GAM’s Risk Premia Investment Team pioneered the very idea of alternative risk premia investing in 2004 and has 13 years of experience researching, implementing, trading and managing them.
BiogDr Lars Jaeger is Head of Alternative Risk Premia in the GAM Systematic Alternative Risk Premia team, primarily responsible for risk premia research and portfolio construction. Before joining GAM in November 2014, Lars Jaeger was the founding partner and Chief Executive Officer of Alternative Beta Partners AG. Prior to that, he was a partner of Partners Group where he was responsible for the hedge fund business and initiated the alternative beta business. Before Partners Group, Lars Jaeger co-founded and was a partner of saisGroup, a hedge fund asset management firm established by the former alternative investment strategies team at Credit Suisse Asset Management, where he was responsible for risk management. Lars Jaeger holds a doctorate degree in theoretical physics from the Max-Planck Institute for Physics of Complex Systems, Dresden, and a master's degree in physics from the University of Bonn. He is a CFA charterholder, a Financial Risk Manager (FRM) and the author of several leading books on hedge funds. He is based in Zurich.
Fananas- JO Hambro
NameLuis Fañanas
Job titleFund Manager
CompanyJ O Hambro Capital Management
TitleValue has different faces – Superior returns from European large-caps
ContentExperienced pan-European stock pickers Luis Fananas and Robrecht Wouters build a concentrated portfolio of 'quality value' stocks – 'great companies at average prices' – complemented by opportunistic investments in 'classic value' stocks – 'average companies at great prices'. With no sector or country constraints, typically just 25 large-cap positions and a low portfolio turnover, their fund doesn't look like most in their sector. The duo look for absolute, not relative, ‘value’. They avoid consensus thinking, reject deliberate diversification and don't time their investments. And they don't rely on others to do the necessary fundamental analysis – they do their own research using one valuation framework across sectors and countries, believing that what they can't confidently analyse, they can't value. The team’s soft-closed, all-cap version of this fund, JOHCM European Select Values, with its top-decile, 14-year track record, reflects the team’s superior stock-picking skills. Luis looks forward to showing you the many faces of value.
Biog21 years industry experience, joined JOHCM in March 2015. Luis is Fund Manager for the JOHCM Concentrated Value Strategy and JOHCM European Select Values Strategy. He joined JOHCM from T Rowe Price International where he was a Senior Buy-Side Analyst and member of the Investment Committee for the Global Small-Mid Cap team, with a main focus on Europe. From April 2004 to July 2012, Luis was a Sell-Side Equity Analyst at Deutsche Bank in Madrid and later London; becoming a Research Director for the European Small Caps Strategist in 2010. Before that, Luis worked in Madrid with Julius Baer (now Kepler Equities) as an Equity Analyst. Other notable employers are Morgan Stanley and Arthur Andersen (now Deloitte). Luis holds a B.A. in Economics and Business Administration, specialising in Finance and Actuary from Complutense University, Madrid. He is a native Spanish speaker, fluent English and basic French.
Peter_Newell
NamePeter Newell
Job titleManaging Director, Senior Portfolio Adviser
CompanyVontobel Asset Management
TitleWhy Quality Growth?
ContentOur philosophy at Vontobel Asset Management, Inc is to invest in businesses that can be characterized as possessing high quality growth at a sensible price. We believe these two elements are linked, as valuation directly relates to the magnitude, stability and certainty of future earnings growth.
We look for returns to be driven by earnings growth which can be sustainable for many years and not from the rerating of valuation multiples, which we feel are less predictable and an unsustainable driver over the long term. The core driver behind the earnings per share (EPS) growth we look for is a high and stable Return on Equity (ROE) and, in particular, a high return on the incremental equity of reinvested profits. Looking at the outcomes of our investment style relative to benchmarks, we believe there are structural advantages to investing in quality growth that should support above market returns when held through the full economic cycle.
BiogPeter Newell joined Vontobel Asset Management, Inc. in 1990. As senior portfolio adviser, Mr. Newell serves as an expert on Vontobel’s global equity strategies, representing the portfolio managers to institutional and intermediary prospects, clients, and consultants. He is responsible for communicating in-depth knowledge of the firm’s philosophy, portfolio performance and positioning, and risk management.
From 1984 to 1990, Mr. Newell held positions at Sanford C. Bernstein and Citigroup. He is a frequent contributor to CNBC, Fox Business News, Bloomberg Radio, and Barron’s.
Mr. Newell earned a B.A. in history from the University of San Francisco.
Jonathan Baltora - AXA
NameJonathan Baltora
Job titleHead of Inflation expertise & Senior Portfolio Manager
CompanyAXA Investment Managers
TitleWhy does inflation normalization matters for the bond market?
ContentInflation has been on a normalization course for the past 2 years and market valuations are still reluctant to fully price this in as Central Banks credibility may have been eroded.
We will discuss our normalization outlook for inflation and show that even a “normal” rate of inflation is an issue for the bond market given the current low yield environment. We will discuss why markets are likely to remain skeptical over the near term and how to benefit from this.
BiogJonathan is a Senior Portfolio Manager within the Global Rates team in fixed income, where he is responsible for the inflation linked bonds expertise. Jonathan joined AXA IM in 2010 as a Portfolio Manager for European and Global Inflation-linked bonds. Prior to joining AXA IM, Johnathan worked for four years at Groupama Asset Management where he began his career as a Portfolio Manager, responsible for managing inflation-linked and aggregate portfolios. Jonathan holds a Master’s degree in Economics as well as a Magistère in Finance, both from the University Paris I Pantheon-Sorbonne.