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PARIS • 22 March 2018

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Laurence Taylor
NameLaurence Taylor
Job titleGlobal Equities Portfolio Specialist
CompanyT. Rowe Price
TitleJapan: Change Is Happening (And This Time It’s For Real)
ContentWhile best known for its economic and demographic bear case, Japan’s current investment thesis is centred on best in class profits delivery and a shift in corporate governance that is structurally improving shareholder returns. With many investors remaining sceptical or unsure whether change is permanent, a clear understanding of Japan’s evolution and how to capture its benefits is more important than ever.
BiogLaurence Taylor is a Portfolio Specialist in the equity division at T. Rowe Price and has 18 years of investment experience, nine of which have been with T. Rowe Price. Prior to joining the firm in 2008, Laurence Taylor was a portfolio manager at AXA Rosenberg, with responsibility for European institutional clients, and began his career at Hewitt Associates in the UK Investment Practice. At Hewitt, Laurence Taylor provided investment advice to European institutions as a client-facing consultant before specializing in the research and selection of global and international equity managers in the manager research team. Laurence Taylor obtained his B.A., with honours, from Greenwich University and has earned the Chartered Financial Analyst designation.
Damien Buchet-Principal Global Investors
NameDamien Buchet
Job titleCIO Total Return Strategy, Finisterre Capital
CompanyPrincipal Global Investors
TitleFinisterre's EMD Total Return Strategy: How to deliver an efficient “all-weather” performance solution for asset allocators in the EMD space
ContentIntroducing our EM Total Return strategy as a potential solution for asset allocators in the EMD space, we will discuss how it addresses the issues of cross-asset allocation, yield optimisation, market timing, liquidity management as well as volatility and downside mitigation. We will explain our bespoke asset scoring and portfolio construction process, combining both fundamental and technical factors and link it to our current market views. Further, we shall look into how, over the past almost five years, this strategy has performed across a variety of market conditions in comparison to most market indices, traditional benchmarked funds and total-return peers.
BiogDamien joined Finisterre in September 2015 as a Portfolio Manager for the total return strategy. Prior to joining Finisterre, he was a global head of emerging markets fixed income at AXA Investment Managers from 2010 to 2015, overseeing $7bn in EM FI assets and leading the EM team located in Paris, London and Hong Kong. Prior to this, from 2007 to 2010, Damien was head of sovereign & emerging markets credit trading & structuring and proprietary trading at Dexia Credit Local in Paris, where he was responsible for two relative value trading books, in EM hard and local currency assets, which generated a positive €45m P&L for the bank in 2008. Damien was head of emerging markets & specialist asset manager at CCR Gestion, Commerzbank Group in Paris from 2005 to 2007, where he was awarded an ‘Agefi Actifs 2006 Innovation Prize’ for the incubation of a global macro EM total return investment process investing in EM bonds, corporate credits, equities and currencies. From 1996 to 2005, Damien was senior fund manager, deputy head of alternative EM funds at Alternative Asset Management Specialist Barep Asset Management in Paris, the alternative asset manager of Societe Generale. He started his career in Hong Kong as an Asian equity fund manager at Euro Pacific Advisers Ltd from 1993 to 1996, and a financial analyst, China desk at Societe Generale Hong Kong branch from 1992 to 1993. Damien graduated from EDHEC School of Business Administration in Lille, France (1991) and is also a CFA charterholder.
Derek Fulton-First Trust
NameDerek Fulton
Job titleCEO
CompanyFirst Trust Global Portfolios
TitleHarvesting Yield Divergence
ContentThe First Trust FactorFX (FTFX LN) is an exchange-traded fund (ETF) that seeks to deliver total returns by exploiting carry, value and momentum factors within global fixed-income and currency markets. The fund aims to deliver investors low correlation to broader equity, bond and commodity markets over the medium to long term.

Currencies are a relative instrument – the buyer of one currency is the natural seller of another. As such, currency is different from traditional sources of fixed-income risk premia (curve and credit) as focus is shifted from the absolute yield level to the relative yield difference between regions/countries. The currency investor’s opportunity set expands as global yield divergence increases or decreases. Therefore, this product may diversify existing global fixed income allocations in a rising yield environment.
BiogDerek is a Director and CEO of FTGP. Derek has been managing global portfolios with a focus on fixed income for 20 years. Prior to joining First Trust in Europe in 2011, Derek was founder and principal of a boutique fixed income manager in Paris managing global bond funds. Derek joined Aberdeen Asset Management after leaving university and spent 12 years with the firm holding positions as head of Asian fixed income in Singapore and head of global fixed income strategies in London. At First Trust he is responsible for development and distribution of actively managed and smart beta strategies.
Charudatta Shende-Candriam
NameCharudatta Shende
Job titleSenior Client Portfolio Manager
CompanyCandriam Investors Group
TitleEMD HC: Generating Risk-adjusted returns through a relative value approach
ContentThe EM Debt asset class benefits from improving fundamentals and relatively attractive yields. On the other hand, external factors (such as Fed rate hike) and EM specific risks (such as elections or political instability) are likely to present challenges. This context requires differentiation and a careful selection of instruments within the large and heterogeneous EMD universe. Candriam Bonds Emerging Market implements a unique investment process based on a distinctive “relative value” approach in order to deliver risk-adjusted returns across the EMD HC universe. This time-tested approach combined with an extensive proprietary tool-kit enables the investment team to identify market inefficiencies and selectively pick the best investment opportunities. The investment process also explicitly integrates ESG factors, which are key in determining the long term credit worthiness of EM countries. The portfolio construction and calibration of positions is a function of the convictions generated by the team as well as the disciplined risk framework and strict investment guidelines. The fund is supported by an experienced investment team with specific focus and complementary expertise.
BiogCharudatta has been a Senior Client Portfolio Manager within the fixed income team at Candriam since September 2016. Since then, he has been responsible for the communication and messaging regarding all FI strategies, with a strong emphasis on EM debt and credit. He has over 12 years of experience in the asset management industry, with 10 years within the fixed income universe. Prior to joining Candriam, he was a product specialist at Carmignac Gestion, in France, where he was in charge of communication on the fixed income funds. He began his career with Pioneer Investments in Dublin, where he was a product research analyst. Charudatta holds a double degree in Finance and Economics from the American Business School of Paris, where he graduated with honours.
Lars Nielsen-BMO
NameLars Nielsen
Job titleSenior Product Specialist, Pyrford International
CompanyBMO Global Asset Management
TitleThe Importance of Downside Protection in Investment Management
ContentThis presentation will explain how avoidance of loss is a key skill in investment management. BMO Global Asset Management focus on value and quality when making decisions. Combining top-down asset allocation with bottom-up security selection, our approach is a straightforward one, containing global equities, sovereign bonds and cash.
BiogLars has overall responsibility for all client oriented activities at Pyrford. He has over 25 years’ experience in the asset management industry. Prior to joining Pyrford, Lars worked in similar roles at Dalton Strategic Partnership, TT International and Alliance Capital. Lars started his career in various roles at Barra, one of the world’s leading investment analytics companies. He spent nine years there and his last position was as a director for the US equity money manager business. Before going to the US he held positions in the European part of the business. Lars graduated from Aarhus Business School in Denmark with an MSc and BSc in Business Administration with a concentration in Finance. He also studied at Aarhus University mathematics department and San Francisco State University MBA program.
Gary Kirk
NameGary Kirk
Job titlePartner, Portfolio Management
CompanyTwentyFour Asset Management
TitleIncome, the scarce commodity
ContentIncome continues to be a scarce commodity in financial markets. Fixed income remains the most natural place to look but finding value can be a challenge in the current market environment. Where do you look for safe yield whilst rates are going up?

Gary Kirk, Partner and Portfolio Manager at TwentyFour Asset Management will discuss how a flexible global approach allows you to deliver an attractive income and total return throughout the economic cycle. He will outline where we see value for investors and the areas of fixed income we like and why.

Gary will also discuss:

• Current market thoughts
• Where we see the best income opportunities
• The areas of the market to avoid
• A model portfolio for income generation
BiogGary is one of the founding partners of TwentyFour, and a Portfolio Manager. He sits on the firm’s investment committee, which sets the overall risk bias for the portfolios managed by the firm. Gary’s main responsibility is managing the firm’s multi-sector bond team with funds including the dynamic bond fund and strategic income fund. Gary has over 27 years of experience in fixed income markets gained across a variety of senior roles in asset management and investment banking, including leadership positions at Daiwa Capital, Royal Bank of Canada, CDC and Wachovia Bank.