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Thomas Mansley- GAM
NameThomas Mansley
Job titleInvestment Director
TitleUS consumer credit risk vs. traditional corporate credit risk
ContentThe manager will discuss why professional investors should take a more constructive approach to credit markets and why non-agency US mortgage-backed securities (MBS) offer a compelling alternative to traditional forms of credit. With attractive yields and duration flexibility, investors have the ability to construct a well-diversified portfolio tied to the health of the US consumer and a sound US real estate market. Historically, low correlation to other asset classes positions US MBS as an excellent, alternative form of credit that can help reduce overall portfolio volatility.
BiogThomas Mansley is an Investment Director specialising in the analysis and management of mortgage and asset backed securities (MBS and ABS). He joined GAM in June 2014 from specialist MBS and ABS manager Singleterry Mansley Asset Management, which he joined in 2008 and at which he was CIO. Prior to that, he headed the structured products division at Seix Advisors, an asset management subsidiary of SunTrust. Previously, he held a wide range of MBS-related roles including fixed income portfolio management, proprietary trading and risk management at several global and European banks such as JP Morgan and Credit Suisse First Boston . Thomas Mansley holds an MBA from Pace University, an MS in mathematics from the Courant Institute at New York University, a BS in Mathematics and Computer Science from Pace University, and is a CFA charterholder. He is based in New York.
Gideon Smith-AXA
NameGideon Smith
Job titleEurope Chief Investment Officer
CompanyAXA Investment Managers
Title “Systematically Investing in the Long Run…”
ContentSmartBeta investing is a transparent, low-cost way to capture long term equity market returns through systematic investment in ‘factors’ such as low volatility and quality. However, for truly long term investors, interested in both the sustainability of their investments as well as their returns, you also need to consider non-financial factors such as ESG. In this session we will discuss ways in which you can combine sustainable investing with SmartBeta like approaches to truly invest for the long run.
BiogGideon joined AXA Rosenberg in 1998 and is the Europe chief investment officer co-heading the firm’s London office. He previously held a number of positions at the firm, including Europe deputy chief investment officer, director of client services and head of strategy engineering for Europe. Prior to joining AXA Rosenberg, Gideon trained as a chartered accountant with Arthur Andersen working in their Financial Markets Division in London. Gideon obtained his BSc from Manchester University in 1992 and received his MBA from London Business School in 2000. He is a holder of the Chartered Financial Analyst designation.
Nathan Chaudoin-American Century
NameNathan Chaudoin
Job titleVice President -Client Portfolio Manager
CompanyAmerican Century Investments
TitleThe Emerging Markets Reality: Noise, Growth and Opportunity
ContentWe’ve gone through a number of important market events this year – Chinese circuit breakers, Brazil corruption scandals / presidential impeachment, Brexit, a failed coup in Turkey yet EM is still up sharply. EM – as an asset class – has undergone an incredible transformation this year. After five years of poor performance, especially compared to developed markets, the general mood this year has been remarkably more bullish as EM has finally begun to outperform developed markets. In addition to expectations of further policy support from global central banks, we are beginning to see tangible evidence of recovering fundamentals. Our session will discuss these important changes in the context of our approach as we position our portfolio in the future earnings landscape.
BiogNathan is a member of the Global and Non-U.S. Equity team as a Client Portfolio Manager. He is responsible for communicating our Global and Emerging Market Equity investment strategies and results to the firm’s clients and consultants. Nathan joined American Century Investments in 2014. Previously, he was with HSBC Global Asset Management, most recently as a senior emerging market debt product specialist. He also served as a quantitative product specialist and worked in product development in the firm’s New York and Paris offices. Prior to HSBC, Nathan held a role in business strategy and development at Dresdner RCM Global Investors. He has worked in the investment industry since 2000. Nathan received a bachelor’s degree in French from Wake Forest University.
Michael Dugan-Nomura
NameMichael Dugan
Job titleExecutive Director and Product Specialist, NCRAM
CompanyNomura Asset Management
TitleHigh Yield Credit In A Low Growth World: Opportunities Within Leveraged Finance
ContentUS economic data and corporate outlooks support the view that US economic growth is stable and perhaps improving a little. Our base case is for moderate US economic growth, with GDP expectations of 1.5-2%. At the September 21 2016 FOMC meeting, the Fed voted to keep rates unchanged, as expected. While we and the market expect a rate hike in December, the outcome of the FOMC was viewed by the market as dovish as they lowered expectations for future hikes. The path of tightening over time looks to be more gradual than previously expected, with the “dots” implying two hikes in 2017. Meanwhile, oil prices seem to be stabilizing in the mid-$40 range. Given a slow growth environment with an accommodative Fed and global central bank stimulus, we believe that US High Yield offers an attractive yield in a low yield world. We expect defaults to decline from their recent peak, which was mostly concentrated in Oil & Gas and Metals & Mining, and we believe that supply / demand dynamics will continue to be supportive. As of September 21 2016, the BofA Merrill Lynch High Yield Index had a yield of 6.54% with a spread of 522 bps. We continue to see value in the single-B and triple-C segment of the market, given that some double-Bs have been trading at very tight levels and are more sensitive to interest rate movements. The key drivers for the HY market are economic growth, energy prices, the dollar, and the Fed. Looking ahead, we believe that the US Presidential election will be a key focus of the market and could be a source of future volatility.
BiogMichael J. Dugan, CFA, is an Executive Director and Product Specialist at NCRAM. He joined in September 2010, and covers the US Long-only High Yield, Long/Short High Yield, Leveraged Loans, and Emerging Market Debt strategies. Prior to joining NCRAM, Michael spent the past 12 years in high yield fixed income portfolio management. He was a Senior Vice President, High Yield Credit Analyst at HSBC Global Asset Management, where he was responsible for covering the Aerospace & Defense, Capital Goods, Machinery, Homebuilder, Building Products, and General Industrial sectors. He also shared both US dollar and Euro credit trading responsibilities with the Global Head of High Yield. Michael joined HSBC in 2005, along with seven other members of the Credit Suisse High Yield Fixed Income Team. Michael was a Vice President and Credit Analyst at Credit Suisse Asset Management from 2000 to 2005, where he had the same sector and trading responsibilities. Prior to joining Credit Suisse Asset Management, he was an associate at Neuberger Berman from 1996 to 2000. Michael interned for the International Trade Administration, US Department of Commerce in Washington D.C. Michael earned his MBA with a concentration in Finance from Cornell University, and a BA in Economics from the University of Rhode Island. He is a CFA charterholder, a member of the CFA Institute and a member the New York Society of Security Analysts.
Martin Haycock - Fisch Asset Management
NameMartin Haycock
Job titleSenior Product Manager Convertible Bonds, Portfolio Management & Senior Partner, Fisch Asset Management
CompanyFisch Fund Services
TitleConvertible Bonds - The Case Re-Opens
ContentThe case for investing in this unique asset class is compelling. Convertibles offer investors a 'best of both worlds' proposition, giving exposure to the upside in stock markets with a more defensive profile in weaker stock markets owing to the bond component. In this session, convertible bond characteristics, risk exposures, asymmetry, issuance drivers and performance will be explored, de-mystifying and positioning this under-utilised asset class. Why and how companies utilise convertibles as a flexible financing tool? How are convertible benchmarks developed and used for such a unique asset class? Martin Haycock will answer these and other key questions while explaining how the unique investment culture of Fisch Asset Management captures the best that this unique asset class has to offer.
BiogMartin Haycock studied at Cambridge University (where, alongside his studies, he twice won the world-famous Oxford & Cambridge Boat Race). He then began a 20 year career at UBS. In 1995 he joined the convertible bond origination team and in 2001 was appointed Head of Convertible Bond Research and thereafter Head of Convertible Bond Marketing. During this time he led the development of the UBS Convertible Indices into the most widely used global benchmark for convertible bonds. In 2012, Martin was appointed Global Head of the newly-formed UBS Index Group with responsibility for managing all indices owned by the firm. He also served as Global COO for the Cash Equities business, and in 2014 led the sale of the UBS Convertible Indices to Thomson Reuters.