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LUXEMBOURG • 18 FEBRUARY 2016

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Jorgen Kjaersgaard - AB
NameJørgen Kjærsgaard
Job titleHead-European Credit
CompanyAB
TitleEuropean High Yield: Too Close to Call?
ContentEurope’s high-yield universe is nearing its fourth consecutive year in the black. By contrast, for the second year running, the US high-yield market is mired in negative territory. How can investors in Europe’s credit markets navigate late-cycle headwinds from US markets, strong companies calling bonds early, higher volatility in core yields and pronounced secular changes?
BiogJørgen Kjærsgaard is Head of European Credit. He serves as Portfolio Manager for European Credit and heads the UK & Euro, High-Yield and Investment-Grade Credit portfolio-management teams. Prior to joining AB in 2007, Kjærsgaard was executive director for Structured Credit Solutions at Rabobank. Before that, he was a director for Nordic Structured Solutions at Royal Bank of Scotland. Kjærsgaard spent a large part of his career working in both London and Copenhagen for Danske Bank, and he spearheaded that 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. Location: London
Steven Smith - Capital Group
NameSteven Smith
Job titleInvestment Specialist
CompanyCapital Group
TitleThe benefits of a multi-asset approach to investing in Emerging Markets
ContentOver three decades of investing in EM, Capital Group has developed a multi-asset approach which combines the highest conviction ideas from multiple managers with downside protection and reduced volatility. With the path to recovery in EM unlikely to be smooth, this approach is well suited to the current environment.
BiogSteven Smith is an investment specialist at Capital Group. He has 12 years of investment industry experience and has been with Capital Group for eight years. Prior to joining Capital, Steven was a performance analyst and a member of the U.K. equity portfolio management team at UBS Global Asset Management. He holds a first-class honours degree in Business Management with Spanish from Royal Holloway, University of London. He also holds the Chartered Financial Analyst® designation. Steven is based in London.
Jeff Mueller - Eaton Vance
NameJeffrey Mueller
Job titlePortfolio Manager, Global Analyst
CompanyEaton Vance Investment Managers
TitleUS High Yield: Throwing the Baby Out With the Bathwater?
ContentThe US high yield bond market has experienced significant volatility, with investors primarily concerned about the impact of falling commodity prices on the Energy and Commodity sectors. Adding to the uneasiness has been increasing concerns about negative returns, illiquidity, and the timing of the credit cycle, causing weakness to bleed into other sectors.
With relatively low but sustainable growth, an outlook of below average default rates, and spreads currently beyond their long-term average, should investors ignore fundamental credit analysis that identifies opportunities to purchase bonds at historically attractive prices and shun the asset class? Or are we at risk of ‘throwing the baby out with the bathwater?
BiogJeffrey Mueller is a vice president of Eaton Vance Management International, portfolio manager and global analyst on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He leads investment management and credit research for all non-U.S. high-yield opportunities. He joined Eaton Vance in 2015.
Jeff began his career in the investment management industry in 2004. Before joining Eaton Vance, he was a high-yield portfolio manager with Threadneedle Asset Management. He was previously affiliated with Centaurus Capital Ltd. and Amaranth Advisors LLC.
Jeff earned a B.B.A. from the University of Wisconsin at Madison.
Corrado Gaudenzi - Eurizon
NameCorrado Gaudenzi
Job titleHead of Quantitative Research
CompanyEurizon Capital
TitleGenerating Equity-Like Returns with higher Sharpe Ratio and lower volatility
ContentIn a scenario of economic growth below historical average and nominal interest rates near zero, achieving positive real returns with a high Sharpe Ratio and below average equity volatility is our goal.
A unique investment approach based on a disciplined flexible equity allocation and the selection of sustainable high dividend stocks are the key elements of Eurizon EasyFund Azioni Strategia Flessibile aimed at seizing the risk-adjusted opportunities offered by core equity markets.
Corrado Gaudenzi, Head of Quantitative Research of Eurizon Capital and Portfolio Manager of Eurizon EasyFund Azioni Strategia Flessibile (LU0497418391) will explain the sound fundamental pillars underlying the investment process that has consistently generated a high Sharpe Ratio of 1,28 and a Std. Deviation of only 5.46% in the last 3 years (Morningstar data as of 31st January 2016).
Corrado will then analyze how the strategy has delivered a consistent track record since inception and how it’s expected to behave in the foreseeable market scenario.
BiogCorrado, with 25 years of experience in the industry, is Head of the Quantitative Research team of Eurizon Capital, where, since his arrival in 1997, he has given an important contribution to the development of various investment strategies in the equity sector. Since May 2010 Corrado is fund manager of Eurizon EasyFund Azioni Strategia Flessibile and of other products that have the same investment strategy, overseeing more than €4bn of assets under management (Eurizon Capital internal source as of 31st January 2016).
Previously Corrado worked for over 7 years in financial intermediary companies as quantitative analyst.
From an academic point of view, Corrado obtained his degree in Business Economics in 1989 from the University of Bologna. In the past years he has also been lecturer for various seminars valid to obtain the EFPA certification.
Shawn J. Mato - Westwood
NameShawn J. Mato
Job titleSenior Vice President, Senior Portfolio Manager
CompanyWestwood Holdings Group
TitleWhy Converts Can Offer an Asymmetric Advantage in the Current Market Environment
ContentAsset Allocators face significant challenges going forward to avoid overpaying for risk only to fall short of their capital market assumptions. In an environment where global volatility is increasing and market imbalances persist, access to asymmetric investment opportunities can provide investors an edge in less favorable market environments.
BiogShawn joined Westwood in 2014, serves as a Senior Portfolio Manager and is a portfolio manager on the firm’s Global Convertible Securities team. Prior to joining Westwood, he spent the last ten years co-managing both the long only and absolute return global convertible securities strategies and, the previous three years, as an equity analyst at Aviva Investors. Prior to 2002, he was a Research Associate at Dresdner Kleinwort Wasserstein, a Financial Consultant at Deloitte and Touché LLP, and held a variety of roles at Nomura Securities. Shawn earned a BS in Business and Finance from the University of New Hampshire and an MBA in Finance with Honors from Fordham University. He is a member of the CFA Institute and the Boston Security Analysts Society.