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MIAMI • 18 - 19 MAY 2017

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Mark Denham- Carmignac
NameMark Denham
Job titleFund Manager
CompanyCarmignac
TitleHow to fit the European cycle into a long term portfolio
ContentThe backdrop for European equities is increasingly supportive, with improving economic momentum across the region and encouraging expectations for profits growth in 2017. Mark Denham, Head of European Equities at Carmignac, will explain how he is investing to capture the benefit from this benign environment while retaining his emphasis on stocks with strong individual business models. Such companies typically exhibit high and sustainable profitability, and are the stocks with the best long term prospects. Any volatility arising from the complex political backdrop or from sector rotation should be used to add to these high conviction positions.
BiogMark Denham, joined Carmignac in October 2016. Mark graduated from Cambridge with a degree in Natural Sciences as well as a post graduate certificate in Advanced Mathematics. He also holds Investment Management and Fellow of Institute of Actuaries qualifications. Before joining Carmignac, Mark worked for thirteen years at Aviva Investors in London, where he was in charge of pan-European equities. Prior to that, he was a European equities fund manager at Insight Investment and at National Mutual Life.
Rahul Gupta
NameRahul Gupta
Job titleMatthews Asia Portfolio Manager
CompanyMatthews Asia
TitleEmbracing Growth in Asia: Matthews Pacific Tiger
ContentAt Matthews Asia, we believe in the long-term growth of Asia. However, with macroeconomic news dominating headlines and investors focused on short-term news, we believe that the long-run growth prospects for many Asian companies are often overlooked. Rahul Gupta will explore how we think about growth in Asia, the attributes that make sustainable growth in earnings more likely for certain companies, and how the Matthews Pacific Tiger Fund (the firm’s flagship Asia ex-Japan strategy) accesses some of the most attractive growth opportunities in the region. Rahul will also explain what makes Matthews Asia’s investment approach distinctive and how we identify promising long-term opportunities amidst occasionally turbulent markets. This workshop will share thoughts on major trends in the Asian investment landscape and how Matthews Asia approaches portfolio construction to benefit from the long-term structural growth story in Asia.
BiogRahul Gupta is a Portfolio Manager at Matthews Asia and co-manages the firm’s Pacific Tiger Strategy. Prior to joining the firm in 2014, he spent almost a decade at Oaktree Capital Management as a senior vice president on the Emerging Market Long Short Equity Fund. In this role, he managed portfolios in the technology, industrial and health care industries. Rahul began his career in 1994 with Citibank, and as a vice president was responsible for heading the development of new financial products. Rahul earned his M.B.A. from INSEAD in France and was also an exchange student at The Wharton School of the University of Pennsylvania. He received a Bachelor of Technology in Mechanical Engineering from the Indian Institute of Technology in New Delhi. He is fluent in Hindi.
Charlie Awdry-Henderson Global Investors
NameCharlie Awdry
Job titleInvestment Manager
CompanyHenderson Global Investors
TitleChinese equities: Climbing a wall of worry with or without you
ContentAs a result of ongoing macroeconomic challenges and negative media coverage most investors have moved from loving China, through hating China to now ignoring it. This provides a highly attractive stock picking environment for those who know where to look. Charlie will highlight where the best opportunities are across Chinese equites including how to prosper in the domestic A share markets of Shanghai and Shenzhen where high quality large capitalisations stocks are overlooked by local investors chasing high growth fashionable stocks.
BiogCharlie Awdry has more than a decade of experience investing in China equities. He joined Henderson in 2011 as part of the Gartmore acquisition where he had been a key member of the emerging markets team since 2001. Charlie assumed the role of investment manager and began managing Chinese equities in 2003. As a sector specialist he conducted research into the industrials and materials sectors for global emerging markets products. After a period of working in Hong Kong in 2005 and 2006 Charlie returned to London and became the China fund manager at Gartmore in 2006. Charlie is a CFA charterholder and holds a first class BSc (Hons) degree in Geography from the University of Bristol.
James Tomlins-M&G Investments
NameJames Tomlins
Job titleFund Manager
CompanyM&G Investments
TitleThe role of floating rate bonds as central banks normalise monetary policy
ContentGiven the recent shift in central bank policy with rate hikes in the U.S and a softening of the accommodative policies in Europe and the U.K accompanied by strong economic data throughout, we can expect a different environment for fixed income investors going forward. The past 12 months have undoubtedly been a good time for high yield, since the early part of 2016, credit spreads have tightened dramatically as many of the factors that had been weighing on sentiment started to dissipate. Even though current spread levels comfortably compensate for any risk of default, without much space for further compression, traditional high yield investors will be hit by any future interest rate hikes. At M&G however we believe that through careful and thorough credit selection we can continue to find pockets of value in the high yield market. In fact, one of our unique investment strategies, the M&G Global Floating Rate High Yield Fund is specifically designed to generate returns given the current credit market backdrop. With close to zero duration and coupons that re set periodically the funds’ income actually increases as interest rates rise. In addition to this characteristic, since the fund invests in FRNs which are mostly Senior Secured the portfolio also maintains a defensive positioning, being better able to withstand any volatile periods in high yield
BiogJames Tomlins joined M&G in June 2011 and was appointed Fund Manager of the M&G European High Yield Bond Fund later that year. In January 2014, he became co-manager of the M&G Global High Yield Bond Fund after two years as deputy manager on the fund. James has also managed the M&G Global Floating Rate High Yield Fund since its launch in September 2014. James is a specialist in high yield credit with more than 10 years’ experience in this sector. He was previously an analyst and then a fund manager at Cazenove Capital Management. Before Cazenove, James was at KBC Alternative Investment Management; in the three years prior to that, he worked at Merrill Lynch Investment Managers. James is a CFA charterholder. He graduated with an MA in history and PgDip in economics from the University of Cambridge.
simon fox
NameSimon Fox
Job titleSenior Investment Specialist
CompanyAberdeen Asset Management
TitleIt is time to diversify. Genuinely. 60/40 is no longer enough.
ContentAs we look out over the next 5 years we can see a range of compelling investment opportunities – but also a significant set of risks, including the headwind of historically low yields and rising rates. In the past multi asset funds would have tried to navigate this environment with a simple blend of equities and bonds. Today, multi asset funds need to do more – or risk disappointing their clients. The answer isn’t simply to make heroic bets, or to aggressively market time. As we have seen with the world’s largest and most sophisticated investors, genuine diversification benefits can be achieved through exposure to a broader range of asset classes, including infrastructure, emerging market bonds, loans, insurance linked securities, aircraft leasing and peer to peer lending. Simon will talk through the exciting options available - and how our unconstrained approach is offering “more”.
BiogSimon Fox is a Senior Investment Specialist within Aberdeen. Simon’s key areas of coverage include Aberdeen’s multi-asset funds, hedge fund solutions and pan-alternative strategies. Simon joined Aberdeen in 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.
Gerardo Zamorano-Brandes
NameGerardo Zamorano
Job titleDirector, Investments Group
CompanyBrandes Investment Partners
TitleThe Value in Emerging Markets
ContentWe will discuss how a region primarily recognized for growth is an ideal breeding ground for mispricing and how the flexible, bottom-up, fundamental value approach applied through the Brandes Emerging Markets Value Fund can take advantage of those inefficiencies. We will focus on the current opportunity set across the entire GEM equity space.
BiogGerardo Zamorano is Director, Investments Group with analyst and team Leader responsibilities on the telecommunications research team. He is also a member of the emerging markets and all-cap investment committees. His investment experience began in 1995 and he joined Brandes Investment Partners in 1999. He was previously assistant investment officer in the Latin America department with the International Finance Corporation (part of the World Bank Group. He has a MBA from the Kellogg Graduate School of Management of Northwestern University and a BSE (magna cum laude) from the Wharton School of Business of the University of Pennsylvania. He is fluent in Spanish & Portuguese and is a limited partner of the firm's parent company.
Anil Katarya-NN Investment Partners adestra
NameAnil Katarya
Job titleCo-Head of Investment Grade Credit
CompanyNN Investment Partners
TitleU.S. Investment Grade Credit: Higher Yield = Demand
ContentThe global low yield environment continues to be strong driver for U.S. Investment Grade Credit demand as the higher yield offered by the asset class continues to attract foreign buyers.
US investment grade bonds look attractive as the current credit cycle shows no signs of slowing down in the near term. Despite a strong rally in credit spreads since the U.S. elections, valuations remain attractive as spreads are still above their historical average and have had a favorable return distribution at current levels. Corporate fundamentals remain healthy. We are seeing positive revenue and earnings growth for US corporations, and corporate leverage has remained stable, with interest coverage and EBITDA margins improving over the last year. Finally, total returns for the asset class have historically been positive and have offered adequate downside protection in periods of rising rates.
BiogAnil Katarya is Co-Head of Investment Grade Credit and Senior Portfolio Manager at Voya Investment Management . Anil has been with the company for 17 years and has 19 years of experience. Previously, Anil was the head of credit portfolio management and also served as a portfolio manager and credit analyst on the investment grade team since joining Voya in 2000. Prior to joining the firm, Anil was a financial analyst for Mirant Inc. He received a BS in mechanical engineering from Kurukshetra University, India, and an MBA from Georgia State University. Anil holds the Chartered Financial Analyst® designation.
Abrie Pretorius-Investec
NameAbrie Pretorius
Job titlePortfolio Manager
CompanyInvestec Asset Management
TitleAccessing the Quality investment opportunity
ContentVery few companies have the ability to generate and maintain high levels of profitability over time. The ones that do, have often created enduring competitive advantages. In our presentation we will show how we invest in companies which combine this high quality with attractive growth and yield characteristics to produce portfolios which have provided strong long term returns at below average levels of risk. We will also show how these powerful compounders can be used in both growth and long-term income portfolios and that current valuations could potentially provide an attractive entry point.
BiogAbrie is a portfolio manager and analyst in the Quality team. He joined the team from the Performance and Risk team. He graduated with a degree in Quantitative Risk Management, holds the Investment Management Certificate and is a CFA Charterholder.
Chris DiPrimio- BlackRock
NameChris DiPrimio
Job titleVice President and Product Strategist
CompanyBlackRock
TitleFinding Growth in Volatile Markets: Liquid Alternatives
ContentN/A - Contact BlackRock for more information
BiogChris DiPrimio, CAIA, CIMA, Vice President and Product Strategist, is a member of the scientific active equity business within BlackRock's Active Equity Group. Additionally, DiPrimio is responsible for representing BlackRock's domestic and global equity income solutions. Prior to assuming his current role, DiPrimio was a member of BlackRock Alternatives Specialists (BAS) Group where he served as a Product Specialist for alternative investment products offered to private wealth clients. He was also an investment management associate within the US wealth advisory group at BlackRock, serving Merrill Lynch Financial Advisors in the Southeast US. DiPrimio began his career at Hamilton Lane Advisors, a global private equity firm. DiPrimio earned a BS in Finance, summa cum laude, and a minor in Biochemistry from The Honors College at Millersville University.
Julie Mandell-Schroders
NameJulie Mandell
Job titleFixed Income Investment Director
CompanySchroders
TitleStill life left in this credit cycle
ContentCentral banks globally provided plentiful liquidity in the aftermath of the 2008 financial crisis. This has been good for corporate bonds as low rates have pushed investors out the credit spectrum where yields were relatively high. In late 2015, the Fed became the first major central bank to begin tightening monetary policy, at a slow and deliberate pace, and other central banks may soon taper quantitative easing. Given how much credit spreads have tightened over the past year, investors are justified to evaluate whether they are being adequately compensated for the risks. We believe that opportunities still exist in the global high yield market. While a short-term correction is certainly possible, after the strong rally over the past year, a protracted bear market is very unlikely to materialize this year. Credit fundamentals are solid, technicals factors are supportive and high yield remains an attractive investment option compared to alternatives.
BiogJulie Mandell joined Schroders in 2014 as a Fixed Income Director responsible for driving and supporting business development efforts across the globe. She specialises in credit strategies, both investment grade and high yield. Before joining Schroders, Julie spent 18 years at AllianceBernstein. Most recently, she was a vice president and fixed income product director in charge of institutional business development in credit strategies. Julie has a MBA in Finance from Stern School of Business, New York University Bachelors of Science in Mathematics, Union College Series 7 and 63.