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HAMBURG • 15 - 17 OCTOBER 2014



Mark Phelps - AB
NameMark Phelps
Job titleHead—Concentrated Global Growth
TitleThe Case for Concentrated Portfolios
ContentWe review the long term academic evidence supporting the case for building concentrated equity portfolios. This develops on the work by Cremers and Petajisto showing that concentrated managers provide better returns over the long run and that investors should look for managers with high active share. We then look at the approach taken by WP Stewart over the last 39 years and why AB acquired them to provide a specific concentrated approach to US and Global equity portfolios.
BiogMark Phelps is Head of Concentrated Global Growth. Prior to joining AB in December 2013, he was president and managing director of Global Investments at W.P. Stewart & Co. From September 2008 to June 2013, Phelps also served as W.P. Stewart’s chief executive officer. He originally joined W.P. Stewart & Co. (Europe) in February 2005 as a global portfolio manager. Prior to that, Phelps held senior positions with the Kleinwort Benson/Dresdner Bank organization in London and San Francisco, most recently serving as chief investment officer for Global Equities at Dresdner RCM in San Francisco. He holds a BA (Hons) in economics from the University of York and completed graduate studies at the Royal Military Academy Sandhurst. Phelps served in the British Army from 1981 to 1984, achieving the rank of Captain. Location: London.
Imre Tajti - Aberdeen
NameImre Tajti
Job titleInvestment Manager, Emerging Market Debt
CompanyAberdeen Asset Management
TitleCapture a new Frontier
ContentThe case for Frontier markets extends beyond simply providing higher potential return than more mainstream emerging markets and exhibiting a low correlation to other risk assets. Digging deeper, Frontier economies are supported by improving growth prospects, a burgeoning working population and rising investment. They will no doubt need some time to catch up with more economically developed countries, yet we believe patient investors that are looking to diversify their fixed income portfolio stand to benefit over the long term.
BiogImre Tajti is an Investment Manager on the EMD Team and is based in Budapest. Imre joined Aberdeen in 2012 from ING Investment Management Hungary where he worked as Senior Fixed Income Investment Manager and was responsible for all fixed income investment. Previously, Imre worked for National Bank of Hungary as an Investment Manager managing the national reserves of the country in USD and EUR. Imre graduated with a MSc in Economics from Corvinus University of Budapest. He is also a CFA charterholder. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute
Manager PortrŠts, Allianz Global Investors, Frankfurt am Main, 26.08.2008
NameDr Benedikt Henne
Job titleManaging Director, CIO Systematic Equity
CompanyAllianz Global Investors
TitleTaking Smart Equity Risk: The Best Styles Approach
ContentBest Styles centers upon the conviction that investment styles carry risk premiums that can be harvested in a disciplined systematic approach. This conviction is also at the core of the smart beta solutions which have seen strong demand recently.
Investment style risk premiums, such as the Value, Momentum, Growth and Quality premium, account for a substantial part of long-term portfolio performance of any active manager. Earning the risk premiums of investment styles in a well-diversified and risk-controlled way offers stable and reliable long-term streams of excess returns.
The Best Styles strategy has delivered stable and sustainable outperformance since 1999.
BiogDr. Benedikt Henne is Managing Director and the Co-Chief Investment Officer (CIO) Systematic Equity of Allianz Global Investors. He joined Allianz Asset Management in 1998 and is responsible for the development and management of systematic equity products of more than 20 billion euros of assets under management in Frankfurt, Germany.
Benedikt Henne received a master's degree in pure mathematics from the University Pierre et Marie Curie in Paris, France and his doctorate degree from the University of Bonn, Germany. He has been a CFA charter holder since 2001
Adrian Bender - Amundi
NameAdrian Bender
Job titleSenior Product Specialist for the Global Fixed Income and Currency team
CompanyAmundi Asset Management
TitleMaximizing returns from your Bond & Currency portfolio
ContentAfter a 30 year secular bull market in bonds, G4 yields and especially US Treasuries have looked vulnerable since the tapering tantrum in May 2013. We’ll discuss the prevailing themes in the sovereign but also the global credit and emerging debt markets. And how are the bond markets impacting FX markets? What else is driving FX markets? We’ll discuss how Amundi Funds Global Macro Bonds & Currency could be an ideal absolute return solution for investors looking to substitute out of traditional long only bond portfolios.
BiogSince July 2010, Adrian has been a Senior Product Specialist for the Global Fixed Income and Currency team of Amundi London, and is responsible for a number of continental European markets. Adrian moved to this position from being Head of UK fund distribution of Amundi London (previously CAAM) with a strategy based on proposing the group’s differentiating and best in breed investment solutions to primarily London and Edinburgh based Private Banks, Wealth managers and Multi-managers.
Prior to returning to London in 2008, Adrian worked in the asset management industry for eight years in Paris for CAAM and Crédit Lyonnais AM.
Adrian is a BA (Hons) graduate of Middlesex University in the UK and CESEM business school in Reims, France.
Stephen Moore - Artemis
NameStephen Moore
Job titleFund Manager
CompanyArtemis Fund Managers
TitleUS equities in the midst of global headwinds
ContentIn a world of ‘mandated speculation’ brought about by central bank policies, US equities continue to be an attractive asset class. In his presentation, Stephen explains why.
BiogStephen holds a BComm and a BA from the University of Queensland and is an associate of the Securities Institute of Australia. He began his career at First State in 1997, where he worked on the North American team, progressing to portfolio manager in 2001. In 2002 he joined Threadneedle to cover the US consumer sector. He subsequently covered the telecoms and basic materials sectors while managing a number of the company’s segregated US portfolios. In 2004, he became deputy manager of Threadneedle’s US hedge fund. Stephen launched the Threadneedle American Extended Alpha Fund in 2007 and became lead manager on the company’s US hedge fund in 2008. In 2010, he launched the Threadneedle American Absolute Alpha Fund, a UCITS long/short fund. Stephen joined Artemis in 2014.
Edward Ramsden - Banor Capital
NameEdward Ramsden
Job titlePartner
CompanyBanor Capital / Capital Strategies Partners
TitleValue Investing in the US Stock Market: A Long-Short Approach
ContentThis session will cover value investing in general, and the rationale for taking a long-short approach in applying value principles to US equities in particular. Specific cases will be presented on both the long and short side. We will also discuss the determinants of both gross and net portfolio exposure, which will include thoughts on the current US macroeconomic environment and its implications for the valuation of the stock market as a whole.
BiogEddie Ramsden has managed Caburn Capital, an investment partnership focused on US and European equities, since its inception in July 2003. Caburn was originally seeded into business by Joel Greenblatt's Gotham Capital in New York. Ramsden has offices in England and New York. In addition to his investment activities Ramsden has taught a class in Value Investing to London Business School MBA and Masters in Finance students since 2010; and before that taught a class in Applied Value Investing to MBA students at Columbia Business School in New York from 2004 to 2008.
Ramsden is a Fellow of the Institute of Chartered Accountants in England & Wales and has an MBA from Columbia Business School (highest possible grade in every class taken; elected to Beta Gamma Signa honors society). He is a Member of the Institute of Directors, having been a Director of publicly-traded Peerless Systems Inc in 2010. He has a BSc in Mathematics with First Class Honours, awarded by Bristol University in 1992.
From 1993 through 1996 Ramsden was promoted to Audit Manager at Ernst & Young in London, with clients across the insurance, manufacturing, consumer products and retail industries. He was subsequently a strategy consultant with Cap Gemini Ernst & Young with a particular focus on the energy sector, including both oil & gas and nuclear. For two years he was a core member of the strategy account team for one of the ten largest companies in the world. He was a recognised expert in both financial analysis and business process analysis, teaching courses in both subjects while with Cap Gemini Ernst & Young.
Iain Lindsay - GSAM
NameIain Lindsay
Job titleCo-Head of Global Portfolio Management
CompanyGoldman Sachs Asset Management
TitleBe flexible. Go anywhere.
ContentIn the current environment of recovering economic growth and rates near historical lows, yield hungry investors face slim pickings — and serious risks. Investing in fixed income today requires a flexible and dynamic investment approach in order to weather the risk of potentially rising rates and increasing volatility. We believe that investors may benefit from seeking returns via a dynamic and unconstrained fixed income product that has the flexibility to look across the full range of fixed income opportunities, and allocate capital to fixed income sectors that offer attractive risk-adjusted return potential while limiting exposure to unattractive sectors and managing duration risk.
BiogIain is the co-head of Global Portfolio Management within the Global Fixed Income team in Goldman Sachs Asset Management (GSAM). In this role, he is responsible for co-leading the global team of portfolio managers. Previously, Iain was a senior portfolio manager on the Global Fixed Income and Currency team. He joined Goldman Sachs in 2001 and was named managing director in 2004. Prior to joining the firm, Iain worked at J.P. Morgan Investment Management as a portfolio manager. Prior to that, he was head of the capital market strategy team at Bank of Montreal in London and was a senior fixed income strategist at Credit Lyonnais in Paris.
Iain earned a BSc in Physics from Heriot-Watt University in 1985, a PhD in Physics from Imperial College in 1988 and an MBA from City University in 1992. He became a CFA charterholder in 2001.
NameAlistair Way
Job titleSenior Portfolio Manager
CompanyIgnis Asset Management/ Standard Life Investments
TitleGEM Equity – Unleashing the potential
ContentAlistair Way, senior Portfolio Manager in Standard Life Investments Global Emerging Markets team, will use real stock examples to illustrate the potential of an unconstrained, bottom-up stock selection approach in generating impactful, consistent portfolio alpha within a risk controlled framework.
BiogWith over 20 years' industry experience, Alistair Way is a senior Portfolio Manager in Standard Life Investments' Global Emerging Markets team. After graduating from the University of Cambridge with a BA in Economics, Alistair started his investment career in 1993 at Baillie Gifford, initially managing the European smaller companies funds before moving to Japanese equities and Japanese smaller companies. He joined Standard Life Investments in May 2007, focusing initially on Japanese equities before extending coverage to Asia and Global Emerging Markets.
David Millar - Invesco
NameDavid Millar
Job titleHead of Multi Asset
TitleInvesco Global Targeted Return Fund
ContentThe Invesco Global Targeted Returns Fund is a fund of ideas. The Multi Asset team has absolute freedom to invest in any idea, anywhere in the world, with no asset class constraints. All that matters is how each idea will impact risk and reward within the overall portfolio.
BiogBased in Henley-on-Thames, David joined Invesco Perpetual in January 2013 and heads the Multi Asset team. After commencing his investment career with Scottish Widows in 1989, where he qualified as an actuary, David joined the Fixed Interest team at Scottish Widows Investment Partnership in 1996, becoming Head of Bond Strategy and chair of their Bond Policy Group. In 2008, he joined Standard Life Investments as Investment Director in their Multi-asset investing team. He was one of the portfolio managers within their Global Absolute Return Strategies capability and was chair of their Bond Investment Group. David holds a BSc (Hons) in Mathematical Statistics from the University of Cape Town and is a Fellow of the Institute and Faculty of Actuaries.
charlie thomas
NameCharlie Thomas
Job titleFund manager and Head of Environmental Investment Team
CompanyJupiter Asset Management
TitleThinking green, finding gold: opportunities offered by sustainable investments
ContentEnvironmentally-aware investing used to be about avoiding ‘bad’ companies on ethical grounds. Today, according to Charlie Thomas, it is more about finding profitable investment opportunities in a world of rapidly changing priorities. For Charlie and his team, the ethical constraints on the portfolio are just the starting point. Their focus is to seek out what we believe are the best long-term investments in and around companies providing environmental solutions.
BiogCharlie joined Jupiter in 2000 and, since September 2003, he has been the lead fund manager of the Jupiter Global Ecology Growth Fund*. Prior to Jupiter, Charlie spent three years working for BP, firstly as an Environmental Policy Adviser where he was instrumental in developing climate change strategies and policies for the group, and later as a Commercial Analyst where he worked on new business development. He has also worked for the United Nations Environment Programme as well as other financial institutions. Charlie gained an MSc in Environmental Technology from Imperial College, London and a degree from Nottingham University.
Euan McNeil - Kames
NameEuan McNeil
Job titleInvestment Manager, Fixed Income
CompanyKames Capital
TitleFlexibility – the key attribute in today’s global credit markets
ContentIn a global corporate bond market where liquidity has fallen over the past five years, it has been vital for investors to stay active and focused. Euan McNeil discusses the benefits of investing through a bond mandate with the agility to navigate illiquid credit markets. He also explains the importance of a high conviction investment approach that can benefit from global credit, interest rate and asset allocation opportunities.
BiogEuan is an investment manager in the fixed income team. He specialises in investment grade credit and co-manages our Investment Grade Bond Funds as well as several institutional portfolios. Euan joined us in 2003 from Britannic Asset Management, where he worked in the corporate bond team. Prior to that, he was an international equities manager at Blairlogie Capital Management. Euan studied International Business and French at the University of Strathclyde and has an MSc in Investment Analysis from the University of Stirling. He has 16* years’ industry experience.
* As at 30 June 2014
Company Employee
NameAndrew O'Brien
Job titlePartner, Portfolio Manager
CompanyLord Abbett
TitleOpportunities in the U.S. Fixed Income Market
ContentThis session will explore the reasons why a multi-sector approach makes sense in a short duration fixed income strategy. We will examine the best opportunities in U.S. high yield, CMBS, and investment-grade corporates that are available to global investors in today’s challenging market environment.
BiogAndrew O’Brien is responsible for managing the taxable fixed income strategies and is on a team that manages other funds, including the Lord Abbett Core Fixed Income Fund, the Lord Abbett Income Fund, the Lord Abbett Short Duration Income Fund, the Lord Abbett Total Return Fund, and the Lord Abbett U.S. Government and Government Sponsored Enterprises Money Market Fund.
Andrew began his career in the financial services industry at Lord Abbett in 1998 as an Associate Portfolio Manager for Taxable Fixed Income, and was named Partner in 2008.
He earned an AB in economics from Princeton University. He also is a holder of a Chartered Financial Analyst (CFA) designation.
Richard Halle - M&G
NameRichard Halle
Job titleFund Manager
CompanyM&G Investments
TitleValue investing in Europe and the US: conviction in a proven strategy
ContentValue is back in favour. Richard Halle, manager of the M&G European Strategic Value Fund, and Daniel White, manager of M&G North American Value Fund, explain why value is a compelling strategy over the long term, how returns can be enhanced by company analysis and where they see opportunities in today’s market environment.
BiogRichard Halle joined M&G in 1999 as a sector analyst focusing on insurance. Since 2002, he has been managing various institutional mandates on a European value strategy, and in 2008, he was appointed fund manager of the M&G European Strategic Value Fund upon its launch. Before joining M&G, Richard worked as a security analyst for the Sedgwick Group. He graduated from the University of Natal in South Africa with a bachelor of commerce and is a chartered financial analyst (CFA) charterholder.
Daniel White - M&G
NameDaniel White
Job titleFund Manager
CompanyM&G Investments
TitleValue investing in Europe and the US: conviction in a proven strategy
ContentValue is back in favour. Richard Halle, manager of the M&G European Strategic Value Fund, and Daniel White, manager of M&G North American Value Fund, explain why value is a compelling strategy over the long term, how returns can be enhanced by company analysis and where they see opportunities in today’s market environment.
BiogDaniel White joined M&G in 2005 as a sector analyst and has worked closely with Richard Halle on the M&G European Strategic Value Fund since its launch in February 2008. He is deputy fund manager on the fund. In September 2013, Daniel was appointed fund manager of the M&G North American Value Fund. He previously worked at Deloitte & Touche as an accountant. He graduated from the University of Southampton with a BSc in oceanography in 2001. In 2005, he qualified as a chartered accountant and is also a chartered financial analyst (CFA) charterholder.
John Yakas - Polar Capital
NameJohn Yakas
Job titleFund Manager
CompanyPolar Capital
TitleGlobal Financials – Ripe for Recovery
ContentAs the largest sector globally, the Financials sector has recently lagged the overall market on the back of negative newsflow, but is now offering very attractive valuations. This is in the context of considerable improvements in balance sheets (both in terms of capital and loan books), higher dividend payouts and potential for margin rises and loan growth should interest rates rise and macro growth figures accelerate. Equally, structurally there are some very attractive growth trends as emerging market financial sectors continue to expand, smaller banks in developed markets take market share from shrinking incumbents, asset managers replace deposit gatherers and new technologies begin to impact their high-cost structures. Investors should ignore some of the recent headlines, which focus on past problems, and instead focus on the fundamental improvements currently underway.”
BiogJohn Yakas joined Polar Capital in September 2010 and is the Manager of the Polar Capital Asian Financials Fund, Polar Capital Financial Opportunities Fund and Co-Manager of the Polar Capital Global Financials Trust Plc. John has over 20 years’ experience in the financial services industry and has been involved with the Asian Financials Fund since its launch in 1996 and the Financials Opportunities Fund since its launch in 2011. Previously, he worked for HSBC in Hong Kong and was the head of Asian research at Fox-Pitt, Kelton in 1995 and established their office in Hong Kong in 2000. In 2003 he joined Hiscox Investment Management which later became HIM Capital. John has won Lipper awards in the Equity Sector Banks and Other Financials Sector in 2010, 2011, 2012 and 2013 for the performance of the Asian Financials Fund. He has an MBA from London Business School and studied at the London School of Economics (BSc Econ).
Aziz Unan - RenAsset Management
NameAziz Unan
Job titlePortfolio Manager
CompanyRenAsset Management
TitleBottom-up investing across Emerging Europe, the Middle East and their frontier
ContentThe continuing geo-political tensions of Eastern Europe, we believe, mask a pool of cash flow generative companies with strong balance sheets being run by experienced, organised management teams; these companies are trading at a significant discount to their Emerging Market and Global peers despite fundamental strength in their underlying businesses.
Aziz Unan has been the lead Portfolio Manager of the RenAsset Ottoman Fund (RAOTTCE:ID) since its launch in 2006. He will outline where we see value and opportunity in the broad region, including the region’s frontier markets. He will articulate our award winning, disciplined, and time-tested investment process that has been able to deliver strong returns since inception, relative to both the market and peers.
BiogAziz joined RAM in 2012 as part of the team RAM acquired from Griffin Capital. With more than 17 years of investment experience, Aziz is the manager of RAM’s Ottoman fund (since its launch in January 2006), the best performing regional fund in Emerging Europe / MENA. Aziz is amply decorated with multiple industry awards and ratings (Morningstar, Sauren, Euro, Euro AM Sontag). Aziz’s is one of the most experienced analysts on emerging market financials and he is an invaluable resource to the Frontier team across the investment universe but particularly in the Frontier European / MENA region. Aziz is based in Istanbul. Aziz holds a BA in Business Administration from the Anglo-American University.