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MILAN • 9 MARCH 2017

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

James Inglis-Jones - Liontrust
NameJames Inglis-Jones
Job titleFund Manager
CompanyLiontrust Asset Management
TitleDifferentiated European long/short – the Cashflow Solution
ContentJames Inglis-Jones and co-manager Samantha Gleave focus exclusively on company cash flows in managing the Liontrust GF European Strategic Equity Fund as they believe they are the single most important determinant of shareholder investment returns. The managers seek to provide long term returns which are better than the market while taking less risk: protecting investors when the market falls and participating in the market’s growth. To help them achieve this, Samantha and James have developed a number of proprietary market cash flow indicators. These highlight how compelling the long and short investment opportunities in Europe are at any given time. By combining these indicators with bottom-up company analysis, James and Samantha are able to take a systematic approach to varying the net and gross exposure of the fund to deal with different market conditions.
In the workshop, James will explain how their investment process targets a low-volatility, uncorrelated return in a range of market environments, and how and why they are currently positioning the fund to cope with investor complacency.
BiogJames began his career in 1997 when he joined Fleming Investment Management as an analyst before going on to manage UK equity portfolios. He then worked on JP Morgan Fleming’s institutional investment process before becoming a senior portfolio manager. In 2003 he joined Polar Capital where he managed a European market neutral fund before joining Liontrust in 2006 to develop a European investment process. James is a Chartered Management Accountant and a CFA charterholder. James graduated with a Degree in History from York University. He gained a D.Phil in History from Christ Church, Oxford.
Rinaldo
NameRinaldo Leva
Job titleHead of Equity Investments and Senior Portfolio Manager
CompanyDuemme
TitleA strategic approach for equity investments
ContentDuring 2016 the funds gained +17.2% net with a volatility of 8.5%, while on the same period Eurostoxx gained +1.5% with more than 20% volatility. A winning combination of fundamental stock picking activity and net exposure management has been the key of this performance.
The funds invests in the Euro Area Equity Markets with a tactical net exposure management aimed to avoid/reduce typical equity market volatility.
The fund performance comes from 3 main factors:
• Stock picking activity: a concentrated portfolio of 30-35 undervalued companies, with good business models and management, invested with a medium-long term horizon
• Flexible management of the net equity exposure from 0 to 50% realized with a mixture of bottom up and top down approach..
• Active liquidity management through investments in government and corporate bonds up to 20% of NAV
BiogRinaldo Leva joined Duemme SGR in April 2010, after an experience of 2 years with Sator Capital Limited as Head of Research and Portfolio Manager, and CIO in the latter months. Formerly, since 2001, he was Head of Equity Investments in UBI Pramerica SGR. Rinaldo has also been a shareholder of UBI Alternative Investment SGR. From 1992 to 1996 Rinaldo worked in the Financial/Accounting Department of a medium sized industrial company.
Rinaldo received a degree cum laude in Economics from University of Ancona.
Alessandro
NameAlessandro Paulillo
Job titlePortfolio Manager
CompanyDuemme
TitleA strategic approach for equity investments
ContentTBCDuring 2016 the funds gained +17.2% net with a volatility of 8.5%, while on the same period Eurostoxx gained +1.5% with more than 20% volatility. A winning combination of fundamental stock picking activity and net exposure management has been the key of this performance.
The funds invests in the Euro Area Equity Markets with a tactical net exposure management aimed to avoid/reduce typical equity market volatility.
The fund performance comes from 3 main factors:
• Stock picking activity: a concentrated portfolio of 30-35 undervalued companies, with good business models and management, invested with a medium-long term horizon
• Flexible management of the net equity exposure from 0 to 50% realized with a mixture of bottom up and top down approach..
• Active liquidity management through investments in government and corporate bonds up to 20% of NAV
BiogAlessandro Paulillo joinied Duemme SGR in March 2010, after an experience of 3 years in UBI Pramerica SGR as a member of the Equity Investment Team focusing on the equity portfolio construction and the stock selection process across different sectors. Formerly he was Financial Analyst at RasBank (Allianz Group) within the Finance Department.
Alessandro received a BA in Economics and Finance and a Master of Science in Finance from Bocconi University, Milan.
James Clunie - Jupiter
NameJames Clunie
Job titleHead of Strategy
CompanyJupiter Asset Management
TitleCan managers build robust portfolios?
ContentAbsolute return fund managers aim to build portfolios that can profit regardless of market conditions. But how do you make a fund robust to a change in the market regime? In this presentation, James will discuss the challenges of building a robust portfolio, and will explain how short-selling can help in this task. He will also discuss the importance of developing an ‘edge’ as an active manager.
BiogJames joined Jupiter in 2013. He is currently Head of Strategy, Absolute Return and manages the Jupiter Global Absolute Return fund (SICAV).
Before joining Jupiter, James worked at Scottish Widows Investment Partnership as an Investment Director of equities, and managed a long/short equity fund and UK long-only funds.
James was a senior lecturer in finance at the University of Edinburgh between 2003 and 2007, prior to which he worked as Head of Global Equities at Aberdeen Asset Management and Director and Head of Asset Allocation at Murray Johnstone International.
James gained a degree and PhD from Edinburgh University and is a CFA® charterholder.
George Cheveley - Investec
NameGeorge Cheveley
Job titlePortfolio Manager
CompanyInvestec Asset Management
TitleCommodities & Resources
ContentTBC
BiogGeorge is a portfolio manager and metals and mining specialist in the Commodities & Resources team at Investec Asset Management having joined the firm in 2007. Prior to this, he was a market analyst for three years at BHP Billiton, working in The Hague and Singapore. He was recruited to BHP Billiton in 2004 from CRU (Commodities Research Unit), an independent metals/chemicals related research company based in London. At CRU, he spent three years in the Carbon Steel team and five years as a Research Manager – Copper, providing in-depth research and forecasts to the industry, banks and hedge funds. George began his career in 1990 in operations at British Steel Strip Products, working for three years in the Tinplate division. George graduated from the University of Oxford in 1989 with an honours degree in Classics and in 1995 was awarded an MBA from Warwick University.
spadotto
NameMassimo Spadotto
Job titleHead of Structured Fixed Income
CompanyEurizon Capital
TitleWhy invest in European ABS in 2017? A potential island of happiness in the credit market
ContentEuropean ABS benefits from an excellent risk/return profile. They offer a significant carry while providing assets diversification thanks to low correlation with other asset classes.
They are mainly floating rate bonds hence the duration risk is limited, the underlying are granular pools ( statistic risks apply and idiosyncratic risk is very limited) and the level of transparency has increased significantly thanks to loan by loan data. The ABS performance are driven by macro features, they could take advantage from the general European recovery story. There is an alignment of interest with the originator retention of at least 5% since 2011. Extending the range of collateral accepted the ECB has increased the asset liquidity. Securitization provides funding, risk transfer, regulatory capital reduction and asset disposal for banks and funding for financing companies: real economy with SMEs and households benefits.
European securitization market shows its resilience in terms of default and downgrade metrics.
BiogMassimo, a fund manager with 14 years of international experience in the financial industry, is in charge of Eurizon Capital’s Structured Finance team. Before joining Eurizon Capital, he worked as a structured finance specialist in the London offices of Deutsche Bank AG, Royal Bank of Scotland PLC, and Bear Stearns Company Inc., with previous experiences as an investment banker with Merrill Lynch.
Massimo obtained an honours degree in Economics of Financial Markets and Institutions, specialising in quantitative methods, at Università L. Bocconi in Milano, and was also an exchange student at the New York University – Leonard N. Stern School of Business.
JuozasBarauskas(colour)
NameJuozas Barauskas
Job titleInvestment Specialist
CompanyAviva Investors
TitleNavigating through uncertainty: a multi-strategy approach
ContentIn a world where many security valuations are stretched and the volatility regime is shifting, wealth managers are challenged to put together portfolios that generate regular levels of return without exposing their clients to too much risk. What to do? Aviva Investors will explain how to build a robust portfolio with a range of strategies across a number of different risk factors that achieves a specific outcome with low volatility irrespective of market environment.
BiogJuozas is an investment specialist, focusing on our multi-strategy capabilities. Juozas joined Aviva Investors in 2013, having graduated from the University of York. Prior to joining the multi-asset team he was covering fixed income absolute return and long-only capabilities. He holds the Investment Management Certificate (IMC) and he is Chartered Alternative Investment Analyst (CAIA).