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MILAN • 23 NOVEMBER 2017

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

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NameJustin Wells
Job titleStrategist
CompanyOld Mutual Global Investors
TitleFACING UP TO POLITICAL and MARKET RISK: A DYNAMIC STRATEGY
ContentJustin Wells, strategist in the global equity team at Old Mutual Global Investors, will explain how political risk has re-emerged and has been affecting markets, even when sometimes beneath the surface. He will also argue that Smart Beta strategies can have risk exposures different to that suggested by their particular label, and that a dynamic alpha model should be preferred.
BiogJustin joined Old Mutual Global Investors in 2014 and is a strategist in the global equity team. He joined from UBS Global Asset Management where he worked as a strategist for the emerging market equities team. Justin was formerly based in Asia as an investment advisor to the then CIO of Shinsei Bank, Tokyo, focusing on emerging market investment opportunities throughout Asia and EMEA. Justin began his career as a barrister, practising in London. He holds an LLB (hons) from the University of Durham and a BA (hons) from the Queen's University of Belfast.
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NameLuca Sibani
Job titleHead of Discretional and Total Return Investments
CompanyEpsilon Sgr SpA
TitleEmerging Market Debt: a consistent opportunity in a rising yields environment for EUR based investors
ContentAs Central Banks advance in the normalization process of ultra-accommodative monetary policies, the modest to negative level of interest rates in the euro area pose a formidable challenge for asset allocators and portfolio managers: not only is the expected return of the fixed income component contained, but the risk profile is asymmetrical even in a scenario of gradual monetary policy tightening.
In this market environment, leveraging on the outstanding 9 years track record of EF EB Total Return, Luca Sibani and his team provide EUR based investors with a distinctive alternative to the income stream once provided by EUR fixed income aggregate portfolios.
Epsilon Fund Emerging Bond Total Return Enhanced, staying true to its management philosophy and disciplined investment process, invests mainly in short-term emerging country bonds offering positive yield to maturity (reducing interest rate, credit, and currency risks), while aiming to benefit also from tactical opportunities, keeping annualized volatility below 3%:
Luca Sibani will discuss the opportunities within the EM fixed income universe. He will also explain how attractive investment ideas are exploited in the Epsilon Emerging Bond Total Return Enhanced Fund and how they are combined to construct a dynamic and highly diversified bond portfolio.
BiogSibani’s career in the asset management industry started in 1997 when he joined the fixed income team of Fondigest SGR now Eurizon Capital. In 2000 he was appointed Head of Emerging Fixed Income funds and in 2005 he became Head of Global Bonds team of CAAM SGR now Amundi Italia. In 2009 he moved to Epsilonsgr as Head of Discretional and Total Return Investments. Luca Sibani was previously employed by Chase Manhattan Bank of New York in the private banking division and by Epstasim as a trader of swaps and derivatives on interest rates.
Luca graduated from University of Bologna in business administration and is a CFA Charterholder since 2000.
Alessandro Pozzi - Eurizon
NameAlessandro Pozzi
Job titleHead of Retail & Wholesale Distribution
CompanyEurizon Capital Sgr SpA
TitleEmerging Market Debt: a consistent opportunity in a rising yields environment for EUR based investors
ContentAs Central Banks advance in the normalization process of ultra-accommodative monetary policies, the modest to negative level of interest rates in the euro area pose a formidable challenge for asset allocators and portfolio managers: not only is the expected return of the fixed income component contained, but the risk profile is asymmetrical even in a scenario of gradual monetary policy tightening.
In this market environment, leveraging on the outstanding 9 years track record of EF EB Total Return, Luca Sibani and his team provide EUR based investors with a distinctive alternative to the income stream once provided by EUR fixed income aggregate portfolios.
Epsilon Fund Emerging Bond Total Return Enhanced, staying true to its management philosophy and disciplined investment process, invests mainly in short-term emerging country bonds offering positive yield to maturity (reducing interest rate, credit, and currency risks), while aiming to benefit also from tactical opportunities, keeping annualized volatility below 3%:
Luca Sibani will discuss the opportunities within the EM fixed income universe. He will also explain how attractive investment ideas are exploited in the Epsilon Emerging Bond Total Return Enhanced Fund and how they are combined to construct a dynamic and highly diversified bond portfolio.
BiogAlessandro, with 22 years of experience in the asset management industry, is Head of Retail & Wholesale Distribution at Eurizon Capital SGR where, since his arrival in 2008, he has made a major contribution to the development of various business lines addressed to Sales Networks and Multimanager Institutional Investors. Previously, Alessandro worked with Pioneer Investments for over four years and, from 2000 to 2004 in the Asset Management Department of UniCredit Group, specialized in investment products and service models for Affluent and Private clients. He began his career as Private Banker for Banca Intesa.
On the academic front, Alessandro obtained his degree cum laude in Business Economics in 1995, and in 1998 he specialized cum laude in Social Communications. Alessandro also attended a post degree specialization in Marketing of Financial Services at Cattolica University’s Centrimark
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NameAndrew Mulliner, CFA
Job titlePortfolio Manager
CompanyJanus Henderson Investors
TitleTotal Return Bond – Why now?
ContentWith yields in Europe at historically low levels and central bank stimulus beginning to be scaled down globally, Andrew Mulliner, Portfolio Manager and member of the Fixed Income Investment Strategy Group will explain how a flexible fixed income approach can help investors navigate this uncertain environment, including:

-The outlook for fixed income markets over the next year;
-Why a flexible total return approach can help navigate the low yield environment
-The importance of managing downside risk and how we do this within a strategic asset allocation framework.
BiogAndrew Mulliner is a Portfolio Manager on the fixed income team at Janus Henderson Investors, and a member of the fixed income Investment Strategy Group, a position he has held since 2011. Andrew joined Henderson in 2007 as an investment assistant and later went on to become an assistant portfolio manager. Prior to joining Henderson, he worked at Old Mutual PLC as a junior financial analyst.

Andrew has a BSc in psychology from the University of Nottingham and holds the Chartered Financial Analyst designation. He has 11 years of financial industry experience.
Gilles Sitbon - Sycomore
NameGilles Sitbon
Job titlePortfolio Manager, Long Short Equities
CompanySYCOMORE AM
TitleDiversifying equity bets to better navigate in the current market environment: our long short equity approach
ContentIn this session, Gilles Sitbon will introduce his philosophy and process to the delegates and then will explain how he uses his portfolio leeway to better navigate in the current environment. He will put into contrast different alpha generation phases in the life of the fund and will elaborate on how he will drive portfolio construction for the quarters
BiogGilles Sitbon is the Portfolio Manager of the Sycomore L/S Opportunities fund. He joined Sycomore Asset Management in October 2010. Prior to that, Gilles spent his entire professional career in New York: he worked three years as a senior analyst at Proxima Capital, a special situations hedge fund and three years as a research analyst at Spinner Asset Management, a technology oriented hedge fund. Prior to business school, Gilles also worked in the Technology Risk Management division of Goldman Sachs. Gilles has an MBA from Columbia Business School, with concentrations in Finance and Value Investing, a Master’s degree in Business Computer Information Systems from Baruch College and an undergraduate degree with majors in Finance and Economics from Dauphine University in France.
James McAlverey - Aviva
NameJames McAlevey
Job titleSenior Portfolio Manager, AIMS Fixed Income Fund
CompanyAviva Investors
TitleMulti-strategy fixed income: delivering the outcomes you need from fixed income
ContentFalling inflation and interest rates over the last 40 years created a tailwind for fixed income returns which we do not expect to be repeated over the 5 to 10 years. With just under 10 trillion¹ of government debt worldwide now yielding less than zero, fixed income investors need to start questioning whether they are being adequately compensated for the risks they are assuming, which in some cases are heavily skewed to the downside.
Aviva Investors will explain the challenges facing traditional fixed income investors, and how their multi strategy fixed income approach can help to address some of these issues and help improve the risk and return profile of fixed income portfolios. By aiming to deliver a return of cash plus 3% with less volatility than global fixed income2.

1: Fitch Ratings – 13th June 2017.
2: 10 year annualised standard deviation of the EURO hedged Barclays Global Aggregate Bond Index monthly returns was 2.80%
as of 29/09/2017.
BiogJames joined Aviva Investors in 2016 and is a co-manager of the AIMS Fixed Income portfolio. He sits on both the Bond Investment Group (BIG), which explores the implications of the house thematics for the fixed income asset class specifically, and on the Strategic Investment Group (SIG), where all ideas that are proposed for inclusion in the AIMS portfolios are rigorously debated to assess their suitability for inclusion. Prior to joining Aviva Investors, James worked at Henderson Global investors where he was Head of interest rates with a focus on alpha generation in the benchmark agnostic product offering. He previously worked on the hedge fund side of the business, where he gained insight and experience in the use and application of derivatives in an absolute return framework. James holds an MSc in Economics from the University of Bristol and is a CFA® charterholder.
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NameThys Louw
Job titleAssistant Portfolio Manager – Emerging Market Fixed Income
CompanyInvestec Asset Management
TitleAccessing the opportunities in Emerging Market Debt
ContentInvestec Asset Management has more than 25 years’ experience in local and external bonds and approximately 22 years in emerging currencies. We are pioneers in EM local currency debt, with our first dedicated strategy starting in 2006, and were among the first to develop a dedicated EM corporate strategy. As an asset class EMD lends itself to delivering a wide range of solutions to meet client risk and return requirements. Across all our strategies our investment process has been built on tried and tested bond and currency processes, with a focus on key bottom-up drivers. During the presentation Thys Louw, Assistant Portfolio Manager, will outline the wide range of investment solutions we have in Emerging Market Debt. He will also discuss the investment process that underpins these solutions and offer our insight into the current market environment.
BiogThys is assistant portfolio manager on the Emerging Markets Hard Currency Debt Strategy and also serves an investment specialist in the Global Emerging Market Debt team at Investec Asset Management, with a particular focus on Africa and the Africa Fixed Income Opportunities Strategy. Prior to joining the team, Thys spent two years in the Client and Investment Groups within Investec Asset Management. He also spent two years at Anglovaal Industries as an analyst within their corporate finance department. Thys holds a Bachelor of Commerce (Hons) degree in Investment Management from the University of Pretoria and is a CFA charterholder.