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STOCKHOLM • 14 - 15 MARCH 2017

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Nathan Chaudoin-American Century
NameNathan Chaudoin
Job titleVice President & Client Portfolio Manager
CompanyAmerican Century Investments
Title A case for active bottom-up management in Emerging Markets Equity
ContentEmerging Markets (EM) fundamentals improved over the course of 2016 but with significant geographical differences. As we begin 2017 with expectations for an improvement in global growth, we remain constructive on the asset class though Fed and US trade policy remain key risks. The majority of EM central banks remain biased towards easing or remaining on hold. Loosening policy and financial conditions should facilitate stronger growth. EM cyclical data continues to move higher supported by easing financial conditions. Stabilisation in commodity producing economies. Better valuation.
In our session, we will discuss the ongoing recovery and repair in EM coupled with our belief that success in EM lies at the stock level. We will present our philosophy based on identifying sustainable improvement in a company’s fundamentals, which has proven to be effective regardless of the market or political environment.
BiogNathan is a member of the Global and Non-U.S. Equity team and is responsible for communicating global and emerging market equity investment strategies and results to the firm’s clients and consultants. Nathan joined American Century Investments in 2014. Previously, he was with HSBC Global Asset Management, most recently as a senior emerging market debt product specialist. He also served as a quantitative product specialist and worked in product development in the firm’s New York and Paris offices. Prior to HSBC, Nathan held a role in business strategy and development at Dresdner RCM Global Investors. He has worked in the investment industry since 2000.
Juozas Barauskas - Aviva
NameJuozas Barauskas
Job titleInvestment Specialist
CompanyAviva Investors
TitleNavigating 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 or income without exposing their clients to too much risk. Fixed income yields are low, credit spreads are tight, and investors are increasingly nervous about a prolonged period of increasing bond yields as central banks move closer to removing some of the accommodation they have showered bond markets with. Equity dividends are higher on average than bond yields but they are falling, and equity volatility has reared its heads several times in the past year. Correlations amongst a variety of asset classes have increased significantly post the global financial crisis, which makes it far more difficult for investment managers to achieve effective diversification in their portfolios. 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 multi-strategy capabilities. He works closely with Aviva’s portfolio managers to articulate their investment process, portfolio positioning and investment performance to clients and consultants around the world. He is based in London.
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.
Juozas holds a BSc in Economics and Finance from the University of York. He has passed all three levels of the Chartered Financial Analyst (CFA) program exams, holds the Investment Management Certificate (IMC) and is a CAIA charterholder.
Stephanie Sutton, Artemis.
NameStephanie Sutton
Job titleInvestment Director
CompanyArtemis Investment Management
TitleWhat has really changed for US equities?
ContentThe US stockmarket rose strongly after the Republicans’ victory. Share prices reacted positively to Trump’s plans for hefty spending on infrastructure and reform of corporate taxation. It remains to be seen whether promises made during the campaign become legislation. So, what has really changed for US equities? Seven years into an economic recovery, does fiscal stimulus alter everything? And for equity investors, what are the opportunities and risks?
Biog
Nicolas Janvier - Columbia
NameNicolas Janvier
Job titleFund Manager
CompanyColumbia Threadneedle Investments
TitleWho wins from Trumponomics?
ContentPresident Trump’s unexpected ascent to power has shaken up the investment landscape, heralding changes that will reverberate through the economy and financial markets for years to come. “Trumponomics” may see a raft of growth-positive policies introduced in the US, but also brings a number of significant risks. This has profound implications for investment style leadership, the domestic economy, government finances and bond markets. Join Nicolas Janvier, Manager of the Threadneedle American Smaller Companies Fund, as he helps to make sense of the new opportunities and challenges presented by the change in US administration. Nicolas will reveal how he will be navigating markets in 2017 and beyond, and in particular how the smaller companies space can help investors tilt the balance of risks in favour of an “America First” paradigm.
BiogNicolas Janvier has been a portfolio manager for the Threadneedle American Smaller Companies Fund since 2015. Nicolas joined the company in 2014 as a portfolio analyst in the US Equities team, and is responsible for researching US companies across the materials and utilities sectors. Prior to this, Nicolas spent eight years with Columbia Management, where he worked as a portfolio manager in the Value Strategies team focusing on US mid and small cap companies. Before this, he was a portfolio manager with the Private Bank at Bank of America.
Jacob Ellinge Nielsen - Danske
NameJacob Ellinge Nielsen
Job titleSenior Portfolio Manager
CompanyDanske Invest
TitleIdentifying winners and losers in emerging markets and how to profit from it
ContentOver the past 20 years, Emerging Markets Hard Currency Debt (EMD HC) has been one of the best performing asset classes both in absolute and risk-adjusted terms. The asset class is one of the most diverse in nature spanning more than 60 countries at different levels of economic development.
The essence of identifying investment opportunities is the fundamental assessment of credit quality and market pricing of countries.
Danske Capital’s EMD HC team has developed a well-structured and systematic approach to identify country specific investment opportunities and the objective of the workshop is to give participants insight into that approach including some practical applications.
BiogJacob has 14 years of experience in the financial markets and joined Danske in 2013. He is one of the portfolio managers of our Emerging Market Debt Hard Currency strategy and has been managing the strategy since its launch in August 2013. Prior to that he was a Portfolio Manager at Sparinvest and DIP, the Danish pension fund for Civil Engineers. He earned a Master of Science in Economics from the University of Copenhagen in 2004.
Thomas
NameThomas Thorkild Haugaard
Job titleSenior Economist
Company Danske Invest
TitleIdentifying winners and losers in emerging markets and how to profit from it
ContentOver the past 20 years, Emerging Markets Hard Currency Debt (EMD HC) has been one of the best performing asset classes both in absolute and risk-adjusted terms. The asset class is one of the most diverse in nature spanning more than 60 countries at different levels of economic development.
The essence of identifying investment opportunities is the fundamental assessment of credit quality and market pricing of countries.
Danske Capital’s EMD HC team has developed a well-structured and systematic approach to identify country specific investment opportunities and the objective of the workshop is to give participants insight into that approach including some practical applications.
BiogThomas joined Danske in 2013 and has 12 years of financial markets experience in various roles as an economist. He supports the portfolio managers of our Emerging Market Debt Hard Currency strategy and has been in team since the strategy was launched in August 2013. Prior to that, he was an Economist at Handelsbanken and the Danish Central Bank. He earned a Master of Science in Economics from the University of Aarhus in 2004.
Massimo Spadotto - Eurizon
NameMassimo Spadotto
Job titleFund Manager
CompanyEurizon Capital
TitleWhy invest in European ABS in 2017? A potential island of happiness in the credit market
Content European 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 is 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 13 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.
Nick Sheridan-Henderson
NameNick Sheridan
Job titleFund Manager
CompanyHenderson Global Investors
TitleHow to be different in Europe
Content Sir John Templeton: “It is impossible to produce superior performance unless you do something different from the majority.”
Trying to beat the market by investing in the same way is a nil sum game. If you want different performance you need to take a different view. In this presentation, European equities manager Nick Sheridan outlines the benefits of a bottom-up investment strategy designed to eliminate market noise when looking to identify those stocks priced at the biggest discount to fair value.
BiogNick Sheridan joined Henderson following the acquisition of New Star. He has proven fund manager experience in equities and has been managing money since 1989. Nick worked as a Senior Portfolio Manager at Wise Speke before joining BWD Rensburg in 1990 as their Director of Gross Funds and Manager of their staff pension fund. Prior to joining New Star in 2007, he worked at Tilney from 2001 as Director of European Equities. Nick has passed the Securities Industries Diploma and holds a BA (Hons) in Politics from Liverpool University.
Clive Emery - Invesco
NameClive Emery
Job titleProduct Director
CompanyInvesco
TitleWhy a flexible approach to multi asset investing is most suited to dynamic markets.
ContentFunds that target positive returns in all market conditions rely on being able to build truly diversified portfolios to achieve their goals. The Invesco Global Targeted Returns Fund combines an unconstrained research agenda, which can implement investment ideas from any asset type and any region, with a robust, risk-based approach to fund management in order to construct a highly diversified portfolio. Invesco’s Multi Asset Product Director Clive Emery explains the philosophy and process behind his team’s approach to targeted return investing.
BiogBased in Henley-on-Thames, Clive joined the company in July 2015 and serves as a Product Director for the Multi Asset team. Clive commenced his career with Merrill Lynch in 1997, where he advised asset managers on European Equities. In 2004, he joined Dresdner Kleinwort Benson as a Director in their Equities Division becoming the Head of their Equity Hedge Fund team in 2005. He went on to join Societe Generale in 2007 as the Head of their Equity Hedge Fund Advisory team. Clive graduated from the University of Exeter in 1995 with a BSc (Hons) in Economics & Politics and in 1997 he gained a Masters from the London School of Economics in the Politics & Economics of Transition for Eastern Europe.
Léonard Vinville - M&G
NameLéonard Vinville
Job titleFund Manager
CompanyM&G Investments
TitleConvertibles: Why convertibles could be an attractive choice in the current investment environment
ContentAgainst a background of improving economic growth and potentially higher inflation, many investors are becoming wary of investing in fixed income assets, yet remain cautious about the increasing valuations and volatility associated with equities. Convertibles are a possible solution to this quandary. Fund Manager Leonard Vinville will explore how M&G’s Global Convertibles Fund seeks to take full advantage of convertible's ability to deliver equity-like returns with reduced volatility.
BiogLéonard Vinville joined M&G in 2002, and since then has been managing the convertibles allocation of the Prudential With Profit Life Fund. He has also been responsible for managing the M&G Global Convertibles Fund since its launch in July 2007. Both funds are run with the same investment approach and with an emphasis on generating strong risk-adjusted returns. Prior to joining M&G, Léonard was head of European convertibles at AGF Asset Management in Paris, where he managed convertibles and French equity mandates. He has an MBA and is qualified as a chartered accountant.
Kenichi Amaki - Matthews Asia
NameKenichi Amaki
Job titlePortfolio Manager
CompanyMatthews Asia
TitleJapan Equities: Capturing the returns of growth and governance
ContentAfter two decades, global investors have started to reduce their structural and behavioral underweight to Japanese equities. Indeed, Japan has become one of the world’s most promising growth and reform stories. Now that the time has come to re-engage with Japan, Kenichi Amaki will share his perspective on the relevance of key governance changes that investors may have overlooked with all eyes on “Abenomics.” Kenichi will also explain how Japan’s increasing integration with Asia are leading to new business opportunities, and how the Matthews Japan strategy provides exposure to interesting investment opportunities across the market-cap spectrum.
BiogKenichi Amaki is a Portfolio Manager at Matthews Asia. He manages the firm’s Japan Strategy and co-manages the Asia Small Companies and China Small Companies Strategies. Prior to joining the firm in 2008 as a Research Analyst, he was an investment officer for a family trust based in Monaco, researching investment opportunities primarily in Japan. From 2001 to 2004, he worked on the International Pension Fund Team at Nomura Asset Management in Tokyo, Japan. Kenichi received a B.A. in Law from Keio University in Japan and an M.B.A. from the University of California, Berkeley, and is fluent in Japanese.
Maxime Botti - RAM
NameMaxime Botti
Job titlePartner & Senior Equity Fund Manager
CompanyRAM Active Investments
TitleRAM’s systematic long/short beta-neutral approach to alpha capturing across global equity markets
ContentRAM’s Long/Short Equity Funds aim to be beta-neutral. Our investment team have constructed a blend of uncorrelated strategies which look to exploit fundamental market inefficiencies by utilizing a proprietary systematic bottom-up approach. The selection process is based on a disciplined stock-picking methodology. The Fund’s long exposures are permanently neutralized through short positions using both index futures as well as individual lines to keep the overall beta on average between -0.2 & +0.2. The Fund’s objective is to produce strong risk-adjusted returns, aiming at achieving mid to long-term capital appreciation in our European, Emerging Markets & Global Developed strategies while operating firmly within RAM`s risk measurement and control framework.
Over 5 years as of 31.12.2016, our RAM Long/Short European Equities Fund (class I-EUR net of fee)achieved an annualized performance of 7.2% with a volatility of 7.8%, and the RAM Long/Short Emerging Markets Equities Fund (Class I-USD net of fee) has an annualized performance of 2.8% with a volatility of 3.6%.
BiogMaxime Botti is a Senior Equity Fund Manager and a Founding Partner of RAM Active Investments SA, which specialises in managing the investment funds grouped under the RAM Systematic Funds and RAM Tactical Funds brands. He initiated and played a determining role in the research that underpins the management of the RAM Systematic Equity Funds. Before joining RAM Active Investments in 2004, Maxime worked as a hedge fund manager at Equinoxe Partners and risk-arbitrage analyst at Barep Asset Management, a subsidiary of Société Générale.
Maria Musiela - Unigestion
NameMaria Musiela
Job titleInvestment Specialist, Equities
CompanyUnigestion
TitleMission Possible – managing the risks of today and tomorrow in global equities
ContentUnigestion has been at the forefront of active low risk equity investing since 1997 and today manages more than $12bn in equities globally. We believe that equity outperformance is derived from superior risk management - that in the long term, markets reward investors who focus on managing and anticipating risks rather than chasing returns. Using our comprehensive 360-degree risk management process to avoid unrewarded risks, allows us to deliver strong risk adjusted returns along with some downside protection in periods of market stress. Beyond volatility and correlation, we manage a wide spectrum of forward looking risk factors, such as – credit, crowding, liquidity, interest rates, valuation, ESG etc. Our process is continually enhanced and evolving, to reflect the changing nature of risks within equity markets. Recent additions include an incorporation of carbon risk controls across our portfolios, as well as the launch of a devoted reduced carbon footprint approach developed in conjunction with a large Danish consultant. In this spirit, we have a long history of co-creation of products built around our global equity expertise – making sure we are helping our clients to manage today’s equity market risks as well as tomorrow’s.
BiogMaria Musiela, Senior Vice President, is an Investment Specialist in the Equities team and she joined Unigestion in October 2015. Maria began her career in 1998 as financial analyst/trader at Credit Suisse Asset Management in Sydney, initially in the Fixed Income team and later in Equities. In 2004, she transferred to Credit Suisse Asset Management in London, as quantitative analyst focusing on Equities.

In 2009, Maria joined the Personal Accounts Delivery Authority, which later became known as the National Employment Savings Trust (NEST) Corporation. She joined initially as an investment research analyst, and later became head of quantitative research and finally in 2012, head of market risk and asset allocation.

Maria holds a Masters in Finance from Imperial College London as well as a BSc in Commerce and a BSc in Science from the University of New South Wales, Sydney, Australia.