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OSLO • 7 JUNE 2018

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Tim Love
NameTim Love
Job titleInvestment Director, Emerging Market Equities
CompanyGAM Investments
TitleEM equities - underowned, underloved and undervalued
ContentTim’s award-winning, proprietary process has evolved over the course of the last three decades, as the models (value, momentum and risk: VMR) have been enhanced and refined in accordance with the evolution of the emerging market (EM) universe since the 1980s. The resultant ‘VMR scorecard’ drives a deeply bottom-up approach, with top-down overlays, that focuses on the core principle of identifying and buying quality cheaply. The EM universe is a fertile source of frequent valuation mis-pricings. The portfolio is therefore broadly diversified, benchmark agnostic and optimally expresses investment conviction versus tracking error. Following more than 15 years of involvement in corporate governance, ESG considerations are actively incorporated with “E” helping to constrain risk while “S” and “G” enhance returns.
BiogTim Love is the Investment Director responsible for GAM's emerging markets equity strategies. Prior to joining GAM in February 2012, he was a senior portfolio manager at CQS/Oceanwood where he managed long/short emerging markets equities. Prior to this, he managed a global long/short equity fund at Cazenove Capital Management. Previously, Tim Love held sell-side positions as head of global equity strategy at Deutsche Bank, head of strategy for global emerging markets at SG Securities Ltd, and head of emerging markets strategy and research at ING Baring Securities Ltd. Before that, he managed emerging markets equities portfolios at BlackRock (formerly Merrill Lynch Investment Managers) and at HSBC Asset Management. Tim Love holds a BA in Accountancy and Politics and trained as a chartered accountant at Pricewaterhouse. He is based in London.
Martin Haycock
NameMartin Haycock
Job titleSenior Product Manager
CompanyFisch Fund Services
TitleConvertible Bonds – The Asset Class For All Seasons
ContentIn a rising rates environment, the case for convertibles is compelling. Convertibles offer investors a 'best of both worlds' proposition. They give exposure to upside in stock markets with a more defensive profile than equities. Meanwhile, the embedded equity option reduces exposure to interest rate risk relative to corporate bonds. In this session, convertible bond characteristics, performance and the rationale for issuance will be explored in the context of the current market environment. Martin Haycock will address these and other key topics alongside explaining how the unique investment culture and philosophy of Fisch Asset Management captures the best that this unique asset class has to offer.
BiogMartin Haycock is a member of the Investment Office. He supports the Convertible Bond portfolio management team as a senior Convertible Bond specialist, leveraging his broad experience of the convertible bond asset class. Before joining Fisch Asset Management in 2015, he worked at UBS for 20 years. Upon joining UBS in 1995, he spent 6 years as a member of the convertible bond origination team. In 2001 he was appointed head of convertible bond research and thereafter head of convertible bond marketing. In 2012, Martin Haycock was appointed global head of the newly-formed UBS Index Group. He also served as global COO for the cash equities business, and in 2014 led the sale of the UBS Convertible Indices to Thomson Reuters. He holds an MA and BA (Hons) in Land Economy from Cambridge University.
Gideon Smith
NameGideon Smith
Job titleEuropean CIO
CompanyAXA Investment Managers
TitleFactors are not enough.. the secret to advanced factor investing
ContentEquity investors are beginning to embrace factor investing, as a ‘smarter’ way to capture the equity market beta. However, investors are not just looking for a ‘factor exposure’. They have broader objectives in mind... they want to boost returns, reduce drawdowns, or invest more efficiently and more sustainably.
We will discuss three ways that investors can improve their factor portfolios:
1. We’re building portfolios – not indices. That means we have to consider turnover, transaction costs, liquidity, etc.
2. Investors have non-financial, objectives, particularly with respect to responsible investing – how do we incorporate these concerns into our factor portfolios.
3. We need to build better factors. Just like any investment, factors can become crowded and they can be exposed to unintentional tail risks. As smart investors we need to improve the way we construct our factors.
BiogGideon joined AXA Rosenberg in 1998 and is the Europe Chief Investment Officer co-heading the firm’s London office. He previously held a number of positions at the firm, including Europe deputy chief investment officer, director of client services and head of strategy engineering for Europe. Prior to joining AXA Rosenberg, Gideon trained as a chartered accountant with Arthur Andersen working in their Financial Markets Division in London.
Gideon obtained his BSc from Manchester University in 1992 and received his MBA from London Business School in 2000. He is a holder of the Chartered Financial Analyst designation.
Stephane FERTAT
NameStephane Fertat
Job titlePortfolio Specialist, Fixed Income
CompanyT. Rowe Price
TitleThe role of fixed income today
ContentFixed income is often used for its predictable dividend qualities, but what about its ability to stabilise returns at times of stress? Stephane Fertat, a fixed income expert at T. Rowe Price, will review how a global fixed income portfolio can be structured to play the role of diversifier within a global asset allocation approach
BiogStephane Fertat is a portfolio specialist for the Fixed Income Division, with a focus on T. Rowe Price's institutional business worldwide. Stephane joined the firm in 2007 and brings with him 23 years of investment experience. He was a European fixed-income fund manager with Fischer Francis Trees and Watts and most recently a fixed-income product manager for inflation-linked products as well as a director of Client Service and Business Development for Europe. He was previously employed by Société Générale Fimat Investment Management in Chicago as a hedge fund analyst. Stephane received a master's degree in finance from Ecole Superieure de Commerce de Paris (ESCP-EAP) and has also earned the Chartered Financial Analyst designation.
Malcolm Dorson - Mirae
NameMalcolm Dorson
Job titlePortfolio Manager
CompanyMirae Asset Global Investments
TitleMirae GEM Capabilities – leveraging a co-PM structure to unlock the full EM opportunity set
ContentMirae Asset is not only investing in emerging markets, but living in it. Mirae Asset covers the full opportunity set within emerging markets by utilizing a co-portfolio manager structure for our global emerging market (GEM) strategies. The GEM investment team members are from the local markets, speaks the local languages, and consumes the local products, giving them an in-depth understanding of the companies in which they invest. The investment team also utilizes the firm’s extensive global footprint when researching structural trends and opportunities. This level of access and regional knowledge provides the backdrop for Mirae Asset’s proven and repeatable four step investment process. We believe that the combination of our unique structure and repeatable process, positions the strategy well for the dynamic opportunities evident in emerging market equities.
BiogMalcolm Dorson is a Portfolio Manager at Mirae Asset Global Investments (USA) focusing on the emerging markets ex-Asia. Mr. Dorson has been managing portfolios investing in Brazil, Russia, and Emerging Europe since 2015. Prior to joining Mirae Asset, Mr. Dorson was the lead Latin America investment analyst at Ashmore Group from 2013 to 2015. From 2009 to 2011, he worked at Citigroup, as an assistant vice president focusing on asset management in the Private Bank.
Mr. Dorson began his career in 2006 as an analyst on the convertible securities team at Deutsche Bank. He holds an M.B.A. from the Wharton School, an M.A. in International Studies from the Lauder Institute, and a Bachelor of Arts degree from the University of Pennsylvania. He is based in New York and is fluent in Portuguese.
Scott J. Brymer
NameScott J. Brymer, CFA
Job titleSenior Vice President, Portfolio Manager
CompanyAcadian Asset Management
TitleHarvesting the power of multi-factor investing in European Equities
ContentAcadian believes market inefficiencies caused by behavioral errors can be exploited. Our transparent multi-factor approach applies fundamental insights in a systematic manner in an effort to remove emotions and uncover attractive stock opportunities. Through using the dynamic proprietary stock forecasting model, which has been developed for over 30 years, Acadian is able to deliver cutting edge investment analysis to securities globally, including approximately 6,000 European equity securities. Portfolio Manager, Mark Roemer, looks forward to explaining the intricacies of how this efficient implementation can provide a diversified, dynamic and risk aware portfolio. Our sophisticated risk management framework has been an important component of managing uncompensated risks; thus reducing drawdowns and delivering stable risk-adjusted returns. Acadian’s European Equity strategy has a core/value all cap orientation, with a strong and consistent ten-year track record.
BiogScott joined Acadian in 2006 and is a member of the Portfolio Management Team, focusing primarily on portfolio oversight and portfolio-related research. He previously served as a member of the Portfolio Construction Group, where he specialized in simulation-based research, portfolio analytics, optimization, and trading. He earned a B.B.A. in finance from the University of Massachusetts at Amherst. Scott is a CFA charterholder and a member of CFA Society Boston.