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MUNICH • 10 - 11 MAY 2016

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Nick Davidson - AB
NameNicholas Davidson
Job titleSenior Portfolio Manager—Equities
CompanyAB
TitleEuropean Equities: Next Generation Value Investing
ContentHow can investors find the best opportunities in European equities today? In our view, the crises and volatility of the last few years have created a rich field for stock-pickers, especially those prepared to take a contrarian value-based approach. But it’s not enough to stick with the traditional approach of buying cheap stocks and waiting for them to recover. We think success depends on following a high conviction approach that combines differentiated research insight with a disciplined process, using both fundamental research and next generation quantitative tools to find rewarding opportunities while avoiding potential value traps.
BiogNicholas Davidson joined AllianceBernstein in 2005 as a Senior Portfolio Manager. He is a member of the UK and European Value Investment Policy Groups and comanages the Global Equity Income Portfolio. Davidson was previously a consultant with McKinsey & Company, serving clients in the telecommunications and media industries and in the public sector. Prior to that, he worked as a civil servant on trade and telecommunications policy in the UK’s Department of Trade & Industry and in the British Embassy in Washington, DC. Davidson holds an MA in history from the University of Oxford and an MBA from Georgetown University. Location: London.
Myles Bradshaw-Amundi
NameMyles Bradshaw
Job titleHead of Global Aggregate Fixed Income
CompanyAmundi Asset Management
TitleHow to deal with today’s challenges as a fixed income investor?
ContentFixed income investors face a variety of challenges in the world of today. Low yields, growing illiquidity in bond markets and divergent rate policies do not make it easier for investors. However, these challenges also bring opportunities. More than ever specialist expertise is needed to identify these opportunities and to be able to benefit from them. Amundi Funds Bond Global Aggregate is a flexibly managed global bond & FX fund which has a Total Return approach. Adrian will discuss the framework necessary to deliver superior risk adjusted returns in the prevailing market conditions, as well as positioning and outlook going forward.
BiogMyles is Head of the Global Aggregate Fixed Income in Amundi, London. He has almost 20 years of experience managing interest rate, credit, securitized, volatility and foreign exchange rate risks in global portfolios. Myles has a top-down macro background. He joined Amundi after 8 years at PIMCO, where he led the firm’s Eurozone sovereign & macro strategy and managed Global fixed income portfolios. Prior to PIMCO, Myles worked for Threadneedle Asset Managers, managing global bond portfolios. He started his career as an economist at H.M. Treasury. Myles graduated from Oxford University and is a CFA charterholder.
Paul Casson - Artemis
NamePaul Casson
Job titleFund Manager
CompanyArtemis Investment Management
TitleEuropean long/short investing: Doing the maths
ContentAn auditor before he was a fund manager, Paul Casson brings the discipline of forensic accounting to his stock selection. This rigour, combined with fundamental bottom-up analysis and a macro overlay, allows the Artemis Pan-European Absolute Return Fund to make the most of falling as well as rising markets. In his presentation, Paul explains the benefits of having an “expandable balance sheet”, what kind of stocks he is investing in for his long book and why he thinks a nose for “idiosyncratic” shorts is so important in a volatile environment. He will also give his views on a Brexit: which way is the vote likely to go, what will happen when it does, and how this is affecting his portfolio.
BiogAfter graduating in accounting from Queen’s University, Belfast in 1995, Paul worked for KPMG as an auditor. In 1997 he joined Martin Currie as a trainee fund manager and analyst in the banking and media sectors. In 2001, Paul moved to SVM Asset Management as the lead manager on their continental and pan-European mandates. At SVM, he was also the assistant manager of a long-short, pan-European equity fund and researched a number of industry sectors on a pan-European basis. In 2005, he joined Henderson Global Investors as director of pan-European equities. He managed the Henderson Horizon Pan-European Alpha UCITS III long/short fund and was deputy manager of a pan-European equity long/short hedge fund. He also analysed a number of European sectors including oil & gas, telecoms, utilities and media. Paul joined Artemis in April 2013 to assist in managing the Artemis UK Growth Fund and the Artemis Pan-European Hedge Fund, and launched the Artemis Pan-European Absolute Return Fund in July 2014.
Chris Childs-BMO
NameChris Childs
Job titleDirector, Multi Strategy
CompanyBMO Global Asset Management
TitleRates close to freezing point – volatility at flash point. Where to find attractive return with reasonable risk?
ContentThe fundamental question given the current market environment is: How can investors generate acceptable returns without taking unacceptable risks? From our perspective, market neutral investing is not just an important theme for the future but for now – and we have the necessary expertise in house. BMO Global Asset Management offers you a market neutral strategy with both attractive expected returns and low volatility. Through the F&C Global Equity Market Neutral Strategy you can profit from the competence of our Systematic Strategies Team. The True-Styles approach combines the advantages of different equity styles into a single portfolio: Value, Size, Momentum, Low Volatility and GARP [Growth At A Reasonable Price]. The strategy uses global developed market equities as it’s universe and employs a long/short market neutral approach. The strategy seeks a gross return over cash of 4% per annum over a three year horizon with a target volatility of 6%, irrespective of prevailing equity market conditions.
BiogChris Childs joined BMO Global Asset Management in 1993 after completing his Masters in Finance at Exeter University. Over his career, Chris has covered many areas of the investment management industry including structured products, asset liability matching, hedge funds and now multi strategy investing.
John_Otis-Brandes
NameJohn Otis
Job titleInstitutional Portfolio Manager
CompanyBrandes Investment Partners
TitleFinding Value in European Equities
ContentGlobal equity markets are seeing a divergence in performance and valuations. As a result, at Brandes we are currently finding very attractive value opportunities in a variety of different sectors and countries. We will focus on the opportunities currently available in European equities for a value investor applying a bottom-up, flexible approach.
Biog John Otis works with institutional clients and their consultants in the Europe, Middle East, and Africa (“EMEA”) region to provide insights and interpretation of the firm’s portfolio strategies and investment philosophy He coordinates with Investment Committees to ensure that we
accommodate client-specific guidelines and consider existing portfolio allocations when implementing investment decisions John serves on the board of directors of Brandes Investment Funds plc, Brandes’ Dublin-based UCITS funds. John joined Brandes Investment Partners in 1997 and has a BS in business administration from San Diego State University.
Ian Sunder-Brandes
NameIan Sunder
Job titlePresident, Brandes Investment Partners (Europe) Limited
CompanyBrandes Investment Partners
TitleFinding Value in European Equities
ContentGlobal equity markets are seeing a divergence in performance and valuations. As a result, at Brandes we are currently finding very attractive value opportunities in a variety of different sectors and countries. We will focus on the opportunities currently available in European equities for a value investor applying a bottom-up, flexible approach.
BiogIan Sunder Joined Brandes Investment Partners in 1996 and is a limited partner of the firm’s parent company. He is responsible for Brandes’ business in Europe, the Middle East and Africa (EMEA) and is a Member of the Investment Oversight Committee, which monitors processes and activities of the firm’s investment committees. Ian was previously Director, EMEA Portfolio Management and Institutional Portfolio Manager and Senior Product Specialist with Brandes Investment Partners. He previously worked at Hewitt Associates and Brinson Partners. Ian holds a Master of Accountancy from Bowling Green State University, a Bachelor of Commerce from Karnatak University in Dharwad, India and is a Certified Public Accountant (inactive).
Jean-Jacques Durand -
NameJean-Jacques Durand
Job titleLead Portfolio Manager of Edmond de Rothschild Emerging Bonds
CompanyEdmond de Rothschild Asset Management
TitleRisk Premium or added Risk?
ContentGrowth in Emerging Markets has cooled down in recent years, however it is still decent and consolidating. In 2015 many of these countries entered a commodity bear market and deleveraging exercise in a much stronger situation than in the past: higher reserves, low hard currency debt, flexible exchange rates and some other adjustment variables. This makes a huge difference and is the reason why there is a lot of value in today's depressed markets. EdR Emerging Bonds is a conviction-driven fund that invests discretionary and flexible in “best of emerging debt and currencies” to create value for investors.
BiogJean-Jacques joined the Edmond de Rothschild Group in September 2011 as senior Portfolio Manager of Emerging debt and currencies.
He began his career as Oilseeds trader at Cargill France in 1996. In 1997, he joined Salomon Brothers in London as Emerging Debt and Credit Derivatives trader until 2001. After a year at ING Barings as Director of Derivatives Trading – Eastern Europe and Turkey, he worked at Crédit Agricole Indosuez as Responsible of Emerging Markets Structured Products from 2002 until 2005. From 2005 until 2007, he worked as Director of the Global Structured Products Department at Standard Bank PLC focusing in Emerging Markets and Commodities. Prior to joining the Edmond de Rothschild Group, Jean-Jacques founded his own Macro Commodities fund management firm, Gecko Capital Partners Ltd, in which he worked as founder and lead portfolio manager from 2008 until 2011.
Jean-Jacques is a graduate of ESCP Europe Business School.
Helene Williamson - First State
NameHelene Williamson
Job titleHead of emerging market debt
CompanyFirst State Investments
TitleWhere are the risks and opportunities in emerging markets debt?
ContentHelene will address the current risks and opportunities for emerging market bonds and the role the central banks, the slowing of China’s growth as well as changing growth models have in this regard. It is becoming increasingly difficult to talk about THE emerging markets. Most of the emerging markets have good economic fundamentals, but their development varies greatly from one market to another. The active management required to assess valuations and technical situation in these markets is something which Helene will address in more detail.
BiogHelene Williamson is the Head of Global Emerging Markets Debt at First State Investments (‘FSI’). In her role, Helene has overall responsibility for the management of all Emerging Markets Debt portfolios at FSI.
Prior to joining FSI in September 2011, Helene worked at F&C Asset Management where she was Head of Emerging Markets Debt for 16 years. In this position, Helene managed F&C’s Emerging Markets Debt SICAV (which received a 5-star rating from Morningstar) from 1997 to August 2011 and built the emerging markets debt team’s successful investment process. Under her leadership, the team’s assets under management increased substantially. Before that Helene worked for Bankers Trust Company in New York in emerging market lending, restructuring and portfolio management. Her last assignment at Bankers Trust was in the role of Senior Trader in emerging markets, based in London.
Helene holds a Licence en Lettres from the University of Lausanne, an MA in International Relations from the University of Pennsylvania and an MBA in Finance from the Wharton Graduate School. Helene is fluent in French, German and Spanish.
Steven Rocco-Lord Abbett
NameSteven Rocco
Job titlePartner & Portfolio Manager
CompanyLord Abbett
TitleInvestment Opportunities in the High-Yield Market and Latest Outlook on Energy
ContentVolatility over the last year has created compelling investment opportunities in the United States and global high-yield markets. Please join Steve Rocco, Partner & Portfolio Manager, to participate in a discussion on the Lord Abbett High Yield Fund and our outlook on the asset class. Steve will provide comments on how the team’s investment philosophy and process helped Lord Abbett navigate the high-yield markets and energy sector during this period.
BiogSteven Rocco is the lead Portfolio Manager for Lord Abbett’s high yield and multi-sector fixed-income strategies. Steven Rocco began his career in the financial services industry in 2001. He joined Lord Abbett in 2004 as an Associate Portfolio Manager for the firm’s investment-grade fixed-income strategies, and was named Partner in 2011. Prior to joining Lord Abbett, he was a Consultant at FactSet. Steven Rocco earned a BA in economics from Cornell University. He also is a holder of the Chartered Financial Analyst® (CFA) designation.
Diane Bruno - Madarine Gestion
NameDiane Bruno
Job titlePortfolio Manager
CompanyMandarine Gestion
TitleMandarine Unique – a “unique” way to invest in European Small and Mid- Caps
ContentThe €900m strong Mandarine Unique fund (LU0489687599) selects “unique” European small and mid- caps being present on niche markets with high growth potential. Diane Bruno will explain that these companies have substantial market shares and therefore benefit from strong pricing power, giving them less overall sensitivity to cyclical effects. The fundamentals of these growth and innovation stories are analysed through their competitive positions, management quality and economic value creation. Portfolio construction is based on the identification and selection of these “unique” business models, which are highly diversified in sector terms. Diane Brun, Marie Guigou and Marie-Jeanne Missoffe invest in their strongest convictions, without benchmark or sector considerations. This “unique” stocks portfolio is characterized by a significantly lower volatility.
BiogDiane Bruno graduated from ESCP-EAP, Ecole Supérieure de Commerce de Paris (ESCP) - Ecole des Affaires de Paris (EAP) and holds a diploma of the French society of financial analysts, SFAF - Société Française des Analystes Financiers. Diane started her career in 2003 as Auditor with Ernst & Young moving in 2004 to Natixis Bleichroeder as sell side analyst. In 2007 she joined Joëlle Morlet-Selmers’ small & mid cap team at Axa Investment Managers following her in 2009 joining Mandarine Gestion. Today, she is lead portfolio manager of Mandarines’ small and mid- cap fund Unique. In 2015, she was elected best equity fund manager in France by Agefi.
Ian Heslop- OMGI
NameIan Heslop
Job titleHead of Global Equities
CompanyOld Mutual Global Investors
TitleWhere next for US equities?
ContentWho would have guessed one small rise in US interest rates could have contributed to so much volatility in equity markets? And what of the savage rotation between value and growth stocks? Ian Heslop, manager of the Old Mutual North American Equity Fund, looks at investor behaviour in the world’s largest equity market.
BiogIan Heslop joined the team in May 2004 and is Head of Global Equities at Old Mutual Global Investors. He manages a range of hedge and retail funds and segregated mandates. Ian and a seven-strong team are liable for running a comprehensive range of market neutral, long only and short extension funds. Ian’s wealth of investment experience spans 18 years and has culminated in the team running numerous awards for their fund ranges, including Best North American Larger Fund Award (2014), Best Smaller Japan Fund Award (2014) and Global group of the Year Award (2014). Prior to Old Mutual, Ian was a UK quantitative fund manager at Barclays Global Investors (1997-2000).
Ian holds a MA (Oxon) Chemistry (1993) and a PhD in Medicinal Chemistry, Edinburgh University (1997) and is an Associate of the Society of Investment Professionals.
John_Tehan - RWC
NameJohn Teahan
Job titlePortfolio Manager
CompanyRWC Partners
TitleA fund for all seasons: equity investing in uncertain times
ContentThe range of outcomes for financial assets has never been wider reflecting an increasing number of market and political risks. Safe assets require the investor to pay for the privilege of safety whilst risk assets offer low returns and elevated levels of volatility. RWC Global Enhanced Dividend is an equity income strategy focused on reducing drawdown risk whilst offering upside participation and can offer investors a core holding to navigate the uncertainty.
BiogJohn joined RWC and the RWC Equity Income Team in September 2010. Previously John was a fund manager at Schroders, where he co-managed the Schroder Income Maximiser with Nick Purves and Ian Lance and co-managed the Schroder Global and European Dividend Maximiser funds. He also specialized in trading and managing derivative securities for a range of structured funds. Previously he worked as a performance and risk analyst for Bank of Ireland Asset Management UK. John is a CFA Charterholder.
Ian_Lance - RWC
NameIan Lance
Job titlePortfolio Manager
CompanyRWC Partners
TitleA fund for all seasons: equity investing in uncertain times
ContentThe range of outcomes for financial assets has never been wider reflecting an increasing number of market and political risks. Safe assets require the investor to pay for the privilege of safety whilst risk assets offer low returns and elevated levels of volatility. RWC Global Enhanced Dividend is an equity income strategy focused on reducing drawdown risk whilst offering upside participation and can offer investors a core holding to navigate the uncertainty.
BiogIan joined RWC in August 2010 to launch the RWC Equity Income Team. He was previously senior portfolio manager at Schroders managing the Schroder Income Fund and Income Maximiser Fund together with Nick Purves. During his time at Schroders, Ian was Citywire AAA rated, Nick and Ian’s Income fund was Morningstar 5 star rated, AA rated by OBSR and won the Moneywise award in 2009 in the UK Equity Income and Equity Income and Growth sectors. Previously Ian was the Head of European Equities and Director of Research at Citigroup Asset Management and Head of Global Research at Gartmore.
Edward Russell - Tortoise
NameEdward Russell
Job titleManaging Director
CompanyTortoise Capital Advisors
TitleAccessing Opportunities in North American Pipeline ‘toll roads’ and Across the North American Energy Value Chain
ContentSeldom has there been such a dramatic shift in the energy landscape of any country, in such a short time period, as the one unveiling itself in North America. Uncover this dramatic disruption in the global energy balance and learn more about North American energy, including the investment opportunities in midstream energy infrastructure and across the energy value chain. In this presentation, Tortoise Capital Advisors educates on the energy value chain and the investment opportunities within it.
BiogEdward Russell joined Tortoise Capital in 2006. Since joining the firm, Mr. Russell has participated in marketing all of Tortoise's new closed- and open-end funds. He served as president of Tortoise Capital Resources (TTO) from April 2007 to June 2012. Previously, Mr. Russell was a managing director at Stifel, Nicolaus & Company Inc., where he headed the energy and power group. At Stifel, he was responsible for all energy and power transactions, including all of the debt and equity transactions for the Tortoise funds, starting with the first fund's initial public equity offering in February 2004. Mr. Russell serves as a director for Abraxas Petroleum Corp. (NASDAQ: AXAS) and a director of Arc Logistics GP LLC, the general partner of Arc Logistics Partners LP, a publicly traded MLP (NYSE: ARCX).
Rob Thummel - Tortoise
NameRobert Thummel
Job titleManaging Director and Portfolio Manager
CompanyTortoise Capital Advisors
TitleAccessing Opportunities in North American Pipeline ‘toll roads’ and Across the North American Energy Value Chain
ContentSeldom has there been such a dramatic shift in the energy landscape of any country, in such a short time period, as the one unveiling itself in North America. Uncover this dramatic disruption in the global energy balance and learn more about North American energy, including the investment opportunities in midstream energy infrastructure and across the energy value chain. In this presentation, Tortoise Capital Advisors educates on the energy value chain and the investment opportunities within it.
BiogRobert Thummel joined Tortoise Capital in 2004. He is a managing director and portfolio manager and serves as president of the Tortoise Energy Independence Fund, Inc. closed-end fund. He was previously the president of Tortoise North American Energy Corp. from 2008 until the fund was merged into Tortoise Energy Infrastructure Corp. in June 2014. He was director of finance at KLT Inc., a subsidiary of Great Plains Energy from 1998 to 2004 and a senior auditor at Ernst & Young from 1995 to 1998. Robert earned a Bachelor of Science in accounting from Kansas State University and a Master of Business Administration degree from the University of Kansas.