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HAMBURG • 11-13 OCTOBER 2017

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Yasuyuki Kanda - Tokio Marine
NameYasuyuki Kanda
Job titleChief Executive Officer/Chief Investment Officer, London Office
CompanyTokio Marine Asset Management
TitleBeyond FANG: A Japanese perspective
ContentThe Japanese equity market has shown reasonable performance recently, with the Nikkei 225 index surpassing the psychologically important 20,000 level. So, is it time to shift to indices or abandon Japan altogether?
We believe a smarter way to invest in Japan is to select the companies capturing structural shifts. For example, robotics, IoT, demographics are not new investment themes, and many investors have benefited from exposure to them globally. However, some Japanese companies have the potential to leap further, leveraging on these shifts behind the scenes. Few of these stocks are making headlines, and it takes considerable research to identify the names with significant upside, but reasonable price.
Thanks to Tokio Marine’s strong brand and research capabilities in Japan, we can exploit these opportunities by accessing a wide range of corporate contacts and securing an extensive information flow. Yasu, our London regional CEO/CIO, joined by Oleg, SVP Business Development, explain one of our flagship strategies – GARP.
BiogAppointed in July 2013 as CEO/CIO of TMAM London, Yasu leads our global business development and product management for traditional and alternative asset classes. Prior to this, Yasu was Head of Hedge Funds Research at TMAM USA and played a vital role in establishing its hedge fund advisory business, which has now grown to become one of the major players in Japan. Prior to joining TMAM in 2009, Yasu managed fund of funds portfolios and global equity investments based in the UK, USA, and Japan for 8 years and developed multiple cross-border businesses in the Japanese financial industry. He commenced his career in 1995 at Mizuho Financial Group where he developed experience in corporate finance and structured bond origination based in the UK and Japan. Yasu holds a BA in Economics from the University of Tokyo and an MBA from the Wharton School of the University of Pennsylvania. He is a CFA charter holder.
Robrecht Wouters - J O Hambro
NameRobrecht Wouters
Job titleSenior Fund Manager
CompanyJ O Hambro Capital Management
TitleValue has different faces – Superior returns from European large-caps
ContentJOHCM European Concentrated Value Fund - Experienced pan-European stock pickers Robrecht (Robbie) Wouters and Luis Fananas build a concentrated portfolio of 'quality value' stocks – 'great companies at average prices' – complemented by opportunistic investments in 'classic value' stocks – 'average companies at great prices'. With no sector or country constraints, typically just 25 large-cap positions and a low portfolio turnover, their fund doesn't look like most in their sector. The duo look for absolute, not relative, ‘value’. They avoid consensus thinking, reject deliberate diversification and don't time their investments. And they don't rely on others to do the necessary fundamental analysis – they do their own research using one valuation framework across sectors and countries, believing that what they can't confidently analyse, they can't value. The team’s soft-closed, all-cap version of this fund, JOHCM European Select Values, with its top-decile, 14-year track record, reflects the team’s superior stock-picking skills. Robbie and Luis look forward to showing you the many faces of value.
BiogRobrecht Wouters joined JOHCM in September 2003 with 27 years industry experience and has been a Lead manager since September 2008. Robrecht is a Senior Fund Manager of the JOHCM European Select Values Strategy and JOHCM European Concentrated Value Strategy. Prior to joining JOHCM, Robrecht worked as an investment analyst at Lansdowne Partners. From 1997 until 2001, Robrecht worked as a sell-side analyst, focusing on European media and then global software. He started his career as an equity analyst in 1990 in Belgium and moved to London in 1995 to join the Dutch equity research team at Smith New Court Europe (now Merrill Lynch). He holds a Master’s Degree in Applied Economics from the University of Leuven in Belgium.
Luis Fananas - J O Hambro
NameLuis Fananas
Job titleFund Manager
CompanyJ O Hambro Capital Management
TitleValue has different faces – Superior returns from European large-caps
ContentJOHCM European Concentrated Value Fund - Experienced pan-European stock pickers Robrecht (Robbie) Wouters and Luis Fananas build a concentrated portfolio of 'quality value' stocks – 'great companies at average prices' – complemented by opportunistic investments in 'classic value' stocks – 'average companies at great prices'. With no sector or country constraints, typically just 25 large-cap positions and a low portfolio turnover, their fund doesn't look like most in their sector. The duo look for absolute, not relative, ‘value’. They avoid consensus thinking, reject deliberate diversification and don't time their investments. And they don't rely on others to do the necessary fundamental analysis – they do their own research using one valuation framework across sectors and countries, believing that what they can't confidently analyse, they can't value. The team’s soft-closed, all-cap version of this fund, JOHCM European Select Values, with its top-decile, 14-year track record, reflects the team’s superior stock-picking skills. Robbie and Luis look forward to showing you the many faces of value.
BiogLuis is Fund Manager for the JOHCM European Select Values Strategy and JOHCM Concentrated Value Strategy. He joins JOHCM from T Rowe Price International where he was a Senior Buy-Side Analyst and member of the Investment Committee for the Global Small-Mid Cap team, with a main focus on Europe. From April 2004 to July 2012, Luis was a Sell-Side Equity Analyst at Deutsche Bank in Madrid and later London; becoming a Research Director for the European Small Caps Strategist in 2010. Before that, Luis worked in Madrid with Julius Baer (now Kepler Equities) as an Equity Analyst. Other notable employers are Morgan Stanley and Arthur Andersen (now Deloitte). Luis holds a B.A. in Economics and Business Administration, specialising in Finance and Actuary from Complutense University, Madrid. He is a native Spanish speaker, fluent English and basic French.
Mark Nash - OMGI
NameMark Nash
Job titleHead of Global Bonds
CompanyOld Mutual Global Investors
TitleA Wealth of Opportunities for Unconstrained Bond Funds
ContentStructural changes in macroeconomics, geopolitics and markets are providing unconstrained bond investors with a huge range of opportunities. Mark Nash, head of global bonds at Old Mutual Global Investors, will discuss how he seeks to capitalise on this investment landscape through the unconstrained absolute- and relative-return fixed income funds he oversees. He will focus on the team’s investment process, which involves scaling the best ideas from across the funds’ investment universe into a risk-efficient framework.
BiogMark joined Old Mutual Global Investors as Head of Global Bonds and lead manager of the Old Mutual Global Strategic Bond Fund in June 2016. He previously worked at Invesco Asset Management since 2001, most recently as head of global multi-sector portfolio management and head of European fixed income strategy. Prior to that he held a number of roles at Invesco including, head of global macro alpha sources and senior fund manager. Mark is a CFA charterholder.
Wesley Lebeau - CPR
NameWesley Lebeau
Job titleThematic Equity Portfolio Manager
CompanyCPR Asset Management
TitleDisruption as an investment theme: investing today in the world of tomorrow
ContentIn an increasingly complex, connected and ever-changing world, where growth is set to be scarce and low for a long time and where unprecedented technological innovations are disrupting the value, our thematic approach provides an alternative to traditional strategies by seeking to capture sources for growth and performance through genuine long-lasting trends to offer sustainable solutions to our clients. Globalisation of trade, technological innovations, demographic trend. The world is changing and alongside all its ecosystems. In industry, healthcare and education, major shifts are reshaping lifestyles, consumer habits and redefining work practices, communication and production processes in sectors as diverse as industry, health or education. At CPR AM, we oversee the megatrends that are driving our world and view them as many investment opportunities to seize. As part of our continuous efforts to offer relevant and sustainable performance engines to our clients, new investment themes that will be shaping the tomorrow’s world are being scrutinized by CPR investment professionals on a regular basis. We propose to share with you some highlights of most promising ones with you.
BiogWesley Lebeau joined CPR AM in 2016 as a senior portfolio manager within the Thematic Equities team. He has been co-managing the Disruption theme since its inception in 2016 and takes part in the management team of the Well-Being and Luxury themes. Wesley began his career at Amundi in 2005 as a global equity management assistant. In 2013, he moved to Amundi in London within the global equity team with a focus on the technology and media sectors. Wesley holds a Master’s degree in International Financial Analysis from Ecole Supérieure des Affaires, Lille.
Stephanie Butcher - Invesco
NameStephanie Butcher
Job titleEuropean Equities Fund Manager
CompanyInvesco
TitleWhere are the opportunities in Europe?
ContentGiven a backdrop of robust European GDP growth, inflation not deflation, diminishing political risk and positive earnings momentum, Stephanie will examine the changing nature of how ‘quality’ is perceived by the market, and how this thinking contributes to her valuation-focused style of investing.
BiogBased in Henley-on-Thames, Stephanie is responsible for a number of European equity portfolios, specialising in European equity income investing.
She began her investment career at Lazard Asset Management as a graduate trainee in 1993 and progressed to become a US fund manager responsible for institutional and retail portfolios. Stephanie then joined Aberdeen Asset Management in 1997, initially as a US portfolio manager responsible for insurance and institutional funds, and then moved onto their European equities desk in 1998 as a fund manager responsible for a number of retail funds before joining our company in 2003. Stephanie holds an MA (Cantab) in History from Cambridge University.
Sean Flanagan - Aberdeen
NameSean Flanagan
Job titleSenior Investment Manager
CompanyAberdeen Standard Investments
TitleHarness the benefits of diversification
ContentMost investors could dramatically improve their long-run returns and/or reduce risk by having a more diversified portfolio. This is particularly important in the challenging investment environment that we are currently in and are likely to be in for years to come. The bond bull market that has supported returns from traditional balanced portfolios over the past 30 years is potentially over, and this tailwind is likely to become a distinct headwind in the next few years.
The good news is that a far broader range of investments, including listed alternatives, is now more readily accessible to investors. This includes asset classes such as emerging market bonds, infrastructure, property, high yield bonds, loans, asset-backed securities, insurance-linked securities, marketplace lending and aircraft leasing. By taking a more diversified approach to investing we seek to produce attractive long term returns with reduced volatility and with the return and risk coming from a variety of sources.
BiogSean Flanagan is a senior investment manager in the Diversified Multi-Asset team. Sean joined Aberdeen in 2015 from Standard Life Investments where he was an investment manager in the Multi-Asset and Macro Investing team. Previously, Sean worked for Kames Capital where he was an investment manager in the Multi-Asset Group. Prior to that, Sean worked within the legal profession and as a stock analyst at Moore Europe Capital Management. Sean graduated with an LLB (Hons) from the University of Strathclyde. Sean is a CFA charterholder and has a Post Graduate Diploma in Legal Practice.
Anthony Cross - Liontrust
NameAnthony Cross
Job titleFund Manager, UK Economic Advantage
CompanyLiontrust Asset Management
TitleLiontrust Special Situations Fund – the rising tide of U.K. Equites
ContentAnthony Cross will examine the type of intangible assets he looks for in companies, and how these assets can become barriers to competition, allowing the companies to defy industry competition and sustain a higher-than-average level of profitability for longer than expected. The Economic Advantage process and the Liontrust Special Situations Fund invests on a long-only basis in companies that earn high returns as well as possessing strong balance sheets or solvency. Anthony Cross and Julian Fosh believe that these quality credentials are likely to prove as valuable as ever given an uncertain macroeconomic outlook which is being exacerbated by political instability. A key element of the investment process is to verify that a theoretical Economic Advantage is being converted into a practical financial advantage; companies that meet this criteria are likely to possess significant pricing power which will allow them to cope with the imported inflation which sterling’s weakness has triggered. Current areas of interest are the evolving digital economy, software and healthcare.
BiogAnthony Cross graduated in 1990 from Exeter University with a degree in politics. He then joined Schroder Investment Management as a graduate trainee. He spent his first three years as an equity analyst before joining the Smaller Companies team in 1994. During this time, Anthony identified a number of characteristics common to successful companies and on joining Liontrust in 1997 he was able to develop his thoughts further and create a documented investment process. This process, called Liontrust Economic Advantage, was applied to the Liontrust UK Smaller Companies Fund from the start of 1998. Its success and relevance to the broader market led to the launch of the Liontrust Special Situations Fund in 2005 and the management of the Liontrust UK Growth Fund in 2009. The following funds have since launched: the Liontrust GF Special Situations Fund in November 2012, the Liontrust GF UK Growth Fund in September 2014, and the Liontrust UK Micro Cap Fund in January 2016.
Todd Wolter - Nordea
NameTodd N. Wolter
Job titlePortfolio Manager, ClariVest Asset Management LLC
CompanyNordea Asset Management
TitleNo value in bonds, risky equities: think alternatives with the Nordea 1 – Global Long Short Equity Fund
ContentMeagre return expectations within fixed income and heightened drawdown risk from equities are driving investors to look for other options. Liquid alternatives offer low market correlation with the potential for attractive returns and contained drawdown. This session will introduce the Nordea 1 – Global Long Short Equity Fund, whose long term strategy track record makes it stand out as a solid value proposition. Fund Manager Todd Walter will discuss how he manages this fundamental long/short fund to achieve its target of cash + 5-8% p.a. gross of fees over a full investment cycle, keeping close to beta neutral with a low net exposure. He will explain the fund’s bottom-up stock selection process, generating returns from both long and short leg, and its approach deeply rooted in behavioural finance.
BiogTodd Wolter is a founder and owner of ClariVest Asset Management LLC. Todd is a lead portfolio manager for the firm’s Global Long Short, US micro-cap and US small cap strategies. Prior to forming ClariVest in March 2006, Todd was the portfolio manager for the Systematic mid-cap strategies and co-manager for the Systematic small/mid strategies at Nicholas-Applegate Capital Management on a team that managed over $5bn in assets. Prior to Nicholas- Applegate, Todd worked as a quantitative risk analyst with Credit Suisse Asset Management and has also held positions with Prudential Securities and Olde Financial. He holds a Bachelor’s degree in Economics from the University of Southern California and an MBA from the University of California, Irvine. Todd began his investment career in 1995.
Andrew Birse - AB
NameAndrew Birse
Job titlePortfolio Manager—European Value Equities
CompanyAllianceBernstein
TitleAB European Equity Portfolios – Multiple Ways to Win in Europe Today
ContentEuropean equities are coming back in to favour among global asset allocators – is Europe now a crowded trade? Or is the market still focused on top-down themes and as a result, less on individual companies? AB’s research focuses on uncovering diverse company-specific opportunities across a range of sectors. Applying a private equity approach to public equities, they exploit these opportunities to seek differentiated insights on companies’ earnings prospects. The team have enhanced the disciplined process of their long-established pan-European and Eurozone funds, enabling them to produce strong returns even through the unusual market disruption of the last few years. Portfolio manager Andrew Birse will outline these enhancements and reveal the areas of most significant return potential he sees today.
BiogAndrew Birse was appointed Portfolio Manager of European Value Equities in March 2016. He is also a Senior Research Analyst and leader of the industrials sector, and has managed the International Small Cap Value service since its inception in 2014. Prior to joining the firm in 2010 as a research analyst, Birse spent seven years in the Corporate Finance Group at McKinsey & Company, working in the firm’s London, Sydney and Auckland offices. He holds a BCom (Hons) in finance and a BA in history and economics from The University of Auckland, and an MSc in economics and philosophy from the London School of Economics. Location: London
Thomas Haugaard - Danske
NameThomas Haugaard
Job titleSenior Economist
CompanyDanske Invest
TitleHow to sort the wheat from the chaff in EM
ContentOver the last 20 years, Emerging Markets Hard Currency Debt (EMD HC) has been one of the best performing asset classes but recently, there has been a growing skepticism about the cyclical and the secular outlook for this asset class.
However, the EMD HC universe is very diverse, spanning more than 70 investable countries each representing specific challenges and opportunities. How should investors maneuver in such a complex landscape?
Danske Bank has developed a well-structured and systematic approach to solving the problem. The cornerstone is a proprietary model setup comprising of 1) a quantitative, forward-looking and dynamic country rating model coupled with a qualitative overlay that takes key non-quantifiable drivers of country risk into account; and 2) a model that converts proprietary country ratings to fair credit spreads to identify buy and sell candidates.
BiogThomas is a senior economist in the Emerging Markets Debt Hard Currency (EMD HC) team at Danske Bank Asset Management. His responsibility is overall macro research and country risk analysis. This entails the development of country risk models and on-site research in the more than 70 emerging markets that define the investment universe.
Prior to joining Danske Bank Asset Management, Thomas worked two years at the Danish Central Bank followed by eight years at Handelsbanken (DK) as responsible for research on emerging markets, focusing primarily on Latin America and China. Thomas is a member of ThinkChina, a local think-tank on China.
Thomas has a M.Sc. in Economics from the University of Aarhus.
Edward Rumble - RWC
NameEdward Rumble
Job titlePortfolio Manager
CompanyRWC Partners
TitleRWC European Growth Fund
ContentThe RWC European Growth Fund is a fundamentally driven European equity long only strategy. Our investment process and portfolio construction approach seeks to drive alpha generation through a diversified range of European equities. We take positions in stocks where, in the opinion of the Investment Manager, the economic potential of the business is greater than that which is implied by the share price.

We believe that independent fundamental analysis is the key driver of performance. In our opinion stock prices reflect the consensus view of a company’s future economic potential; upward revisions to consensus expectations have significant implications for corporate value and stock price performance. The strategy seeks to exploit these differentials through a superior understanding of company value drivers vs. consensus.
BiogEdward joined RWC Partners from Pensato Capital where he was a founder partner and portfolio manager. Ed began his investment career with Fidelity Investments in London in 1995 as an equity sector analyst working closely with Graham Clapp, and later worked as fund assistant on the Fidelity European Small Cap Fund.

Ed left Fidelity in 1999 to move into the Alternatives Asset Management industry and worked initially at Bayard Partners, an established European long/short equity fund. He was, soon after, invited to join American Express Asset Management International ("AEAMI") to co-manage their European long/short strategy which he did successfully between 2001 and 2005 compounding at 12% over the period with volatility of 9%.
Nadia Grant - Columbia Threadneedle
NameNadia Grant
Job titleFund Manager
CompanyColumbia Threadneedle Investments
TitleDaring to be Different: A Behavioural Approach to US Equities
ContentThe US market is often depicted as the most efficient and competitive market in the world with the rise of passive instruments over the last decade expressing that view. The US market has been transformed with passives now accounting for most of daily traded volumes. However these passive instruments are not making the market more efficient and what’s more, investors are not making rational decisions. The example of the flash crash of August 2015 illustrates how ETF were used by investors in response to fears over the potential deflationary impact globally of China’s renminbi devaluation. This was aggravated by ensuing technical selling pressure from ‘price insensitive’ participants. Investors are emotional and indeed exhibit behavioural biases that can be profitably exploited. Join Nadia Grant, Head of US Equities, to learn more about her differentiated approach to this key asset class.
BiogNadia Grant joined the company in 2014 as a portfolio manager within the US Equities team. She manages the Threadneedle American Fund and has coverage leadership for companies in the healthcare sector. Prior to joining the company, she worked for 13 years at JP Morgan Asset Management. She worked as a portfolio manager in various teams, managing European, American and Global strategies.
Brian Wolahan - Acadian
NameBrian K. Wolahan, CFA
Job titleSenior Vice President, Senior Portfolio Manager
CompanyAcadian Asset Management
TitleHarvesting the power of multi-factor investing in European Equities
ContentAcadian believes market inefficiencies caused by behavioural errors can be exploited. Our dynamic multi-factor approach applies fundamental insights in a systematic manner in an effort to remove emotions and uncover attractive stock opportunities. With our state-of-the-art technology, Acadian is able to deliver cutting edge investment analysis to over 40,500 securities globally, including approximately 6,000 European equity securities. Senior Portfolio Manager Brian Wolahan looks forward to explaining the intricacies of how this efficient implementation can provide a diversified, dynamic and risk aware portfolio. Furthermore, why the disciplined and dynamic nature of our process helped to reposition the portfolio through various factor rotations (e.g. in both 2015 and 2016). 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 UCITS is a core/value all cap fund, with a strong and consistent ten year track record of performance.
BiogBrian joined Acadian in 1990. Prior to his current role as Senior Portfolio Manager, he served as director of portfolio management, overseeing portfolio management policy as well as co-director of research, responsible for developing and applying investment techniques to evaluate markets and securities. Before joining Acadian, Brian worked in systems planning at Bank of New England and as a senior systems analyst at Mars Incorporated. Brian obtained an M.S. in management from MIT and a B.S. in accounting from Lehigh University. He is a CFA charterholder and a member of CFA Society Boston
Roberto Campani - Amundi
NameRoberto Campani
Job titleSenior Portfolio Manager
CompanyAmundi Asset Management
TitleA Distinctive Value Approach to invest In Europe’s Renaissance
ContentRoberto presents a way of investing in European Equities with a very distinctive Value approach – outlining his investment process which focuses on companies’ intrinsic value and not just their price seeking to avoid permanent impairment of capital by investing with an appropriate margin of safety.

The objective of the workshop is to gain a better understanding of our Value Investing philosophy and process, which focuses on identifying the real value of companies, resulting in an unconstrained, equally weighted portfolio with an asymmetric risk/return profile
BiogRoberto is Portfolio Manager on Pioneer Funds – European Equity Value and Pioneer Funds – Italian Equity (which he has managed since inception in 1998). He also manages Pioneer Azionario Crescita and Pioneer Azionario Italia.
After graduating in Economics from the Cattolica University Milan, Roberto spent five years in Allianz RAS Asset Management, initially as a financial analyst and later as a European equity portfolio manager. He joined Amundi Asset Management (previously Pioneer Investments) in October 1998.
Simon Rowe - Janus Henderson
NameSimon Rowe
Job titleFund Manager
CompanyJanus Henderson Investors
TitleInvesting in Europe's most attractive niches
ContentFor superior investment returns, you must do something different from the crowd. In a market increasingly focused on passive index-tracking ETFs or short-term results through high frequency trading, we follow a completely different path. We ignore broad market indices and geographic weights when building our portfolio and instead select a concentrated list of companies that we believe can generate good returns over the coming years or decades rather than merely the next quarter. We like companies operating in niche areas with large family or management ownership, as these combine strong competitive positions with long-term opportunities to reinvest at attractive returns on capital.

In this boardroom session we would like to introduce some of our most exciting mid cap investments in Europe including building chemicals, a combine harvester manufacturer and a cinema operator.
BiogSimon Rowe is a Fund Manager of European equities at Janus Henderson Investors, a position he has held since joining Henderson in 2009. Prior to Henderson, Simon was a European equity fund manager for eight years with New Star Asset Management. From 1993 until 2001 he worked as a freelance management consultant and private equity advisor. Prior to that, Simon was with Smith New Court and Kleinwort Benson as a German equity analyst in Munich.
Simon graduated with a BA in history from Cambridge University. He has 27 years of financial industry experience.
Emanuele del Monte - Eurizon
NameEmanuele del Monte
Job titleEmerging Markets Portfolio Manager
CompanyEurizon Capital
Title“Giving credit where credit is due”: Global Multi-Credit Investing by Eurizon Capital
ContentIt’s no secret that investors still have a serious on-going challenge hunting for higher returns. Many developed market sovereign bonds are still being issued at negative yields. With so many investors piling into these so called “safe-assets” it has led the smarter investors to fish in deeper pools for sub-investment grade credit. The credit market is a highly specialised market with a number of exotic debt instruments requiring deep knowledge and experience. With so many fixed income instruments being highly correlated to each other it’s about knowing where to look for the relative value plays between these instruments and constructing a portfolio to deliver the best possible risk-adjusted returns. Historically, investors have separated these different bond silos such as High Yield, Emerging Debt or Cocos. At Eurizon Capital a strong team of talented managers have pooled their diversified skills to create a compelling Multi-Credit Investment approach that selects these specialist debt instruments and combine them in a dynamic way to “give credit, where credit is due”.
BiogAfter having graduated in Economics at the University La Sapienza of Rome in 1994, Emanuele started his career as an analyst for a hedge fund selector in Lugano, Switzerland. In the same year, he joined Belgrave Capital Management, a hedge fund based in London, as a junior portfolio manager specialising in Emerging Markets. In 1998 he moved to Pioneer Investments in Dublin to become senior portfolio manager in the emerging market desk. In late 2000 he returned to Milan to lead the emerging markets team at Monte Paschi Asset Management. In 2007 he joined Fideuram Asset Management in Dublin, as head of the Emerging Market fixed income funds. At the end of 2015 he started working for Eurizon Asset Management in the emerging markets Team.