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LAUSANNE• 19-21 APRIL 2016

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Ian McDonald- Aberdeen
NameIan McDonald
Job titleSenior Investment Adviser
CompanyAberdeen Asset Management
TitleAlternative strategies becoming mainstream
ContentInvestors are facing increasing challenges, with their search for profitable investments hampered not only by persistently low interest rates but also concerns about the current state of the equity and bond markets and the possibility of stronger correlations between these asset classes in future. These developments have significantly increased demand for alternative investment strategies enabling investors to diversify their income from traditional asset classes, and this demand will continue to grow. While the most attractive alternative investment opportunities were previously only available via less regulated, less liquid offshore vehicles inaccessible to many investors, Aberdeen Alternative Strategies Fund now also offers investors access to alternative investments within a UCITS-regulated structure with daily liquidity – based on a strategy proven over many years.
BiogIan is a Senior Investment Adviser in the Alternatives Division of Aberdeen Asset Management, focusing upon Alternative investment product and portfolio solutions for key client relationships. He is also a member of the Hedge Fund Investment Committee. Ian was the Chief Investment Officer of Arden Asset Management LLC prior to the acquisition by Aberdeen Asset Management at the end of 2015, and is now based in Aberdeen’s London office. Prior to joining Arden in 2002, Ian worked at Morgan Stanley in the International Prime Brokerage Group’s European Capital Introduction division. In this role, he was responsible for introducing hedge funds to a variety of prospective investors, including fund of funds, private banks, pension funds, endowments and foundations. Before joining Morgan Stanley, Ian was an investment consultant at Cambridge Associates in London, responsible for monitoring European hedge fund managers. Prior to that, he was based in Cambridge’s Boston office where he focused on manager selection and due diligence of US hedge funds. He graduated with an MA (Hons) degree in Economic and Social History from the University of St. Andrews in Scotland.
Barry Norris - Argonaut
NameBarry Norris
Job titleFounding Partner & Fund Manager
CompanyArgonaut Capital Partners
TitleSearching for Earnings Surprise, the Long and Short Story
ContentEurope is a vast and varied equity opportunity set where the only constant is change in the sources of risk and reward. Argonaut founder, Barry Norris, will discuss how Argonaut identifies both positive and negative earnings surprise and how a long/short portfolio of single stocks can produce compelling absolute returns in changing market environments.
BiogBarry Norris graduated from Cambridge University in 1996 with an MA in History, and in 1997 with an MPhil in International Relations (with distinction). He also holds the CFA charter, IMC and IIMR qualifications.
Following graduation, Barry joined Baillie Gifford, moving to Neptune Investment Management in June 2002 as Head of European Equities. There he had sole responsibility for the European Opportunities Fund from its launch in November 2002.
Barry left Neptune to found Argonaut Capital Partners with Oliver Russ in 2005, and currently runs the FP Argonaut European Alpha fund, the FP Argonaut European Absolute Return fund and the Argonaut Pan European Alpha fund.
Ted Logan- BlackRock
NameTed Logan
Job titleDirector
CompanyBlackRock
TitleAlternative investments: solving the UCITS conundrum
ContentIn this environment, sources of uncorrelated returns are a vital component of investors’ portfolios, but can be difficult to identify and manage. In this session, Ted and Mark will explain how diversified exposure to unique alpha sources through careful manager selection can help investors meet this challenge.
BiogTed Logan, Director, is a member of BlackRock Alternative Advisors (BAA), the firm's Hedge Fund Solutions team. He is responsible for product strategy, marketing and client service for BlackRock's fund of hedge funds products. Mr. Logan joined the firm in 2012 and has significant experience in alternative investments, having served in marketing and business development roles at GLC Limited and Aspect Capital where he was Marketing Director and Director of North American Sales respectively. Prior to joining Aspect Capital in 2002, Ted was an associate at Goldman Sachs Private Wealth Management. Mr. Logan earned a B.S. degree in Mechanical Engineering from the University of Arizona in 1993.
Julie Dickson
NameJulie Dickson
Job titleInvestment Specialist
CompanyCapital Group
TitleInvesting without borders
ContentThe domicile approach to measuring geographic exposures – one of the primary blocks of asset allocation – is arguably becoming less relevant in today’s challenging markets. As multinational, global companies now represent a driving force in worldwide economic integration, it may not be sufficient to follow the traditional paradigm of investing in companies based on their country of domicile. In this workshop, Julie Dickson describes how Capital Group has approached this challenge by looking beyond traditional boundaries to conduct fundamental research that focuses on all aspects of a company, including revenue exposure, industry position, product lines and supply chain. Using stock examples from the Capital Group New Perspective investment universe, Julie will demonstrate how this multi-layered ‘new geography’ analysis helps our investment professionals identify the emerging multinationals of the future as well as those existing multinationals that are well positioned to benefit from secular growth trends and global trade patterns. Capital Group’s New Perspective strategy was launched in the US in 1973 and has a track record of superior long-term results and downside protection. It is now available to European investors via a Lux domiciled fund (UCITS).
BiogJulie Dickson is an investment specialist at Capital Group. She has 22 years of investment industry experience and joined Capital Group in 2015. Prior to joining Capital, Julie worked as the head of client portfolio management at Ashmore Group. Before that, she was the head of client portfolio management at Aviva Investors. She also held various positions at Axa Rosenberg, Mellon Global Investments, Barclays Global Investors and Merrill Lynch. She holds a bachelor’s degree in business management with concentration in finance from Cornell University. She also holds both the Investment Management Certificate and the Chartered Financial Analyst® designation. Julie is based in London.
Frederic Jeanmaire - Columbia Threadneedle
NameFrederic Jeanmaire
Job titleFund Manager
CompanyColumbia Threadneedle Investments
TitleWhy high quality businesses will always win long term ... Porters Five Forces helps us find them
ContentIn this workshop Fred Jeanmaire will show how our collaborative research-driven approach has been so successful for the Threadneedle Pan European Focus Fund and will explain the process of stock selection. He will discuss individual companies held, the rationale for buying them and the bias towards high-quality business models (using Porter’s Five Forces) in the portfolio. This workshop aims to show how we achieve strong returns for clients and satisfy their objectives, via a disciplined, research-driven collaborative process that identifies good-quality companies capable of sustaining high returns.
BiogFred Jeanmaire joined the company in 2011 and is a portfolio manager within the European equities team. He is responsible for analysing the banking, telecom and media sectors. He is the portfolio manager for the Threadneedle Pan European Focus Fund as well as a number of European institutional mandates. Before joining the company, Fred worked at Merrill Lynch, where he was an analyst for the leisure and telecoms sectors. Fred holds a degree in Management from HEC in Paris and also holds the Chartered Financial Analyst designation.
Jeff Mueller - Eaton Vance
NameJeffrey Mueller
Job titlePortfolio Manager, Global Analyst
CompanyEaton Vance Investment Managers
TitleU.S. High Yield: Catching Value in the Sea of Uncertainty
ContentThe US high yield bond market has experienced significant volatility, with investors primarily concerned about the impact of falling commodity prices on the Energy and Commodity sectors. Adding to the uneasiness has been increasing concerns about negative returns, illiquidity, and the timing of the credit cycle, causing weakness to bleed into other sectors.
With relatively low but sustainable growth, an outlook of below average default rates, and spreads currently beyond their long-term average, should investors shun the asset class by ignoring fundamental credit analysis that identifies opportunities to purchase bonds at historically attractive prices? Or are we at risk of ‘throwing the baby out with the bathwater?
BiogJeffrey Mueller is a vice president of Eaton Vance Management International, portfolio manager and global analyst on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He leads investment management and credit research for all non-U.S. high-yield opportunities. He joined Eaton Vance in 2015.
Jeff began his career in the investment management industry in 2004. Before joining Eaton Vance, he was a high-yield portfolio manager with Threadneedle Asset Management. He was previously affiliated with Centaurus Capital Ltd. and Amaranth Advisors LLC.
Jeff earned a B.B.A. from the University of Wisconsin at Madison.
Alexander Uhlmann- Invesco
NameAlexander Uhlmann, CFA
Job titleDirector of Portfolio Management Invesco Quantitative Strategies
CompanyInvesco Asset Management
TitlePotential for positive returns regardless of market direction: Invesco Global Equity Market Neutral
ContentEquity Market Neutral Strategies historically delivered positive returns during down equity market cycles as well as in up cycles. The resulting low correlation with traditional asset classes like bonds or equities is a key strength of Market Neutral strategies. Invesco’ Quantitative strategies Team has over 20 years of experience in managing such strategies. Fund Manager Alexander Tavernaro will give you an insight on this engineered discipline using quantitative modeling seeking to create positive returns within specified risk parameters.
BiogAlexander was appointed as the Director of Portfolio Management in 2015. He began his investment career as an analyst with Invesco in 1997 and became Portfolio Manager for global equities in 2001. He received a “Diplom Betriebswirt (FH)” degree from Frankfurt School of Finance and Management, Frankfurt in 2001. He is a member of the IQS Global Management Committee since 2009. Alexander is a CFA Charterholder and a member of the CFA Society Germany.
Mark Peden- Kames
NameMark Peden
Job titleSenior Investment Manager
CompanyKames Capital
TitleThe power of dividends
ContentHistory has taught us that over 90% of long-term global equity returns come from reinvesting dividend income. Mark Peden discusses the importance of dividend income and dividend growth as key drivers of long-term total returns for equity investors. Mark also explains why careful analysis of companies is essential to avoid disappointments and identify potential positive surprises.
BiogMark Peden is a senior investment manager with emphasis on equity income strategies. His research focuses on European equities, something he has done since joining the firm in 1992 as an analyst. Over his tenure, Mark has held a number of positions and managed a range of European and International equity funds. He has 23 years’ industry experience, and graduated from the University of York and the University of California (Santa Barbara) with a BSc honours degree in Economics with Politics. He is a qualified Chartered Financial Analyst (CFA) and an Associate member of the UK Society of Investment Professionals (ASIP).
Maurizo Novelli - Lemanik
NameMaurizio Novelli
Job titlePortfolio manager Lemanik Global Strategy Fund
CompanyLemanik Asset Management
TitleTime for global macro
ContentThe Lemanik Global Strategy Fund is based on the Global Macro strategy, typical of the hedge funds industry, which consists in the analysis of the global set of macroeconomic data to make economic forecasts by identifying major trends.
The expected changes of the global picture will impact financial markets and the strategy implementation requires to assume strategic long-term positions, consistent with the expected macro trends of the economy, coupled with a tactical management aiming at controlling the volatility of results. The objective of the fund is to deliver performance and increase returns through strategic portfolio design and to control volatility through tactical risk management.
BiogMaurizio Novelli joined Lemanik in 2015 as Portfolio Manager of Lemanik Global Strategy Fund and Vice President in Lemanik SA. From 2008 - 2015 he was CIO, Global Strategist, Partner and Vice President at Zest SA in Lugano.
From 2008 - 2012 he was also CIO at Financial Strategy in Lugano and, from 2002 - 2008, CEO at Rasini & C., Hedge Fund Advisory in London and New York.
He also held senior position in trading and portfolio management with JP Morgan, ING and Merrill Lynch during the 80’s and 90’s. Maurizio is a former member of the sounding board of ASG (Swiss Association of Portfolio Managers).
He holds a degree in Economy and a Master in International Finance from Università Bocconi, Milan. Maurizio also took part in an International Financial Program at Princeton, USA in 1994. He is fluent in English and French.
Esty Dwek - Natixis
NameEsty Dwek
Job titleEmerging markets global strategist Loomis, Sayles & Company
CompanyNatixis Global Asset Management
TitleQuality, low duration and attractive yield: Is it time to consider short term emerging markets debt?
Content As an asset class, Emerging Markets Fixed income has had historically low correlation with traditional fixed income and equity. In the current market environment, investing in Shorter maturity issues is even more interesting as they are less sensitive to changes in interest rates, and do still offer attractive yields to investors.

In this workshop, Esty Dwek, emerging markets global strategist at Loomis Sayles, will share the fund house latest market views on the asset class, and will explain why the Loomis Sayles Short Term Emerging Markets bond fund is an attractive investment opportunity for clients seeking diversification and enhanced returns for their portfolios.
BiogEsty Dwek is an emerging markets global strategist at Loomis Sayles Investments Limited (LSI), Loomis Sayles’ London-based entity. She began her investment industry career in 2006 and joined Loomis Sayles in 2015. Previously, Esty Dwek was an investment strategist for HSBC Private Bank in London. She completed an HSBC Private Bank’s graduate program in Geneva, New York and Singapore. Esty Dwek earned a BA from Princeton University and holds the CISI accreditation.
Karsten Bierre - Nordea
NameKarsten Bierre
Job titleSenior Portfolio Manager – Multi Assets Team
Company Nordea Asset Management
TitleHow to flexibly navigate volatile fixed income markets?
ContentIn today’s still low yield market environment and fast changing macroeconomic environment, the need for active management is greater than ever. When should an investor take on duration risk? When should an investor bring down credit risk? Should the investor favour government bonds over investment grade bonds? What about currency risks? The proper solution to these questions is the Nordea 1 – Flexible Fixed Income Fund. The portfolio has a moderate level of risk (low volatility and limited drawdowns), is unconstrained (allocates risk globally to the most attractive investment opportunities), focuses on absolute and not relative risk and actively manages the risk budget (the possibility to adjust duration and credit risk when yields and/or spreads are expected to rise).
BiogKarsten Bierre holds a Master degree in Economics from the University of Copenhagen. He started his career with Danske Bank in 1994, where he began as an assistant economist and later became a senior economist, responsible for US and Danish research. He joined Nordea Markets in 2001, where he was in charge of the euro area primarily targeting institutional clients as adviser on the global economic and financial outlook. Concurrently, with positions in the banking sector Karsten has been affiliated with the Institute of Economics, University of Copenhagen, as an Assistant Professor and External Examiner.
Søren Lolle - Nordea
NameSøren Lolle
Job titlePortfolio Manager – Multi Assets Team
CompanyNordea Asset Management
TitleHow to flexibly navigate volatile fixed income markets?
ContentIn today’s still low yield market environment and fast changing macroeconomic environment, the need for active management is greater than ever. When should an investor take on duration risk? When should an investor bring down credit risk? Should the investor favour government bonds over investment grade bonds? What about currency risks? The proper solution to these questions is the Nordea 1 – Flexible Fixed Income Fund. The portfolio has a moderate level of risk (low volatility and limited drawdowns), is unconstrained (allocates risk globally to the most attractive investment opportunities), focuses on absolute and not relative risk and actively manages the risk budget (the possibility to adjust duration and credit risk when yields and/or spreads are expected to rise).
BiogSøren Lolle holds a Master’s Degree in Mathematics and Economics from University of Copenhagen. He also holds the Chartered Financial Analyst® designation. Søren worked for Nykredit, first as an economist and later on as a fixed income quantitative analyst, from 2004 to 2008. In 2008 he joined Nordea Investment Management AB in his current role.
Russ Oxley- OMGI
NameRuss Oxley
Job titleOld Mutual Absolute Return Government Bond Fund
CompanyOld Mutual Global Investors
TitleOld Mutual Absolute Return Government Bond Fund
ContentBarely in living memory has the outlook for global bond markets been characterised by greater uncertainty than at the start of 2016, with bond yields across many parts of the developed world dipping into negative territory. Going forward traditional, long-only fixed income strategies look ill-placed to deal with the challenges posed by a market environment quite unlike anything previously experienced; now may be an opportune time for investors to consider alternative approaches to meeting their fixed income portfolio requirements.
BiogRuss Oxley joined Old Mutual in April 2015. Russ brings over 17 years of investment management experience to Old Mutual Global Investors. Prior to joining the business, Russ spent 10 years working at Ignis Asset Management, initially as an UK Government Bonds Investment Manager from 2004 to 2007, then becoming Head of Rates in 2007. During this time he also took responsibility for the liability driven investment (LDI) for Ignis’s clients with unconstrained mandates. In 2011 he became the Lead Manager of the Ignis Absolute Return Government Bond Fund. Prior to joining Ignis, Russ worked as an Assistant Fund Manager covering UK and International Bonds at Swiss Reinsurance from 2001 to 2003, he spent a year at LV Group as a Fixed Income Fund Manager from 2000 to 2001 and was a UK Bonds Trainee Fund Manager at Investec Asset Management from 1997 to 2000.
Huw Davies - OMGI
NameHuw Davies
Job titlePortfolio Manager
CompanyOld Mutual Global Investors
TitleOld Mutual Absolute Return Government Bond Fund
ContentBarely in living memory has the outlook for global bond markets been characterised by greater uncertainty than at the start of 2016, with bond yields across many parts of the developed world dipping into negative territory. Going forward traditional, long-only fixed income strategies look ill-placed to deal with the challenges posed by a market environment quite unlike anything previously experienced; now may be an opportune time for investors to consider alternative approaches to meeting their fixed income portfolio requirements.
BiogHuw brings over 23 years of fixed income investment experience to Old Mutual Global Investors. He joins from Ignis Asset Management (SLI) which he joined in early 2014 as a Fixed Income Product Specialist. Prior to joining Ignis, Huw spent the four years between 2010-2014 working at Citi as Director, UK RM Interest Rate Sales and five years at JP Morgan Chase as Executive Director, Interest rate sales from 2005-2010. During his sales career he covered a range of clients, advising Pension Funds, LDI managers, Insurance companies and absolute return funds. Prior to 2005, Huw worked in roles that covered UK and European Bond Sales roles at Royal Bank of Scotland, UBS, Barclays Capital and Sanwa International.
Matthew Byer - Principal
NameMatthew Byer
Job titleExecutive Director and COO of Spectrum Asset Management- an affiliate of Principal Global Investors
CompanyPrincipal Global Investors
TitlePreferred securities, Cocos, and the search for yield in a low yield environment
ContentThe widespread regulatory change embodied in the Dodd-Frank Act, Basel III, and Solvency II has reduced many of the risks in the banking and financial sectors, creating a favourable backdrop for investors in preferred and capital securities. With fixed income yields at all-time lows, preferred securities may offer one of the most attractive opportunities in that space.
Matthew Byer, Executive Director and Chief Operating Officer of Spectrum Asset Management will explore how investors can capture attractive returns and quality income opportunities by allocating to preferred securities, and why they may offer strong market diversification benefits relative to the overall bond market. Matthew will also explore why a diversified portfolio of global capital securities can offer attractive yields to investors.
BiogMatthew joined Spectrum in 2007 and held the position of Senior Vice President with responsibilities for various areas of business and product development, client relations and asset management, until his appointment as COO on January 1, 2010. Prior to joining Spectrum, Matthew was a Vice President and Director - Investment Banking at A.G. Edwards where he served as a senior member of the Financial Services Group for eight years. Matthew began his career in 1991 as an attorney with Armstrong Teasdale LLP where his practice included the representation of issuers and underwriters of preferred securities. He holds a BS Mathematics and JD from the University of Illinois at Urbana-Champaign, and is a Member of the Missouri and Illinois bar.
Thomas Friedberger- Tikehau
NameThomas Friedberger
Job titleHead of Equity strategies
CompanyTikehau Investment Management
TitleSelection and asset allocation in an uncertain world
Content Investors are facing several challenges:
• Despite a correction, equity markets are in line with their average historical valuation levels. The market is no longer more expensive than before the correction, we cannot say that it is cheap either.
• Both the macroeconomic fundamentals in Asia and the microeconomic fundamentals in the United States are degrading. In Europe, where we have heard for months about the ‘alignment of unique stars’ such as a low euro, low oil and low rates, growth in company earnings remains modest while they degrade elsewhere in the world.
• The increase in the volatility of the market reflects the nervousness of investors.
But with all this uncertainty, there are significant developments: the dispersion of performance among non-governmental assets. In a world of contained growth and inflation, a world where a misallocation of capital financed by debt generates significant deflationary pressure, it is very difficult for a company to generate growth in earnings; the performance engine of equities over the long term. Only those that have a competitive advantage will be able to avoid sacrificing their margins even as they preserve market share and succeed, which means that the dispersion of performance between these companies and the rest of the group will be massive in the years to come. We just need to identify them, be patient and make entries at levels which will allow for a return on investment that pays well taking into account the risks taken. This is the case for equities as well as bonds.
BiogThomas Friedberger started his career in 1996 and has been working in trading since then. After 4 years spent in Milan and Paris at the Société Générale on the convertible bonds and derivatives market and 1 year at JP Morgan on the credit and rates markets, he worked for 13 years at Goldman Sachs in the London, Paris and Milan offices on forex derivatives, convertible bonds and equity, index and funds derivatives. Before joining Tikehau IM, he had been Managing Director in France and Benelux since 2008.
Yasuyuki Kanda - Tokio Marine
NameYasuyuki Kanda
Job titleCEO/CIO, London Office
CompanyTokio Marine Asset Management
TitleLooking beyond the macro story in Japan
ContentWhile Japanese equities haven’t enjoyed the same spectacular rise seen in the first stages of the Abenomics-fuelled rally that started in late 2012, the Nikkei 225 index still managed to outperform the majority of other developed markets in 2015. As market participants become more accustomed to the Abe government/BoJ’s interventions, we feel that investors need to take stock and look beyond the macro picture in search of new sources of alpha generation.
As a local manager with over 30 years’ investment experience, we feel ideally placed to help our clients capture interesting investment opportunities. Yasu, our London regional CEO/CIO, joined by Chris, Business Development Officer, share their views on how to select ‘winners’ in this evolving market.
BiogAppointed in July 2013 as CEO/CIO of Tokio Marine Asset Management (TMAM) London, Yasu leads 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 business 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 charterholder.
John Malloy - RWC
NameJohn M. Malloy, Jr.
Job titlePortfolio Manager, Emerging Markets
CompanyRWC Partners
TitleNow is the time to actively invest in Emerging Markets Equities
ContentEmerging market equities have underperformed developed equities and are down in absolute terms since the peak in late 2007. The valuations are compelling and the risk reward is favorable. These markets will continue to offer better growth than developed markets. RWC Partners Emerging Markets team takes a unique approach to investing in emerging and frontier markets. First of all, we analyze the macro risk of every country we invest with our proprietary models. Second, we identify global themes that drive growth rates of companies taking advantage of those themes. Finally, we conduct on-he-ground research to find the best growth opportunities in these countries with the goal of paying reasonable valuations for these businesses. Since inception this strategy of taking an index agnostic approach has produced positive alpha for our investors with very high active share.
BiogJohn has 23 years of experience in global investment management, commodity, debt and equity research analysis. Before joining RWC in March 2015 to manage the RWC Emerging Markets Equity Fund, John spent 18 years at Everest Capital where he focused on emerging markets investing. Formerly, John was a high yield manager at Barings focusing on Latin America and US markets. BS in Management, Norwich University. MBA, Boston University. Speaks Spanish.