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STOCKHOLM• 14 & 15 MARCH 2016

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Nathan Chaudoin - ACI
NameNathan Chaudoin
Job titleVice President, Client Portfolio Manager
CompanyAmerican Century Investments
TitleEarnings Acceleration in Emerging Markets
ContentAt American Century Investments, we believe that earnings acceleration—when a company’s earnings per share are growing at an accelerating rate—represents one of the most important tools in the analysis of a stock’s potential to increase in price.
Our team utilises a disciplined methodology for identifying key inflection points in a company’s earnings that can signal an opportunity to generate superior long-term risk-adjusted investment performance. We will examine how correctly using earnings acceleration to forecast the extent of sustainable improvement can help to generate superior investment returns. We will explore how that process, in concert with analysing and monitoring long-term secular trends, can be applied to investing and creating a portfolio of best ideas in Emerging Markets.
BiogNathan is a member of the Global and Non-U.S. Equity team as a Client Portfolio Manager. He is responsible for communicating our 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. Nathan received a bachelor’s degree in French from Wake Forest University.
Carl Whitbeck - AXA
NameCarl “Pepper” Whitbeck
Job title Head of US Fixed Income, Head of US High Yield
CompanyAXA Investment Managers
TitleDelivering Consistency in a Volatile Market: Short Duration High Yield
ContentFinancial markets experienced significant volatility over the past eighteen months with high yield especially impacted as energy massively underperformed. This volatility is likely to persist for the foreseeable future. Despite the market volatility, the AXA IM US Short Duration High Yield Strategy outperformed the broad high yield market by almost 600 bps and remains well positioned to continue generating stable, consistent positive total returns with low volatility throughout 2016.
As the market leader in US short duration high yield, AXA has a long term track record of almost 15 years of delivering attractive, risk-adjusted returns while offering significant liquidity throughout multiple market cycles. Since its inception, the strategy captured over 75% of the high yield market’s annualized return while delivering only 39% of the volatility. Our focused and disciplined approach has allowed us to generate attractive risk-adjusted returns by compounding current income while avoiding principal losses. This has translated into consistently positive annual total returns, with only one negative year since inception.
BiogPepper is Head of US Fixed Income and Head of US High Yield with AXA IM. Prior to joining AXA IM in 2002, Pepper was an Analyst in the Investment Banking division of Lehman Brothers, where he focused on companies in the consumer and retail sectors, and worked on a variety of M&A and high yield transactions. Since joining AXA IM, he has served in various capacities within the US High Yield team, including Head of Research, Portfolio Manager for US High Yield portfolios and co-portfolio manager for multiple Global High Yield funds. Pepper received his B.A. in Economics from Williams College and has the CFA professional designation.
Ann Steele - Columbia Threadneedle
NameAnn Steele
Job titleFund Manager
CompanyColumbia Threadneedle Investments
TitleEuropean equities – a time to buy?
ContentAnn will discuss European equity markets – Europe is full of excellent well-managed businesses which earn strong and sustainable returns.
The macroeconomic picture remains broadly positive, with QE, improving growth, favourable foreign exchange rates and low interest rates benefiting European companies – albeit the uncertainties of geopolitics, US economic policy and Chinese growth may cause some concerns.
BiogAnn joined Columbia Threadneedle in 2009 as a Senior Fund Manager in the European equity team. She manages the Threadneedle Pan European Fund. Before joining Columbia Threadneedle, Ann worked at Pictet Asset Management, where she managed a number of institutional funds. She has also held senior investment positions at Gartmore and Henderson. Ann holds degrees in Law and Music from the University of Glasgow.
Rachel Harris - Henderson
NameRachel Harris
Job titleCredit Product Specialist
CompanyHenderson Global Investors
TitleOpportunities in credit from a global perspective
ContentThis presentation focuses on how the market has changed through the current decade and focuses upon the challenges and opportunities facing investors, highlighting the growth of high yield globally. Particular attention is paid to the credit cycle across the world, the impact of monetary policy, the importance of credit selection in driving investor returns and how Henderson identifies attractive investment opportunities.
BiogRachel Harris joined Henderson in February 2015 as a Credit Product Specialist. Rachel most recently worked for RBS Financial Markets as part of the UK Credit Sales team selling credit product to UK asset managers and insurance companies. Prior to joining RBS, Rachel spent 6 years at Credit Suisse First Boston, latterly in Credit Sales but also worked in Interest Rates and Emerging Markets. Rachel started her career in the financial world at Renaissance Capital in Moscow selling fixed income.
Rachel has an MA in Modern Languages from the University of Cambridge.
Paul Rogers - Lazard
NamePaul Rogers
Job titleManager Lazard Emerging Markets Core Equity Fund
CompanyLazard Asset Management
TitleEmerging markets equity Investing – Separating fact from fiction
ContentEmerging markets have been an asset class for several decades now, but the current realities of investing in this area can be quite different from the expectations and preconceptions held by investors. What was once a small market niche has turned into front page news, and the simple country and company selection models are now much more complicated investment decisions.
In this session, Paul Rogers from Lazard Asset Management will discuss the facts and fiction around investing in Emerging Markets today, looking at the major issues affecting the countries that can be thought of as 'Emerging'. He will also cover how the investment process may have changed over the years, with a focus on the key economic drivers, the political risk, and the pillars for a recovery in the region’s stock markets.
BiogPaul Rogers is a Portfolio Manager/Analyst on the Emerging Markets Core Equity and Latin American Equity teams, focusing primarily on emerging markets investments within Latin America. He began his career at Chemical Bank in 1985. Prior to joining Lazard in 2011, Paul served as the Managing Director of Emerging Markets Research at Fidelity Management & Research Company. Before that, Paul spent 14 years at Deutsche Asset Management where he was at first an Analyst and later a Portfolio Manager on the Scudder Latin America Fund, the Brazil Fund, the Scudder Latin America UK Trust, the Argentina Fund and a number of institutional accounts. Paul has an MBA in Finance from New York University and a BA in Political Science from the University of Vermont. He is fluent in Spanish.
James Inglis-Jones - Liontrust
NameJames Inglis-Jones
Job titleFund Manager
CompanyLiontrust Asset Management
TitleDifferentiated European long/short – the Cashflow Solution
ContentJames Inglis-Jones and Samantha Gleave focus exclusively on company cash flows in managing the Liontrust GF European Strategic Equity Fund both to seek to protect investors when the market falls and to participate in the market’s growth. James will discuss how their distinct investment process, the Cashflow Solution, can provide low correlation with other asset classes and funds as well as the potential for better returns than the market in the long term while taking less risk. He will also explain why and how the Fund is currently positioned for volatile falling markets.
BiogJames began his career in 1997 when he joined Fleming Investment Management as an analyst before going on to manage UK equity portfolios. He then worked on JP Morgan Fleming’s institutional investment process before becoming a senior portfolio manager. In 2003 he joined Polar Capital where he managed a European market neutral fund before joining Liontrust in 2006 to develop a European investment process. James is a Chartered Management Accountant and a CFA charterholder. James graduated with a Degree in History from York University. He gained a D.Phil in History from Christ Church, Oxford.
John William Olsen - M&G
NameJohn William Olsen
Job titleFund Manager
CompanyM&G Investments
TitleConcentrate!
ContentJohn William Olsen will discuss why focus, discipline and patience are key to long-term success when investing in equities. He will share his thoughts on how to avoid the behavioural pitfalls of investing and why portfolio concentration is so important.
BiogJohn William Olsen, a Danish national, joined M&G in April 2014, and was appointed fund manager of the M&G Global Select Fund and M&G Pan European Select Fund in July 2014. John William joined M&G from Danske Capital, where from 2002 he had managed non-domestic equity portfolios, including the Global Stock Picking and Global Select equity funds, and also the European Select strategy. He joined Danske Capital in 1998 as a fund manager on the domestic Danish equities team, and in 2000 also became a global sector analyst focusing on technology and telecommunications stocks. John William gained a BA in business economics and then an MSc in finance and accounting from Copenhagen Business School.
Adrian Daniel - Mainfirst
NameAdrian Daniel
Job titleDirector, Fund manager
CompanyMainFirst Asset Management
TitleMAINFIRST Global Equity
ContentIn a low interest rate environment with a slowing economy and volatile markets, there has been an increased interest for alternative solutions. Market risks can hardly be compensated in the current market environment with classic allocation models. A global equity concept using tactical hedging techniques serves as an attractive alternative to general equity strategies due to its focus on loss limitation.
Classic equity funds have in times of low interest rate environment and rising volatility struggled with providing sufficient stable returns. The MAINFIRST Global Equity Fund is able to offer a unique investment concept with a combination of a fundamental and long-term single holding selection process, and a tactical rule based hedging strategy.
BiogAdrian Daniel is since August 2012 part of MAINFIRST as a Portfolio Manager, as well as a member of the absolute return team. The team manages about €1bn in two public funds and eight special mandates. The main emphasis of his work in the team is risk management, the strategic asset allocation, and the title selection of equities. From 1996 to 2012 Adrian Daniel was a portfolio manager for DB advisors, Deutsche Bank Group. He managed approximately €1.1bn and was responsible for the research of the European chemical industry.
Thomas  Korhammer - Raiffeisen
NameThomas Korhammer
Job titleSenior Fund Manager
CompanyRaiffeisen Capital Management
Title European High Yield - Attractive Risk-adjusted Returns
ContentThe central banks quantitative easing policy pushes EUR investors to search for yields in the investment-grade and even high yield corporate bonds. For Raiffeisen Capital Management, EUR high yield credits offer the best potential with attractive Sharpe ratios.
Raiffeisen Capital Management's track record in euro high yield bonds coincides with the beginnings of the Euro HY market in 1999. The fund benefits from a proven successful investment process and from a highly experienced and stable credit team. Resolutely bottom-up driven, the fund however favors a prudent investment style Raiffeisen European HighYield has outperformed its reference index by roughly 2.5% per annum since inception in 1999 and has a volume close to 600m euro.
BiogThomas Korhammer joined Raiffeisen Capital Management in 2000 since when he has been responsible for the management of fixed income portfolios. As a Senior Fund Manager and Strategist of the Corporate Bonds team he is jointly responsible for the credit strategies. Besides his role as leading fund manager of the Raiffeisen-European-HighYield fund, he manages several mutual funds and institutional mandates.
Thomas’ main research focus is credit research covering Automotive, Cyclical and Non-Cyclical Consumer and Services in the High-Yield and Investment Grade Fixed Income Markets. In his career he has been responsible for portfolio management, research and trading activities in global credit markets including Euro, US and Emerging Markets.
Prior to joining Raiffeisen Capital Management Thomas gained experience in several business operations at Raiffeisen Landesbank Niederösterreich Wien. Thomas holds a master’s degree in Business administration from the University of Applied Sciences (Fachhochschule Wr. Neustadt). He specialized in Investments and Corporate Finance as well as in Marketing & Sales Management and wrote his thesis on behavioral finance.
Fabiana Fedeli - Robeco
NameFabiana Fedeli
Job titleSenior Portfolio Manager EM equities
CompanyRobeco
TitleHigh conviction EM strategies
ContentPortfolio manager Fabiana Fedeli will discuss Robeco’s approach to high conviction EM portfolios. The Rotterdam-based EM team manages a 35-50 holdings portfolio, combining top-down country analysis and bottom-up stock ideas. The focus is on companies with a sound business model, solid growth prospects and reasonable valuation, which has led to strong excessive returns of the strategy since inception in 2006.
Within the Smaller Companies strategy the team focuses on mid-cap companies which benefit from the domestic demand growth theme across global emerging markets. These companies tend to be under-researched and undervalued, which often creates additional investment opportunities. Research indicates that the outperformance of small and mid-cap companies is negatively correlated with outperformance of the large caps within GEM, hence offering great diversification benefits.
BiogFabiana Fedeli is responsible for country allocation in the Robeco Emerging Markets team. She has a background as Portfolio Manager and Analyst on Asia and US equities in London, New York and Tokyo. Prior to her current role, Fabiana held the position of Senior Portfolio Manager at Pioneer Asset Management, where she was the lead manager on their relative return Asia (ex Japan) Equity Fund. She joined Pioneer following the sale of Occam Asset Management LLP, where she was Partner and Fund Manager. Prior to joining Occam, Fabiana spent more than three years at Indus Capital Partners as a senior research analyst. She began her career at ING Barings as an equity research analyst covering Japanese equities in Tokyo and also worked at Lehman Brothers in New York covering US equities. Fabiana holds a Master of Economics from Hitotsubashi University in Tokyo and a Degree in Economic and Social Sciences from Bocconi University in Milan.
Louise Keeling - RWC
NameLouise Keeling
Job titlePortfolio Manager, Global Equities
CompanyRWC Partners
TitleLong-term investing: Monetising the time arbitrage with global equities
ContentThe investment industry is overly focused on short-term performance that can result in out-of-favour investment opportunities becoming excessively cheap. This can create a time arbitrage for patient capital. We look to the capital cycle to highlight areas of interest and improving supply-side dynamics. Acting as an owner rather than a renter of companies assures our alignment of interest with management and investors.
Following Louise’s successful career at Marathon Asset Management, she now deploys a similar approach at RWC Partners, where she seeks to find compelling investment opportunities around the world that are trading at a significant discount to their intrinsic value. The strategy has a very high active share and is benchmark agnostic.
BiogLouise joined RWC in April 2013 to establish the long only Global Equity Team. Louise started at the Bank of England on the Graduate scheme straight from University, then moved in to fund management at Clerical Medical (later known as Insight Investment). She subsequently ended up with sole responsibility for the $4bn US equity business. In 2006 Jeremy Hosking of Marathon Asset Management offered her a Global Portfolio Manager role. At Marathon, Louise had sole responsibility for her sub-portfolio, an unconstrained global mandate with no analytical support and a strong emphasis on personal accountability. Louise holds a BA (Hons.) in Economics & French Language from the University of East Anglia.
Gregor Gawron - LOIM
NameGregor Gawron
Job titleHead of Insurance Linked Securities
CompanyLombard Odier Investment Managers
TitleInsurance linked securities
ContentInsurance linked securities (ILS) are instruments that offer capital market investors exposure to insurance risks and are typically structured as fixed income securities. ILS instruments are powerful diversifiers in a portfolio. The returns of ILS depend on the occurrence of extreme events, typically natural catastrophes such as hurricanes or earthquakes. ILS are therefore independent of the macroeconomic cycle and exhibit low correlation to traditional financial instruments, such as stocks and bonds. Additionally, as ILS pay a floating coupon on a quarterly basis, the price of CAT Bonds are immune to changes in interest rates. This is a particularly attractive feature in the current interest rate environment.
BiogDr. Gregor Gawron joined LOIM in August 2015 and is Head of the Insurance Linked Strategies team.
Prior to joining LOIM, Gregor was employed with Dynapartners from October 2013 where he was responsible for the Insurance Linked Strategies offering. Previously Gregor was employed at Falcon Private Bank Ltd. as Head Insurance Linked and Quantitative Solutions since 2010. Prior to that, he was Senior Portfolio Manager at RMF/Man Investments, where he was responsible for selecting, monitoring and managing alternative investments. Before joining RMF in 2002 he was a research associate at the University of Basel in the field of quantitative finance. Gregor earned his doctorate in finance from the University of Basel in Switzerland. He holds a Master of Science in economics from the University of Karlstad in Sweden.