Hamburg Summit: Key themes of first day

The first set of InvestmentEurope‘s Autumn Pan-European Fund Selector Summit 2016 took place yesterday afternoon at the Sofitel Hamburg After Wall.

The first presentations featured key strategies from Aberdeen Asset Management, Amundi Asset Management, Argonaut Capital Partners, CPR Asset Management, Invesco, Liontrust Asset Management, Nordea Asset Management and Tortoise Capital Advisors.

Aberdeen senior investment specialist Simon Fox discussed how alternative strategies are becoming mainstream as investors are facing increasing challenges with their search for profitable investments amid low interest rates.

Simon said Ucits are not a stamp of quality, “not more likely to generate superior performance in the hf universe.”

Amundi’s Isabelle de Malherbe considered benefits from potential market rises through an active and flexible management – Amundi Funds Protect 90 can invest in all asset classes and its flexible protected funds have already reached €2.6bn of AUM.

Argonaut’s Greg Bennett spoke about how the asset manager identifies both positive and negative earnings surprise how a long/short portfolio of single stocks can produce compelling absolute returns.

“We believe that corporate earnings – not quality or value – are the prime determinant of share prices,” Bennet said.

CPR Asset Management discussed long-term equity investing benefiting from secular trends through thematic approaches, like ageing.

Estelle Menard, deputy head of Thematic Equities, said CPR’s Global Silve Age fund is strongly biased at the moment on healthcare equipment, pharmas and dependency sectors.

Invesco’s Thorsten Paarmann spoke about how to combine risk and return considerations in an eurozone equity portfolio.

The senior portfolio manager said the Invesco Euro Structured Equity Fund has favoured industrials and consumer discretionary, while financials are underweight.

Liontrust’s James Inglis-Jones discussed differentiated European L/S with a special focus on cashflow.

“Cash flow is the single most important determinant of shareholder returns,” Inglis-Jones said.

Pandora “looks very attractive” in the long book while Brunello Cucinelli “is what we look for in short book”, the fund manager added.

Nordea focused on how to navigate volatile fixed income markets.

“We use tactical models to reduce risk by adding risk-off strategies and performing systematic valuations,” said Nordea’s senior portfolio manager Karsten Bierre.

“Non-euro sovereign bond markets offer attractive return but this can be found on global fixed income,” he added.

Tortoise, for its part, highlighted access to opportunities in North American pipeline ‘toll roads’ and across the North American energy value chain.

Brian Kessens, managing director and portfolio manager at Tortoise said the real play in US Gulf Coast energy production is on exports and that significant infrastructure is needed.

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