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MILAN • 5 NOVEMBER 2014

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Jeremy Cunningham - AllianceBernstein
NameJeremy Cunningham
Job titleSenior Portfolio Manager – Fixed Income
CompanyAllianceBernstein
TitleThe Fixed Income Conundrum
ContentWhich way should investors turn in today’s fixed income markets? Given the complexities of the wide range of different market sectors, issuers and geographies that make up the global fixed universe, investors are faced with many different decisions in order to successfully generate absolute returns.
The solution to this challenge is to rely on an experienced fixed income manager who has a team located across the globe and employs an integrated investment process. Through this approach you benefit from the best ideas identified by in depth research. The AllianceBernstein Diversified Yield Plus Portfolio captures each of these best ideas with the objective of delivering attractive cash plus returns over a cycle.
BiogJeremy Cunningham joined AllianceBernstein in 2011, and has 25 years of investment experience in fixed income. He spent nine years with Invesco, six years with J.P. Morgan Fleming, three years with Merrill Lynch Investment Managers and six years with Schroders. Jeremy is a CFA charterholder and works out of London.
Paolo Bernardelli - Eurizon
NamePaolo Bernardelli
Job titleHead of Fixed Income
CompanyEurizon Capital
TitleAbsolute returns through unconstrained aggregation of the best ideas in fixed income
ContentYields are very low, spreads are narrowing and Central Banks, all extremely supportive until now, appear to be starting to diverge in their monetary policies. Today’s challenge is to deliver positive returns protecting the gains that fixed income portfolios had after two decades of positive returns in the global bond market.
Eurizon Capital proposes a solution that has wide flexibility to invest across rates, credit, and currency markets.
Paolo Bernardelli, Head of Fixed Income with more than 25 years of experience, manages Eurizon Opportunità Obbligazionario Flessibile (LU0944455822), an unconstrained investment approach which is the aggregation of the best ideas and strategies of the team, combined through a proprietary risk budget model with a strict control of the portfolio’s risk.
BiogPaolo is Head of Fixed Income and Forex at Eurizon Capital SGR. He joined Sanpaolo AM (now Eurizon Capital SGR) in 1995 as Head of Domestic Bond Funds, and later became Global Head of Fixed Income and FX. He and his team of 26 portfolio managers manage more than 40 bn euro of assets in Fixed Income and Flexible Funds.
Previously Paolo has held several positions as analyst and trader for Sanpaolo Finance Merchant Bank and was appointed Head of Arbitrage and of Trading for Sanpaolo Finance Promotio.
He began his career in Banca Commerciale Italiana, where he was financial analyst. Degree in Business Administration from Università Bocconi.
Henderson Global Investors
NameStephen Thariyan
Job titleGlobal Head of Credit
CompanyHenderson Global Investors
TitleOpportunities within European credit
ContentThe European credit landscape still offers attractive investment opportunities. Despite strong performance, there is potential beneath the surface. Stephen Thariyan, Global Head of Credit, will take you on a journey across the rating spectrum, revealing how one might capitalise on this potential
BiogStephen Thariyan joined Henderson in 2007 as Head of Credit. In recent years he has overseen the expansion of the credit team into a 28-strong global credit team, reflected in his current role of Global Head of Credit. Prior to Henderson, Stephen was a Portfolio Manager at Rogge Global Partners, following five years as Head of Credit Research and before that a Director and Senior Analyst at the credit unit of NatWest Markets.
Bradley George - Investec
NameBradley George
Job titleHead of Commodities & Resources, Portfolio Manager
CompanyInvestec Asset Management
TitleActive management for Natural Resources: Volatility and valuation leads to opportunity
ContentCommodities and resource equities have increasingly attracted attention over the past decade as acceleration in demand growth, driven by emerging markets, has led to increased investment in the asset class. However, this renewed interest has reignited debate about the best ways to get exposure and generate returns from the asset class whilst benefiting from diversification and a perceived lack of correlation. Commodities include four major and very diversified sub-sector groupings: energy; precious metals; base and bulk metals; and agricultural and soft commodities. The main reason we believe commodities and resources require increased investor focus are the long-term demand trends – developing economies are industrialising and developed economies are upgrading and replacing infrastructure requirements. In particular, we would suggest that investors should consider taking a more strategic and actively managed investment allocation toward commodities.
BiogBradley is the head of Commodities & Resources at Investec Asset Management having been appointed to this role in 2006.
He joined the firm after spending seven years at Goldman Sachs where he worked as an executive director in the Commodity Division. Prior to this, he worked in the Goldman Sachs Investment Banking Division on natural resources M&A transactions in both London and South Africa. Previously, he spent three years at KPMG in the Financial Services Division within the Treasury Advisory Group, offering clients consultancy advice on financial derivatives risk management. Bradley graduated from the University of Cape Town with an honours degree in Business Science in 1994. He completed his Post Graduate Diploma in Accounting (PGDA) from the University of Cape Town in 1995. In 1998 he was awarded the Chartered Accountant designation CA (SA).
Amanda_Stitt- Legg Mason
NameAmanda Stitt
Job titleInvestment Director
CompanyLegg Mason
TitleThere’s more to unconstrained bond management than beta rotation
ContentIn a rising interest rate environment, attack could be the best form of defence for investors. The Legg Mason Western Asset Macro Opportunities Bond Fund bears little resemblance to most cautious-by-nature fixed income funds. It uses a high conviction strategy to maximise performance, but with a clear risk target in mind. It is therefore not for conservative investors. In her presentation, Amanda Stitt will be explaining how the Fund can use duration as either a hedge to risk assets or as a valuable source of alpha. In volatile conditions for the asset class in general, such an active approach could give this Fund a significant advantage.
BiogAmanda is an investment director at Legg Mason, and is a product specialist with a focus on fixed income. She joined Legg Mason in 2006 from Citigroup Asset Management. Amanda started her career in 1994 as a Client Service Officer with MLC. She subsequently moved to AMP in 1996 within a similar role. Amanda became an Institutional Portfolio Manager when she moved to Westpac Banking Corp in 1998 before joining Citigroup Asset Management in 2002 as an Investment Director. Amanda graduated from the University of Technology, Sydney. She has and MA in Applied Finance from Macquarie University and is a member of the SIA.
Ugo Lancioni -NB
NameUgo Lancioni
Job titleManaging Director
CompanyNeuberger Berman
TitleShifting towards opportunistic investing in Fixed Income
ContentUgo Lancioni, Portfolio Manager at Neuberger Berman will explain why in the current environment the ‘‘traditional’’ benchmark driven approach based on long-only, investment-grade bonds issued by developed nations may leave investors unable to meet their objective of generating stable income.
Ugo will explain how investors can benefit from employing managers that focus on using an expanded toolkit that can potentially enhance diversification through new sources of alpha and by taking advantage of market mispricing.
Ugo’s team employs a fundamentally-driven investment process backed by a suite of quantitative tools to combine multiple alpha sources generated across the wider Neuberger Berman fixed income platform. This approach is designed to avoid persistent macro or thematic biases in the portfolio and targets a low beta to fixed income markets over a full market cycle.
BiogUgo Lancioni, Managing Director, joined the firm in 2007. Ugo is the Head of Global Currency and serves as a co-portfolio manager on multiple fixed income strategies. He is a member of the senior investment team that sets overall portfolio strategy for Global Investment Grade. Ugo also leads the Currency team in determining FX exposures across various portfolio strategies. Prior to joining the firm, Ugo was employed by JP Morgan for 11 years. While at JP Morgan Asset Management Ugo gained experience as a currency strategist and portfolio manager in charge of the FX risk in the fixed income book. Prior to this, Ugo worked as a trader at JP Morgan Bank, both in London and Milan, in the short term interest rate trading group where he was responsible for foreign exchange forwards market making and derivatives trading. Ugo received a Masters Degree in Economics from the University “La Sapienza” in Rome.
Name Christine Johnson
Job titleHead of Fixed Income
CompanyOld Mutual Global Investors
TitleTotal Return, Attractive Yield: Old Mutual Monthly Income High Yield Bond Fund
ContentYields on offer in the high yield universe are more than tempting. The challenge is to capture the benefits while avoiding the risks of a world in which yields are rising and capital values falling. We believe it can be done. Investors can have the best of both worlds. Higher yielding instruments have some equity-like characteristics, with capital values improving as economic recovery boosts creditworthiness. Through active duration management, including adept use of negative duration, a portfolio can profit even as yields rise.
BiogChristine Johnson joined Old Mutual in September 2010 from Halbis Capital Management (formerly HSBC Asset Management), where she was a senior fixed income fund manager, initially focusing on sterling credit before also managing global portfolios. She moved to Halbis from Investec Asset Management, which she joined as a high yield credit analyst, becoming a high yield fixed income fund manager a year later. She began her asset management career as a credit analyst at Royal & Sun Alliance Investment Management, having previously been a relationship manager at NatWest Bank. Christine has a BA in Economics from Manchester University.