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ITALY • 11 JUNE 2015

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Alex Johnson - BNP Paribas Investment Partners
NameAlex Johnson
Job titleHead of Absolute Return
CompanyFischer Francis Trees & Watts - BNP Paribas Investment Partners
TitleShifting gear - Absolute return for fixed income portfolios
ContentGiven the current market outlook, investors need to focus on diversification and opportunities in multiple environments. Absolute Return Fixed Income is a timely portfolio addition as a pure alpha generating strategy. Alex Johnson, Head of Absolute Return Fixed Income at FFTW in New York to discuss how Absolute Return strategies benefit fixed income portfolios in any environment, and the different investor segments investing in Absolute Return Fixed Income. FFTW manages Absolute Return using a risk-budgeted approach to as diverse a set of fixed income opportunities as possible, ensuring that no one theme dominates expected return, and uncorrelated with the direction of fixed income markets. This combination has worked, and it is offered in a UCITS fund format with a volatility target of 350bps, consistent with expected returns over cash of around 3% pa over the cycle, and has been augmented with a second UCITS fund targeting 700bps of volatility, consistent with expected returns over cash of around 7%. For discretionary mandates, the approach is modular, allowing differing volatility targets, asset classes, and customization to address client concerns and constraints.
BiogAlex is the Head of Absolute Return Fixed Income for FFTW. He is responsible for the management, growth and development of global absolute return strategies, and he is the portfolio manager for multi-strategy absolute return portfolios.
Prior to his current role, Alex served as Co-Head of Global Fixed Income for FFTW having previously been Head of Portfolio Management. Prior to this, he was employed as a Senior Portfolio Manager at Fortis Investment Management, which was integrated into FFTW in 2010. Alex is based in New York.
Alex received an MA in Law from Balliol College, University of Oxford and an LLM in Law from the University of Virginia.
Portrait ( NE PAS RECADRER - sans accord) Carlos Galvis
NameCarlos Galvis
Job titleFund Manager, Global Fixed Income
CompanyCarmignac
TitleGenerating Risk-adjusted returns through a multi-strategy approach
ContentStretched valuations and over-positioning are just some of the effects that have been brought on by the various QE programs carried out in the recent years. The result has been a significantly higher volatility and distortions within global markets. Furthermore, the current scenario of extremely low and potentially rising rates are presenting a challenge to investors in their quest for stable performance. Carlos Galvis, Fund manager of Carmignac Portfolio Capital Plus, will present his multi-strategy approach, which relies on disciplined risk budgeting in order to generate stable returns. He will also provide a glimpse into his track record and discuss some of his positions and strategies in order to illustrate how alpha is generated across all market conditions.
BiogCarlos Galvis is a bond manager. He works within the Fixed Income team, alongside Rose Ouahba (head of fixed income team)
He is the manager of the Carmignac-Capital Plus Fund.
Carlos Galvis has extensive knowledge of international bonds, currencies and absolute performance products. In 2001 he joined CAAM London where he successively worked as a macro strategist, international bond manager and senior portfolio manager of the VaR fund range. Before coming to Carmignac Gestion, Carlos Galvis was head of Amundi absolute return funds in London.
He holds a Master in Economics from the University of Andes in Bogota.
KONICA MINOLTA DIGITAL CAMERA
NameMark Westwood
Job titleFund Manager
CompanyColumbia Threadneedle Investments
TitleThreadneedle UK Absolute Alpha Fund
ContentThe presentation will focus on the Threadneedle UK Absolute Alpha fund which is an equity long/short fund. The fund invests long and short in UK equities with the aim of delivering equity like returns with low volatility.
The team has delivered consistent alpha since the fund was launched in October 2010 and is ranked in the top quartile of its peer group having a delivered a net return of over 30%.
BiogMark Westwood joined the company in August 2006 as a portfolio manager in the UK equities team. He manages the Threadneedle UK Select Fund and co-manages the Threadneedle UK Absolute Alpha Fund. He also has research responsibility for the travel & leisure, telecoms and other financial sectors. 
He started his portfolio management career in 1998 with Legg Mason before moving to Morley in 2005.
Mark graduated with a BSc (hons) in materials science from Manchester University. He also holds a PhD in materials science and is an associate member of the Institute of Investment Management and Research.
Elena Musumeci - Eurizon
NameElena Musumeci, CFA
Job titleFund Managers
CompanyEurizon Capital SGR
TitleHigh-yield dynamic management to reap opportunities for absolute return
ContentEuropean investors are faced with very low interest rates which make the achievement of positive absolute returns in the bond segment challenging.
During the workshop, we will prove how a markedly dynamic management style, specialised in high-yield European bonds, represents a fundamental component in generating positive return, in a picture of still limited economic growth.
The management team of Eurizon Easy Fund Bond High Yield has had one of the best track records in its class for over 10 years, and is active in the bond area which represents one of Eurizon Capital’s “best expertises”; also, synergies among fund managers, credit analysts and stock analysts has prevented any form default ever since the fund’s inception.
The institutional share class of the fund has delivered consistently, through varying market conditions, and beat the benchmark index by +7.42%, with more contained volatility, a positive Information Ratio of +0.18, and a Sharpe Ratio of 1.15 since its inception in 2008.
BiogElena graduated cum laude at the Bocconi University in Milan, in 1996. She started with CCF out as a trader specialised in Government Bonds, then became an option trader on BTP futures, and subsequently a trader of EM Eurobonds for Caboto. In 2000, she ook charge of Epta’s Investment Grade Funds. In 2004 she became head of convertible bonds and High Yield Funds portfolio manager with Eurizon Capital. Since January 2009, she has been co-head of High Yield funds. She has been a CFA Charterholder since 2003
Raffaella Tommaselli - Eurizon
NameRaffaella Tommaselli, CFA
Job titleFund Managers
CompanyEurizon Capital SGR
TitleHigh-yield dynamic management to reap opportunities for absolute return
ContentEuropean investors are faced with very low interest rates which make the achievement of positive absolute returns in the bond segment challenging.
During the workshop, we will prove how a markedly dynamic management style, specialised in high-yield European bonds, represents a fundamental component in generating positive return, in a picture of still limited economic growth.
The management team of Eurizon Easy Fund Bond High Yield has had one of the best track records in its class for over 10 years, and is active in the bond area which represents one of Eurizon Capital’s “best expertises”; also, synergies among fund managers, credit analysts and stock analysts has prevented any form default ever since the fund’s inception.
The institutional share class of the fund has delivered consistently, through varying market conditions, and beat the benchmark index by +7.42%, with more contained volatility, a positive Information Ratio of +0.18, and a Sharpe Ratio of 1.15 since its inception in 2008.
BiogRaffaella graduated cum laude at the Bocconi University in Milan in 1997. She started her career as a quantitative analyst with Fideuram Capital. In the same year, she moved to Sanpaolo Asset Management to become quantitative portfolio manager for equities. In 1999, she took over responsibility of the Sanpaolo High Yield Fund. Since 2004 she has been EasyFunds Convertible Bond portfolio manager, and is still in charge of the High Yield Fund. In January 2009 she became co-head of High Yield funds. She has been a CFA Charterholder since 2002.
Ajay Dayal - Legg Mason
NameAjay Dayal, CFA
Job titleInvestment Director
CompanyLegg Mason Global Asset Management
TitleEuropean long/short – capturing opportunity
ContentInvesting in European long/short offers investors the ability to capture both long and short alpha opportunities. Long positions aim to deliver returns from investing in quality business models exhibiting increasing free cashflow generation. Short positions aim to deliver alpha from struggling companies with weak or falling profits and those with poor balance sheets. Through flexible yet robust net exposure management the Martin Currie European Absolute Alpha Fund aims to limit drawdowns and manage volatility during bear market periods and capture market upside when the outlook for equity markets is bullish. The process utilises a proprietary macro framework including qualitative ‘market traffic lights’ and a quantitative ‘macro matrix’. The strategy has delivered consistently through varying market conditions since launch in 2001 – and produced over double the returns of the index but with half the level of volatility.
BiogAjay joined Legg Mason in 2008 as an Investment Director. His core responsibility is as a senior technical product specialist for the company’s international equity and multi-asset based products, working closely with the investment teams. He promotes cross-border products through the International distribution channel and focuses on maximising the knowledge, sales and asset retention of key products. He has significant engagement with quasi institutional, wealth and advisory clients, in different forums from individual meetings to global conferences
Ajay has previously worked at ABN AMRO Asset Management, as the Global Product Specialist for Emerging Markets Equities and Asian product range. Before that he was at M&G Investments as a Manager of Strategic Product Analysis and spent four years at Baring Asset Management as the Product Specialist for Asian Equities and macro analyst in the Emerging Markets team.
Ajay received his CFA charterholder designation in 2003 and has a BA (Honours) Economics degree from the University of Durham, England.
Marie-Pierre Ravoteur - Natiixis Global AM
NameMarie Pierre Ravoteur
Job titleInvestment Specialist at Seeyond, an investment division of Natixis AM
CompanyNatixis Global Asset Management
TitleUsing flexibility to offer a durable approach to global asset allocation
ContentIn the current environment where entry points and management of risk are key, only an active and flexible approach can generate an all-weather strategy. With a stable portfolio management team and live track record of over 10 years, the Seeyond multiasset conservative growth fund has delivered consistent absolute performance and limited drawdowns through several market cycles.
During this workshop, we will illustrate how Seeyond's original approach to global asset allocation can provide a genuine source of diversification, thanks to a unique approach combining systematic indicators with conviction driven management.
BiogMarie Pierre Ravoteur holds a DEEQA from the University of Economics in Toulouse, a DEA in applied mathematics and finance and a Magistère in economics and statistics. From 2011 to 2013 she worked as Senior Product Specialist at NGAM. From 2005 to 2010, she worked as a senior client relationship manager for AXA Investment Managers, one of the world’s ten largest asset managers. Ms. Ravoteur worked first as a structured product analyst and head of the EasyETF platform and then as a CRM for AXA France. Before AXA she worked as a quantitative analyst at Exane, a division of BNP Paribas Group. Prior to Exane, Ms. Ravoteur worked as a product specialist at Indocam and as a quantitative analyst at Banque Internationale de Placements. Marie-Pierre Ravoteur is an Investment Specialist at Seeyond, with more than twenty years’ experience