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BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

ITALY• 5 MARCH 2015

Speakers

Jeremy Cunningham - AllianceBernstein
NameJeremy Cunningham
Job titleSenior Portfolio Manager – Fixed Income
CompanyAB
TitleUnchain Your Fixed Income
ContentAs interest-rate cycles start diverging and credit spreads have continued to compress, some fixed-income strategies may face stiff challenges. We see clear merits in a diversified and flexible global approach that targets positive and stable risk-adjusted returns, regardless of the broad direction of individual sectors. The Diversified Yield Plus Portfolio is an all-weather fixed income strategy that’s designed to perform in both bull and bear markets. The Portfolio follows a go anywhere approach and reflects our best investment ideas in global fixed-income markets. It dynamically alters its risk profile in response to changes in valuations, the fundamental outlook and market sentiment by investing across all fixed-income sectors.
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. Cunningham is a CFA charterholder. Location: London.
Anna Troup - BlueBay
NameAnna Troup
Job titlePartner, Portfolio Manager
CompanyBlueBay Asset Management
TitleShould you include emerging market debt in your investment portfolio today?
ContentEmerging market debt is facing a number of headwinds in 2015: a stronger US dollar which makes it harder for EM currencies to perform well, a potential move upwards in rates by the US Fed creating outflows risk from the asset class, idiosyncratic stories from countries such as Venezuela, Russia, Ukraine and Brazil and a slowing China impacting demand for many commodities.

However emerging market economies are still in general growing faster than developed market economies, the fall in oil price is creating a positive inflation dynamic for all the EM oil importers as well as scope for various EM governments to implement reforms, there is a high degree of diversification among economies and companies that can be accessed and the yield advantage relative to developed market alternatives is very attractive.

The key to investing in EM fixed income is understanding what type of EM debt to include, your own risk tolerance and the various ways you can blend the EM sub asset classes to create the EM exposure that is most suited to your portfolios' requirements. BlueBay is an emerging market specialist with vast capabilities to support your decision making process when considering the EM debt asset class for your portfolio.
BiogAnna is a Portfolio Manager within the Emerging Market Sovereign Debt Team. Anna joined BlueBay in October 2012. Prior to BlueBay, Anna worked for Goldman Sachs Asset Management where she spent seven years as a Lead Portfolio Manager in the fixed income team, specialising in the credit asset classes. She has an MA (Hons) degree in Philosophy, Politics and Economics from Christ Church, Oxford and qualified as a Solicitor at Slaughter and May in 1995. She holds the Investment Management Certificate.
Patrick Barbe - BNP Paribas
NamePatrick Barbe
Job titleCIO Euro Sovereign & Aggregate management team, Portfolio Manager
CompanyBNP Paribas Investment Partners
TitleECB QE, low inflation, low rates...in a volatile market, what to do next?
ContentIn a low rates and high volatile environment, the best opportunities lie in a well-structured, dynamic and flexible approach. Patrick Barbe, CIO of Euro Fixed Income within BNPP IP (17 experienced investment professionals; €33 billion of AuM), will explain you how he derives a panel of various and low-correlated alpha sources into a conviction-driven bond strategy.
BiogPatrick Barbe is CIO of the Sovereign & Aggregate management team. As such, he is responsible for defining and steering the management process and the investment strategy implemented by the management team. He coordinates the activities of each of the team members and actively participates in designing and developing the product range. Besides his responsibilities as team head, Patrick manages several important portfolios, included both dedicated mandates and mutual funds.
Patrick has spent his entire career with BNP Paribas group. Prior to assuming his current responsibilities, he was Head of the European Fixed Income investment team, firstly at BNP Gestions (1997-2000) and then at BNP Paribas Asset Management (2000-2008). Between 1995 and 1996, he was Assistant Head of French Fixed Income. He joined the group in 1988 as a portfolio manager for dedicated funds.
Patrick graduated in Actuarial Studies from the Institut de Science Financière et d'Assurances in Lyon, France (1988).
Luca Sibani - Eurizon Capital
NameLuca Sibani
Job titleHead of Discretional and Total Return Investments
CompanyEurizon Capital
TitleCarry on Emerging Markets - An attractive yield for a Euro-based investor
ContentEuropean investors may be trapped in a low or even negative interest rate environment for a long time but should nevertheless be able to generate satisfactory risk adjusted returns from their portfolios. A unique approach, based on an investment strategy that has consistently generated superior performance in the last eight years, could be a fundamental tool in achieving such a goal. Luca Sibani will explain how investment ideas are exploited in the Epsilon Emerging Bond Total Return Fund and how they are combined to construct a Euro-based, low risk, dynamic and diversified high grade portfolio. The presentation will show how the strategy has worked in any interest rate and liquidity scenario and how to profit from the FED incoming tightening.
BiogSibani’s career in the asset management industry started in 1997 when he joined the fixed income team of Fondigest SGR now Eurizon Capital. In 2000 he was appointed Head of Emerging Fixed Income funds and in 2005 he became Head of International Bonds team of CAAM SGR now Amundi Italia. In 2009 he moved to Epsilonsgr as Head of Discretional and Total Return Investments. Luca Sibani was previously employed by Chase Manhattan Bank of New York in the private banking division and by Epstasim as a trader of swaps and derivatives on interest rates.
Luca graduated from University of Bologna in business administration and is a CFA Charterholder since 2000.
Regina Borromeo - Legg Mason
NameRegina Borromeo
Job titlePortfolio Manager
CompanyLegg Mason Global Asset Management
TitleThere is more beyond income
ContentGlobal bonds offer a superior and diverse opportunity set, and allow the potential for increased active return. Focusing on a single market’s economic and interest rate cycle to generate returns is one dimensional, risky, and restricts an investor’s return potential.
Legg Mason is offering a globally diversified income solution that aims to provide clients with a consistent, high level of income and has a strong emphasis on capital preservation. The Legg Mason Brandywine Income Optimiser Fund is managed by Brandywine Global, a wholly owned subsidiary of Legg Mason, and portfolio manager Regina Borromeo will explain how the Fund invests in a broad mix of asset classes to maximise income yield over a business cycle as well as making full use of derivatives to hedge against adverse market movements.
BiogRegina joined Brandywine in December 2010, bringing with her over 13 years of investing experience. Previously, she was a Vice President - Portfolio Manager and Senior Credit Analyst, Global Fixed Income with Morgan Stanley Investment Management PLC in London (2007-2010) and held various Fixed Income Analyst positions with Morgan Stanley Investment Management in Philadelphia (2001-2007).
Richard House - Standard Life Investments
NameRichard House
Job titleHead of Emerging Market Debt
CompanyStandard Life Investments
TitleA structural allocation to EMD – an alternative approach
ContentGiven the size and importance of Emerging Markets, we believe investors should think of the Emerging Market Debt asset class as a structural component of a fixed income portfolio as opposed to a tactical allocation. The EMD asset class comprises close to 70 countries. Government debt instruments are available in both local currencies and hard currencies (usually USD). In addition, there is a growing EM corporate asset class. Given this large and diverse opportunity set, at any one time there will always be a large number of compelling investment opportunities and also developments in some countries making an allocation inappropriate. Given this we being the most appropriate approach is to be selective in how we invest rather than being compelled to invest based on index composition.
BiogRichard has 21 years’ investment experience, with a focus on emerging market fixed income. Previous positions include five years as Head of Emerging Market Debt at Threadneedle Asset Management where his role covered fund management responsibilities for the Threadneedle Emerging Market Bond Fund (AA rated by Standard and Poor’s and A rated by OBSR under his management). Richard has an honours degree in Economics and Computer Science and an MSc in Finance and Investment.
Vasiliki Pachatouridi - iShares
NameVasiliki Pachatouridi
Job titleVice President, Product Strategist iShares Fixed Income
CompanyiShares
TitleThe role of ETFs in liquidity constrained bond markets
ContentSince the financial crisis in 2008, fixed income markets have experienced a decline in liquidity despite ballooning debt issuance over the same time. Subsequent regulatory reforms led to a reduction in the amount of capital that banks, brokers and other traditional liquidity providers commit to supporting secondary bond trading. This further reduced the tradable supply of bonds, impacting investors’ efforts to source securities, as well as their efforts to obtain bids on positions.
Vasiliki Pachatouridi will discuss some of the drivers behind the challenges in trading cash bonds, as well as how ETFs can help improve liquidity within different parts of the fixed income market.
BiogVasiliki Pachatouridi, Vice President, is a member of the Product Strategy Team within BlackRock's Fixed Income Portfolio Management Group. She is a product strategist focusing on iShares fixed income ETFs. Ms Pachatouridi's service with the firm dates back to 2007, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Previously, she was a member of the iShares EMEA Investment Strategies & Insights team, where she provided analysis of ETF products as well as education and research on the wider indexing space. At BGI, she started her career within the Transition Management team. Ms Pachatouridi earned MSc degree, with a first class honours, in investment management from Cass Business School in 2007 and a BSc degree in business administration from University of Bath in 2006.