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MILAN • 5 NOVEMBER 2015

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Ton Wijsman - AB
NameTon Wijsman
Job titleSenior Portfolio Manager—Concentrated US and Concentrated Global Equity Services
CompanyAB
TitleQuality Growth in U.S. Equity
ContentPredicting the future with certainty is difficult, but in our approach we try to find companies that can grow earnings consistently and predictably over a longer period. Companies with earnings growth based on strong top line growth, with unique products o/a services with protective moats, strong management teams, solid financials and secular volume growth drivers. Going forward we think that longer term above average earnings growth will command a premium.
Within AB we have several US Growth strategies, all with these distinctive characteristics, strong absolute and relative performance and top decile rankings. In the presentation we will highlight the American Growth Fund specifically.
BiogTon Wijsman is a Senior Portfolio Manager for Concentrated US and Concentrated Global Equity Services. Prior to joining AllianceBernstein in December 2013, he was managing director of W.P. Stewart Asset Management (Europe), which he joined in February 1997, initially to oversee operations, client service and marketing in Europe and the Middle East. Prior to that, Wijsman held various international marketing and management positions with Royal DSM from 1984 through 1996, including president of the sales and marketing group in the US. He holds an MSc in pharmacy from the University of Utrecht. Location: Amsterdam.
Franz Weis
NameFranz Weis
Job titleTeam Manager of Comgest’s Europe equity investment team
CompanyComgest
TitleLooking for reliable growth in Europe? Comgest's Small/Mid Cap and Opportunistic funds
Content
BiogFranz Weis is the Team Manager of Comgest’s Europe equity investment team, having joined the firm in 2005 as a Portfolio Manager and Analyst. He became a member of the Comgest Global Investors Management Committee in 2014. Franz co-leads the management of the majority of Comgest’s European equity public funds as well as maintaining responsibility for a number of European segregated mandates. He started his career in 1990 at Baillie Gifford & Co. where he worked as a Portfolio Manager before joining F&C Asset Management as a Senior Portfolio Manager and Director of European Equities in 1999. He graduated from Heriot-Watt University in Edinburgh with a Master’s degree in Science in International Banking and Financial Studies and received the International Bankers in Scotland Prize. He is an IIMR Associate.
Henderson Global Investors
NameStephen Thariyan
Job titleGlobal Head of Credit
Company Henderson
TitleMapping opportunities in high yield: a European and global perspective
ContentAs Henderson’s global and European high yield bond funds approach their respective second and third year anniversaries this presentation focuses on how the market has changed and the challenges and opportunities facing investors. Particular attention is paid to the credit cycle in different regions, the impact of monetary policy and, given the importance of credit selection in driving high yield returns, the factors we look for in identifying attractive bonds.
BiogStephen Thariyan is Global Head of Credit, in charge of the 30-strong credit team of portfolio managers and analysts at Henderson. Prior to joining Henderson in 2007 as Head of Credit, Stephen was a portfolio manager at Rogge Global Partners responsible for investing in corporate bonds and credit derivatives globally. He was previously a director and senior analyst at NatWest Markets’ credit rating and research unit where he led teams of sector analysts in credit research. He started his career as an accountant at Ernst & Young in 1988 and later moved to become senior auditor at Chevron Corporation. Stephen graduated from the University of Newcastle-Upon-Tyne with a BA (Hons) in Accountancy and Financial Analysis.
Mitch Reznick - Hermes Investment Management
NameMitch Reznick, CFA
Job titleHead of Credit Research & Co-Head of Hermes Credit
CompanyHermes Investment Management
TitleUnconstrained credit: Now is the time
ContentThree phenomena in credit markets – scarce liquidity, increasing global issuance, and weaker investor protections in bond covenants – are changing both the range of opportunities and nature of the risks that investors are exposed to. Understanding this, we take an unconstrained approach:
• Searching globally for opportunities in the US and the growing European and emerging markets
• Analysing the capital structures of issuers to identify which assets offer the best relative value
• Investing in a broad range of instruments – including bonds, loans, credit default swaps and convertible securities – to exploit the full extent of the credit curve

As markets experience structural change, our three credit strategies – high yield, multi strategy and absolute return – employ this unconstrained approach to meet their distinct return objectives.
BiogMitch joined Hermes in February 2010 as head of research on the Hermes Credit team. Prior to this he was co-head of credit research for the global credit and hybrids team at Fortis Investments. Other roles at Fortis included portfolio manager of European high yield funds, based in London, and senior credit analyst, based in Paris. Before this he worked as an associate analyst in the leveraged finance group at Moody’s Investors Service in New York. Mitch earned a Master’s degree in International Affairs at Columbia University in New York City and a Bachelor’s degree in History at Pitzer College, one of the Claremont Colleges in California. He is a CFA charter holder.
Norman Milner - NB
NameNorman Milner
Job titlePortfolio Manager, Neuberger Berman Global Credit Long Short Fund
CompanyNeuberger Berman
TitleCredit Markets: New Times Demand New Tools
ContentFor years leveraged long-duration and credit has been one of the best beta trades in the markets. Now, however, the ultra-loose monetary policy that supported this trend appears to be turning. Default expectations remain low and credit remains attractive, but investors now need to be more creative to control their risk and uncover opportunity. Given the complexities in the bond market place, not all bonds are priced and valued appropriately. Norman Milner, Portfolio Manager for the Neuberger Berman Global Credit Long Short Fund, will discuss how a long-short approach provides the tools necessary to capture market dislocations in high yield and crossover credit markets, while managing risk exposure.
BiogNorman Milner, Managing Director, joined the firm in 2015. He is a Portfolio Manager and Co-Head of the Global Credit Long/Short Team. Most recently he was a co-founder and portfolio manager of Orchard Square Partners, where he had research coverage responsibility for emerging markets and sovereign credits. Previously, Norman was a managing director and co-portfolio manager for the Ramius Global Credit Funds. He joined Ramius in September 2008. Norman was formerly a partner, portfolio manager and head of trading at Arx Investment Management from 2006 through 2008. Before that, he worked at Trident Investment Management LLC as a portfolio manager for the macro hedge fund in New York from 1999 to 2006. From 1996 to 1999, Norman was the head derivative trader at Morgan Stanley in New York and London. Preceding that, he worked at Investec Bank and Price Waterhouse in Johannesburg, South Africa. Norman holds an undergraduate degree in Commerce and a postgraduate degree in Accountancy from the University of the Witwatersrand in Johannesburg.
PANGARO_Gonzalo
NameGonzalo Pangaro
Job titleLead Portfolio Manager, Emerging Markets Equity Strategy
CompanyT. Rowe Price
TitleEmerging Market Equities: Finding Opportunities in Volatile Markets
ContentOver the past five years, returns for emerging market equities have been disappointing, due in part to declining economic growth rates and weaker currencies. Investors are rightly questioning what, if any, allocation they should have to the asset class.
Gonzalo Pangaro will discuss some of the challenges and risks involved in investing in emerging countries, in addition to highlighting areas where the landscape is improving.
Will earnings growth, corporate returns and stock market returns improve? What changes or reforms are happening which investors are not appreciating?
With a bottom-up, active approach we believe there are attractive investments to be found in an increasingly differentiated opportunity set.
BiogGonzalo Pangaro is the lead portfolio manager for the firm's Emerging Markets Equity Strategy and is chairman of the strategy's Investment Advisory Committee. Mr. Pangaro assumed portfolio management responsibilities in 2004. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd and a member of the International Equity Steering Committee. Mr. Pangaro has 23 years of investment experience, all of which have been in the emerging markets. He joined the firm in 1998 as an analyst covering Latin American equities from Buenos Aires. During his tenure, he has been instrumental in the development of the firm's non-US research capabilities and served as head of International Research from 2000 to 2004 before electing to move to portfolio management full time. Prior to joining T. Rowe Price, Mr. Pangaro was head of Argentine research, also covering Latin American utilities, at Robert Fleming. He began his investment career in 1991 at Banco Mildesa in Buenos Aires, where he was an investment analyst specializing in the Argentine market. A graduate of Argentine Catholic University with a bachelor's degree in business administration, Mr. Pangaro earned a master's degree in finance from CEMA University (Centro de Estudios Macroeconomics de la Argentina). Mr. Pangaro has earned the Chartered Financial Analyst designation. In addition to English, Mr. Pangaro is fluent in Spanish and Portuguese.