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MADRID • 16 SEPTEMBER 2014

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Imre Tajti - Aberdeen
NameImre Tajti
Job titleInvestment Manager, Emerging Markets Debt team
CompanyAberdeen Asset Management
TitleEmerging Market Debt: A Tipping Point?
ContentA “tipping point” is defined as the point at which the smallest of change or a series of small changes or incidents is significant enough to cause a larger, more important change. And in such a fast-paced world it is so easy to get caught up in the daily noise, without taking time to absorb, analyse and appreciate the bigger picture.
As Imre will explain, this simple concept provides a useful talking point for thinking about the current influences on emerging market debt. If one stands back, and considers emerging market sovereign bond supply this year is forecast to exceed $90 billion this year, exceeding the record $82 billion in 2012A, it seems obvious to conclude that we are seeing the market come of age. Now could be right the time to gain or increase exposure to EMD.
BiogImre Tajti is an Investment Manager on the EMD Team in Budapest. Imre joined Aberdeen in 2012 from ING Investment Management Hungary where he worked as Senior Fixed Income Investment Manager and was responsible for all fixed income investment. Previously, Imre worked for National Bank of Hungary as an Investment Manager managing the national reserves of the country in USD and EUR. Imre graduated with a MSc in Economics from Corvinus University of Budapest. He is also a CFA charterholder.
Nick Edgerton - First State
NameNick Edgerton
Job titleInvestment Analyst
CompanyFirst State Investments
Title
Content
BiogNick Edgerton is an Investment Analyst at First State Stewart (FSS). FSS is part of First State Investments and the team manages equities in Asia Pacific, Global Emerging and other international markets. He joined the team in April 2012.
Nick is responsible for generating investment ideas for the First State Stewart Sustainability Funds across all sectors in emerging and developed markets.
Nick holds a Bachelor of Economics from Macquarie University, and a Master of Science with Distinction in Ecological Economics from the University of Edinburgh.
Nick Sheridan - Henderson
NameNick Sheridan
Job titleFund Manager
CompanyHenderson Global Investors
TitleThe long and winding road
ContentReal return depends on initial prices paid, as Nick will explain and European stocks remain attractively priced relative to both other regions, particularly the US, and to bonds. The case is even stronger for the eurozone, where the prices of many companies have been discounted due to their location, even though they are world class businesses with global reach, reliable recurring revenues and little debt.
Nick will outline why he believes that a methodical, quantitative approach to investing, looking at earnings, net asset value, value of growth and dividends are reliable navigation tools on the long and winding road to rewards in Euroland.
He will explain why caution may be prudent in the short term, with scope for markets to consolidate some of the gains seen over the past 18 months.
BiogNick Sheridan joined Henderson following the acquisition of New Star. He has proven fund manager experience in equities and has been managing money since 1989. He worked as a Senior Portfolio Manager at Wise Speke before joining BWD Rensburg in 1990 as their Director of Gross Funds and Manager of their Staff Pension Fund. Prior to joining New Star in 2007, he worked at Tilney from 2001 as director of European equities.
Nick has passed the Securities Industry Diploma and holds a BA (Hons) in Politics from Liverpool University.
NameClyde Rossouw
Job titleHead of Quality
CompanyInvestec Asset Management
TitleIn pursuit of quality
Content Five years into the global equity bull market, investors may be tempted to try and call the top of the market. In our view, trying to time the market is largely a futile exercise. We believe a more prudent approach is to look for opportunities and avoid the risks so that portfolios are well positioned irrespective of when the turning point comes. Investing in ‘quality stocks’ forms an integral part of our aim to weather different market conditions and to build real wealth for investors over the long term through the power of compounding.
As ‘quality’ investors, we favour companies that don’t rely heavily on central bank policies or economic momentum to produce returns. In this way we avoid exposure to stocks that are very sensitive to market volatility. We invest in companies with pricing power that generate attractive margins. They typically have low levels of debt and provide substantial returns on invested capital while still being able to return large amounts of cash to investors. These businesses have the ability to compound shareholder wealth over the long term.
BiogClyde is head of Quality at Investec Asset Management. He is portfolio manager with a focus on multi-asset absolute return and low volatility real return equity investing. His portfolio manager duties include our flagship Opportunity strategy that he has run since 2003 and our two equity-oriented Global Opportunity Equity and Global Franchise strategies. Clyde joined the firm in 1999, initially as an asset allocation and sector allocation strategist.
Prior to Investec Asset Management, Clyde was awarded a study bursary by Sanlam where he worked for eight years, including five years in asset management. His experience in investments there included fixed income analysis and portfolio management. Clyde graduated from the University of Cape Town with a Bachelor of Science (Statistics and Actuarial Science) degree. He was awarded the Certificates in Actuarial Techniques in 1995, and Finance and Investments in 1997 by the Institute of Actuaries in London. Clyde is a CFA Charterholder.
Clyde has been with Investec for 15 years.