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SWEDEN • 10&11 MARCH 2015

BENEFIT FROM THE KNOWLEDGE OF LEADING FUND MANAGERS

Speakers

Georg Elsaesser - Allianz
NameGeorg Elsaesser
Job titleDirector, Product Specialist Systematic Equity
CompanyAllianz Global Investors
TitleTaking Smart Equity Risk: The Best Styles Approach
ContentBest Styles centres upon the conviction that investment styles carry risk premiums that can be harvested in a disciplined systematic approach. This conviction is also at the core of the smart beta solutions which have seen strong demand recently.
Investment style risk premiums, such as the Value, Momentum, Growth and Quality premium, account for a substantial part of long-term portfolio performance of any active manager. Earning the risk premiums of investment styles in a well-diversified and risk-controlled way offers stable and reliable long-term streams of excess returns. The Best Styles strategy has delivered stable and sustainable outperformance since 1999, leading the benchmark in 14 of 16 years.
BiogGeorg Elsaesser is the senior product specialist for Allianz GIobal Investors Systematic Equity group, which manages EUR 26bn in systematic investment style products such as Best Styles. He joined the Systematic Equity team at the beginning of 2012.
Previously, Georg has worked for HSBC, General Re and WestLB as an equity strategist and a quantitative analyst. He holds a master’s degree in business mathematics from the University of Dortmund, Germany.
Bernard Chua - ACI
NameBernard Chua
Job titleVice President, Client Portfolio Manager
CompanyAmerican Century Investments
TitleExploiting Market Inefficiencies in Global Equities
ContentThere are many successful approaches in active global equity investing. All successful managers however have a clear and well-defined investment philosophy, grounded on exploiting certain market inefficiencies.
We believe that by focusing on earnings acceleration, we are able to outperform the market over long market cycles. This philosophy is grounded on evidence that markets are not efficient in identifying inflection points in fundamentals and usually underestimate the longevity of that improvement.
Our investment process leads us to a variety of opportunities.
BiogBernard works directly with the global and non-U.S. investment management teams and communicates investment strategies, portfolio performance and attribution to institutional clients. Before joining American Century Investments in 2006, he was a product manager for the global manager research group at Deutsche Bank Securities. Previously, Bernard was a product representative and new business developer for non-U.S. distribution for UBS Global Asset Management. He also held several positions at American Express, including assistant portfolio manager and equity analyst at AEB Global Asset Management. Bernard received a bachelor’s degree in economics from Ateneo de Manila University in the Philippines and a master’s degree in economics from the University of California, Santa Barbara. He is a CFA charterholder and a member of the CFA Institute and the New York Society of Security Analysts.
Clyde Rossouw - Investec
Name Clyde Rossouw
Job titleHead of Quality
CompanyInvestec Asset Management
TitleInvesting in markets the quality way
ContentInvestec's Global Franchise strategy targets internationally diversified, high quality and attractively valued businesses.
Companies targeted will usually have a history of delivering consistent and growing free cash flows, with high returns on invested capital which are deemed to be sustainable due to strong competitive advantages. These businesses naturally have low leverage and capital light business models.
Often these companies hold valuable intellectual property which is difficult to replicate, such as brands and patents.
The aim of the strategy is to outperform the MSCI All Countries World by 3-5% per annum (gross of fees) over a full market cycle, whilst exhibiting lower absolute volatility
The Investec Global Franchise Fund can act as a low volatility, global core allocation with mostly well-known, large corporate, household names.
BiogClyde is head of Quality at Investec Asset Management. He is a 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.
Paul Rogers - Lazard
NamePaul Rogers
Job titlePortfolio Manager/Analyst
CompanyLazard Asset Management
TitleSouth America: Risks, Reforms and Recommendations
ContentLooking at how macro factors such as rising US interest rates and a strong US dollar environment, as well as a lower oil price and ongoing oil price volatility, will impact Latin American economies. 2014 was a big election year in Latin America and political risks dominated headlines particularly in Brazil.
How will this affect equity markets in 2015? In addition to the macro concerns we discuss the overriding issues in Latin America at a company level and how one might address these concerns and take advantage of bottom up opportunities.
BiogPaul Rogers is a Portfolio Manager/Analyst on the Emerging Markets Core Equity and Latin American Equity teams, focusing primarily on emerging markets investments within Latin America. He began his career at Chemical Bank in 1985.
Prior to joining Lazard in 2011, Paul served as the Managing Director of Emerging Markets Research at Fidelity Management & Research Company. Before that, Paul spent 14 years at Deutsche Asset Management where he was at first an Analyst and later a Portfolio Manager on the Scudder Latin America Fund, the Brazil Fund, the Scudder Latin America UK Trust, the Argentina Fund and a number of institutional accounts. Paul has an MBA in Finance from New York University and a BA in Political Science from the University of Vermont. He is fluent in Spanish.
Michael Browne - Legg Mason
Name Michael Browne
Job titleInvestment director, European long/short, Martin Currie
CompanyLegg Mason
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’. Managed by Michael Browne and Steve Frost, who have worked together for over 25 years, the strategy has delivered consistently through varying market conditions since launch in 2001. The strategy was made available as a Luxembourg Sicav in 2010.
BiogMichael joined Martin Currie in 2010 and, with Steve Frost, co-manages our European equity long/short strategy. He came to us from Sofaer Capital, where he and Steve had managed the European Hedge Fund since 2001. Before joining Sofaer, Michael was head of international equities at Chase Asset Management, where he had overall responsibility for all non-US equity portfolios. He began his career in 1986 at BZW Investment Management, where he was responsible for a variety of European unit trusts and segregated funds.
Richard Hodges - Nomura
NameRichard Hodges
Job titlePortfolio Manager
CompanyNomura Asset Management
TitleUnconstrained fixed income management
ContentUnconstrained portfolio management allows a portfolio manager to diversify, hedge risk and position clients’ investments to benefit from a range of market conditions, including rising interest rates. It involves using the full tool-kit of available securities to build portfolios that can efficiently benefit from prevailing conditions. Richard explains how he uses this tool-kit to provide both income and capital gain, even in today’s challenging environment.
BiogRichard Hodges joined NAM in November 2014 to launch the Global Dynamic Bond Strategy.
Prior to joining NAM, Richard held the role of Head of High Alpha Fixed Income at Legal & General Investment Management (LGIM), managing its “Dynamic Bond Trust” – an unconstrained fixed income fund. He managed the Dynamic Bond Trust from its inception in 2007 until April 2014. Before LGIM, Dickie spent 18 years at Gartmore Investment Management, where he was Head of Pan European Portfolio Construction with responsibility for the Gartmore SICAV European Corporate Bond Fund and the Gartmore SICAV European Bond Fund. He also co-managed Arrakis Fund Ltd, a European Credit Hedge Fund. He began his career in 1986 at Chase Manhattan Bank in Fixed Income operations, before joining Natwest Investment where he was responsible for management of a number of specialist investment funds employing derivatives and cash instruments to implement quantitative strategies.
Mark Monson - RAM
NameMark Monson
Job titleSenior Fund Manager Emerging Markets
CompanyRaiffeisen Capital Management
TitleRaiffeisen-Eurasia-Equities: Invest in the most dynamic emerging markets
ContentThe Raiffeisen-Eurasia-Equities fund is a unique strategy launched in May 2000 with a long proven track record. It is specifically designed to invest in Emerging Asia including the ASEAN region, Russia and Turkey which we believe offer the most relevant and dynamic investment opportunities on the long run.
The fund is managed by a team of five seasoned and skilled fund managers, with an average over 20 years of experience. They are specialist within their own respective region and countries. The team approach and high market specialization allows the fund to have the greatest investment exposure to actual and relevant market dynamics at any given time.
BiogMarc joined the Raiffeisen Emerging Markets Equities team in April 2007. His specialty is focused on the Asian markets and he acts as Lead Fund Manager of the Raiffeisen-Eurasia fund. He has been working directly with the Asian stock markets for 27 years and for the last 16 years he has managed various Asian funds and has acted as a buy-side secondary research analyst. Mark studied music at University in the US and has lived during the last 30 years in Switzerland, England, Hong Kong and Vienna.
Juliette Chevalier - RAM
NameJuliette Chevalier, CAIA
Job titleSenior Product Specialist, UK & Nordic Countries
CompanyRAM
TitleAlternative UCITS Long/Short Beta Neutral Equity Funds: extracting alpha from European and Emerging markets
ContentBeta neutral investment solutions provide investors with steady returns combined with lower volatility. In the challenging environment of European and Emerging markets we have experienced in the past years, beta neutral investment solutions are favoured by investors for their stability and low market correlation.
BiogJuliette Chevalier has been working for RAM since 2010 where she has developed and is now responsible for the Sales activities in both the Nordic Countries and the UK. Before joining Juliette worked for RWE Supply & Trading since 2009 and prior to that for the structured products department of Deutsche Bank Private Banking also in Geneva.
University education Juliette has a degree in Business Administration and is graduated from the IFM University of Geneva. She is also a CAIA (Chartered Alternative Investment Analyst) Charter Holder.
Joop Huij - Robeco SMALL
NameJoop Huij
Job titleExecutive Director, Head of Factor Investing Research
CompanyRobeco
TitleActive approach to (multi) factor investing
ContentRisk is a natural, necessary part of asset management. That’s why, for the last 85 years, Robeco has aimed to know more about it than anyone else. Robeco uses proven, quant factor techniques to separate rewarded from unrewarded risks. It’s a proprietary approach that has resulted in awards, investments and deep knowledge on Momentum, Value and Low-volatility factor strategies, either as single capability in portfolios or in a multi-factor context.
BiogJoop Huij is Head of Factor Investing Research at Robeco’s Quantitative Research department. He has been a Quantitative Researcher at Robeco since 2007. He specializes in empirical asset pricing and investment strategies. Joop also holds a part-time position as Associate Professor (with tenure) of Finance at Rotterdam School of Management. He has published in, among others, the Journal of Banking and Finance, Journal of Empirical Finance, Journal of Financial Markets, and Financial Analyst Journal. He holds a PhD in Finance from Rotterdam School of Management and a Master’s degree in Informatics & Economics (cum laude) from Erasmus University Rotterdam.
Ian Lance - RWC SMALL
NameIan Lance
Job titlePortfolio Manager
CompanyRWC
Title Downside protection strategies for complacent markets
ContentConfidence amongst investors in the central bank put has encouraged risk-taking behaviour, which borders on complacency and is beginning to terrify some of the world’s leading financial regulators. As markets and fundamentals continue to move in opposite directions, investors need to consider how their wealth will be impacted if their confidence in the central bank is suddenly shaken, as well as question whether the safe haven asset classes of 2008 will be so robust in the event of another financial crisis.

The managers of the RWC enhanced income strategies, Ian Lance and John Teahan, will discuss how they seek to marry the twin objectives of delivering a generous yield and providing an element of downside protection in what looks like an increasingly unstable environment.
BiogIan joined RWC in August 2010 to launch the RWC Equity Income Team. He was previously senior portfolio manager at Schroders managing the Schroder Income Fund and Income Maximiser Fund together with Nick Purves. During his time at Schroders, Ian was Citywire AAA rated, Nick and Ian’s Income fund was Morningstar 5 star rated, AA rated by OBSR and won the Moneywise award in 2009 in the UK Equity Income and Equity Income and Growth sectors. Previously Ian was the Head of European Equities and Director of Research at Citigroup Asset Management and Head of Global Research at Gartmore.
John Teahan - RWC SMALL
NameJohn Teahan
Job titlePortfolio Manager
CompanyRWC
TitleDownside protection strategies for complacent markets
ContentConfidence amongst investors in the central bank put has encouraged risk-taking behaviour, which borders on complacency and is beginning to terrify some of the world’s leading financial regulators. As markets and fundamentals continue to move in opposite directions, investors need to consider how their wealth will be impacted if their confidence in the central bank is suddenly shaken, as well as question whether the safe haven asset classes of 2008 will be so robust in the event of another financial crisis.

The managers of the RWC enhanced income strategies, Ian Lance and John Teahan, will discuss how they seek to marry the twin objectives of delivering a generous yield and providing an element of downside protection in what looks like an increasingly unstable environment.
BiogJohn joined RWC in September 2010 to assist managing the RWC Equity Income franchise. He previously worked at Schroders, where he co-managed the Schroder Income Maximiser with Nick Purves and Ian Lance and also specialised in trading and managing derivative securities for a range of structured funds until May 2009. Previously he worked as a performance and risk analyst for Bank of Ireland Asset Management UK. John is a CFA Charterholder.
Enzo Puntillo - Swiss & Global (2)
NameEnzo Puntillo
Job titleHead of Fixed Income
CompanySwiss & Global Asset Management
TitleAccessing the best opportunities in the EM Debt universe
ContentEnzo will explain that by skilfully blending fundamental research and valuation analysis at the country level, it is possible to exploit the disparity across countries and between hard and local currency within those EM countries. His truly distinctive, active country selection approach is key to identify the best opportunities across the EM debt spectrum.
BiogEnzo Puntillo is Head of Fixed Income and the lead portfolio manager of a diversified range of Julius Baer Fixed Income funds, including long only, total return and absolute return strategies. The Fixed Income range includes emerging market debt funds covering sovereigns, corporates and inflation linked bonds, both in hard and/or local currency and he combines his EM debt expertise in the Julius Baer Emerging Markets Opportunities Bond Fund. Enzo joined Swiss & Global in October 2005 and prior to this, he managed institutional bond and fund mandates at UBS Global Asset Management and was a fixed income trader at Paribas.
Yasuyuki Kanda - Tokio Marine
NameYasuyuki Kanda
Job titleChief Executive Officer/Chief Investment Officer, London Office
CompanyTokio Marine Asset Management
TitleWhat’s next for Japan? A “New Normal”
ContentAs Japan exits its 20-year deflationary spiral, corporate managements are making a dramatic turnaround, actively improving ROE and promoting shareholder returns. A clear divide between “winners” and “losers” is forming and as a dedicated stock-picker, we believe we can take advantage of this disparity and beat the market.
As one of the largest Japanese active managers with over $60bn AUM and 30 years’ experience in the industry, Tokio Marine Asset Management is ideally placed to help navigate our clients through this ever-changing environment. Yasu, our London regional CEO, shares his views on how to become a winner in this challenging market.
BiogAppointed in July 2013 as Chief Executive Officer/ Chief Investment Officer of Tokio Marine Asset Management (TMA), London, Yasu leads global business development and product management for traditional and alternative asset classes.
Prior to this, Yasu was Head of Hedge Funds Research at TMA New York and played a vital role in establishing its hedge fund advisory business, which has now grown to become one of the major players in Japan.
Prior to joining TMA in 2009, Yasu managed Fund of Funds portfolios and global equity investments based in the UK, USA, and Japan for 8 year and developed multiple cross-border business in the Japanese financial industry. He commenced his career in 1995 at Mizuho Financial Group where he developed experience in corporate finance and structured bond origination based in the UK and Japan.
Yasu holds a BA in Economics from the University of Tokyo and an MBA from the Wharton School of the University of Pennsylvania. He is a CFA charterholder.