tuesday, 12 sep 2017 island shangri-la hong kong
TRANSCRIPT
Tuesday, 12 Sep 2017 Island Shangri-La Hong Kong
Event programme
WELCOME
SPONSORS
#Firstforevents@FundAsia
Welcome to the Fund Selector Asia Alternatives Forum Hong Kong.
The extraordinary thing about markets in the last few years is how benign they have been. Volatility has been extremely low and markets have continued to power upwards in the face of doubt. However, the drumbeat of concern has been growing. Experienced voices are wondering when this calm could, like all previous bull markets, be shattered, and volatility return with a vengeance.
It is therefore completely appropriate that we are considering alternative strategies again at Fund Selector Asia. Our 4th annual Alternatives Forum brings ideas that behave differently to the rest of the market – often delivering that all-important diversification opportunity. We will also hear about strategies that are uncorrelated to other market returns – an especially important factor in portfolio construction.
The event is designed to be an interactive forum with anonymous voting on the most pressing issues of the day, so please get involved – we want to know what you are thinking. Don’t be shy to ask questions, our speakers love to have their ideas tested.
Thank you for taking the time to join us today, we sincerely hope you enjoy the morning.
Tom Porter
Tom started his career in financial media in the mid-90s. He has a thorough understanding of the dynamics of mutual fund and insurance product distribution in the UK, Middle East, Southern Africa and Asia. He leads Last Word’s expansion in the region which now encompasses publishing, awards, digital production, videography and the hosting of more than 22 events in Hong Kong, Singapore, Thailand, Malaysia, The Philippines and China.
Tom PorterManaging director, AsiaLast Word
F U N D S
08.30 – 09.00 Registration and coffeeBallroom A foyer, Level 5
09.05 – 09.15 Chairman’s welcomeTom Porter, managing director, Asia, Last WordBallroom A, Level 5
09.20 – 09.40 Session 1Absolute madness: Making money in an uncertain world Magnus Spence, head of investments, alternatives, Jupiter Asset Management Ballroom A, Level 5
09.45 – 10.05 Session 2Opportunities in multi-strategy investing Ahmed Behdenna, senior strategist, Aviva Investors Ballroom A, Level 5
10.10 – 10.20 Panel discussion with first session speakersBallroom A, Level 5
10.25 – 10.50 Networking coffeeBallroom A foyer, Level 5
10.55 – 11.15 Session 3Alternative fixed income – investment strategiesCraig Reeves, founder, Prestige Funds Ballroom A, Level 5
11.20 – 11.40 Session 4The next frontier of factor investing: The revolution of factors in today’s marketBen Garland, director and senior investment strategist, factor-based strategies group, BlackRockBallroom A, Level 5
11.45 – 11.55 Panel discussion with second session speakersBallroom A, Level 5
12.00 – 14.00 Networking lunchTaishan, Level 5
PROGRAMME
COMPANY PROFILES
Strategy highlights
1. Market returns strategies focus on harvesting the risk premia from traditional asset markets which Aviva believes offer attractive long-term returns. Aviva uses no strategic benchmark.
2. Opportunistic returns strategies aim to profit from market mispricing that may exist due to market segmentation, central bank intervention or regulatory changes.
3. In times of market stress, risk-reducing returns strategies can significantly add to the portfolio’s returns, while retaining a neutral to positive return in Aviva’s central scenario over a 3-year horizon.
Charles WongHead of wholesale, global client solutions, Asia
+65 6491 [email protected]
Aviva Investors is the investment arm of Aviva plc, which is a leading insurer in the UK and has strong presence in selected markets across Europe, Asia and Canada. The firm is a global asset manager with a broad range of expertise in real estate, fixed income, multi-asset, equities, and alternative investments. It currently manages $456bn in assets (as at 30 Jun ’17), giving the size and scale to successfully seek out opportunities that will deliver specific investor outcomes.
Drawing from expertise across the global markets, Aviva Investor offers strategies which balance risk and reward that help clients to match liabilities, receive steady and predictable income, beat inflation or achieve capital growth.
Fund ProfileAIMS Investors Multi-Strategy Capabilities Strategy size: $16.2bn*
AIMS targets to provide investors with specific returns or income linked to the ECB base rate with half the volatility of global equities. Drawing on the best investment ideas, AIMS seeks to manage risk for clients by combining a diverse range of strategies.
Sales contacts
Ahmed BehdennaSenior strategist
Ahmed is a senior strategist within the multi-asset team, focusing on investment idea generation for the Aviva Investors Multi Strategy (AIMS) strategy range across asset classes.
Ahmed started his career as an equity strategist for Société Générale covering European markets. Prior to joining Aviva Investors, he was a senior strategist within the multi-asset research team with same company.
Ahmed will be presenting:Opportunities in multi-strategy investing
Multi-strategy approach differs from traditional investing in many ways. Undergird by a firm investment philosophy, Ahmed will explain and share how multi-strategy investing can deliver specific returns and income for today’s investors regardless of market environment, through identifying investment.
09.45 - 10.05, Ballroom A, Level 5
* As of 31 Jul ’17
Tan Keng TiongClient solutions associate, Asia
+65 6491 [email protected]
Aviva Investors
Top holdings*
Risk allocation*
Wendy KwanDirector, private bank and wealth distribution for Asia ex Japan
+852 3903 [email protected]
BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At 30 Jun ’17, BlackRock’s AUM was $5.7trn. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. As of 30 Jun ’17, the firm had approximately 13,000 employees in more than 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.
Fund ProfileBSF Style Advantage Fund Fund size: $761m* Domicile: Luxembourg
The fund aims to achieve a positive absolute return with low correlation to the equity and bond markets, using a diverse set of long/short strategies across multiple asset classes. The fund provides exposure to four style factors including value, momentum, carry, and defensive.
Sales contacts
Ben GarlandDirector and senior investment strategist, Factor-Based Strategies Group
Ben, CFA, director, is a senior investment strategist in BlackRock’s Factor-Based Strategies Group within the Multi-Asset Strategies Group. In this role he is responsible for communicating the breadth and depth of the company’s risk parity, long/short style factor and smart beta capabilities to investors across the Asia Pacific region.
Ben will be presenting:The next frontier of factor investing: The evolution of factors in today’s market
The concept of factors is not new, but their use has been revolutionised by recent advancements in data and technology. Ben will share BlackRock’s views on factor investing and introduce how style factors can be used across asset classes to perform multiple roles within investors’ portfolios.
11.20 - 11.40, Ballroom A, Level 5
* As of 31 Jul ’17
Henry ChanVice president, private bank and wealth distribution for Asia ex Japan
+852 3903 [email protected]
BlackRock
Factor Risk allocationValue 28%Momentum 26%Carry 24%Defensive 22%Total 100%
Holding Risk allocation1 Single name equity 40%2 Equity markets 20%3 Currency 20%4 Fixed income 20%
Top 5 holdings*
Peter SwarbreckHead of Asia Pacific
+852 3125 [email protected]
Jupiter Asset Management (‘Jupiter’) was founded in 1985 with the aim of delivering consistent and sustainable investment outperformance across its diverse range of actively managed products over the medium to long term without exposing their clients to unnecessary risk. While Jupiter’s headquarters are in the UK, their international expansion enables them to provide investment solutions to investors in Europe and Asia. In addition, their investment professionals invest across a global spectrum in both developed and emerging markets.
The broad range of strategies includes regional equities as well as themed and sector equities, convertibles, fixed income and absolute return funds. Jupiter’s culture combines the spirit and flair of an investment boutique with the strength and resources of an established institution. As of 30 Jun ’17, Jupiter managed a total of $61bn.
Fund ProfileJupiter Global Absolute Return Fund size: $180m* Domicile: Luxembourg
The fund comprises a well-diversifed portfolio of long and short single name equity positions and some simple, imperfect hedges designed to make the strategy more robust to shocks and generate alpha in times of volatility.
Sales contacts
Magnus SpenceHead of investments, alternatives
Magnus is head of investments in alternatives responsible for the development and expansion of Jupiter’s capability in alternative investments. Before that, Magnus was chief executive and managing partner of Dalton Strategic Partnership LLP, a firm which he founded in ’02. Magnus began his career in investment management at Mercury Asset Management.
Magnus will be presenting:Absolute madness: Making money in an uncertain world
As equity and bond markets hit all time highs after longer than usual bull market cycles, investors need to prepare for the risk of corrections in both asset classes. Magnus will show how absolute return funds, that combine the right levels of risk, skills and fees, can be part of the solution.
09.20 - 09.40, Ballroom A, Level 5
* As of 31 Jul ’17
Tony YuSales director, Asia Pacific
+852 3125 [email protected]
Holding Weighting1 Physical Gold ETF 2.6%2 BP 1.8%3 Centrica 1.6%4 Burford Capital 1.4%5 IG Group 1.1%
Jupiter Asset Management
1 United Kingdom -2.1 20.02 Japan -0.4 3.03 Russia N/A 1.7
Geographical allocation*4 United States -18.9 1.15 Australia -0.5 1.16 Other -6.4 7.6
TOTAL -28.2 34.6
Short% Long% Short% Long%
Top 5 holdings*
Loans breakdown1
Established in ’07, Prestige consists of several companies under common ownership based in the UK and various international financial centres, specialising in alternative investment strategies with a focus on direct lending. The team consists of a diverse group of investment professionals who, including the board of directors, board of advisors, affiliates and retained consultants have served on numerous boards of international financial institutions, fund groups, asset management and wealth management groups. Combined the team has many decades of experience in various sectors of finance including commercial banking and lending, investment banking, stock broking, hedge fund management, private equity, financial markets trading and extensive experience in the management and operation of various alternative investments.
Fund ProfilePrestige Alternative Finance Fund Fund size: $675m* Domicile: Cayman
Prestige Alternative Finance is an experienced investor fund focusing on asset-based direct lending, operating a diversified portfolio consisting of rural, commercial and industrial loans, leases and finance agreements in the UK. It has originated approximately 15,000 loans to 7,000 small firms.
Sales contacts
Craig ReevesFounder
Craig established Prestige in ’07 and has raised almost $1.5bn. He has nearly 25 years’ experience as a professional investment manager, trader and investor of alternative investments, hedge funds, capital markets and real estate, and regularly contributes to financial journals such as the AIMA journal and the Financial Times. He is regulated by the FCA (UK), MFSA (Malta), CSSF (Luxembourg) and FINMA (Switzerland).
Craig will be presenting:Alternative fixed income - investment strategies
Direct lending and alternative fixed income strategies are increasingly forming part of a modern diversified absolute return portfolio. Over the medium term they have almost consistently retained low volatility and low correlation to traditional fixed income and equity-based strategies.
10.55 - 11.15, Ballroom A, Level 5
Tim FooterRegional director - Asia
Philippines: +63 (0) 918 802 0188HK: +852 6718 [email protected]
Holding Weighting1 SME - loan / leases 9.5%2 SME - loan / leases 7.1%3 SME - loan / leases 6.3%4 SME - loan / leases 3.8%5 SME - loan / leases 3.2%
Prestige Asset Management
38.5%
Waste to energy
25%
Land and buildings
17%
Vehicles
16%
Machinery and equipment
Other/misc 2.5%Livestock 1%
* As of 31 Jul ’171 As of 30 Jun ’17
F U N D S
NOTES
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