Global policy has shifted significantly post-COVID-19.  We believe the tangible outcome is a secular investment cycle as governments act to modernize their economies as a tool to deal with multi-pronged domestic and international priorities. This change ripples over foothills of incredible technology advancements and in combination are causing sharp divergences in both country and sector performance.

To navigate these changes, an all-cap core approach focusing on fundamental company research and cash flow analysis is recommended. Matt Williams, Senior Investment Director, discusses why diversifying into emerging markets could be a key opportunity for investors.

Workshop Objective:
1.    Learn about why investors should consider diversifying into emerging markets
2.    Overview of abrdn’s successful approach to investing through an income lens

Company Profile: abrdn is a global investment company that helps clients and customers plan, save and invest for the future. Our purpose is to enable our clients to be better investors. 
The capabilities in our Investments business are built on the strength of our insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge.
Our teams collaborate across regions and asset classes, connecting diverse perspectives and working with clients to identify investment opportunities.
As of 31 December 2023, our Investments business manages € 423 bn on behalf of clients.

In this presentation, we will introduce participants to the fundamentals of systematic fixed-income investing. We will explore why a quantitative security selection-based approach to fixed-income portfolio management results in active returns that are attractive, repeatable, and, importantly, largely uncorrelated to the active returns delivered by traditional fixed-income portfolio managers. Consequently, systematic fixed-income represents a performant and diversifying allocation for any investor seeking fixed-income exposure. We will dive into key building blocks of the systematic fixed-income advantage, such as security selection factors, quantitative portfolio construction to create risk-balanced holdings, and how to master liquidity and turnover challenges.

Workshop Objective: We will explore why systematic fixed income delivers attractive, repeatable active returns that are largely uncorrelated to those delivered by traditional fixed-income portfolio managers. These properties make systematic fixed income a highly performant, diversifying, and risk-efficient allocation for any investor seeking fixed income exposure.

Company Profile: AllianceBernstein is a leading investment-management firm with $769 billion in client assets under management, as of 30 June 2024. With a unique combination of expertise across equities, fixed-income, alternatives and multi-asset strategies, we aim to deliver differentiated insights and distinctive solutions to advance investors’ success. Across our global network, we’re fully invested in delivering better outcomes for our worldwide clients, including institutional, high-net-worth and retail investors. By embracing innovation, we seek to address increasingly complex investing challenges and opportunities. And we pursue responsibility at all levels of the firm—from how we work and act to the solutions we design for clients.

This presentation explores Allspring’s differentiated approach to flexible fixed income investing and why it delivers more.   More opportunistic. More diversified.  More consistent.  This unique approach to global fixed income investing has not only delivered superior risk-adjusted returns but done so consistently over different types of market environments and cycles.
We'll also show why it’s the ideal time to revisit flexible fixed income strategies.  Recent market volatility has exposed the risks of certain types of approaches that were not evident just a few years ago.  We’ll also discuss the hidden risks emanating from the unusual and extreme asset concentration in this segment of the fixed income market.

Workshop Objective:
1. Understand the key components of a multi-sector fixed income investment process, including security selection, sector allocation, and risk management techniques.
2. Analyse the relative value and risk-return characteristics of major fixed income sectors, such as government bonds, corporate credit, high yield, emerging markets, and securitized products.
3. Evaluate the current market environment and economic factors influencing various fixed income sectors.

Company Profile: Allspring Global Investments™ is an independent asset management firm with more than $570 billion in assets under advisement*, over 20 offices globally, and investment teams supported by more than 410 investment professionals. Allspring is committed to thoughtful investing, purposeful planning, and inspiring a new era of investing that pursues both financial returns and positive outcomes. For more information, please visit www.allspringglobal.com.

 *As of March 31, 2024. Figures include discretionary and non-discretionary assets.

Join EMsights for an open discussion on how one can invest in alpha generating opportunities amidst a backdrop of an increasingly unsettled geopolitical landscape, higher interest rates and growing bouts of market volatility. Actively managed strategies that invest beyond the limitations of the benchmarks are anticipated to have a competitive edge. EMsights Capital Group will explore the challenges with the most widely used emerging markets debt benchmarks and share how they are actively navigating around these shortcomings to take advantage of the full opportunity set.

Workshop Objectives: Provide awareness of the limitations to EMD benchmark investing and the attributes leading to a less than optimal investment. With this knowledge, investors can mitigate the risks and exploit the best investment opportunities, have a positive and alpha generating experience in EM debt.

Company Profile: Artisan Partners was founded in 1994 with the objective of producing high value added and differentiated investment outcomes for institutional investors, through identifying, attracting and retaining high caliber talent in long term asset classes. We provide the resources of a full-scale, global firm paired with the independence of a boutique to each of our autonomous investment teams, who have the freedom to execute its own process based on its original research and creative perspectives. While our teams differ across market capitalizations, geographical regions, investment styles and product offerings, they are all highly incentivized to deliver long-term value for our clients.

Meet our two Heads of Volatility Portfolio Management Daniel Danon and Tobias Knecht. Since 2012 the team is responsible for Assenagon's volatility strategies. Our two UCITS volatility funds offer our investors unique solutions to take advantage of inefficiencies in the volatility markets. The team runs a combined AuM of more than EUR 1.5 bn in the Assenagon Alpha Volatility (LU0575255335) and Assenagon Alpha Premium (LU2053560707).

Workshop Objective: In 2022 we entered into a higher interest rate environment offering unique opportunities in global volatility markets, particularly on single stocks. Within the workshop we will discuss the impact of higher rates, show investment opportunities and discuss dispersion in a broader multi asset context.

Company Profile: Founded in 2007 by Hans Günther Bonk and Vassilios Pappas, Assenagon Asset Management is an independent investment firm based in Luxembourg. It is one of the fastest growing asset managers in Europe and offers investment solutions to institutional clients and retail investors in various asset classes. Assenagon has offices in Luxembourg, Munich, Zurich and Frankfurt and manages assets totalling more than EUR 50 billion with 85 specialists.

This presentation covers BIT Capital’s approach to investing into tech equities, which has generated a net return of more than 30% p.a. since inception in 2019. During this time, the Magnificent 7 have generated very strong returns and it may be surprising to some that BIT’s performance is primarily driven by less well-known companies that disrupt their markets, exhibit very compelling financial KPIs and have not yet raised the attention of the broader investment community. We will outline how we look at these companies from a technology-first perspective and how we marry our fundamental assessments with insights generated from the algorithmic analysis of alternative data sources. We will also share some of the more painful learnings from 2022 that we made and how we have successfully implemented them.

Workshop Objective:
1.    Discover investment opportunities in tech equities beyond the Magnificent 7
2.    Understand the power of alternative data and how we use them to generate outperformance for our investors
3.    Learn how we manage the risk of our portfolios in one of the most volatile industry sectors globally

Company Profile: BIT Capital is an owner-managed, independent asset manager specialising in technology equity funds. With a boutique focus on the entire spectrum of the technology sector, the BIT Capital investment approach is grounded in a superior understanding of technological innovation by means of a serial tech-entrepreneur CIO and investment team of industry specialists and data engineers. BIT Capital is committed to identify tomorrow’s technology winners today and enable its investors to benefit from the mass market viability of established technologies as well as the high growth potential of emerging technologies such as AI and their adoption leaps.

Global fixed income market volatility and dispersion are rising and are expected to stay elevated. In that context, benchmark relative strategies or those focused on standalone fixed income allocations can be inefficient. Instead, owning a benchmark agnostic, dynamic product that allocates capital to markets and strategies with the best risk-rewards can deliver smoother returns over a market cycle. But, navigating investment opportunities in a volatile environment requires a robust, risk-controlled approach and proven expertise. We present our Global Enhanced Bond 36m fund, which aims to capture multi-strategy opportunities towards solving this problem.

Work Objective: Understand how the flexibility of being able to invest across different fixed-income segments in one vehicle – such as an absolute return fixed-income strategy – can enable positive return-generating opportunities to be exploited over time and provide diversification benefits.

Company Profile: BNP Paribas Asset Management (BNPP AM) is the investment arm of BNP Paribas. Our aim is to generate long-term sustainable returns for our clients, based on a sustainability-driven approach. Our investment capabilities are focused around six key strategies: High Conviction Strategies, Liquidity Solutions, Emerging Markets, Multi-Assets, Systematic, Quantitative & Index and Private Assets, with investment processes incorporating quantitative and fundamental analysis. BNPP AM currently manages EUR 562 billion of assets and benefits from the expertise of more than 500 investment professionals globally.
Source: BNPP AM, as at 31 March 2024

With central banks now reflecting a likely peak in policy rates and some already commencing their interest rate cutting cycle, the window of opportunity to capture the current lucrative level of income is narrowing. Capital Group Multi Sector Income (MSI) Fund (LUX) aims to generate attractive and reliable income by investing in both high-quality and higher-yielding credit sectors. Taking a multi-sector approach that draws on flexibility and diversification while maintaining a balanced risk profile could help capture the income-generating power of bonds in this current environment. 

Workshop Objective: Find out how combining the power of four income sectors could help generate stable income against an uncertain economic backdrop. The workshop will show why a well-diversified multi-sector income fund, like Capital Group’s, could be beneficial compared to investing in the underlying asset classes individually.

Company Profile: Capital Group is one of the oldest and largest asset management companies in the world, managing multi-asset, equity and fixed income strategies for different types of investors. 
Since 1931, Capital Group has been singularly focused on delivering superior, consistent results for long-term investors using high-conviction portfolios, rigorous research and individual accountability. We build our investment strategies with durability in mind, backed by our experience in varying market conditions. Fundamental proprietary research forms the backbone of our approach, provided by our integrated global network of more than 450 experienced investment professionals*, with an average portfolio manager investment experience of 27 years*. 
Today, Capital Group works with financial intermediaries and institutions to manage more than US$2.7 trillion* in long-term assets for investors around the world.

*All data as at 30 June 2024

This presentation outlines our fund's tech-centric and valuation conscious investment strategy. We delve into artificial intelligence (AI), specifically generative AI, examining the positioning of major players like NVIDIA and Amazon. While exploring a spectrum of tech trends mirrored in our current portfolio, we extend our discussion beyond AI, including investments in Nokia, Ericsson, Visa, Mastercard, and Western Digital.

Workshop Objective: To expand attendees' insight into our balanced tech investment strategy, encompassing the rise of AI and generative AI, valuation considerations, and exploring undervalued opportunities beyond generative AI. 

Company Profile: DNB Asset Management is one of the leading asset managers in the Nordic region offering a wide range of investment strategies from equity and bond funds to thematic funds focusing on technology, the environment, healthcare and the financial sector. DNB Asset Management has been at the forefront of responsible investment, building on a long tradition of investing in the Nordic region since 1967.

Fidelity's best research ideas on the long and short side (110/110) are wrapped in a market and factor neutral portfolio. Outperformance is primarily driven by stock selection, aiming to generate an annualized return of cash +3-5% (gross) with an annualized volatility of 5-7%. Since inception (September 2020), the strategy has generated a performance of approx. 8% p.a. net (on a USD basis as at end of June 2024), with low drawdowns (approx. 5%), and with a very low correlation to traditional asset classes and hedge funds. All in all, an excellent building block for portfolio diversification!

Workshop Objective: Learn how the team manages to combine equity-like returns with low correlation to traditional asset classes and hedge funds, and with low drawdowns of around 5% through the market cycle.

Company Profile: Fidelity International offers investment solutions & services and retirement expertise to more than 2.9 million customers globally. As a privately held, purpose-driven company with a 50-year heritage, we think generationally and invest for the long term. Operating in more than 25 countries and with $816.9 billion in total assets, our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals.

Since more than a decade Impax Asset Management has successfully been investing in the Global High Yield Space.

Impax follows the belief that the credit market is inefficient, leaving many attractive opportunities for disciplined investors.
We actively select undervalued credits where spreads are too high and where default risk is kept under control.
In the workshop we will explain how we find these undervalued credits and we will discuss supporting factors such as size, value, momentum and low risk.  

Workshop Objective: We will explain how Impax Global High Yield identifies undervalued credits and creates a diversified unconstrained portfolio with attractive relative value characteristics

Company Profile: Impax was founded in 1998 and is a specialized asset manager with assets under management of 46.7 billion dollars (as of 30/06/2024). For 25 years, the company has been a pioneer in sustainability and focuses on generating strong, risk-adjusted returns with investments that support the
support the development of a more sustainable global economy. The range of investment solutions includes sustainable equity, bond and infrastructure strategies.

There is a compelling case for EM equities. China presents a complex picture for investors, but the investment universe offers so much more, with dynamic growth from the likes of India and Indonesia, exposure to the global tech cycle through North Asian markets, and the energy transition through natural resource rich LatAm markets. EM corporates are also displaying greater capital discipline with evidence of improving shareholder returns. Given the significant divergence in valuation between different countries and sectors, these markets also offer additional benefit to those that take a truly active approach. 

Workshop Objective: Present ideas on how to access opportunities in the region and manage overall portfolio risk. A fresh perspective from a team with a contrarian mindset that pushes themselves to think independently.

Company Profile: Invesco is one of the world’s leading independent global investment firms with global AUM of $1.7 trillion (as of March 31, 2024), solely focused on investment management. With over 8,500 employees worldwide (as of March 2024), the firm directs all of its intellectual capital, global strength and operational stability toward helping investors achieve their long-term financial objectives. Invesco provides a wide range of investment strategies (spanning all major equity, fixed income, asset allocation and alternative asset classes) to retail and institutional clients around the world. On the ground in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol "IVZ". 

Markets are now plagued by a host of uncertainties and the recent volatility is a reminder that such bouts may occur at any time. How can investors effectively navigate this volatility to produce consistent alpha and is it possible to design an investment process that delivers across varied market environments? James Murray, Investment Manager, Systematic Equities, will explain how a systematic approach to a long-short equity market neutral strategy can generate consistent returns while limiting volatility. He will also explain the team’s investment process and proprietary stock selection criteria.

Workshop Objective:
In this presentation, attendees will
1.    Understand how a market neutral equity approach can effectively generate alpha while safeguarding against market volatility.

2.    Learn about the Jupiter Systematic Equities team’s investment process and approach towards stock selection.

3.    Discover how the team utilise dynamic rotation scheme to take advantage of market gyrations.

Company Profile: Jupiter is a specialist, high conviction, active asset manager. We exist to help our clients achieve their long-term investment objectives. From our origins in 1985, Jupiter now offers a range of actively managed strategies available to UK and international clients including equities, fixed income, multi-asset and alternatives. Jupiter is a constituent member of the FTSE 250 Index, and has assets under management of £52.6bn /$66.4bn /€61.6bn as at 29/03/2024

Innovation is one of the biggest drivers of stock returns and we are only five minutes into the football game of a major new innovation cycle driven by AI. James will discuss the significant opportunities for strong stock returns as well as huge risks to companies on the wrong side of the coming disruption.

Workshop Objective: To showcase why investing in innovative companies is a compelling strategy and provide views on potential opportunities in the future.

Company Profile: Liontrust is a specialist asset manager that takes pride in having a distinct culture and approach to running money. The company launched in 1995 and listed on the London Stock Exchange in 1999. We are an independent business with no corporate parent. Our purpose is to enable investors to enjoy a better financial future. 
We believe investment processes are key to long-term performance and effective risk control. Our fund managers are truly active in applying their investment processes. There is no house view - our fund managers have the freedom to manage their portfolios according to their own investment processes and market views.

In the recent years, investors have shied away from  Asian bonds amid myriad concerns over China, including its property sector crisis.  Closer scrutiny, however, unveils a market that deserves more attention. Setting the stage for investors is a  large investment grade bond universe, which has withstood the trial of time to deliver superior risk-adjusted returns, as well as robust domestic demand partly fuelled by demographics.   We will look at , on a granular level, the current opportunity set within the Asian bond market, one that has a much smaller China property representation and shrinking non-investment grade sector, and how investors can tap on the opportunity set to achieve their investment objectives.

Workshop Objective:  To provides investors with a better understanding with the current state of play for the Asian Bond market and how to take advantage of the prevailing opportunities.

Company Profile: M&G Investments is a global asset manager with extensive expertise in the public and private markets. Our investment strategies include fixed income, equities, multi-asset, real estate, private equity, private debt and infrastructure.
M&G manages over € 361 billion (as at 31 Dec 2024). Our clients include insurance companies, pension funds, sovereign wealth funds, banks and private investors.
M&G takes an active approach to responsible investing and strives to continuously improve the sustainability of its investments. Therefore M&G is committed to achieve net-zero carbon emissions across all its assets under management by 2050, as well as to reduce CO2 emissions as a company to zero by 2030.

China’s equity market has rebounded this year, rising by 30% since its January low, with materials, industrials, and communication services sectors in positive territory. Despite some bumps, the economy shows resilience, with GDP growth surpassing market expectations. Wenchang Ma, All China Equity PM at Ninety One, discusses the opportunity in China. 

Workshop Objective: A discussion on the investment landscape in China and what investors should consider when allocating to this market. 

Nordea’s Beta+ strategies are all about:
•    Consistent alpha generation: how we use risk premia such as value, quality, momentum, and growth, to systematically harvest excess returns.
•    Limited active risk: how we  manage exposures effectively  to operate within pre-defined risk parameters a rules-based and systematic process based on risk premia.
•    Cost-Effectiveness: how our experienced team limits costs by ensuring consistent implementation and oversight of the investment process.
•    Customizable: how our time-tested scalable approach can be adapted to enhance any index, while also meeting client specific investments/ESG guidelines.

Workshop Objective: Demonstrate how Nordea Beta+ is in the sweet spot between passive and active investing, thanks to our ability to consistently outperform a given index, with limited tracking error and a dynamic approach to risk premia weighting. 

Company Profile: Nordea Asset Management (NAM), a leading European Asset Manager with AUM of 265bn EUR* is part of the Nordea Group.

NAM’s successful multi-boutique approach combines the expertise of specialised internal boutiques with exclusive external competences allowing us to deliver alpha. Our solutions cover all asset classes from fixed income and equity to multi asset.

NAM is dedicated to delivering returns with responsibility. As an ESG pioneer and market leader we offer a broad suite of RI solutions to investors of all types across the globe.

We service a wide range of clients, including leading pensions and global wealth managers, and distribute our products through banks, asset managers, independent advisors, insurance companies and family offices.

As at 30.06.2024

The highest yields in recent memory and the steepest discounts in decades foster compelling conditions for bond investors amid favourable monetary policy trends. PGIM Fixed Income’s Gabriel Doz will detail how multi-sector strategies are uniquely positioned to capitalise on the situation due to their ability to pursue fundamental promise and mispriced securities wherever they emerge. With alpha prospects varying by sector, join us to learn where investors can access the strongest potential to make the most of an uncommon opportunity.

Workshop Objectives: Learn how multi-sector strategies seek opportunities across fixed income sectors, enabling them to emphasise alpha, enhance diversification, mitigate risk and adjust to changing market conditions.

Company Profile: At PGIM Investments, we think globally and execute locally. We provide access to active investment strategies in the pursuit of consistent outperformance and local market expertise to meet our clients’ needs.

We’re part of PGIM, the global investment management business of Prudential Financial, Inc. (PFI) 1 — a global leader with more than $1 trillion in assets under management (AUM) 2 and a company that individuals and businesses have trusted for over 145 years. 

Source: PGIM as of 31/3/24. 2 PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. 1

As higher interest rates, uncertain global macro dynamics and geopolitical tension are becoming the norm, investors seeking consistent, stable returns face more of a challenge.

Short duration high yield currently offers less interest rate risk than investment grade, government bonds, or longer maturity high yield bonds - while providing an attractive yield which overcompensates for underlying default risks.

The Royal London Short Duration Global High Yield Bond Fund is a truly global credit product that aims to deliver an attractive level of income with limited volatility. It’s a simple strategy – we simply buy mispriced bonds close to the end of their economic lives – built on a foundation of never having incurred a default or a serious credit loss in over 20 years.

Workshop Objective:
We will discuss:
•    The current market backdrop and its impact on investors
•    Our unique approach to high yield investing 
•    The opportunities offered by the Royal London Short Duration Global High Yield Bond Fund

Company Profile: At Royal London Asset Management, we do things a little differently.

As an integral part of customer-owned mutual Royal London, we put our clients at the heart of what we do, with a longer-term approach to generating investment returns.

We’re committed to delivering outstanding active asset management value for clients around the world.

It’s asset management excellence with a longer-term perspective.

The European high yield market has gained back its natural characteristics of providing income, attractive total return opportunities and a buffer against market volatility. On the one hand, it offers a material yield pick-up relative to investment grade and in a soft-landing scenario has the potential to deliver equity like returns. On the other hand, it adds significant diversification and drawdown protection relative to equities to a portfolio in the case of market turmoil triggered by economic concern. In fact, the European high yield market has shown impressive resilience in face of the latest phases of market volatility. 

Workshop Objective: In this workshop we would like to discuss the role European high yield can play in the portfolio context and how important it is to be selective as dispersion in the market often provides a fertile hunting ground for active investors like Schroders.

Company Profile: Schroders is a global investment manager with €912.6 billion assets under management (as at 30 June 2024, incl. JVs and associates), offering innovative products and solutions across four core business areas; asset management, solutions, Schroders Capital (private assets) and wealth management. 
Schroders aims to provide excellent investment performance through active management. We also channel capital into sustainable and durable businesses to accelerate positive change in the world.

 Well-known companies tend to become crowded investments, so it can pay for income and value investors to go off the beaten path. Joris Franssen, Head of the Dividend and Value team at Van Lanschot Kempen, will show how he and his team find opportunities in niche sectors and overlooked markets. There, companies that offer sustainable cash flows and healthy dividends in combination with exposure to mega-trends including the energy transition, the growth of AI and improving capital allocation can be found. These companies tend to have bigger margins of safety in their valuation and offer better diversification benefits. We will also discuss how a high dividend portfolio can benefit from having exposure outside the well-known dividend sectors.

Workshop Objective: Attendees will learn how the team identifies, understands and evaluates opportunities in overlooked markets and niche sectors. And, importantly, how these opportunities can be blended in with investments in well-known companies to create a portfolio that offers a better risk return and more diversification.

Company Profile: At Van Lanschot Kempen we search for the hard-to-access asset classes often missed by our competitors. We believe that’s where our specialist teams can bring the most knowledge, add the most value and deliver a competitive edge. 

Our teams bring free-thinking, resolve and originality, challenging each other to develop better strategies.  But we don’t just collaborate with each other. We work hard to support and challenge the companies we invest in. Helping to guide their transition to the sustainable economy. In particular, through what we believe are the two key transitions of our times – energy and food.

Van Lanschot Kempen Investment Management NV is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets.   As of 31 December 2023, Van Lanschot Kempen Investment Management had a total of €104.7 billion in client assets.

A thematic lens applied to stock selection helps investors see the future and isolate companies with the potential to grow exponentially. However, it is easy for investors to miss out on that opportunity through execution either by investing in companies that “have already arrived” or by being overly selective and missing the “real winners”. 

WisdomTree is a leading thematic exchange-traded fund provider with deep thematic research expertise. Since 2018, we have developed world-class research around the construction of single thematic strategies and thematic model portfolios. All of this research has culminated into a unique multi-thematic ETF called the WisdomTree Megatrends UCITS ETF. With its unique investment approach, the WisdomTree Megatrends UCITS ETF offers investors a compelling opportunity to invest in the world’s future.

•    Thematic investing offers what could be the closest thing to a crystal ball to investors. Spotting trends early is a lot easier than spotting exponential growth stocks early.
•    The valuable knowledge delivered by a thematic lens can be leveraged into a portfolio that maximises investors' chance to catch tomorrow’s mega caps early.
•    Investing in mega caps or overconcentrating thematic investments are the two fundamental mistakes investors should avoid if they want to benefit from the insight offered by a thematic lens.

Workshop Objective: In this session, we will share our key insights on the developments of the thematic space, around how to use thematic investment efficiently in your portfolio and how to build a Multi thematic portfolio that delivers exposure to a diversified basket of growing, up-and-coming companies instead of established tech megacaps.

Company Profile: WisdomTree was founded in 2006 with a passion for creating better ways to invest, being the first investment manager to weight by dividends. Since 2014, our European business has grown in terms of product set and AUM. In April 2018, we completed the acquisition of ETF Securities' exchange-traded commodities, currencies and short-and-leveraged business, including the world’s first gold ETP. Today we are the biggest independent ETP provider globally and offer one of the most innovative ranges of ETPs, covering commodities, FX, equities, fixed income, cryptocurrency and liquid alternatives.