Robert Natzler of the Schiehallion Fund will outline the expanding range of opportunities, what they are, where they can be found and how managers can access and add value to the best companies across the globe.

Workshop Objective:
-    What has changed in late stage VC?  
-    What are the most interesting, different opportunities and where are they coming from?
-    How can VCs access these companies and help them grow to meet their potential?

Company Profile: Baillie Gifford’s sole business is investment management. Since the company was founded in 1908 it has been a partnership. Today it is owned by 57 partners all of whom work in the business.

We currently manage or advise some £234.2bn (as at 31 March 2023) on behalf of clients worldwide. 

Philip Seager, Head of Portfolio Management shows how price trends arise as a consequence of a behavioral bias – humans, and therefore investors, have a propensity to follow trends. Such effects are weak for any one financial instrument but aggregating over a portfolio provides risk adjusted returns comparable to those of the stock market. Directly exploiting such effects also has a mechanical side effect – that downside protection is provided relative to the instrument being traded for its trend features. In this workshop we look to maximally take advantage of this observation and present an investment program that looks to provide shallower drawdowns for the same level of upside in combination with an equity portfolio. Following a trend on equities can lead to bloody outcomes – in the familiar scenario of a steady rise in equities followed by a sudden crash we show how one can adapt one’s approach to provide protection while still enjoying the benefits of portfolio diversification. 

Workshop Objective: In today’s market environment where equities and bonds are increasingly correlated, investors are seeking alternative investment solutions which are truly un-(or even anti-)correlated with traditional markets. In this workshop we will explore how classic and defensive trend following could improve forward looking outcomes in portfolios.

Company Profile: Capital Fund Management (CFM) is a global asset management company based in Paris with staff in New York, London, and Sydney. Founded in 1991 CFM takes a scientific and academic approach to finance, using quantitative and systematic techniques to develop alternative investment strategies and products for institutional investors, wealth managers and financial advisers. CFM has over 260 employees worldwide and manages over $11 billion.

On the back of stubbornly high inflation, real interest rates reversed sharply over the past year. 
This Great Hiking Cycle has led to a significant price correction of in real estate equities which opens compelling alpha opportunities for specialist real estate equity long/short funds, able to express meaningful negative conviction through company-specific shorts.

After 7 years of zero interest policy the sector is left exposed to much higher refinancing rates, particularly for low-yielding property types such as residential. 
This creates a fertile ground characterised by very high REIT market volatility and elevated return dispersion between companies, driven by differentiating factors such as balance sheet strength, refinancing risks, tenant solvency and the ability / or lack of it to pass-through inflation and ultimately deliver dependable earnings.

Workshop Objective: Alban will be discussing the benefits of bottom-up, research-intensive stock selection in REITs whilst maintaining a long/short market neutral stance at both the fund and property sub-sector levels generating alpha with low volatility. 

Market dislocation has provided a value opportunity across structurally growing listed real estate sectors. Following aggressive monetary tightening across the developed world, we’ve seen a marked derating in valuations across listed real estate, even as fundamentals have stayed robust. In our preferred sectors, rental prospects remain attractive as demand/supply imbalances persist, with vacancy rates at all-time lows.

Please join Aqib Hashamali, CFA, Co-Fund Manager of the FP Foresight Sustainable Real Estate Securities Fund (“REF”), to explore the current value opportunity within listed real estate. Aqib will introduce the strategy, discussing how considering sustainability when assessing REITs can lead to superior risk-adjusted returns and ensure investors avoid value traps. 

Workshop Objective:
•    Understand the current valuation opportunity within certain listed real estate sectors. 
•    Understand why considering sustainability when assessing REITs can lead to superior risk-adjusted returns and ensure investors avoid value traps. 
 

Company Profile: Foresight Group is a leading, sustainability-led real asset and private equity investment manager with £12.2bn of assets under management. Through our three core investment divisions, Infrastructure, Private Equity and Foresight Capital Management, we target attractive returns from hard-to-access markets for over 200 institutional and over 29,000 private investors.

At the crux of our approach, is the alignment of our investment strategies to the key themes shaping societies and the planet for future generations. Our investment strategies are designed to create a resilient, decarbonised world and to deliver high-quality jobs that will power tomorrow's economy, while delivering attractive, risk-adjusted and sustainable returns for our investors.

We're investing for a smarter future.

China is the second largest equity market in the world, but its relevance is still not reflected in investors’ portfolios. Learn more about how our active Research Enhanced Index (REI) ETFs can enhance your exposure to emerging markets.

Workshop Objective: Understand how active ETFs can add value to emerging markets investing due to proven strategy and competitive pricing.

Company Profile: J.P. Morgan ETFs span the full investment spectrum, constantly pushing the boundaries of what is possible from the ETF wrapper. 
From traditional passive to innovative strategic and alternative beta strategies, and right through to best-in-class active funds, our ETFs capitalise on our extensive expertise across all major markets and in every asset class, allowing investors to create more diversified and better-priced portfolios.
Our aim is simple: to provide solutions for every investment portfolio by elevating ETFs to their full potential.

In this session, we discuss whether daily/weekly liquidity absolute return funds can deliver on their objectives relative to less liquidity constrained approaches, and which strategies are more or less suited to the UCITS wrapper

Workshop Objective: Increase understanding and awareness of the lesser known issues within hedge fund investing and where the opportunities lie in the current environment.

Company Profile: Morgan Stanley Investment Management (the Firm) brings innovative, highly relevant solutions to investors across the globe. Our unwavering commitment to investment excellence, diversity of perspective, and differentiated values help us to deliver innovative solutions and a suite of value-added services to our clients.
Established in 1975, the Firm has provided client-centric investment and risk-management solutions to a wide range of investors and institutions for more than 40 years. Our investment teams strive to provide strong investment performance, excellent client service and a comprehensive suite of investment management solutions to a diverse client base, including governments, institutions, corporations and individuals worldwide.
In March 2021, Morgan Stanley completed the acquisition of Eaton Vance, including its market-leading affiliates Calvert Research and Management and Parametric Portfolio Associates LLC, allowing the Firm to bring even more value to clients through an expanded array of diverse and complementary investment offerings across public and private markets.

Henrik Stille, portfolio manager for Nordea’s European Covered Bond strategies will explore how his investment strategies can exploit relative value by employing high-conviction trades and leveraged spread exposure in the safest part of fixed income universe, namely covered and government bonds, to deliver attractive spread opportunities. 
Covered bonds are a unique asset class with dual recourse and traditional safety features, with defaults being zero throughout history.  Over time the investment team has built a high level of skill to efficiently:
•           Access higher yields with low credit and interest risk;
•           Concentrate exposures to the most attractive spread opportunities; and
•           Apply leverage to amplify such exposure.

Workshop Objective: Present investment strategies that go beyond bond investing, unlocking relative value opportunities to provide investors with investment solutions with low to negative correlation with traditional fixed income markets.

Company Profile: Nordea Asset Management (NAM, AuM 241bn EUR*), is part of the Nordea Group, the largest financial services group in the Nordic region. NAM offers European and global investors’ exposure to a broad set of investment funds. 

Nordea’s success is based on a sustainable and unique multi-boutique approach that combines the expertise of specialised internal boutiques with exclusive external competences allowing us to deliver alpha in a stable way for the benefit of our clients. NAM solutions cover all asset classes from fixed income and equity to multi asset solutions, and manage local and European as well as US, global and emerging market products.

We introduce Arcmont and its position as one of the pioneers of the European Private Credit space. We will highlight the evolution of private credit, how it compares to public credit, the current compelling market opportunity and outlook. We will then go into the details of how Arcmont invests, and how investors can potentially access the asset class across different fund structures.

Workshop Objectives: Private Debt has seen significant growth in Europe over the last decade; we believe it has established itself as an essential alternative investing asset class. The workshop will aim to introduce the Arcmont Private Credit platform and educate attendees on the asset class and market trends.        

Successful opportunistic credit investing in today’s markets requires all of skill, experience and deep insight.  Oaktree’s Global Opportunities strategy has adapted to respond to the increasing complexity of markets, and the team has expanded its geographic footprints and range of targeted investments. We invest in single-name public credits as well as a wide variety of privately sourced investments. 
 
What hasn’t changed is our investment approach: we seek to protect against loss by buying claims on assets at bargain prices, and we aim to achieve substantial gains by actively participating in restructurings to restore companies to financial viability. We strive to create value at every stage of the investment process.

Workshop Objective: In this session, Alejandro Cano, Managing Director and Co-Head of Europe for Oaktree's Global Opportunities strategy, reviews the sea change in international credit markets that has occurred as a result of monetary policy in the past two years, and the challenges ahead for corporate borrowers and worldwide economies.  Particularly, Alejandro will address how Oaktree’s flagship Global Opportunities has evolved to address the complexities of modern global capital markets. 

Company Profile: Oaktree is a leader among global investment managers specializing in alternative investments, with $179 billion in assets under management as of 30, June 2023. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,100 employees and offices in 20 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

Cycles are back! The macro-economic environment that has underpinned financial markets for past 25 years is changing. A more elevated and unsettled secular outlook for inflation and interest rates has profound implications for asset class valuations and growth models in the real economy.  In this new paradigm for financial markets, asset allocators must widen their toolkit across return drivers to deliver value for money to end clients. The Wellington Multi-Asset team present their updated asset allocation outlook. In addition, the team will discuss the tools available to asset allocators in search of more durable return profiles: including active risk management, manager selection and tactical asset allocation.

Workshop Objectives: Learn how Wellington’s Multi Asset team is approaching opportunities and challenges in capital markets as we move into the final months of 2023 as well as how to think about the toolkit available to asset allocators in search of a more durable return profile.

Company Profile: Tracing our history to 1928, Wellington Management is one of the largest independent investment management firms in the world. We are a private firm whose sole business is investment management, and we serve as investment adviser for institutional clients in over 60 countries. Our most distinctive strength is our commitment to rigorous, proprietary research — the foundation upon which our investment approaches are built. Our commitment to investment excellence is evidenced by our significant presence and long-term track records in nearly all sectors of the global securities markets.