Citywire South West 2024

Baillie Gifford’s Positive Change Fund invests for the future in every sense. It has two objectives: to deliver attractive investment returns and contribute towards a more sustainable and inclusive world. Against the backdrop of persistent high inflation and climate urgency, Director and Positive Change Specialist Alison Henry will discuss how channelling capital to companies that are challenging the status quo has the potential to catalyse tremendous positive change.

Workshop objectives: 
•    How can companies use innovation and AI to address the biggest global challenges?
•    Can a sense of mission create a profitable business?
•    What will drive outperformance over the next 5 years?

Why we believe the gloom overhanging the UK economy is overdone, whilst UK stocks are continuing to trade at a discount to global equities, which is likely to attract further merger and acquisition activity.
And why as patient investors, we remain true to our enduring style of high-conviction value investing, which we believe will continue to serve us well over time.

Workshop Objectives:

1) Understand the macro backdrop for UK equities
2) Understand which areas of the market offer the best value
3) Understand our contrarian approach to stock selection

Company Profile: At Columbia Threadneedle Investments, we invest to make a difference in your world, and the wider world. Millions of people rely on us to manage their money and invest for their future; together they entrust us with US$637bn / €577bn / £500 billion. Whatever world you want, our purpose is to help you achieve it. We do this by being globally connected, intense about research, having a responsible ethos and a focus on continuous improvement.
Source: Columbia Threadneedle Investments as of 31 December 2023.

Angus Sandison, investment analyst, will discuss how best to navigate investing in emerging markets.  He will use examples of real, and often widely owned, emerging market companies to explain why the team adheres to such a disciplined philosophy.
He will cover why governance must come first, the importance of understanding that franchises may not be all they appear, and why sustainability, financials and valuations are not to be ignored.

Workshop Objectives: We will look at determining invisibility and defining quality in emerging markets, understanding that franchises may not be all they appear – and why governance, sustainability, financials, and valuations are not to be ignored

Company Profile: FSSA Investment Managers is an autonomous investment management team within First Sentier Investors, with dedicated investment professionals based in Hong Kong, London and Singapore. We are specialists in Asia Pacific and Global Emerging markets equity strategies, managing assets on behalf of clients globally.

We are bottom-up investors, using fundamental research and analysis to construct high-conviction portfolios.

Global equity markets, particularly the S&P 500, have seen a strong start to the year. Yet uncertainty persists due to numerous global macro events. Factors such as fluctuating interest rates, the US election landscape, geopolitical tensions, and concerns about valuations and recession risks coexist with an AI-driven productivity surge, a potential bottom in Earning Per Share, and optimism that the worst economic challenges are in the past. Long-term investors face the dual possibility of a 15% market correction or a 15% rally from here. Can investors strategically position themselves for either outcome? First Trust addresses this challenge by unveiling a solution tailored for investors seeking to capitalise on market upswings while incorporating a level of protection against potential downturns.

Workshop Objectives:

Understanding the mechanics of target outcome ETFs
Highlight Vest Strategy’s potential downside protection and upside participation
Introduce First Trust’s suite of Target Outcome UCITS ETFs

With recent geopolitical events further fuelling concerns investors have with respect to the challenges facing global economies, it is difficult for investors to know how to allocate across sector, regions and style.  In this session, Andrew Robbens, Investment Specialist (JPMorgan’s International Equity Group) will outline why he believes investors should consider a strategy with an index like composition and how such strategies can work as building blocks, offering the potential for Consistent, Low Cost, Excess Returns, whatever the macro backdrop.
The range of JPMorgan’s Research Enhanced Index Equity Strategies use a portfolio construction framework which limits risks such as Country, Sector, Style and Capitalisation risks, whilst also aiming to minimise trading costs. 
The strategies, utilising the breadth of J.P. Morgan Asset Management’s Fundamental Research capabilities, look to deliver Alpha via small tilts towards attractive stocks and small tilts away from less attractive stocks.
The strategies long-term outperformance is underpinned by the strong partnership between J.P. Morgan’s portfolio managers and their network of 90+ experienced in-house fundamental research analysts located in North America, Japan, Europe and Asia. Their proprietary company forecasts identify the most likely out/ underperforming stocks within their respective sectors and regions.

Workshop Objectives: 

1. Understand the benefits of enhanced index strategies, how they are managed and what they offer investors.

2.Describe the current global equity market backdrop and how enhanced index strategies can help navigate uncertainty

3. Explain how to manage enhanced index strategies through a fundamentally research driven approach

4.Discuss what enhanced index strategies deliver for investors

Company Profile: At J.P. Morgan Asset Management we have one key goal: to help our clients build stronger portfolios. For more than 150 years, we have been doing just that — for institutions, intermediaries and individuals alike. We have a deeply resourced global network of investment professionals who take a research-driven approach. Our investment professionals analyse every detail to uncover opportunities and risks to help our clients build stronger portfolios. Our global team of market strategists takes the complexity out of key market issues, giving you the incisive market insights you need to make the right investment decisions. With more than 150 years of investment experience, we thrive on responding dynamically to your evolving needs — across asset classes, regions and market cycles. With a vast range of investment opportunities spread across asset classes and regions, our asset allocation expertise can help you exploit the full potential of diversification, achieving your investment goals along the way. Our business is built upon the core principle of putting our clients’ interests first. Our dedicated teams with deep industry knowledge fully invest in each client relationship—taking the time to understand current needs, anticipate opportunities, and develop innovative customized solutions.

Fears of a sharp downturn are on the wane. But are markets missing the bigger picture with their over-confidence in the soft-landing scenario? Upcoming elections raise the prospect of financial largesse that could delay the resolution of the inflation problem, leading to renewed volatility. In this dynamic session, our experts will consider how investors can position themselves to capture potential opportunities in the Strategic Bond sector.

Join Matthew Rees, Co-manager of the L&G Strategic Bond Fund, as he explains how a nimble, well diversified, team-based approach led to the fund outperforming its peer group over the last one, three and five years – and how the fund is positioned for a volatile economic environment in 2024.

Workshop Objectives: 

•    Overview of macro and market outlook for 2024 
•    Describe the fund’s positioning to manage these challenges
•    LGIM’s strategies in active fixed income 

Company Profile: We are Legal & General Investment Management (LGIM), the asset management business of Legal & General Group. Our purpose is to create a better future through responsible investing. We strive to achieve this through a strong sense of partnership with our clients, working together to achieve positive long-term outcomes. 

We draw on industry-leading expertise to innovate constantly across public and private assets, index and active strategies. And we are a responsible investor, rising to the challenges of a rapidly changing world. On behalf of savers, retirees and institutions worldwide, we manage £1.2 trillion in assets.*

*Source: LGIM internal data as at 31 December 2023. The AUM disclosed aggregates the assets managed by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong (2018-2019 only). The AUM includes the value of securities and derivatives positions.

Listed infrastructure has gained recognition as a distinct asset class, attracting institutional and individual investors who seek stable income, long-term growth potential from exposure to essential services. The recent macro backdrop provides the perfect opportunity to revisit an asset class now trading at some of the most attractive valuations in decades. 

Workshop objectives:
Join us to understand why Listed Infrastructure offers: 
•    Growth from exposure to the mega themes in decarbonisation, digitisation and deglobalisation.
•    A consistent compounding real income source.
•    Reduced portfolio correlation risk and enhanced diversification.

Investors overwhelmed by negative UK headlines are at risk of missing out on the wealth of opportunities offered by UK mid caps.  Richard Bullas, Portfolio Manager of the UK’s largest mid cap fund, believes that when markets are driven by indiscriminate selling pressure, it broadens the scope for a rebound among stocks which retain their fundamental attractiveness. Richard will discuss the reasons you should believe in UK mid caps and demonstrate where he and his team are finding opportunities from the bottom up for their clients.

Workshop Objectives: During the workshop, Richard Bullas, Portfolio Manager, will highlight the key characteristics of the FTSE 250 and showcase how top-down macro pressures can lead investors to wrongfully overlooking UK mid caps. From the bottom up, opportunities are revealed.

Company Profile: At Franklin Templeton we offer our clients a gateway to investment excellence backed by a global organization and delivered through a consistent, coordinated client experience. We’ve broadened our capabilities by attracting leading public and private market investment managers to our firm. Today we are among the world’s largest asset managers with offices in major financial markets, serving clients in more than 150 countries, and managing nearly $1.6 trillion in assets*.



* AUM is in USD as of 31 December 2023 and has been restated to include proforma AUM from Putnam Investments at the same date. Franklin Templeton acquired Putnam Investments on 1 January 2024.

Ninety One have developed the Carbon Avoided Universe to identify the true enablers and beneficiaries of the multi-decade shift to a low-carbon economy.  This diverse group of stocks is underrepresented in global stock indices suggesting global investors are significantly underweight this opportunity and can benefit from its diversification. Beyond the positive environmental impact, there are two key investment reasons to consider allocating to these companies, says Ninety One’s Deirdre Cooper. First, given the vast investment that will go into decarbonisation in the years ahead, these companies have significant long-term return potential. Second, because these companies are exposed to a powerful structural economic growth opportunity and therefore have different long-term drivers of success than other companies, they can add diversification to an equity portfolio.

Workshop Objectives: For investors to understand the significant long-term return potential in investing in climate-solutions companies and the powerful structural economic growth trend they are exposed that can add diversification to an equity portfolio.

Company Profile: Investing for a world of change Ninety One is an active, global investment manager managing €123.1 billion in assets (as at 30.12.23). Our goal is to provide long-term investment returns for our clients while making a positive difference to people and the planet.

Established in South Africa in 1991, as Investec Asset Management, the firm began as a small start-up offering domestic investments in an emerging market. In 2020, as a global firm proud of our emerging market roots, we demerged to become Ninety One.

We are committed to developing specialist investment teams organically. Our heritage and approach let us bring a different perspective to active and sustainable investing across equities, fixed income, multi-asset and alternatives to our clients - institutions, advisors and individual investors around the world. 

In the current financial landscape, characterized by higher interest rates and pervasive uncertainty, the capacity for flexible adaptation is not just an advantage—it's essential for investment success. The PIMCO GIS Income Fund stands as a testament to the power of strategic flexibility in navigating these complex conditions. This presentation will illuminate the fund's adept maneuvering through the challenges and opportunities presented by a higher rate environment. We will delve into how the fund's dynamic asset allocation and active management strategies are pivotal in seeking out income opportunities while diligently managing risk. By leveraging PIMCO's global insights and analytical prowess, the fund aims to identify undervalued assets across diverse markets, adjusting its portfolio composition to optimize returns. Join us to discover how the PIMCO GIS Income Fund employs flexibility as its core strategy to thrive in an environment of higher rates and economic uncertainty, aiming to secure sustainable income and capital growth for its investors.

Workshop Objectives: Learn how the PIMCO GIS Income Fund leverages strategic flexibility and active management to navigate economic cycles and uncertainty, optimizing income and capital growth in a challenging global financial landscape.

Company Profile: PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital in income and credit opportunities that span the liquidity spectrum, leveraging our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and alternative investment solutions and a valued financing partner.

The benefits of marginal gains have been used in sport for years. Our philosophy is to use marginal gains in the fixed income markets to drive similarly successful outcomes and consistent outperformance.  We will describe how portfolio optimisation helps navigate changing market environments.

Workshop Objectives: We aim to provide a useful insight into current macro trends within the Fixed Income markets and how our process helps us overcome these challenges.

Company Profile: Premier Miton is a genuinely active investment manager offering a range of funds and investment trusts, as well as a portfolio management service, covering equity, fixed income, multi asset and absolute return investment strategies.  

Our clients’ investments with us are actively managed by our different specialist investment teams, who are empowered to employ their own proven and distinctive investment approaches; with the aim of generating good investment outcomes.  In total we are responsible for £10.1bn of client assets under management (as of 31 Dec 2023), split across 17 differentiated investment teams managing 46 distinct investment products (as of 30 Sep 2022).