Citywire Switzerland Retreat 2023

The high yield market has remained remarkably resilient in 2023 despite macro headwinds. Investors benefitted from higher yields, supportive market technicals and solid company fundamentals. But as recession risk looms on the horizon, the next stage of the cycle will inevitably expose challenges ahead. In this presentation, Thomas will outline the forces shaping the high yield market and share his playbook for uncovering high yield investment opportunities. Although shifting sands warrant caution, high yield bonds can offer high income and play a key role in investors’ portfolios.

Understand the opportunities and challenges in the high yield market and explore why high yield can continue to play a key role in investors’ portfolios.

Company Profile: Aegon Asset Management is an active global investor. Our 390 investment professionals manage and advise on assets of EUR296 billion (as of 31 March 2023) for a global client-base of pension plans, public funds, insurance companies, banks, wealth managers, family offices and foundations. 
We organise our investment capabilities around four focused investment platforms where we have deep asset-class expertise: fixed income, real assets, equities, and multi-asset & solutions. Each platform has dedicated teams, organized globally and committed to maximizing client benefit from their specialist areas. These platforms are supported by teams dedicated to responsible investing and multi-management.

Allianz Global Investors is one of the world's leading asset managers with a wide range of private market strategies, some of which have track-records stretching back for decades, including private debt, private equity, infrastructure equity and debt, renewables. 
Allianz Core Private Market Fund (ACPMF) gives well-informed investors access to our successful private market program with no j-curve, no capital calls and offers a quarterly liquidity. The program which is diversified across asset classes, vintages and managers is a distillation of the best of AGI’s private market expertise which encompasses more than EUR 90bln in AuM.

We would like to introduce you to our first evergreen fund accessible to well-informed investors and showcase the benefits of adding private markets into your portfolio.

Company Profile: Allianz Global Investors is a leading active asset manager with over 600 investment professionals in over 20 offices worldwide and managing EUR 514 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.

Things are looking good again on the fixed income market. Bond ETFs enable the use of versatile investment strategies - with a portfolio that has the necessary properties in terms of credit rating, duration and interest rate sensitivity. As a result, ETFs make it easier to invest in a wide variety of bonds. At the same time, bond ETFs are particularly suitable for risk control thanks to the diversification of the indices. So why not taking a look at sustainable Euro corporate bonds IG, which are also characterized by reduced CO2 emissions and are selected based on ESG criteria? Because even this area is covered by ETFs.  

How to benefit from a Paris-aligned index strategy on corporate bonds? Discover sustainable EUR corporate bond ETFs characterized by low CO2 emissions and improved ESG criteria.

Company Profile: BNP Paribas Asset Management belongs to BNP Paribas, one of the world’s foremost financial institutions, and offers high value-added solutions to individual savers, companies, and institutional investors. It has a broad range of skills in four investment divisions: Equities, Fixed Income, Private Debt & Real Assets and MAQS. Sustainability is at the heart of BNP Paribas AM’s strategy and investment decision-making process, making an active contribution to energy transition, environmental protection and the promotion of equality and inclusive growth. Its aim is to achieve long-term sustainable investment returns for its clients. With around 3.000 employees in more than 30 countries, BNPPAM currently manages EUR 526bn of
AuM (31.03.2023).

 For the last 15 years, company management teams have largely invested as they wanted – including grand company perks and building out a metaverse that had little to do with their core businesses. From multi-billion-dollar headquarters to “puppytoriums” (onsite doggie daycares); insane then – more insane today. With inflation still hot, James Lydotes, manager on the BNY Mellon Global Income Fund, talks about how investors have finally had enough of corporate largesse.  Tightening the belt on spending and allocating profits back to the shareholder is going to be the focus over the coming years.   

About BNY Mellon
Established in 1784, BNY Mellon is America’s oldest bank and the first company listed on the New York Stock Exchange (NYSE: BK). Today, BNY Mellon powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY Mellon had $46.9 trillion in assets under custody and/or administration and $1.9 trillion in assets under management as of June 30, 2023. BNY Mellon has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com. Follow us on LinkedIn or visit our Newsroom for the latest company news.

Seeking reliable income? Given the current market uncertainty income represents a way to absorb potential market volatility but an income diversified across credit markets is warranted in this challenging environment. Consider the power of four income drivers in a single portfolio.  Capital Group Multi Sector Income (MSI) Fund (Lux) aims to generate attractive and reliable income streams, by investing in both high quality and higher yielding credit sectors. The portfolio managers have the flexibility to adopt the asset allocation to changing market conditions with over $2tn AUM in, Capital Group is the world’s largest active fund manager and the fourth largest fixed income manager.

Get to know Capital Group’s new fixed income fund that combines the power of four income sectors. The workshop’s objective is to show why an investment in a well-diversified multi sector income is advantageous compared to investing in the underlying asset classes individually.

Company Profile: Capital Group is one of the oldest and largest asset managers with more than US$ 2.2 trillion in AuM in equity, fixed income and multi-asset investment strategies (as at 31 Dec 2022). Founded in 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. Capital Group has an integrated global research network of more than 450 investment professionals and its portfolio managers have an average of 27 years of investment experience. 

Capital Group established its first European office in Geneva in 1962 and in 2015 opened its Zurich office. Today, Capital Group has more than 140 associates in Switzerland.

At Columbia Threadneedle Investments we have always sought to deliver attractive relative and risk-adjusted relative returns through the cycle. And in what is an asymmetrical risk-return asset class – one which has most of the downside (when things go wrong) and not much of the upside (when things go well) – that has never been more important.

In order to find higher credit quality we have intense “bottom-up” fundamental credit analysis, with a focus on issuer and security selection. Downside risk management is embedded in portfolio construction and in our research, and the chief focus for our team of analysts is default and downgrade risk. Put simply, we want to find the best companies out there.

There are very compelling total return opportunities in high-quality assets. There are risks, but investors are being well compensated, and a focus on quality and credit selection will be critical to setting the stage of successful fixed income investment outcomes.

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 $ 608 billion*. We are globally connected with a team of over 650 investment professionals providing diverse expertise, spanning almost every asset class and market. We are intense about research as we believe that original independent research makes investment decisions smarter. We have a responsible ethos as investment decisions today help define the future we all seek. Every day, we’re looking for opportunities to improve how we invest and what our clients experience; our focus on continuous improvement means that we never stand still. Whatever world you want, our purpose is to help you achieve it.
*Data as at 31 March 2023

 

The past three years have been nothing short of extraordinary: a global pandemic, once-in-a-generation stimulus packages, a war in Europe and a sudden monetary policy tightening in the face of inflation. Companies now faced with a higher cost of labor and capital are forced into a productivity shock to do more with less.

Portfolio Manager Rémi Adam will be sharing Comgest’s quality growth approach through investments in US productivity champions and a review of the strategy’s performance and portfolio positioning.

Company Profile: Comgest, a global asset management group with a single focus on equities, is 100%-owned by employees and founders. This broad partnership – of over 35 years – drives an unconstrained, quality growth and responsible investment approach that is applied to both developed and emerging markets.

The fund offers an exposure to value-creating companies with a lower volatility, thanks to the flexibility of its exposure to equities 
The fund invests in developing companies that create value. The fund invests in growing companies with an understandable and solid economic model, well positioned; benefiting from megatrends 
The fund has an all-cap approach (€200 million minimum) with a preference for large companies in the euro zone.

To demonstrate the potential of companies positioned on megatrends

Company Profile: Crédit Mutuel Asset Management is a major player in asset management in France, with 69,3 billion euros in assets under management in France at the end of 2022 3. It offers its customers efficient, innovative and sustainable investment solutions.Crédit Mutuel Asset Management stands out in particular for its short-term flexible cash solutions as an alternative to money market funds. It is also recognised for its fundamental stock selection process and conviction-based management, which support the entire offering. Long-term conviction solutions include euro zone and international equity management, small- and mid-cap securities management and thematic equity management. Similarly, the bond offering, which ranges from flexible cash management to credit bond management, is based on rigorous financial and non-financial analysis

The UN Sustainable Development Goals (‘SDGs’) can help investors to become more aligned to a sustainable economy, and highlight attractive growth opportunities as the world changes. We look at the case for using SDGs as the basis for sustainable investment strategies. 

Matthew Jennings will explore the following topics:

•    How Fidelity is approaching the challenge of managing Article 9 funds
•    Why ESG investors should differentiate between what a company does and how it is managed
•    How the UN SDGs can be integrated within an investment process
•    How expectations for both sustainability and investment outcomes can be delivered 

Join Matthew Jennings to discuss ways in which sustainable investment strategies are evolving, and how the industry is adapting to changing client needs and regulatory demands. 

Fidelity International offers investment solutions and services and retirement expertise to more than 2.8 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 $744.8 billion in total assets, our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals.
By combining our asset management expertise with our solutions for workplace and personal investing, we work together to build better financial futures. Data as at 30 June 2023. Read more at www.fidelity.ch

 Bearish? Bullish?  Uncertainty seems high on the S&P 500 as there seems to be just as many data points to support either market view. Already up ~15% in 2023, investors face the rest of 2023, while then entering into the 2024 presidential election. Interest rates, inflation, valuations and recession risks seem to be coexisting with an AI-driven productivity boom, a potential bottom in Earning Per Share and a view that the worst is behind us. Interest Rates may appear to be peaking/have peaked. Long term investors should be wary that a 15% correction seems equally as likely as a 15% rally from here. Can an investor have their cake and eat it too? First Trust will unveil their solution to investors seeking upside participation in the market while aiming to provide a level of downside protection.

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

Company Profile: First Trust is a privately owned U.S. based financial services firm established in 1991. Our mission and approach are simple. We aim to offer investors a better way to invest by providing transparent and innovative solutions - through knowing what we own, investing for the long term, employing discipline and rebalancing our portfolios. 

Today First Trust is one of the fastest growing global ETF providers and as at the end of July 2023 has $206.529 billion global assets under management and supervision.

Our successful Value-Event-Investment-Process and the Countercyclical Asset-Allocation led to 8bn USD AUMs. The combination of "value" investment with positive events keeps fundamental risks low and market risks limited. Our objective is to generate returns similar to global equity markets but with a continuity that allows investors to sleep well in all phases of the market. Details on our new GANÉ Global Equity Fund and of the investment process will be shared.

Based on strong returns and low volatility our ACATIS Value Event Fonds (by GANÉ) reached >7bn EUR AUMs. We are ready to present the next step in the development of GANÉ: The UCITS equity fund  GANÉ Global Equity Fund.   

GANÉ is an owner-operated and independent investment group based in Germany - founded in 2007 by J. Henrik Muhle and Dr. Uwe Rathausky. We are an event-oriented value investor. We invest in winners. It means that we invest in strong companies with sustainable business models, solid balance sheets and high margins, which allows them to create added value for their shareholders. The successful Value-Event-Investment-Process and the Countercyclical Asset-Allocation led to the the award for “"Fund Manager of the Year 2019" in Germany, and to ca. 8 bn USD AUMs.

The Asia Pacific region brings together some high-quality developed markets with some of the world’s most dynamic emerging markets. The result is a rich and diverse hunting ground of investment opportunities. Jason Pidcock, investment manager, will outline how Jupiter’s Asian Equity Income strategy seeks to capitalise upon this potential, seeking to build a portfolio of liquid, resilient and growing companies able to deliver a yield premium to investors. Jason will also discuss why he and the team are finding Australia and India particularly attractive right now, and why they continue to avoid investing in China.

Understand the breadth of opportunity available in the Asia Pacific region and appreciate where some of the region’s most compelling investment ideas can be found today.

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 £51.4bn /$65.3bn /€59.9bn as at 30/06/2023.

Independence of thought and individual accountability define us. Our fund managers follow their convictions and seek those investment opportunities that they believe will ensure the best outcome for our clients. They do this through fundamental analysis and research, a clear investment process and risk management framework, with a focus on good stewardship.

Commodities are a natural hedge against inflation and exhibit low correlation with equities and bonds – boosting diversification in an investment portfolio. Join us to learn how to leverage a systematic commodity multi-factor approach, which has historically generated robust outperformance versus a traditional long-only commodity approach. In the session we’ll examine the factors behind the improved carry of the multi-factor exposure compared with the traditional long-only commodity index. We’ll also showcase the benefits of commodities as a strategic allocation, and as an addition to your gold exposure.

•    The reasons behind the sizeable outperformance of the multi-factor approach versus a traditional long-only commodity exposure
•    The strategic role of commodities in a multi-asset portfolio

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 2022. 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.

About Barclays
Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group. Barclays offers investment banking products and services in the US through Barclays Capital Inc. For further information about Barclays, please visit our website home.barclays

About Barclays Corporate and Investment Bank
Barclays Corporate and Investment Bank is comprised of the Investment Banking, International Corporate Banking, Global Markets and Research businesses. It provides money managers, financial institutions, governments, supranational organisations and corporate clients with services and advice for their funding, financing, strategic and risk management needs. For further information about Barclays Corporate and Investment Bank, please visit our website www.cib.barclays.

 

In the midst of Switzerland's limited market, the bold surge of small and mid-cap equities echoes with determination. On the global stage, they stand resolute, using the Swiss franc's strength to fuel ongoing innovation. With a population comparable to New York City, Switzerland's distinctive circumstances push companies to outperform worldwide, diversifying their earnings across various regions and currencies for a solid international presence.

Embark on a journey into the Swiss small and mid-cap landscape—a terrain that is inviting for both Swiss and global investors and where seizing ESG dynamics is not about ratings but rather about trajectories. Explore businesses with the potential to break the confines of time through persistent compound growth - these 'compounders' hold the answer to sustainable expansion and exponential returns through reinvested profits.

Navigate strategies and dissect financial complexities with Daniele Scilingo, Mirabaud Asset Management's Head of Swiss Equities as he discusses the effectiveness of the GARP (Growth At Reasonable Price) approach—unveiling its enduring value creation.

Nordea's Multi Assets team has a long tradition and strong track record of managing risk premia based products characterized by robust risk management. The team considers a broad and diversified set of risk premia, all of which are continuously monitored to ensure their portfolios are allocated to the most attractive combination of strategies.

• What could a 10%-15% allocation add to  traditional allocations
• True diversification combining traditional and alternative risk premias with low correlation to traditional asset classes
• Implementation an innovative bottom-up investment approach based on more than 15 years of experience

Company Profile: Nordea Asset Management (NAM), is part of the Nordea Group, the largest financial services group in the Nordic region.
NAM is an active asset manager dedicated to delivering returns with responsibility. Sustainability and responsible investment are deeply
rooted in our Nordic DNA, and this is evident in our corporate culture.
Our growing third-party distribution franchise services a wide range of international fund distributors, including many of the leading global
wealth managers. We distribute our products through banks, asset managers, independent financial advisors, insurance companies and
family offices.

 

Investors have a reason to cheer – yields on fixed income instruments are higher than they’ve been in over 3 decades. However, not all income is created equal and not all income is appropriate in every market environment. The importance of diversified and risk-managed income generation is paramount to a successful outcome. At Nuveen, providing a high income to clients has been in our DNA for over a century. By combining robust credit underwriting across fixed income sectors in a systematic, risk-controlled fashion, we provide diversified income for clients to stand the test of time

Educate investors on the need for flexibility and diversification of income sources. What works today may not work tomorrow. A strategic, risk-managed framework can unlock attractive income over a market cycle.

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 Jun 2023 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com

High yield has been in a bull market since the end of 2022, one driven not by a rapid drop in yields, but in large part driven by yield itself. Strong technicals and resilient fundamentals have kept spreads tight but increased credit dispersion offers opportunities for active management.

Portfolio Specialist Loïc Depierreux, CFA, will explore current market trends and discuss how PGIM Fixed Income is positioning its ESG Global High Yield portfolio. He will highlight why high yield bonds play an important role in portfolios and discuss the importance of strengthening the credit analysis process by focusing on ESG factors that may affect an issuer’s financial performance

•    Opportunities in today’s global high yield markets from one of the largest active fixed income managers
•    Understand how the team overcome the challenges of integrating ESG into a high yield portfolio

Company Profile: PGIM Investments is part of PGIM, the global asset manager of Prudential Financial, Inc (PFI); one of the world's largest asset managers with over $1.27 trillion in assets under management (AuM). USD (as of 31/03/2023).
With our scale and experience, we offer a diversified range of strategies across a broad spectrum of asset classes and styles, managed by our investment companies PGIM Fixed Income, PGIM Real Estate, Jennison Associates and PGIM Quantitative Solutions

The past 18 months have witnessed high volatility across Emerging markets. A combination of the Russian invasion of Ukraine, hawkish central banks, stubbornly high inflation reaching 40-year highs and a rising default rate amongst corporates in Asia and Ukraine, have all contributed to the sense of nervousness among investors. 
 
This presentation delves into the current opportunity set in EMD and benefits of an unconstrained approach that can effectively navigate any environment – limiting the downside, while still capturing the higher returns of Emerging Markets. 
 
We will explore the key advantages of a benchmark-agnostic approach that enables a high-conviction, “best ideas” portfolio.  A portfolio capable of dynamically adapting to rapidly changing market conditions through flexible allocations across EM credit (HC & LC), interest rates and currencies. We will also explore why the BlueBay EMD platform is uniquely positioned to manage such a strategy. 

To demonstrate how superior returns can be achieved in a volatile emerging market landscape using an unconstrained approach. An approach that is flexible and can quickly adapt to changing market conditions, seizing opportunities, and mitigating risks.

Company Profile:RBC BlueBay Asset Management, which represents RBC Global Asset Management (the asset management division of the Royal Bank of Canada) outside North America, provides global investment management services and solutions to institutional and wholesale investors.

We are an active investment manager partnering with clients to deliver optimal outcomes across asset classes. Our investment expertise is characterised by our specialist fixed income credentials and broad-based equity capabilities, plus integrated ESG approach and impact investing strategies.

With US$412 billion in assets under management globally (as at 31/03/23), we design investment strategies and provide investment insights to meet client needs and focus on partnership, transparency and engagement to make clients’ lives easier.