US equity market returns were extremely concentrated in 2023. The so-called Magnificent Seven stocks, dominated market returns while many other companies were left behind. Historically, these extreme levels of concentration have not been sustainable. This concentration, paired with normalizing inflation and economic growth, requires investors to be more discerning in their search for growth moving forward. 

The AB American Growth Portfolio takes a differentiated approach to large-cap growth investing, aiming to identify exceptional businesses that exhibit two key characteristics: high and improving levels of profitability, and ample opportunity for reinvestment. Businesses that exhibit these characteristics can unlock the power of compounding, delivering persistent, profitable growth, and support more consistent risk-adjusted returns over time, regardless of the macroeconomic backdrop.

Workshop Objective: Introduce the AB American Growth Portfolio, highlight points of differentiation within the US Large Cap Growth space, and provide an update on where we see opportunities in today’s uncertain markets. 

Company Profile: AllianceBernstein is a leading investment-management firm with $725 billion in client assets under management, as of 31 December 2023. 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.

Even as the Magnificent Seven power the S&P500, a focus on free cash flow and dividend growth can generate not just income for clients today, but also meaningful capital appreciation.   By venturing beyond the sectors that are most traditionally associated with income investing, clients benefit from:  
•    Dividend growth that may outpace inflation and help maintain income in real terms. 
•    Low overlap with conventional income holdings that may help diversify portfolio risk.  
Richard Saldana will explain how his team's approach to income investing is differentiated and has delivered 1yr, 3yr, 5yr and 10yr top decile returns whilst achieving portfolio dividend growth of 9.4% p.a. over the last 10 years. 

Workshop Objective:
Understand: 
•    How equity income may offer not just downside protection but also upside capture.
•    Sectors and companies that may underpin this.
•    How this allocation may sit in a diversified portfolio.  

Fixed-income markets continue to be very volatile as the economic outlook remains uncertain due to high interest rates, sticky inflation, slowing growth and tighter lending conditions. Nicolas will present his outlook for 2024 covering economics, geopolitics, valuations, and asset allocation. With global yield curves still inverted, Nicolas will also explain why he believes short-dated bonds represent a compelling opportunity for investors.

Workshop Objective: Understanding fixed-income market drivers and benefits of short-dated bonds.

Company Profile: AXA Investment Managers (AXA IM) is a responsible asset manager, actively investing for the long term to help its clients, its people and the world to prosper. Our high conviction approach enables us to uncover what we believe to be the best global investment opportunities across alternative and traditional asset classes, managing approximately €842 billion in assets as at the end of September 2023.

We are committed to reaching net zero greenhouse gas emissions by 2050 across all our assets, and integrating ESG principles into our business, from stock selection to our corporate actions and culture. Our goal is to provide clients with a true value responsible investment solution, while driving meaningful change for society and the environment.

At end of December 2023, AXA IM employed over 2,700 employees around the world, operated out of 23 offices across 18 countries and is part of the AXA Group, a worldwide leader in insurance and asset management.

The era of cheap capital is over, and companies are adapting to a ‘new normal’. Macroeconomic and geopolitical concerns abound. Are we out of the woods yet? Kirsty Gibson will discuss how a combination of resilience, growth, adaptability and focus on efficiency will help distinguish companies in this new economic landscape. She will highlight those companies poised for sustained growth, an opportunity often overlooked in news headlines, and share our approach to identifying these opportunities.

Workshop Objective:
•    Identify the key features of company adaptability in a tougher environment: don't mistake maturity for safety.
•    Explore the next phase of disruptive growth that will power returns for companies that can keep investing.
•    Uncover what sets the US apart from everywhere else and why it is continually underestimated.

We anticipate the Fed will end the rate hiking cycle allowing tactical entry points within international REITs to continue to emerge. The vast performance dispersion between real estate regions and sectors requires a specialist, active, and global approach and during the presentation, we will highlight how our team leverages their information advantage to deliver consistent alpha. 

Workshop Objective: To understand the key strategic benefits of real estate, why an allocation will be critical and Cohen & Steers’ unique real estate investment approach. 

Company Profile: Founded in 1986 as the first investment company in the world to specialize in listed real estate, Cohen & Steers today has $83 billion assets under management.

Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, focused on delivering attractive returns, income and diversification.

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 Objective: Communicating First Trust’s economic forecast
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

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. 

These core principles are taken into consideration in all aspects of our business and are the building blocks of our reputation. It is through these principles that First Trust’s specialist investment managers apply a robust and disciplined approach to a range of methodologies. We have a strong track record in providing a variety of rules-based, thematic and actively managed strategies investing across a range of equities, fixed income and alternatives. 

In delivering our message, our regional sales teams work closely with prospects and clients to distribute First Trust’s range of single-country, regional and global solutions across the world.

 Jonathan will be discussing the transition to a sustainable energy system, driven by economics as much as by climate change. During the presentation he will cover:

- What the energy transition looks like and why it is occurring
- The likely path for oil & gas markets
- The outlook for renewable energy & energy efficiency
- How we invest in these themes

Workshop Objective: Familiarity with the Sustainable Energy investment process

Company Profile: Guinness Global Investors was established in 2003 by founder and chairman Tim Guinness. Its specialist disciplines of equity income, energy, innovation and Asia offer exposure to key themes to help investors achieve their investment goals. Its in-house economic, industry and company research allows it to take an independent view and not be led by the market. Its size and specialist nature also enables it to respond quickly and efficiently to market movements. It incorporates ESG factors into all its equity strategies and embraces the stewardship responsibilities which it assumes as an investment manager. Active management, high conviction and identifying value are the central pillars of its philosophy and they are delivered in the form of concentrated, equally weighted portfolios.

UK companies are boosting dividends and buybacks, which means careful investors can generate mid-single-digit yields from a portfolio of undervalued, growing, cash-rich companies. Jupiter investment manager Adrian Gosden will discuss these market dynamics and why easing inflation and monetary policy may provide further support. Adrian also will explain why he believes the unloved UK equity market may be poised to inflect due to a confluence of trends such as surging stock buybacks, repositioning by large UK institutional investors and renewed M&A activity. Adrian also will talk about how the Jupiter UK Equity Income Fund that he manages is positioned to benefit from these trends. 

Workshop Objective: To explain how investors can benefit from robust dividends and buybacks, a favourable macro backdrop and technical trends that may help to improve sentiment for UK equities.

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 £52.3bn /$66.5bn /€60.3bn as at 31/12/2023.

An actively managed small cap strategy with a disciplined investment approach to stock selection, risk management, and a long-term time horizon offers a compelling investment opportunity. 

In this session, we will discuss the reasons why U.K. investors should consider an allocation to this asset class. Topics include:

1.    The small cap “premium”—Evidence that it still exists. 
2.    40% of the index is unprofitable. Why active management and high-quality matters. 
3.    2024 outlook—Why now may be a good opportunity for the asset class.

Workshop Objective: Educate investors on the benefits of adding small capitalization stocks to an asset allocation with an actively managed, high-quality investment approach and the value in adding the asset class now. 

Company Profile: Kayne Anderson Rudnick Investment Management, LLC (“KAR”), headquartered in Los Angeles, CA, was founded in 1984 by two successful entrepreneurs, Richard Kayne and John Anderson, to manage the funds of its principals and clients.
Since its inception, the firm has followed a philosophy of investing in “high-quality” companies resulting in high conviction portfolios. KAR now manages over $50bn AUM entrusted by multiple client types including corporate and public pension plans, foundations, endowments, brokerage firms, and high-net-worth individuals. The firm’s range of investment strategies all embody its unified high-quality investment approach.

KAR is a wholly owned subsidiary of Virtus Partners, Inc. (NSYE: VRTS)

The Liontrust European Dynamic Fund is an equity fund managed in accordance with the Cashflow Solution investment process by co-managers Samantha Gleave and James Inglis-Jones, launched in 2006.  The presentation will illustrate how the team analyse company cashflows and why they are the key determinant to future success and failure. Samantha will share the indicators used by the team to determine the style bias that enables the fund to be dynamic and deliver through the cycle.

Workshop Objectives: To understand the Cashflow Solution investment process and how it is applied to a European equity fund.  To see the portfolio's current style positioning, the companies it is invested in and portfolio construction.

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.

Eustace Santa Barbara is a passionate believer in the long-term growth potential of the UK’s innovative and agile smaller companies – and their ability to outperform the corporate giants.

He will focus on the factors that can drive this outperformance, highlight a number of smaller companies he believes have outstanding growth prospects and explain why, in his view, current valuations present an exceptional long-term opportunity.

Workshop Objectives:
● Learn why smaller companies have the potential to outperform larger ones

● Hear about smaller companies the team believe have excellent growth prospects

● Understand why experienced smaller companies investors believe current valuations offer a rare long-term opportunity 

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 Objective: 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.

Global bonds firmly turned the corner in Q423, but continue to have huge potential for above inflation returns while acting as a reliable hedge to other more risky assets such as equities. With a wide range of Federal Reserve outcomes in 2024 and a myriad of other risks ranging from a Chinese slowdown to US elections, we feel bonds should play a central role in client’s portfolios. 

The unsynchronized nature of the monetary cycle around the world should provide a strong backdrop for active rates and FX decisions. At the same time, clients need to closely navigate areas like lower quality corporate bonds which provide little protection outside of a soft-landing scenario.

We believe our Global Opportunistic Bond Fund, with its proven track record and strong risk management provides a great means for UK clients to access global bond markets and benefit from MFS’s world-renowned research platform.  

Company Profile: In 1924, MFS launched the US’ first open-end mutual fund to give everyday investors access to the markets. One hundred years later, as a full-service global investment manager serving financial advisors, intermediaries and institutional clients, we celebrate a century of active management. Tested and refined across market environments, our investing approach combines collective expertise, long-term discipline and thoughtful risk management to create value responsibly for clients. Supported by our culture of shared values and collaboration, our teams of diverse thinkers actively debate ideas and assess material risks to uncover what we believe are the best investment opportunities in the market. 

The opportunity to earn real income is finally back & investors should be looking to maximise this opportunity through high yield bonds. Historically, the level of starting yields correlate positively with higher, long term total returns and the best time to start adding to the asset class has been as elevated default rates get priced in. As investors try to navigate a range of potential ‘landing’ scenarios, high yield is poised to perform well, regardless of the macro outcome.

We will discuss the nature of the high yield market, how we are positioned and why investors should be allocating to high yield now, in the context of their multi-asset portfolios.

Workshop Objectives:

•    Today’s case for investing in High Yield bonds vs. other fixed income assets and equities
•    Opportunities and risks around the High Yield market
•    Summary of Morgan Stanley’s High Yield offering

Company Profile: Morgan Stanley Investment Management offers a broad range of specialized solutions to a diverse client base that includes governments, institutions, corporations and individuals worldwide.
Our independent investment teams are empowered to think differently and strive to provide investment excellence, diversity of perspective and a comprehensive suite of specialized investment solutions. With a focus on serving clients, these teams have access to deep resources to provide value-added services and support. Established in 1975 as a subsidiary of Morgan Stanley Group Inc., Morgan Stanley Investment Management has provided client-centric and risk management solutions to investors and institutions for more than 45 years.

Predicting economic and business cycles can be futile – equity markets’ performance in 2023 is a case in point. Given that inherent uncertainty, is there an advantage to investing in companies aligned to powerful secular shifts that potentially insulate these businesses from economic cycles?
We believe global Megatrends – not simply AI! – combined with a disciplined approach to valuation can increase visibility & predictability of outcomes when running a high conviction global equity portfolio and ultimately deliver long term outperformance for investors.

Workshop Objective: To demonstrate the strong returns that can be delivered from a disciplined, high conviction approach underpinned by structural shifts in the global economy.  

Company Profile: Neuberger Berman was founded in 1939 to do one thing: deliver compelling investment results for our clients over the long term. This remains our singular purpose today, driven by a culture rooted in deep fundamental research, the pursuit of investment insight and continuous innovation on behalf of clients, and facilitated by the free exchange of ideas across the organization.
As a private, independent, employee-owned investment manager, Neuberger Berman is structurally aligned with the long-term interests of our clients. We have no external parent or public shareholders to serve, nor other lines of business to distract us from our core mission. And with our employees and their families invested alongside our clients—plus 100% of employee deferred cash compensation directly linked to team and firm strategies—we are truly in this together.

2024 promises to be a banner year, whether we think of politics, geopolitics or economics, and it’s likely to be a rollercoaster for markets. Nonetheless, the unprecedented tightening cycle over the last two years means that fixed income more broadly, and credit in particular, will remain in the spotlight. The next cycle will likely be characterised by increased uncertainty and hence it’s highly likely volatility will remain elevated from a historical perspective. That said, with yields and breakevens at generational highs, opportunities are plentiful to generate long term equity-like returns in debt instruments. We believe a contrarian and value-driven approach is vital to protecting and appreciating capital in this environment. Markets have evolved, and so now must the way we approach investing in credit and fixed income.

Workshop Objective: How to generate equity-like returns with bond-like risk: demonstrating that a contrarian, value-driven and nimble approach to credit investing is needed for better risk-adjusted returns

Company Profile: Pictet Asset Management is a specialist asset manager offering investment solutions and services to investors around the world.
 As at 31 December 2023, we manage  GBP 215 billion of assets across our range of pioneering and differentiating investment capabilities. Our investment resources are focused around our strategic capabilities: Alternatives, Thematics, Emerging Markets and Multi Asset.

Our purpose is to build responsible partnerships with our clients, colleagues, communities and the companies in which we invest. Our clients include some of the world’s largest pension funds, financial institutions, sovereign wealth funds, intermediaries and their clients.

We are part of the Pictet Group, founded in Geneva in 1805, which also specialises in Wealth Management, Alternative Investments and Asset Services. Privately owned and managed by eight partners, the Pictet Group has more than 5400 employees in 30 offices around the world.

European smaller companies have delivered exceptional long-term outperformance of larger European companies. Within this trend there have been periods of underperformance. We are currently in one of these periods - this is nothing out of line with historical patterns. The ability to construct a portfolio which is expected to deliver strong sales and self-funded cash flow growth from a moderate starting valuation is what gives the managers confidence about the future. Corporate and private equity buyers have noticed too.

Workshop Objective: To discuss the opportunities the managers see in European small and mid cap companies, and how the Chelverton European Select Fund is well positioned to capture them. 

Company Profile: Chelverton is a boutique asset management firm with a limited range of strategies overseen by dedicated teams of specialised fund managers. When Chelverton was established in 1998, their initial focus was on UK small and mid-cap income stocks, with the launch of an Investment Trust and subsequent open-ended fund. Over time, they have expanded their offering to include expertise in UK small and mid-cap growth and European multi-cap investments. More recently, they've introduced a global sector team with a specific focus on consumer staples.

Spring Capital is an independent distribution partner that offers capital raising, marketing and client service for open-ended funds managed by boutique asset managers including Chelverton.  

Outperforming the S&P 500 is the benchmark of success for US Large Cap fund/index. VanEck, with Morningstar's Equity Research, has beaten this standard in 6 of the last 8 years. Last year alone, the index outperformed the S&P 500 by over 6%, even with ~22% less total exposure in the “Magnificent 7”. (6% vs 28%)

How? By rigorously analysing over 1,500 stocks for long-term competitive advantages (Moats) and fair value, then incorporating them into a passive equal-weight index that VanEck's ETF tracks. This approach has led to a ~275% outperformance over the S&P 500 since 2007 (LIVE INDEX).

In this session, we'll delve into why our MOTU ETF, its emphasis on long-term competitive advantages, fair valuations, and careful index construction, should be a core part of your portfolio.

Workshop Objective: Investors will gain insight into Morningstar's equity research, identifying Wide Moat firms, Fair-Value assessments, index performance highlights, and why our suite of Wide Moat philosophy ETFs belongs in core portfolios.

Company Profile: Established in 1955, VanEck is a prominent global ETF and fund provider with nearly $100 billion in assets. As one of the top 10 ETF providers in the US, our reach extends across Asia, Australia, and Europe. Committed to enhancing investor portfolios, we pioneer ventures in sectors like Gold Mining, Defence, Video Gaming & Esports, Semiconductors, Rare Earths, and MOATS. Early adoption of international markets underscores our belief in the transformative potential of diverse investments. Today, our offerings encompass core strategies and specialised exposures, empowering clients with a comprehensive toolkit for diversification.

Equity investors do not have to go far to find risks in 2024 – even though we seem to have avoided a hard landing, volatility in the equities space has subsided for now and potential rate cuts could support equities, growth is expected to be subdued. Geopolitical tensions and continuing wars add to the uncertainty of a US election year. At the same time crowding in only a handful of megacap growth companies is reaching new extremes. Quality-orientated high dividend yield strategies could offer an opportunity to navigate this environment, focusing on income and quality factors while controlling for other factors and ensuring a high level of diversification. Optimised rules-based solutions that are well established in the institutional space could offer a transparent and cost-effective way of simultaneously targeting multiple goals. We combine high dividend yield with an ESG overlay to further reduce risk and also satisfy the increasing demand for solutions with environmental and social characteristics.

Workshop Objective: Position dividend solutions and provide insights into potential add-ons and pitfalls while also presenting ETFs as an efficient implementation tool.

Company Profile: Xtrackers, the passive solutions platform by DWS has one of the largest and most established product ranges in Europe, with a global presence and more than £147 billion [incl. mandates] in assets under management (as of month 01, 2024). Xtrackers has an index track record going back over 20 years and offers a broad range of efficient, high-quality ETFs and ETCs on all major asset classes – equities, bonds, money market and commodities, as well as bespoke strategies through index funds and segregated mandates. Xtrackers provides numerous building blocks across all wrappers for traditional investment strategies, ESG strategies (environmental, social, governance), sector and factor investments, as well as innovative products on thematic investments and future trends.