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IPE Webcast Channel

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  • Factor-based investing: Fixing a broken portfolio Factor-based investing: Fixing a broken portfolio MIchael Hunstad and Andrew Knell, Northern Trust; Moderator Brendan Maton, IPE Recorded: Nov 8 2016 69 mins
    We take a fresh look at factor-based investing, examining how investors can enhance portfolio construction through a more efficient and intentional approach to sourcing potential excess returns.

    Given the challenging return environment so far this year, and the outlook for more muted returns than we've seen recently, it is imperative that portfolios are constructed efficiently. That means sourcing factor returns (which our research identifies as the main driver of excess returns) more effectively. It also means consolidating exposure to only the highest conviction opportunities.

    In this webinar we will explore:

    - The persistence of factor returns
    - Analysis and deconstruction of factor exposures in live portfolios
    - Ways to construct or pivot your portfolio for better outcomes
  • Addressing the liquidity management conundrum Addressing the liquidity management conundrum Mark Austin (Northern Trust), Kabari Bhattacharya (EY), Steve Irwin (Northern Trust), Brendan Maton Recorded: Oct 18 2016 64 mins
    Practical steps to manage and understand your liquidity requirements

    Liquidity is starting to become a significant issue for institutional investors. The impact of a difficult mix of market trends, a sustained low interest rate environment and the unintended consequences of certain regulations are all helping to make cash an increasingly problematic asset class to deal with.

    Whether seeing to obtain a return on your un-invested cash or liquidity to support investments, the environment is only likely to get more challenging.

    The webcast will:

    - Share examples of the different techniques which a range of institutional investors are employing to address this liquidity conundrum
    - Shed light on emerging techniques such as portfolio stress-testing and liquidity budgeting
    - Provide practical insights into how you can ensure a balance of security, liquidity, yield and operating efficiency
  • Emerging Market Debt: Diversification and Yield Emerging Market Debt: Diversification and Yield Nicholas Hardingham, Franklin Templeton Investments; Brendan Maton, IPE (moderator) Recorded: Oct 4 2016 61 mins
    Investors increasingly are looking outside traditional government bonds in order to generate acceptable yield in what is a historical low-yielding environment.
     
    Emerging Market Debt (EMD) has been a significant beneficiary of this reallocation. In spite of this, yields for EMD remain significantly elevated in comparison to their developed market peers, and in line with their longer term historical averages.
     
    Much of this capital has been placed into more traditional EM issuers which in itself concentrates investors’ risks. Looking at benchmarks, the most consistent and superior long-term risk/reward outcomes in euro terms have tended to be generated by a blended allocation to hard currency, local currency and corporate EMD.
     
    Given the significant differences in correlation of hard, local and corporate EMD versus traditional fixed income, this active and blended approach could provide investors with diversification from core fixed income holdings whilst capturing the higher yields on offer.
  • Understanding and Managing Currency Risk Understanding and Managing Currency Risk James Webb, Global Head of Business Development of Currency Administration; Samarjit Shankar, Managing Director, Senior Globa Recorded: Sep 14 2016 68 mins
    Heightened volatility in the foreign exchange ("FX") markets has increased the level of risk that companies face. Managing currency exposures inherent in the globally diversified portfolios is now front and center for many firms, including alternative fund managers as a topic of interest, particularly among oversight boards with fiduciary responsibility.

    BNY Mellon’s Currency Administration group provides an outsourced passive currency hedging service that helps companies manage the currency risk of their international portfolios. In this seminar we will discuss how hedge programs may help reduce the operational and financial risk of foreign currency exposures.

    Agenda:
    - Currency Administration
    - Market Update
  • Building better core:Integrating factors in low tracking error equity portfolios Building better core:Integrating factors in low tracking error equity portfolios Michael Strating, Managing Director, Head of Quantitative Equities; Wilma de Groot, CFA, Director, Portfolio Manager; Robeco Recorded: Jul 7 2016 52 mins
    Institutional investors are increasingly searching for new ways to add value to equity portfolios, without taking on unnecessary risk.

    Curious how we create a balanced combination of factors aimed at consistently outperforming a benchmark with controlled tracking error?

    You are invited to join Michael Strating (Head of the Quantitative Equities team) and Wilma de Groot (Portfolio Manager Quantitative Equities) who will discuss how low tracking error multi-factor approach can add value, without affecting your risk budget.
  • Smart Beta & Low Carbon Smart Beta & Low Carbon Eric Shirbini, Global Product Specialist with ERI Scientific Beta; Moderator, Brendan Maton Recorded: Jun 21 2016 70 mins
    EDHEC Risk Institute has been conducting research for several years on the possibility of reconciling financial and environmental performance. The launch of a new series of low carbon indices by ERI Scientific Beta, the smart beta index provider set up by EDHEC Risk Institute in 2012, marks the practical realisation of these research efforts and represents an important moment for responsible finance, because the results of the research undertaken will provide institutional investors with smart beta indices that can reduce the carbon footprint of their equity investments by more than 80%, while at the same time outperforming traditional market indices and being able to create more than 50% additional value in the medium term.
     
    EDHEC Risk Institute's approach can be distinguished from numerous approaches that, over the long term, hope to outperform the stock markets through the higher returns of shares in firms that have a better carbon footprint, because these firms are supposedly less affected by the increasing cost of fossil fuels and the tons of carbon emitted, but that, in the short and medium term, aim to produce performance that is fairly similar to that of traditional stock market indices.
     
    •Topics covered include:
    •The limits of green stock picking
    •How to perform financially whilst reducing the carbon footprint
    •Presentation of Scientific Beta Low Carbon Multi-Beta Multi-Strategy Indices
  • From Smart Beta Products to Smart Beta Solutions From Smart Beta Products to Smart Beta Solutions Eric Shirbini, Global Product Specialist with ERI Scientific Beta; Brendan Maton, moderator Recorded: May 3 2016 67 mins
    Smart beta product offerings have proliferated over the past decade, offering investors an ample choice of different factors and different weighting schemes to select from for a relevant smart beta index. However, in addition to the question of selecting a suitable index as a standalone investment, the question of combining different smart beta strategies naturally arises in the context of an extensive range of smart beta offerings.
     
    The webinar will address the issue of combining several smart beta strategies, and clarifies the conceptual underpinnings and relevant questions arising when considering smart beta index combinations.
     
    Topics covered include:
    •How to include investors’ goals in the construction of smart beta solutions
    •Smart beta as a solution for the replacement of the active benchmarked manager: How to manage the relative risk to cap-weighted benchmarks with smart beta risk allocation
    •Smart beta as a strategic benchmark
    •How to manage the absolute risk of smart beta
  • Pension de-risking: practical steps for supporting transactions Pension de-risking: practical steps for supporting transactions Mark Austin (Northern Trust), Tom Seecharan (KPMG), Brendan Maton Recorded: Apr 12 2016 65 mins
    As a means of helping ease the burden of pension liabilities, de-risking transactions remain high on the agendas of corporate sponsors and trustees.

    When considering de-risking, principal focus is often justifiably spent on identifying the correct solution for the best price. However, other factors also deserve similar focus – transactions such as pension buy-ins or the use of longevity swaps often involve considerable complexity, with the resulting collateral structures persisting long after deal completion.

    We invite you to join this webinar, in which we will explore these issues further. After assessing current trends in de-risking, we will focus on how three specific types of transaction – the collateralised buy-in, the use of longevity reinsurance or swaps, and the trapped surplus vehicle – can be supported.

    Though this session, we aim to equip pension managers, trustees and corporate sponsors with a further understanding of the timeframes involved in these transactions – and share experiences of how deals have been successfully executed.
  • Factor Investing: It works for credits too Factor Investing: It works for credits too Patrick Houweling, PhD, Executive Director and Jeroen van Zundert, Researcher at Robeco Recorded: Nov 26 2015 60 mins
    There is extensive academic research that confirms the existence of factor premiums. Much of the conversation to date has been about factor investing in equity markets. Many of the explanations that apply to equities are also relevant to corporate bonds.

    We invite you to join our webcast with Patrick Houweling and Jeroen van Zundert from Robeco who will share their research findings and insights into this approach to investing in credits.

    Constructing your portfolio in a disciplined way to gain exposure to Low Risk, Value, Momentum and Size factors can help to achieve better risk-adjusted returns for your portfolio, with volatility similar to the index.
  • Harvesting Alpha Through Multi-factor Indexes Harvesting Alpha Through Multi-factor Indexes Brendan Maton, Brett Hammond Recorded: Oct 14 2015 64 mins
    Pension funds seeking higher risk-adjusted returns at lower costs, wealth managers responding to regulation and asset managers increasingly have been asking – “how can we harvest alpha using factor indexes?”

    In 2014, Brett Hammond, Managing Director and Head of Multi-Asset Class Applied Research, and fellow researchers from MSCI, co-authored an insightful paper demonstrating how up to 80% of alpha comes from exposure to factors. This paper won the index research industry’s prestigious William F Sharpe and Bernstein Fabozzi awards, and made a significant contribution to advancing the understanding of factors.

    You are invited to join this webcast where Brett Hammond will discuss how multi-factor indexes can be used to harvest alpha. A range of approaches will be covered with a special focus on the MSCI Diversified Multi-Factor Index – a truly innovative, “all-weather” index that has demonstrated an ability (back tested) to deliver market-cap-index-beating, risk-adjusted returns.