This community is for investors who work within the European market providing client and portfolio management advice. Join to learn from trusted investors on the latest trends and account strategies for delivering consistent results and long term success.
Alex Gunz, Heptagon Future Trends Equity Fund ManagerRecorded: Nov 23 202035 mins
A growing global population, shrinking natural resources and rapid technological change. The future matters. For almost nine years, here at Heptagon we have been writing about, and investing in, the key future trends, that we believe will shape the world for the medium term. Our aim is to identify those trends that should broadly grow in importance, regardless of failing GDP, government intervention or increased regulation. The Heptagon Future Trends Fund offers a pan-thematic approach to the quality businesses of today, we judge best-placed to benefit from this future, investing in everything from cloud to wind, and fish to chips. The Fund is concentrated with a strong emphasis on ESG considerations.
Polina Kurdyavko, Laurence Bensafi, Mike HigginsRecorded: Nov 20 202049 mins
In this webinar moderated by Mike Higgins, Vice President & Portfolio Specialist, RBC Global Asset Management Inc., Polina Kurdyavko, Partner, Head of Emerging Market Debt & Senior Portfolio Manager, BlueBay Asset Management and Laurence Bensafi Portfolio Manager & Deputy Head of Emerging Markets Equities, RBC Global Asset Management (UK) Limited will share their perspective on the outcome of the election and what it means for emerging markets.
Vincent Denoiseux, Head of ETF Research, Lyxor ETFRecorded: Nov 20 202047 mins
Vincent Denoiseux, Head of ETF Research Solutions at Lyxor will present the results of the latest release of the Active vs. Passive Navigator (with data as at September 2020) covering an in-depth analysis of active vs passive funds’ performance and flows.
Rahul Banerji, Neil Wise, Sarj Panesar, Carl Palmer, Bob CurrieRecorded: Nov 19 202048 mins
The investment funds industry continues to experience severe pressure on margins, according to a recent Funds Europe survey, with 78% of respondents saying this is forcing fund management companies and their asset servicing partners to recraft their revenue management and pricing strategies.
Join us on 19 November to hear how companies are adapting their pricing models to protect net income and to support product innovation. How will advances in trading strategies, and changes in the regulatory framework, drive up the importance of pricing transparency? What are the risks attached to pricing inaccuracies? And where should firms invest in technology, data innovation and trade analytics to deliver revenue resilience?
As part of the panel discussion we shall also be pleased to take audience questions, subject to time. The panel includes:
• Rahul Banerji, Head of Pricing and Billing Sales, Europe, Oracle Financial Services
• Neil Wise, Global Head of Sales and TA Network Management, Investment Fund Services, Clearstream
• Sarj Panesar, Global Head of Business Development, Societe Generale Securities Services
• Carl Palmer, Chief Product Officer, MFEX
For more of the latest thought leadership from global experts on institutional & retail markets, traditional & alternative investments, front & back office, visit Funds Europe's Webinars Channel.
Please email Sam Buttress at email@example.com with any questions or enquiries.
Mark Phelps and Jim TierneyRecorded: Nov 19 202061 mins
Concentrated investing is long recognized as risky due to the lack of diversification. However already for several decades the AB Concentrated Global and US Strategies have shown their resilient characteristics and downside risk reduction, especially in times of uncertainty. In this webinar, our Concentrated Growth CIO’s Mark Phelps and Jim Tierney will review the macro environment and portfolio performance, with a strong focus on current positioning in relation to the challenges in the market.
Fabian Link, BNY Mellon Investment ManagementRecorded: Nov 19 202034 mins
Fabian Link, Business Development bei BNY Mellon Investment Management geht auf eine besondere Opportunität am Anleihemarkt eion: Fallen Angels. Er geht auf Hintergründe zu diesem Segment ein, spricht über die Entwicklungen im Verlaufe des Jahres 2020 und geht auf die Strategie aus dem Hause Mellon ein.
Nick Fitzpatrick, Declan Murray, Emma Love, Andrew Kehoe, Kevin Mullen, Isabelle PorteRecorded: Nov 19 202046 mins
CACEIS and Funds Europe invite you to listen to a panel discussion concerning fund governance in Ireland – a discussion that takes place in the wake of the recent publication by the Central Bank of Ireland’s outcomes of its thematic review of fund management companies.
Fund governance is currently one of the key topics in the Irish fund industry with increased pressure from regulators and investors. The prospect of new regulations around CP86 and AIFMD II means more change for the industry as it responds to new investor challenges.
Nick Fitzpatrick, Group Editor of Funds Europe, will moderate a panel of experts who will talk about key issues for Irish funds and also consider some of the findings from a CACEIS/Funds Europe governance report published earlier this year that covered topics ranging across ManCos, ESG and diversity.
“We are delighted to partner with Funds Europe to present this research on Governance. As we have seen with the recent Central Bank of Ireland CP86 thematic review and the findings which have just been published, Governance is a crucial issue for the success and growth of our Industry”
Isabelle Porte, Country Managing Director, CACEIS in Ireland
The expert panel discussion takes place with the participation of:
•Declan Murray, Director of Management Company Services, Amundi Ireland
•Emma Love, Head of Compliance, TOBAM
•Andrew Kehoe, Fund Consulting & Head of Legal, KB Associates
•Kevin Mullen, Head of Markets Policy, Central Bank of Ireland
The panel discussion will consider the outcomes of the thematic review and the related rules on Fund Management Company effectiveness (CP86).
Time permitting, the panel will also consider regulatory issues further afield, such as AML and data governance.
As part of the panel discussion we shall also be pleased to take audience questions, subject to time.
Graham McCraw, Investment SpecialistRecorded: Nov 19 202048 mins
We can’t predict the direction or outcome of the many macro questions we face. We do know that, irrespective of Brexit or US elections or inflation, the march to a greener, leaner, digital world is unstoppable. Innovative smaller companies will not only facilitate this move – but thrive from it.
As an asset class, smaller companies have outperformed larger peers across most timeframes and most geographies. This is because smaller companies tend to grow much faster than their large-cap equivalents. Due to their size, they can also quickly adapt to new market trends, giving them a material advantage over better-resourced larger competitors. At ASI our Smaller Companies team have delivered strong and consistent alpha across all 3 funds. We have also recently launched our Global Mid-Cap strategy, again performing well since its launch.
Join us on 19 November 10:00 for our smaller companies webinar. Our Investment Specialist Graham McCraw will discuss the investment opportunities and explain why smaller companies are too big to ignore.
Alex Rowe, Lead Portfolio Manager - Global Sustainable EquityRecorded: Nov 19 202045 mins
An introduction to the Nomura Global Sustainable Equity Fund: Hear Global Sustainable Equity Lead Portfolio Manager Alex Rowe and Business Development Director Thomas Mauseth discuss:
- The importance of impact awareness for a sustainable strategy
- How the team Identify stocks that offer the potential for both societal benefit and financial return
- Ensuring the accountability of both investee companies and ourselves through transparent reporting
- How engagement for impact can drive better outcomes and the growing importance of collaboration
From recycling, paperless ticketing on public transportation, to a surge in electric vehicles and ride-sharing, people in China are realizing the importance of environmental protection and are adapting their lifestyles accordingly.
In this video, KraneShares cultural analyst, Xiabing Su, takes the NIO ES6 for a test drive to learn more about the new energy automobile industry. She also explores the Chinese government’s plan for carbon neutrality by 2060, the direction of China’s future economy, and the KraneShares MSCI China ESG Leaders UCITS ETF (Ticker: KESG). KESG offers exposure to Chinese companies that focus on contributing to a more environmentally sustainable economy.
The balance between risk and reward can be a difficult line to walk; however, employing asset allocation as an investment strategy can help you maximize your portfolio returns.
In this webinar, senior customer success manager, Steven McGugan, will deliver insights on how you can:
- Pinpoint the most efficient mix of asset classes
- Identify forward-looking wealth percentiles to understand specific areas of growth
- Leverage the efficient frontier to derive the most returns with the least amount of risk
Join the DBRS Morningstar North American CMBS Large Loan credit team Wednesday, November 18th at 11:00 AM for a discussion on COVID stresses as it relates to the SASB office sector. In addition, the team will offer an update on the trends around regional mall delinquencies.
The webinar will be hosted by Gwen Roush, Senior Vice President, North American CMBS Surveillance, along with David Putro, North American CMBS Surveillance, Jason de Souza, North American CMBS Surveillance, and Alex Sgorlon, North American CMBS Surveillance.
Mobeen Tahir, WisdomTree | Pierre Debru, WisdomTree | Wesley Daffarra, Flow Traders | Massimiliano Comità, KairosRecorded: Nov 18 202058 mins
We are delighted to announce we will be joined by Wesley Daffarra, Institutional Trader, Flow Traders and Massimiliano Comità, Portfolio Manager, Kairos International at the next virtual roundtable taking place on Wednesday 18 November at 11:00am CET. Together with our in-house experts Pierre Debru, Director, Research, WisdomTree and Mobeen Tahir, Associate Director, Research, WisdomTree, they will explore a wide range of subjects relevant to investing in short & leveraged products.
+Overview of key flows in the market including a monthly ETP report by asset class
+Asset class debate: bullish and bearish tactical views on the energy market. Longer term, what are the trends in light of the ongoing energy revolution in the US, Europe and China? Where are the risks and opportunities?
+Looking ahead: economic/market events which could drive markets in the coming weeks
+S&L education: Powerful and versatile tools that need to be managed carefully
En un año complicado para los mercados y tras los mínimos históricos del mes de marzo, numerosas áreas del espectro de la renta fija han logrado una fuerte recuperación. Las tires de algunos bonos de gobierno han caído a niveles muy bajos y los diferenciales de crédito se encuentran casi en niveles pre-Covid19.
Richard Woolnough, gestor de M&G (Lux) Optimal Income Fund, explicará cómo ha evolucionado el fondo a medida que los mercados se han ido recuperando, cuáles han sido los principales impulsores de rentabilidad a lo largo de este año y cuáles son actualmente las oportunidades de mercado de cara a 2021.
Únete a nuestro webcast el miércoles 18 de noviembre con Richard Woolnough.
***Presentación válida como 1 hora de formación para las recertificaciones de EIA, EIP, EFA, EFP. Puedes enviar un email a firstname.lastname@example.org con tu nombre completo, y número de asociado/a y/o DNI, para poder computarte la hora o enviarte el correspondiente certificado***
Por favor, utiliza el audio de su ordenador para escuchar este webcast.
DBRS Morningstar invites you to join us for a webinar on Tuesday, November 17 at 2 p.m. EST where our U.S. RMBS team will be providing an outlook for 2021 and reviewing performance trends over the past year. Hosted by Mark Fontanilla and joined by senior members of the U.S. RMBS team, the group will provides updates on the U.S. macroeconomic outlook and housing and mortgage markets before diving into discussions about the different types of RMBS transactions we cover: Prime, Non-QM, RPL, CRT, MILN, SFR and Reverse Mortgages. A Q&A session will follow the prepared remarks.
Elisabeth Rudman, Managing Director and Head of European BankingRecorded: Nov 17 202038 mins
DBRS Morningstar will host a webinar on the performance of European banks during the Coronavirus Disease (COVID-19) pandemic to date and the ongoing uncertainty facing them, including developments in areas such as loan loss provisioning, moratoriums, and further banking-sector consolidation.
The webinar will be hosted by Elisabeth Rudman, Managing Director and Head of European Banking, in London on 17 November 2020 at 3:00 p.m. GMT. Elisabeth will be joined by Maria Rivas, Senior Vice President; Nicola de Caro, Senior Vice President; and Vitaline Yeterian, Senior Vice President to discuss these trends and the performance of DBRS Morningstar-rated European banks.
The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
Colm McDonagh, Head of Emerging Market Fixed Income and Rodica Glavan, Head of Emerging Market Corporate Fixed IncomeRecorded: Nov 17 202032 mins
Presented by Insight Investment, a BNY Mellon Company.
Emerging market corporate debt has grown rapidly over the last decade and is now twice the size of both the US high yield and emerging market sovereign asset classes. Hear from Insight Investment’s Colm McDonagh (Head of Emerging Market Fixed Income) and Rodica Glavan (Head of Emerging Market Corporate Fixed Income) on how this asset class has performed recently against a challenging macro backdrop. During this live webinar they will explain where they might see opportunities as the year draws to a close and what their outlook is for the year to come. In addition to sharing their views on the asset class they will also provide an update on the strategy they manage.
Mark Phelps, CIO Concentrated Global GrowthRecorded: Nov 17 202010 mins
Join Mark Phelps for a morning Global Equity Market and Investment briefing.
Equity investors are facing exceptional challenges as companies, countries and markets cope with fallout from the coronavirus crisis. Every fortnight Mark will provide his insights on the latest market events and how they might impact investment decision making within his Concentrated Global Equity Portfolio.
Join Nick Henderson, Director of our Responsible Global Equity Fund, on our quarterly updates on the Responsible Global Equity Fund. We will also give you the opportunity to ask Nick any questions you have on the fund as part of a Q&A session at the end of the webinar.
Alex Bryan, Director, Passive Strategies ; Dimitar Boyadzhiev, Senior Analyst, Manager ResearchNov 24 20203:00 pmUTC30 mins
The menu of multifactor funds has expanded considerably over the past decade. As the options have grown, so has investors’ research burden. These funds are diverse and often among the most complex index strategies on the market. While many of these strategies may sound similar, there are important differences in their approaches to portfolio construction, which often yield very different portfolios and performance. Join this webinar when we will take a closer look at the growing menu of multifactor strategies and a toolkit to sort through it.
Alex Bryan, Director, Passive Strategies, Manager Research
Dimitar Boyadzhiev, Senior Analyst, Manager Research, Passive Strategies, European Manager Research
Michael J. Dugan, CFA: Executive Director and Client Portfolio Manager, Nomura Corporate Research and Asset Management IncNov 24 20203:00 pmUTC30 mins
Join Michael Dugan, CFA, Executive Director and Client Portfolio Manager for Nomura Corporate Research and Asset Management Inc., for a discussion covering:
- Sector expectations/outlook given the outcome of the US election
- Covid-19 vaccine updates and their impact on economic recovery
- Where we are seeing high yield opportunities for 2021
Sasha Evers, Director General de BNY Mellon Investment Management para Iberia y LATAMNov 24 20203:00 pmUTC60 mins
Durante la conferencia web con Sasha Evers, Director General de BNY Mellon Investment Management para Iberia y América Latina se enfocará en los siguientes temas:
¿Cuáles son las principales características del mercado de los Bonos Municipales Estadounidenses?
¿Por qué tiene sentido incluir estos bonos municipales en una cartera diversificada?
¿Dónde estarán las oportunidades y riesgos en los mercados de bonos municipales estadounidenses después de las elecciones?
Responsible Investor in partnership with EurexNov 24 20203:00 pmUTC60 mins
How evolving ESG indices and derivatives help transforming portfolios
Responsible Investor in partnership with Eurex
The Covid-19 pandemic has accelerated the move towards sustainable investments as global
investors were already shifting away from existing benchmarks to sustainable alternatives. On
top of this are regulatory drivers such as the EU’s Action Plan on Sustainable Finance and
Green Deal. Part of this ‘new normal’ is the emergence of derivatives as a powerful tool to help
ESG integration. Derivatives on ESG benchmarks offer a way to help facilitate ESG integration
while offering a cost-efficient and liquid solution with a low tracking error close to benchmark
This webinar will explain how these new products can help to transform portfolios.
- Index Methodologies: Screened Indices vs. Universal Indices
- Derivatives as a tool for ESG risk management & ESG integration
- Role in portfolios: liquidity, tracking error and carbon footprint
- Emerging markets: volumes and client interest
- Next steps: forthcoming market developments
This webinar builds on the earlier ESG in derivatives – the quest for the right methodology
recorded in April (https://bit.ly/3jTmwrr).
Christine Heyde, Equity and Index Product Design, Eurex
Guido Giese, Executive Director, Core Equity Research, MSCI
Daniel Brooksbank, Head of Strategic Content, Responsible Investor
Vincent Denoiseux, Head of ETF Research, Lyxor ETFNov 25 20209:00 amUTC60 mins
During this webcast and thanks to an in-depth database of futures’ Cost of Financing, Lyxor ETF Research will draw a comprehensive analysis of the compared performances of ETF and Futures, and provide early insights about the upcoming end of December futures roll.
Mobeen Tahir, Research, WisdomTreeNov 25 202010:00 amUTC30 mins
An economic recovery and rising inflation bodes well for industrial commodities but the metals with the greatest potential could depend on how ‘green’ the recovery is.
Electric vehicles need various metals, but not necessarily the same ones as internal combustion engine cars. Platinum and palladium are not needed in pure battery cars but nickel, cobalt and graphite for example are needed for battery cars (and less so in pure ICE cars). However both types of vehicles require copper and silver but in different proportions. In part iv of this series of 30 minute webinars, we will take a closer look at the use of different metals in the drive for green vehicles.
Across this series we will also consider the key forces fuelling industrial metals right now, which are:
+ Investors are seeking inflation hedges as prospects for prices are rising
+ Industrial demand is rising across US, Europe, and China as they recover from the deep COVID-19 recession
+ Fiscal and monetary stimulus are likely to see a rise in commodity-intensive infrastructure spending
+ In Europe a ‘green recovery’ is sought as the European Commission remains committed to its climate goals
Other webinars in this series:
+ Part i: A greener world for precious metals - Spotlight on Palladium & Platinum
+ Part ii: A standout winner as vehicles de-carbonise - Spotlight on Nickel
+ Part iii: The demand for increasing robustness of grid infrastructure - Spotlight on Copper
Mike Clements, Pras Jeyanandhan and Kevin AddisonNov 25 202011:00 amUTC60 mins
For investment professionals only.
Launched in November 2020, the managers of this European income fund seek to generate returns by identifying high quality companies that have a long term sustainable competitive advantage, with potential to generate growth over time. At the point of entry the valuation of the company is attractive to the fund managers, either because it has fallen out of favour in the short term, or because it is “off the radar” of many other investors.
Meet the fund managers in their first introductory webinar.
As committed to by the Signatories to the Principles for Responsible Banking, UNEP FI is now establishing the Civil Society Advisory Body to support and advise Signatories in implementing the Principles for Responsible Banking. During this info session, the UNEP FI Secretariat and Banking Board representatives will present the Advisory Body's role and responsibilities, and application process.
For more information, please visit: https://www.unepfi.org/prb-civil-society-advisory-body/
In this webcast, Portfolio Manager Luke Newman will be outlining the team’s latest performance, outlook and positioning for the Janus Henderson United Kingdom Absolute Return strategy, with the opportunity for the audience to raise questions live during the session.
Mike Clements, Pras Jeyanandhan, James Lynch, Josh McCathie and Lawrence GoslingNov 26 202011:00 amUTC60 mins
For investment professionals only.
'The Great Income Hunt' will be hosted by the Editor-in-Chief of What Investment, Lawrence Gosling, and feature discussions with the fund managers of our two specialist equity income funds: VT Downing European Unconstrained Income Fund and MI Downing Monthly Income Fund.
They will outline the challenges faced by income seekers in today's market, and reveal how they are trying to solve this growing problem with examples of exciting opportunities.
Following the release of the PRI report "ESG engagement for sovereign debt investors", please join us on Thursday, 26th November, to hear how engagement is conducted with sovereign issuers, including current practices and challenges, and how it could be scaled up to promote responsible investment.
Throughout 2020, investors have witnessed unprecedented volatility within the European Corporate Bond market. Policy response has been strong, both in terms of its size and speed, which has provided a trifecta of stimulus (low interest rates, quantitative easing and fiscal support) for the market. As we look towards 2021, how will experiences from 2020 shape our portfolio construction views across Investment Grade markets.
In this upcoming webcast, Tim Winstone, Corporate Credit Portfolio Manager, delves into where we believe the alpha opportunities lie ahead for the European investment grade market, positioning for the Janus Henderson European Corporate Bond Fund and an outlook for the market, including the impacts of:
• Resurgence of second lockdowns and the impact on company fundamentals/global growth;
• Lingering risks that could impact the future performance of credit markets over 2021; and
• Expectations around ECB action in December.
Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS MorningstarNov 26 20203:00 pmUTC75 mins
DBRS Morningstar will host a webinar on 26 November 2020 at 3:00 p.m. GMT focusing on the analysis of Italian residential mortgage-backed securities (RMBS) transactions and the proposed addition of Italy to the “European RMBS Insight Methodology” and related model. The webinar will be hosted Gordon Kerr, Head of European Structured Finance Research, and Ketan Thaker, Managing Director and Head of European RMBS and Covered Bonds in London.
The discussion will look at the Italian RMBS market structure, the loan-level analysis that will be applied by the European RMBS team, and its use in the proposed European RMBS Insight model for Italy. Making use of loan-level data from the European DataWarehouse, the European RMBS team has established a loan scoring approach that will tie into the “European RMBS Insight” methodology. The webinar will also cover recent performance of Italian RMBS and the housing market.
The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
V.E, Moody's, Euronext, BNP Paribas, OptiverDec 1 202011:00 amUTC60 mins
The financial services sector is increasingly looking for relevant data and tools to create ESG solutions, spurred by regulation and demand from retail investors.
The derivatives market has a notional value of more than 600 trillion euros. Given the size and significance of this market, we believe it is important to provide ESG investors with access to it. Opening up this market helps democratize ESG investing whilst creating new opportunities for those in the industry.
In this webinar, you will gain insights into:
•ESG trends, opportunities and risks
•The derivatives market’s ESG needs
•Market dynamics and how key players join forces to build customized indices
•The technical challenges that come with integrating ESG into derivatives, including: the ESG strategic approach, data quality, liquidity, representativeness and weighting techniques
• Neven Graillat, BNP Paribas, Chief Sustainability Product Officer
• Martina Macpherson, SVP - Strategic Partnerships & Engagement, Moody’s
• Derk Lutgert, Optiver, Head of Corporate Strategy
• Charlotte Alliot, Euronext, Head of Institutional Derivatives
• Fabrice Rahmouni, Euronext, Head of Indices
• Thomas Montagnon, V.E, Sales Manager, ESG Index Solutions
Sharon Bentley-Hamlyn, Klyzza Lidman and Jay YoungerDec 2 202010:00 amUTC60 mins
Citywire AA rated Fund Manager, Sharon Bentley-Hamlyn, will be joined by Aubrey Investment Analysts, Klyzza Lidman and Jay Younger, to give an update on the fund and the launch of the new Aubrey Europe ex UK Conviction Fund in January 2021.
For Investment Professionals only
Aleksandar Kozacenko, Head Data Strategy and Governance; Steffen Hölscher, Senior Business Development Manager - ACOLINDec 2 20202:00 pmUTC60 mins
ACOLIN is delighted to invite you to the next online event from its expert webinar series on successful cross-border fund distribution.
Aleksandar Kozacenko, Head Data Strategy and Governance, and Steffen Hölscher, Senior Business Development Manager, will discuss key challenges around fund data management in Europe. They will share some practical information on how to implement a successful fund data management process.
- Overview of European fund data management landscape and current trends (key data vendors, company mergers)
- Overview of different fund data types and their use (static, dynamic, regulatory data and holdings)
- Fund data management at ACOLIN as part of Distribution Network Management
- European MiFID Template (EMT) 3.0
- Fund distribution partner data requirements
- Country examples: cross-border fund data management process (Switzerland, UK and Germany)
- What is an Openfunds standard?
- Overview of Fundpublications.com platform
- Questions and Answers
The likelihood of a sweeping U.S. climate policy being implemented has increased considerably in recent months. A wide range of proposals has been floated, and the Biden campaign itself laid out a comprehensive plan to tackle carbon emissions and climate resilience through a variety of statutory, regulatory and fiscal approaches. Nonetheless, should Biden win the presidency, the rubber will hit the road early next year as the federal government re-engages on an issue that has only grown more salient and pressing for institutional investors. What are the most likely areas of policy action in the U.S.? What do investors need to see in terms of frameworks, standards, and market signals across sectors of the real economy? How is the U.S. “Inevitable Policy Response” to climate change similar to – and divergent from – the approaches being taken in other major economies (EU, China, etc.)? Join the PRI for a webinar in which we will discuss these and other timely questions.
Heather Slavkin Corzo, Head of US Policy, PRI
Sharon Hendricks, Chair of the Board, CalSTRS and Board Member, PRI
Adam Fleck and Mathew HodgeDec 2 20209:00 pmUTC60 mins
Analysis of environmental, social, and governance risks is essential for investors. Beginning in early December, we will be formally incorporating ESG into our equity research process in a way that aligns with our investment philosophy and long-term mandate, focusing on valuation, rather than values.