IPE Webcast Channel

Channel profile:

Live interviews, roundtables & presentations

This webcast channel is for pension funds and other institutional investment professionals in Europe, the USA and Asia. It is particularly relevant for pension fund executives, trustees, consultants and investment managers. IPE will be bringing its community live interviews with leading figures in the market, hosting roundtable discussions on specific topics such as asset allocation and also sharing latest thought-leadership from investment experts.

Subscribers (10,200)
Good Beta, Bad Beta: Not all smart beta strategies are smart •Smart beta trends:
oWhere is the smart money going?
oWhat is driving interest in smart beta right now?
oHow big is the market?
oWhat are the benefits?
oHow are sophisticated investors customizing their exposure?
oIndex versus manager versus bespoke
•Good smart beta strategies are transparent, rules based, diverse, low risk, and take advantage of rebalancing.
•Bad smart beta strategies are opaque, black box, concentrated, high risk, and trend following.
•The devil is in the implementation details, learn the right questions to ask to tell the good from the bad.
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Apr 30 2014 1:00 pm
UTC
75 mins
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Webinars and videos

  • Live and recorded (47)
  • Upcoming (3)
  • Date
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  • In the current low-rate environment, investors have turned to credit portfolios to boost paltry yields. However, new research reveals they are often not properly compensated for the risk they have taken on. A new smart beta strategy index weights a company’s debt according to fundamental measures of a company’s debt service capacity. The result is a smart beta solution offering a better quality portfolio, lower volatility, and improved Sharpe ratios. In this webinar, Dr. Shane Shepherd will explain how investors can obtain the benefits of an active bond portfolio with a transparent and rules-based strategy that offers downside protection and has low implementation costs.
  • • BRIC was a useful shorthand for the shift in global economic power away from the developed G7 economies towards the developing world

    • But in a world in which it has become apparent that Brazil and Russia are still overly dependent on commodities, Beyond BRIC recognizes that emerging markets face idiosyncratic risks, and investors will be more discriminating… one day.

    • The knee-jerk treatment of all emerging markets as one asset class could provide investors, who are looking for new and tactical ways to gain exposure across the emerging markets, with some good entry points

    • Sign of indiscriminate nature of sell-off is that Mexico has suffered the greatest proportionate ETF outflows so far this year, even though it is one of the few emerging countries that benefits from problems in China, its chief competitor for manufacturing jobs

    • Many of the emerging economies in the SPDR Beyond BRIC UCITS are on a much sounder footing and less vulnerable to any tightening in global financial conditions

    o South Korea (16.2% of index), Taiwan (15%), Mexico (12.9%), Malaysia (9.6%), and Philippines (2.06%), Thailand (5.3%).

    • Smaller emerging economies’ exports could do much better if equity investors' focus shifts from sales to emerging market consumers back to consumers in the West – most emerging economies are still sustained by western export markets rather than local demand
    o Top 10 holdings: Samsung Electronics (3.59%), Taiwan Semiconductor (3.1%), America Movil (2.7%), Naspers (2.2%) and MTN Group (1.9%).
  • In spite of all Europe’s travails in recent times, the continent’s publicly-quoted companies remain the core of IPE readers’ growth portfolios.

    • What constitutes genuine active management?

    • How do you generate consistently high levels of alpha?

    • How can you gauge how ‘active’ a bottom-up stock picker is?

    With a fine pedigree in active management and a superb track record in alpha for euro-zone equities, Petercam is well placed to answer these questions and more.

    Using Petercam’s active management process the Petercam Equities Euroland fund has outperformed traditional indices such as MSCI EMU NDR by 70%, gross of fees over 10 years with just a 3-6% tracking error.

    Join us 14 January 2014 as we discuss the issues above and demonstrate how our focus on bottom-up stock picking – particularly mid-cap – and our thematic top-down overlay investment features combine to create conditions for strong growth in our clients’ equity portfolios.
  • The theory and practice of factor-based investing continues to be a subject of lively discussion among academics, institutional investors, product providers and index providers alike. As a result, incorporating equity factors—such as value, momentum, low size, low volatility, quality and high yield—in the asset allocation process necessarily involves several layers of critical decision points.

    In this webinar, MSCI explores how to allocate to and across factors in the context of the institutional portfolio. We also provide a framework for evaluating and refining candidate factors for the plan, and selecting appropriate factor indices based on the investor’s various objectives and constraints.

    Agenda Topics:
    • Assessing the role of factor investing in the context of a plan’s objectives
    • Determining the appropriate factors for the plan
    • Choosing an index to capture the selected factors
    • Factor performance metrics
  • The investment industry is full of excitement about "smart beta", investors are responding by reconsidering their current active and passive allocations and looking at the potential benefits of factor based investing.
    We believe one of the key factors to consider is quality, however the term is overused, and not clearly defined. What is quality? What is the optimal definition of quality? Why should you care? And is quality a compensated risk factor?
    The Northern Trust webinar will leverage a 40-year heritage of making quality an important part of their investment process to demystify quality, beginning with a look at what quality actually is before addressing the compelling story of performance. Reviewing the varying definitions from across the industry both for volatility and return, we look to help you consider if quality will work for you… and help you find the best quality you can.
  • What is Smart Beta?
    • Smart beta is a strategy or index that is non-capitalization weighted.
    • It attempts to capture a market exposure more efficiently (less risk and/or more return).
    • Outperformance is based on portfolio construction, rather than fundamental stock research or quantitative alpha forecasts.
    • The portfolio is constructed in a systematic fashion, using pre-defined rules.

    What are the benefits?
    • Transparent (like an index).
    • Does not rely on manager skill or forecasts of returns to beat the market.
    • Risk managed.
    • Potential to outperform the market.

    Where does the extra return come from?
    How should Smart Beta be used in investor’s asset allocation?
    What is driving the momentum for Smart Beta strategies?
  • Ranking makes risks visible
    The financial crisis and recent turmoil, especially in Middle Eastern countries, has cast doubt on the accuracy of traditional analysis on identifying country risks. Standard data does not give the true picture of how sustainably a nation is run or where risks might appear from a broad range of perspectives, including corruption, social stability and aging. Such factors differ between countries and our Country Sustainability

    We differ in the weight we give to governance factors
    We start from the perspective of an investor and spend time collecting data on environmental, social and governance factors that we find relevant from this viewpoint. This is a disciplined process that structures a wide range of sources of information to present a total score.
    Our choice of data is based on a bottom-up collection of what we require as investors and therefore differs from existing ESG analysis. The most outspoken difference is in the weight we give to governance factors.

    Country sustainability ranking helps in our investment decisions
    First and foremost, the analysis of 59 countries from a sustainability perspective provides additional information to the investment process. The data and resulting Country Sustainability Ranking are updated twice a year. These results are discussed by our investment teams and form an integral part of the country profiles that are used in our investment decisions. This helps in identifying risks, but also in distinguishing opportunities, for instance in an emerging markets universe. In a recent study we have analyzed the added value of sustainability information in building portfolios of government bonds, with promising results.
    Robeco would like to share these insights with you in the IPE Webcast, on November 12th 2013.
  • Things have changed and traditional fixed income management techniques now have the potential to cause capital losses. Conventional wisdom needs to be turned on its head: instead of fixed income being regarded as safe, it should now be regarded as a risky investment.

    Pioneer Investments believes that investors should start considering strategies that aim to:
    • Protect capital from losses
    • Generate positive returns in all markets

    With volatility also expected to rise from recent lows, outright duration views may not be sufficient to provide consistent positive returns.

    Tanguy Le Saout and David Greene will explain why Pioneer Investments believes that an Absolute Return mentality is necessary.
  • The world of investment strategies is a very crowded one. Depending on investors’ risk profiles, investment horizons and preferences, a wide array of methodical approaches is employed in the constant chase for superior investment returns. In their pursuit of market-beating returns, successful investors have traditionally looked for companies which - very broadly speaking - enjoy the following characteristics:
    •An established track record of superior profitability
    •Strong balance sheets
    •Attractive valuations

    The STOXX Strong Quality indices offers investors a straightforward and intuitive way to obtain exposure to high-quality companies that have been historically profitable, enjoy strong working capital positions and come with compelling valuations. Companies must pass a set of strict numerical thresholds in order to establish desired company profitability and liquidity levels, and to build an investment margin of safety:
    •Liquidity screens (ADTV)
    •Return on capital (ROC) screens
    •Current ratio (CR) screens

    In addition, the inclusion of a valuation metric as a screening tool aims to provide index access to attractively priced companies, only:
    •EBITDA/EV evaluations against US AAA Bond Yield
  • As an Emerging Market Debt investment expert, Claire Husson-Citanna
    (Portfolio Manager and EMD Research Analyst for Franklin Templeton’s Fixed
    Income Group) will discuss the volatility experienced in this asset class and
    considerations for Euro-based institutional portfolios investing in Emerging Market Debt.

    Ms. Husson-Citanna will provide insights on the following themes, and answer your questions during the live Q&A session.
    • Market volatility and outlook for Emerging Market Debt
    • Mitigating risk when investing in Emerging Market Debt
    • Seeking opportunities for diversification

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