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IPE Webcast Channel

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  • 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.
  • Long-Term Factor Investing - Are you getting what you asked for? Long-Term Factor Investing - Are you getting what you asked for? Brendan Maton, Andrew Knell, Jordan Dekhayser Recorded: Sep 30 2015 67 mins
    The market is awash with factor-based investing methodologies and solutions - but are you really getting the factor exposure you desire in your portfolio?

    While recent market volatility has brought attention to this issue investors should take a long-term view and develop a framework that is not overly influenced by short-term market noise.

    From understanding individual factors and their performance cycles through selecting specific strategies, strategically implementing a factor based approach can be a daunting task. Furthermore given the disparity of returns from seemingly similar 'Smart Beta' strategies, the complexity increases dramatically.

    Let us guide you through the white noise of factor investing and provide you with insights on a number factor based topics that we’ve recently investigated.
  • Opportunities in Emerging Markets Debt Opportunities in Emerging Markets Debt Brendan Maton, Dr. Ricardo Adrogué, Cem Karacadag, Natalia Krol Recorded: Sep 10 2015 58 mins
    Join Babson's emerging markets fixed income portfolio managers to discuss how the macroeconomic environment is impacting the short-term and long-term trends driving emerging markets debt.

    Dr. Ricardo Adrogué, Babson’s Head of Emerging Markets Debt, Cem Karacadag, Emerging Markets Sovereign Debt portfolio manager, and Natalia Krol, a credit analyst with the Emerging Markets Corporate team, will provide insights into their respective asset classes and discuss how Babson is seeking value in today’s markets.

    Dr. Ricardo Adrogué is Head of Babson's Emerging Markets Debt Group. He is also lead portfolio manager for the firm's Emerging Markets Local Debt strategy, and co-portfolio manager for the firm's Emerging Markets Sovereign Hard Currency Debt, Blended Total Return Debt Strategy and Short Duration Bond Strategies. Ricardo holds a B.A. in Economics from the Universidad Católica Argentina, an M.A. in Economics and a Ph.D. from the University of California, Los Angeles.

    Cem Karacadag is co-manager of Babson’s Emerging Markets Sovereign Debt strategy and backup manager for the firm’s Local Debt strategy. Cem has 20 years of industry experience that has encompassed sovereign credit analysis, macroeconomic policy research and advice, and emerging markets fixed income strategy. Cem holds a B.A. in Economics from Tufts University and an M.A. in International Economics and European Studies from Johns Hopkins University.

    Natalia Krol is a credit analyst with Babson’s Emerging Markets Corporate team in London, focusing on CEEMEA and Asia corporates. Prior to joining the firm in 2014, Natalia spent 3 years at Schroders in London, covering resources and capital goods sectors across EM, high yield and investment grade. Between 2002-2010, Natalia was a European high yield analyst at Barclays Capital in London. Natalia holds a MSc in Accounting and Finance from London School of Economics and a BSs in International Economics from Plekhanov Russian Economic Academy.
  • Choosing the Factor: Not Which But When Choosing the Factor: Not Which But When Brendan Maton (IPE), Mike Hunstad, Meggan Friedman Recorded: Jun 24 2015 65 mins
    Investors interested in reaping the benefits of factor-based investing in their portfolios have long believed the ultimate question to be, “Which factor should I choose?” Our most recent research shows, however, that investors would be better served to ask, “When should I favour each factor?” Our research also suggests that your investment horizon, rather than the timing of incorporating factor based strategies, is key to meeting your objectives.
  • Managing Climate Risk with Low Carbon Indexes Managing Climate Risk with Low Carbon Indexes Brendan Maton Recorded: Jun 8 2015 67 mins
    As the global economy copes with the unpredictable challenges of climate change, institutional investors are exploring the potential impact of these changes on financial assets. With recent announcements by the Financial Stability Board in Basel and the Bank of England to examine the risks posed by ‘Stranded Assets’, more investors are calculating their exposure to high carbon assets and looking for ways to diversify into low or no carbon alternatives.

    There are a growing number of options available to institutional investors. Some Asset Owners have announced plans to divest from high carbon assets, while others have looked to low carbon indexes which either exclude or reweight exposure to carbon-intensive companies while limiting short-term risk against the benchmark.
We invite you to join a discussion with leading experts to examine the extent to which asset owners feel they are exposed to climate risk; the role of asset managers to encourage good practice when addressing climate change and carbon risk and how asset managers can effectively implement a low carbon strategy through index funds.
  • How to implement factor investing in your portfolio How to implement factor investing in your portfolio Joop Huij, Head of Factor Investing Research Recorded: May 26 2015 58 mins
    More and more investors are realising the advantages of factor investing and starting to implement its lessons not just as an afterthought, but as a top-down element of the overall investment strategy. A large percentage of pension funds still have a cover ratio that barely exceeds the minimum requirement and face funding issues due to the ageing demographics. To meet liabilities, pension funds are looking for higher returns while at the same time have less appetite for risk. Is factor investing the solution for the seemingly opposing challenges of risk and return?
  • The Power of Rebalancing: Fact, Fiction and Why it Matters The Power of Rebalancing: Fact, Fiction and Why it Matters Brendan Maton Recorded: May 6 2015 64 mins
    The Power of Rebalancing: Fact, Fiction and Why it Matters

    It is well-understood that rebalancing is a necessary step in restoring a portfolio of volatile assets back to its target weights. Whether it is performed periodically or triggered when actual weightings move too far from target, rebalancing a portfolio will naturally lead to selling assets that have outperformed the portfolio, and buying assets that have underperformed the portfolio.

    It is much less widely understood that rebalancing can actually be a source of return for the portfolio. Despite the fact that this observation dates back to 1982 [Fernholz and Shay] and has been successfully used to manage portfolios for nearly as long, it has come under considerable attack in the recent past by some academics and practitioners. The main arguments used by these detractors are:

    1. There is no return benefit, because the portfolio’s expected wealth does not increase.
    2. The return benefit exists, but is due to diversification, not rebalancing.
    3. The return benefit relies on mean-reversion.

    These arguments may appear compelling at first glance, but all three are fundamentally flawed. This webcast will tell you why.

    INTECH Investment Management LLC will act as sub-adviser to Janus Capital International Limited. Janus Capital International Limited (JCIL) is authorised and regulated in the UK by the Financial Conduct Authority.

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