With contributions from Commerzbank and Pioneer Investments, this webinar will take part on Tuesday 6th October to discuss different aspects of hedging currency risks in emerging markets, such as assessing value of currency risk and how to manage the subsequent risks.
Currency risk is a complex thing. Hedging would seem to protect against these risks. But it is not so simple. For an investor, a forward hedge which locks in a future rate can come to seem like a very bad idea if it loses money, as it will have to be paid out in cash.
Most corporates can fully offset the volatility of currency cash flows and net investments in an accounting sense yet in emerging markets forwards can be at times punitively expensive. Are options or forwards more appropriate protective hedge contracts, and why?
What will this webinar discuss?
Jessica James, Head of the Quantitative Solutions Group at Commerzbank will discuss different aspects of hedging currency risk:
- Cashflows. It is not often realised how volatile currencies can be. Hedges can incur costly cashflows if they go wrong.
- Volatility in currency markets is suddenly high again. Is it possible to hedge away at reasonable cost?
- Hedging with forwards vs hedging with options – options can have some unexpected advantages.
Satu Jaatinen, Global Head of Corporate Solutions at Commerzbank, will discuss assessing value in hedging emerging markets risks:
- Risk and Cost to KPI’s
- Importance of Timing and Instrument Choice
Andreas König, Head of Foreign Exchange Europe at Pioneer Investments, poses the question how does a major bond or stock investor or corporate with foreign investments, deal with emerging market currency risk?
While investors want an efficient portfolio, and can obtain an efficient portfolio in principle, the reality is that many obstacles stand in the way of achieving this goal. Join our Global Equity team as they talk about ways to better target your investment objectives by focusing on strategies providing strong risk-adjusted returns, instead of concentrating risk in less-efficient strategies that take on high levels of active risk.
The team will discuss their research paper, Improving Active Risk Budgeting, which explores a common misconception of investors – the belief that overall equity portfolio risk is best managed by allocating the majority of the equity allocation to index strategies, while incorporating managers with a high level of active risk to generate outperformance. Our research found that in reality, such an approach often delivers inferior overall portfolio risk-adjusted returns.
Register now to secure your place and learn about a better way to maximize your risk-adjusted returns.
What’s next for investors? Northern Trust’s Chief Investment Strategist Jim McDonald and Claire Meier, sovereign analyst for international fixed income will discuss our long-term investment outlook. Learn about:
• The key investment themes you’ll want to watch in the years ahead
• Our 5-year economic and financial market return forecasts
• What it means for your investment portfolio
Join us on September 14 at 9:30 a.m. CT. Register now.
Asia has been in the news lately, raising a surge of questions and concerns regarding the potential impact on the rest of the world. Investors may be accustomed to dealing with risk, or familiar with “normal” market swings and clamor from year to year, but they are finding that there is not enough context around the recent volatility. It is not about risk, but about uncertainty—"What is going on?”
During last week's live event, Matthews Asia Chief Investment Officer, Robert Horrocks, PhD, shared his insights on: What drives sustainable growth in EM? Which markets are best priced? How do we think about recent events?
CIO Robert Horrocks, PhD, Portfolio Managers Kenneth Lowe, CFA & Kenichi Amaki
The first half of the year has been news-filled with the significant run-up of Chinese A-shares along with potential reforms and governance improvements within Japan, India and South Korea.
Given the recent increase in volatility, the following portfolio managers will share how they think about companies and what the implications of the key themes across Asia have on the positioning within our portfolios.
Andrew Mattock, CFA, Portfolio Manager and Andy Rothman, Investment Strategist
China's equity markets have been in steady decline for several weeks, raising a torrent of questions and concerns about the potential impact on the world's second-largest economy. Given that China accounts for more global growth than the U.S., Europe and Japan combined, this story is important for investors.
Andrew Mattock, Portfolio Manager and Andy Rothman, Investment Strategist will address investors' most pressing questions given the recent tumult in China's markets and share their thoughts on post sell-off valuations and potential opportunities. They will also discuss implications for China's broader economy and individual wealth along with how this may impact the liberalization of markets.
Dire headlines about China seem omnipresent, focused on slowing growth, shadow banking, and potential property bubbles. Are these concerns warranted?
Hear from expert Andy Rothman, Matthews Asia Investment Strategist, who has lived and worked in China for more than 20 years. Andy will address five key mistakes analysts make when covering China, and share his thoughts on the key problems the Chinese government needs to address.
In theory, higher U.S. interest rates make both bonds and equities look less attractive, particularly those deemed to be in riskier markets. Is this commonly held belief actually true?
Historical analysis suggests that interest rate hikes impact U.S. and Asian securities in different and possibly unexpected ways.
Matthews Asia invites you to join us for a webcast featuring Portfolio Manager Gerald Hwang, CFA, who will discuss the ways that an initial change in the U.S. Federal Funds rate could affect security values in the U.S. and Asia.
The Chinese A-share market grabbed headlines last year with its phenomenal near-term performance and increasing means of access for Western investors. But what does the investment landscape there look like for long-term investors?
Matthews Asia invites you to join us for a webcast featuring Winnie Chwang, Portfolio Manager, who will provide an overview of the Chinese A-share market and the risks and opportunities it presents. She will also discuss the implications of the Hong Kong/Shanghai Connect, and the importance of bottom-up investing in these markets.
During the year, reformist agendas throughout Asia have created optimism for the region--India generated plenty of excitement, China continued ahead with its reform process and several Asian economies focused on boosting long-term productivity and investment spending. What does 2015 hold in store for us?
Matthews Asia invites you to join us for a Market Outlook webcast featuring Robert Horrocks, PhD, Chief Investment Officer, who will share his thoughts on why he believes markets in Asia are better placed going into 2015, and discuss his reasons for optimism based on secular long-term growth drivers.
With reform-minded governments in place in China, India, Japan, Korea and Indonesia, there is now a renewed sense of optimism that recent policy announcements will be supportive of businesses in the region and contribute to delivering stronger economic growth over the long term.
In our upcoming webcast, we will take an in-depth look at these reforms and what they mean for investors in Asia. We will address the importance of looking beyond the headlines and understanding the real impact reforms can have on companies at a fundamental level. We will also explain how some companies are able to sustain growth across different economic cycles and can navigate independently of changing political views.
Matthews Asia invites you to join us for a mid-year Portfolio Manager Roundtable. With investor concerns focused on China, we will address the issues and challenges around the sustainability of China's economy. Additionally, we will discuss Asia's political landscape, highlighting this years' India and Indonesia elections and share our interpretations on what this means to investors.
Our Portfolio Managers will offer a review of the developments in Asia's equity and fixed income markets, and outline why they believe it is important to spend more time focusing on the micro rather than the macro.
They will also discuss the disparity of fundamentals and valuations of companies within developed and emerging countries of Asia, and how that impacts the performance and positioning of their strategies.
Investment Team: Robert Horrocks, PhD, CIO; Richard Gao; Winne Chwang
China’s economy is slowing. Following a decade of export-led growth and huge capital investment, the country is now undertaking a rapid and strategic evolution from a model based on high levels of credit and investment to one based more on consumer spending and high-value services. What does this mean for the Chinese economy and the region more broadly? How will investors be impacted?
In our upcoming webcast, the following Matthews Asia Portfolio Managers and analyst will explore the many misconceptions that linger with regard to China’s growth, indebtedness and ongoing reforms. They will also discuss the current volatility on equity markets in Asia and share their insights on what challenges the region faces and where they see possible opportunities for long-term investors.
One hour of CFP CE Credit and one hour of non-IMCA CE Credit for CIMA designees will be available when you listen to the full length of the webcast.
Portfolio Managers: Robert Horrocks, PhD, CIO; Teresa Kong, CFA; Yu Zhang, CFA; Taizo Ishida; Sharat Shroff, CFA
Matthews Asia invites you to join us for a Portfolio Manager Roundtable to reflect on the major events of 2013. Conventional wisdom was tested over the course of the year, with Japan emerging as the new great hope for growth while China muddled through and financial markets performed against expectations. What does 2014 hold in store for us?
During the webcast, our portfolio managers will present their views, answer your questions and, in particular, offer insights into factors that may impact some of our equity and fixed income strategies in the upcoming year.
Portfolio Managers: Robert Horrocks, PhD, CIO; Kenneth Lowe, CFA; Taizo Ishida; Lydia So, CFA
The continuation of loose monetary policy in the U.S. and the sustainability of above-average growth rates in Asia are increasingly being questioned by investors. This growing uncertainty has seen daily news flow and central bank announcements acting as key determinants to market direction.
In our upcoming Matthews Asia webcast, our presenters will take a deeper look at what’s driving the region’s markets. In the current “risk-on, risk-off” environment, they will also explain what they believe investors should really focus on, including why it’s important to separate events at a country level from those at the company level and what the potential benefits are to riding out the current waves of volatility.
Additionally, they will answer questions you may have regarding investing in the region.
Portfolio Managers: Robert Horrocks, PhD, CIO; Teresa Kong, CFA; Jesper Madsen, CFA; Sharat Shroff, CFA; Richard Gao
With macroeconomic news ranging from policy actions in Japan to diverging economic fortunes in Asia dominating the headlines, many investors are questioning what the implications are for the region’s underlying businesses.
Please join us for a Matthews Asia Portfolio Manager Roundtable in which we will offer a mid-year review of the developments in Asia’s equity and fixed income markets. Our Portfolio Managers will outline the reasons why they believe it is important to spend more time focusing on the micro rather than the macro.
Our Portfolio Managers will also discuss the performance of their strategies and why valuations in some parts of Asia are becoming stretched while in others they have yet to reflect underlying fundamentals.
Portfolio Managers: Robert Horrocks, PhD, Matthews’ CIO; Kenneth Lowe, CFA; Yu Zhang, CFA; Lydia So, CFA
Good corporate governance is essential for the sustainable development of a company and the health of an economy. As capital markets in Asia have grown, so too has the attention investors pay to the actions of companies and the commitment they make to maintaining high standards of corporate governance. A combination of government and corporate policy reform has seen an increase in corporate governance standards across Asia. In our upcoming webcast, four of our Portfolio Managers will give their perspective on this important development and discuss how they incorporate an assessment of corporate governance into their investment decisions.
Portfolio Managers: Robert Horrocks, PhD, CIO; Teresa Kong, CFA; Jesper Madsen, CFA; Richard Gao
Matthews invites you to join us for a Portfolio Manager Roundtable during which we will reflect on the major events of the year and take a closer look at what investors should focus on in this lower growth environment. With so much macro uncertainty— from expectations of monetary policy to valuations—many investors are paying ever greater attention to quality, yield and corporate governance. But what else really matters in the current environment and what doesn’t?
During the webcast, our portfolio managers will present their views, be on hand to answer your questions and in particular, offer insights into factors that may impact some of our equity and fixed income strategies in 2013.
Portfolio Managers: Robert Horrocks, PhD; Jesper Madsen, CFA; Sharat Shroff, CFA and Taizo Ishida
During the first half of the year, continued media coverage about the sluggish U.S. recovery, debt problems in the Eurozone and concerns over China's slowing growth dominated macroeconomic news as investors anticipated a pullback in the markets. Despite this short-term noise, we remain confident in the long-term growth of Asia.
The following Portfolio Managers will share their thoughts on these and other developments in the region, as well as our strategies for investing in the region:
Robert Horrocks, PhD
Matthews’ CIO and Portfolio Manager, Matthews Asian Growth and Income Strategy
Jesper Madsen, CFA
Matthews Asia Dividend and China Dividend Strategies
Sharat Shroff, CFA
Matthews Pacific Tiger and India Strategies
Matthews Asia Growth and Japan Strategies
This webcast is offered to investment professionals only. It will reflect the opinions of Matthews International Capital Management, LLC. These opinions are not to be construed as investment advice. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Matthews does not accept any liability for losses either direct or consequential caused by the use of this information.