Name: Understanding and Managing Currency Risk
Start: 2016-09-14T13:30:00Z
End: 2016-09-14T14:37:03.000Z
Location: BrightTALK
Rating: 4.4

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.

The ability to fine-tune portfolio exposures based on current market prices and return-enhancing characteristics has evolved considerably with financial science. Yet how indices define asset classes and manage reconstitution impose constraints on index trackers. Are there risks to becoming too factor focused with passive index, single-factor and multi-factor strategies?

During this session we will:

• Examine some of the similarities and differences in how indices define asset classes and manage reconstitution
• Contemplate whether factor-building has been overdone, and examine the risks of becoming too factor focused
• Highlight some of the constraints these decisions can place on index trackers
• Propose how a systematic approach can deliver benefits commonly associated with indexing/factor-based approaches while removing artificial constraints

Has Factor-Building Been Overdone? Assessing Tradeoffs in Systematic Strategies

MARTIN NYBYE SØRENSEN OF JYSKE CAPITAL will discuss how credit investors significantly benefit from including a structured approach to multi-factor investing in their portfolio regardless of the market environment. We demonstrate how a combination of three main factors: Value, Momentum and Quality can provide investors with consistent risk adjusted alpha through a cycle and argue why it needs to be combined with a traditional qualitative issuer research process and a risk balanced portfolio implementation. 

BENJAMIN BRODSKY OF BLUECOVE will explain that scientific high-yield Investing relies on a transparent, structured investment process based on economic intuition. It takes advantage of market inefficiencies that are underexploited by most market participants as it applies its investment insights daily to securities in the global liquid high-yield universe. Scientific Investing benefits from the expanding data landscape, increasing market breadth and the growing electronification of trading. The resulting alpha is generally uncorrelated to risk markets and differentiated from existing discretionary approaches.

Speakers:
Benjamin Brodsky, CFA, Chief Investment Officer, BlueCove
Martin Nybye Sørensen, Head of Corporate Bonds at Jyske Capital

Moderator:
Martin Hurst, Director of Communications, IPE

High Yield Debt: Multi-Factor Investing & Scientific HY Investing Explained

From how we live to how we work, the pandemic has reshaped the world we live in. An acceleration in secular trends such as increased e-commerce penetration, new pressures on segments of the office sector through hybrid working patterns and the continued undersupply of high quality residential property have had a profound impact on European real estate markets. 

These factors combined with the increased capital expenditure required to meet forthcoming sustainability standards has meant that the volume of buildings in transition has substantially increased. PIMCO believes that these market dynamics present an attractive opportunity set for investors to diversify their real estate portfolios in a conservative manner. 

Please join us for a webinar on the future of the European real estate lending market and why PIMCO believes there is a compelling opportunity, not just for real estate allocators but also for investors looking for alternative investment solutions that offer a high quality and floating rate income stream, a pick-up in yield and diversification benefits versus corporate debt.

During this session, Chris Hawketts, Vice President and Alternatives Strategist specialising in asset based lending will be discussing:

• The current state of the European lending market
• What is transitional lending?
• Why the volume of real estate assets in transition has substantially increased and what factors have driven this
• Changes in the risk-return dynamics of the transitional lending market
• The impact of ESG and how ESG factors can be taken into consideration 
• Where such an allocation ‘fits’ into investor portfolios
• Where are the largest opportunities from both a sector and geographical perspective
• PIMCO’s approach to transitional lending

We hope you can join us for what we believe will be an insightful and engaging discussion on investment opportunities within real assets.

Financing the Transition of the European Commercial Real Estate Market

2023 has ushered in an auspicious start to the year for European equities. As investors look for value in the region, they are increasingly tapping the market with sustainability objectives. Flagship benchmarks such as the STOXX® Europe 600, EURO STOXX 50® and DAX® already offer liquid versions with different degrees of ESG integration. But clients’ needs continue to evolve, and as they consider new solutions, they must evaluate whether those help them with the following:
 
• Adopt the right strategy for a diverse set of goals 
• Incorporate new datasets and advanced methodologies
• Comply with regulation and reporting
• Optimize the relationship between sustainability impact and return
• Target key emerging themes including biodiversity
 
Join DWS’ and Qontigo’s index and sustainability experts for a seminar that will explore Europe’s ever-broadening sustainable investing landscape.

Speakers:
Sebastian Schiele, Head of Xtrackers Mandates Sales EMEA & APAC, DWS Group
Melissa Brown, Managing Director, Applied Research, Qontigo
Vera Cady, Director, Index Product Management, Qontigo

Navigating Europe’s equities and sustainable investing landscape

Large investors are increasingly integrating sustainability into their investment principles and goals as they seek to build more resilient and diversified investment strategies. Biodiversity loss echoes climate change as a systemic risk that needs to be understood and managed – for portfolios right now, and in order to ensure that we have a viable, and investible, economies long into the future. Join our investment experts for their insights on harnessing listed equities within your investment strategy for pension schemes and insurance companies seeking positive, impactful change that protects people and planet. Topics will include:
 
• What are the forces driving a biodiversity-friendly transition and how does regulation fit into the picture?
• Why is biodiversity important for your pension scheme and insurance company, and what are the challenges of seeking to deliver impact?
• How can institutional investors use listed equities to tackle biodiversity loss, manage risk and support solutions seeking positive outcomes?
• How do we identify companies which contribute real and measurable impact around biodiversity? 

Speakers:
Tom Atkinson – Portfolio Manager – Biodiversity and Clean Economy
Liudmila Strakodonskyaya – ESG Analyst - Research
Stephane Lago – Head of Investment Specialists Equity
 
Moderator:
Rachel Basarab-Horwath – Head of Global Pension Group

How can institutional investors make an impact on biodiversity in portfolios?

In the UK, post the Competition and Markets Authority (CMA) review of the fiduciary market, the trustee buyers have focused on the process of market testing on a periodic basis, the use of third party evaluators and on ensuring separation between investment and advisory business. But does this miss the area of both independence of reporting and oversight and leave Trustees in some models overly reliant on the fiduciary provider?

Is there a real case for Trustee boards to think more about evidencing greater independent oversight and control of assets while using a fiduciary platform and should more thought should be given to what happens when they want to review or change their manager?
Did events of last year throw up any challenges to some fiduciary models that need to be taken into account and addressed?

Presented by: 
– Mark Austin, Pensions and Insurance Executive, Europe, Northern Trust
– Nikesh Patel, Managing Director, Head of Client Solutions UK, Van Lanschot Kempen
– Anne-Marie Gillon, CFA, Director, IC Select Ltd

Moderated by: Brendan Maton

In the fast growing world of fiduciary management – has governance kept pace?

Join Aviva Investors’ Real Assets team as they zero in on the big themes investors should watch out for over the coming year.
 
First, you’ll hear from David Hedalen, Head of Real Assets Research, who will give his take on relative value, illiquidity premia, risks and opportunities across real estate, infrastructure and private debt.
 
Then, Mark Meiklejon, Head of Real Assets Investment Specialists, will talk through the main findings of Aviva Investors’ Real Assets Study, which took the pulse of 500 decision makers at institutional investors in Europe, North America and Asia.
 
With a backdrop of rampant inflation, rising interest rates, geopolitical risk and concerns over greenwashing, the Study provides critical insight into:
 
• How this challenging environment is impacting investor sentiment and allocations
• Investor views on the best way to access opportunities
• A deep dive on the prospects for sustainable real assets.
 
A panel discussion will follow with Ben Sanderson, Daryl Murphy, Munawer Shafi and Zoe Austin, who will be discussing where they see some of the best opportunities.
 
We hope you can join us!
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Presented by:
• Ben Sanderson, Managing Director, Real Estate
• Daryl Murphy, Managing Director, Infrastructure
• Mark Meiklejon, Head of Real Asset Investment Specialists
• Munawer Shafi, Head of Multi Asset (Real Assets)
• Zoe Austin, Portfolio manager
• David Hedalen, Head of Real Assets Research

Real assets in the spotlight

The term ‘active ETFs’ is often viewed as a contradiction by many market participants who only know ETFs as passive building blocks in their portfolios, however, the demand for active ETFs is growing globally.

This webinar will debunk some of the myths around active ETFs: Join Ivan Durdevic, Head of ETF Distribution for Austria, Germany and Switzerland discussing the advantages of accessing active strategies through the ETF wrapper and analysing where the market is heading next. He will be joined by Yo Takatsuki, Global Head of Investment Stewardship, exploring how J.P. Morgan Asset Management is getting active on engagement with ESG ETFs.

Presented by:
– Ivan Durdevic, Head of ETF Distribution in Austria, Germany and Switzerland, J.P. Morgan Asset Management
– Yo Takatsuki,  is the Global Head of Investment Stewardship, J.P. Morgan Asset Management

Moderated by: Brendan Maton

Active ETFs – debunking the myths

Private credit funds invested during or in the immediate aftermath of recessions have performed well on a historical basis. Join Randy Schwimmer, Co-Head of Senior Lending at Nuveen’s private capital investment specialist, Churchill Asset Management and Joe Lee, Principal in the Underwriting & Portfolio Management group for their outlook on middle market senior loans and the unique opportunity ahead. Topics will include:

• How are higher rates impacting middle market lenders and borrowers?
• Will there be a shake-out of direct lenders given recession and rate worries?
• How are higher asset yields and the denominator effect affecting private credit portfolio allocations?
• How should private credit investors balance perceived higher risk with higher returns in a potentially higher default environment?
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About Nuveen:
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion* in assets under management as of 30 Sep 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. Churchill Asset Management is a majority-owned affiliate of Nuveen with $46 billion in committed capital, and one of the largest, most experienced private capital managers providing financing solutions to middle market private equity firms and their portfolio companies across the capital structure. For more information, please visit www.nuveen.com

* As of 30 Sep 2022. Nuveen assets under management (AUM) is inclusive of underlying investment specialists. Totals may not equal 100% due to rounding.

2023 Outlook: The Unique Opportunity for U.S. Middle Market Senior Loans

This seminar answers the questions on institutional investors’ minds regarding one of the most talked about topics in the alternative investment community. Why would a sponsor (GP) want to access the secondary market? What are the benefits to investors (LPs)? Is this a new investment strategy or a trade? Is this a win-win-win for sponsors, old investors and new investors? Why might you look to allocate to GP-led secondaries if you already invest in traditional LP secondaries? Join Jeff Hammer and Paul Sanabria, Co-Heads of Secondaries at Manulife Investment Management, as they discuss factors which led to GP-led secondaries representing half of the $134 billion[1] secondary market in 2021, and why it is likely to be a meaningful part of the secondary market in 2023 and beyond.

[1] Evercore Secondary Market Survey January 2022

Presented by:
– Jeff Hammer, Senior Managing Director, Global Co-Head of Secondaries, Private Markets, Manulife Investment Management
– Paul Sanabria, Senior Managing Director, Global Co-Head of Secondaries, Private Markets, Manulife Investment Management

Moderated by:
– Sunaina Sinha Haldea, Global Head, Private Capital Advisory, Raymond James

GP-led secondaries – motivations, mechanics, and outcomes

Spurred in large part by the increasing adoption of e-commerce and global supply chain disruption because of the COVID-19 pandemic, the U.S. logistics real estate sector saw unprecedented growth over the last few years.  But will the sector be able to stay hot with the tightening of capital markets and the prospects of global macroeconomic uncertainty looming?  Please join us for an engaging webinar on the future of U.S. logistics hosted by senior leaders from CBRE Investment Management and Trammell Crow Company. These experts include investment, development and operational leaders specialized in the logistics asset class, as well as our head of research for the Americas.

After this sixty-minute session, attendees will have a deeper understanding of:

- The state of the U.S. logistics markets today
- Occupier sentiment and the features occupiers are now demanding
- Why modernity matters to the future of logistics and the future impact of functional obsolescence
- The impact these evolved demands are having on supply
- The impact that the tightening of capital markets is having on supply
- Why commercial real estate investors need to re-examine their portfolio to see if it is “futureproofed”
- Where we see opportunities
- How to execute on these opportunities

Audience interaction through questions will be highly encouraged and our experts will address everyone’s questions live or with a follow-up.

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Presented by:
– Mary Lang - Head of Americas Direct Logistics Strategies and Portfolio Manager
– Tommy Lee - Chief Investment Officer TCC
– Adi Mayan - Head of Logistics Asset Management and Customer Experience Lead for the Americas Direct Real Estate Platform
– Shane Taylor - Americas and APAC Head of Research

Moderated by: Brendan Maton

Industrial is Obsolete – The Future is Logistics

2022 was the worst year for total returns in many areas of the bond market since popular indices were created in the mid-1990s. Why did this happen and do higher bond yields and wider credit spreads point towards an interesting entry point as we start 2023? 
 
Because financial conditions have tightened so much, companies with too much leverage are going to come under increased pressure. In such an environment a focus on high quality credit is required.
 
So although there are risks, we think there are compelling total return opportunities – if you know where to look.

Traditional fixed income is back! We will tell you why and where to find it.

Join us on 14 December when Wenkui Liu, Assistant Portfolio Manager at China’s largest asset manager, E Fund Management, will be joined by Wei Xu, FRM, Vice President, APAC Index Solutions Research, MSCI and Brian Roberts, Head of Exchange Traded Products at Hong Kong Exchanges and Clearing Limited (HKEX). This formidable panel of experts will examine the passive route to capturing China’s strong investment potential.

Presented by:
– Wenkui Liu, Assistant Portfolio Manager, E Fund Management
– Brian Roberts, Managing Director, Co-head of Equities Product Development, Markets, HKEX
– Wei Xu, FRM, Vice President, APAC Index Solutions Research, MSCI

Moderated by: Martin Hurst, IPE

PLEASE NOTE: This webcast is open to Accredited Investors only

China Passive: E Fund, HKEX & MSCI in Conversation with IPE

The STOXX WTW Climate Transition Indices (CTIs), developed in partnership with Willis Towers Watson and Qontigo, offer a completely new way to manage a portfolio’s climate transition risk.

The indices leverage Willis Towers Watson’s proprietary Climate Transition Value at Risk (CTVaR) data, which assesses the anticipated impact of a climate transition on stock valuations through a forward-looking, bottom-up analysis of individual companies’ cash flows.

This webinar will address the challenges and opportunities for equity investors from a world moving to net-zero targets, and discuss the design of an index solution based on innovative and transparent transition data.

Hear from experts at Willis Towers Watson and Qontigo about the CTIs and how they can help investors look at, and manage, tomorrow’s transition risks, today.

Presented by:
– Melissa Brown, CFA, Managing Director, Applied Research, Qontigo
– David Nelson, Senior Director of Climate Transition Analytics, Climate and Resilience Hub, WTW
– Paul Alakija, Managing Director, Head of Asset Owner and Consultant Coverage, EMEA, Qontigo

Moderator: Brendan Maton

STOXX WTW Climate Transition Indices: Managing Tomorrow’s Transition Risk, Today

The global effort to fight inflation has boosted interest rates to levels not seen in almost two decades. Combined with rising geopolitical tension, the resulting financial market turbulence has investors reassessing their equity risk exposure.
 
Join Peter Hardy, Senior Client Portfolio Manager, as he discusses how a value-oriented approach emphasizing superior business models, quality, and sustainable dividends may uncover attractive risk-adjusted return opportunities.

Equity De-risking From a Value Perspective

Interest rate rises and increased uncertainty are putting pressure on asset classes across the board. With bond yields significantly higher, real estate’s risk premium has narrowed, making low property yields more challenging to justify.
 
A price correction across global real estate markets will drive variation in performance of existing portfolios, depending on quality of assets. Increasingly stringent occupier requirements mean buildings without green credentials are at risk of lower occupancy, with ‘brown’ discounts for older property look set to accelerate. Despite the high cost of heavy retrofitting, delaying works could be a false economy.
 
Portfolio allocations are also likely to shift, given that traditional property sectors such as offices are facing structural and cyclical challenges. The living sector looks more resilient as housing is in high need. Helping to bridge the supply gap could therefore mitigate the current upwards pressure on yields through attractive income and growth prospects, while creating a positive social impact.
 
Property revaluations will naturally take time to play out, but as yields reach stabilisation, we believe assets are likely to reflect an attractive long-term value opportunity, with improved performance prospects.
 
With economic headwinds rising, steering through market volatility will require skill and perspective. History shows that it is often in the years after recession that real estate delivers, with the potential to offer the best vintage of investments.
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This information reflects M&G’s present opinions reflecting current market conditions. They are subject to change without notice and involve a number of assumptions which may not prove valid. The value of investments can fall as well as rise. The views expressed in this document should not be taken as a recommendation, advice or forecast.

Global Real Estate Outlook: Steering through volatility in the search for value

STEPHEN ADDICOTT, MANAGING PARTNER, STAFFORD CAPITAL PARTNERS
Forestry is expected to deliver almost 20% of the action needed to meet global emissions targets. We believe that drawing on nature is the most established and proven method for achieving meaningful biodiversity and carbon removal whilst delivering investment returns for clients. This year we've witnessed an increasing interest for low carbon investments driven by disclosure regulation and net zero commitments, and timberland is one of the few investments providing net carbon removal.

DANIEL WILD, CHIEF SUSTAINABILITY OFFICER, BANK J SAFRA SARASIN
The world of sustainable investing has been changing ever since we committed to this topic as the central element in our strategy more than 30 years ago. Global secular trends, evidence of new social or environmental challenges, research findings as well as investor preferences have led to this evolution. At the same time, related investment solutions have been developed to match client expectations in the best possible way. However, the range of sustainable investment objectives and related solutions sometimes leads to misunderstandings and confusion. While new regulations aim at bringing more clarity and standards, they have not yet delivered on this promise.

DUNCAN GOODWIN, FUND MANAGER, PREMIER MITON
We believe the case for sustainable investing in global equities is as strong as it has ever been. Companies that offer products and services the world wants and indeed needs, and can deliver these in a manner that is sustainable and responsible, will grow faster and be more successful than companies that cannot. This backdrop provides multiple drivers for structural growth, which we seek to identify using a thematic approach, balancing market leaders with market disrupters. As sustainable investing matures, we are seeing a variety of approaches, and indeed a disparity of outcomes, which has become particularly evident in 2022.

Moderated by Martin Hurst, IPE

ESG: Three Experts Present Three Angles

In more uncertain macro-economic times, how can infrastructure managers and investors support their forward-looking yield hypotheses? Whether raising a new fund or reviewing expected returns for an existing portfolio, investors need to justify their target IRR with more than just a hunch. This webinar shows how to develop robust yield forecasts using infraMetrics data.
 
During the session, Dr. Frederic Blanc-Brude, director and founder of EDHECinfra, will discuss the following use cases:
 
1. Getting the cash flows right including benchmarking and quantitative approaches.
2. Getting the target yield right. The “cost of time” and the common risk factors to predict risk premia.
3. Smart yield targeting and why it is important for infrastructure investors.
4. Mastering your yield with the infraMetrics.

Smart Yield Targeting for Investors in Infrastructure

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

Understanding and Managing Currency Risk

currency

risk

foreign exchange

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Understanding and Managing Currency Risk

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