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Factor-based investing: Fixing a broken portfolio

We take a fresh look at factor-based investing, examining how investors can enhance portfolio construction through a more efficient and intentional approach to sourcing potential excess returns.

Given the challenging return environment so far this year, and the outlook for more muted returns than we've seen recently, it is imperative that portfolios are constructed efficiently. That means sourcing factor returns (which our research identifies as the main driver of excess returns) more effectively. It also means consolidating exposure to only the highest conviction opportunities.

In this webinar we will explore:

- The persistence of factor returns
- Analysis and deconstruction of factor exposures in live portfolios
- Ways to construct or pivot your portfolio for better outcomes
Recorded Nov 8 2016 69 mins
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Presented by
MIchael Hunstad and Andrew Knell, Northern Trust; Moderator Brendan Maton, IPE
Presentation preview: Factor-based investing: Fixing a broken portfolio

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  • Channel
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  • Alternatives Outlook: Impacts of Covid-19 and portfolio considerations Apr 6 2020 1:30 pm UTC 75 mins
    David M. Lebovitz, executive director, Global Market Strategist, J.P. Morgan Asset Management; Brendan Maton, IPE
    Please join David Lebovitz, Global Market Strategist as he discusses the current macroeconomic outlook for alternative investments in light of Covid-19, using slides from the Guide to Alternatives.

    The Guide to Alternatives is designed to simplify the complex world of alternative investments and help you make more informed decisions across real estate, infrastructure, private markets and hedge funds.

    In this webcast David examines the following themes:

    – The potential impacts of Covid-19 on alternative markets and portfolio construction more broadly
    – Thinking beyond industrial real estate
    – Headwinds and tailwinds in renewable energy
    – Are elevated PE multiples the new normal?
    – Sources of return in private credit

    Presented by: David M. Lebovitz, executive director, Global Market Strategist on the J.P. Morgan Asset Management Global Market Insights Strategy Team.

    Moderated by Brendan Maton, IPE
  • COVID-19: Implications For Global Medical Supplies And Food Security Mar 31 2020 2:00 pm UTC 75 mins
    Roukaya Ibrahim, Editor/Strategist, BCA Research; Brendan Maton, IPE
    · COVID-19 threatens to disrupt food and medical production and transportation globally.

    · During pandemics, institutional capacity is required to limit the impact on supply chains. If households are not able to get what they need, civic order could break down and governments risk a loss of legitimacy and control.

    · Supply shortages raise prices, making shortages an especially acute threat to non-producers and net importers.

    · Consumers and regions where food makes up a larger share of CPI baskets are especially vulnerable to higher food prices.

    · We will discuss this complex topic that lies at the intersection of our Commodity & Energy Strategy insights and our Geopolitical Strategy insights.

    Presented by: Roukaya Ibrahim, Editor/Strategist, BCA Research

    Moderated by: Brendan Maton, IPE
  • Navigating market uncertainty, with factors & ESG Recorded: Mar 19 2020 75 mins
    Michael Hunstad, Ph.D., head of quantitative strategies and Valeria Dinershteyn, EMEA senior sustainability specialist
    As market volatility, geopolitical risks and economic uncertainty continue to shake global markets, it’s critical for institutional investors to re-evaluate their risk positioning. This means running portfolios as risk-efficient as possible and mitigating the “hidden risks” that commonly exist in their portfolios.

    Join our experts as they reveal a more precise approach to portfolio construction that leverages both targeted factor exposures and ESG research.

    Key discussion points include:
    • The factors that stand to benefit from the structural shifts in the global economy and increased market volatility.
    • How ESG research can complement factor exposure to increase excess return consistency and mitigate downside risk.
    • Implementing a risk-aware approach that minimizes unintended risk and seeks to maximize risk-adjusted returns.

    IMPORTANT INFORMATION
    This material is directed to eligible counterparties and professional clients only and should not be relied upon by retail investors. The information is not intended for distribution or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. Northern Trust and its affiliates may have positions in and may effect transactions in the markets, contracts and related investments different than described in this information.

    Investing involves risk- no investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Simulated past performance and actual past performance is no guarantee of future results.

    Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

    © 2019 Northern Trust Corporation
  • A New Defensive Solution That Is Really Low Volatility Recorded: Mar 9 2020 60 mins
    Eric Shirbini, PhD, Global Research and Investment Solutions Director, Scientific Beta; Brendan Maton, IPE
    In new research, Scientific Beta shows that the vast majority of defensive offerings based on minimum volatility or low volatility strategies are unfortunately not truly defensive in periods of strong market volatility, i.e. at the time when their low volatility would be appreciated the most. In fact, these strategies paradoxically present a strong risk of volatility that is not reflected in the average volatility that they display over the long term. To cope with this volatility risk, Scientific Beta provides a highly defensive strategy when needed, with a reduction in the index's market beta in difficult times and very strong protection of the capital. Based on dynamic allocation that allows Scientific Beta's low volatility indices to be protected against periods of strong volatility the HFI Low Volatility Maximum Volatility Protection index guarantees the investor that the low average volatility of the low volatility index is representative of the risks of the proposed strategy, and notably that in periods of crisis there is no increase in the risk of the investment.

    Presented by: Eric Shirbini, PhD, Global Research and Investment Solutions Director, Scientific Beta

    Moderated by: Brendan Maton, IPE
  • Building Sustainable Portfolios Recorded: Dec 9 2019 48 mins
    Armit Bhambra, Head of iShares UK Retirement, BlackRock; Guido Giese, Executive Director, Applied Equity Research, MSCI
    Sustainability is the future of investing. With an improvement in investment data, more sophisticated ESG analysis and a broad range of products to choose from, investors have more choice than ever before when building sustainable portfolios. However, the industry’s rapid growth has made the space confusing and difficult to navigate. Hear from experts at MSCI & iShares as they break down the sustainable investing landscape and the various ways investors are building sustainable portfolios.

    Presented by:
    - Armit Bhambra, Head of iShares UK Retirement, BlackRock
    - Guido Giese, Executive Director, Applied Equity Research, MSCI

    Moderated by:
    - Brendan Maton, IPE
  • Urban regeneration: contractual cashflows from redeveloping cities Recorded: Dec 3 2019 63 mins
    Luke Layfield, Aviva Investors; Brendan Maton, IPE
    In this webcast, Luke Layfield, Fund Manager at Aviva Investors Real Assets, will discuss how investors can partner with the public sector to finance the re-generation of town centres.

    Using recent example transactions he will cover:

    - How these partnerships can provide investors with long-dated, secure, inflation-linked income
    - The broader investment benefits of long lease real estate
    - The integration of ESG elements – helping investors to deliver on their wider goals

    Presented by:
    Luke Layfield - Fund manager, REaLM Commercial Assets and REaLM Social Housing Funds, Aviva Investors Real Assets

    Moderated by:
    Brendan Maton, IPE

    RA19/1534/31122019
  • Practicalities of Pension Consolidation Recorded: Nov 28 2019 63 mins
    Jamie Fiveash, Smart Pension; Dick Kamp, BPF Levensmiddelen; Mark Austin, Northern Trust; Brendan Maton, IPE
    Consolidation is among the foremost trends and topics in pensions – increasingly seen as a solution to a range of challenges the retirement industry faces.

    In countries including the UK, the focus of regulators is increasingly on driving small and mid-sized scheme consolidation, to help improve stewardship and drive investment performance while achieving value for money.

    Join our webcast with Smart Pension’s Claire Altman, Dick Kamp of BPF Levensmiddelen and Northern Trust’s Mark Austin in exploring the practicalities of consolidation for pension trustees and other stakeholders.

    The webcast will cover:

    • The dynamics driving pension fund consolidation
    • First-hand experiences of DB and DC consolidation
    • Key considerations for those assessing pension consolidation

    Presented by:
    Jamie Fiveash, Chief Operating Officer, Smart Pension
    Dick Kamp, Risk Manager, BPF Levensmiddelen
    Mark Austin, Chair of Trustees, Northern Trust (UK) Pension Plan

    Moderated by Brendan Maton, IPE
  • Smart Beta Survey 2019 - The rise of smart sustainability Recorded: Nov 21 2019 66 mins
    Rolf Agather, Managing Director, North America Research, CFA FTSE Russell; Brendan Maton, IPE
    Smart Beta Survey 2019 - The rise of smart sustainability: Size matters. Location matters

    Our latest annual survey of global institutions’ use of smart beta shows a rise in smart beta adoption amongst asset owners and an increase in combining smart strategies with sustainability parameters.

    During this webinar we will discuss further the results of investing in ‘smart sustainability’ and look into regional differences.
  • Time to (Re)Consider The Value Factor Recorded: Nov 6 2019 64 mins
    Michael Hunstad, Phd, and Diana Olteanu-Veerman, Northern Trust Asset Management; Brendan Maton, IPE
    Over the past 10 years, many value strategies have suffered from the use of over simplified metrics and inefficiencies in portfolio construction. We believe the Value factor is still robust and can generate excess returns over the long term.

    In this webinar, our quantitative research team explores how taking a multi-dimensional approach and combining value with specific factors may improve risk-adjusted returns. Key topics include:

    UNDERSTANDING THE VALUE CYCLE
    After a prolonged period of underperformance, the macro environment seems to be shifting in favour of the value factor.

    THE IMPORTANCE OF DEFINITION AND METRICS
    A holistic approach based on current, normalized and prospective valuations, along with consideration of regional and sectorial specifics is essential to identify undervalued stocks.

    MITIGATING UNINTENDED RISKS
    Combining Value with Quality and Momentum whilst remaining country and sector neutral helps maximise the intended factor exposure within a risk-controlled framework.

    Presented by:
    Michael Hunstad, Phd, head of quantitative strategies and Diana Olteanu-Veerman, quantitative equity senior strategist - Northern Trust Asset Management

    Moderator: Brendan Maton
  • Why farmland now: A durable store of value and return through market cycles Recorded: Oct 29 2019 64 mins
    Martin Davies, President and Chief Executive Officer, Westchester Group Investment Management; Brendan Maton, IPE
    Hear from Nuveen, the world’s largest manager of farmland assets about how farmland can play an important role within an institutional portfolio and why now is a good time to invest.

    During the webcast we will assess the macro-economic forces and demographic trends that underpin the value proposition of direct equity investment into farmland and explore how a global approach can enhance diversification benefits to hedge against risk. We will also explore how having an active management strategy and embedding sustainability into the investment process, can further increase value.

    Presented by:
    - Martin Davies, President and Chief Executive Officer, Westchester Group Investment Management – a Nuveen company

    Moderated by:
    - Brendan Maton, IPE
  • IPE in conversation with Coronation Fund Managers Recorded: Oct 18 2019 18 mins
    Brendan Maton, IPE; Suhail Suleman, Coronation Fund Managers
    IPE’s Brendan Maton talks to Emerging Markets Portfolio Manager Suhail Suleman at Coronation Fund Managers about constructing a well-diversified portfolio of what they believe to be the best and most compelling ideas in these markets.
  • Rethinking value: A smarter approach to global defensive equities Recorded: Oct 8 2019 64 mins
    Laurent Nguyen and Gabriele Susinno, Pictet Asset Management; Brendan Maton, IPE
    Being a value investor during the longest equity bull market on record has been a brutal undertaking. Amplified by extraordinary monetary stimulus from central banks, growth-driven glamour stocks have flourished over the past decade. Meanwhile, digital transformation has caused some cheap stocks in certain industries to become ‘falling knives’ in terminal decline.

    Pictet’s Global Defensive Equities managers believe that because value is hard to find, it is more valuable than ever.

    In this webinar, they explain why a more multi-faceted understanding of value should be the cornerstone of a more defensive equities approach. In particular, they will explore:

    • Why they believe that growth and risk are often mispriced in equity markets due to behavioural biases
    • How their proprietary ‘4P’ dynamic framework aims to exploit this market anomaly by identifying mispriced securities
    • Why they believe that quant augmented by fundamental judgment results in more robust and efficient portfolio management

    Presented by:
    • Laurent Nguyen, Head of Global Defensive Equities, Pictet Asset Management
    • Gabriele Susinno, Senior Client Portfolio Manager, Pictet Asset Management

    Moderator:
    • Brendan Maton, IPE
  • Sector Investing via Futures – the why, what and how Recorded: Oct 1 2019 58 mins
    Paul Woolman, CME Group; Tim Edwards, S&P DJI; Brendan Maton, IPE
    Market participants around the world – from major institutional investors to active individual traders – use Futures and ETFs to gain access to benchmark equity index sector exposure. These two instrument types are typically preferred for their sector exposure, liquidity, pricing, and ease of trading, relative to alternatives.

    Join our webinar to hear from Paul Woolman, Head of Equities EMEA at CME Group, and Tim Edwards, Managing Director, Index Investment Strategy at S&P Dow Jones Indices, as they provide a full overview of Equity Sector Investing in the context of Futures and ETFs – across these seven key factors:

    • Granular Exposure, providing diversification and the ability to target specific sectors
    • Relevance, the driving role of sectors in recent U.S. equity performance, scales of outperformance opportunity, and the applications for active strategies
    • Cost comparison of expenses that affect the total cost between Futures and ETFs
    • Liquidity analysis across several US benchmark equity Futures and ETFs
    • Capital efficiencies and key features of margin offsets in Futures vs the fully funded nature of ETFs
    • Operational efficiencies, such as opportunities for currency exposure, UCITS eligibility and managing the roll
    • Tax considerations and applications for Futures and ETFs

    This event is hosted by Brendan Maton from IPE
  • Portfolio Construction 2.0 - Factors at the Core Recorded: Sep 10 2019 63 mins
    Michael Hunstad and Jordan Dekhayser, Northern Trust Asset Management; Brendan Maton, IPE
    Current macroeconomic circumstances combined with exceptional asset performance over the past decade are lowering return expectations going forward. This context will make it challenging for pension funds, insurance companies and other liabilities managers to achieve their returns objectives with a traditional core/satellite approach.

    Join our webinar where Michael Hunstad, PhD, Head of Quantitative Strategies and Jordan Dekhayser, CFA, Head of Quantitative Equity Research and Strategy will explore the following three topics that take another look at portfolio construction:

    - Factors at the Core
    Efficiently designed factor-based strategies are ideal for the core of a portfolio because they may provide higher returns than a pure passive portfolio for a modest amount of active risk, resulting in a considerably higher information ratio.

    - The Tracking Error Challenge
    Calibrating tracking error is crucial to target higher returns while mitigating the probability of underperformance. Staying disciplined during inevitable cyclical drawdowns is harder than it sounds but well worth it in the long run.

    - Multi-Factor Portfolios
    Because style factors are prone to sustained periods of underperformance, combining different factors that are unique drivers of return can help smooth down the cycles. We will look at the most efficient multi-factor strategies and how they help meet investors’ specific objectives.

    Presented by:
    - Michael Hunstad, PhD, Head of Quantitative Strategies, Northern Trust Asset Management
    - Jordan Dekhayser, CFA, Head of Quantitative Equity Research and Strategy, Northern Trust Asset Management

    Moderated by:
    - Brendan Maton, IPE
  • Investing in Logistics in Europe: create value through a targeted approach Recorded: Jul 16 2019 43 mins
    Thomas Karmann, Head of Logistics and Arnaud de Jong, Senior Fund Manager, AXA IM - Real Assets; Brendan Maton, IPE
    · Fast-changing consumption trends continue to drive a strong demand for flexible, high-quality logistics space in well-located locations in key infrastructure corridors

    · In this forthcoming podcast, Arnaud De Jong, Fund Manager, and Thomas Karmann, Logistics Sector Specialist, will discuss the impact on the logistics sector, including the underlying trends and current dynamics in Europe and critical success factors for investing in this sector

    · Supply chain reconfiguration together with the rise of e-commerce remain significant game changers for the European logistics market

    · The lack of immediate supply coupled with the scarcity of land for logistics development in key locations, we believe has resulted in pent-up demand for modern logistics space and tension on rental values in several undersupplied markets. For long-term investors, this situation can translate into attractive income returns and capital value appreciation perspectives through potential rent growth in supply-constrained locations

    · Innovation continues to shape warehouse design, developers are creating higher-tech properties to drive efficiency and the surge in multi-level warehousing seen across the pond is gaining more traction in Europe

    · During the podcast, the team will also illustrate the Logistics capabilities of AXA IM Real Assets and its investment strategies, aiming to offer pan-European exposure to a well-diversified and expanding portfolio of quality logistics assets through active portfolio management and sector experts that can add value.

    Presented by:
    · Thomas Karmann, Head of Logistics, AXA IM - Real Assets
    · Arnaud de Jong, Senior Fund Manager, AXA IM - Real Assets

    Moderated by Brendan Maton, IPE
  • Bond ETFs: Primed for Growth - 4 key trends driving future bond ETF adoption Recorded: Jul 5 2019 54 mins
    Armit Bhambra and Vasiliki Pachatouridi, BlackRock; Smadar Shulman, Executive Director, Indices, IHS Markit;Brendan Maton IPE
    Bond exchange traded funds (ETFs) transformed how all investors—from individual savers to pension funds—can access fixed income markets and the growth is set to accelerate from here.

    In fact, according to the most recent Greenwich Associates European Institutional ETF research, 44% of institutional investors now use bond ETFs and a growing number of European institutions are using ETFs to replace individual bonds.(1)

    Join us for a lively discussion around the fixed income market, how your peers are implementing bond ETFs in their portfolios and 4 key trends driving future bond ETF adoption.

    Speakers:
    - Armit Bhambra, Head of iShares UK Retirement, BlackRock
    - Vasiliki Pachatouridi, Head of EMEA iShares Fixed Income Strategy, BlackRock
    - Smadar Shulman, Executive Director, Indices, IHS Markit

    Moderator:
    - Brendan Maton, IPE

    (1) Source: 2019 Greenwich Associates Institutional ETF Study, February 2019. Based on 127 responses.
  • Factor Investing – The Road To Implementation Recorded: Jun 5 2019 63 mins
    Michael Hunstad, PhD and Jordan Dekhayser, CFA, Northern Trust Asset Management; Brendan Maton, IPE
    Many of the world’s largest institutional investors have adopted factor-based portfolio construction, shifting the conversation from “why” invest in factors to “how”.

    In this deep dive into portfolio construction, Michael Hunstad, PhD, head of quantitative strategies and Jordan Dekhayser, CFA, Head of Quantitative Equity Research and Strategy at Northern Trust Asset Management will uncover some of the key pitfalls to avoid and the most critical components to consider in any factor portfolio. Key topics include:

    - When factors underperform
    Discover how implementing a multi-factor approach may help mitigate periods of single factor underperformance.

    - Targeting pure factors
    Learn about our Factor Efficiency Ratio that helps provide desired factor exposures whilst minimising unintended risk.

    - Factors and ESG
    How can investors efficiently combine factors and ESG to achieve their objectives?

    Presented by:
    Michael Hunstad, PhD, Head of Quantitative Strategies, Northern Trust Asset Management; Jordan Dekhayser, CFA, Head of Quantitative Equity Research and Strategy; Brendan Maton, IPE
  • The indexing revolution fuelling institutional investment in ETFs Recorded: May 30 2019 64 mins
    Henry Odogwu, FTSE Russell; Armit Bhambra, iShares; Karim Chedid, iShares; Brendan Maton, IPE
    Allocations to exchange-traded funds by institutions currently investing in ETFs increased by 50% in 2018, totalling 15% of total assets among the 127 institutional investors participating in Greenwich Associates most recent European Exchange-Traded Funds’ European Study. That growth was driven in large part by three key trends:

    • ETFs thrive in volatility: European institutions in 2018 were repositioning their portfolios for a turbulent investment environment featuring the prospect of European Central Bank (ECB) rate hikes and a host of geopolitical risks.

    • Index revolution: European institutions in search of low-cost beta continued shifting assets from active management to index strategies last year.

    • ESG is key: European institutions are integrating Environmental, Social and Governance (ESG) standards into their investment process, and many of these investors are using ETFs as their vehicle of choice for ESG exposures.

    These trends helped fuel robust growth in ETF allocations among the institutional funds, asset managers, insurance companies, and discretionary wealth managers participating in the 2018 study.

    Join subject matter experts from index provider FTSE Russell and ETF issuer iShares for this webcast analysing the results from this latest Greenwich report and discuss ETFs’ benefits and future growth potential with European institutions.

    Presented by:
    • Henry Odogwu, Managing Director, Head of Asset Owners Group (EMEA), FTSE Russell
    • Armit Bhambra, Director, Head of iShares UK Retirement, BlackRock
    • Karim Chedid, Director, iShares EMEA Investment Strategy, BlackRock

    Moderated by Brendan Maton, IPE
  • Global Equity: Impact Investing moves centre stage Recorded: May 22 2019 66 mins
    Luciano Diana and Marc-Olivier Buffle, Pictet Asset Management; Brendan Maton, IPE
    Protecting the environment is now a priority for consumers, companies and governments. Their converging interests, driven by increased global awareness, technological advances and health concerns, are underpinning a global drive to safeguard the world’s natural resources.

    The private sector is rising to the challenge with the most proactive companies integrating environmental policies into their sales strategies and business models to generate new opportunities. We believe companies with products and services that maximise resource efficiency and help diminish pollution will offer long-term sustainable returns.

    In this webinar, Pictet Asset Management’s thematic investment managers explain the process they adopt to unlock the potential of environmental investments. They delve into why employing an investment screen that uses a rigorous planetary-boundaries framework and lifecycle analysis can not only safeguard the natural world but enhance investment return.

    In this webinar, Pictet Asset Management’s thematic investment managers explain:

    • The lessons Pictet learned over two decades on how to make a difference
    • An environmental equity approach that is not about compromising on return
    • Explain how we use our “ Planetary Boundaries” framework to define our investment universe

    Presented by:
    • Luciano Diana, Head of Environmental investments, Pictet Asset Management
    • Marc-Olivier Buffle, Senior Product Specialist, Pictet Asset Management

    Moderator:
    • Brendan Maton, IPE
  • Build to Rent: a new home for capital Recorded: May 15 2019 61 mins
    Dan Batterton and Eleanor Jukes, LGIM Real Assets; Brendan Maton IPE
    Tune in to this webcast to hear LGIM's market experts talk about the growing £50bn Build to Rent (BTR) sector and why it’s part of the solution to the UK’s housing issues and investor requirements.

    IPE’s Brendan Maton, will be quizzing Dan Batterton, Senior Fund Manager, L&G UK Build-to-Rent Fund and Eleanor Jukes, Senior Strategist on:
     
    • What is UK Build to Rent?
    • What does BTR deliver to an investment portfolio for both UK and non-UK investors?
    • The positive social impact of BTR
    • How the risks and regulations are managed
    • How will the BTR sector evolve?

    Presented by:
    • Dan Batterton, Senior Fund Manager, L&G UK Build-to-Rent Fund, LGIM Real Assets
    • Eleanor Jukes, Senior Strategist, LGIM Real Assets

    Moderated by Brendan Maton, IPE
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.

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  • Title: Factor-based investing: Fixing a broken portfolio
  • Live at: Nov 8 2016 2:30 pm
  • Presented by: MIchael Hunstad and Andrew Knell, Northern Trust; Moderator Brendan Maton, IPE
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