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Pensioenfondsen beleggen 'met visie'

Beleggen is geen exacte wetenschap, maar berust in laatste instantie op de overtuigingen van de belegger. In het kader van de broodnodige 'countervailing power' is het van belang dat pensioenfondsbesturen tegenwicht kunnen bieden aan de impliciete beleggingsvisie van hun aanbieders en uitvoerders. Zijn ze het wel met die visie eens? En hebben ze zelf een goed ontwikkelde filosofie om op terug te kunnen vallen? We praten hierover met de auteurs van het boek ‘Beleggen met visie’ dat op 28 april verschijnt:

• Kees Koedijk, hoogleraar Financieel Management aan de Universiteit van Tilburg
• Alfred Slager, directeur Centrum voor Toegepast Onderzoek van de Universiteit van Tilburg
Recorded May 26 2011 57 mins
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Presented by
Mariska van der Westen (hoofdredacteur IPNederland)
Presentation preview: Pensioenfondsen beleggen 'met visie'

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  • When Low Volatility Isn’t Low Jun 9 2020 1:00 pm UTC 75 mins
    Intech CEO and CIO, Adrian Banner Ph.D., and David Schofield, Intech’s International Division President; Brendan Maton, IPE
    Equity investors found few places to hide in this year’s drawdown. Even low volatility strategies underperformed in their first real test since the global financial crisis. Intech identified an anomalous shift in stock betas as the culprit, but why did so many low volatility strategies have trouble circumventing this dislocation? The answer to this question is an opportunity for plan sponsors to learn the important distinctions between defensive equity implementations.

    In this webcast, Intech CIO, Dr. Adrian Banner, and Intech President, David Schofield, will demonstrate how simple differences in implementation can lead to a wide range of outcomes. They will explore:

    - How the dislocation in stock betas affected market structure
    - Why some low volatility approaches prove more resilient
    - Which key factors to consider when evaluating defensive equity strategies

    Presented by: Intech CEO and CIO, Adrian Banner Ph.D., and David Schofield, Intech’s International Division President.
    Moderator: IPE’s Brendan Maton
  • How are investors holding managers accountable through Covid-19? Jun 4 2020 1:00 pm UTC 75 mins
    John Molesphini, Global Head of Insights, and Russell Elliott, Senior Vice President, Strategic Engagement, eVestment
    In times of volatility, it is more important than ever to understand how your managers are performing, the factors driving this performance and whether there are any areas for concern – with respect to the funds you have invested in, but also with respect to their firms and people. In this webcast, hear how institutional investors have responded to these extraordinary socio-economic conditions and how to apply their best practices to your existing manager monitoring process when returns are unpredictable.

    Presented by:
    John Molesphini, Global Head of Insights, eVestment
    Russell Elliott, Senior Vice President, Strategic Engagement, eVestment

    Moderated by:
    Brendan Maton, IPE
  • ESG & Credit: How To Mitigate Both Financial And Climate Risks Recorded: May 27 2020 71 mins
    Brad Camden, director of fixed income and Valeria Dinershteyn, senior sustainability specialist, EMEA
    Institutional investors are increasingly looking at making their significant fixed income allocations part of their sustainable investing strategy. But whilst the recent market turmoil highlights the need to further include ESG in foundational risk management efforts, some challenges around data and portfolio construction still remain in the fixed income space.

    During this webinar our experts will explore how to:

    • Combine ESG and credit research to mitigate portfolio downside risk
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    • Minimize the carbon footprint in fixed income portfolios

    Presented by: Brad Camden, director of fixed income and Valeria Dinershteyn, senior sustainability specialist, EMEA, Northern Trust Asset Management

    Moderator: Brendan Maton

    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.

    © 2020 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A.
  • The roads to a low-carbon transition: What it means for investors Recorded: May 19 2020 73 mins
    Vis Nayar, European and UK Chief Investment Officer; Stephanie Maier, Responsible Investment, HSBC Global Asset Management
    HSBC Global Asset Management's latest scenario analysis report - The roads to a low-carbon transition: what it means for investors – is now available. You are invited to join us as we investigate the use of climate scenarios and test how various transition pathways might impact the pricing of risk and assets.

    We have seen a significant change to the macro environment over the last month, but our analysis remains very relevant to long term investors. We have seen violent moves in financial markets and yet ESG tilted indices have outperformed the wider market – suggesting an increased investor focus on ESG issues. Whilst most stock prices may mean-revert from current levels, we must use this opportunity to get our economies to transition to a more sustainable basis.

    In December 2017, we began working on climate scenario analysis with Vivid Economics to develop a construct for understanding company-level climate-related risks and opportunities to help investors make informed decisions. The first report, published in 2018, included six potential scenarios, three focused on policy timing and three on future technology costs. Following the IPCC 1.5ºC special report, we expanded our initial work – increasing the number of scenarios to 10 to represent a broader range of low-carbon futures and taking into account the latest IPCC carbon budgets.

    In this follow-up report, we take the analysis further, expanding the range of scenarios and extending the impact to credit ratings.

    Presented by:
    Vis Nayar, European and UK Chief Investment Officer, HSBC Global Asset Management and Stephanie Maier, Director – Responsible Investment, HSBC Global Asset Management

    Moderated by: Brendan Maton, IPE
  • Impact of COVID-19: Exploring Factors and ESG Equity and Fixed Income Resilience Recorded: May 13 2020 63 mins
    Hitendra Varsani, Factor and Fixed Income research, Exec Director; Guido Giese, ESG Equity research, Exec Director, MSCI
    Defensive Factor, ESG and Climate indexes in equities and fixed income have outperformed their respective parent indexes in the recent sell-off.

    The COVID-19 crisis is not a financial crisis, but could potentially impact all industries due to simultaneous supply and demand shocks, particularly those issuers that have lower credit quality, are more leveraged and have lower environmental, social and governance (ESG) characteristics.

    IPE and MSCI invite you to a webinar to examine some of drivers of the outperformance, equities, fixed income and derivatives trends and what are the wider implications if the crisis persists. The webinar aims to answer the following questions:

    • What is the impact of the coronavirus? Why are Factor, ESG and climate characteristics showing resilience?
    • What is the interplay between Factors, ESG and Climate characteristics?
    • Are there differences between fixed income and equities strategies?
    • Are there regional differences? (Europe, N America, APAC)
    • ESG and multi-country multi-currency derivatives: What is the current market landscape, what are the dynamics and flows? What are the implications?
    • How can investors apply these insights into their investment processes?
     
    Speakers include:
    • Hitendra Varsani, Factor and Fixed Income research, Executive Director, MSCI
    • Guido Giese, ESG Equity research, Executive Director, MSCI

    Moderator: IPE’s Brendan Maton

    Further reading
    Blog: MSCI ESG Indexes during the coronavirus crisis
    The COVID-19 outbreak is the first real-world test since the 2008 global financial crisis of the resilience of companies with high MSCI ESG Ratings. This latest blog by MSCI summarizes the performance of four global MSCI ESG indexes to their parent indexes during the COVID-19 sell-off. (https://www.msci.com/www/blog-posts/msci-esg-indexes-during-the/01781235361)
  • Aviva Investors’ Real Assets House View Recorded: Apr 23 2020 65 mins
    Chris Urwin; Laurence Monnier and Mark Meiklejon, Aviva Investors; Brendan Maton, IPE
    – The intelligence that guides our investment decisions – 

    Aviva Investors Real Assets House View identified three big themes driving real assets markets over the medium to long term:

    • ‘Lower for longer’ supports long-duration assets value
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    In this webcast, Chris Urwin, Head of Research, Real Assets, Laurence Monnier, Head of Quantitative Research, Real Assets and Mark Meiklejon, Head of Real Assets Investment Specialists, will discuss what this means for institutional investors who are increasingly turning to real assets to help them achieve their investment needs, and how these themes may be affected by recent global events.

    Presented by:
    Chris Urwin, Head of Research, Real Assets; Laurence Monnier, Head of Quantitative Research, Real Assets; Mark Meiklejon, Head of Real Assets Investment Specialists, Aviva Investors

    Moderated by: Brendan Maton, IPE
  • Alternatives Outlook: Impacts of Covid-19 and portfolio considerations Recorded: Apr 6 2020 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
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    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 Recorded: Mar 31 2020 68 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:
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    • 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
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    Presented by:
    - Armit Bhambra, Head of iShares UK Retirement, BlackRock
    - Guido Giese, Executive Director, Applied Equity Research, MSCI

    Moderated by:
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  • 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
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    - The integration of ESG elements – helping investors to deliver on their wider goals

    Presented by:
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    Moderated by:
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    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.

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    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
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  • 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
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: Pensioenfondsen beleggen 'met visie'
  • Live at: May 26 2011 1:00 pm
  • Presented by: Mariska van der Westen (hoofdredacteur IPNederland)
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