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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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  • Operational Risk Management: Empowering Strategic Decision Making and Oversight Jun 16 2021 1:00 pm UTC 60 mins
    Frans Hofkens, Northern Trust | Vincent Molino, Northern Trust Front Office Solutions | Brendan Maton, IPE
    As has been evident from the global financial crisis, successful risk management stands or falls with good governance and the right culture within an organisation. The outcomes of decisions, especially in the long-term, are by definition uncertain and necessitate a careful and balanced decision-making process as the basis for making future-proofed choices.

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    • An integrated risk management framework and the management of non-financial risk
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    • How ORM and ODD help from the outset and throughout a period of outsourcing

    Presented by:
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    Moderated by: Brendan Maton, IPE
  • The Importance of Institutional Impact Investing: care homes as an illustration Jun 9 2021 11:30 am UTC 75 mins
    Michael Toft, Senior Fund Manager of the Octopus Healthcare Fund | Brendan Maton, IPE
    The UK healthcare real estate sector is maturing. Occupational demand is growing owing to an ageing population and rising care needs. Meanwhile an undersupply of high-quality purpose-built accommodation persists.

    The last decade has seen increasing interest in the UK healthcare market from institutional investors attracted by the scope for long dated income, attractive yields and diversification attributes.

    Recent trends among institutions towards impact investing have only served to increase interest. The sector offers investors the opportunity to achieve attractive financial returns while helping solve a key societal challenge – the need for high quality care provision for our elderly population.

    Join us at this educational webinar at 12:30pm on Wednesday 9 June to learn about:

    – ESG and impact considerations of investing in healthcare real estate
    – The market dynamics underpinning healthcare real estate in the UK
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    Octopus Real Estate is part of the Octopus Group, an independent, predominantly UK-focussed investment management platform, with offices in London, New York and Australia and £10 bn AUM (as at 31 Mar 2021) invested across healthcare real estate, property lending, venture capital, mid-market companies and renewable energy. It is majority owned by its founders, approximately 900 employees and their families, and has a 20-year track record. Octopus Group has a distinctive approach to investment management and is certified as a ‘B-Corporation’, which recognises businesses ‘that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose’. Octopus Real Estate is highly experienced in the investment and management of UK healthcare real estate. Its Care Homes Team has been actively investing in Elderly Care Homes for over a decade.
  • Key Performance Indicators for Climate Investing Jun 3 2021 1:00 pm UTC 75 mins
    Felix Goltz, PhD, Research Director, Scientific Beta | Victor Liu, CFA, ESG Analyst, Scientific Beta | Brendan Maton, IPE
    – How consistent are climate strategies with impact objectives? –

    Climate investing strategies seek to reward virtuous companies with increasing capital and provide incentives for management to reduce the climate impact of corporate activities. We analyse whether typical strategies that tilt to stocks with good climate scores or optimise portfolio climate scores are consistent with this impact objective.

    We analyse common climate strategies and analyse the holdings of such strategies. How strategies decide on weights at the individual stock level, and how these weights change over time is crucial for driving impact on company management to act for the climate. Therefore, we go beyond analysing portfolio level weighted-average scores that are targeted by such strategies and instead ask how well the strategies incentivise companies to reduce the climate damage they create.

    Topics covered include:

    – A taxonomy of climate investing strategies
    – Identifying the key drivers of capital supply from climate investing to green and brown firms
    – Assessing the consistency of signals for incentivizing firms to act on climate
  • Sustainability & Climate: What Gets Measured Gets Done May 28 2021 1:00 pm UTC 75 mins
    Christopher Huemmer, Northern Trust Asset Management | Hamish Seegopaul , Qontigo | Brendan Maton, IPE
    *For professional investors only*

    – Creating & Implementing a Forward-Looking Rules-Based Approach to Sustainability & Climate –

    Now more than ever, investors are turning to ETFs powered by rules-based indices to build more sustainable portfolios. With climate-related risks posing a potential threat to the long-term strength of many institutional investment portfolios and with the increasing volume of data to help identify key climate-related risks and opportunities, two experts at FlexShares Exchange Traded Funds & Qontigo explain the process of creating indices that effectively incorporate climate metrics and investment factors such as high dividend, quality and low volatility into the index construction process.

    Join us for an in-depth partnership discussion on the creation and usage of the recently launched iSTOXX® Northern Trust Climate ESG Indices – that address two challenges that professional investors are dealing with in this low yield, high volatility market.

    Agenda includes:

    • Conversation around the partnership between Northern Trust Asset Management and Qontigo that drove the index creation process;
    • A closer look at how the indices embed SASB’s Materiality Map® in an effort to identify sustainability issues that are likely to affect the financial condition or operating performance of companies within a given industry;
    • Integrating a multi-factor approach including the application of a quality process that consists of three composite categories – Management Efficiency, Profitability & Cash Flow/ Financial Strength in order to identify sustainable dividends.

    Presented by:
    – Christopher Huemmer – Senior Investment Strategist, FlexShares ETFs, Northern Trust Asset Management
    – Hamish Seegopaul – Managing Director, R&D, ESG and Quantitative Indices, Qontigo
  • Breaking Down Corporate Net-Zero Climate Targets May 25 2021 2:00 pm UTC 75 mins
    Linda-Eling Lee, MD, Global Head of ESG Research, MSCI | Oliver Marchand, MD, Global Head of ESG Research & Models, MSCI
    An increasing number of companies are announcing decarbonization or ‘net-zero’ commitments with approximately 35% of MSCI ACWI Index constituents having set some type of target as of January 2021. But how realistic are these targets? MSCI’s latest analysis reveals targets that appear to be similar in their headline can turn out to be quite different underneath the hood. This disparity may make it difficult to assess the potential impact targets could have, if achieved, on the environment or on companies’ climate risk profiles.

    Join MSCI and IPE as we explore some of the common decarbonization approaches and provide a framework for investors to compare companies’ climate commitments and assess where some of the strengths and weaknesses of a target may lie.

    Presented by:
    Linda-Eling Lee, Managing Director, Global Head of ESG Research, MSCI
    Oliver Marchand, Managing Director, Global Head of ESG Research & Models, MSCI

    Moderator by: Brendan Maton, IPE
  • Forestry, Carbon and Climate Change: Investing for the Future May 20 2021 7:00 am UTC 75 mins
    Che Charteris, CEO, Craigmore | Nick Tapp, Head of Investor Relations, Craigmore | Brendan Maton, IPE
    ▪ In this webcast Craigmore farming and forestry experts, Che Charteris and Nick Tapp will discuss the economic and environmental benefits of forestry - with New Zealand as a case study.

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  • (Climate) change in portfolios: efficient and complete decarbonisation May 19 2021 12:30 pm UTC 75 mins
    Dr. Ralf Seiz - CEO of Finreon AG, Supervisory Board & Lecturer University of St. Gallen (HSG) | Brendan Maton, IPE
    – With Finreon ZeroCarbon® –

    The mitigation of climate change and the transition to a CO2-neutral economy is one of the biggest challenges institutional investors face in the coming years, as both the requirement to disclose the carbon footprint and the emergence of new benchmarks (e.g. CTB/PAB) reflect the political and regulatory will to systematically decarbonize investment portfolios.

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    - Low risks and costs: Decarbonisation with Finreon ZeroCarbon® allows for a high level of portfolio decarbonization with minimal tracking error impact and costs
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    Join us in discussing the following topics:

    - Why decarbonize portfolios?
    - What options exist to efficiently decarbonize portfolios?
    - What is the price of decarbonization?
    - What is a carbon hedge?
    - How can a carbon hedge be used to efficiently decarbonize portfolios?
    - Is it possible to fully decarbonize portfolios today?
  • Are Pan-European Logistics Investments Still Attractive Post-COVID? Recorded: May 12 2021 56 mins
    Alistair Calvert - CEO and founder, Clarion Partners Europe | Tim Wang - MD, Head of Investment Research, Clarion Partners
    The logistics sector has been red-hot, driven by robust occupier demand and strong investor interest. The shift to e-commerce accelerated dramatically during the COVID-19 pandemic as people stayed home and ordered more goods online. Now with the global vaccination rollout, the end of the pandemic is finally in sight. Post-COVID, will people still buy more items online? Will logistics tenants keep taking up more distribution space?

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    Presented by:
    Alistair Calvert - CEO and founder, Clarion Partners Europe
    Tim Wang - Managing Director, Head of Investment Research, Clarion Partners

    Moderated by: Brendan Maton, IPE
  • Now is the right time to invest in private real estate debt Recorded: May 11 2021 64 mins
    Paul House, ARA Venn | Richard Barkham, CBRE | Andrea Vanni, Areli Real Estate | Brendan Maton, IPE
    An engaging session focused on the investment opportunities and threats within the context of European & UK private real estate debt.
     
    Following the economic backdrop as presented by CBRE’s Global Head of Research and Global Chief Economist Richard Barkham PhD, the panel discussion brings both Lender and Borrower perspectives to gain insights to the European & UK Commercial Real Estate debt markets – the discussion will include:
     
    • An introduction to the European & UK CRE debt markets
    • Products available to global investors
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    • The Borrower’s perspective – competition in the marketplace and selecting the right debt partner
    • Views on the UK & differing European countries  – what are the best and what are the more challenging markets and why?
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    Presented by:
    – Paul House, Managing Partner, ARA Venn
    – Richard Barkham, Chief Global Economist & Head of Americas Research, CBRE
    – Andrea Vanni, Partner, Areli Real Estate

    Moderated by: Brendan Maton, IPE
  • Beyond Large Caps – The Case for Small-Mid Cap Japanese Equities Recorded: May 5 2021 60 mins
    Anca Vasilov, Head of Equities EMEA, Asset Management One International Ltd | Brendan Maton, IPE
    Asset Management One is one of Japan’s top asset management firms. With deep roots in our domestic market, we aim to provide clients globally with valuable, actionable insight into the opportunities offered by the Japanese equity market. The focus of this webcast is the fast evolving and dynamic Japan small-mid cap universe. With over 3,000 companies spanning both traditional and new economy sectors, Japan offers a diverse mid-small cap investment landscape. Our presenter will explain why this is a compelling segment of the market that can provide investors with unique investment opportunities for the long term, while also addressing how our firm can help investors navigate the challenges inherent to this section of the market.
  • Biggest Bang for your Core and Value Add Real Estate Buck Recorded: May 4 2021 65 mins
    Lauren Hochfelder, Brian Niles, Toru Bando & Tony Charles, MSREI | Brendan Maton, IPE
    – Around the world in search of the best risk-adjusted returns in commercial real estate –

    The global economy is in the early stages of a sharp recovery. Inflation is a new hot topic and interest rates are on the rise. How will these macroeconomic trends impact real estate fundamentals and pricing across different regions? That’s just the cyclical side. Work-from-home, suburbanization, eCommerce, zoom, shifting shopping behaviors. How permanent are these secular shifts that we have witnessed over the past 12-18 months and what will be the impacts on each real estate sector and region?

    The combination of a strong economic recovery, some potential re-pricing in some sectors and markets, and shifting demand patterns resulting from structural changes emanating out of COVID should provide a really interesting set of core and value-add real estate investment opportunities.

    Presented by:
    – Lauren Hochfelder, Deputy Chief Investment Officer of Morgan Stanley Real Estate Investing (MSREI) and Head of MSREI Americas
    – Toru Bando, Co-Head of North Haven Real Estate Funds (NHREF) and Head of MSREI Asia
    – Brian Niles, Co-Head of NHREF and Head of MSREI Europe

    Moderator: Tony Charles, Head of Global Research and Strategy of MSREI
  • How Global is your Global Equity Fund? Recorded: Apr 27 2021 60 mins
    Laure Négiar - Portfolio Manager, Comgest | Brendan Maton, IPE
    – Exposure that reflects the future, not the past –

    The US has dominated many global funds and indices for close to a decade, and yet the opportunity set for a global investor has evolved considerably - most obviously in Asia. Have global funds kept up?

    With on-the ground research teams and three decades of experience in global stock picking, Comgest’s global strategy is navigating 2021 and beyond with over 40% exposure to Emerging Markets and Japan, as a result of the team’s bottom-up selection process. How can sustainable quality growth investors benefit from these regions whilst maintaining strong ESG credentials? Why have investors long underestimated Japan? Portfolio Manager Laure Négiar will discuss these themes in light of Comgest’s strategy, a portfolio positioned for the future, not the past.
  • Lessons from COVID-19 for the response to climate change Recorded: Apr 22 2021 63 mins
    Sara Rosner, AllianceBernstein | Jeff Schlegelmilch, Columbia University | Brendan Maton, IPE
    COVID-19 has dealt a harsh blow to humanity and the global economy in a very short time, creating widespread uncertainty and massive disruptions to normal ways of life. Climate change may be taking place on a longer time frame, but there are clear connections to the pandemic. This webinar looks at applying lessons learned from the COVID-19 pandemic to the study of and response to climate change.

    Sara Rosner, Director of Environmental Research and Engagement—Responsible Investment at AB, and Jeff Schlegelmilch, Director of the National Center for Disaster Preparedness at Columbia’s The Earth Institute will take a closer look at:

    · How changes in human behaviour brought about by environmental and health stress can contribute to the public’s capacity to address severe global crises
    · Challenges in scenario modelling, analysis and data availability from the epidemiological and climate perspectives
    · The various paths to building back from the pandemic in terms of speed, approach and competing interests
    · Integration of the private sector into disaster response going forward

    Presented by:
    · Sara Rosner, Director, Environmental Research and Engagement—Responsible Investment, AllianceBernstein
    · Jeff Schlegelmilch, Director of the National Center for Disaster Preparedness, The Earth Institute, Columbia University

    Moderated by: Brendan Maton, IPE
  • Why you need to allocate to Global Agriculture in your Alternatives Portfolio Recorded: Apr 21 2021 61 mins
    Matthew Corbett, Partner, Agriculture at Fiera Comox | Brendan Maton, IPE
    Matthew Corbett, Partner at Fiera Comox will share a more than a decade worth of insights to:

    describe the unique nature of Agricultural investing
    outline how you can access the asset class
    demonstrate the opportunities to enhance the return profile of your private markets allocation

    On the face of it, Agricultural investing presents a highly attractive return and risk profile. A growing world population means that food production and demand can only increase whilst Investors in agriculture projects can benefit from inflation protection and returns that are non-correlated with other asset classes, as well as attractive and stable.

    However, specialist knowledge, diversification, managing an evolving E.S.G landscape and accessibility are all critical in reaping the rewards of these investments. We estimate institutional ownership of agricultural assets no higher than 3 percent globally so there remains a steep learning curve for many investors but on the flip side, there are significant inefficiencies remaining in the market.

    Matt started his Agri Investing career at Canada’s Public Sector Pension Investment Board (PSP Investments) before becoming a founding partner of Fiera’s Agricultural franchise and has invested around 2.5 billion in private market farmland and timberland over the course of the last decade. Matt currently serves on the board of several of Fiera Comox’ investee companies including Auvil Fruit Company.
  • ESG beyond the 'E': when technology, social impact & governance comes into play Recorded: Apr 15 2021 66 mins
    Isabelle Scemama, Philippe de Martel, John O’Driscoll, Justin Travlos and Frederick Widl, AXA IM | Brendan Maton, IPE
    ESG has rapidly increased in importance in the real estate industry and investment managers have a critical role to play. The disruption brought forward by the pandemic has accelerated the need to bring social and environmental priorities to the fore.

    AXA IM Alts are committed to integrating ESG factors into everything we do, whether deciding where to invest or creating the built environment of the future. By meeting the challenges of today and tomorrow, we believe we will create long-term value for all our stakeholders.
    In this webcast, our team will address ESG beyond the ‘E’: when technology, social impact and governance comes into play.
    Highlights include:
    - A closer look at how we embed ESG in our practices and future developments, including the key role technology plays in this
    - Solving social issues: the case for long-term institutional investment into residential. A case study on France
    - The ever important need to align interests, especially given the current environment

    We welcome your active participation and you can submit questions for the presenters to address throughout the session.

    Presented by:
    – Isabelle Scemama, Global Head of AXA IM Alts and CEO of AXA IM - Real Assets
    – Philippe de Martel, Head of Fund Management – AXA Mandates
    – John O’Driscoll, European Head of Transactions
    – Justin Travlos, Global Head of Responsible Investment
    – Frederick Widl, Country Head Switzerland, Real Assets

    Moderated by: Brendan Maton, IPE
  • The role and impact of fossil fuels divestment for reaching Net-Zero goals Recorded: Apr 13 2021 63 mins
    Erik Christiansen, ESG & Low Carbon Solutions Specialist, Scientific Beta | Brendan Maton, IPE
    Net-Zero alignment and fossil-free investments: what is the role and impact of fossil fuels divestment for reaching Net-Zero goals?

    The webinar will cover:

    · How crucial is phasing out fossil fuels in 1.5°C scenarios?
    · What level of differentiation between different fossil fuels is justified?
    · What are the theoretical and empirical arguments for the fossil-free investment movement?
    · Is it naïve to take the forward-looking commitments of fossil fuels companies into account?
    · What is the most effective way for investors to influence companies?
    · What are the risks of broad-stroke fossil fuel divestment strategies?
  • Value Investing: No Longer "When" But "How"? Recorded: Apr 7 2021 70 mins
    Michael Hunstad, head of quantitative strategies | Diana Olteanu-Veerman, CFA, quantitative equity senior strategist EMEA
    Whether you were brave enough to hold or are now looking to build exposure to the value factor, we believe investors should take specific approaches to ensure their value portfolio delivers on expected financial and ESG outcomes.

    Join our experts as they reveal a more thoughtful approach to portfolio construction that leverages both targeted factor exposures and ESG research. Key topics include:

    • Combining value with factors like quality and momentum can result in higher returns and lower risk
    • Naïve integration of ESG factors such as climate risk can negatively impact your factor exposure
    • Remaining country and/or sector neutral reduces active risk and limits underperformance versus the benchmark


    IMPORTANT INFORMATION
    This material is directed to professional and eligible counterparties 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.

    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, Belvedere Advisors LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

    Issued in the United Kingdom by Northern Trust Global Investments Limited and in the EEA by Northern Trust Fund Managers (Ireland) Limited.
    © 2021 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 USA
  • Building Sustainable Portfolios Recorded: Mar 31 2021 46 mins
    James Gloak, BlackRock | Guido Giese, MSCI | Brendan Maton, IPE
    *For professional clients only*

    Now more than ever, investors are turning to ETFs and index funds to build more sustainable portfolios. In this webinar, experts at MSCI & iShares explain why sustainable portfolios start with indexing and how indexing is helping make sustainable investing mainstream. They will also discuss the state of the sustainable investing market today, key trends to look for in the future and the different ways to build sustainable portfolios that target a variety of investment goals.

    Presented by:
    James Gloak – Lead Product Strategist, iShares Sustainable Investing, BlackRock
    Guido Giese – Executive Director, Applied Equity Research, MSCI

    Moderated by:
    Brendan Maton, IPE
  • Equity Income Investing Recorded: Mar 29 2021 75 mins
    Ian Mortimer, Guinness Asset Management | John Tobin, Epoch Investment Partners | Martin Hurst, IPE
    Expert Livestream, 14:00 UK time, 29 March

    The Specialist Fields:

    Epoch Investment Partners: Why capital allocation matters
    Guinness Asset Management: Why quality matters

    ---
    IAN MORTIMER, Portfolio Manager, Guinness Asset Management on Why Quality Matters:

    The approach: to invest in good quality businesses with persistently high returns on capital and strong balance sheets, that are highly cash generative, and that are trading at attractive valuations. Such businesses are best placed to pay a sustainable and growing dividend in the future.

    A balanced approach – seeking a return from a combination of cash flow growth, multiple expansion, and dividends – alongside a focus on quality characteristics puts the investor in a good position whatever the future market direction in 2021 and beyond.
    ---
    JOHN TOBIN, Portfolio Manager, Epoch Investment Partners explains why Capital Allocation is Key.

    A company should reinvest capital if the expected return on invested capital is greater than the company’s cost of capital. Remaining free cash flow should be returned to shareholders via shareholder yield.

    Capital allocation matters, because decisions on how to allocate cash flows – whether to reinvest in order to grow a company, or to return capital to shareholders – can create or destroy long-term shareholder value.
  • Rethinking Multi-Factor: avoid hidden bias to achieve true multi-factor exposure Recorded: Mar 24 2021 59 mins
    Tatjana Puhan, Managing Director, Deputy Chief Investment Officer, TOBAM | Brendan Maton, IPE
    Recent years witnessed a significant increase in interest from investors in factor and multi-factor investing. 2020, however, turned out to be an unpleasant year for many investors in factor-based strategies. This includes the widely cited value factor drawdowns, but also multi-factor strategies themselves, particularly those that are put forward to investors as providing a diversified exposure to risk factors, which many did not. In this webcast we shed light on why factor investing in its common form and in particular multi-factor portfolios may not deliver investors the balanced risk exposures and diversification effects, that they typically hope to achieve or are promised to obtain by spreading their investments across multiple factors. We explore common implementations of multi-factor strategies revealing that many suffer from unwanted biases, then highlight the unintended consequences of these hidden biases.
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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