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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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Mariska van der Westen (hoofdredacteur IPNederland)
Presentation preview: Pensioenfondsen beleggen 'met visie'

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    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.

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    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.

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    (1) Source: 2019 Greenwich Associates Institutional ETF Study, February 2019. Based on 127 responses.
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    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:

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    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.

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    Moderator:
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  • 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
  • Exposed to Nonsense? Spurious Factors in Popular Investment Tools Recorded: Mar 21 2019 74 mins
    Felix Goltz, Research Director, Scientific Beta, and Head of Applied Research at EDHEC-Risk Institute; Brendan Maton, IPE
    Factor investing offers a big promise. By identifying the persistent drivers of long-term returns in their portfolios, investors can understand which risks they are exposed to, and make explicit choices about these exposures.

    When it comes to information about factors, providers offer analytic toolkits to identify the factor exposures of an investor's portfolio. However, these analytic tools do not employ academically grounded factors and their factor finding process maximises the risk of ending up with false factors. These non-standard factors also lead to mismeasurement of exposures and may capture exposure to redundant factors. In the end, analytic tools for investors do not deliver on the promise of factor investing and they also lack transparency.

    This webinar will contrast factor definitions used in analytic tools offered to investors and compare them with the standard academic factors. We will also outline why the methodologies used in popular tools pose a high risk of ending up with irrelevant factors.
  • Managing Volatility: Index approaches for a smoother ride Recorded: Mar 12 2019 62 mins
    Marlies van Boven, Managing Director, Research & Analytics, FTSE Russell; Brendan Maton, IPE
    When faced with market volatility, many institutional investors typically allocate a percentage of their portfolio to cash. Sitting, waiting, for the waters to calm before they dip their ‘investment toe’ back in.

    However, non-participation presents a timing risk and may mean ‘missing the boat’ when markets calm and climb.

    How can investors reduce overall portfolio risk while remaining invested? How can index-based investment approaches help investors meet their defensive objectives?

    In this webinar Marlies van Boven, PhD, Managing Director Research & Analytics, FTSE Russell examines what popular indexed-based strategies can do to help limit the impact of portfolio volatility and mitigate risk.

    • Volatility – what are the key drivers behind the current market volatility?
    • Common defensive Index based strategies. Philosophy, design and objectives
    • The Minimum Variance approach – Reducing overall portfolio volatility, while maintaining diversification
    • Assessing relative performance via Analytics + FTSE Russell’s Analytics tool
    • Q&A
  • A rules-based approach to integrating climate risk Recorded: Nov 22 2018 66 mins
    Francis Condon and Christopher Greenwald, UBS Asset Management; Brendan Maton, IPE
    As the need intensifies for the world to transition to a low-carbon economy, we look at the ways in which aligning to the 2 degree global warming scenario can provide investors with opportunities. In particular, we will explore the benefits of adopting a low cost, rules-based approach to integrating climate risk, with a focus on:

    • Incorporating a forward looking approach aligned to forward-looking carbon reduction targets
    • The use of qualitative and quantitative factors to tilt exposures towards those companies more likely to follow the 2 degree reduction scenario and away from those likely to track the 6 degree scenario
    • The role of an active engagement and proxy voting policy to drive positive climate change action


    Presented by:
    - Christopher Greenwald, PhD, MBA: Head of Sustainable and Impact Investing Research and Stewardship, Executive Director, UBS Asset Management
    - Francis Condon, M.Phil: Sustainable and Impact Investing Research Analyst, Executive Director, UBS Asset Management

    Moderated by:
    Brendan Maton, IPE
  • How are Pension Funds seeking new cost efficiencies? Recorded: Nov 15 2018 47 mins
    Armit Bhambra, Head of UK Retirement, iShares by BlackRock; Maya Beyhan, Investment Strategist, Kempen; Brendan Maton, IPE
    Since 2009, ETF assets have increased from c.$1trn to above $4trn today*. As AUM has increased, so too has the volume traded over exchanges, which has the direct impact of reducing transaction costs versus trading in the primary markets. This changing landscape requires a more holistic view of costs.

    In this webinar, we focus on ETFs and when and why it maybe more cost efficient to use an ETF instead of an alternative wrapper. We will look at the Total Cost of Ownership (TCO) framework and how it can help drive cost efficiencies for your Pension Fund, for both ETFs and IMFs. It also enables you to evaluate the most cost-efficient vehicle and gives you a better reflection of true costs.

    We will discuss how you can make cost efficiencies for your pension fund and address the following key questions:

    · What are the cost benefits of ETFs?
    · How will it fit within our current pension fund portfolio?
    · What is the Total Cost Ownership (TCO) framework?
    · How does TCO differ to the traditional cost analysis model for mutual funds?
    · Should I consider ETFs as a key investment strategy for our pension fund?
    · ETFs have been on the rise for the last few decades, will the trend continue?
    · What is the key strategy to achieving a strong return and cost-efficiencies?

    * Source: Kempen Capital Management, as of July 2018
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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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