Name: Managing Global Private Credit: Live Report from Two Direct Lending Leaders
Start: 2020-06-30T13:30:00Z
End: 2020-06-30T14:57:56.000Z
Location: BrightTALK
Rating: 4.29

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.

• EM CORPORATE DEBT
ALEJANDRO AREVALO, Investment Manager, Fixed Income – EMD, Jupiter Asset Management:
Emerging markets corporate debt offers investors a potentially better risk-reward mix than sovereign debt. Despite this, most institutional allocations use emerging markets sovereign bonds to define the asset class within their policy benchmark, likely a relic of market structure long ago.

In this webcast Investment Manager Alejandro Arevalo discusses why institutional investors may wish to consider increasing their strategic allocation to this important asset class, especially in context of the rising rate environment, which may provide an attractive long-term entry point.

• WHY EMD INDEXING, AND WHY NOW?
LYUBKA DUSHANOVA, Senior Portfolio Strategist, Emerging Market Debt State Street Global Advisors:
Emerging Markets have had their fair share of market turbulence over the past few years stemming from COVID-19, the war in Ukraine, high inflation, and a strong US dollar, among other factors. Despite this, State Street Global Advisors has continued to attract institutional investment into indexed EMD products. The strong demand for indexing in EMD is underpinned by the continued growth in the breadth and liquidity of the market, which has provided improvements in pricing and transparency. Moreover, techniques to enhance portfolio construction have also evolved - indexed EMD can better track the performance of relative indices more consistently and cost-effectively.

Lyubka Dushanova, Senior EMD Portfolio Strategist at State Street Global Advisors, will provide perspectives on these developments and why an allocation to an index strategy in EMD makes sense for investors in all market conditions.

• BILL CAMPBELL, Portfolio Manager, International Fixed Income, DoubleLine: presentation details will be confirmed shortly

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Moderator: Martin Hurst, IPE

EM Debt: Three angles, three experts

Please join one of Fisher Investments’ portfolio managers for Fisher’s outlook on global equity markets.
During this webinar, Aaron Anderson, Fisher Investments’ Investment Policy Committee Member (portfolio manager) will review macro factors effecting global equities, as well as where Fisher believes we are in the market cycle and what that means for portfolio positioning. Leveraging insights from our global research platform, we believe this webinar will offer useful perspective on global equity markets. 

Some topics Aaron will address include: 
• Negative Investor Sentiment
• Positive Economic Factors and Global Economic Slowdown
• Moderating Inflation
• Market Downturns Recovery

Global Equity Market Outlook

While it’s tempting to hope that the worst of the historically severe equity market drawdown that began in 2022 is over, a deeper look shows that there may be more to come, and economic and geopolitical uncertainty remains. Of course, equities are often the largest source of risk in your portfolio, but reducing equity exposure poses another risk – falling short of your pension obligations.

Low volatility equity strategies offer a potential solution.  In this webcast, Intech CIO, Dr. Adrian Banner, and Head of International, David Schofield, will explain:
• How volatility, in particular to the downside, has been trending higher for longer than you may realize
• What is driving market volatility now
• How to best position your equity allocation for resilience moving forward

Volatility is back: Can your equity allocation still handle it?

China ETFs are on the rise, and with a focus on building solid beta in the region. The newly announced inclusion of exchange-traded funds (ETFs) in mainland China’s Stock Connect scheme with Hong Kong is expected to bridge China and the rest of the world, attracting more foreign investors to its onshore market and vice versa 

Industry experts will have a timely discussion on the latest regulatory, trading and technological developments impacting the ETFs connect scheme. In a special focus, we will look at how global investors can use China ETFs in investor portfolios in a prudent, efficient and discreet manner.

Connecting the booming China ETFs market with global investors

The climate transition and the identification of transition risks are increasingly pivotal subjects for portfolio managers. These considerations have shaped how institutional investors are thinking about sustainable investment and have continued to present challenges including the availability of data, meeting of regulations, and integration into existing investment processes. 

The scale, speed, and breadth of the climate transition requires the consideration of countless variables to assess decarbonization alignment and transition risk.  Mature, operational metrics such as carbon emissions are the backbone of carbon footprinting exercises but additional complex, forward-looking, disclosures of transition plans and targets are needed to contextualize a firm’s climate performance. 

We bring together experts in the design, curation, and implementation of climate datasets to discuss how corporate climate disclosures allow investors to assess climate risk in their portfolios and engage with company management on navigating the climate transition. 

Join us to hear experts discuss:

• The importance of climate disclosure: How mandatory and voluntary disclosure frameworks affect rate and quality of disclosures, and how to best to achieve a consensus disclosure format for complex, forward-looking indicators
• Incorporating climate data in the investment process: Compensating for missing or poor-quality data, assessing feasibility of emissions reduction targets and transition plans, integrating sector specific decarbonization pathways. 
• Best practices in corporate engagement: Usefulness of proxy voting, identifying chief concerns of company management, assessing alignment of transition plans with financial and business strategy.

Speakers:
Jack Simmons, Senior Research Lead, Sustainable Investment, FTSE Russell
Tim Smith, CFA, Research Analyst, Climate Change & Energy Transition, Lazard AM

Moderator:
Brendan Maton

Investors, disclosures, and the climate transition

Update and Expert Panel Discussion

Please join us for an engaging webinar on U.S. and European logistics hosted by senior leaders from CBRE Investment Management. These experts include investment and operational leaders specialized in the logistics asset class, as well as our heads of research for the Americas and EMEA.

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

• The state of the U.S. and European logistics markets today
• The features occupiers are now demanding 
• The impact these evolved demands on having on supply
• Where we see opportunities
• How to execute on these opportunities

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

Presented by:
– Mary Lang - Head of Americas Direct Logistics Strategies and Portfolio Manager, CBRE Investment Management
– Gary Jaye - Head of Americas Logistics Operator Division, CBRE Investment Management
– Laurie Lagarde - Head of EMEA Logistics Operator Division, CBRE Investment Management
– Adi Mayan - Co-Head of Commercial Asset Management, CBRE Investment Management
– Shane Taylor - Americas and APAC Head of Research, CBRE Investment Management
– Andrew Angeli - EMEA Head of Research, CBRE Investment Management

Moderated by: Brendan Maton

Unearthing Opportunities in Rapidly Changing U.S. and European Logistics Markets

Don’t fight the tape: how to use market preferences to capture opportunities and manage risk 

Every investor has experienced the frustration of seeing the market move against their best ideas. The investor has done their research, double checked their assumptions, and carefully built a position to minimize market impact. The market simply needs to cooperate and recognize intrinsic value, yet often has different ideas, resulting in drawdowns that can be both prolonged and painful. 

In this webinar, Los Angeles Capital will demonstrate how a model of Investor Preferences can work as a stand-alone signal, a catalyst to complement fundamental signals, and a compass to navigate turbulent and unprecedented market environments. The Firm uses a framework analogous to the recommender systems ubiquitous in the online economy to identify characteristics favored in the current environment and the specific stocks that best capture those themes. 

Presented by: 
– Edwina Acheson - Managing Director, Principal, LACM Global, Ltd.
– Brad Rowe, CFA - Co-Director of Research, Principal, Los Angeles Capital Management
– Edward Rackham, Ph.D. - Co-Director of Research, Principal, Los Angeles Capital Management

Moderated by: Brendan Maton

Stocks We Think The Market Likes (because we listened)

Regulatory changes such as mandatory central clearing of OTC interest rate derivatives pose major challenges for pension funds. This webcast discusses some of these challenges and explores what opportunities might be derived from these changes. Industry experts will tackle operational readiness for switching from a bilateral to a centrally cleared model, the access to raise intra-day cash variation margin, and best execution on behalf of the end clients.

• Review of regulatory aspects: What is in scope? What happens with historical positions? Which role does the end of the time-limited equivalence for UK CCPs play in this context?
• Evaluation of operational impacts and funding challenges: Is repo market access a prerequisite for PSAs in a centrally cleared world? If so, what should they consider? What is expected from central banks regarding backstop liquidity?
• Strategic opportunities from central clearing: How can you achieve greater efficiencies and savings? How has market liquidity evolved?

Panellists:
– Annarita Tonet, Policy Officer, Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
– Jan-Mark van Mill, Head of Treasury & Trading, APG Asset Management
– Matti Leppälä, Secretary General/CEO, PensionsEurope
– Matthias Graulich, Member of the Executive Board, Eurex Clearing

Moderator: Brendan Maton, independent financial journalist

PLEASE NOTE: This webcast is being held under the Chatham House Rule. Please do not quote the speakers or reference the webcast without written permission from both the speakers and Eurex.

Central clearing of OTC IR derivatives – a blessing in disguise?

• The current cost of living crisis (especially fuel poverty) is quickly compounding the UK’s long-term structural housing crisis.
• With wages and pensions failing to keep up with rising prices, more families and older people are being priced out of the housing market each week. 
• The National Housing Federation estimates that up to 2 million households could be on local authority housing waiting lists by the end of 2022.
• Benjamin Davis will explain why Octopus, as a B-Corp, and with its energy expertise, is well placed to tackle these dual challenges.
• Kevin Beirne will use his wealth of experience of the social housing sector to analyse the current affordable housing market.
• Edward Clough will then explain the nuances of our strategy and where Octopus will be spreading its tentacles.

Presented by:
Benjamin Davis – CEO of Octopus Real Estate 
Kevin Beirne – Director of Octopus Registered Provider 
Edward Clough – Head of Corporate Development, Octopus Real Estate

Moderated by: Brendan Maton

The Cost of Living & Affordable Housing Crises – Octopus Responds

CAN ASIA OFFER INVESTORS DIVERSIFICATION AT A TIME OF ECONOMIC HARDSHIP?
Rahul Chadha, Chief Investment Officer at Mirae Asset Global Investments (Hong Kong)

Rahul will explain that as aftershocks of the pandemic - labour shortages, supply disruptions along with geopolitical tensions - have caused an unforeseen spike in inflation, central banks, led by US Federal Reserve, are showing a solid resolve to control this inflationary spike. Can Asian markets, underappreciated and under owned, offer investors diversification? In his presentation, Rahul Chadha will provide an overview of the macroeconomic landscape and highlight potential opportunities across Asia to generate alpha despite the global economic slowdown and the stagflationary headwinds.

EM EQUITIES - A SWEET SPOT FOR QUANTS
Arup Datta, Senior Vice President and Head of Global Quantitative Equity, Mackenzie Investments

Arup will discuss the specific reasons why EM equities plays to the strength of strategies applying a quantitative approach and also why EM equities provides the best opportunities for alpha potential for quant managers. Also will discuss the advantages applying a ‘core’ approach balancing exposures across ‘quality’, ‘revisions’ and ‘value’ super factor buckets.

Arup will also discuss:
• Why daily trading, managing transaction costs and limiting capacity are all key in EM Equities
• How ‘Human Overlay’ decisions can add value in periods of market dislocation
• The integration of ESG factors into quant models from an alpha perspective and from a constraint/optimisation perspective

EM Equities: Expert presentations followed by panel discussion

For professional clients only. Not to be distributed to retail clients. Capital at risk

Join LGIM’s expert panel as they explore the both the overlaps and gaps between net zero investment strategies and those aligned with the UN’s Sustainable Development Goals (SDGs).
 
How can investors integrate these similar but distinct priorities into their active credit portfolios – and how does doing so differ from traditional investment approaches?
 
In this in-depth session, senior credit specialists from LGIM will explore whether credit is more suited to one or the other, if they can both be smoothly incorporated into portfolios at the same time, and where in today’s market they are seeing potential opportunities to capture ESG premiums.

Moderated by: 
– Toby Orpin, Head of Fixed Income Distribution, LGIM

Speakers:
– Madeleine King, Head of Research and Engagement, LGIM
– Matthew Rees, Head of Global Bond Strategies, LGIM
– Marc Rovers, Head of Euro Credit, LGIM

Key risk:
The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested.

Legal & General Investment Management Limited (Company Number: 02091894) is registered in England and Wales and has its registered office at One Coleman Street, London, EC2R 5AA.

Details about the full extent of our relevant authorisations and permissions are available from us upon request. For further information on our products (including the product prospectuses), please visit our website.

 © Legal& General Group plc 2022

Terms and Conditions - https://www.lgim.com/uk/en/terms-and-conditions/
Privacy Policy - https://www.legalandgeneral.com/institutional/privacy-policy

Net Zero or SDGs? Comparing sustainability approaches for active credit

2021 saw a wealth of commitments by investors to align with global climate goals. But for every net-zero promise there needs to be a clear plan of action that shows how investors intend to reduce emissions across their total portfolio.
 
For the growing number of investors who invest in both listed and unlisted assets, there can be additional complexity when it comes to aligning with net-zero. This underscores the need to take climate change into account consistently across asset classes.

On June 21, Bryan Murphy, Head of ESG & Climate Fixed Income, MSCI will be joined by Limin Yang, Managing Director - Investment Risk, CPP Investments to discuss some of the key questions that underlie the challenge, including:
 
• How to understand and measure your complete emissions footprint across your total portfolio
• The nuances of aligning with net-zero across private assets, real estate, fixed income and equities
• Developments in climate-related financial reporting and disclosure in Europe, the U.K., and the U.S.

Does where you invest impact your journey to net-zero?

At American Century, we believe investors should focus less on E-S-G in silos and more on how climate change and socio-economics are intertwined. Studies show that the effects of climate change disproportionally impact the most vulnerable populations in both emerging and developed markets. We believe that all investors should be focused on a just and inclusive transition to a sustainable climate when choosing their investments. At ACI, this is our focus when we engage with companies as we continue to move on the path to decarbonization.
 
Join Sarah Bratton Hughes, Head of ESG and Sustainable Investing at American Century Investments, for an informative discussion on investing in a just transition.

Looking beyond climate to focus on a Just Transition

This webinar will look at the key issues investors face in the current geopolitical and post-pandemic environment. We believe investors need to distinguish between alpha, broad market and factor returns. This allows investors to allocate to genuine alpha opportunities within and across sectors, such as sustainable and energy.

We will also assess how access to the asset class has changed, spotlighting indexing and the role that exchange trade funds (ETFs) have played in improving outcomes and efficiencies within portfolios.

Presented by:
– Justin Wheeler, Director, Head of UK Asset Owner distribution team, iShares EMEA
– Tim Edwards PhD, Managing Director, Global Head Index Investment Strategy, S&P Dow Jones Indices

Moderator: Brendan Maton

A portfolio perspective: The crucial role of indexing in an evolving market

– A Firm-Level Measurement Approach for Out-of-Sample Robustness –

Investors may be interested in harvesting the equity premium while benefiting from rising or falling interest rates or from rising or falling inflation for example. While such targeted exposures are attractive for investors, a major challenge in designing such equity portfolios is the reliable measurement of exposures to macroeconomic risks.
 
This webinar will present a method of targeting exposures to macroeconomic risks in equity investing using firm-level measures of exposures that improve robustness when compared with standard estimation approaches.
 
Topics covered include:

• How to Reliably Measure Macro Exposures 
• Assessing Reliability of Macro Exposures Estimates 
• Designing Equity Portfolios from Stock-Level Measures of Macro Exposures

Please contact Scientific Beta if you would like to receive the slides and related research publication - email webinar@scientificbeta.com

Targeting Macroeconomic Exposures in Equity Portfolios

Collar-Strategien für das SCR-Management - nicht nur für Solvency-II-Investoren

• Eine Strategie als Diversifizierung in unsicheren Zeiten
• Ein Ansatz, der für mehr Stabilität sorgt
• Verbessern Sie die erwartete Rendite im Vergleich zum SCR/Var

Die Herausforderungen für VAG-Anleger sind komplex. Insbesondere für Lebensversicherer ist die Kapitalanlage äußerst anspruchsvoll. Denn die europäische Solvency-II-Regulierung verpflichtet die Versicherer, Eigenkapital gemäß den Risiken vorzuhalten, die sie im Versicherungsgeschäft und in der Kapitalanlage eingehen. Aufgrund der überwiegend langlaufenden Garantieversprechen reicht eine Anlage am Bondmarkt nicht, um die erforderlichen Renditen zu generieren. Die Assetklasse Aktien dagegen verspricht auch für institutionelle Anleger mit konservativem Risikoverständnis mehr Rendite, stellt jedoch aus regulatorischer Sicht eine Herausforderung dar. Je „riskanter“ ein VAG-Anleger das Geld seiner Kunden anlegt, desto mehr Eigenkapital muss er dafür vorhalten. Auch aus diesem Grund sind Aktienanlagen in den Portfolien der Solvency-II-Anleger eher unterrepräsentiert. Interessant kann hier eine Collar-Strategie sein: die Kombination aus dem täglichen Kauf einer Verkaufsoption und dem Verkauf einer Kaufoption zur Absicherung der bestehenden Aktienposition. Durch den Einsatz der Optionen wird ein Portfolio erzeugt, dessen maximales Gewinn- und Verlustpotenzial vorab definiert ist. So kann diese Strategie auch zu einer deutlichen Reduzierung der Eigenkapitalanforderungen sorgen und ist angesichts der reduzierten Volatilität nicht nur für Solvency-II-Investoren interessant.

Collar Strategies, for SCR Management, not only for Solvency-II investors

• A derivative strategy as diversification in uncertain times
• An equity collar strategy designed for more stability
• Improve the expected return relative to the SCR/Var.

Das Webinar findet am Mittwoch den 25. Mai 2022 von 10.00 bis 10.45 Uhr statt.

IPE D.A.CH-Webinar „Collar-Strategien für das SCR-Management”

- Have we learnt anything since the financial crisis -

Real Estate’s role in the portfolio is changing. Many investors have reallocated capital to real estate, looking for yield and stable income while rising inflation and interest rates open up further discussion around the nature of real estate income streams.

Against this backdrop join MSCI and Income Analytics for a webinar on May 24 at 3pm BST, where we’ll dive deeper into the real estate’s evolving role and take a look at whether investors have learnt anything since the 2008 global financial crisis. With almost $1.4 trillion in unrated CRE debt payments sitting on balance sheets*, we will look at how managers can update their practices to bring real estate income into line with wider debt market analytics.

We’ll then be joined by Jan Jescow Stoehr, Managing Director at KanAm to explore how to effectively manage income risk from a fund manager perspective and address some of the following key topics:

• governance processes around underwriting and monitoring of risk
• how regulatory requirements are putting more emphasis on these processes
• what are investors and lenders demanding from their managers

*Source: INCANS Risk Insight https://incans.com/risk-insight/the-power-of-data

Speakers:
Will Robson - Executive Director, Global Head of Real Estate Solutions Research, MSCI
Matthew Richardson - Co-Founder & Chief Executive Officer, Income Analytics Limited
Jan Jescow Stoehr, Managing Director, KanAm Grund Kapitalverwaltungsgesellschaft

Moderated by Brendan Maton

Managing real estate income risk

Against a backdrop of slowing economic growth, surging inflation and low but rising interest rates, timberland and agriculture demonstrate unique characteristics to navigate a highly uncertain market environment, while also offering attractive risk-adjusted returns and sustainability benefits. Join Christoph Schumacher, Global Head of Real Assets, Private Markets, Michael Strzelecki, Managing Director and Senior Portfolio Manager, Timberland and Julie Koeninger, Managing Director, Agriculture as they discuss the attributes that timber and agriculture offer which include portfolio diversification, a natural inflation hedge and yield. The team also share their thoughts on how real assets can provide solutions for three of the world’s greatest challenges—climate change, nature loss and rising inequality.
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Presented by: 
• Christoph Schumacher, Global Head of Real Assets, Private Markets, Manulife Investment Management
• Michael Strzelecki, CFA®, Managing Director, Business Development, Senior Timberland Portfolio Manager, Manulife Investment Management
• Julie Koeninger, CFA®, Managing Director, Business Development, Timberland and Agriculture, Manulife Investment Management

Real Assets – real solutions

• Discover how Portfolio Companies are responding to the crisis.
• Learn how leading GPs manage Private Credit exposure in a time of uncertainties.
• What is next in Private Debt and the strategic impact going forward.

Detailed Agenda:

Impact: Last 100 days
How did the crisis impact the companies in the portfolio? How have companies reacted to new constraints? How are covenants functioning? What are the legal parameters (possibilities and limitations)? What is the level of support from private equity owners and sponsors in this portfolio? Have these actions FED through to managing direct lending portfolios? What is the sentiment and psychology of investors right now?

Monitoring Actions with case studies
How have portfolio companies adapted? What constraints or measures have they adopted? What actions have you taken? What has been the role of technology and proactive monitoring tools? How did GP’s approach make a difference?

Expectations: Post pandemic Private Debt finance
Looking ahead 18 months: How portfolios perform? What will be the overall market share of Private Debt vs. Banks (increase, same, reduce) by 2025? What new technology requirements has this crisis created? Performance of Private Debt relative to other asset classes?
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Presented by:
• Ted Koenig, President, CEO and founder of Monroe Capital LLC
• François Lacoste, Managing Partner, Private Debt, Idinvest Partners

Moderated by Dr Gabriella Kindert

Managing Global Private Credit: Live Report from Two Direct Lending Leaders

Private credit

Global private credit

Private debt

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Managing Global Private Credit: Live Report from Two Direct Lending Leaders

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