Name: Crash-risk controlled equities: Risk Management = Opportunity Management?
Start: 2021-09-23T12:00:00Z
End: 2021-09-23T12:58:57.000Z
Location: BrightTALK
Rating: 3.5

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.

From the opportunities of financing renewable energy infrastructure to the impact of red-hot inflation and slower growth on real estate, Rob Martin, Global Head of Investment Strategy and Research at LGIM Real Assets and Nicola Daly, Investment Director, Clean Energy, Legal & General Capital, explore the world of private markets, with a focus on:
 
• Implications of recent developments in the public markets
• The outlook for real estate and the areas of greatest resilience
• Identifying opportunities in private credit with a through-the-cycle perspective on cashflow stability
• Market activity around renewables and other clean energy assets as well as ‘clean-tech’ venture capital
 
There will be an opportunity to ask questions after the webinar.

Presented by:
– Rob Martin, Global Head of Investment Strategy & Research, LGIM Real Assets
– Nicola Daly, Investment Director, Clean Energy, Legal & General Capital

Moderated by: Brendan Maton

Taking the temperature of the private 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.
---
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

Combating the consequences of climate change by achieving a "net zero" CO2 balance is one of the most urgent tasks of our time. Institutional investors can play a decisive role here. They are increasingly shifting their capital into companies that are doing pioneering work in this area.

Against this backdrop, Sebastian Schiele, Head of Passive Mandates Sales EMEA & APAC at DWS and Prof. Amin Rajan, CEO Create Research will discuss the findings of the Passive Investing Report 2022 Net Zero: Going beyond the hype. 50 large pension plans in 7 key fund jurisdictions have been surveyed. Their practical insights shed light on the challenges ahead, especially in the context
of the Russian invasion of Ukraine, which is forcing Western nations to seek alternative
sources of fossil fuels in the immediate future to ensure energy security.

The webcast will give valuable insights of the survey and will address the following topics:

• How likely is it that the net zero goal will be met post-COP26? 
• What are the barriers that need to be addressed by GFANZ and national governments?    
• How does the goal feature in active and passive investing by pension plans currently?  
• How has asset stewardship become a linchpin in the net zero journey?

Net Zero: Going beyond the hype

- Credit risk, duration, inflation hedging -

Most infrastructure investment is financed with debt and at least $300bn a year of new infrastructure debt is originated every year. Yet, investors in infrastructure are only discovering this asset class. In this webcast, EDHECinfra will present its suite of infrastructure debt indices and market analytics, including credit risk, spreads, duration and performance attribution analyses. We will also look at the performance of the inflation-linked infrastructure debt universe. We will examine the infraDebt100 index series, which represents the performance of the largest 100 instruments issued by unlisted infrastructure borrowers ranked by total senior borrowing by value, in different segments of the global unlisted infrastructure universe. Finally, we will review the role of infrastructure debt in the portfolio from a strategic standpoint and whether it can contribute to diversifying a multi-asset class portfolio including corporate and treasury bonds.

Benchmarking private infrastructure debt

Currency volatility poses an increasing challenge for institutional investors as their asset mix becomes more varied and international. A ‘one size fits all’ passive approach is no longer sufficient to mitigate the spectrum of global currency risk whilst looking to enhance returns.

Join our webcast with Northern Trust as we delve into the latest industry trends and developments in FX currency management. Key themes include:

• Considerations for chief investment officers as they strive for greater flexibility in managing increasing FX complexity in conjunction with investment objectives
• The expansion from simple passive solutions to encompass more dynamic hedging models based on changing market signals
• Staggered hedging strategies to enhance cash flow, reduce large drawdowns and the use of equitization futures to reduce drag from uninvested P&L
• How technology innovations are helping to improve oversight and governance
---

Presented by: 
• Marisa Kurk, Chief Strategy Officer of Global Foreign Exchange, Northern Trust 
• Mark O’Donoghue, Senior Consultant Currency Management, Northern Trust  

Moderator: Brendan Maton, IPE

Trends in Managing FX Currency Risk in your International Portfolios

The growth vs value debate has loomed large over equity markets in recent quarters. On the one hand, investors have pointed to the unprecedented outperformance of growth in 2020, but on the other hand to the threat that higher interest rates and higher inflation pose to elevated valuations. Recent research by American Century Investments suggests that an Earnings Acceleration portfolio may offer a more durable, and diversifying, source of excess returns that is less dependent on any one interest rate regime for outperformance. Join Richard Adams, Senior Investment Director at American Century Investments, to learn more about Earnings Acceleration and how this approach can be applied in practice.

Earnings Acceleration: Alternative Growth Strategy for a Rising Rate Environment

Our speakers:

Mohsin Ahmad, Fund Manager, Regnan Global Impact Equity Solutions

Mohsin will discuss the importance for Impact investors to have a credible process to not only identify the most pressing global environmental and social problems but also the investible solutions which will overcome them. Regnan’s Impact investment team uses the 17 United Nations Sustainable Development Goals (SDGs) and their 169 underlying targets as an investment lens, creating their proprietary Regnan SDG Taxonomy. Mohsin will also discuss the importance of active ownership, engagement and impact target measurement to ensure investee companies deliver their Impact mandate.

Brunno Maradei, Global Head of Responsible Investment, Aegon Asset Management:

Brunno will speak about Aegon Asset Management’s approach to seeking positive environmental and social impact without forgoing competitive financial results. He will discuss how investors can obtain attractive returns by investing in companies disrupting their sectors to address critical sustainability challenges in the world today, and how investors can use impact as a research lens and portfolio construction tool.  He will also discuss investor additionality through active ownership of equity and fixed income portfolios, particularly through collaboration with other investors to present a united front to larger issuers.

Lisa Hayles, Director of Shareholder Advocacy, Trillium Asset Management:

Lisa will speak about Trillium's long history of employing a 'total portfolio activation'  framework  to help  investors understand the specific impact opportunity set that can be pursued across every asset class in their portfolios. She will also address the role that shareholder advocacy plays in addressing systemic ESG issues such as climate change and racism that Trillium has engaged dozens of companies on in the past year.

Integrating Impact Investment Principles: Three Experts Present followed by Q&A

The monetary and fiscal policy measures to combat the Covid-crisis have led to major distortions in financial markets: In their portfolios, institutional investors are confronted with the dilemma of being increasingly dependent on stock market returns despite higher risks and record valuations.

Finreon is a Spin-Off from the University of St.Gallen (HSG). In this webinar, Dr. Julius Agnesens, Head of Investment Solutions & Member of the Executive Board will present the Finreon Tail Risk Control® methodology to profit from equity market opportunities while substantially reducing crash risks:

- Focus on tail risks: The Finreon Tail Risk Indicator systematically measures regimes of low or high crash risks on a daily basis and free of any forecasts
- Efficient use of the risk budget: Finreon Tail Risk Control® solutions allow to efficiently utilize a risk budget by increasing/decreasing equity risks in quiet/turbulent times 
- Risk Management = Opportunity Management! >10 years of track record show substantial outperformance coupled with systematic hedging in high-risk regimes.

Join us in discussing the following topics:

- Why is the management of equity risks of more importance than in the past?
- What is the difference between “good” and “bad” risks?
- How can regimes of high respective low tail risks be identified?
- What are realistic expectations, does tail risk hedging come at a price?
- What role can tail risk controlled equity play in a portfolio context?
- How can a tail risk management strategy be implemented?

Crash-risk controlled equities: Risk Management = Opportunity Management?

Equities

Risk Management

Institutional Investors

Investment Strategy

Tail risk

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Crash-risk controlled equities: Risk Management = Opportunity Management?

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