Name: Protecting your Equity Portfolio against Inflation and other Macro Surprises
Start: 2021-12-07T15:00:00Z
End: 2021-12-07T16:03:06.000Z
Location: BrightTALK

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.

– 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

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

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
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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 impact of Energy Performance Certificates (EPC) on investment returns for European direct real estate –
 
To date, several studies have demonstrated that assets with green market standard ratings have higher rent levels and values, as well as higher and more stable occupancy rates. However, the impact of sustainability on investment returns has not been clear as sustainability can also be costly in terms of CAPEX or construction costs. 
 
Therefore CBRE Investment Management has conducted a study that analysed the investment performance of more than 1,200 of our own directly held assets to see if there is a correlation between the impact of Energy Performance Certificates (EPC) on investment returns for European direct real estate. 
 
The study focuses on the UK and the Netherlands, where ESG legislation has been introduced in recent years, which has made the relationship between EPC and investment returns more apparent as it increased investor demand for sustainable assets. 

For other European countries, binding legislation following from the Paris Agreement is still to come. As a result, if legislation mattered, we would expect to see the strongest or earliest visible evidence of a relationship between sustainability and investment returns in both the UK and the Netherlands.

During this webinar our experts from CBRE Investment Management will share their vision on Sustainability and the industry’s responsibility to tackle the climate challenge. After which they will focus on the study, share the findings and discuss how further legislation could support investment returns, also in other countries than the UK and the Netherlands.

Do sustainable assets generate sustainable outperformance?

In today’s sustainable investment markets, a growing number of emerging finance taxonomies are still trying to clarify what it means to be sustainable. In this context, the EU taxonomy is a pioneer in the field and will be instrumental in achieving the emissions reduction and mitigation goals of the European Union’s Green Deal.

However, the ongoing development process of the regulatory framework, the scarcity of available data, and the divergences between taxonomies across jurisdictions are hindering the adoption of sustainable strategies.

A study conducted by sustainability tech company Clarity AI (https://clarity.ai/in-the-news/eu-taxonomy-using-tech-to-analyze-green-fund-performance/) indicates that only 7% of equity funds have more than 10% green revenues, as defined by the EU Taxonomy.

Join us on April 12th to gain a better understanding of how technology can be leveraged by asset owners to:

• Access robust and comprehensive tools to meet regulatory needs, aligned with main regulatory frameworks
• Inform fact-based decision-making for advanced portfolio management
• Customize compliance for your stakeholders’ diverse requirements

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About Clarity AI:
Clarity AI is a sustainability technology platform that uses machine learning and big data to deliver environmental and social insights to investors and organizations. As of March 2022, Clarity AI’s platform analyzes more than 30,000 companies, 200,000 funds, 198 countries, and 187 local governments, and delivers data and analytics for investing, corporate research, and reporting. Clarity AI has offices in the US, Europe, and the Middle East. Clarity AI’s client network manages trillions in assets under management.

EU Taxonomy: How can technology increase transparency and accountability

As they ramp up their exposure to the infrastructure asset class, investors face important strategic choices and portfolio construction questions: Has the direct ‘Canadian’ model delivered compared to investors who chose to access infrastructure via fund managers? What happened to investors heavily exposed to airports after Covid-19 and does it still pay to invest in conventional merchant power? How should they select their exposures to different segments of the infrastructure universe? What risks and performance can they expect and what strategic choices do they need to make to improve their portfolios?
 
In this webcast, we will present the performance of 16 peer groups of infrastructure investors, from Global Asset Managers and Asset Owners to US Pension Funds or Superannuation funds. Looking at the allocations of 359 investors, we will provide the details of each peer group’s exposure to different types of infrastructure assets and the return contributions of each segment to these peer groups.
 
Tune in to find answers to the above questions and see how different peer groups rank against each other.

Infra Strategies 2022: Which strategies have paid off and where to go next?

With the fight against climate change shaping up to be one of the biggest secular trends facing investors over the coming years and predictions of a years-long commodities supercycle, we take the opportunity to discuss what this means for institutional investors with Mathew Kaleel, portfolio manager, and Tal Lomnitzer, senior investment manager, at Janus Henderson Investors.
 
Over the course of the webcast Mathew will examine how an allocation to commodity futures could benefit a traditional portfolio of stocks & bonds; what the main drivers of returns in commodity markets are and where the opportunities lie to include ESG factors in commodity futures contracts.
 
In turn, Tal will discuss how an allocation to listed natural resources could benefit investors' broader portfolios; the most exciting industries and technologies in terms of the transition to net zero emissions and his view of the outlook for resources equities given the recent price volatility.

Making the case for commodities, with a focus on natural resources

In our previous IPE Webcast, we highlighted the important role of credit in facilitating meaningful and specific climate transition choices. Today we will introduce the additional dimension of de-risking as we strive to Mind the Carbon (!).  
 
Given the importance of credit in the de-risking process, we believe that viewing credit portfolios through a climate lens is a vital opportunity for  investors to become active stakeholders in the transition to net zero.
 
Our Panel will offer their perspectives on:

• The benefits to investors of incorporating climate resilience in asset allocation
• How the process of de-risking can drag a portfolio’s carbon footprint in the wrong direction without careful design and execution
• How active management of fixed income portfolios can be used to facilitate specific carbon goals, with awareness of both carbon intensity reductions and forward-looking views on the ability of corporates to align to a net-zero future
 
We will also preview Allspring’s research into how to analyze whether companies are helping or hindering the achievement of the UN Sustainable Development Goals (SDGs).
 
There will be time at the end for Q&A.
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Presented by: 
Martijn de Vree, CFA, FIA, Head of International Solutions, Multi-Asset Solutions, Allspring Global Investments
Henrietta Pacquement, CFA, Senior Portfolio Manager, Head of Investment Grade – Europe, Allspring Global Investments
Hannah Skeates, Co-Head, Sustainable Investing, Allspring Global Investments

Moderated by: Brendan Maton

This webinar is intended for professional investors in: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Sweden, Switzerland, Spain, and UK.

Mind the Carbon (!) in asset allocation, de-risking, credit and beyond

As the world’s population continues to grow, together with the rising megatrend of urbanisation, the shortage of decent, affordable housing as a global issue is becoming more acute and is reaching crisis levels. According to official statistics from Brussels, more than 220m households in the EU, and around 80m European citizens are overburdened by housing costs − many are even at risk of eviction.

To run cities efficiently and sustainably, people from all ages, backgrounds and income levels need to be able to find a place to live, work and access leisure, education and health care services within a reasonable time.

In the discussions about the challenges on the housing market the terms “housing affordability” and “affordable housing” are often used interchangeably when talking about things like a “lack of affordable housing” or claiming that “housing is not affordable”. How should we define affordable housing, or how does PATRIZIA look at affordable housing?

Solving this issue cannot only be the responsibility of the public sector. Public-private partnerships are needed. Real estate investors and managers working hand in hand can play an important role.

PATRIZIA has housing in its DNA and has been building communities and sustainable futures since its foundation in 1984.  Around a third of PATRIZIA's AUM are residential and PATRIZIA is committed to aligning its residential fund products to the highest ESG standards and building certifications.

It is perhaps no coincidence that PATRIZIA recently developed an impact investing strategy called ‘PATRIZIA Sustainable Communities’ which contributes towards solving the affordable housing issue where this is needed in major metropolitan areas in Europe.

Our speakers aim to share their perspectives and insights on:

• The affordable housing crisis in Europe
• How real estate investors and managers can be part of the solution, and
• How and why impact investing can contribute to solving the affordability issue

Affordable housing: A building block for creating sustainable communities

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 affecting 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 of the topics Aaron will address include:

• Inflation and Supply Chain Bottlenecks
• Global Political Drivers in 2022 Including US Midterm Analysis
• Chinese Regulations and Observations in Emerging Markets
• Growth Versus Value

Global Equity Market Outlook

2021 war ein anspruchsvolles Jahr für Schwellenländeranleihen: Hohe Inflation und eine veränderte Geldpolitik belasteten die Märkte. Mit der nächsten weltweiten Wachstumsphase dürfte dazu die Synchronität der Schwellenländeranleihen weiter abnehmen. Für aktives Management von Emerging Markets Debt sollte das Anlagejahr 2022 daher Anlagechancen bieten, zumal der Zinsvorsprung nach wie vor lockt. Im Rahmen unsers Webinars „Emerging Market Debt“ wollen wir einen Blick auf die aktuelle Situation im Bereich EMD werfen und prüfen, welche Strategien 2022 vielversprechend sind.

Das Webinar findet am Dienstag den 15. Februar von 10.00-11.30 Uhr statt.

Beiträge kommen von Edmond de Rothschild Asset Management, Eurizon Capital, UBS Asset Management & Vontobel Asset Management.


AGENDA
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Einleitung und Themenübersicht
Frank Schnattinger, Chefredakteur
IPE D.A.CH
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Emerging Market Debt: Wie erziele ich Alpha in einem herausfordernden globalen Marktumfeld?
Romain Bordenave, Senior Portfolio Manager Emerging Market Debt
Edmond de Rothschild Asset Management
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Opportunitäten in 2022: Schwellenländeranleihen in Hartwährung
Christopher Stefanic, Client Portfolio Manager
Vontobel Asset Management
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Liegt die Zukunft in Fernost? Asiatische Fixed Income Strategien
Uta Fehm, Fixed Income Strategist
UBS Asset Management
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Eurizon Bond Aggregate RMB: Warum China? Renditen wie in Schwellenländern aber Risiken wie in Industrieländern
Wenting Deng, Assistant Portfolio Manager
Eurizon Capital
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Q&A

IPE D.A.CH-Webinar „Emerging Market Debt”

Asset owners face heightened regulatory pressure and increased expectations to incorporate financially-material ESG factors into their investment decision making and engagement with companies.

Join us on January 26th to learn how AI and technology fit into the big picture, and what solutions they offer to help investors navigate regulatory uncertainty and data challenges. Key topics include:

● Cut Through the Data Noise: Building sustainable portfolios requires high-quality metrics. How do investors find the right information to make better decisions?
● Close the Reporting Gap: SFDR & EU Taxonomy require investors to make specific sustainability disclosures. We explain where to start and how to expand coverage to enable more comprehensive reporting.
● Understand Estimations: Using machine learning to expand the coverage and comply successfully. What is the process, and how reliable is AI?
● Discern the Value of Technology: Understand what Clarity AI can provide as the only digital-native sustainability tech platform which easily integrates directly into any workflow.

Speakers:
● Clarity AI: Angel Agudo, VP of Product & Member of the Board
● Manaos: Sebastien Messéan, General Manager
● Aladdin Sustainability (BlackRock): Anders Rox Hansen, Managing Director

Moderator:
● Brendan Maton

4 Reasons Why Asset Owners Need to Embrace ESG via Technology in 2022

For investors seeking exposure to non-rewarded risk factors, such as macroeconomic factors, Scientific Beta offers a new suite of macro indices designed to capture the equity risk premium with additional exposure to unexpected shocks or the surprises of targeted macro factors.
 
In this webinar we present Scientific Beta’s equity inflation indices, the first in a series of macroeconomic factor indices, that provide long-term equity performance with additional inflation protection compared to a traditional cap-weighted equity index. Their high liquidity makes them ideal candidates as a replacement of cap-weighted indices in a multi-asset portfolio. We also present equity indices targeting further macro variables (interest rates, term spread, credit spread).
 
Topics covered include:

· Reliable measurement of macroeconomic exposure (role of robust statistics and forward-looking information)
· Building dedicated macroeconomic portfolios that lead to stronger targeted macro exposures compared to a factor or sector allocation approach
· The financial characteristics of highly liquid investable inflation indices that can offer better protection against inflation surprises than a simple cap-weighted index
· Beyond inflation: Protecting portfolios against surprises in the interest rate, term spread, and credit spread.

Protecting your Equity Portfolio against Inflation and other Macro Surprises

Equities

Equity indices

Instutional investment

Inflation

Macro indices

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Protecting your Equity Portfolio against Inflation and other Macro Surprises

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