Roman Rjanikov, Polen Capital | David Ennett, Artemis | Lloyd Harris, Premier Miton Investors | Martin Hurst, IPE
About this talk
ROMAN RJANIKOV, PORTFOLIO MANAGER, POLEN CAPITAL
Polen Capital believes that non-investment grade, middle market companies exist in an inefficient area of the market sector often overlooked by market participants, thereby offering a fertile source of investment opportunities. In our view, uncovering these opportunities requires financial and credit expertise, extensive portfolio management experience, and keen legal skills. Our team calls on all these strengths in employing a bottom-up, fundamental-oriented investment approach.
LLOYD HARRIS, HEAD OF FIXED INCOME, PREMIER MITON INVESTORS
We believe the rising rate environment makes for an opportune time to consider an allocation to Contingent Convertible Bonds (Cocos). The asset class compares very favourably to pure high yield, and offers diversification versus traditional fixed income strategies.
The banking system is changing swiftly in this post pandemic world – with interest rates rising rapidly, so are margins. Combine rising margins, with a lean cost base which is relatively fixed by comparison, then banks are unequivocally a beneficiary of the rising rate environment. Whilst we acknowledge we are about to enter a default cycle because of inflation, banks are well placed to deal with this due to the response of regulators to the financial crisis, which was to incentivise restrictive lending practices and build capital.
In fixed income, the major beneficiaries of this backdrop for banks will be contingent capital, particularly those bonds where the expected remaining lifetime is short. Yields on offer are now comfortably above 8%.
DAVID ENNETT, FUND MANAGER, ARTEMIS
Following a torrid year in bond markets, Global High Yield finally lives up to its name again. In this presentation we will discuss the opportunity in the asset class in the post-QE era. We will also discuss the changing backdrop for high-conviction active management and our distinctive approach to managing ESG risks.
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.…