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The Evolving Economy: A fresh approach to equity investing – AXA Investment Managers
The way that companies do business has changed dramatically over the last 20 years, but many investors’ approaches to equities have remained the same.
Nowadays, companies are increasingly global and multi-sector, which means that investors could be missing out on potentially higher equity returns by continuing to base their equity allocation decisions purely on traditional geographic or sector approaches. AXA Investment Managers identified five key trends with potentially radical impacts on how investors access long-term growth, which we call the Evolving Economy: ageing and lifestyle, the connected consumer, automation, clean tech, and transitioning societies. While these structural themes are not new, we believe we’re still in the relatively early stages to see their potential.
What does the Evolving Economy mean for investors?
Companies will continue to change over the coming decades. Evolving Economy is about identifying the best of these long-term equity opportunities, regardless of how companies are defined geographically or from a sector perspective.
Join AXA Investment Managers to understand about these five multi-decade growth themes.
Mark Tinker, Head of Framlington Equities Asia, AXA Investment Managers Asia Ltd
Seeking alpha generation in a European long-short strategy – Jupiter Asset Management
Fundamental stock-picking is at the core of Jupiter’s European long-short strategy, however we believe we also have two highly differentiated investment “edges”. Firstly, we understand how to select and manage the additional “strategic value” embedded in many long-term fundamental investments. Secondly, we are skilled in managing options to mitigate inevitable market drawdowns that can cause sub-optimal capitulation or under-allocation. Investors who see equity market valuations as high and volatility at all-time lows may want to prepare for market corrections while still participating in value-creating companies. Our two investment edges are grounded in extensive tangible experience of fundamental, event and options analysis, which we believe will serve investors seeking strong risk-adjusted returns throughout a market cycle.
Mike Buhl-Nielsen, Fund Manager, Absolute Return, Jupiter Asset Management
Navigating a rising rate environment – BNY Mellon
A recent fear for high yield investors has been the prospect of normalising interest rate policy in developed markets – historically low interest rates have made the high yield market more sensitive to interest rate moves and effectively managing this risk will be important.
The rise in duration of European indices leaves passive investors with a greater exposure to interest rate risk, just as yields are starting to rise. In this environment, we believe investors need to have the flexibility to actively manage duration and extension risk in high yield.
It is also important for investors to take a global approach. If growth continues to be strong and interest rate rises gradual, then this should minimise market disruption, keep default rates low and support corporate earnings and credit ratings. The ability to flexibly allocate between regions allows investors to take advantage of the more advanced repricing of US high yield to reflect extension risks, and to pursue strategies which avoid the low coupon, more interest rate sensitive issues in Europe.
Uli Gerhard, Senior Portfolio Manager – High Yield, BNY Mellon
Is smart beta relevant for China A-shares investing? – Premia Partners
Smart beta strategies have shown significant growth globally, yet the adoption of smart beta in Asia had lagged because of many reasons.
How relevant is smart beta to China A-shares – the fast growing onshore market of world’s 2nd largest economy? Premia Partners has launched the world’s first two multi-factor smart beta China A-shares ETF last year. At this workshop, we will discuss the application of smart beta and factor investing strategies in China A-shares, how it is relevant for EM and global managers seeking access tools for portfolio completion, and how asset owners can utilize different smart beta strategies for China A allocation based on their views.
David Lai, Partner & Co-CIO, Premia Partners
Not Just a Bounce: The case for EM multi-asset investing – Goldman Sachs Asset Management
With increasing youth populations, rapid economic growth and a rising middle class, emerging markets (EM) hold considerable potential for investment opportunities. However, given the strong market performance over the last two years, the prospect of rising interest rates and potential for increased protectionist trade policies, investors are naturally asking themselves if now is a good time to invest?
Join the GSAM workshop to explore EM through a multi-asset lens; looking at investment techniques for allocating across the spectrum of EM asset classes, as well as sharing our views on the most attractive opportunities for generating capital growth and income.
Shoqat Bunglawala, Managing Director; Head of Global Portfolio Solutions Group, EMEA and Asia Pacific, Goldman Sachs Asset Management
Unconstrained global fixed income investing – Legg Mason Global Asset Management
There is no shortage of uncertainty in today’s fixed income markets given concerns about rising interest rates, low yields, tight spreads and policy uncertainty. These factors have resulted in a heightened risk of capital loss for traditional index-oriented fixed income strategies and the benchmarks they follow. We believe that unconstrained global fixed income strategies, with their wider opportunity set and flexible guidelines, could be a good solution in this environment. While this added flexibility gives managers the potential to outperform, it also requires a comprehensive understanding of macroeconomic conditions and the experience managing flexible global fixed income strategies across multiple market cycles. In this workshop, Brandywine Global, who has been managing index-agnostic global fixed income portfolios since 1992, explains how an unconstrained global fixed income strategy can generate absolute returns over market cycles by identifying opportunities through country, currency, duration, and sector management strategies.
Richard Lawrence, Senior Vice President, Portfolio Management, Brandywine Global Investment Management, an affiliate of Legg Mason
Realities, myths and why go global – Capital Group
The combination of the recent, rapid rise in interest rates on US government bonds and higher commodity prices is increasing inflation fears and with the potential for building geopolitical tension, volatility is likely to increase further from prevailing low levels; this unprecedented environment brings growing potential for policy missteps and short-term market dislocations.
We believe this global market environment supports active management of clients’ fixed income assets and an allocation to “true core”, or bond funds which behave like bond funds.
We will take a look at the global corporate bond market given the current macro environment to demonstrate why a global approach to investment grade corporate bonds presents greater opportunity to benefit from market dislocation, increased diversification, and scope to identify compelling investment opportunities with the potential to generate returns, a regular stream of income and also protect capital in the event of a downturn.
Jeremy J.W. Cunningham, Investment Director, Capital Group
The New China: Where are the opportunities onshore and offshore and how to access them?
– Fidelity International
China was the best performing emerging market in 2017. So what lies ahead for China given these and new challenges that it’s facing such as trade tariffs?
Fidelity remains positive on China. The latest Fidelity Analyst Survey 2018 shows that Chinese companies are now more confident than they have been at any point in the last 5 years and ramping up on capex. More importantly, Chinese companies would also benefit from the institutionalisation of the domestic stock and bond markets with the inclusion of A-shares and onshore bonds in global indices.
Fidelity has substantial, on-the-ground research resources in China. With their eyes and ears on the ground, our equity and credit analysts are well-placed to identify opportunities and concerns in the vast and fast evolving Chinese market.
We will share more about what we are seeing in China as well as provide an insight into how to navigate and invest in onshore markets.
Bryan Collins, Head of Asian Fixed Income and Portfolio Manager, Fidelity International
Catherine Yeung, Investment Director, Fidelity International
The rise and rise of sustainable bonds, what it means for private wealth in Asia? – BNP Paribas
The nascent green bond market has witnessed astonishing growth in recent years: worldwide issuance topped USD 155.5 bn1 in 2017 (a +78% growth on 20161) while the diversification of the issuer base has continued unabated as corporates and sovereigns alike have eyed up the funding possibilities. Climate Bonds initiative forecasts green bonds to reach USD 250 bn – USD 300 bn in 2018 1 (i.e a 60% growth on 2017 figures). Their raison d’être? To allocate capital to environmental projects – and to offer investors maximum transparency by putting the impact of their investment under the spotlight. In the past two years, we have witnessed an increasing interest in bonds with social themes, notably with links to the UN’s 17 Sustainable Development Goals (SDGs). For Asian wealth management clients, making sustainable bonds an integral part of their investment portfolio offers an unique opportunity to align their financial goals with their purposes and values.
Frank Kwong, Head of Primary Markets, BNP Paribas Global Markets Asia Pacific
The Bank of The Future: The ABCs (AI, Big Tech and Core Banking & Cloud) of digital disruption in finance – Citi
The question for banks today is how do they become Digital Banking Superstars versus going the way of the dinosaurs. The future of finance is an ever increasingly converged ecosystem where consumer and small and medium enterprise financial services are provided by banks and by platform companies with roots in e-commerce. For an incumbent bank to become a Bank of the Future, they must look not only at new technologies, but they must also look to overhaul their operational systems and technology systems.
In the workshop, we will share the ABC’s of digital disruption in finance — Artificial Intelligence, Big Tech, Core Banking & Cloud, and Digital Assets — and identifies ways that incumbent banks can adopt/embrace these disruptive factors and drive their businesses forward.
Ronit Ghose, Global Sector Head for Banks, Citi Research