Overview – Wednesday – September 23

8:30am – 8:35am

Welcome day one morning

8:35am – 9:00am

Macro investing in a world of de-globalisation

The wave of globalisation has peaked. The US-China conflict, squabbles in the E.U. and the global pandemic’s impact in accelerating moves by multi-nationals to reset global supply chains has led to a disconnect between fundamentals and market volatility. In this fragile market environment, what is the role of systematic and discretionary macro for investors?

Pablo Calderini

President and chief investment officer, Graham Capital Management

Chair

Alex Proimos

Head of institutional content, Investment Magazine

9:00am – 9:25am

Word from the street: CLOs, distress and the real economy

The March market crash unleashed a perfect storm for CLOs where risk assets sold off, cash flows were impacted and rating agencies were warning of widespread downgrades for levered companies. What is this alchemy in the market that prices appear to reflect cognitive biases that normalcy in the economy will return so soon?

Matthew Andrews

Managing director, head of capital markets, CIFC

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

9:25am – 9:55am

Risk mitigation, portfolio construction and alpha seeking

It is no longer fun to be a macro strategist, or is it? Central banks manage government and corporate bond prices and the negative impacts of corporate and economic fundamentals muted by liquidity and asset backstops. With these in mind, how are asset owners positioning their portfolios given the schism between the markets and the economy?

Panayiotis Lambropoulos

Portfolio manager, hedge funds, emerging managers, opportunistic credit, Employees Retirement System of Texas

Chair

Alex Proimos

Head of institutional content, Investment Magazine

9:55am – 10:25am

Machine learning and improving the investment decision making process

Exposing market participants’ data to algorithms exposes bias, which can creep in at many stages of an investment process due to human fallibility. Machine learning and AI can assist in understanding the evolutionary nature of markets but are there models dynamic enough to capture data-generating processes, allocate risk and position portfolios?

Sanjiv Kumar

Partner and co-founder, Fort LP

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

10:25am – 10:55am

Structural inefficiencies and relative value fixed income

Many factors drive market prices. Fiscal and monetary policy, liquidity and speculation can drive structural imbalances or dislocations that can present opportunities for relative value investors. Where are the opportunities most likely to persist and how effective are these strategies in delivering uncorrelated returns while constraining downside risk?

Erik Schiller

Managing director and head of liquidity, PGIM Fixed Income

Chair

Alex Proimos

Head of institutional content, Investment Magazine

10:55am – 11:25am

Fear and reality: separating the fact from the fiction in credit markets

Many find the relative strength of publicly traded markets, including credit, incongruous given the scale of contraction in the real economy. Has global fiscal and monetary policy changed the expected market behaviour temporarily or structurally? What are the implications for the credit cycle and approaches to credit investing?

Dwight Scott

Senior managing director and global head, GSO-Blackstone

Chair

Alex Proimos

Head of institutional content, Investment Magazine

11:25am – 12:00pm

Manager partnerships, alternative strategies and absolute returns

The role of an absolute returns’ portfolio is unique to each asset owner with each portfolio having a unique composition of idiosyncratic returns uncorrelated to traditional asset classes. However, blending too many manager styles can destroy alpha, so how are investors balancing this challenge?

Anastassia Juventin

Portfolio manager, hedge funds and alternative strategies, AMP Capital

Bruce Tomlinson

Head of alternative strategies, Sunsuper

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

12:00pm – 3:00pm

DAY TIME BREAK

3:00pm – 3:05pm

Welcome day one afternoon

3:05pm – 3:15pm

Hedge funds and alternatives overview

The term ‘absolute return’ encompasses as the broad array of strategies with return profiles that can exhibit materially different outcomes based on the market environment. As investors review the previous 12 months what have been the underlying performance drivers, how should the dispersion in outcomes be interpreted and what the strategy forecasts suggest for 2021?

Lincoln Smith

Senior portfolio analyst, Albourne Partners

3:15pm – 3:45pm

Investing by thematic: deciphering the trends

Growing populist politics have meant that policymakers will be forced into increasing unorthodox polices such a modern monetary theory, but what does this mean for traditional diversification strategies? How should investors allocate during a time of converging signals of uncertainty that call into question the recovery of the global economy?

Aron Pataki

Portfolio manager, Newton Investment Management

Chair

Colin Tate

Chief executive, Conexus Financial

3:45pm – 4:15pm

Views from the consultants: manager reviews, diversification and new ideas

The US Federal Reserve’s pivot to a liquidity-induced market environment over the past few years has not been conducive for many strategies and managers. The period of subdued volatility followed by COVID-19 caught many systematic and discretionary managers off guard. What strategies outperformed and where is extra due diligence required?

Sara Rejal

Senior director, investments, Willis Towers Watson

Michael Sommers

Principal consultant, Frontier Advisors

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

4:15pm – 4:40pm

Derivative strategies and non-linear payoffs

The COVID-19 crisis has led to historically high levels of dislocation. Traditional asset classes as well as synthetic credit, and implied parameters such as volatility, correlation and dividends have been affected. How can investors identify the markets, asset classes and instruments most impacted and capture and risk-manage the opportunities?

Guillaume Dupin

Partner and head of absolute return strategies, LFIS

Chair

Alex Proimos

Head of institutional content, Investment Magazine

4:40pm – 5:05pm

Multi-asset and a basket of strategies

To optimise the trade-off between risk and return, investors need to master the art of correlation management. With correlations between equities and government bonds varying significantly over time, do they still represent the core of any multi-asset portfolio, or do investors need to take more active and more risky directional bets?

             

Daniel Seiler

Chief investment officer, Vescore Solutions

Chair

Alex Proimos

Head of institutional content, Investment Magazine

5:05pm – 5:30pm

Member switching, early access, and tail risk

Managing superannuation assets requires a long time horizon. High fees and the location of risk with the member and not the fund has meant investors have ignored tail hedging. But government policy changes and member propensity to move funds during a market crisis cannot be ignored. Are super funds re-evaluating the role of tail risk strategies in response?

Jacki Ellis

Portfolio manager, retirement strategy, Aware Super (First State Super_

Con Michalakis

Chief investment officer, Statewide Super

Chair

Colin Tate

Chief executive, Conexus Financial

5:30pm

Close, day one afternoon

Day 2 – Thursday – September 24

8:30am – 8:35am

Welcome, day two morning

8:35am – 9:05am

Rapid policy response and the unprecedented speed of asset reflation

There are some expectations that the coronavirus pandemic hit could see a reversal in US corporate profit margins that could lead to a lost decade for equity investors. On the other side of the coronavirus, should investors expect an increased percentage of zombie corporations that not even the Federal Reserve will be able to support, and an even larger asset bubble?

Atul Lele

Portfolio strategist, Bridgewater Associates

Chair

Colin Tate

Chief executive, Conexus Financial

9:05am – 9:40am

Absolute and total portfolio returns: views from Cbus and VFMC

Moving to a total portfolio approach brings flexibility to search for the best ideas. How does the focus on the risk-return characteristics of investments rather than traditional asset labels impact the investment decisions of the fund? What role do absolute return strategies play in the portfolio and how active are the risk exposures?

Huey Miin Lim

Portfolio manager, fixed interest and absolute returns, VFMC

Scott Pappas

Senior portfolio manager, absolute returns strategies, Cbus Super

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

9:40am – 10:05am

Systematic investing in a dislocated market

After 10 years of investors picking up pennies thinking that there is no risk in basis trades, the tide turns. Extreme market conditions are almost a daily occurrence, leading investors to question whether trend-following can still be a diversifier in this environment. Are there systems that survive this environment of V-shaped price patterns and heavy kurtosis?

Kathryn Kaminski

Chief research strategist and portfolio manager, AlphaSimplex

Chair

Alex Proimos

Head of institutional content, Investment Magazine

10:05am – 10:35am

China long-short equity: alpha and liquidity outpacing investor allocations

China's economy is approaching almost 17% of global GDP but investors remain hesitant to allocate capital to China despite an evolving regulatory approach and improving market structure dynamics. Do conventional investment processes and risk management apply to the Chinese market, and how sustainable is this market environment?

Kevin Russell

Chief investment officer, UBS O'Connor

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

10:35am – 11:00am

Structured credit, non-performing loans and the impact of banking regulations

The U.S. structured credit market is now approaching pre-crisis asset levels—but with a very different, and largely untested, investor base. Should these developments and the re-emergence of synthetic securitization markets in Europe, concern investors? How can investors overcome the data complexity and enhance a discretionary investment strategy in these markets?

Richard McKinney

Managing director, asset-backed strategies, D.E. Shaw

Chair

Alex Proimos

Head of institutional content, Investment Magazine

11:00am – 11:30am

The impact of APRA on allocations to hedge funds and alternatives

The APRA heatmap methodology focuses on fees, the use of growth and defensive exposure for assessing performance will impact hedge fund allocations and portfolio management strategies due to its agnostic positioning on portfolio diversification and risk management. What are the outstanding issues and considerations arising from using a standardised industry approach?

Travis Schoenleber

Managing director, Cambridge Associates

David Bell

Executive director, Conexus Institute

Chair

Gerard Parlevliet

chair, investment committee, Prime Super; La Trobe Financial

11:30am

Event close, day two morning

Day 1 – Wednesday – September 23

8:30am – 8:35am

Welcome day one morning

8:35am – 9:00am

Macro investing in a world of de-globalisation

The wave of globalisation has peaked. The US-China conflict, squabbles in the E.U. and the global pandemic’s impact in accelerating moves by multi-nationals to reset global supply chains has led to a disconnect between fundamentals and market volatility. In this fragile market environment, what is the role of systematic and discretionary macro for investors?

Pablo Calderini

President and chief investment officer, Graham Capital Management

Chair

Alex Proimos

Head of institutional content, Investment Magazine

9:00am – 9:25am

Word from the street: CLOs, distress and the real economy

The March market crash unleashed a perfect storm for CLOs where risk assets sold off, cash flows were impacted and rating agencies were warning of widespread downgrades for levered companies. What is this alchemy in the market that prices appear to reflect cognitive biases that normalcy in the economy will return so soon?

Matthew Andrews

Managing director, head of capital markets, CIFC

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

9:25am – 9:55am

Risk mitigation, portfolio construction and alpha seeking

It is no longer fun to be a macro strategist, or is it? Central banks manage government and corporate bond prices and the negative impacts of corporate and economic fundamentals muted by liquidity and asset backstops. With these in mind, how are asset owners positioning their portfolios given the schism between the markets and the economy?

Panayiotis Lambropoulos

Portfolio manager, hedge funds, emerging managers, opportunistic credit, Employees Retirement System of Texas

Chair

Alex Proimos

Head of institutional content, Investment Magazine

9:55am – 10:25am

Machine learning and improving the investment decision making process

Exposing market participants’ data to algorithms exposes bias, which can creep in at many stages of an investment process due to human fallibility. Machine learning and AI can assist in understanding the evolutionary nature of markets but are there models dynamic enough to capture data-generating processes, allocate risk and position portfolios?

Sanjiv Kumar

Partner and co-founder, Fort LP

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

10:25am – 10:55am

Structural inefficiencies and relative value fixed income

Many factors drive market prices. Fiscal and monetary policy, liquidity and speculation can drive structural imbalances or dislocations that can present opportunities for relative value investors. Where are the opportunities most likely to persist and how effective are these strategies in delivering uncorrelated returns while constraining downside risk?

Erik Schiller

Managing director and head of liquidity, PGIM Fixed Income

Chair

Alex Proimos

Head of institutional content, Investment Magazine

10:55am – 11:25am

Fear and reality: separating the fact from the fiction in credit markets

Many find the relative strength of publicly traded markets, including credit, incongruous given the scale of contraction in the real economy. Has global fiscal and monetary policy changed the expected market behaviour temporarily or structurally? What are the implications for the credit cycle and approaches to credit investing?

Dwight Scott

Senior managing director and global head, GSO-Blackstone

Chair

Alex Proimos

Head of institutional content, Investment Magazine

11:25am – 12:00pm

Manager partnerships, alternative strategies and absolute returns

The role of an absolute returns’ portfolio is unique to each asset owner with each portfolio having a unique composition of idiosyncratic returns uncorrelated to traditional asset classes. However, blending too many manager styles can destroy alpha, so how are investors balancing this challenge?

Anastassia Juventin

Portfolio manager, hedge funds and alternative strategies, AMP Capital

Bruce Tomlinson

Head of alternative strategies, Sunsuper

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

12:00pm – 3:00pm

DAY TIME BREAK

3:00pm – 3:05pm

Welcome day one afternoon

3:05pm – 3:15pm

Hedge funds and alternatives overview

The term ‘absolute return’ encompasses as the broad array of strategies with return profiles that can exhibit materially different outcomes based on the market environment. As investors review the previous 12 months what have been the underlying performance drivers, how should the dispersion in outcomes be interpreted and what the strategy forecasts suggest for 2021?

Lincoln Smith

Senior portfolio analyst, Albourne Partners

3:15pm – 3:45pm

Investing by thematic: deciphering the trends

Growing populist politics have meant that policymakers will be forced into increasing unorthodox polices such a modern monetary theory, but what does this mean for traditional diversification strategies? How should investors allocate during a time of converging signals of uncertainty that call into question the recovery of the global economy?

Aron Pataki

Portfolio manager, Newton Investment Management

Chair

Colin Tate

Chief executive, Conexus Financial

3:45pm – 4:15pm

Views from the consultants: manager reviews, diversification and new ideas

The US Federal Reserve’s pivot to a liquidity-induced market environment over the past few years has not been conducive for many strategies and managers. The period of subdued volatility followed by COVID-19 caught many systematic and discretionary managers off guard. What strategies outperformed and where is extra due diligence required?

Sara Rejal

Senior director, investments, Willis Towers Watson

Michael Sommers

Principal consultant, Frontier Advisors

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

4:15pm – 4:40pm

Derivative strategies and non-linear payoffs

The COVID-19 crisis has led to historically high levels of dislocation. Traditional asset classes as well as synthetic credit, and implied parameters such as volatility, correlation and dividends have been affected. How can investors identify the markets, asset classes and instruments most impacted and capture and risk-manage the opportunities?

Guillaume Dupin

Partner and head of absolute return strategies, LFIS

Chair

Alex Proimos

Head of institutional content, Investment Magazine

4:40pm – 5:05pm

Multi-asset and a basket of strategies

To optimise the trade-off between risk and return, investors need to master the art of correlation management. With correlations between equities and government bonds varying significantly over time, do they still represent the core of any multi-asset portfolio, or do investors need to take more active and more risky directional bets?

             

Daniel Seiler

Chief investment officer, Vescore Solutions

Chair

Alex Proimos

Head of institutional content, Investment Magazine

5:05pm – 5:30pm

Member switching, early access, and tail risk

Managing superannuation assets requires a long time horizon. High fees and the location of risk with the member and not the fund has meant investors have ignored tail hedging. But government policy changes and member propensity to move funds during a market crisis cannot be ignored. Are super funds re-evaluating the role of tail risk strategies in response?

Jacki Ellis

Portfolio manager, retirement strategy, Aware Super (First State Super_

Con Michalakis

Chief investment officer, Statewide Super

Chair

Colin Tate

Chief executive, Conexus Financial

5:30pm

Close, day one afternoon

Day 2 – Thursday – September 24

8:30am – 8:35am

Welcome, day two morning

8:35am – 9:05am

Rapid policy response and the unprecedented speed of asset reflation

There are some expectations that the coronavirus pandemic hit could see a reversal in US corporate profit margins that could lead to a lost decade for equity investors. On the other side of the coronavirus, should investors expect an increased percentage of zombie corporations that not even the Federal Reserve will be able to support, and an even larger asset bubble?

Atul Lele

Portfolio strategist, Bridgewater Associates

Chair

Colin Tate

Chief executive, Conexus Financial

9:05am – 9:40am

Absolute and total portfolio returns: views from Cbus and VFMC

Moving to a total portfolio approach brings flexibility to search for the best ideas. How does the focus on the risk-return characteristics of investments rather than traditional asset labels impact the investment decisions of the fund? What role do absolute return strategies play in the portfolio and how active are the risk exposures?

Huey Miin Lim

Portfolio manager, fixed interest and absolute returns, VFMC

Scott Pappas

Senior portfolio manager, absolute returns strategies, Cbus Super

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

9:40am – 10:05am

Systematic investing in a dislocated market

After 10 years of investors picking up pennies thinking that there is no risk in basis trades, the tide turns. Extreme market conditions are almost a daily occurrence, leading investors to question whether trend-following can still be a diversifier in this environment. Are there systems that survive this environment of V-shaped price patterns and heavy kurtosis?

Kathryn Kaminski

Chief research strategist and portfolio manager, AlphaSimplex

Chair

Alex Proimos

Head of institutional content, Investment Magazine

10:05am – 10:35am

China long-short equity: alpha and liquidity outpacing investor allocations

China's economy is approaching almost 17% of global GDP but investors remain hesitant to allocate capital to China despite an evolving regulatory approach and improving market structure dynamics. Do conventional investment processes and risk management apply to the Chinese market, and how sustainable is this market environment?

Kevin Russell

Chief investment officer, UBS O'Connor

Chair

Laurence Parker-Brown

Institutional content producer, Conexus Financial

10:35am – 11:00am

Structured credit, non-performing loans and the impact of banking regulations

The U.S. structured credit market is now approaching pre-crisis asset levels—but with a very different, and largely untested, investor base. Should these developments and the re-emergence of synthetic securitization markets in Europe, concern investors? How can investors overcome the data complexity and enhance a discretionary investment strategy in these markets?

Richard McKinney

Managing director, asset-backed strategies, D.E. Shaw

Chair

Alex Proimos

Head of institutional content, Investment Magazine

11:00am – 11:30am

The impact of APRA on allocations to hedge funds and alternatives

The APRA heatmap methodology focuses on fees, the use of growth and defensive exposure for assessing performance will impact hedge fund allocations and portfolio management strategies due to its agnostic positioning on portfolio diversification and risk management. What are the outstanding issues and considerations arising from using a standardised industry approach?

Travis Schoenleber

Managing director, Cambridge Associates

David Bell

Executive director, Conexus Institute

Chair

Gerard Parlevliet

chair, investment committee, Prime Super; La Trobe Financial

11:30am

Event close, day two morning