20th Annual Portfolio Management Conference on 20th and 21st June 2017 in Frankfurt am Main

Day 1: 20 June 2017

Simultaneous Translation German-English/English-German

Moderator: Dr Andreas Sauer, ansa capital management, Bensheim, Germany


08:00 Registration
08:45 Opening remarks

Module 1: The Election in Germany and the Prospects for the Capital Markets

09:00 Germany in the "Super Election Year" of 2017: Regional Developments and Global Challenges

Friedrich Merz, BlackRock Asset Management Deutschland, Munich, Germany

10:00 2 Strategists, 2 Opinions: Macroeconomic Climate and Current Investment Opportunities

  • The world after Brexit
  • Implications of new leadership in the White House for the world
  • How long will Europe be able to maintain the euro?
  • Structural changes are dictating market trends
  • Equity - bonds - gold. Where will the journey be going?

Georg Schuh, Deutsche Asset Management, Frankfurt am Main, Germany
Felix Zulauf, Zulauf Asset Management, Baar, Switzerland

11:00 Networking break and refreshments

Module 2: Fresh Approaches to Asset Allocation

11:30 Where to Take Risk? The Pricing of Interest Rate Risk in the Stock Market

  • Where has equity beta risk been rewarded – and where is it worth taking?
  • Where has bond duration risk been rewarded – and where is it worth taking?
  • What would a bond market selloff mean for the cross section of equity returns?
  • How best to mitigate the risk?

Prof. Malcolm Baker, Harvard Business School, Boston, USA

12:30 Lunch

14:00 Pricing of Climate Risk and the Effect on Portfolio Construction

  • The purpose of Risk Management is not to minimize risk, but to price risk appropriately
  • Financial Risk Management provides lessons for addressing climate change
  • What role should asset owners play?

Robert Litterman, Kepos Capital, New York, USA

Module 3: Is Smart Beta the Ideal Investment Solution?

15:00 PANEL DISCUSSION: Fixed Income Investing – Active vs. Smart Beta

  • Fixed Income vs. Equity Smart Beta – similarities and differences
  • What are alternative risk premiums and smart beta strategies in the fixed income area?
  • How does fixed income smart beta work in a portfolio context?
  • What are the long-term effects of style-based investing on a portfolio structure?

Patrick Houweling, Robeco Investments, Rotterdam, Netherlands
Steven Oh, PineBridge Investments, London, UK
Ritirupa Samanta, State Street Global Advisors, Boston, USA

15:45 Networking break and refreshments

16:15 Smart Beta: Short-lived Hype or Sustained Risk Premium?

  • Smart Beta: real or alleged risk premiums
  • Potential for diversification of Smart Beta strategies
  • Undesired side effects: crowding risks
  • Field report: Smart Beta from a major institutional investor's point of view

Dr Gerhard Ebinger, BASF, Ludwigshafen, Germany
Alexander Raviol, Lupus alpha Asset Management, Frankfurt am Main, Germany

Module 4: Monetary Policy and Sustainability – the Future of Capital Investment?

16:45 PANEL DISCUSSION: Implementation of ESG in the Field of Institutional Capital Investment

  • Is investing into emerging markets possible for an ESG investor? If so, how can investments into emerging markets be made ethical and sustainable?
  • What are the risks of climate change to businesses? Are commodities still investible at all?
  • How can we translate our concerns into concrete real estate or infrastructure projects?
  • What should be the requirements to be met by business partners with whom we like to collaborate long-term?

Klaus Bernshausen, Evangelische Ruhegehaltskasse, Darmstadt, Germany
Peter Signer, NEST Sammelstiftung, Zurich, Switzerland
Dr Helge Wulsdorf, Bank für Kirche und Caritas, Paderborn, Germany

17:30 The Growing Influence of Central Banks – What are The Consequences of Manipulated Price Movements Across the Globe?

  • How have central banks evolved over past 100 years?
  • What past era should be studied to understand the central banking environement in which we currently find ourselves?
  • Are central banks economic players?
  • How should investors interpret Central Banks' influence since the Global Financial Crisis?
  • How will the degree of influence evolve going forward?

Brian Singer, William Blair Investment, Chicago, USA

18:15 Networking cocktail reception

19:15 Evening event


Day 2: 21 June 2017

Simultaneous Translation German-English/English-German

Moderators:
Andreas Metzen, Uhlenbruch, Bad Soden am Taunus, Germany
Dr Andreas Sauer, ansa capital management, Bensheim, Germany


08:00 Registration
08:55 Opening remarks

Module 5: The Focus is on Asian Markets: Lessons from the Past and Ideas for the Future

09:00 Inside Asia Fixed Income

  • An analysis of the structure of the Asian fixed income market
  • Reforms and developments in Asia
  • Macroeconomic outlook and opening of the Chinese on-shore bond market

Luc Froehlich, Fidelity International, Hong Kong

09:30 From Deflation, Zero Rates and Stagnation Towards Growth – Lessons from Japan

  • What lessons can be learned from Japan’s Decade-Long Stagnation?
  • How can wealth managers profit from deflation?
  • When will “Abenomics” deliver credible results?

Jesper Koll, WisdomTree, Tokyo, Japan

10:00 Capital Markets Reform and Investment Fund Industry in Japan

  • What are the objectives of capital market reform in Japan since its banking crisis since late 1990s?
  • What impact is being expected from the Stewardship Code of 2014 for institutional investors and Corporate Governance Code of 2015 for the listed companies?
  • How has Japan’s fund industry evolved and what are the challenges for the industry?
  • What are the implications of the reform of Defined-Contribution Pension Plans?
  • What lessons may be learned from Japan’s experience?

Yoshio Okubo, Japan Investment Trust Association, Tokyo, Japan

10:45 Networking break and refreshments

Module 6: The World of Tomorrow: Opportunities and Risks for Institutional Capital Investment

11:15 How the World is Being Changed By Digitalization

  • The megatrend of robotics has long since arrived in many areas of life
  • Artificial Intelligence and Big Data are developing at a rapid pace
  • The man-machine connection is changing not only health care
  • Intelligent sensor technology - a future with self-driving cars and autonomous vineyards

Christian Baudis, former CEO Google Germany, Munich, Germany

12:15 Lunch

13:45 Are Robots the Better Portfolio Managers?

  • Big Data and Artificial Intelligence in Portfolio Management
  • What areas will be covered?
  • What role will man play?
  • Robots and errors of human perception

Dr Hendrik Leber, ACATIS Investment, Frankfurt am Main, Germany
Prof. Christian Rieck, Frankfurt University of Applied Sciences, Frankfurt am Main, Germany

14:45 The Foreign Policy Challenges for President Trump – And What his Presidency Means for America's Allies

  • Are we at the end of the post-WWII pax Americana? If so, what will replace it?
  • Are the world's multilateral institutions no longer relevant in confronting and solving the world's problems?
  • Is Brexit (celebrated by Mr Trump) the beginning of the end for the European Union? If so, how much will that matter?
  • How will the nature of war change, and how will governments adapt as hybrid and cyber-warfare become increasingly common features of asymmetric conflict?
  • How can Islamist extremism be defeated, or are we condemned to a long "clash of civilisations"?

John Andrews, The Economist, London, UK

15:30 Highlights From 20 Years of Portfolio Management Conference – Pieces of Investment Wisdom for Today and the Future

  • Uhlenbruch's roots (1995): Minimum Variance Investing – Is it still an attractive investment strategy?
  • Prof. B. Solnik (1998): International diversification – Does it help to reduce risk effectively?
  • Prof. R. Haugen (2000): Volatility – Has the beast been tamed?
  • Prof. B. Cornell (2002): The equity risk premium – What rates of return may be expected over the next 10 years?

Dr Jochen Kleeberg, alpha portfolio advisors, Kronberg im Taunus, Germany

16:15 End of conference and farewell to participants