Day 1: 20 June 2017
Simultaneous Translation German-English/English-German
Moderator: Dr Andreas Sauer, ansa capital management, Bensheim, Germany
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
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
Andreas Metzen, Uhlenbruch, Bad Soden am Taunus, Germany
Dr Andreas Sauer, ansa capital management, Bensheim, Germany
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
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