Tuesday, 22 October 2019 PARKROYAL on Pickering Event programme
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Tuesday, 22 October 2019 PARKROYAL on Pickering Event programme
WELCOME #Firstforevents
@FundAsia
Welcome to Fund Selector Asia Investment Andrew Crooke
Forum Singapore. Contributing editor, Asia
Last Word
We are pleased to be in Singapore today with so many leading fund
selectors and asset allocators to host Fund Selector Asia’s annual
Investment Forum. Thank you for joining us.
Andrew is a business journalist and editor for 18
years, he has far-reaching experience across the
The only thing I can foresee with any certainty is continued financial services industry. For the past 15 years,
uncertainty. Nobody knows how long or deep the inevitable he has run online content, publications, events
economic downturn will be, nor the extent of its impact on markets. and bespoke projects across Asia Pacific & the
Middle East - both for large publishing houses as
What we can all be confident about, however, is that the widespread well as family-run, entrepreneurial firms.
economic and geopolitical risks, rising populism, changing Andrew has also written two books in recent
years focused on the private banking and wealth
demographics and increasing protectionism seem likely to be here management sector - "How to Prosper in the
for the time being. New World of Asian Wealth Management:
A Best Practice Guide", and "Winning
Yet there is always reason for optimism. From trade wars and Brexit Relationships in Asian Wealth Management".
to social unrest and climate issues, we can still identify opportunities
to adapt and refocus investment strategies and portfolios.
As we approach the end of a year that many investors will want to
see the back of, practical ideas across themes such as multi-asset,
income, sustainability, emerging markets and China are welcome.
This is what our speakers will cover today. They have been selected
because they have a clear idea of how to navigate this volatile
investment landscape. They will share insights into the asset classes
and strategies they believe offer the potential to perform.
Today’s session is designed to answer your questions and give you
a new way to consider approaching the market. We hope it will be
educational, interactive and focused, so we invite you to join in with
questions to drive a lively debate, as well as share your thoughts
via our poll questions. Please also make the most of the chance to
network with your peers.
We welcome your feedback. Have a great morning.
Andrew Crooke
SPONSORS
PROGRAMME
08.30 - 09.00 Registration and coffee William Ballroom foyer, Level 2
09.05 - 09.15 Chairman’s welcome | Andrew Crooke, contributing editor, Asia, Last Word William Ballroom, Level 2
SESSION 1
09.20 - 09.40 How to deliver a sustainable multi asset solution William Ballroom, Level 2
Tommaso Mancuso, head of multi asset
Hermes Investment Management
SESSION 2
Sustainable income & growth opportunities for today’s
09.45 - 10.05 investor William Ballroom, Level 2
Francois de Bruin, portfolio manager, Sustainable
Income & Growth Fund, Aviva Investors
SESSION 3
Rethinking the role of emerging market exposures
10.10 - 10.30 Subash Pillai, managing director, regional head of William Ballroom, Level 2
client investment solutions- APAC
Franklin Templeton Multi-Asset Solutions
10.35 - 10.50 Panel discussion with first session speakers William Ballroom, Level 2
10.55 - 11.15 Networking coffee William Ballroom foyer, Level 2
SESSION 4
2020 & beyond: From 'made in China' to 'made
11.20 - 11.40 for China' William Ballroom, Level 2
Marco Li, portfolio manager, TT China Focus Equities,
TT International
SESSION 5
Using fixed income ETFs in portfolio construction
11.45 - 12.05 Andy Ng, product specialist William Ballroom, Level 2
Vanguard Investments Hong Kong Limited
SESSION 6
Looking to stable income in uncertain times William Ballroom, Level 2
12.10 - 12.30
Charles Martin, portfolio specialist
Insight Investment
12.35 - 12.50 Panel discussion with second session speakers William Ballroom, Level 2
12.55 - 14.00 Networking lunch Pickering Ballroom, Level 2
COMPANY PROFILES
Aviva Investors
Aviva Investors is a global asset manager with expertise Francois de Bruin
across all major asset classes. Their parent company is Aviva Portfolio manager, Sustainable
plc – listed on the London Stock Exchange and a member of Income & Growth Fund
the FTSE 100 Index. It is the largest insurance company in the
UK. Francois manages the sustainable
income & growth fund and is head
Their investment intelligence spans major markets, where of listed real estate, responsible for
they currently invest over $440bn on behalf of their the management of global and regional listed real estate
customers. They offer broad capabilities across major asset portfolios. He is also a responsible investment officer.
classes including credit, equities, multi-asset & macro, real
assets and liquidity solutions. This level of scale, experience Francois will be presenting:
and reach enables them to deliver the specific investor Sustainable income & growth opportunities for today’s
outcomes that matter. investor
Francois will explain how an unconstrained, bottom-up
approach to multi-asset income differentiates from other
commonly top-down strategies, how their proprietary ESG
model guides the whole investment process, and how the
team selects income-producing assets to generate natural
income streams.
09.45 – 10.05, William Ballroom, Level 2
Fund Profile Top 5 holdings with maturity and weighting*
Holding Weighting
Aviva Investors Sustainable Income and Growth Fund 1 Texas Instruments 4.0%
Fund size: $28.73m* Domicile: Luxembourg / SICAV 2 Coresite Realty 3.9%
3 St. James Place 3.6%
4 Oneok 3.1%
5 Allianz 2.9%
The fund is a global, bottom-up vehicle that aims to provide
5 per cent natural income with long-term capital growth 7% Emerging Market Sovereign Bond
from a portfolio of 80 to 120 securities drawn from over Largest asset class holdings*
8% Emerging Market Equity
25,000 names in the MSCI All Country World Index and the 34% 20% 19% 12%
Bloomberg Barclays Global Aggregate Bond Index.
Developed Market Equity REIT Global High Yield Bond
*The Fund inception date is on 10 July 2019. Data shown as at 30 September 2019. Emerging Market Corporate Bond
Sales contacts
Charles Wong Keng Tiong Tan
Head of wholesale, Asia Client solutions associate
+65 6491 6943 +65 6491 6967
charles.wong@avivainvestors.com kengtiong.tan@avivainvestors.com
BNY Mellon Investment Management
BNY Mellon is a global investments company dedicated to Charles Martin
helping its clients manage and service their financial assets Portfolio specialist, Insight Investment
throughout the investment lifecycle. Their goal is to build and
manage investments that meet the ever-changing needs of Charles joined Insight in May 2012. He
their clients. BNY Mellon Investment Management’s model is responsible for advising clients on
offers the best of both worlds: specialist investment expertise investment strategy and reporting on
with solutions offered across every major asset class, backed performance. He relocated to Hong
by the strength, scale and proven financial stewardship of Kong in August 2014 as a portfolio specialist in order to
BNY Mellon. provide support to clients in the Asia Pacific region. Prior to
joining Insight, he spent 10 years at BNP Paribas in strategic
sales management and development. He holds a BBusSc
honours degree in marketing & finance from the University
of Cape Town, South Africa. He is a CFA charterholder.
Charles will be presenting:
Looking to stable income in uncertain times
A shrinking, high yield universe is likely to offset renewed
volatility, unsustainable business models and disruptive
markets investors face today. US and Europe political
dynamics is expected to be significant over the next two
years, so how will this play in high yield? In this session,
Insight’s portfolio specialist, Charles Martin, will discuss the
importance of stock picking against a backdrop of wider
issuer performance dispersion and uncertain market forces,
and how this approach enables us to generate a stable and
attractive level of income for investors.
12.10 – 12.30, William Ballroom, Level 2
Sales contacts
Vivienne Lim Brett Kennedy
Vice president, business development manager Client service and sales support executive
+65 6432 4093 +65 6432 0570
vivienne.lim@bnymellon.com brett.kennedy@bnymellon.com
Franklin Templeton
Since 1947, Franklin Templeton has been dedicated to Subash Pillai
delivering exceptional asset management for a wide Managing director, regional head of
spectrum of clients. By bringing together multiple world- client investment solutions - APAC
class investment teams in a single firm, they are able to
offer specialised expertise across a full range of asset Subash has responsibility for
classes, supported by the strength and resources of developing multi-asset, goals-based
one of the world’s largest asset managers. Their unique portfolios for clients in APAC, by
multiple manager structure brings together specialised building on Franklin Templeton’s broad range of investment
investment teams with distinct styles, who are supported capabilities. He has over 20 years of experience in financial
by a global platform that includes stringent compliance services as an asset allocator, fixed income and foreign
and active risk management. All of their investment teams exchange investor, and was previously with Goldman Sachs
share a common commitment to excellence grounded in for 18 years.
rigorous, fundamental research and robust, disciplined risk
management, which has helped them become a trusted Subash will be presenting:
partner to financial advisors and investors across the globe. Rethinking the role of emerging market exposures
With slower global growth, and persistent trade and
economic uncertainty on the rise, investors are hard pressed
to find income. Part of the solution lies in emerging markets;
yet many investors adopt a satellite approach to investing
in EMs. Subash will discuss why EM investing is critical in
helping investors attain their desired income levels, and how
a dynamic allocation approach is the optimal way to harvest
the investment potential of EMs.
10.10 – 10.30, William Ballroom, Level 2
Fund Profile Top 5 holdings with maturity and weighting*
Holding Weighting
Templeton Emerging Markets 1 Samsung Electronics Co Ltd 4.40%
Dynamic Income Fund
2 Taiwan Semiconductor Manufacturing Co Ltd 4.09%
Fund size: $145m* Domicile: Luxembourg 3 Tencent Holdings Ltd 3.20%
4 Alibaba Group Holding Ltd 2.97%
5 ICICI Bank Ltd 2.02%
The fund seeks to maximise a combination of capital
appreciation and interest income, by investing principally
Geographic allocation* Taiwan
in a diversified portfolio of equity and debt securities Mexico
by issuers located, incorporated or have their principal 15.6% 14.4% 9.7% 9.2% 5.9% 5.2%
business activities in developing or emerging market
countries.
China Brazil India South Korea
* As of 30 September 2019
Sales contacts
Vanessa Huang Bryant Loh
AVP, financial services Relationship manager, financial institutions
+65 6432 9613 +65 6432 9689
vanessa.huang@franklintempleton.com bryant.loh@franklintempleton.com
Hermes Investment Management
Hermes Investment Management provides active investment Tommaso Mancuso
strategies and stewardship. Their goal is to help people invest Head of multi asset
better, retire better and create a better society for all. They
offer public and private market solutions across equity, fixed Tommaso joined Hermes in 2008 and
income, real estate and alternatives for a global clientele of formed the multi asset team in 2014.
institutional and wholesale investors. However, they believe The multi asset team manages three
that their duty extends beyond achieving clients’ financial strategies for which Tommaso is the
outcomes: they must act as stewards of the investments they portfolio manager: a global tactical asset allocation strategy,
manage and advise. In 2004 they established Hermes Equity a multi asset ESG strategy which combine ESG-integrated
Ownership Services (Hermes EOS), which is now one of the active stock & bond picking with dynamic asset allocation,
largest stewardship teams in the industry. and a diversified absolute return strategy with embedded
inflation hedge.
Tommaso will be presenting:
How to deliver a sustainable multi asset solution
A practical approach to delivering an ESG-integrated multi
asset solution for your clients across multiple growth and
inflation scenarios.
09.20 – 09.40, William Ballroom, Level 2
Fund Profile Top 5 holdings with maturity and weighting*
Holding Weighting
Hermes Multi Asset ESG Fund 1 Investment Grade Debt 21.0%
Domicile: United Kingdom 2 US Govies 8.0%
3 Financials Sector 7.0%
4 IT Sector 7.0%
5 HealthCare Sector 6.0%
This is a dynamic and active ESG-integrated balanced fund.
The asset allocaion is top down and based on complementary
asset allocation models. The asset selection is bottom up Multi Asset ESG current exposure* 3.6% HY Debt
4.4% EM Equity
and based on an ESG-integrated investment process. It is 47.0% 21.5% 20.0%
enhanced by a dedicated corporate engagement team.
Equity Sectors IG Debt Govies 3.3% EM Debt
* As of 26 September 2019
Sales contacts
Jakob Nilsson Lin Chew
Executive director, head of business development, Director, business development,
Asia Pacific Asia Pacific
+65 6850 0671 +65 6850 0672
jakob.nilsson@hermes-investment.com lin.chew@hermes-investment.com
TT International
TT International is a specialist asset manager devoted solely Marco Li
to managing high-conviction, concentrated active investment Portfolio manager, TT China Focus
portfolios. With over 30 years' experience, TT now manages Equities
many billions of dollars across long-only equity mandates
(notably Global high-quality ACWI, GEM, Asia ex Japan, Marco is the lead portfolio manager for
China Focus) and hedge funds for a diverse range of the TT China Focus Fund and senior
sophisticated investors across the world, including prominent analyst for the TT Global Emerging
asian sovereign wealth funds. Markets and Asia ex Japan equity funds. Before joining TT
in 2013, he was in the asian equity team at Manulife Asset
Everything TT does aims to produce attractive risk-adjusted Management. Marco graduated with a BBA from Wilfrid
returns for investors. A strong alignment of interests is Laurier University and is also a CFA charterholder.
achieved through both portfolio managers and employees of
the firm investing their own assets alongside those of clients. Marco will be presenting:
To help ensure consistent alpha generation is achievable, the 2020 & beyond: From 'made in China' to 'made for China'
firm imposes capacity constraints across all strategies and
success is measured by alpha generation rather than asset China’s economy is rapidly evolving from a high-speed
gathering. growth model to a high quality-of-growth model. Despite
a plethora of global macro uncertainties (Brexit, US-China
relations, climate change, US political cycle) many exciting
opportunities exist as China becomes the world’s largest
consumer.
11.20 - 11.40, William Ballroom, Level 2
Fund Profile Top 5 holdings with maturity and weighting*
Holding Weighting
TT China Focus Fund 1 Tencent 9.60%
Strategy size: $105m* Domicile: Dublin, Ireland 2 Alibaba 9.38%
3 Ping An Insurance 6.11%
4 Ping An Bank 5.54%
5 CNOOC 4.83%
TT's China Focus Strategy is a long-only, all cap equity
approach targeting +3% p.a. over the MSCI China Index,
Fund exposure*
investing in a concentrated portfolio of 30-35 A- & H-shares 4% Cash
and Chinese ADRs. It is constructed with a focus on 53% 26% 17%
fundamental stock analysis within an integrated top-down
framework. H-Shares ADRs A-Shares
* As of 30 September 2019
* Strategy assets include a recently won mandate which is soon to be funded.
Sales contacts
Jason Hill
Client relations & sales, distribution
+852 3476 6085
hillj@ttint.com
Vanguard Investments Hong Kong Limited
Vanguard is one of the world's largest asset managers, Andy Ng
offering a diverse range of low-cost, high quality mutual Product specialist
funds, ETFs, advice and related services. Our mission is the
same as it is everywhere: To take a stand for all investors, Andy is the product specialist
to treat them fairly, and to give them the best chance for responsible for Vanguard's fixed
investment success. income investment strategy and
product support.
He brings over 10 years of experience in asset management.
Before joining Vanguard, he was a Portfolio manager, multi
asset solutions at JP Morgan Asset Management. Prior to
that, he assumed various roles in middle and back office
functions at JP Morgan Asset Management, Blackrock and
HSBC.
Andy will be presenting:
Using fixed income ETFs in portfolio construction
Finding income opportunities at low cost in today’s low-
yield world has become more of a challenge for investors.
In this presentation, Andy will address some key strategies
using bond ETFs that investors may consider on credits and
rates.
11.45 - 12.05, William Ballroom, Level 2
Fund Profile Top 5 holdings with maturity and weighting*
Holding Weighting
Vanguard USD Corporate 1-3 Year Bond UCITS 1 GE Capital International 2.34% 15 Nov 2020 0.40%
ETF (VDUC)
2 Dell International Corp 4.42% 15 Jun 2021 0.32%
Strategy size: $133m* Domicile: Ireland 3 Wells Fargo & Co. 2.63% 22 Jul 2022 0.30%
4 JPMorgan Chase & Co. 4.50% 24 Jan 2022 0.27%
The fund provides exposure to a broad basket of fixed-rate, 5 HSBC Holdings plc 3.40% 8 Mar 2021 0.27%
US dollar (USD)-denominated investment-grade corporate 3.3% Canada
Market allocation* 2.9% Germany
bonds. These are high-quality bonds, issued by a wide 3.9% Japan
range of companies from around the world in USD with a 64.5% 5.7% 10.6%
time to maturity between one and three years.
United States United Others1
Kingdom
* As of 30 September 2019
1
Australia 2.4%, China 2.4%, France 2.0% Switzerland 2.0%, Netherlands 1.8%
Sales contacts
Linda Luk Vanessa Lee
Managing director, head of distribution, Hong Kong Assistant director, Hong Kong
+852 3409 8328 +852 3409 8415
linda_luk@vanguard.com.hk vanessa_lee@vanguard.com.hk
NOTES
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