AGENDA:

08:30 - 09:00

Registration & Breakfast


DUDLEY SUITE DEVONSHIRE SUITE CLARENDON SUITE
09:05 - 09:40

Amundi

AXA Investment Managers

Baillie Gifford
09:45 - 10:20

AXA Investment Managers

Baillie Gifford

Amundi
10:25 - 11:00

Baillie Gifford     

Amundi    

AXA Investment Managers

11:00 - 11:20

Networking Break


DUDLEY SUITE DEVONSHIRE SUITE CLARENDON SUITE

11:20 - 11:55

Barings

Invesco

Morgan Stanley Investment Management

12:00 - 12:35

Invesco

Morgan Stanley Investment Management

Barings
12:40 - 13:15

Morgan Stanley Investment Management

Barings Invesco
13:15 Lunch and close of conference


Please note: programme is subject to change

Sponsor Sessions

Amundi

Fund: Amundi Funds Global Subordinated Bond

Grégoire Pesquès, CFA, Head of the Global Corporate Credit Team

Falling bond yields present a constant challenge to investors. The collapse of government debt yields coupled with the increase in interest rate risk, has led to investors taking more risk, leading to a compression in high yield spreads. Investors are left with the difficult choices of taking on longer dated bonds, reducing credit quality, looking at other market segments like EM or private credit, all of which insert additional risks into their portfolios. Subordinated debt allows investors to benefit from higher yield returns form investment grade corporates by investing in lower ranked debt. Amundi, with over USD 880bn AUM in Fixed Income, USD 350m of which is invested in corporate credit, will present how we navigate this asset class where we have achieved IR ratios of 2.07 (1YR) and 1.26 (3YR).


AXA Investment Managers

Fund: AXA Global High Income Fund

Nicolas Trindade, CFA, Senior Fixed Income Portfolio Manager

Taking on 2020 with Global Short Duration

With 2020 continuing to be a challenging year for investors our global short duration strategy could help you navigate this difficult environment. It aims to offer investors the benefits of global diversification by investing across the whole short-dated fixed income spectrum (maximum of five years maturity), including inflation-linked, investment grade, high yield and hard currency emerging market bonds. It targets attractive risk-adjusted returns by having a focus on capital preservation, ensuring a strong natural liquidity profile and targeting an attractive yield while minimising volatility. The strategy combines the best ideas of our local short duration bond funds within a holistic global portfolio, with the ability to dynamically asset-allocate across the full fixed income spectrum.


Baillie Gifford

Fund: Baillie Gifford High Yield Bond

Lucy Isles, Investment Manager

Hand-Picked High Yield

Many commentators believe the credit markets to be late cycle and the risk of a recession in the next 3 years is growing. Bonds may be unpopular but the market backdrop supports flows and investors desire for a reliable and regular income stream is absolute. With yields creeping lower, the traditional bond investing approach of buying those debt issuers on the highest yield could well be a risky methodology in the years ahead. Thus, a very selective approach to bond investing is required. Namely, lending to those businesses that have a long-term competitive advantage, good governance and a sustainable approach as well as an appropriate capital structure. Our preference is growing businesses, since they are producing the products and services of the future not the past, plus equity capital providers are more likely to support such businesses in periods of cyclical weakness rather than companies which are in structural decline.

Objective: To convey the reduced margin of error in the high yield market and as such, the value of a hand-picked approach focusing on resilience.


Barings

Fund: Barings Global Senior Secured Bond

Craig Abouchar, High Yield Portfolio Manager

Secured Bonds: Added Protection in the Face of Uncertainty

At times when uncertainty seems to be the only constant, some investors have adopted a more cautious outlook into the future when it comes to allocations to risk assets. Senior secured bonds may be an attractive option, as the asset class has historically offered higher recovery rates than unsecured bonds—a result of being senior in the capital structure and secured by some or all of a borrower’s assets. Craig Abouchar, a portfolio manager within Barings’ European High Yield Investments Group, will discuss the many potential benefits of senior secured bonds.


Invesco

Fund: Invesco High Yield Fund (UK)

Thomas Moore, Fixed Interest Fund Manager and Senior Credit Analyst

Finding Opportunities in the High Yield Bond Market

With yields on high yield markets close to historic lows, Thomas Moore, manager of the Invesco High Yield Fund (UK), discusses where he is finding opportunities and why he believes the asset class is still well supported by fundamental factors.


Morgan Stanley Investment Management

Fund: Global Fixed Income Opportunity

Richard Class, Managing Director

Global Fixed Income Opportunities - Flexible Fixed Income Investing in a Low Interest Rate World

Our active, flexible strategy avoids the limitations of tracking a benchmark and has the ability to consider the widest potential opportunity set within the global fixed income universe. This approach provides investors with the capability to own the best sectors throughout the market cycle. The MS INVF Global Fixed Income Opportunities Fund adopts an active, flexible approach and pursues an attractive yield and total return over a three to five year horizon, focusing on absolute return and risk-adjusted return rather than a level of tracking error.