Thank you for joining us at the second Investec Global Insights - Asia 2018. We are excited to once again host this conference in Hong Kong and appreciate your continued support and trust.
2017 was a positive year with more synchronised growth and supportive fundamentals. However the maturing bull market and stock valuations have begun to worry many investors. With rising volatility, slowing quantitative easing and escalating geopolitical tensions, uncertainties continue to weigh on future growth prospects. Over the course of the day we hope to share with you our investment insight and ideas across asset classes. We look forward to learning more about the issues you face in meeting the investment needs of your clients and capital providers.
As long-term investors, we deem it our duty to communicate to you the opportunities and risks that we collectively face in the financial markets. Please feel free to ask questions and take this opportunity to interact with your peers and our investment experts.
I hope you find the conference useful. Please enjoy your time with us!
Co-Chief Investment Officer
Investec Asset Management
|08:30 – 09:00||Registration and light breakfast
|09:00 – 09:10||
Welcome and introduction
|09:10 – 09:15||
|09:15 – 09:40||
A world view
|09:40 – 10:15||
Panel discussion: Navigating a mature bull market
Moderated by Philip Saunders, Co-Head of Multi-Asset Growth
|10:15 – 10:40||
Asia’s “National Champions”
|10:40 – 11:00||
|11:00 – 11:25||
Unlocking opportunities in emerging markets
|11:25 – 11:55||
The 4th industrial revolution: Renewable energy to the rescue
|11:55 – 12:30||
Panel discussion: The evolving fund distribution landscape in Asia
Moderatorated by Richard Garland, Managing Director, Global Advisor
Panel discussion: Becoming a bull in a China shop
Moderated by Beonca Yip, Head of Advisor Business, Asia
|13:00 – 13:15||
Morning wrap up
|13:15 – 13:45||
'Meet the Portfolio Manager’ Session 1
|13:45 – 14:15||
'Meet the Portfolio Manager’ Session 2
|14:15||End of the event
|Asia’s “National Champions”
Charlie Dutton, Portfolio Manager, Quality
|Unlocking opportunities in emerging markets
Grant Webster, Portfolio Manager, Emerging Markets Debt
| Becoming a bull in a China shop
Beonca Yip (Moderator)
Wenchang Ma, Assistant Portfolio Manager, China Equity, 4FactorTM
Wilfred Wee, Portfolio Manager, Asia Fixed Income
| Meet the Portfolio Manager - All China Bond
Wilfred Wee, Portfolio Manager, Asia Fixed Income
| Meet the Portfolio Manager - Global Multi-Asset Income
Philip Saunders, Co-Head of Multi-Asset Growth
| Meet the Portfolio Manager - Global Strategic Equity
Mark Breedon, Co-Head of 4FactorTM
|Meet the Portfolio Manager - All China Equity
Wenchang Ma, Assistant Portfolio Manager, China Equity, 4FactorTM
| Meet the Portfolio Manager - Global Franchise
Charlie Dutton, Portfolio Manager, Quality
| Meet the Portfolio Manager - Commodities
George Cheveley, Portfolio Manager, Natural Resources
Head of Advisor Business, Asia
Beonca is the Head of Asia Advisor Business at Investec Asset Management and manages and oversees the advisor business in Asia.
Prior to joining Investec Asset Management, Beonca was the Head of Retail Business for Asia Pacific (including Japan) and Europe at Eastspring Investments. She was the Chief Marketing Officer, Asia ex Japan at Société Générale Asset Management and the Regional Head of Retail Business, Asia at Lyxor Asset Management for her previous part of career.Read more
Beonca graduated from the Hong Kong University of Science and Technology with a Bachelor of Business Administration in Finance. She also holds an Executive Masters degree from the City University of Hong Kong.
Co-Chief Investment Officer
Mimi is co-Chief Investment Officer at Investec Asset Management. Mimi coordinates the activities of the CIO office and focuses on the development of our investment teams, with overall responsibility for recruitment and talent management.
Mimi is the United Kingdom based CIO and is a member of the Global Executive Committee. He joined the company in 1992 as one of the founding members of the company and has held various positions including chief trader to portfolio manager and managing director of the South Africa Institutional business.Read more
Prior to joining Investec Asset Management, Mimi spent four years in the stockbroking industry. Mimi graduated from the University of South Africa with a degree in Commerce.
Co-Head of Multi-Asset Growth
Philip is Co-Head of Multi-Asset Growth at Investec Asset Management, he is also a portfolio manager for Multi-Asset total return, global multi-asset and protected strategies.
He began his investment career in 1982 as an analyst at Guinness Mahon & Co Limited, assuming management responsibility for the company’s managed currency funds in 1984. In 1987, he became a founding director of Guinness Flight Global Asset Management, which was later acquired by Investec Asset Management in 1998, and led its successful Global Fixed Income team. In 2000 he joined the Multi-Asset team, becoming Head in 2004.Read more
Philip graduated from Cambridge University with a MA in History in 1980.
Co-Head of 4Factor
Mark is Co-Head of 4Factor at Investec Asset Management. He is the portfolio manager for the Global Strategic Equity Strategy.
He joined Investec Asset Management from Alliance Capital Management where he managed portfolios including the $500 million Worldwide Privatisation Fund, NYSE listed Southern Africa Fund, Spain Fund and Austria Fund. Prior to this, he managed developed market equity accounts for Brinson Partners (formerly First Chicago), following an initial three-year spell in research at Vickers da Costa.Read more
Mark graduated with a Bachelor of Arts (Hons) degree in Economics.
Grant is an investment specialist and portfolio manager in the Global Emerging Market Debt team at Investec Asset Management. He is responsible for managing the Emerging Markets Blended Debt Strategy and Emerging Markets Multi-Asset Strategy, and EEMEA regional and Top-Down asset allocation research.
Prior to joining the firm, Grant worked in London as a quantitative analyst and portfolio manager of global macro and convertible bond funds at RWC Partners. He also spent a year working as an equity analyst for Investec Asset Management in Cape Town in 2006.Read more
Grant holds a Bachelor of Business Science (Hons) degree from the University of Cape Town and a Master’s degree with distinction in Finance from London Business School, concentrating on investments and quantitative finance. He is a qualified Actuary (AIA) and CFA Charterholder.
George is a portfolio manager and metals and mining specialist in the Natural Resources team at Investec Asset Management having joined the firm in 2007.
Prior to this, he was a market analyst for three years at BHP Billiton, working in The Hague and Singapore. He was recruited to BHP Billiton in 2004 from CRU (Commodities Research Unit), an independent metals/chemicals related research company based in London. At CRU, he spent three years in the Carbon Steel team and five years as a Research Manager – Copper, providing in-depth research and forecasts to the industry, banks and hedge funds. George began his career in 1990 in operations at British Steel Strip Products, working for three years in the Tinplate division.Read more
George graduated from the University of Oxford in 1989 with an honours degree in Classics and in 1995 was awarded an MBA from Warwick University.
Charlie is a portfolio manager in Investec Asset Management’s Quality team. His focus is on global investments, in particular Asian equities. Prior to joining the firm, Charlie was a portfolio manager at Coupland Cardiff Asset Management, an Asian investment firm.Read more
Prior to joining the firm, Charlie was a portfolio manager at Coupland Cardiff Asset Management, an Asian investment firm with offices in London and Singapore, where he was the lead portfolio manager for CC Asia Alpha, a long-only Asia ex-Japan fund. Before that he held senior positions at J.P. Morgan; where he was the director of Asia Pacific Research and head of Asia Pacific Consumer Research. Charlie has a Bachelor of Science degree in Geography from Durham University and has passed Level III of the CFA® Programme.
Michael joined Investec Asset Management as a strategist in December 2002. His current responsibilities include understanding how the shift in the centre of economic gravity from West to East is impacting on the world of investment and in particular how it is opening up new investment opportunities for Investec’s global client base.
He began his career working in the Middle East department of Chase Manhattan Bank before joining Anglo American's corporate finance department in South Africa. Michael then worked in the London corporate finance department of NM Rothschild & Sons where his work had a strong natural resource emphasis. Having completed a 4x4 overland safari through Africa, Michael then worked for HSBC-Equator Bank in Kenya for four years. He returned to the UK to work at Baring Asset Management as a director in their emerging markets department, where he was head of Africa and the Middle East as well as heading the natural resources sector, and was also portfolio manager for the Pan African Simba Fund.Read more
Michael graduated from the University of Cape Town with a Phd in Economics. He also holds an MA in International Business and Law from the Fletcher School at Tufts and a BA in Politics, Philosophy and Economics from the University of Oxford.
Richard is based in New York and joined Investec Asset Management in 2006. He is a Managing Director and oversees Investec Asset Management’s Global Advisor business. He is also head of Global Financial Institutions Group and is responsible for our business in South America and our North American Advisor business.
Richard originally joined the firm in 2006 as managing director to head the Americas region. He subsequently headed up our business in Europe and then became responsible for our institutional and advisor business in North and South America; and then finally oversaw our fund distribution business in Asia Pacific. Prior to this Richard was CEO of Janus International and was responsible for their business outside the US. He was also senior vice president at J&W Seligman in New York. Before moving to the US in 1994 Richard was based in London and was the international marketing director for Henderson Global Investors, and prior to this worked at Morgan Grenfell Investment Management and Hambros Investment Management.Read more
He graduated from the University of Leeds in 1984 with a joint honours degree in English and German.
Head of Investment Advisory, Hang Seng Bank
Ms Liang joined Hang Seng Bank in 2011. She is currently the Head of Investment Advisory Department of Hang Seng Bank and the Executive Director of the Hang Seng Investment Services. She is heading 20 senior investment advisors and is responsible for providing advices on investment strategy and investment portfolio management to the bank's high net worth clients as well as the corporate clients. Prior to joining Hang Seng, she had nearly 15 years of experience in Asian equity markets, as a research analyst and an equity strategist for various financial institutions. Ms Liang holds an MBA degree from William E. Simon Graduate School of Business, University of Rochester.
Head of Robo-Advisory, Yunfeng Financial Group
Byron is the Head of Robo-Advisory of Yunfeng Financial Group, a listed HK based FinTech firm. He is also one of the Type 1, 4, 9 Responsible Officers (ROs) of the Group’s licensed subsidiaries.
Prior to joining Yunfeng, Byron has been with Goldman Sachs for more than 10 years and was an Executive Director. His clients included some of the most influential ultra high net-worth families in Hong Kong. Before his relocation to Asia, he was a Buy-Side Quantitative Strategist at Goldman Sachs New York, responsible for building from 0 to 1 the mathematical and technological engine of the global asset allocation system. Not only does Byron has a technical understanding in investing and models, but he also possess a charismatic, client-facing personality which enables him to be an unbiased advisor to his clients. He graduated First-Class Honors from the University of Edinburgh, majoring in Artificial Intelligence. He was also a Visiting Scholar to the University of Pennsylvania during his university year, and a medallist of Hong Kong Olympiad in Informatics. Byron is a Chartered Financial Analyst® holder.
Head Investment Specialists – Funds Hong Kong, Bank Julius Baer
Johann Santer joined Bank Julius Baer in January 2015 as senior relationship manager for institutional clients in North Asia and he is currently in charge of the Fund Specialists team in Hong Kong covering Mutual Funds, Private Equity, Hedge Funds and ETF offerings. Prior to that, Johann worked for a global hedge fund manager for 10 years in Vienna, Stockholm, Hong Kong and Tokyo overseeing their offices and he has been permanently located in Asia since October 2006.
Johann graduated with a Master degree in Banking and Finance from the University of Applied Science BFI Vienna. After completing graduate studies in Montreal at McGill, he started his career at the “Credit and Rating Department” of the central bank of the Republic of Austria (OeNB).
Wilfred is an investment specialist and portfolio manager in the Global Emerging Market Debt team at Investec Asset Management. He is responsible for the Asia Local Currency Bond and All China Bond funds.Read more
Prior to joining Investec Asset Management, Wilfred worked for the Government of Singapore Investment Corporation (GIC) for nine years, three of which were based in New York. At the GIC, Wilfred was a portfolio manager and lead credit analyst for Emerging Market credit, focused on Asia. He was also credit analyst and strategist responsible for European financials.
Wilfred holds a Bachelor of Arts (Hons) degree in Economics from the University of Cambridge, a Master’s degree in Financial Mathematics from Stanford University, and is also a CFA Charterholder.
Wenchang is assistant portfolio manager for the All China Equity Strategy in the 4Factor team at Investec Asset Management.
Prior to joining the firm in 2014, she worked at J.P. Morgan as an equity research analyst covering transportation and logistics. Prior to joining J.P. Morgan in 2010, she did a similar role at Exane BNP Paribas.Read more
Wenchang holds a Bachelor’s degree in Economics from Renmin University of China and an MSc in Management, majoring in Finance from HEC Paris. Wenchang is also a CFA Charterholder.
Investors can be forgiven for finding it difficult to see how to position their portfolios today and maintain the same levels of conviction in 2018 as last year.
With volatility back, plus the unprecedented shift from quantitative easing to quantitative tightening, it is now about being selective and flexible to grab the right opportunities when they arise.
From navigating a mature bull market and unlocking opportunities in emerging markets (EM), to promoting new fund strategies and capturing China’s real potential, investors need to forge a clear path for the rest of the year.
These were some of the key take-aways from the Investec Global Insights – Asia forum, held in Hong Kong in May 2018.
“This is a ‘no boom, no bust’ environment, which is a good thing, as booms lead to busts and end cycles,” said Philip Saunders, Co-Head of Multi-Asset Growth at Investec Asset Management, in providing his world view. “But now we are in a more difficult part of the cycle, closer to the end of a bull market, so investors need to take more balanced and strategic positions.”
Thank you for attending the forum. View the gallery below
Our strategy at Investec Asset Management is simple. As a global specialist investment manager we want to assist people around the globe to enjoy their retirement and to preserve and grow wealth for future generations. We invest other people’s money, not our own. At our core, we are focused on the long term, investing in people and relationships.
We offer investment strategies investing in global, UK and regional markets spanning, equities, fixed income, multi-asset and alternative asset classes. Our clients include wealth managers, financial advisors, individual investors, pension funds, central banks and sovereign wealth funds.
It all began in South Africa in 1991. Twenty-five years later, we have grown to become a truly global company, managing more than $141 billion* on behalf of clients all over the world. We are proud of our journey from a start-up in an emerging market to a successful international business. This sets us apart from most of our peers.
Our business is still managed by our founding members. This has not only balanced stability with growth but has fostered a culture in which our people have the creative freedom to challenge the status quo and own and develop ideas to the benefit of our clients.
Investec Asset Management is an independently managed subsidiary of Investec Group. Our employees are equity stakeholders in the firm.
*as at 31 December 2017
Our focus is on global and emerging market investing across asset classes. We started with a range of largely South African products and, in the late 1990s, recognising that the investment world would inevitably become less local, we globalised our business. This approach, combined with a footprint in both emerging and developed markets, has characterised the development of our investment solutions.
We effectively balance strong local expertise with the benefits of a tightly connected global firm. We see our ability to adapt to the dynamics of the markets in which we operate as a significant strength.
Assets under management by asset class*
*An additional US$10.3bn AUM, includes outsourced and administration assets not included in the chart
Source: Investec Asset Management, as at 31.12.17, numbers are unaudited. Figures may not add up to 100%, due to rounding.
As long-term asset managers, we are deeply aware of our broader responsibility to society. First and foremost, we are working towards a better future for our clients, as custodians of their investments.
We want to make a positive impact by focusing on initiatives that support local communities and their environments, thereby contributing to the success of future generations.
As a firm we have partnered with organisations such as Tusk (an established organisation providing funding for conservation initiatives, community development and environmental education programmes across Africa) and Songo (a sports and education charity). We helped build the JL Zwane community centre in Gugulethu – an impoverished township in Cape Town, and were proud supporters of the Oscar nominated documentary 'Virunga'.
Additionally, we are proud of our employees who volunteer on an ongoing basis across several charitable projects in the communities in which we operate. These include Arrival Education and Starfish, as well as several local charities and NGOs that focus on poverty relief and education at a grassroots level.
Investec Asset Management provides access to a globally-integrated team of investment specialists, delivering the appropriate investment resources for each client by drawing on the collective wisdom of our experienced professionals. Unlike conventional houseview-based managers, we embrace multi-specialisation. This means that as a firm we span a number of specialist investment philosophies, both within and across asset classes. Diverse views are encouraged across the house as a whole, but investment views are independently exercised by smaller, philosophically-aligned teams following disciplined processes. We believe smaller, directly-accountable teams have greater conviction, and deliver better results.
These focused teams of analysts and portfolio managers seek to deliver investment performance by rapidly implementing bold ideas in optimally-sized portfolios. Each team is supported by a single, globally-integrated investment platform, matching the flexibility of a boutique with the stability of a large house. This combination frees investment professionals from the increasingly onerous task of running the company, allowing them to focus on generating and implementing great investment ideas, with clear accountability for investment results. These philosophically-aligned teams are then harnessed together to form one, globally-integrated investment team, where views are vigorously debated and tested in open forums — to the benefit of our clients. Business risk and investment risk are independently managed, which means that investment views are implemented and maintained with conviction, over time and through market cycles, with a lower risk of style drift.
Our specialist investment teams, each with a unique investment philosophy and process include Quality and Value equities, 4FactorTM, Multi-Asset, Emerging Market Fixed Income, and Commodities and Resources.
Our structure means we are able to attract high quality talent to our investment teams, talent typically seeking a home with the benefits of a niche investment firm, together with the stability and resources that only an established business can provide. This ensures that we combine the benefits of a stable, experienced investment team with the ability to recruit and retain developing talent.
Clients invest with confidence, knowing that their investments receive the full attention they deserve from a dedicated team, whose interests and philosophies are aligned with their own. These teams are supported by a stable business benchmarked against global best practice, and underpinned by a solid foundation of multi-generational talent, focused on the long term.
The value of this investment, and any income generated from it, will be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as by specific matters relating to the assets in which it invests. The investment objective of any sub-fund of the Investec Global Strategy Fund (the "Fund") will not necessarily be achieved and investors are not certain to make profits; losses may be made. The Fund may use or invest in financial derivatives. Past performance figures shown and any forecasts on the economy, stock or bond market, or economic trends that are targeted by the fund, are not indicative of future performance. Investment involves risks. Investors should read the Prospectus for details, including the risk factors. All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated are honestly held but are not guaranteed and should not be relied upon. This is not a buy, sell or hold recommendation for any particular security. The portfolio may change significantly over a short period of time. This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer for sale.
In Hong Kong, this document has not been reviewed by the SFC. The full documentation that should be considered before making an investment, including the Prospectus and Product Key Facts Statement (KFS), which set out the fund specific risks, is available from Investec Asset Management. The company website has not been reviewed by the SFC and may contain information with respect to non-SFC authorized funds which are not available to the public of Hong Kong. Issuer: Investec Asset Management Hong Kong Limited.
In Singapore, the value of the shares in the fund and the income accruing to the shares, if any, may fall or rise. Potential investor should read the details of the Prospectus before deciding to subscribe for or purchase the Fund. Investment involves risk. Please refer to the Singapore Offering Documents (including the risk factors set out therein) and the relevant Product Highlights Sheet for details which are available at your bank or financial adviser. Investors may wish to seek advice from a financial adviser before making a commitment to purchase shares of the Fund. In the event that an investor chooses not to seek advice from a financial adviser, he/she should consider carefully whether the Fund in question is suitable for him/her. For more information, please contact your bank and financial advice. this document is issued by Investec Asset Management Singapore Pte Limited (company registration number: 201220398M).