The Park Royal Hotel

Wednesday 30th January 2019

09:15 – 10:00

Registration, Breakfast and Networking

10:00 – 10:05

Welcome and Introduction

Julian Marr, Editor, Professional Adviser

10:05 – 10:30

Keynote Address

Dan Kemp, Chief Investment Officer, Morningstar Investment Management Group

10:30 – 10:55

 Baillie Gifford


Fund: Baillie Gifford Multi-Asset Income

Steven Hay, Head of Rates and Currencies


Funding an 85-year retirement
Thought-provoking research into ageing has led some scientists to predict babies born today may live to 150 years old. While this requires revolutionary thinking, advances in healthcare and genetics raise the possibility we all may live longer than expected. Today's investment challenge for pensions and investment savings is to provide dependable income over increasingly longer timeframes. At the heart of this challenge is a need to carefully balance the trade-off between income and capital preservation. This presentation introduces an approach to multi-asset investing that focuses on long-term sustainable income to meet the evolving needs of individuals in, or approaching, retirement.

10:55 – 11:20

Goldman Sachs Asset Management


Fund: Goldman Sachs Multi-Asset Portfolios

Brendan McCurdy, Vice President, Portfolio Strategist


Nobel Prizes, Coffee Cups, and Cats: Investing in the 21st Century

Money can be an emotional topic, especially during volatile market climates like the present. With concerns over the uneven state of the global economy, politics, the direction of interest rates, and emerging markets, the risk that emotions may unduly influence investment decisions may run especially high. We've always known this to be true for our clients, but what about the mistakes we make as investment managers?
Join us as we go beyond the typical client behavioural missteps of anchoring, loss aversion, and familiarity bias, and dive into the pitfalls that we face as investment managers, including framing, base rate neglect, substitution & availability, and the illusion of validity. We'll use thought-experiments and case studies to explore how these factors can be acknowledged while maintaining a proper focus on long-term goals and long-term investment strategies.

11:20 – 11:45

BMO Global Asset Management


Fund: BMO Universal MAP range

Keith Balmer, Product Specialist, BMO Multi-Asset team


Providing value in a cost-conscious world - BMO Universal multi-asset portfolio
If 2018 is remembered for one investment theme it will likely be the return of volatility to global markets. Large sell offs in the year created a sense of nervousness which may explain the increase in the use of passives, with many investors being put off the higher cost of active funds.

We believe investment decisions should be based on value, not costs and this sentiment is reflected in the three multi asset portfolios we launched in November last year, which carry an ongoing charge fee (OCF) of just 29 basis points (bps).

Risk warning: The value of the investment may go down as well as up and investors may get back less than the original amount invested.

11:45 – 12:00


Chaired by Julian Marr

12:00 – 12:20

Coffee and Networking Break

12:20 – 12:45

Rubicon Fund Management LLP


Fund: Rubicon Dynamic UCITS

Richard Cookson, Head of Research


History is not bunk
Most asset-allocation approaches use data from the last 30 years, one of the greatest bond bull markets ever. Although interest rates are the lowest in recorded history, investors are still pushed into bonds, thus potentially increasing portfolio risk. Worse, most approaches use valuation measures for equities, if at all, which provide almost no clue as to future returns. Hence assumptions about returns and correlations do not stand up to scrutiny. These failings are made worse by risk management that generally focuses on volatility not potential losses. 
Combined with a momentum overlay, a dynamic global asset-allocation framework underpinned by empirically robust, very-long-term valuation measures produces risk-adjusted returns that are demonstrably superior to any other approach we could find.

12:45 – 13:10

Orbis Investments


Fund: Orbis OEIC Global Balanced

Rob Perrone, Investment Counsellor


Bottom-up Darwin
The traditional multi-asset top-down allocation of 60% equities / 40% bonds is a simple approach with an extraordinary track record - but is it risky in today's environment? We will look into the typical 60/40 asset allocation and examine a seemingly precarious market in which a top-down asset allocation approach may no longer be appropriate. 
Going hand-in-hand with the notion of a different approach to investing, we then explore a different perspective in managing risk. How can we manage risk, if the risk is ‘the risk of losing money'? 
We believe the best approach to managing risk is simple. Don't overpay for assets! To do that, we believe it's necessary to consider assets individually, rather than in broad baskets. In our view, the best way to deliver an attractive moderate risk portfolio is by working from the bottom-up-with a Darwinian, survival-of-the-fittest approach. 
In today's environment, only those who adapt will survive and thrive but to do so requires patience and a willingness to take a different perspective.

13:10 – 13:25


Chaired by Julian Marr

13:25 – 14:30

Lunch and Networking