July Markets Forum Programme

James Smith
Editor
Investment Week

Chair
Welcome and opening remarks

Michael Thompson
Senior Vice President
PIMCO Europe

The world according to PIMCO…
The fairy tale of "Goldilocks," has given way to the reality of the consequences of over-leverage, excessive financial alchemy, lax due diligence, and poor regulation. The big question is, to what extent have these disruptive cyclical factors contaminated the longer-term outlook? Michael Thompson, of fixed income specialist PIMCO summarises their secular outlook.

François Mouté
Chairman
Neuflize Private Assets

The US equity market…. with so much bad news, should UK investors be invested at all?
The news from the US has not been good: bank stocks have been in freefall, home repossessions increasing, the dollar falling and the price of oil hitting consumers where it hurts. Looking at these headlines, UK based investors may be tempted to avoid US equities completely in favor of more promising opportunities. During his presentation, Francois Moute will address these issues and argue that there are opportunities to make money for those willing to look through the headlines.

Mark Tinker
Fund Manager, Global Equities
Axa Framlington

A bubble doesn’t appear in the same place twice!
Mark Tinker will argue that economists are focusing on the wrong parts of the global economy and that Europe, not the US, is the most vulnerable to a slowdown. With long term drivers a key influence behind the themes in which he invests, Mark will further explore the shift in the balance of power in global markets.

Alex Darwall
Director
Jupiter Asset Management

Europe. Why look further for global winners?
Alex Darwall will present the investment case for investing in European based world class companies. Don't let macro issues relevant to Europe and its economic well being cloud the benefits of accessing some truly differentiated investment opportunities.

Seminar Session 1

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Seminar Session 2

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John Beck
Co-Director, Global Fixed Income
Franklin Templeton

There is more to fixed income than UK bonds
UK investors, in general, have remained loyal to UK bonds, despite gilts returning little more than cash in 2007. John Beck will argue that to achieve better returns UK investors have to look beyond the relatively small domestic fixed income market.

Quentin Fitzsimmons
Head of Government Bonds
Threadneedle

Bond market dislocation - Adding value in a changing world
An extraordinary environment for fixed income investing requires a more flexible and innovative approach to add value for investors.

Tom Wills
Global Convertibles
Aviva Investors

Global convertibles
Over the long-term, convertible bonds have generated attractive risk-adjusted returns, offering investors an asymmetric return profile which has captured 70% of stock market returns, with only 52% of the downside risk. In addition, it is one of the very few asset-classes that is able to benefit from the recent, elevated-levels of equity-market volatility.

Mike Jennings
Senior Investment Manager, Global Equities
Premier Asset Management

Controlling risk without compromising return
Risk in bull markets is often ignored at the investor’s peril. A comparison between absolute versus relative risk control will give an idea about how varying risk in portfolios according to the market environment can be an advantage.

Mark Darell-Brown
Investment Manager
UK Equities
RAB Capital

It was the worst of times, it was the best of times
Against the background of an unprecedented financial and economic crisis, there are still great investment opportunities in the UK Market.

Bradley Mitchell
Fund Manager, UK Equities
Royal London Asset Management

Surfin’ the oil wave – opportunities and challenges for UK investors
With oil prices reaching record highs and set to rise further, Bradley will outline the implications for consumers and the opportunities for UK equity investors.

Daniel Nickols
Fund Manager
Old Mutual Asset Managers (UK)

Getting the most out of small caps
Daniel Nickols will discuss the current market environment for investors and his strategy to exploit current conditions.

Seminar Session 3

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Fiona A. Barwick
Director of Regional Research
Mondrian Investment Partners

The importance of Looking at Real Returns in the Asia Pacific ex-Japan region
Inflation is the great destroyer of wealth and, amongst other factors, has a direct impact on both consumer discretionary spending and monetary policy. Rising food and energy prices are particularly relevant for low income countries because they have a larger negative impact on discretionary spending. This raises the risk of market intervention by governments.

John Millar
Japan
Martin Currie

Japan: From hate to love, why the circle is nearly complete
A widely held view on Japan is that it is always the bridesmaid, never the bride. This was an easier view when Western markets and economies were enjoying a global and seemingly unstoppable boom. With the credit crunch putting an end to that cycle, John Millar will discuss why many smart investors are looking at Japan in a very new light, what competitive advantages there are to be had from not participating in the mass borrowing seen in the West and why now is absolutely the time to look again at Japan, and find stability and growth whilst others suffer.

Jose Cuervo
Fund Manager, Global Emerging Markets Equities
Halbis UK Ltd

Understanding Latin America: an investor's guide
Latin America offers a wealth of opportunity to the informed investor, however to truly understand the region requires expert input. The presentation examines the dynamics that the region shares as a whole, as well as highlighting the differences the countries exhibit.

Bradley George
Head of Global Commodities and Resources
Investec Asset Management

The Long and Short of Commodity and Resource Investing
Commodities are not a homogenous opportunity set. Within the investable universe there are over 30 underlying commodities and over 800 resource equities. Each underlying commodity is driven by longer term demand and supply pressures and inventory levels. Expert fundamental analysis has highlighted some large variations in price performance and direction of these commodities, opening up fantastic opportunities to generate returns for clients.

James Smith
Editor
Investment Week

Closing Remarks

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