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On the 6th of October 2016, the Nordic Investment Managers Forum in Luxembourg celebrates its third event: four leading asset managers from Scandinavia will unite to discuss important market trends and investment topics with you. We invite you to join us at our event following last years' successes, this time at Cercle Cité in Luxembourg City. The forum is organised by Danske Invest, DNB Asset Management, East Capital and Sparinvest.
The name Scandinavia translates to ‘the dangerous peninsula’, which relates both to dangerous sea currents and the blustery north wind: the Nordic countries learned a long time ago, therefore, how to survive storms. That is apparent to this day. On the one hand, the Scandinavian asset managers prove themselves to be robust and stable partners for their investors; on the other hand, they also set new standards in terms of customer orientation, transparency and sustainability. These values, which ultimately set the foundations for a strong market position, have also been subscribed to by the Nordic Investment Managers Forum.
Guests can expect an in-depth analysis of current investment topics, clear statements and an open exchange of opinions with selected fund managers from the leading Nordic asset management companies. The flat hierarchy Scandinavians stand for allows investors direct access to portfolio managers and decision-makers, allowing for a hands-on experience.
Strong, stable earnings in the TMT sectors – from buzzwords to scalable business models
With Apple, Google and Microsoft three technology companies lead the ranking of the most valuable companies listed on the stock exchange for the first time, and the rise of technology shares is not finished yet. Mountains of cash, great innovative power and high growth rates continue to attract investors. While the average technology company in the S&P 500 index holds 30% of its wealth in cash, the three stock market giants, Apple, Google and Microsoft, have available liquid funds totaling more than 300 billion dollars. At the same time, the companies´ managers are no longer sitting on their money, but rather returning it to shareholders in the form of share buy-backs and dividends. The chances of growth remain high, too. The companies in the MSCI World Information Technology Index estimate a growth in operational profit of 16% in 2015. Global shares just reach an eighth of that figure with 2%. ‘The targets are high, but achievable,’ says Anders Tandberg-Johansen, Head of Global Technology and leading Fund Manager at Scandinavian asset management company DNB. ‘Scalable business models have been taking share of wallet since buzzwords such as “IoT” or “Big data” became reality.
Strategic investing in factors
Quantitative investing has become more and more widely used within the asset management industry. While “quantitative” might cover many methods of investing, the topic here is with strategic or long-term focus. For a sufficiently large portfolio of investments, the portfolio returns will converge towards market returns, but if the average investment at the same time is tilted towards factors (such as size, stile, low volatility or momentum), one might actually regard the portfolio as being invested in “factors” rather than a sum of specific, single investments. In this presentation, we will look at how the factors behave over time and how one might actually regard them as single investments that need to be diversified and strategically managed. Since most of the factors that strategical quantitative investing rely on persist over time, it is possible to outperform the market systematically.
Beyond the Frontier – Taking a wider View on Global Frontier Markets
We like frontier markets as an asset class for many reasons, the main idea being superior growth combined with low volatility and attractive valuations. Due to this, and building on our 17 years of experience in emerging and frontier markets, East Capital launched a global frontier markets equity fund in December 2014. We approach the frontiers markets space by taking a wider view on the investable universe than what any benchmark provides. Our aim is to trek beyond the established universe into the next frontiers early on, which means going to countries as diverse as Saudi Arabia in the Middle East, Rwanda in Africa and Cambodia in Asia. As stock-pickers, we focus on companies exposed to the fast growing middle class. In frontier markets we look for opportunities in food retail, fashion retail, auto, medical care, insurance and air travel, in addition to more traditional early emerging market investment themes like banks and telecoms. We incorporate ESG factors (Environmental, Social and Governance Factors) in our investment process; comprising qualitative parameters that help us understand how ESG factors may impact our investments and to determine that managements’ interests are aligned with minorities, but also hard exclusion criteria of certain sectors including tobacco and weapons.
Danish Mortgage Bonds in an international perspective
Why are the Danish Mortgage Bonds used as a safe haven and what is their uniqueness? The international repo market has cut credit lines and the international bond market has lost liquidity. What is the impact to the Danish Mortgage Market?
Once the ECB had started the year with introducing the Euro-QE, the first interest rate hike in the US for more than 5 years was widely supposed to be the event of the year. But recently, concerns over the state of the economy in China has become the talk of town – and the markets. China’s growth appears to be stalling. Bad economic data makes it difficult to find out whether it is the result of a secular tendency towards lower growth rates or a credit bubble popping. With China representing 15% of the world economy, the effects will be felt, but in very different ways, depending on the reasons behind the slowing. The really interesting issue is what will happen in case China’s slowdown influences the growth in the industrialised countries in a meaningful way. In that case calls will multiply for a policy reaction. But how do you add monetary stimulus in a situation, where interest rates are already at zero? We are in uncharted waters here.
Archive of Nordic Investment Managers Forum news
|February, 2016||Nordic Investment Forum||Download||Emre Akcakmak, a Turkish national and member of the portfolio management team for Eastern Europe and Global Frontier Markets, talks about the Frontier Markets' bad run in 2015 and why this may be a good entry point for investors.|
|February, 2016||Nordic Investment Forum||Download||The sea on the Nordic High Yield market remains choppy on account of diminished oil prices. Much intuition and expertise is needed to select bonds. Rising oil prices will drive rates back up again in the medium and long term.|
|December, 2015||Nordic Investment Forum||Download||Scandinavia, here Norway, Sweden, Finland and Denmark, comprising approximately 25 million inhabitants who are mainly located in urban centers. What makes them so special?|
|November, 2015||Nordic Investment Forum||Download||David Bakkegaard Karsbøl, Fund Manager and Chief Strategist with Sparinvest, reveals the secret of success behind Sparinvest's consistent outperformance.|
|November, 2015||Nordic Investment Forum||Download||Anders Tandberg-Johansen, head of Global Technology and fund manager with DNB Asset Management, explains why successful tech investing is more about valuation, than about discovering the next technology trend.|
|October, 2015||Nordic Investment Forum||Download||Five leading Scandinavian asset managers gathered for a public discussion of key market trends and investment themes with a select group of professional investors.|
|September, 2015||Nordic Investment Forum||Download||On October 6th, the Nordic Investment Managers Forum in Luxembourg is taking place again: For the second time, five leading asset managers from Scandinavia will come together to discuss important market trends.|
|October, 2014||Nordic Investment Forum||Download||In a first-ever event, five leading Scandinavian asset managers gathered for a public discussion of key market trends and investment themes with a select group of professional investors.|
|July, 2014||Nordic Investment Forum||Download||On 2 October 2014, the Nordic Investment Managers Forum in Luxembourg celebrates its premiere: five leading asset managers from Scandinavia will come together for the first time to discuss important market trends and investment topics.|
3rd Nordic Investment Managers Forum, Luxembourg
Danske Invest, DNB, East Capital & Sparinvest
If you have any questions, please get in touch with the following contact persons.
Head of Fund Distribution Germany
Phone: +49 69 50 50 47-151
13, rue Goethe
1637 Luxembourg, Luxembourg