CONTENTS
SPONSORS
This report has been compiled from the feedback received from delegates who attended the Fund Selector Asia Alpha Portfolios Forum Hong Kong 2019. All delegates were asked to return their feedback via questionnaires completed at the end of the day. The feedback forms contained questions on the event as a whole, on each sponsor presentation, on the speakers themselves and any suggestions for topics at future events. Feedback forms were supplied by 43% of delegates who attended the forum. We have pulled together an honest and accurate report of the day and have included a list of all those who registered to attend the forum.
About the event 01
Delegates 02
Overall experience 04
Event comments 05
Event photos 06
Speaker profile: James Blair 10
Speaker profile: Matthew Wardle 11
Speaker profile: Duncan Robertson 12
Speaker profile: Frank Tsui 13
Tom PorterManaging director, Asia
Gareth WildeDirector, business development, Asia
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 1
DELEGATES
ATTENDED (35)
St. James's Place (Hong Kong) Partner
CA Indosuez Wealth Management (Hong Kong) Director, Fund Specialist
Hong Kong Housing Society Senior Manager, Treasury and Investment Management
Mercer Investments Vice President / Senior Investment Consultant
Rothschild Wealth Management (Hong Kong) Limited Manager, Wealth Management
Mercer Investments Senior Consultant, Wealth
Mercer Mercer Fund Watch Solution Leader
EFG Bank (Hong Kong) Senior Vice President, Head of Product Management
Julius Baer (Hong Kong) Executive director
Paochu Investment Investment Manager
Credit Suisse (Hong Kong) Analyst, investment consulting
Delta Asia Wealth Management Research analyst
FinEx Asia Investment Director
Citi Private Bank Hong Kong Managing Director, Head of Citi Investment Management Sales
Donglin Family Office Chairman
Hong Kong Housing Society Manager, Treasury and Investment Management
Noah Holdings Senior Manager
Delta Asia Wealth Management Head of Securities & Investment
Mercer Assistant Vice President, Wealth
Hong Kong Housing Society Manager, Treasury and Investment Management
AMG Wealth Management (Hong Kong) Chief investment officer
Everbright Sun Hung Kai Assistant Vice President
Hang Seng Bank Head of investment advisory
Hong Kong Housing Society Head of treasury
Investec - Hong Kong Central Investment director
China Merchants Bank Strategist, Research department
Credit Suisse (Hong Kong) Executive Director, investment consulting
CBH Asia Investment Analyst
Everbright Sun Hung Kai Wealth management strategist
BNP Paribas Wealth Management Managing Director, Investment Advisor
ICBC Strategist & chief economist, global markets & trading department
Winland Wealth Management Wealth manager
Penjing Asset Management Chief investment officer
Nippon Wealth Limited Manager, Product and Business Developmnt
Rothschild & Co Wealth Management Client Adviser
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 2
DELEGATES
CANCELLED (04)
PFC International Director
China Industrial Securities International Limited Senior director
Nippon Wealth Limited Director of Product and Business Development
EFG Bank (Hong Kong) Fund Product Specialist
NO SHOW (06)
Indosuez Wealth Management (Hong Kong) Senior director, investment advisory
Formosa Capital Director
Bank of Singapore Limited (Hong Kong Branch) Head of Managed Investments & Private Equity
CA Indosuez Deputy Chief Executive, Commercial Head, North Asia
HSBC Private Bank (Hong Kong) Director
Rothschild Wealth Management (Hong Kong) Limited Managing director, head of wealth management, Asia
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 3
OVERALL EXPERIENCE
Overall rating of the Fund Selector Asia Alpha Portfolios Morning Briefing Singapore
Events team professionalism, approachability and knowledge
Standard of the venue (eg catering, meeting rooms)
Location
Standard of the information received from the FSA team prior to the event
57%Excellent
43%Good
38%Excellent
62%Good
58%Good
42%Excellent
34%Excellent
64%Excellent
36%Good
58%Good
8%Average
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 4
EVENT AND CHAIRMAN COMMENTS
“Always great to hear from Tom.”
“Hope to hear more of PEs and HFs.”
“Quality, niche investment strategies that are differentiated are always good to hear in future events.”
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 5
SPEAKER AND EVENT PHOTOS
James Blair, Capital Group Matthew Wardle, M&G Investments
Duncan Robertson, TT International
Gareth Wilde, Last Word
Frank Tsui, Value Partners
Tom Porter, Last Word
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 6
EVENT PHOTOS
Panel discussion with first session speakers (L-R: Tom Porter, James Blair, Matthew Wardle, Duncan Robertson, Frank Tsui)
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 7
SPEAKERS
Seminar topic
Global High Income Opportunities: Delivering 20 years of consistent high income
For many investors, generating income is a vital requirement of their investment portfolio. Capital Group’s 20-year Global High Income Opportunities strategy has proven its resilience through various yield environments and consistently provided a high income solution.
Comments
Interactive polling questions
Rating
Overall presentation
Content and subject matter
Overall speech
JAMES BLAIRFixed income investment director, Capital Group
“How much do you vary the buckets of High Yield, EM local and EM Hard currency? Are they fixed?”
“How do you decide which portion of the blend offers best value?”
“Is this a truly global strategy? How much has the geographic exposure changed over the years?”
“What is the annual fee?”
“R u in China onshore bonds post indexes inclusion?”
“We have had volatile EM currency period recently - Turkey, Argentina, South Africa - are you concerned about EM currencies at the moment?”
“How flexible is the asset split between high yield and Emerging Markets? Why 50:50?”
“Your investment universe is vast. How do you organise your teams to ensure the best ideas get into the portfolio?”
“Is this more an institutional product given the very long term focus and the consistent strategic allocation?”
“If a US led economic slowdown is sharper than you expect, how is the outlook for high yield market?”
“Recession coming soon?”
34%Excellent
53%Good
13%Average
7%Average
31%Excellent
62%Good
36%Excellent
43%Good
21%Average
“Great fund with solid track record. However, the 2013, 2014, 2015 yearly return is a bit disappointing”
“Asset class fits well with a FED rate pulse.”
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 10
SPEAKERS
Seminar topic
Opportunities in European asset backed securities
The European ABS market offers compelling value relative to fixed income alternatives and despite very strong fundamental credit performance during and since the crisis, spreads are currently still up to 10x their 2006-7 levels. At the high yield end of the ABS market we see compelling value in bank capital relief trades due to their high coupons (9-12%) and lower correlation with other markets.
Comments
Interactive polling questions
Rating
Overall presentation
Content and subject matter
Overall speech
MATTHEW WARDLEPortfolio manager, M&G Investments
“Without ECB intervention is the European Banking system a good bet?”
“Why is the supply of European ABS shrinking? Could it expand again?”
“Are these traded OTC?”
“Regulation created price anomalies that can be captured. Are the price anomalies still available to be captured?”
“How reliable are the credit ratings of the top quality tranches?”
“Do you expect Deutsche Bank to merge with Commerzbank?”
“What is a key risk to Europe abs portfolio this year?”
“What do you think about ABS originations in China?”
“For CRT, does collateral account fully cover interest and principal payments of CLN? Who administers the collateral account?”
“What is the weighted average credit rating and duration of the current portfolio?”
57%Excellent
43%Good
42%Excellent
58%Good
50%Excellent
50%Good
“Very informative session.”
“Unique asset class not always discussed.”
“Makes sense to use it as a diversifier.”
“Interested to learn about this area.”
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 11
SPEAKERS
Seminar topic
Asian equities - the power of combining quality, growth and value
Duncan will discuss the benefits of constructing a portfolio that is equally focused on quality, growth and valuations. Whilst Asian equities are often characterised by momentum-driven volatility, an approach equally focused on these three metrics can exploit the prevalent market inefficiencies.
Comments
Interactive polling questions
Rating
Overall presentation
Content and subject matter
Overall speech
DUNCAN ROBERTSONPortfolio manager, Asia ex Japan equities,TT International
“How do you determine honest management?”
“How important are dividends to the strategy?”
“Do you hedge EM currency exposure?”
“How long do you expect to hold a stock?”
“Do you only buy in countries that satisfy your macro criteria?”
“What if a country goes sour but you still have a great stock in that geography? Which takes preference the top down or the bottom up?”
“A slowdown in global growth will impact your fund?”
“How have you navigated A share mkt and what is your view now?”
“How do you define quality?”
“Do you have a market-cap bias?”
“Alibaba top holding is not transparent and lacks robust governance, why so much exposure?”
“Would you take correlation or co-movement between Asian countries into consideration when you make allocation decision ?”
“How do you think about he benchmark? What is the active money in the portfolio?”
47%Excellent
53%Good
14%Average
42%Excellent
58%Good
36%Excellent
50%Good
“Many competitors in the same region. ”
“Fund itself or their theme is not likely to be on high demand. ”
“Nothing related to the presenter but more on that asset class.”
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 12
SPEAKERS
Seminar topic
Capturing Asia’s wealth of innovation opportunities across all sectors
Innovation might seem like an easy concept to understand, but investing in it is anything but. In this session, Value Partners will be explaining how investors can strategically and accurately tap into Asia’s growing innovation prowess.
Comments
Interactive polling questions
Rating
Overall presentation
Content and subject matter
Overall speech
FRANK TSUIFund manager, Asia ex Japan equities,Value Partners
“Will the US push for trade “fairness” slow Chinese innovation?”
“Is China’s consumer innovation apart from tech, exportable to the West?”
“How do you differentiate between something makes you go wow in the short to something that has lasting value creation?”
“US is going after China’s forced tech transfer and lax IP protection, will it slow innovation at company level?”
“How do you value a healthcare company in China/Asia?”
“You don’t invest in India - why not?”
“What is the aggregate earnings growth rate, and valuation in your portfolio?”
“Regulation will slowdown innovation - 5g, healthcare. Finance, gaming?”
“How do you set the allocation limit on the sub sectors? As the market continues to evolve will those weights be adjusted?”
“Do you think innovation/tech/AI themed funds are a little overcrowded ?”
“China actually has filed the most patents, will the fund overweight in China?”
53%Excellent
40%Good
8%Average
7%Average
46%Excellent
46%Good
64%Excellent
36%Good
“Great trendy topic.”
“Fills all the boxes for an innovation fund.”
“Great examples shown.”
“Fits well with the latest mega trends and client’s appetite.”
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 13
Last Word Media (UK) Ltd.Fleet House, 1st Floor, 59-61 Clerkenwell Road London EC1M 5LA, UK
Last Word Media (Asia) Pte Ltd.3 Church Street, 12-02 Samsung Hub Singapore 049483
Last Word Media (HK) Ltd. Suite 2003, 20/F Capitol Centre 1 5-19 Jardine’s Bazaar Causeway Bay, Hong Kong
www.lastwordmedia.com
FIRST FORFEEDBACK
FSA Alpha Portfolios Forum Hong Kong | Apr 2019 14