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Morningstar 27th Annual Investment Conference for Financial Advisors

Morningstar is hosting its 27^th annual investment conference for financial advisors Wednesday, June 24 through Friday, June 26, at McCormick Place Convention Center in Chicago.

This year’s keynote speakers are Jeremy Grantham, co-founder and chief investment strategist, GMO LLC, who will open the conference on June 24; David Kelly, Ph.D., CFA, chief global strategist, J.P. Morgan Funds, will address attendees during the June 25 opening general session; Sallie Krawcheck, chair, Ellevate Network, the luncheon keynote speaker on June 25; and Douglas Hodge, chief executive officer and managing director, and Daniel Ivascyn, group chief investment officer and managing director, PIMCO, who will deliver the closing keynote presentation on June 26.

The three days of dialogue about the topics most relevant to advisors and their clients organized by the independent investment research provider, this year will explore –in words of Jon Hale, CFA, Ph.D., director of North American manager research for Morningstar- the active-passive debate, robo-advisors, the search for yield among fixed-income investments, the fast-growing liquid alternatives sphere, and more.” It also will have a series of preconference sessions focused on women and investing, technology and the advisor, and an in-depth look at the work of our global manager research team.

For more information and registration please use this link

Standard Life Investments Increases Global Real Estate Reach with Jon Stewart

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Standard Life Investments, the global asset manager, has announced the appointment of Jon Stewart as Real Estate Equities Analyst (Europe), to be based in Edinburgh.

He joins the growing global real estate equities team reporting to Svitlana Gubriy, with analysts based in Edinburgh, Boston and Hong Kong.

Jon was previously at Liberum Capital as a European Real Estate Equities Analyst and has eight years’ investment experience. He will be responsible for identifying new listed real estate investments in the UK and continental Europe.

Andrew Jackson, Head of Wholesale and Listed Real Estate, Standard Life Investments said: “We are delighted that Jon is joining our growing real estate team. Jon brings a breadth of experience to the team from his background on the sell-side covering UK and continental European real estate companies. His expertise will further enhance our capability in this area as we continue to focus on offering our clients innovative and unrivalled real estate solutions.”

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Susan Banks: Current Work

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From April 30th to May 15th, New World Gallery -25 NE 2nd Street in downtown Miami- will hold an exhibition on Susan Banks, free and open to the public. A retrospective body of work by NWSA visual arts / sculpture professor, Susan Banks, explores the wonders of nature and its many interpretations and ramifications.

Susan Banks, a native of South Florida, has been working in ceramics for over 25 years. Her sculptures have been exhibited nationally and she is the recipient of two Florida Individual Artist Fellowships. Her work is included in many private and Museum collections, which include the Florida International University (FIU) Conference Center in Miami, Florida, the Museum of Contemporary Art in Miami, Florida and the San Angelo Museum of Fine Art in San Angelo, Texas. She is an active member of NCECA (National Council for the Education of the Ceramic Arts), Florida Craftsmen, Inc. and the Florida Art Education Association. She has been teaching at the New World School of the Arts for 22 years, is a full Professor and recipient of an Endowed Teaching Chair. She received her BFA in Ceramics from FIU and an MFA in Ceramics from University of Miami.

Lazard Appoints Alexander F. Stern as Chief Executive Officer, Financial Advisory

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Lazard announced that it has named Alexander F. Stern as Chief Executive Officer, Financial Advisory, and Matthieu Pigasse as Global Head, M&A and Sovereign Advisory. The appointments will drive the next phase of Lazard’s advisory growth plan, while delivering the highest quality advice to clients.

“As CEO, Financial Advisory, Alex will lead and drive strategy for our global investment banking businesses. Alex’s expertise in advising clients for over 20 years, combined with his skills and experience in strategy and operations, make him uniquely positioned to lead the industry’s strongest advisory-focused franchise,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard.

“Alex and Matthieu will work closely together with our senior Financial Advisory leadership, the most formidable team in the industry,” said Mr. Jacobs.

Mr. Stern has served as Chief Operating Officer of Lazard since November 2008 and as Global Head of Strategy since February 2006, while continuing to advise clients. He was named a Managing Director in January 2002. Mr. Stern joined Lazard in 1994.

Mr. Pigasse, CEO of Lazard France since 2009, has led Lazard’s global Sovereign Advisory Group since he joined the firm as a Managing Director in 2002 and will be responsible for intensifying the firms client focus.

Messrs. Stern and Pigasse will continue to serve in their current roles as Chief Operating Officer of Lazard and Chief Executive Officer of Lazard France, respectively.

The BBVA-El Celler de Can Roca Tour Will Start in Buenos Aires on August 1

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Josep Roca, sommelier of the El Celler de Can Roca restaurant, has returned from Argentina, where he spent 10 days preparing the logistics for the tour with BBVA that according to him will start on August 1 at the facilities of Sociedad Rural Argentina in Buenos Aires, known simply as ‘La Rural’ among the locals. In the coming weeks the Roca brothers will announce the local ingredients they will serve with the dishes making up the Argentinean menu. They have already been working on these creations at their restaurant in Girona and at their own Roca-Lab.

During this research visit Josep Roca met on various occasions with renowned Argentinean chefs, and also with farmers and ranchers, sommeliers, wine experts, winemakers, anthropologists and journalists. Josep Roca also visited the bank’s offices, where he was received by Ricardo Moreno, executive president of BBVA Francés.

The sommelier of El Celler de Can Roca explained some highlights of this new tour. “I think we’ll do great things in Argentina. It will be an emotional, close, respectful, friendly and non-invasive tribute. Meat, mate, dulce de leche… we will be looking for these symbolic Argentinean products and giving them our own personal twist. We will also be using seafood, because what we have tried is amazing, and it will be a good way to make people aware of the resources available in the country. And of course, the Argentinean wine, of which we would like to be ambassadors to give our support to this new generation of winemakers that has impressed me so much. With this trip, BBVA is giving us a unique opportunity to learn and improve through a tour that, once more, is an ambitious challenge for us.”

Encounters with old friends and wine tasting in Mendoza

Josep Roca visited vineyards and cellars in Mendoza, Salta and Jujuy. “I’ve noticed that there is a revival of lively wines, led by a new generation of winemakers who understand that wine is from their native soil, rather than just being a variety. Their challenge is for the philosophy of their landscape to be identified in their wines, and I’m sure that this new generation will be expressing themselves much more in the future,” said Josep Roca.

Josep Roca had the chance to immerse himself in the Argentinean culture and even watch a match at the legendary stadium La Bombonera, where he pledged that “we’ll try to capture Argentina’s passion for soccer in a dish”. The maitre d’ of El Celler de Can Roca also ran into his friend the singer-songwriter Joan Manuel Serrat in Buenos Aires, and was received by Estanislao de Grandes, the Spanish ambassador to Argentina, who said that this visit was “a great honor”.

The students at Camino Abierto (a foundation that supports the integration of young people at risk of social exclusion in the province of Buenos Aires) will take part in this tour organized by BBVA and El Celler de Can Roca. They will have the chance to work directly with the Roca brothers and a team of more than 40 people who will travel from Spain. Thanks to a BBVA scholarship program, two of these young catering students will spend four months training at El Celler de Can Roca in Girona.

After this research trip to Argentina by Josep Roca, the next one to travel will be the younger brother, Jordi Roca, who will visit Miami and Birmingham in the United States next week. Joan Roca will also travel to Turkey in May.

Buenos Aires in Argentina; Miami, Birmingham and Houston in the United States; and Istanbul in Turkey are, in that order, the chosen cities for this second BBVA-El Celler de Can Roca tour.

PIMCO Names Former Fed Chairman Ben Bernanke To Serve As Senior Advisor

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PIMCO announced that Dr. Ben Bernanke, former Chairman of the Federal Reserve, will serve as a senior advisor to the firm, contributing his economic expertise and insights to the firm’s investment process and periodically engaging PIMCO’s clients.

“We are honored to have Dr. Bernanke serve as an advisor to PIMCO, and look forward to benefitting from his extraordinary knowledge and expertise to help us add value for our clients. His unrivalled experience in navigating the global economy through the Financial Crisis will provide PIMCO’s investment professionals with unique insights as we help our clients amidst a challenging and uncertain period for global markets in coming years,” said Douglas Hodge, PIMCO’s Chief Executive Officer.

“During his recent participation in two of our quarterly economic forums Dr. Bernanke provided significant insights about global macroeconomic issues and monetary policy, and we are confident that our ongoing relationship with him will further enhance our robust investment process,” said Daniel Ivascyn, PIMCO’s Group Chief Investment Officer.

“I am delighted to work together with PIMCO’s strong team of investment professionals and contribute to its investment process in my role as an advisor to the firm,” said Dr. Bernanke.

This marks Bernanke’s second advisory role since stepping down from the Fed as he assumed a similar role at US-based hedge fund Citadel earlier this month.

EFAMA Annual Asset Management Report Sees Strong Growth in 2014

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The European Fund and Asset Management Association (EFAMA) has published its Eighth Annual Review of the Asset Management industry in Europe. The report focuses on the value of assets professionally managed in Europe, with a distinction between investment funds and discretionary mandate assets, across both the retail and institutional landscape. The report is primarily based on questionnaire responses by EFAMA member associations covering data at end 2013.

The review also reports on the industry’s key characteristics and functions in the context of the wider financial system. In particular, it outlines the vital role theasset management industry plays in channelling savings toward investment in the general financing of the economy – and therefore its core contribution to an efficient and well-functioning Capital Markets Union (CMU).

This year’s review highlights include:

Total Assets under Management (AuM) in Europe increased by approximately 15% in 2014 to EUR 19 trillion, from EUR 16.5 trillion at end 2013. In relation to GDP, the value of AuM is estimated to reach 124% at end 2014, up from 114% in 2013.

Europe ranks as the second largest market in the global asset management industry, managing one-third of the EUR 50 trillion global asset management industry at end 2013.

In Europe, discretionary mandates represented EUR 8,572 billion or 52% of total AuM at end 2013, while the share of investment fund assets in total AuM stood at 48% and amounted to EUR 7,884 billion at year end. Both investment fund and discretionary mandate assets stood at record high levels at end 2013.

Bond assets dominate asset managers’ asset allocation choice, with a share of 43% of all assets at end 2013. Equity assets accounted for 33% of assets, whilst money market and cash equivalents represented 8% of assets.

More than 3,300 asset management companies are registered in Europe employing 500,000 people. About 90,000 people are directly employed, with a further 410,000 full-time equivalents indirectly employed in functions servicing the asset management industry.

Institutional investors, acting on behalf of millions of households, represent the largest client category of the European asset management industry, accounting for 74% of total AuM in Europe. Insurance companies and pension funds accounted for 39% and 33% of total AuM for institutional clients at end 2013, respectively.

European asset managers held 23% of the debt securities issued by euro area sectors at end 2013, and 42% of the value of the free float of euro area listed firms. These figures highlight the role played by asset managers in the financing of Europe’s economy.

Peter De Proft, Director General of EFAMA, comments: “EFAMA’s Eighth Annual Review of Asset Management in Europe highlights the continuing growth of the industry and the increasingly important contribution it makes to the European economy. This makes our industry a key player in the wider financial system and one that has a prime position to support the EU in creating a Capital Markets Union (CMU).”

Chris Hart Applies the Strategy of the Three Circles to a Global Universe

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Chris Hart, CFA, manages a global equity strategy following the “Three Circles” investment philosophy for Robeco Boston Partners, . Hart manages the portfolio searching for opportunity from an unconstrained perspective, looking to take advantage of valuation anomalies in a global environment. “When we apply the investment philosophy of the three circles, to a universe of 10,000 securities, opportunities multiply making it a very powerful tool” he says.

This strategy is characterized by a high consistency in its performance, standing at the top of its category. The trick, as noted by Hart, is to be rigorous with the analysis and diversification of the ideas obtained when combining three concepts which contribute a little of each investment style, “the circle that refers to valuation is more value, that of the sound fundamentals may be described as core, while the momentum serves factors closer to growth”.

To capitalize on opportunities or anomalies in the market, Hart says it is necessary to invest by country, sector, currency, market capitalization, etc. without restrictions, taking note only in selecting good companies.

“One example is our overweight position in the French market,” Hart says. “We have a number of French small and midcap companies in the portfolio, they are all very well managed, able to make money in any market environment, and they also present attractive valuations. It doesn’t worry us if the French GDP does not grow.” At the other extreme is the negligible exposure to European banks which the strategy has held during the last seven years. “Overall, it is an undercapitalized sector operating in an environment of low growth in lending activity. In addition, valuations in terms of P/BV are misleading because if we incorporate actual capital needs of European banks, we see that they are not cheap. “

This strategy, which incorporates emerging markets in its universe though “its weight is very low because well-managed companies tend to be expensive”, now has 33% of the portfolio in Europe (including UK) and around 50 % in USA “The weight in Europe has increased by around 10 percentage points from the third quarter of 2014, to the detriment of exposure to the US, which we’ve cut on valuation grounds.” Japan, “a market in which we have always been invested, mainly through small and midcaps,” also currently weighs a bit more in the strategy’s portfolio.

This is Part 3 of a Three part interview to Robeco Boston Partners US and Global Equity Team, published in Spanish in Funds Society print magazine (April 2015)

*Market ratios are calculated as of February 2015

Robeco Boston Partners’ Three Circles Applied to Apple

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Mark Donovan, CFA, who describes himself as an “unswayed value investor” takes us by the hand through the process of Robeco Boston Partners’ three circles stock selection criteria through a concrete example. Does it make sense that a value investor like himself has Apple in his portfolio? “I will prove that Apple, theoretically a growth company, is a perfect candidate for our investment philosophy,” he says.

In fact, for a while now, Apple has been one of the top ten positions within the strategy managed by Donovan. “Now that, for the first time, the value has exceeded the US$700bn of market capitalization, the company is on everyone’s lips, but keep in mind that its earnings and cash flows have grown more than its market capitalization”.

Therefore, Donovan analyses Apple through the prism of the first circle, that of valuation. Apple is trading at a 2015 calendar PE ratio of 13,7x*, the S&P 500 does so at 17,3x and the strategy’s benchmark, the Russell Value 1000 Index, trades at 15,5x. “As you can see, Apple trades at a significant discount in relation to the market, and even to the value index. If we look at other ratios such as free cash flow yield, Apple has a yield of 8.9%, three times better than the S&P 500, which is below 3%,” he adds.

Exhibit 1 “Three circle selection criteria”:

Enlarge

Regarding sound business fundamentals, Donovan has no doubts about the ability of Apple to improve profitability. “They have proved to be unique in transforming the money invested in R&D into high demand consumer products.” For Donovan, the fact that iphone models 6 and 6+ have broken all sales estimates prove that the company that invented the concept of the tablet and the smartphone is still able to innovate. “Given the strong demand observed in recent quarters, I think the risk that their products become obsolete in the near term is low. Also, it still has a valuable computer franchise with the Mac brand”.

When analyzing the fundamentals of a business, this investment philosophy pays special attention to the allocation of capital. “It is true that Apple devotes an enormous amount of its cash flows to R&D, but in recent quarters we’re also seeing a growing trend to remunerate shareholders.” On the one hand, Apple pays a dividend which, although small, represents a yield of 1.5%. But above all, it highlights the share buyback activity in the firm. “Apple has reduced its number of shares by 7%,” a relevant figure considering that up to three years ago, Apple did not repurchase shares.

The third circle, momentum, is also functioning in Apple’s case. Not only is the general trend of its business positive, but also analysts’ revisions on their estimates support this momentum. “During the last quarter 44 analysts have revised their estimates on Apple, 42 were upward and only two were downward” Donovan specifies.

Therefore, Apple meets Robeco Boston Partners’ three circles or “fundamental truths”. “When will you sell the stock?” We asked. “Should a serious impairment of their fundamentals occur or if the stock reached our target value” replies Donovan.

This is Part 2 of a Three part interview to Robeco Boston Partners US and Global Equity Team, published in Spanish in Funds Society print magazine (April 2015)

*Market ratios are calculated as of February 2015

The “Fundamental Truths” According to Mark Donovan, an Unswayed Value Investor

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Robeco Boston Partners invests in equities based on the process of the “Three Circles”, a philosophy conceived in the eighties, which is known by the managers of the company as the “fundamental truths” of investment.

“The trick is to keep things simple,” said Mark Donovan, portfolio manager of the company’s Large Cap US Equity strategy. “There are too many people wasting time trying to predict the unpredictable, while for me, investing my time in finding companies that meet the three circles: Attractive valuation, sound business fundamentals, and good momentum, is much more interesting “.

While stock selection is the center of Robeco Boston Partners’ philosophy, the management firm is not alienated from events affecting the market. “We don’t try to guess where the dollar or the oil price will stand, but we do carry out constant sensitivity analyses on the effect of these factors on the fundamentals of the companies which we follow, in order to see if the market is misinterpreting the consequences. “

According to Donovan, the evolution of interest rates in recent years has created valuation traps in certain sectors, such as utilities. “Utilities are often equated with bonds, so in times when bonds pay as little as now, investors tend to buy more utilities looking for extra yield.” This has driven the sector to trade at a PE of 19x compared to a historical average of 13x-14x. “The market is assuming that rates will remain low, or even continue to decline, a wrong bet, in our judgment,” says Donovan. “If rates start to rise, the utilities will suffer a lot.”

The banks are at the other extreme. It is a sector that has behaved lackluster for the last two years, due to the low rates, the bank’s net interest margin is lower and profitability suffers. “The sector is trading at a PE of 10x, a ratio which reflects that investors believe that banks are dead money, but if rates start to rise, even a little, the potential for improvement is important,” said Donovan.

The earnings season remains positive, beating expectations as regards the fourth quarter “but not so in the revision of targets for 2015, which is generally downward”. As a large caps investor, Donovan closely monitors the US dollar effect on the earnings of US companies. “The vast majority generates a significant portion of its revenue overseas, so that a strong dollar means lower dollar value of foreign income in addition to the problem of loss of competitiveness“. Donovan points out that even without considering the currency effect, revenue growth is slowing compared to the second half of 2014. “Growth has moderated in the US, and neither China nor Europe is helping.”

Corporate Activism, an interesting trend

According to Donovan, an interesting factor in the current North American business scene is the proliferation of activist investors. “In Robeco Boston Partners we are not ‘activist’ investors, but it strikes my attention that within my portfolio there are several names that have either been touched by, or are likely to arouse the interest of activist investors whose ultimate goal is to influence company management to unlock its value,” he explains. “If I was currently the CEO of a listed company in USA, what would deprive me of some sleep would be to think of waking up one day to find that Bill Ackman, Carl Icahn, or someone similar has taken an interest in my business, “adds Donovan.

Activist investors acquire a stake in companies in which they see they would be able to obtain value with some major changes in senior management. A recent example is McDonalds, which has had two bad years, causing its former CEO, who had barely held the position for two years, to decide to “retire” pushed by the board of the company. His replacement has the mandate to turn the company around by taking a different path than his predecessor. The board of McDonalds, influenced by shareholders who have decided to take an active approach in their investment, has zero tolerance for management with mediocre results. Although Donovan insists on clarifying that they are not activists in their positions, he also claims that this trend is benefiting the type of companies that are often part of their portfolio. “One example is United Technologies, which has been part of our strategy for some months. It is a company that has inherited a good business, even though it has recently experienced some problems. The appointment of a new management team is usually a good catalyst for change. “

This is Part 1 of a Three part interview to Robeco Boston Partners US and Global Equity Team, published in Spanish in Funds Society print magazine (April 2015)

*Market ratios are calculated as of February 2015