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Investec: Quality Businesses Typically Create Dependable Earnings Growth in Difficult Market Circumstances

Investec: “Las empresas de calidad típicamente son capaces de inspirar confianza en entornos como el actual" — Photo: Clyde Rossouw, head of Quality at Investec Asset Management. Investec: Quality Businesses Typically Create Dependable Earnings Growth in Difficult Market Circumstances

Clyde Rossouw, Head of Quality at Investec Asset Management, explains his outlook for 2015.

What has surprised you most in 2014?

In terms of market performance the biggest surprise in 2014 has probably been the strength of the US stock market compared to most other markets around the world. In fact, it has been the only game in town; we have had a strong dollar and a great performing US stock market almost at the expense of everything else. We know that at the margin people have had the expectation that the US was getting better and that looks like it is running its course now.

How will ‘quality’ companies fare in 2015?

The ‘quality’ businesses we target have typically been able to create dependable, meaningful earnings growth in difficult market circumstances such as we have now, i.e. falling bond and commodity prices. Therefore, we would expect to see a similar consistency of earnings in 2015. In the past, when market participants have started to look for more dependability, quality assets have moved back into focus. As a result, we would expect a relative re-rating of such assets and that is typically the type of business in which we would look to invest in our strategies.

Where do you see the greatest opportunity in 2015?

We are focusing on two distinct categories: Companies that have pricing power and business models that are able to embrace ‘disruption’ risk.

Typically, businesses that have pricing power are able to put through inflationary or above inflationary rates of increases in their product prices. Tobacco is an obvious example: every year excise duties go up all around the world and even though the incidence of smoking is declining, tobacco companies have this pricing power mechanism built into their business model and are able to put up prices.

The other opportunity that we believe investors should focus on is businesses that have very strong market shares or business models that are able to embrace disruption risk. Technology is changing the way in which businesses have to operate. Therefore, investing in companies that are part of the disruption, but at the same time have very strong cash-generating business models, such as Microsoft, is, we believe, one way of offsetting some of the pricing risks that are at play in the market place.

What are the biggest risks to these views?

The biggest risk to any equity-based investment strategy would be if markets were to be just dismal and disappointing. We have had various episodes in the past, such as the financial crisis in 2008/9, where there was no obvious tailwind for stock market performance, and also in 2011, when there was a fear the euro zone might implode.

The biggest risk for us, therefore, is that even though we are invested in businesses that we think are more dependable in terms of their earnings, there could potentially be a significant drawdown because they are part of the equity markets.

How are you positioning your portfolio?

The businesses we invest in are typically of high quality. We also have sector preferences and have done a considerable amount of work looking at which parts of the market are able to produce companies that have intrinsically high quality characteristics. So, in terms of the natural leanings in our portfolio, we will always have a relatively high weighting in consumer staple names, certain parts of the pharmaceutical market and also within areas of technology. This does not mean that other parts of the market do not interest us, but generally they will have smaller weightings.

A cornerstone philosophically of the way we construct our portfolios is what some people would conceive to be inherent biases. But, based on academic evidence, we would rather invest in parts of the market where we believe we can maximise our probability of investment success.

In terms of individual stocks, our top ten holdings comprise a technology company, three pharmaceutical companies, a non-bank financial stock and a range of consumer staples companies with a specific focus on beverages, food, tobacco and home & personal care products. We still see opportunities across the board, but it is very much motivated by bottom-up opportunities and looking for superior businesses that have those key characteristics.

La Française Unveils its New Identity,  a Symbol of Unity for its Four Core Business Activities

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Backed by its longstanding experience developed around its four core business activities, La Française has finalized its new visual identity after more than three years of intensive development. The Group is thereby donning a new image symbolising its new strategy which is resolutely international and firmly grounded in its four core businesses.

It also represents the relationship of trust which it fosters with its affiliates.

More modern, unifying, dynamic and visible, this new identity expresses the Group’s values, namely cohesion and responsibility, audacity and creativity, elegance and finesse, all combined with experience and expertise.

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On this occasion, the Group is redesigning its fourth core business, which is to become La Française Global Direct Financing, and its Asset Management business is renamed La Française Global Asset Management. Within this business activity, La Française des Placements is taking the name La Française Asset Management.

This approach reflects the highly cohesive organization between the Group’s different areas of expertise, focused on four core businesses:

La Française Global AM (Asset Management);
La Française Global IS (Investment Solutions);
La Française Global REIM (Real Estate Investment Management);
La Française Global Direct Financing.

Xavier Lépine, Chairman of the Board of La Française, said: “It was essential to symbolise the Group’s new profile through our visual identity, to be perfectly aligned with our positioning, our values and our ambitions. The Group’s strength is based on these four core businesses and our capacity to connect and share our areas of expertise to provide our clients with even more innovation: these four loops are the perfect symbol of this, representing the links we have been forging with our clients for many years.”

Trends in Technology for 2015

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¿Qué tecnologías darán que hablar en 2015? — Foto: Phsymys. Trends in Technology for 2015

The rapid pace of both innovation and obsolescence in technology offers a constant flow of investment opportunities worldwide. Hyper-connectivity, cyber security, smartphones, the “digital wallet” and Big Data are among the major themes three technology analysts from across Natixis Global Asset Management are closely following. They share their insight along with 2015 outlooks for technology in the U.S., Europe and Asia.

Tony Ursillo, CFA, Equity Analyst, Portfolio Manager Loomis, Sayles & Co. explain: “On the consumer technology side, we are intensely focused on the relentless shift to mobile smartphone usage. Apple’s introduction of the iPhone in 2007 marked the beginning of the modern era. In those seven years, smartphones have achieved an installed base of over two billion users globally, with more than one billion new smartphones being sold every year”.

While the early play on mobile was oriented around device sales, including tablets, “we believe the more lucrative opportunity now revolves around expanding usage of smartphones by that already installed base. We are focused on companies that offer compelling applications or solutions that can be adopted by that base”, says Ursillo.

Expanding the social network

“Within the corporate or enterprise end market, we see two powerful trends that are far outpacing the trend line of about 3% growth in information technology (IT) spending”, tells the portfolio manager. The first is the shift of IT resources to “the cloud.” The cloud can simply be thought of as a hyperscale data center environment managed by an IT vendor who acts as a servicer, providing access to resources that historically would have been implemented and managed on premise by the enterprise itself.

The second powerful enterprise trend, continues Ursillo, is the heightened concern around securing enterprise data. High profile credit card breaches at retailers such as Target, Home Depot, and Neiman Marcus, as well as online sites like eBay, have put the spotlight on how vulnerable the payment information and other personal data of tens of millions of U.S. consumers are to an increasingly sophisticated hacker community. And that has made security breaches not just a network risk, but a business risk.

Is the “digital wallet” here to stay?

It´s no surprise that many companies are positioning themselves to gain a foothold in the online and mobile payments space. Giants like Apple, Amazon, Google and PayPal already have brand-name recognition and can leverage hundreds of millions of existing customer accounts with attached credit card or bank account information. “We maintain our belief, however, that the vast majority of these transactions will continue to traverse the existing financial network infrastructure, largely controlled by Visa and MasterCard”.

Meanwhile, Hervé Samour Cachian, Head of Value & Opportunities – European Equities says that Natixis Asset Management technology focus today is on everything that is related to Hyperconnectivity – the use of multiple communication systems and devices that allow us to remain constantly connected to networks and streams of information. This includes trends like Internet of Things, Big Data analytics, digital commerce & payment and social media. There are numerous applications, including driverless car technology, Google GlassTM and contactless payment systems that could be game-changers in the future.

“Emergence of the digital economy is the main theme in technology for us. Digitalization is a tremendously disruptive force in society and it knows no boundaries. Companies that fail to amend and to adapt their business model accordingly could be at risk, while companies that are preparing for this new paradigm can be offered multiple opportunities to reap the benefits”, explains.

“We are finding a few European tech companies connected to digital payment solutions that appear attractively valued today. For example, Paris-based Ingenico, which is a global leader in seamless payment solutions for mobile, online and in-store channels, combines three key drivers in our view: structural growth, market share gain and expansion up the value chain. We believe it could benefit long-term from the adoption of chip cards in the U.S. and the emergence of mobile payments. Another area of growing interest interconnected to it all is digital security. Within this space, European firms such as Gemalto are leading providers of innovative digital security solutions globally”, affirms Cachian.

Outlook for European technology

Despite a gloomy macroeconomic picture for Europe and other parts of the world, Natixis GAM have a positive outlook for the technology sector in 2015. Search for growth could lead investors to increase their exposure to the tech-related stocks and especially the ones that either sell or create cutting-edge products. “We believe that Internet of Things is the area of technology that could offer the most promising opportunities in 2015 – driven by gadgets and the widespread adoption of wearable technology.”

Ng Kong Chiat, Equity Analyst, Portfolio Manager of Absolute Asia Asset Management conclude that 2014 extended the strong growth pattern for the technology sector seen over the past few years. Asia-ex-Japan technology stocks were driven by the launch of Apple’s iPhone 6 and iPhone 6 Plus in September. They were also boosted by the expiry of Microsoft’s support for Win XP earlier in the year – which gave rise to and supported a corporate PC replacement cycle. Further penetration of smartphones into the emerging markets and the moderate economic recovery in the developed markets, which prompted more corporate technology spend, also supported growth in the industry this year.

“But these positive factors in 2014 could turn into hurdles for the industry in 2015, as they have created a large base and are beginning to lose momentum. In addition, some of this growth was linked to a one-time event which we may not witness in 2015. Accordingly, we believe there will be less impact from the next version of the iPhone to be released in the New Year, as well as other Apple products. Also, we believe there will be a less robust PC replacement cycle in 2015, slower penetration of smartphones worldwide and more moderate technology capital expenditures by global companies. With such a backdrop, it may be trickier to navigate in the technology space”, argues.

The Biggest Risk for the High Yield Market in 2015 is the Energy Sector, Says Henderson

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Kevin Loome, Head of US Credit and Co-Manager of the Henderson Horizon Global High Yield Fund, relates his experience in 2014, when the interest rates were key, and talks about his outlook for 2015.

What lessons have you learned from 2014?

The main lesson that was reiterated to me during 2014 is that when you manage a credit product, do not try to predict interest rates. I think we stayed true to our colours and stuck to credit selection as opposed to interest rate forecasting. I also learned that usually the sector of the market that borrows the most money will eventually be the worst performer, as was the case with the energy sector, which now accounts for almost 15% of the US high yield market and was by far the largest bond issuing sector in 2014.

Where do you see the most attractive opportunities within your asset class in 2015 and what are the biggest risks?

The most attractive opportunities in the US high yield market for 2015 are in bank loans, mining companies and energy and resource companies. Bank loans have become attractive as retail fund flows have reversed in the US and, if selective, it is possible to find opportunities in loans with good covenants, asset security and floating rate interest, which will be helpful when interest rates eventually rise. The mining, energy and natural resource companies present an opportunity because of valuations. These companies sold off throughout 2014 and are now trading at levels well below asset value in some cases. If we are patient and selective we may find some good investment opportunities in these sectors this year.

The biggest risk for the high yield market in 2015 is the energy sector. If oil stays below $65 per barrel for a sustained period of time we could witness a significant uptick in defaults in the high yield energy sector. The problem is that these companies are incredibly capital intensive and rely upon easy access to the debt markets to fund their business plans. To the extent that these companies become liquidity constrained for an extended period of time, we could see a decent number of defaults and restructurings. While these companies have asset values in the form of reserves, there has been no effort as yet by investment grade energy companies to acquire any of the high yield energy producers thus substantiating the asset value.

Are you more positive or negative now than you were 12 months ago on the economic and investment outlook, and why?

I am definitely more negative now than I was 12 months ago. The simple reason is that we are one year further into an already extended positive credit cycle. From what we are seeing in the new issue calendar, fear has turned to greed and issuers are getting aggressive when it comes to covenants, pricing, leverage and equity-friendly use of proceeds. In general, companies that we follow have exhausted their ability to cut costs and grow revenues. While most companies have refinanced debt with low coupons and pushed out maturities, their excess free cash flow is being diverted to equity holders at the expense of debt holders. Unfortunately, the desire for further credit improvement on behalf of most of the companies that we follow will continue to wane until we hit the next downdraft in the credit cycle.

SWIFT’s KYC Registry Goes Live for Correspondent Banks Worldwide

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SWIFT announces that The KYC Registry is now available to banks seeking to increase efficiency and reduce risk related to their correspondent banking Know Your Customer (KYC) compliance activities. More than 20 global and regional banks have joined The KYC Registry, demonstrating clear momentum and support for this community-driven financial crime compliance initiative.

“Regulatory compliance imposes an enormous cost burden on banks and they are actively looking for common platforms to help mutualise that cost and reduce risk,” says Gottfried Leibbrandt, CEO, SWIFT. “The KYC Registry is our next flagship in financial crime compliance, delivering on our commitment to provide community-wide solutions for the industry.”

The KYC Registry provides a simple, secure way to exchange a standardised set of information for correspondent banking due diligence. Banks contribute an agreed ‘baseline’ set of data and documentation for validation by SWIFT, which the contributors can then share with their counterparties. Each bank retains ownership of its own information, as well as control over which other institutions can view it.

“The KYC Registry from SWIFT will make it much easier for us to on-board new counterparties,” says Francesco Rescigno, Head of Operational Risk, Compliance and AML, ICCREA Banca. “It will enable us to receive and share KYC information simply and securely, eliminating costly and redundant document exchanges.”

“Correspondent banking relationships are critical to trade and economic development in emerging markets,” says Steven Beck, Head of trade finance, Asian Development Bank. “We welcome The KYC Registry as a way for banks in these markets to demonstrate transparency and manage their counterparties’ information requests accurately and efficiently.”

The KYC Registry is operated by SWIFT, the industry-owned cooperative, as a neutral information provider. Banks are not charged for data contribution, or for using the Registry to share their KYC information with other banks. To maximise the Registry’s benefits, SWIFT will make data consumption free in 2015 for banks that contribute their own KYC information to the Registry and promote it to their correspondents.

SWIFT is also introducing the SWIFT Profile, a report which increases KYC transparency and addresses Know Your Customer’s Customer (KYCC) requirements. The SWIFT Profile is the first in a series of value-added KYC and customer due diligence services that SWIFT will offer in connection with The KYC Registry.

Wunderlich Names Stacy Hodges as Chief Financial Officer

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Wunderlich, a leading full-service investment firm headquartered in Memphis, has announced that Stacy M. Hodges has been named Chief Financial Officer of Wunderlich Investment Company, the holding company for Wunderlich Securities. Ms. Hodges has 20 years of financial services industry experience, primarily with Dallas-based Southwest Securities, in addition to a background in public accounting.

“We are extremely pleased to have someone of Stacy’s caliber join our executive management team,” said Gary Wunderlich, CEO of Wunderlich Securities. “Her experience leading the finance areas of larger, publicly traded financial services firms will be tremendously valuable to support our firm’s strategic growth objectives over the next few years.”

Hodges joined Southwest Securities in 1994 as controller, following nine years in public accounting with KMPG LLP. In 2002, she became Executive Vice President and Chief Accounting Officer of Southwest, a position she held for eight years before being promoted to CFO. As CFO, Hodges was responsible for financial and regulatory accounting, investor relations, credit and financial analysis. She also implemented an enterprise risk management function and was involved in corporate strategic planning. Hodges left Southwest in late 2013 when she was named Executive Vice President and Chief Accounting Officer for Nationstar Mortgage, a publicly traded, non-bank mortgage servicer with 6,000 employees and $12 billion in assets.

Hodges is a Certified Public Accountant and a member of the Texas Society of CPAs and AICPA. She is a graduate of Baylor University and served on the Baylor Accounting Advisory Council.

RBC Global Asset Management Announces Leadership Transition

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RBC Global Asset Management (RBC GAM), the asset management division of Royal Bank of Canada, has announced a leadership transition, with Damon Williams and Alex Khein appointed as co-CEOs, reporting to George Lewis, group head, RBC Wealth Management & RBC Insurance, effective May 1, 2015. Also effective May 1, 2015, John Montalbano, CEO of RBC GAM, will assume a new role as vice-chairman of RBC Wealth Management, continuing to report to Lewis.

“RBC’s asset management business is among the fastest growing in the world, and the continued development of this successful, leverageable business is central to RBC’s global growth plans,” said Lewis. “John’s decision to initiate this leadership succession reflects the strength of RBC GAM and the talented global management team he has built. Damon and Alex are accomplished leaders with extensive experience, and this transition will be seamless for our employees and our clients.”

Both Williams and Khein have extensive tenures with RBC GAM:

Damon Williams joined Phillips, Hager & North Investment Management (PH&N IM) in 2005; the company was acquired by RBC in 2008. He has served since 2009 as head of RBC GAM’s institutional business globally and president of PH&N IM.
Alex Khein joined BlueBay Asset Management in 2004 and was appointed chief operating officer in 2005. BlueBay was acquired by RBC in 2010. Khein will remain as partner and CEO of BlueBay, a position he has held since January 1, 2014.

“I am humbled and privileged to have had the opportunity to serve the employees and clients of RBC GAM as CEO over the past six years,” said Montalbano. “I have full confidence that Damon, Alex and RBC GAM’s management team will effectively guide the organization as it continues to grow, compete and further enhance its investment capabilities. I am honoured to be asked by George Lewis to help guide this transition over the coming year and to take on additional responsibilities to contribute to RBC’s future growth.”

“John has had an exceptional tenure as CEO,” said Lewis. “He has led RBC GAM from its foundation in 2008 – via the amalgamation of RBC Asset Management, Phillips, Hager & North Investment Management and Voyageur Asset Management – to the acquisition of BlueBay Asset Management in 2010 and beyond. RBC GAM has had a consistent trajectory through this timeframe, even within challenging market conditions, with strong growth in assets under management, investment performance and capabilities, and international expansion. Today, RBC GAM is a leading global asset manager with over C$350 billion in assets under management and 23 investment teams across North America, Europe and Asia.”

As vice-chairman of RBC Wealth Management, Montalbano will support business development and special projects for RBC Wealth Management and other RBC businesses, as well as provide advice and counsel to the co-CEOs of RBC GAM and to Mr. Lewis, especially with respect to merger and acquisition opportunities for RBC GAM.

BlackRock Introduces iShares MSCI ACWI Low Carbon Target ETF

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BlackRock has expanded its suite of Environmental, Social and Corporate Governance (ESG)-related products with the launch of iShares MSCI ACWI Low Carbon Target ETF. The new fund which seeks to track the results of the MSCI ACWI Low Carbon Target Index and addresses two dimensions of carbon exposure – carbon emissions and fossil fuel reserves – started trading on the New York Stock Exchange on December 9, 2014.

CRBN is designed for individuals and institutions interested in environmental sustainability without divestment and provides transparency to the carbon footprint of their investments. By overweighting companies with low carbon emissions relative to sales and those with low potential carbon emissions per dollar of market capitalization, it aims to maintain exposure to global equity, while accounting for carbon exposure. Relative to the standard ACWI index, the underlying holdings to the CRBN index produce 81% less carbon emissions and 97% less potential carbon emissions from fossil fuel reserves.

Daniel Gamba, head of BlackRock’s iShares Americas Institutional Business, said, “We see a growing demand from global investors who are seeking to invest in way that can have a positive impact on the broader economy without potentially sacrificing returns and to be able to do so with the ease, access and efficiency of an ETF. With iShares MSCI ACWI Low Carbon Target ETF, we are helping investors to look at socially responsible investing through the lens of long-term investment returns and in the process helping them to take action with their portfolios. This is particularly relevant for official institutions, pensions, foundations and endowments who are interested in pursuing environmental sustainability strategies without divestment.”

Carol Boykin, CFA, Representative of the Secretary-General for the investment of the assets of the United Nations Joint Staff Pension Fund, said, “As we consider the impact of climate change worldwide, as highlighted by the UN Secretary-General at his Climate Summit on 23 September, it is clear that investors are now paying close attention to the risk posed to their investments by climate change. The United Nations Joint Staff Pension Fund welcomes the creation of a new lower carbon index and related ETFs as a responsible approach to environmentally sustainable investing and a positive response to the Secretary-General’s call for action.”

Sam Gallo, Chief Investment Officer of the University System of Maryland Foundation, said, “Being able to address socially responsible concerns while maintaining our fiduciary standards is critical to our investment approach. The iShares MSCI ACWI Low Carbon Target ETF is a low-cost, investment solution that allows us to maintain full exposure to global equities while incorporating a carbon exposure reduction strategy.”

Baer Pettit, Managing Director and Head of the Index Business at MSCI, said “Socially responsible investing increasingly influences many of our clients’ investment strategies. We are pleased that iShares has again selected MSCI to meet its need for an innovative index.”

The MSCI Global Low Carbon Target Index re-weights stocks based on their carbon exposure in the form of carbon emissions and fossil fuel reserves. The index is designed to achieve maximum carbon exposure reduction given a specific tracking error target. The MSCI Global Low Carbon Target Index is based on the MSCI ACWI Index, the global policy benchmark covering developed and emerging markets, and utilizes MSCI ESG CarbonMetrics data from MSCI ESG Research Inc.

BlackRock’s commitment to social investing spans asset classes and enables investors to access investment strategies that target a reasonable risk-adjusted rate of return in addition to positive and measureable social or environmental outcomes. The firm managed $257 billion in social investing products as of the end of June 2014, up from $215 billion as of June 30, 2012.

Clare Spearing Appointed Head Of Private Banking at Clarien Bank

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Clarien Bank Limited has announced te appointment of Clare Spearing as Head of Private Banking.

“Ms Spearing will be responsible for leading the new business efforts for private banking, providing overall strategic direction for the division, maintaining the Bank’s high level of client service and overseeing operational excellence for the group,” the bank said.

“Ms Spearing’s appointment reflects Clarien’s aim to become the pre-eminent financial institution for local Bermudian banking clients, while strengthening its international offering of sophisticated products and services, combined with top level investment advice to wealth management and private banking clients. She will report to Mr. Paul Finn, Head of Global Wealth Management for Clarien.”

Ms Spearing brings over 10 years of Bermuda based banking experience. She began her career in corporate banking at Butterfield Bank, Bermuda where she worked for seven years, ending in the role of Assistant Vice President of Relationship Management and Sales.

Following this, Ms Spearing spent two years with HSBC Bank Bermuda, where she was Vice President, Senior Relationship Manager of the commercial banking unit.

Most recently, Ms Spearing was Head of Operations at the Bermuda Business Development Agency [BDA] where she acted as the primary liaison between various Government Ministries, the Bermuda Monetary Authority and other international industry leaders.

Ian Truran, CEO of Clarien Bank Limited, said: “Miss Spearing brings over a decade of Bermudian banking experience, and holds strong relationships with not only local and international clients but many important key organisations across the island.

“At Clarien, while we have international ambitions, we remain firmly committed to the island of Bermuda and the talent we have here. Miss Spearing brings an expert knowledge and experience of the local banking environment and we look forward to welcoming her.”

Ross Webber, CEO of the Bermuda Business Development Agency [BDA] commented: “Clare has dedicated the last 18 months to laying the foundation for the BDA to thrive and flourish; her tireless work has provided us with the platform to help Bermuda succeed in the international business arena.

“She has been a loyal and tenacious stalwart for the BDA, and handled with aplomb the myriad changes that come with building a business from scratch. While we will miss her expertise, we are delighted she will join one of Bermuda’s leading financial institutions. We wish her all the best and look forward to continuing our relationship”.

Matthews Asia Hires Head of U.K. Business Development

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Matthews Asia announces the appointment of Neil Steedman as Head of U.K. Business Development. Based in London, Neil will be responsible for directing the firm’s business development and client service activities in the U.K. and select European markets.

Neil has extensive experience working with institutional and professional investors, including local authorities, discretionary wealth managers, private banks, and global financial institutions, as well as leading platforms, including 10 years at Aberdeen Asset Management where he served as Head of U.K. Discretionary Sales.

Reporting to Jonathan Schuman, Head of Global Business Development, Neil’s hire marks an important step in the continued build-out of Matthews Asia’s global operations and highlights the company’s long-term commitment to the U.K. and European marketplace.

Neil Steedman, Head of U.K. Business Development, commented: “I am excited to join Matthews Asia as it continues to grow its business in the U.K. and Europe, and thrilled to be part of the team that will bring the firm’s distinctive investment approach and long-term focus on Asia to U.K. and European-based investors. Matthews Asia’s extensive product line-up and the firm’s long-term, fundamental approach to investing are ideally suited for institutional and professional investors’ portfolios.”

Jonathan Schuman, Head of Global Business Development, commented: “Neil’s appointment reflects Matthews Asia’s strategic commitment to provide distinctive Asian investment strategies and high-quality service to our partners and investors across the U.K. and Europe. We are pleased that a growing number of investors have recognized Matthews Asia’s specialist capabilities. The expansion of our local presence in Europe reflects the long-term importance that we place on providing quality products and service to our clients.”