Welcome to our investment conference, Tokyo 2023.
At AllianzGI, we think structural shifts are transforming how and where to invest, in particular after the pandemic. Understanding and addressing these changes is crucial. The current macroeconomic environment underscores the necessity of being active investors in order to successfully pursue alpha.
In our two days conference, you will hear from experts in their respective fields on a broad range of topics including where we can still find income amidst interest rate hikes, opportunities in sustainability investing and thematic investing – across artificial intelligence, cybersecurity and megatrends in future technology.
We hope you will take away useful insights from the conference – not just from our investment experts, but also via exchanges with other participants across different markets.
Agenda
Vivian Tuan
Vivian Tuan is Head of Retail Business, Asia Pacific and Chairperson of Taiwan, with Allianz Global Investors. She supervises our corporate governance, stakeholder relationship management and people development efforts in Taiwan, and oversees our regional retail distribution channel.
Since joining AllianzGI in Taiwan in 1999, Vivian has held various senior positions. In 2013, she was promoted to Chief Executive Officer, Taiwan, responsible for business development and strategy, before being appointed the current roles in June 2020.
Vivian has 25 years of experience in the asset management industry. Before joining AllianzGI, Vivian was the Head of Distribution at ING Asset Management Taiwan.
Vivian has a B.A. in management from Shenandoah University, United States and an EMBA from the National Taiwan University.
Greg A. Meier
AllianzGI Global Economics & Strategy
Greg Meier is a senior economist and a director with Allianz Global Investors, which he joined in 1999. He is responsible for developing research and conveying market and economic insights to the firm’s investment professionals, sales teams and clients. Greg’s work focuses on macroeconomics, global capital markets, monetary policy, fiscal policy, retirement issues and demographics. In previous roles with the firm, he was a senior investment strategist, performance analyst and financial writer.
Greg has over 20 years of investment industry experience. Earlier in his career, he worked at Russell Investment Group, Rigel Capital Management and Nicholas-Applegate Capital Management.
Greg has a B.S. in business administration from the University of Montana and an M.B.A. from the University of Washington.
Presentation Summary
Outlook for the US Market
Today’s financial media landscape is saturated with reports on price pressures, interest rate volatility, economic uncertainty, pandemic uncertainty, food insecurity, war prospects, and the list goes on. How can investors cut through the noise and identify actionable opportunities?
In this session, Greg Meier, Senior Economist, will discuss the outlook for the US economy and key developments that investors and policymakers must watch. He will share some insights on US consumer spending, household balance sheets, housing market risks and the health of the US labour economy. Additionally, he will share his views on where inflation is headed, whether recession concerns are warranted (or not) and how the Fed will consider these factors as they plot the path ahead for US interest rates.
Justin M. Kass, CFA*
Co-Head Income and Growth
Voya Investment Management
Justin Kass is chief investment officer, co-head of income and growth at Voya Investment Management. Prior to joining Voya IM, he was a portfolio manager, managing director, CIO and co-head of the U.S. income and growth strategies team with portfolio management, research and trading responsibilities for the income and strategies team at Allianz Global Investors.
Prior to that at Allianz Global Investors, Justin held portfolio manager responsibilities for the U.S. convertible strategy and was a lead portfolio manager for the income and growth strategy since its inception and was also responsible for managing multiple closed-end and open-end mutual funds.
Justin earned a BS from the University of California, Davis and an MBA from the UCLA Anderson School of Management. He is a CFA® Charterholder.
Presentation Summary
Seeking Incomes in Higher Rates and Inflation Environment
2022 was a difficult year for fixed income and equity assets. As we enter into 2023, we may now possibly see past peak inflation and a Fed hike cycle that is close to its end. This scenario should be positive for fixed income and risk assets despite risks of economic slowdown.In this session, Justin Kass, co-head of Income and Growth at Voya IM, will talk about the overall US market outlook, expectations of the Fed’s next move, as well as the US consumer story and corporate earnings expectation. Justin will also take a deep dive into equity and convertible bonds and share his views on how to adopt a multi-asset strategy for income and growth opportunities.
Steven Gish, CFA*
Voya Investment Management
Steven Gish is a lead portfolio manager, income and growth at Voya Investment Management. Prior to joining Voya IM, he was a portfolio manager and director with portfolio management and research responsibilities on the short duration high income team at Allianz Global Investors.
Prior to that, Steven was a senior research analyst with Roth Capital Partners. Previously, he worked in credit at a division of Deutsche Bank Group. Steven earned a BA from the University of New Mexico and an MBA from the University of Colorado. He is a CFA® Charterholder.
Presentation Summary
2023 High Yield Investment Opportunities
US high yield’s risk/reward opportunity is compelling. In addition to a favourable technical backdrop, credit statistics and fundamentals are healthy, near-term refinancing obligations remain low and managements continue to prioritise debt reduction.
In this session, Steven Gish, lead portfolio manager at Voya IM, will share his views on the high yield market and its default risks. Though volatility will remain in 2023, Steven will share how high-yield bonds can offer attractive total return potential and higher spreads that may compensate for risks.
David J. Oberto*
Voya Investment Management
David Oberto is a lead portfolio manager, income and growth at Voya Investment Management. Prior to joining Voya IM, he was a portfolio manager and director with portfolio management, research and trading responsibilities for the income and growth strategies team at Allianz Global Investors. David served as portfolio manager for the U.S. High Yield Bond strategy and was also responsible for managing multiple closed-end and open-end mutual funds.
Prior to that, he was a portfolio administrator, a credit default swaps (CDS) account manager and a trade-closer at Bain Capital. David earned a BSBA with a concentration in finance and a minor in economics from Fordham University and an MS in finance from the D’Amore-McKim School of Business at Northeastern University.
Presentation Summary
Opportunities in US Fixed Income
Fixed income markets have suffered in 2022. Even in the treasury markets, we have seen negative returns for the past year due to the Fed rate hike cycle. After a historic string of hikes in 2022, we believe monetary policy has entered a restrictive phase and Fed hawkishness has become increasingly constrained as the federal funds rate quickly converges with the terminal rate.
In this session, David Oberto, lead portfolio manager at Voya IM, will share how the current market backdrop will affect fixed income markets and the opportunities and risks among different fixed income assets in 2023.
Luke Copley, CFA
Luke Copley is a portfolio manager in Allianz Global Investors’ Core Fixed Income – Global Markets Team. Luke has over 12 years of investment industry experience. Luke joined the firm in 2016 following the acquisition and integration of Rogge Global Partners, which he joined in 2013. Luke is responsible for managing global government, global aggregate and absolute fixed-income strategies.
Prior to moving into a Portfolio Management role, Luke was Head of Fixed Income Sovereign & Aggregate Product Specialist team, working closely with the Global Markets CIO and clients on investment strategy, portfolio reviews and the design of customized mandates for institutional investors. Luke originally joined the Rogge team as a Generalist Portfolio Manager in 2013. Prior to joining the team Luke was as an Investment Consultant at Towers Watson. He holds a Chemistry Master’s degree and Associateship of the Royal College of Science; he is also a CFA® Charterholder and member of the CFA Society.
Presentation Summary
Opportunities in Global Fixed Income
2022 was the big bond reset, as fears about inflation re-emerged, and central banks leapt into inflation-fighting mode. Now 2023 is set to be a tough year for global economic growth, but with inflation on a broadly declining trajectory, and most rate hiking cycles closer to their end than their beginning – there are some constructive signals building for Fixed Income assets.
We expect more divergent central bank reaction functions this year – some central banks will be quicker to end policy tightening than others – providing scope for active returns from relative value rates positioning between markets. Any re-steepening in yield curves (combined with a less hawkish policy environment) should stabilise credit spreads – justifying higher allocations in 2023 versus 2022. However, macro data evolution is set to stay in sharp focus, and as markets oscillate between recession fears and any scope for a “softer landing” for growth, spread valuations need considering carefully. In this session, Luke Copley, Portfolio Manager, will explore the macroeconomic outlook for 2023, key risks to the global economy, and our major asset allocation themes within Fixed Income.
David Oberto*
Steven Gish*
Luke Copley
Greg Meier
Moderated by Charles Ma, Client Investment Strategist, Greater China & South East Asia Retail Distribution
*Effective from 25 July 2022, this Fund Manager has transferred to Voya Investment Management Co. LLC (“Voya IM”) as part of the strategic partnership agreement between Allianz Global Investors and Voya IM.
Yoshikazu Kobashi
Yoshikazu Kobashi is the Chief Executive Officer, Japan with Allianz Global Investors based in Tokyo. He joined the firm in 2007 and has over 37 years of experience in the financial industry.
Before joining AllianzGI, Yoshi was managing director at Dresdner Kleinwort Japan and previously worked at Morgan Stanley Japan, Goldman Sachs Japan, Nomura Securities and Daiwa Bank.
Yoshi has a B.A. in philosophy and history of science from the University of Tokyo, Japan and holds an M.B.A. from New York University, United States.
Holger Wehner, CFA, CAIA
Holger Wehner heads the team of Product Specialists for equity products at Allianz Global Investors (AllianzGI). In his role as a senior product specialist, he covers fundamental equity products of AllianzGI in Frankfurt. He joined the product specialist team in November 2007.
Prior to joining AllianzGI, Holger worked for more than six years as product specialist for equity and convertible products at WestLB Mellon Asset Management, a joint venture of The Bank of New York Mellon Corporation and WestLB.
Holger graduated with a master’s degree in economics from Justus-Liebig-University of Giessen/Germany. He is a Chartered Financial Analyst as well as a Chartered Alternative Investment Analyst.
Presentation Summary
Discover Themes in a Constant Disruption World
Thematic investing may be a better approach in the current market backdrop, as timing the market against this volatile backdrop is difficult, and the long term, structural nature of the themes should help to navigate markets. At the same time, the market shift in 2021/22 has highlighted some of the challenges of thematic investing. However, an actively managed multi-theme portfolio has the flexibility to adapt to such a changing market environment.
Going into 2023, equity market valuations are well below 2021 levels, but rather average by historical standards. This might already offer some opportunity to build exposure to some key themes. In this session, Holger Wehner, Global Head of Product Specialists Equity, will share with you the key themes that we should monitor in 2023.
Stephen Jue*
Voya Investment Management
Stephen Jue is a senior portfolio manager, equity research analyst at Voya Investment Management. Prior to joining Voya, he was a portfolio manager, senior research analyst and director at Allianz Global Investors, where he was a member of the global technology team focused on hardware, networking and software companies and assisted in the management of several technology-specific portfolios.
Prior to that, Stephen worked at Rainier Investment Management and RBC Capital Markets. Previously, he worked in various marketing, finance and accounting roles with a division of Gillette and was also a CPA with KPMG.
Stephen earned a BS in business administration from Northeastern University and an MBA from the University of Chicago Booth School of Business.
James Chen, CFA*
Voya Investment Management
James Chen is a senior portfolio manager, equity research analyst at Voya Investment Management. Prior to joining Voya, James was a portfolio manager, senior research analyst and director at Allianz Global Investors, where he served as a member of the global technology team. In this role, James was responsible for analyzing mid- to large-capitalization semiconductor and semiconductor-equipment companies and assisted in the management of several technology-specific portfolios.
Prior to that, James was a senior analyst and co-portfolio manager of several long/short portfolios at Primarius Capital. Previously, he worked as a technology analyst and portfolio manager of growth-oriented mid- to large-cap portfolios at Engemann Asset Management. Earlier in his career, he was a senior consultant with Deloitte & Touche, as well as a loan officer with Wells Fargo Bank.
James earned a BS in mechanical engineering, an MBA in finance and accounting, and an MSBA in investments from the University of Southern California. He is a CFA® Charterholder.
Presentation Summary
Developing Intelligent Cities in a post COVID World
Urbanisation and technological innovation are key megatrends that we believe will have the greatest impact on our future. There are also shifts underway — including geopolitical, demographic, supply chain and environmental changes — that may offer new opportunities in a post COVID world. Our cities today face a growing list of challenges such as pollution, crime & safety, strained public services, resource scarcity, and extreme weather. This session will cover the growing opportunity across modernising city infrastructure, managing resources sustainably, and living in a digital world.
Despite a challenging 2022 for growth and thematic strategies, investors should not view this as an indication of a slowdown in AI transformation. The wide scale incorporation of AI by companies across sectors — coupled with major technology milestones such as generative AI and ChatGPT — reaffirm our thesis that we are in the early stages of AI-driven transformation. At the same time, we are also excited about the investment opportunities that will come with the growth of intelligent cities – their potential is limitless.
In this session, Senior Portfolio Managers & Analysts, James Chen and Stephen Jue, will share their insights on what it means to be investing in the world ahead.
Johannes Jacobi
Johannes Jacobi is a senior product specialist at Allianz Global Investors. His expertise covers the fundamental equity products of Allianz Global Investors. Before joining the Product Specialist team in 2017, he worked as a senior research analyst on the Allianz Global Investors research platform, where he was a member of the Grassroots Research® team. His responsibility was to ensure that the team’s research met the needs of the European investment platform. He was also involved in marketing and client-related meetings. Johannes previously worked in private wealth management at Deutsche Bank and in risk-managed products at UBS.
Johannes has a master’s degree in economics from Nuertingen University and did coursework at Manchester Metropolitan University, United Kingdom. He holds the DVFA/Certified European Financial Analyst designation.
Presentation Summary
Invest to Protect your Everyday Life
Our lives are increasingly digital. From computers to smartphones, technology is an integral part of our everyday lives. The Internet of Things (IoT), which includes innovations like autonomous driving, networked health services and smart homes, for example, will make our lives easier in many ways but also increasingly vulnerable.
With the rising security attacks and persistent threats around the world, there is an increasing urgency to increase investments in security solutions. While a cyber security breach is problematic for private users, it can threaten the very existence of companies as the cost of a data leak is high. In this session, Johannes Jacobi, Senior Product Specialist, will discuss the urgent demand of cyber security and the current investment opportunities in this industry.
Mark W. Phanitsiri, CFA*
Voya Investment Management
Mark Phanitsiri is a portfolio manager, equity at Voya Investment Management. Prior to joining Voya IM, he was a portfolio manager and director at Allianz Global Investors, where he held portfolio management and research responsibilities for the U.S. small and mid cap growth team and served as a member of the global insights portfolio management team.
Prior to that, Mark worked as a technology research analyst and worked on private and public equity investments at SageviewCapital and ThomaBravo Equity Partners.
Mark earned a BSE in mechanical and aerospace engineering from Princeton University and an MBA from Harvard Business School. He is a CFA® Charterholder.
John Coyle*
Voya Investment Management
John Coyle is a portfolio manager, mid cap at Voya Investment Management. Prior to joining Voya IM, he was a portfolio manager and director at Allianz Global Investors, where he held research responsibilities for the U.S. small-mid cap team covering a wide array of companies across the materials, industrials, and infrastructure sectors.
Prior to that, John was a vice president and research associate at Barclays and Lehman Brothers covering the U.S. building products and homebuilding sectors.
John earned a BBA in finance, cum laude from Louisiana State University.
Presentation Summary
Ready for the Metaverse?
The “Metaverse” is the seamless integration of our physical and digital worlds. We have slowly seen our lives become more digital, from email (90’s), e-commerce (‘00s) and more recently, social media (‘10s). These trends are now going exponential as: 1) back-end processors allow for smaller computers inside wearables (watches and goggles), 2) COVID and demographic tailwinds push widespread adoption, as Generation Alpha (born after 2000) reaches prime purchasing age.
Generation Alpha views technology differently from their parents. They do not say “online” or “offline” as that barrier does not exist to them. They spend on digital goods for social status, just as their parents spent on physical jewelry or cars. They digitally “hang out” with friends to view concerts and movies together. The key aspects of the Metaverse are that it is synchronous, persistent, immersive”. VR goggles are not necessary, although they may later become a key component.
McKinsey expects the Metaverse will be a USD 5 trillion opportunity (as at June 2022) that touches the entire economy.1 In this session by Mark Phanitsiri, lead portfolio manager and John Coyle, portfolio manager at Voya IM, they will share their insights on the investment opportunities and how one can “connect the dots” on Metaverse relevant topics.
1McKinsey & Company - Value creation in the metaverse (June 2022)
Mark Phanitsiri*
John Coyle*
Stephen Jue*
James Chen*
Moderated by Ivan Yeo, Senior Product Manager
Jonathan Ho
Jonathan Ho is Sustainability Specialist with Allianz Global Investors, based in Hong Kong. He drives the firm’s sustainability strategy, sustainable product development and leads its sustainability advisory and advocacy in Asia Pacific.
Before to joining AllianzGI in 2021, Jonathan worked at BNP Paribas as an associate in the sustainable capital markets team in Asia Pacific, structuring sustainable finance solutions and providing ESG (Environmental, Social and Governance) advise to clients. Before that, he was an assistant manager for Business Environment Council, responsible for corporate sustainability research and advocacy.
Jonathan has been a working group member of the Asia Investor Group on Climate Change since 2018. He is also a member in the ESG Disclosure and Integration Working Group as well as the Policy Research and Dissemination Working Group of the Hong Kong Green Finance Association.
Jonathan has a B.S. in environmental science and engineering from the University of California, Los Angeles, and an M.A. in environmental education from New York University. He is a Fundamentals of Sustainability Accounting credential holder from the Sustainability Accounting Standards Board and is an Associate Member of the Hong Kong Institute of Qualified Environmental Professionals.
Presentation Summary
Sustainable Investing Outlook and Capabilities
Sustainability investing is gaining importance for the past few years. As more and more governments regulate to support sustainable goals, many companies have reacted to it too. At Allianz Global Investors, it is imperative that we support sustainability investing as well.
In this session, Jonathan Ho, Sustainability Specialist, will present the key sustainability trends that are driving the sustainable investment market as well as the key ESG themes in 2023. He will also provide an update on the latest sustainable investing regulations emerging in Asia and in Europe. Given the market developments, Jonathan will introduce AllianzGI’s philosophy, approach and capabilities in terms of sustainable and impact investing, and will also elaborate on the firm’s key sustainability priorities moving forward.
Robbie Miles, CFA
Robbie Miles is a portfolio manager, and a director with Allianz Global Investors, which he joined in 2014. Robbie is the lead portfolio manager of the Food Security strategy and co-manages the Global Sustainability strategy at AllianzGI. He is a member of the Global Thematic team where he researches and develops investment themes globally, with a specific focus on themes aligned to the UN Sustainable Development Goals and other societal goals. Robbie was previously an ESG analyst for the company for six years in San Francisco and London. Before joining AllianzGI in 2014, he qualified as a Chartered Accountant with PwC.
Robbie has a first class degree in Environment & Business from the University of Leeds. He is a CFA® charterholder.
Presentation Summary
Capturing Opportunities in Sustainability
Megatrends like an ageing population, energy security and technological innovation present long-term, predictable investment opportunities. A ‘best-in-class’ sustainable investment framework helps to identify the highest quality companies that are best able to capture this growth.
Sustainable investing considers all three pillars of sustainability; environmental and social factors form part of the quality and growth assessment, while financial sustainability requires a disciplined approach to valuation. Applying this approach intends to capture the opportunities that a transition to a more sustainable economy presents, while also considering a broader analysis of downside risk by extending the analysis to non-financial factors. Layering on responsible investment stewardship (engagements and proxy voting), is also paramount in protecting the interests of shareholders, wider stakeholders, and even the integrity of capital markets. In this session, Robbie Miles, Portfolio Manager, will explore these megatrends and share his views on how to optimally capitalise on the opportunity.
Robbie Miles
Moderated by Ivan Yeo, Senior Product Manager
*Effective from 25 July 2022, this Fund Manager has transferred to Voya Investment Management Co. LLC (“Voya IM”) as part of the strategic partnership agreement between Allianz Global Investors and Voya IM.