Morningstar® Investment Conference

Karen Ward, J.P. Morgan Asset Management's Chief Market Strategist for EMEA will discuss the key trends and themes that are likely to shape global markets. She will also share her unique perspective on the key issues that she believes are important to monitor as we approach the next stage in the market cycle.

Companies come and go, so what makes some stand the test of time? As disruptors emerge and challenge traditional industries, even the most established companies must adapt to maintain a competitive edge. Many will succumb to the pressures of creative destruction, while even the disruptors might find themselves disrupted. Against this backdrop, David Dudding provides insight into the power of competitive advantage and how its sustainability is often underestimated by the market.

David Pyle, co-portfolio manager of the Boston Partners flagship U.S. value equity strategy, will discuss some simple investment rules. Investors who adhere to these should have long-term investment success.

Richard will discuss his thoughts on the global macro-economic environment, the challenges and the opportunities this presents to fixed interest investors and where he sees value in global bond markets.

Value investing is the art of buying stocks which trade at a significant discount to their intrinsic value. Value investors achieve this by looking for companies on cheap valuation metrics, typically low multiples of their profits or assets, for reasons which are not justified over the longer term. This approach requires a contrarian mindset and a long term investment horizon. Over the last 100 years a value investment strategy has a consistent history of outperforming index returns across multiple equity markets. In his presentation, Kevin Murphy, Co-head of the Global Value Team at Schroders, will explain why this approach might not always be in favour in the short term, however aims to deliver Income and Capital growth in the medium / long term. He will explain why the team adopt a contrarian and patient view to Investing and will demonstrate a number of tried and tested ways that will help adviser’s understand and add value to their client’s investment propositions.

Whether you are an adviser selecting a platform, a wealth manager competing for clients or fund manager under scrutiny, there is more of a spotlight on value than ever. But what exactly is it? And how can it be measured? Holly will share insight into what value is in the eyes of the person paying the fee; what are the core pillars of value and what importance does integrity, trust and service have?

Simon Hix will discuss where the future relationship between the UK and the EU27 is likely to be heading after the “transition period”. He will consider the economic and political interests of the two sides in the negotiations, and explain that while economic interests push towards a “softer” form of Brexit, political interests push towards a “harder” form. Simon will also consider the potential longer-term consequences of Brexit on Britain and the EU, and economic and political relations across the Channel.

Advisers can provide value to clients in many different ways, from goal setting to tax planning to behavioral coaching. But how do clients perceive the value of these services, and what to they look for when seeking advice? Our research suggests that there’s a difference between what investors value from their advisers and what advisers believe investors value, and that disconnect may create problems on both sides of the relationship. While our results show that expectations around advice aren’t always aligned, this gap can be bridged by understanding where the differences are and importantly where the value exists in client/adviser relationships.

As the number of ESG orientated funds continues to grow advisers are increasingly faced with the challenge of building ESG portfolios that meet the financial, social and environmental goals of their clients. In this session, Dan Kemp Chief Investment Officer for Morningstar Investment Management in EMEA will examine the key aspects of building multi-asset ESG portfolios, highlight the potential pitfalls for advisers and suggest some solutions using Morningstar’s principle-based investment approach.

A crisis is a shortcut to the future. And we are in a climate crisis, a time of consequences. What needs to be done may well create some economic crises – winners and losers – in the traditional sense, but it would shortcut us to the better future we want. The alternative is to stave off the action required in a doomed attempt to prop up what we have, and end up opening a shortcut to the future crises we fear. This is a clear and present choice. We hold the future in our hands. It is time to invest in the future we need, not speculate on the one we might get. It is time to imagine braver.