Morningstar® Investment Conference

15 October 2019 | Cape Town International Convention Centre

Morningstar presents the latest developments in financial advice from the industry’s top minds. Discover new perspectives on the market and ideas to put into practice.

Speakers

The conference brings together some of the financial industry's top minds.

Chantelle Baptiste

Fairtree

Chantelle Baptiste achieved her Honours in Management Accounting at Stellenbosch University. After graduating she joined Deloitte in Johannesburg where she completed her articles and during this period she completed her studies through CIMA being awarded a Chartered Global Management Accountant (CGMA) designation. She joined Barclays Africa and worked in finance for 4 years and then moved internally into the Barclays Africa Equity Research team where she joined the Financials team. She was a sell side analysts for 5 years covering South African Banks and General Financials and in 2016 was rated #2 by the Financial Mail Ranking the analyst in General Financials and #6 in SA banks. She joined Fairtree Capital on 1 January 2017.

John Green

Investec Asset Management

John is the Co-Chief Executive Officer at Investec Asset Management. John joined the firm in 1998. He held various leadership roles including Managing Director of the South African business before becoming Global Head of Client Group where he was responsible for all client-related activities globally. John has also been a member of the Global Executive Committee since its inception.

John has a background in strategic consulting having worked at Andersen Consulting and Bain & Co, where he gained experience in the banking, insurance, consumer retail, wholesale, technology, and transport sectors.

John graduated from the University of the Witwatersrand with a Bachelor of Commerce degree and Bachelor of Laws degree.

Investec Asset Management has grown from a small South African start-up to an international specialist asset management firm entrusted with over ZAR2.1 trillion* of client assets.

*As at end March 2019.

Greg Hopkins

PSG Asset Management

Greg joined PSG Asset Management as a Fund Manager in 2010. He was appointed Chief Investment Officer in 2012. Prior to PSG, Greg was a Fund Manager in the European Equity team at Merrill Lynch Investment Managers (now Blackrock) in London and, upon his return to South Africa, worked on the Best Ideas Fund at Sanlam Investment Management.

Ryan O. Murphy PhD.

Morningstar Investment Management

Ryan O. Murphy, is head of decision sciences for Morningstar Investment Management and a member of the behavioural insights team. Murphy’s research is interdisciplinary, bringing together methods from experimental economics, cognitive psychology, and mathematical modelling. The focus of his research is to better understand how people make decisions, especially about risk and money. His current work centres on measuring people’s preferences, dynamic goal-centric portfolio choice, and developing methodologies and frameworks that improve decision making quality.

Before joining Morningstar in 2016, he was the chair of decision theory and behavioural game theory at the Federal Institute of Technology in Zurich Switzerland, and a visiting professor at the University of Zurich economics department. Previously, he served as associate director of the Center for the Decision Sciences at Columbia University in New York.

Murphy has published extensively regarding human decision-making and has papers in Management Science; Experimental Economics; Uncertainty and Risk; Judgment and Decision Making; Personality and Social Psychology Review; and the Journal of Behavioral and Experimental Finance. He’s taught university courses in decision theory, behavioural economics, negotiation analysis, experimental game theory, and statistics.

Prof. Piet Naude

University of Stellenbosh Business School

Piet Naude is the Professor of Ethics and Director of the “triple crown”- accredited University of Stellenbosch Business School (USB) in South Africa. He holds an MA in Philosophy (cum laude) and PhD in Systematic Theology from Stellenbosch University.

He is the previous Deputy Vice-Chancellor: Academic of the Nelson Mandela University in Port Elizabeth, South Africa, a capacity in which he dealt with professional accreditation and development bodies in Accounting, Architecture, Engineering, Industrial Psychology, Pharmacy and Nursing Science.

Piet holds an Alexander von Humboldt visiting scholarship to the University of Heidelberg (Germany) and was awarded life membership of the Centre for Theological Inquiry (CTI) at Princeton University. He is a rated researcher with more than 80 peer-reviewed publications and conference papers.

He is the former president of the Business Ethics Network of Africa (BEN-Africa) and currently serves on the accreditation committee of the African Association of Business Schools (AABS), as a trustee member of the Wilderness Foundation Africa and as non-executive director of USB-ED, the USB’s private executive education company.

Daniel Needham

Morningstar Investment Management

Daniel Needham, CFA, is the president and chief investment officer for Morningstar’s Investment Management group, a unit of Morningstar, Inc. Investment Management provides retirement, investment advisory, and portfolio management services for financial institutions, plan sponsors, and advisers through investment management entities around the world. Needham also chairs the Global Investment Policy Committee, which oversees the unit’s global investment capabilities, committees, and processes. Before assuming his current role in 2015, Needham was global chief investment officer for the Investment Management group, and his role expanded to include responsibility for Morningstar’s investment management operations in Europe in 2013. Previously, Needham was chief investment officer and managing director for Investment Management in Asia-Pacific, including Ibbotson Associates Australia, where he led the group’s business and investment activities in the region. Needham joined Morningstar in 2009 through the company’s acquisition of Intech Pty Ltd, where he served as chief investment officer. He also held other investment roles including analyst, portfolio manager, and head of multi-strategy. Before joining Intech in 2002, Needham worked for Zurich Financial Services in Sydney. Needham holds a bachelor’s degree in commerce from the University of Sydney, where he majored in finance and economics. He also holds the Chartered Financial Analyst® designation.

Tal Nieburg

Morningstar South Africa

Tal Nieburg is the Managing Director for Morningstar in South Africa, responsible for strategy, operations and delivery for all of Morningstar’s business lines in the South African market.

He joined Morningstar in 2010 and previously held roles spanning business development for asset management and hedge fund firms, as well as providing investment advice to private clients.

Tal holds an MBA from Milpark Business School in South Africa.

David O'Leary

Kind Wealth

David O’Leary is the Founder and Principal at Kind Wealth, an advice-only financial planning practice helping next-gen clients reach their financial goals in a way that matches their values. David is also the Managing Director of Origin Capital; an impact investment firm directing capital to finance solutions that improve the lives of the world’s most vulnerable people in the hardest to reach places.

Previously David was the co-founder of a financial advisory practice called Eden Valley Partners managing discretionary portfolios for High Net-Worth Canadians. Prior to that David spent 13 years as Director of Manager Research with Morningstar; a global investment data and research provider. He has lived, worked, and volunteeredthroughout Africa at various times. One of his proudest accomplishments is founding and running Grassroots Youth Development while living in South Africa.

David is a frequent speaker at conferences and in the media (The Globe & Mail, The Toronto Star, BNN Bloomberg, CNBC Africa, etc). He holds a BA in English Literature from the University of Toronto, an MBA from the Rotman School of Business and the Chartered Financial Analyst (CFA), Level 1 of the Certified Financial Planner® (CFP), and the Certified Professional Impact Analyst (CPIA) designations.

Victoria Reuvers

Morningstar Investment Management

Victoria Reuvers is a director and senior portfolio manager for Morningstar Investment Management South Africa, responsible for leveraging Morningstar’s global investment capabilities to provide best practice investment consulting and portfolio construction services for clients.

Before joining Morningstar, Victoria was the founder and CEO of Trivium Capital (Pty) Ltd, an investment consulting and research firm in Cape Town. As well as driving strategy for the business, Victoria was a senior portfolio manager at Trivium Capital. Her role included investment research, portfolio construction and on-going portfolio management.

Before founding Trivium, Victoria gained extensive experience of fund analysis and quantitative research experience at Investec Asset Management where she worked in the retail fund management team. Prior to that, she worked for Investec Private Bank as part of their growth and acquisition finance team.

Victoria began her career at Standard Corporate and Merchant Bank. She holds a bachelor’s degree in finance from the University of Cape Town.

Diana Strandberg

Dodge & Cox Inc.

Diana Strandberg is a Senior Vice President and Director of International Equity at Dodge & Cox, an investment management firm in San Francisco with $308 billion in assets under management (as of March 31, 2019). Dodge & Cox is the investment advisor for the Dodge & Cox Funds and Dodge & Cox Worldwide Funds Plc (UCITS). She is a shareholder of the firm, which she joined in 1988.

Diana is a member of the Dodge & Cox Board of Directors, which is responsible for the strategic direction of the firm, and the board of Dodge & Cox Worldwide Funds plc, which oversees the firm’s UCITs offerings. She is a member of the firm’s International Equity (chair), U.S. Equity, and Global Equity Investment Committees.

In addition, Diana serves on the Executive Committee of the 20-20 Investment Association (whose members are investment managers, Plan Sponsors, Endowments, and Sovereign Wealth Funds), the Board of the Smithsonian, and the National Board of Summer Search (a youth mentoring organisation).

Diana earned a B.A. in Economics from the University of California, Berkeley (Phi Beta Kappa) in 1981 and an M.B.A. from the Harvard Business School in 1986. She has served on the Board of Trustees of the University of California, Berkeley Foundation since 2008. She holds the Chartered Financial Analyst (CFA) designation.

Eugene Visagie

Morningstar Investment Management

Eugene’s career started as a Lecturer in the Department of Statistics at the University of Stellenbosch, where he is still involved on a part-time basis. During this period, he completed his Master of Commerce degree with a focus on Financial Risk Management and alternative investments with a dissertation on investment opportunities in the listed African space.

He joined Novare in 2009, initially as Risk Manager and finally fulfilled the role of Head of Investments for Novare’s South African focused investment products. His responsibilities included the oversight of the investments team, product development, manager research as well as actively participating in the investment committees of both traditional and hedge fund product offerings. During his time at Novare he was also actively involved with ASISA serving as both the hedge fund standing committee Chairperson and ASISA CIS standing committee member.

Eugene has extensive experience in manager research and financial markets and has written several articles covering a wide range of financial topics as well as participate as a speaker at several investment conferences.

He is currently portfolio specialist at Morningstar Investments Management South Africa.

He is a qualified Chartered Financial Analyst (CFA) and a Certified Financial Risk Manager (FRM).

Zapiro

Political Cartoonist

Zapiro studied architecture at the University of Cape Town but having been conscripted into the army, he refused to bear arms and became active in the newly-formed United Democratic Front—and was arrested under the Illegal Gatherings Act. He also participated in the End Conscription Campaign—for which he designed the logo.

On a Fulbright Scholarship, he studied media arts at the School of Visual Arts in New York and on his return to South Africa, he produced educational comics.

Today, he is the editorial cartoonist for Daily Maverick and before that worked for the Sunday Times, Mail & Guardian, The Times and many other publications.

Recognised as one of the Top Ten cartoonists in the world, please welcome Jonathan Shapiro – better known to us as ZAPIRO.

Malungelo Zilimbola

Mazi Asset Management

Malungelo is the Chief Executive Officer and Chief Investment Officer of Mazi Asset Management, a business he founded in 2006. The business manages assets in R50 billion on behalf of institutional and individual investors. The products offered by Mazi includes long-only equities, long-short equities, mutual funds, a property fund and a Pan Africa equity fund.

Malungelo has more than 20 years investment experience having worked for world class large asset managers in South Africa.

Malungelo serves as a non-executive director of several corporates. He also sits on the ASISA board and the Nelson Mandela Foundation’s Investment Committee.

Malungelo’s qualifications include a Bachelor of Science (Honours) (UCT), a Bachelor of Commerce (Honours) in Finance (UCT), and a Owners/Presidents Management (OPM) Programme from Harvard Business School.

Malungelo is a member of the YPO (Young President’s Organisation).

2019 Agenda


08:00–09:00

Registration & Networking Breakfast


09:00–09:05

Welcome Address

Tal Nieburg, Managing Director, Morningstar South Africa


09:05–09:40

Theories, Crowds, Bubbles & Bees

Daniel Needham, President & Chief Investment Officer, Morningstar Investment Management

Daniel gives some background on how contrarianism can help you define when markets may be less efficient, which should help you and your clients end up on the right side of the trade.


09:40–10:15

Change is Coming: is your practice ready?

David O'Leary, Founder & Principal, Kind Wealth

The landscape for financial advisers/planners is changing more rapidly than at any point in history. Fundamental shifts in regulations, technology, demography, and the zeitgeist mean that advisers will need to evolve both the service they deliver and how they deliver it. Client demand for convenience, transparency, and objectivity is rapidly escalating. Fintech is continuing to replace some of the services performed by advisers. And regulatory demands are rising while adviser margins are compressing. This sea change could represent the end of your practice or a new beginning. While change can be hard, it also presents opportunities for those who are able to capitalise on it. In this session, we’ll discuss how advisers can evolve their practice by adopting new attitudes, behaviours, services, and technologies to thrive in a new world order.


10:15–10:50

The Case for Value Investing

Diana Strandberg, Senior Vice President & Director of International Equity, Dodge & Cox, Inc

Over the last decade, growth stocks have significantly outperformed value stocks in global markets, prompting some commentators to proclaim the death of value investing. This session will explore why that conclusion is misplaced. Geopolitical concerns, low interest rates, and macroeconomic uncertainty have resulted in one of the widest valuation discounts between value and growth stocks in the last 15 years, yet the underlying fundamentals do not support this divergence. History suggests this is a compelling starting point for patient, long-term value investors. Diana will explore why starting points matter, why a good company is not necessarily a good investment, and why patience and persistence are keys to investment success.


10:50–11:10

Networking Coffee Break


11:10–11:45

Panel: Industry Disruption – where to from here?

John Green, Co-CEO, Investec Asset Management; Daniel Needham, President & Chief Investment Officer, Morningstar Investment Management

Moderated by: Victoria Reuvers, Senior Portfolio Manager, Morningstar Investment Management

The investment industry looks vastly different today to what it did years ago. Our clients’ needs are changing, the investment universe is expanding and our competitors are no longer who they used to be. We speak to two CEOs of global asset management businesses with roots in South Africa to discuss the key priorities to ensure success and survival in this industry.


11:45–12:20

What People Look for When They Seek Financial Advice

Ryan Murphy, Head of Decision Sciences, Morningstar Investment Management

Advisers can provide value to clients in many different ways, from goal setting to tax planning to behavioural 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. For advisers, it’s hard to build a mutually beneficial relationship if clients don’t understand the value of the advice they’re getting. And it can be frustrating for clients if it seems that their adviser isn’t meeting their expectations. 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.


12:20–13:05

Networking Lunch


13:05–13:40

The Big Ethics Melt-down: how did we get here and how can we move forward?

Prof. Piet Naudé, Professor of Ethics & Director, University of Stellenbosch Business School

This presentation will look into global and local factors facilitating the compromise of good governance in the public and private sectors. Some empirical evidence is provided for the economic and investment consequences of ethical lapses. In closure, key steps required to rebuild organizational trust and business confidence are outlined.


13:40–14:15

The Lost Decade of SA Mid-cap Shares

Chantelle Baptiste, Equity Analyst, Fairtree; Greg Hopkins, Chief Investment Officer, PSG Asset Management; Malungelo Zilimbola, Founder & Chief Investment Officer, Mazi Capital
Moderated by: Eugene Visagie, Portfolio Specialist, Morningstar Investment Management

Historically the long-term return of the JSE broken down into the Top 40 and the rest (smaller companies) suggest out-performance of the smaller companies relative to their larger peers. This would have been expected due to smaller companies growing faster than their established peers combined with lower liquidity and limited research availability, all contributing to greater mis-pricing of these companies’ worth. What, then, has led to the large divergence in prices of the Top 40, and their smaller counterparts? Despite strong global growth over the past decade, South Africa stood in stark contrast, with negligible real economic growth over the same time frame. In addition, company-specific factors have aggravated investor fear, with multiple corporate failures due to fraud and mismanagement, weak business models and over-indebted companies with unsustainable balance sheets. Portfolio managers share their views and discuss the outlook for this sector.


14:15–15:50

Careful — this pen is loaded!

Zapiro, Political Cartoonist

Cartoons can be irreverent, surprising, enlightening, shocking or just plain hilarious. An international cartoonists’ network has noted the huge impact of cartoons, especially Zapiro’s, on South Africa’s national discourse. Zapiro takes you on a cartoon journey through recent events, hoping to make sense of some of the craziness.

Cape Town

Welcome to Cape Town

Filled with natural wonders, art and a variety of cultures, Cape Town really is a unique city. Explore beyond the Table Mountain National Park and experience landscapes you’ve never seen before.

Where You’ll Stay

Based at the Cape Town International Convention Centre, you’ll be located in the heart of Cape Town, which hosts a variety of restaurants and attractions for you to enjoy.

Cape Town International Convention Centre
Convention Square
1 Lower Long Street
Cape Town 8001

Thank You to Our Sponsors

Be a visible part of the MIC experience by becoming a sponsor. It’s about more than attendees seeing your company’s logo—it’s an effective way to reach decision makers. 


Principal Sponsor


Lead Sponsors


Exhibitors

Exhibit Hall: Hall D

Network with people from more than 15 asset management firms. Morningstar experts will be on hand, too—ready to answer questions.

  • FAM Funds
  • Fidelity Investments
  • Financial Advisor Magazine
  • Financial Planning
  • First Affirmative Financial Network
  • First Eagle Investment Management
  • Firsthand Technology Value Fund, Inc.
  • First Trust Portfolios L.P.
  • FMI Funds
  • FolioDynamix
  • Forester Value Fund
  • FPA Funds
  • Franklin Templeton Investments
  • Frost Investment Advisors, LLC
  • Gabelli Funds
  • Guggenheim Investments
  • GuideStone Funds
  • Harbor Funds
  • KEELEY Funds
  • Legg Mason Global Asset Management
  • Leuthold Funds
  • Litman Gregory
  • Longleaf Partners
  • Loomis, Sayles & Company, L.P.
  • Mainstay Investments
  • Mairs & Power
  • Matthews Asia
  • MFS Investment Management
  • Miller / Howard Investments
  • Modestspark
  • Moerus Capital Management, LLC
  • Morgan Stanley Investment Management
  • NAREIT
  • Neuberger Berman
  • NextShares Solutions, LLC
  • Nuveen

See you at the conference