Value Invest London

Speakers – Tuesday 14th May 2019

C.T. Fitzpatrick

C.T. Fitzpatrick – Vulcan Value Partners
The Tension Between Time Horizon and Disruption and the Importance of Humility

C.T. Fitzpatrick serves as Chief Executive Officer and Chief Investment Officer of Vulcan Value Partners. C.T. founded Vulcan Value Partners in 2007 to manage his personal capital. Since inception, two strategies have peer rankings in the top 1% of value managers in their respective categories, two are in the top 3%, and the fifth is in the top 6%. Prior to founding Vulcan Value Partners, C.T. worked as a principal and portfolio manager at Southeastern Asset Management. During his 17 year tenure, the team at Southeastern Asset Management achieved double digit returns well ahead of inflation and was ranked in top 5% of money managers over five, ten, and twenty year periods according to Callan and Associates. C.T. earned his MBA in Finance from the Owen Graduate School of Management at Vanderbilt University. He also has a BS in Corporate Finance from the University of Alabama.

Sir Martin Sorrell

Sir Martin Sorrell – S4Capital
Fireside Chat and Audience Q&A with Robert Hagstrom:
The New Marketing Reality

Sir Martin Sorrell is Executive Chairman of S⁴Capital, which is building a new age, new era, digital advertising and marketing services platform for clients. Sir Martin was CEO of WPP for 33 years, building it from a £1 million “shell” company in 1985 into the world’s largest advertising and marketing services company, with a market capitalisation of over £16 billion, revenues of over £15 billion, profits of approximately £2 billion and over 200,000 people in 113 countries. Prior to that, Sir Martin was Group Financial Director of Saatchi & Saatchi Company PLC for 9 years and worked for James Gulliver, Mark McCormack and Glendinning Associates before that. S4Capital PLC recently merged with MediaMonks and MightyHive, and is listed at the London Stock Exchange under SFOR.L. Sir Martin supports a number of leading business schools and universities, including his alma mater, Harvard Business School and Cambridge University and a number of charities, including his family foundation. He is married to Lady Cristiana Falcone-Sorrell and has four children and seven grandchildren.

Robert Hagstrom

Robert Hagstrom – EquityCompass Strategies
How to Become a Self-Transforming Investor: Closing the Gap on an Increasingly Complex World

Robert Hagstrom is Chief Investment Officer of Equity Compass Investment Management and Senior Portfolio Manager of the Global Leaders Portfolio. He joined Equity Compass in April 2014 and launched the Global Leaders Portfolio in July 2014. Robert was appointed Chief Investment Officer in March 2019. Robert has more than 30 years of investment experience. Prior to joining Equity Compass, he was Chief Investment Strategist of Legg Mason Investment Counsel, and before that, the Portfolio Manager of the Growth Equity Strategy at Legg Mason Capital Management for 14 years where he managed $7 billion assets. Robert was the recipient of the “Honorable Mention” as Morningstar’s U.S. Equity Manager of the Year in 2007. Robert is the author of nine investment books including the New York Times best seller, The Warren Buffett Way, widely considered to be the definitive book on the investment approach and strategies of Warren Buffett. The book has sold over 1 million copies worldwide and is translated into seventeen foreign languages. In addition, Robert wrote The Warren Buffett Portfolio a book on concentrated portfolio management and Investing: The Last Liberal Art a multidiscipline examination of markets and investing. Robert earned his Bachelor’s and Master’s of Arts degrees from Villanova University. He is a Chartered Financial Analyst, a member of the CFA Institute and the CFA Society of Philadelphia.

Jonathan Ruffer

Jonathan Ruffer – Ruffer LLP and Auckland Castle Trust
Is Value a Trap-Door?

Jonathan Ruffer trained as a stockbroker and barrister before moving into private client investment management in 1980. He established Ruffer Investment Management Limited in 1994, which transferred its investment business to Ruffer LLP in 2004. He has written a social history, ‘The Big Shots’ on Edwardian shooting parties, and on the banking crisis of 2008, ‘Babel’. He established the Auckland Castle Trust in 2012, overseeing a project for the revitalisation of the palace home of the Bishops of Durham for 800 years, and the set of thirteen Zurbaran paintings of Jacob and his children. The charity, now known as The Auckland Project, is working to create an arts, faith and heritage destination of international significance which will draw visitors from across the UK and abroad.

Jennifer Wallace

Jennifer Wallace – Summit Street Capital Management
It Ain’t What You Don’t Know That Gets You Into Trouble

Jennifer Wallace is a founding partner of Summit Street Capital Management, LLC and serves as the firm’s Chief Investment Officer and Portfolio Manager. Jennifer has more than 23 years of investment experience. Prior to co-founding Summit Street, Jennifer worked with the Robert M. Bass investment groups where she was manager of Emerald Value Partners and co-manager of Alpine Capital. Before joining the Bass organization, Jennifer was a consultant with McKinsey & Company and an investment banker. Jennifer earned a BA from Columbia College and an MBA from the Columbia University Graduate School of Business where she received Beta Gamma Sigma honors as well as other awards and prizes. In addition, Jennifer serves on the Advisory Board of The Heilbrunn Center for Graham & Dodd Investing at the Columbia Business School and the Stewardship Committee of the Episcopal Church of the Heavenly Rest in New York.

David Harding

David Harding – Winton
Where Are The Value Investors’ Yachts?

David Harding is Founder, CEO & Co-CIO of Winton and has been at the forefront of systematic investment management for 30 years. He has founded two successful investment management companies: the first, AHL, was sold to Man Group in 1994; he launched the second, Winton, in 1997. A graduate of Cambridge University, David received a First Class Honours degree in Natural Sciences, specialising in Theoretical Physics. David’s philanthropic interests focus on funding scientific research and the communication of scientific ideas. In February 2019, he gave a $130 million gift to Cambridge University, part of which will fund the Harding Distinguished Postgraduate Scholars Programme. Other notable gifts include donations to the Cavendish Laboratory, the Max Planck Institute in Berlin and the Science Museum in London. David sits on the Advisory Board of the Royal Society, the University of Cambridge Development Board, and is an honorary Fellow of the Science Museum, and of St Catharine’s College, Cambridge.

Rajiv Jain

Rajiv Jain – GQG Partners
Is There Really Anything Like a Value / Growth Cycle?

Rajiv is the Chairman and Chief Investment Officer of GQG Partners and also serves as the portfolio manager for all GQG Partners strategies. He commenced investment operations at GQG Partners in June 2016 with over 24 years of investment experience. Previously, Rajiv served as a Co-Chief Executive Officer (from July 2014) and Chief Investment Officer and Head of Equities (from February 2002) at Vontobel Asset Management. He was the sole portfolio manager of the International Equities strategy (since 2002) and Emerging Markets Equities strategy (since 1997), and the lead portfolio manager for the Global Equities strategy (since 2002). Rajiv built the business from less than US$400 million under management to just under US$50 billion in 2016. He joined Vontobel Asset Management as a co-portfolio manager of Emerging Markets Equities and International Equities in November 1994. Prior to that, he was an International Equity Analyst at Swiss Bank Corporation. Rajiv earned an MBA in Finance and International Business from the University of Miami. He also has a master’s degree from the University of Ajmer and undergraduate degree in accounting with honors.

Alex Roepers

Alex Roepers – Atlantic Investment Management
Atlantic’s Approach to Value Investing

Alex Roepers is the Chief Investment Officer of Atlantic Investment Management, a global equity value-investing firm he founded in 1988. Mr. Roepers applies a differentiated constructive shareholder activist (CSA) investment approach to unlock incremental value in high-quality, undervalued companies in the consumer, industrials and businesses services sectors. Atlantic’s highly experienced investment team has successfully influenced change at many leading companies over the past 30 years in the U.S., Europe and Japan. Mr. Roepers began his investing career in the operations and corporate development departments at multi-billion-dollar conglomerates Thyssen-Bornemisza Group (1984-88) and Dover Corporation (1980-82). He has served on the Board of Dean’s Advisors at Harvard Business School since 2010; The Hotchkiss Investment Committee since 2014; as U.S. Chair for the Compagnie Fonds, Dutch Maritime Museum, since 2007; on Memorial Sloan Kettering’s Special Projects Committee since 1997; and as founder and board member for his charitable foundation, The Alexander J. Roepers Foundation, since 2002. Mr. Roepers has a Bachelor of Business Administration from Nijenrode University, which is the Netherlands School of Business (1980), and an MBA from Harvard Business School (1984).

Nick Purves

Nick Purves RWC Partners
Value Investing  in the Age of Disruption; the Importance of Being Selective

Nick joined RWC in August 2010. Nick worked at Schroders for over sixteen years, initially starting as an analyst before moving in to portfolio management where he managed both Institutional Specialist Value Funds and the Schroder Income Fund and Income Maximiser Fund together with Ian Lance.
Prior to Schroders, Nick qualified as a Chartered Accountant.

Ian Lance

Ian Lance RWC Partners
Value Investing in the Age of Disruption; the Importance of Being Selective

Ian has thirty years of experience in fund management and started working with Nick at Schroders in 2007 before joining RWC in August 2010. Whilst at Schroders he was a senior portfolio manager managing the Institutional Specialist Value Funds, the Schroder Income Fund and Income Maximiser Fund together with Nick.

Previously Ian was the Head of European Equities and Director of Research at Citigroup Asset Management and Head of Global Research at Gartmore.

Martin Walker

Martin Walker – Invesco
The Virtues of Value Investing

Martin is a fund manager for the Henley-based UK Equities team and is responsible for the management of a number of UK equity portfolios. He began his investment career in 1997 as an investment analyst with BWD Rensburg. Martin subsequently joined Invesco in 1999 as a trainee fund manager and has developed his career within the Henley-based UK Equities team, managing UK equity portfolios since 2003. Further recognition and a higher profile were provided as he took over some of the portfolio management responsibilities of veteran fund manager, Ed Burke, upon his retirement in 2008. Martin holds a BA in Financial Economics from Liverpool University and has also attained the Securities Institute Diploma.

Ronald Chan

Ronald Chan – Chartwell Capital
Finding a Spark in Japan

Ronald W. Chan founded Chartwell Capital in 2007, and serves as Chief Investment Officer and joint Portfolio Manager. He has authored two books: Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett’s Top Business Leaders in 2010 and The Value Investors: Lessons from the World’s Top Fund Managers in 2012. Both books have been translated into several languages, including Chinese, Japanese, Thai, and Portuguese.

 

Ben Preston

Ben Preston – Orbis Investments
Asymmetric Investing: Stacking the Odds in Your Favour

Ben is one of five key stock pickers for the Global Equity Fund at Orbis Investments, which he joined in the summer of 2000 just as the TMT bubble of the late 1990s was beginning to unwind. Orbis is a contrarian manager, using a disciplined research process to identify shares trading well below their long term intrinsic value, usually because of some temporary setback. Ben initially began researching stocks in the consumer sector but has gradually expanded his coverage and now leads the Global Sector team, in which industry specialists research stock market opportunities globally. Ben graduated with a First Class degree in Mathematical Sciences from the University of Oxford in 1998 and had a brief stint as an analyst at an M&A boutique before joining Orbis. He is a CFA charterholder.

 

Alex Wright

Alex Wright – Fidelity International
Don’t Wait for Good News to Buy UK Companies

Alex Wright has honed his distinctive contrarian value investment approach over a career spanning more than 15 years with Fidelity International. He joined the company in 2001 as a research analyst, covering a number of UK and European equity sectors across the market capitalisation spectrum in the years to follow. He has managed the Fidelity Special Situations Fund since January 2014 and has been portfolio manager of the Fidelity UK Smaller Companies Fund since its launch in February 2008. He has also been responsible for managing Fidelity Special Values PLC since September 2012. Alex has a BSc in Economics from Warwick University, where he graduated with First Class Honours, and he is also a CFA Charterholder.

Mark Pearson

Mark Pearson – Arcus Investment
Tokyo 89ers: Digging for Value in the Japanese Equity Market

Mark Pearson, ACA, CFA, co-founded Arcus Investment in 1998. Prior to founding Arcus, Mark was a director and portfolio manager responsible for Japanese equities at Buchanan Partners Limited in London from 1992 to 1998. From 1990 to 1992 Mark was General Manager of Japanese equity fund management in Kleinwort Benson Investment Management in Tokyo. From 1986 to 1989, Mark was an investment analyst at Kleinwort Benson Securities in Tokyo, and from 1981 to 1986, at Coopers & Lybrand, London as a Chartered Accountant. Mark graduated from Emmanuel College (University of Cambridge) with MA in Economics in 1981. Mark lives in Hong Kong.

Matthew McLennan

Matthew McLennan – First Eagle Investment Management
The Value of Scarcity

Matt is head of First Eagle Investment Management’s Global Value team and a portfolio manager of the Global Value, International Value, US Value and Gold strategies. He joined First Eagle in September 2008 to lead the Global Value team. Previously, Matt worked for Goldman Sachs Asset Management (GSAM) in London, where he served as co-portfolio manager of Global Equity Partners, a group he co-founded in 2003 that ran a focused global equity portfolio for offshore private wealth clients. Earlier in his career, Matt was equity chief investment officer of the Investment Strategy Group for Goldman Sachs’ private client business. He joined Goldman Sachs in Sydney in 1994. Matt started his career in 1991 in Brisbane, Australia, with the Queensland Investment Corporation and was ultimately responsible for the firm’s international equity exposure. He was born in Rabaul, Papua New Guinea, and grew up in Queensland, Australia. He received his bachelor of commerce with first-class honors and master of international commercial law from the University of Queensland. Matt holds the Chartered Financial Analyst (CFA) designation. Matt is interested in the field of education, and he is a trustee (and former president of the Board of Trustees) of the Trinity School in New York City.

Andrew Hollingworth

Andrew Hollingworth – Holland Advisors
Leicester City 3 – Man United 1

Andrew first started investing over thirty years ago (he started young!). Having spent numerous years working in Fund Managment and sell side analytical roles, Andrew set up Holland Advisors in 2009 and the Farnam Street Capital Fund in November 2011. Holland Advisors writes highly respected research that is used by many senior Investment Managers to aid their investment decision making. Holland Advisors is also the manager of its own Investment fund – Farnam Street Capital. Andrew’s approach is deeply analytical and company specific. He and his team look for companies with proven enduring market positions that they assess competitors will find very hard to displace. These could be defined as ‘great companies’. For the Holland team to be interested however they also have to be run by ‘great owner managers’ and offered by Mr Market for ‘great price”. Andrew has a few hobbies, but loves his day job.

Richard Oldfield

Richard Oldfield – Oldfield Partners (Moderator)

Richard Oldfield is Executive Chairman of Oldfield Partners, which he founded in 2005, after 9 years as Chief Executive of a family investment office. Prior to this, he was director of Mercury Asset Management plc, which he joined in 1977. He became Chairman of the Oxford University investment committee and Oxford University Endowment Management Ltd in January 2007, was Chairman of Keystone Investment Trust plc from 2001 to 2010 and is a director of Witan Investment Trust plc. He is the author of “Simple But Not Easy”, a “slightly autobiographical and heavily biased” book about investing

David Shapiro

David Shapiro – Willis Towers Watson (Moderator)

David is the Portfolio Manager for the Global Equity Focus Fund at Willis Towers Watson and for Alliance Trust, a quoted Investment Trust listed on the London Stock Exchange. Alongside his portfolio management responsibilities David provides regular research input to a number of clients. David joined from Stamford Associates where he was Deputy CIO responsible for devising and implementing investment strategies for a range of its largest investment clients. Prior to Stamford Associates, David established Greentrees Partners LLP as a joint venture with Collins Stewart before which he gained broad investment experience as a UK equity portfolio manager with UBS Global Asset Management (formerly Phillips and Drew) from 1998 and then as a UK equity portfolio manager with Morley Fund Management from 2003. In total David has 30 years of portfolio management and investment analyst experience. David is a member of the Chartered Institute for Securities and Investment (CISI)

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