23rd Annual Portfolio Management Conference:
Managing capital in a world of (geo)political, technological and monetary policy challenges


Please note: We will finalize the programme within the next weeks and will incorporate the upcoming challenges accordingly.


First Day: December 8th, 2020

Moderation: Dr. Marc-André Göricke, alpha portfolio advisors, Kronberg im Taunus
Prof. Dr. Lutz Johanning, WHU, Vallendar

8:00  Registration
8:45  Opening remarks

Module 1: Perspectives for the Global Economy, Europe and Capital Markets

9:00 Challenges and perspectives for institutional capital investment – The perspective of the Federal Ministry of Finance

  • Challenges in a low interest rate environment
  • Will monetary policy be obsolete in a world of bitcoins?
  • Will sustainable investing become mandatory?
  • What does the banking unit mean for asset management?
  • 12 years post Lehman – deregulation ante portas?

Dr. Jörg Kukies, Federal Ministry of Finance, Berlin, Germany

10:00 View on the Market – The Long Term Perspective after the Black Swan

  • Why the messages from bonds and equities are NOT in contradiction.
  • If low interest rates are a permanent fact they justify high valuations for equities, property, credit and other "risk assets".
  • To bring down valuations would require a global recession
  • Will US, China or Europe lead the world into recession in 2020 or 2021?
  • If not, what are the other risks to "risk assets"?

Anatole Kaletsky, Gavekal, Hongkong

11:00 Networking break and refreshments

11:30 Is a (contrarian) Value investment style dead?

  • How did Value perform in the long and in the short run?
  • How did the relative valuation between Growth and Value stocks change?
  • What has caused the spectacular run of Growth stocks since 2008?
  • Under what conditions should the Growth rally come to an end?
  • Is there still a place for a contrarian Value style?

Prof. em. Josef Lakonishok, Ph.D., LSV Asset Management, Chicago, USA

12:30 Lunch

Module 2: How will Artificial Intelligence and Machine Learning affect Institutional (Capital) Investments?

13:45 What investors should know about Machine Learning

  • What can AI in relation to Asset Management provide and what not?
  • Which issues essentially have to be pointed out by the investor due to handling with AI?
  • Living AI – Thinking and acting of an AI algorithm in a certain example
  • Experience with modelling of Black Swans
  • What will Machine Learning based methods learn in the crisis?

Dr. Thomas Flury, Man AHL, London, UK

14:40 Panel discussion: Asset Management 2.0 – Will Artificial Intelligence and Machine Learning revolutionize Asset Management?

  • For which areas of application are AI and Machine Learning generally suitable?
  • Which HR and IT resources are needed for the use in practice?
  • Which kind of data is best suited for AR and Machine Learning applications?
  • What future do traditional multi factor models have? Are value, growth and momentum "dead"?
  • Will the implementation of Artificial Intelligence and Machine Learning become a choice or a duty?

Moderation: Dr. Andreas Sauer, ansa capital management, Bensheim, Germany

Michael Fraikin, Invesco, Frankfurt am Main, Germany
Dr. Ulrich Neugebauer, Deka Investment, Frankfurt am Main, Germany
Dr. Peter Oertmann, pecuneo advice, Munich, Germany
Reinhold Weger, Bayerische Versorgungskammer, Munich, Germany


15:30 Networking break and refreshments

Module 3: (Geo)Political Challenges and their impact on Asset Allocation

16:00 Can China's rise to global market leadership be stopped?

  • China's path to global market leadership
  • The trade war from a US and Chinese perspective
  • 3 levels of innovation in Chinese companies
  • Drivers of future GNP growth
  • Change of the world order through the silk road
  • Opportunities to participate in China's future economic growth

Prof. Dr. Ingo Beyer von Morgenstern, Qilin Capital, Hongkong

17:00 Expert discussion: How will politics change after COVID-19 and the US election?

John Emerson, Capital Group, Los Angeles, USA
Alec Phillips, Goldman Sachs, Washington DC, USA

18:00 Networking reception

19:00 Evening event
with Christian Keller – former German swimming World Champion


Second Day: December 9th, 2020

Moderation: Dr. Marc-André Göricke, alpha portfolio advisors, Kronberg im Taunus
Prof. Dr. Lutz Johanning, WHU, Vallendar

8:00  Registration
8:45  Opening remarks

Module 4: The world of tomorrow: Which big trends will change capital markets in the future?

9:00 tba

Dr. Bernd Scherer, Lampe Asset Management, Dusseldorf, Germany

10:00 Regulation on Big Tech: Threats and Opportunities from the viewpoint of an active investor

  • Why can antitrust regulation lead to a more competitive internet industry?
  • How can stricter privacy laws trigger innovation?
  • Are changes in taxation a big problem for tech giants?
  • Why are developments in Washington and Brussels as important as those in Silicon Valley?
  • What are the crucial factors to determine businesses’ success of big tech in the future?

Sumant Wahi, Fidelity International, London, UK

11:00 Networking break and refreshments

Module 5: The new paradigm of monetary policy and the consequences for the capital market

11:30 Monetary Policy – where do we go to after the crisis?

  • New paradigm of interest rates or artificially induced bubble?
  • Dealing with the next downturn – Unconventional monetary policy and policy coordination
  • Rethinking government bond allocations
  • Sustainability is going mainstream

Dr. Philipp Hildebrand, BlackRock, London, UK

12:30 Lunch

13:45 (Factor) Investing in the Time of COVID-19 and Unprecedented Easing

  • Performance of factors during the COVID-19 market crisis and the subsequent V-shape recovery.
  • Why have some factors performed particularly well while others poorly?
  • Can you expect a performance reversal for underperforming factors like value and small cap?
  • What are the key takeaways from the COVID-19 market crisis for investors?
  • How will factor investing evolve post COVID-19?

Prof. Jason Hsu, Ph.D., Rayliant Global Advisors, Hongkong

Module 6: New ideas for Active Portfolio Management as an answer to negative interest rates

14:30 Expert discussion: "Roadmap" for Active Management in struggeling times

  • In which asset classes is active management a "must have"?
  • How are ESG requirements compatible with active management?
  • Do illiquid asset classes offer the most attractive alpha?
  • "Beyond alpha" – What else do investors expect from their active managers?
  • How will management fees develop
  • Experiences in the crisis

Moderation: Florian Hertlein, alpha portfolio advisors, Kronberg im Taunus

Dr. Wolfram Gerdes, Kirchliche Versorgungskassen KZVK & VKPB, Dortmund, Germany


15:30 Active Management on the Test Bench – Current Empirical Findings

  • What are the prerequisites for succesful active management?
  • Which asset classes are best suited for active managementt?
  • Which additional income can investors expect from active management?
  • Which manager and strategy characteristics determine the future success?

Dr. Jochen Kleeberg, alpha portfolio advisors, Kronberg im Taunus, Germany

16:15 End of conference