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


1. Day of conference: Tuesday, May 26th, 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 pespective 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

10:00 View on the Market

  • 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 Are Valuations Irrelevant?

  • Are valuations useful in timing market tops and bottoms?
  • Why avoiding expensive FAANG stocks makes investing sense
  • Mainstream versus unconventional asset classes: What their valuations are telling us about their return prospects
  • How valuations can help investors select between growth and value strategies
  • How to take advantage of low, cheap valuations by "over-rebalancing" into laggard stocks

Rob Arnott, Research Affiliates, Newport Beach, 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 exactly is Machine Learning and Artificial Intelligence(AI)?
  • Is the current hype about Machine Learning and AI justified?
  • What AI can do in asset management and what it cannot do
  • Which pitfalls have to be avoided when implementing AI?
  • Living AI – Thinking and acting of an AI algorithm in a practical example

Dr. Thomas Flury, MAN AHL Group, 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

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


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 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


2. Day of conference: Wednesday, May 27th, 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 The future of mobility and the automotive industry

  • What will the mobility system look like in the future (2030 ff)?
  • What are the main drivers for change?
  • Which vehicles and drive types will prevail?
  • How will the automotive industry look like in the future?
  • Who are the future winners and losers?

Dr. Thomas Schlick, Roland Berger, Frankfurt am Main

10:00 Threats of the internet giants for the financial industry

  • What drives internet companies into the financial industry?
  • How internet giants will disrupt the financial industry step by step
  • How demographic trends support their journey from "digital wallets" to investments
  • Banks will be stalled by the typical "innovator’s dilemma"
  • Stakeholders could struggle to navigate this environment

Sumant Wahi, Fidelity International, London, Großbritannien

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 from here?

  • 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

12:30 Lunch

13:45 Thoughts on Bubbles and Tails

  • Valuations of risky assets are prohibitive
  • Tail risks may be substantial
  • Defensive portfolios may entail high costs and question marks
  • Alternative risk premia are a valid answer to a high risk, low return environment
  • Positive expected sharpe, negative beta portfolios are worth investigating

Dr. Jamil Baz, Pimco, Newport Beach, USA

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

14:30 Expert discussion: "Roadmap" for Active Management in times of negative intereset

  • 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

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

Dr. Wolfram Gerdes, Kirchliche Versorgungskassen KZVK & VKPB, Dortmund
Dr. Volker Heinke, Provinzial Rheinland Versicherungen, Dusseldorf


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 actice management?
  • Which manager and strategy characteristics determinethe future success?

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

16:15 End of conference