Thematic investing - UBS guest speaker

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En provenance du cours de University of Geneva

Meeting Investors' Goals

837 notes

University of Geneva

Meeting Investors' Goals

837 notes

Cours 2 sur 5 dans Specialization Investment Management

In this course, you will dive into the concepts of rationality and irrationality and understand how they impact our investment decisions and what the consequences can be at the market level. You will first explore the different biases that we, as humans, are subjected to when facing investment decisions and how they may impact the outcomes of these decisions. Moreover, you will see how emotions and ethical concerns such as honesty and trust influence market participants. When they are considered as a group rather than individually, you will discover how rationality and irrationality can drive asset prices to and away from their fair value. Finally, you will be presented with different portfolio construction methodologies and investment styles that make up the landscape of today's portfolio management industry. At key points throughout the course, you will benefit from the practical knowledge of experts from our corporate partner, UBS, in how to build and manage clients' portfolios.

À partir de la leçon

Portfolio Construction and Investment Styles

In this final week, we will look at two main portfolio construction methodologies: top-down and bottom-up. We will see how they differ but also how they can be combined. In the second lesson, we will review some important investment styles that are commonly used in the portfolio management industry. In this final lesson, you will also be given the opportunity to experiment with different trading strategies and compare your results with fellow learners.

Value versus growth12:33

Fundamental or quantitative driven style? - UBS guest speaker3:59

Contrarian versus momentum - Momentum10:36

Contrarian versus momentum - Contrarian8:16

Core & satellite11:41

Thematic investing - UBS guest speaker3:21

Rencontrer les enseignants

University of Geneva- Tony Berrada
SFI Associate Professor of Finance
Geneva Finance Research Institute
University of Geneva- Jonas Demaurex
Teaching Assistant
Geneva Finance Research Institute
University of Geneva- Rajna Gibson Brandon
SFI Senior Chaired Professor of Finance and Managing Director of the GFRI
Geneva Finance Research Institute
University of Geneva- Michel Girardin
Lecturer in Macro-Finance - Project Leader for the "Investment Management" specialization
Geneva Finance Research Institute
University of Geneva- Kerstin Preuschoff
Associate Professor of Neurofinance and Neuroeconomics
Geneva Finance Research Institute
University of Geneva- Olivier Scaillet
SFI Senior Chaired Professor of Finance and Vice-dean (research) at GSEM
Geneva Finance Research Institute
University of Geneva- Philip Valta
SFI Assistant Professor of Finance
Geneva Finance Research Institute

[MUSIC]

Welcome, hello, my name is Philippe Muller.

I am responsible for investment themes at UBS Chief Investment Office.

You can invest in companies.

You can invest In regions or you can actually invest in asset classes.

But today I want to talk about Investment in themes.

Investment in themes is complimentary, and

first we need to understand what is a theme?

So today I would say a theme is not the same as security and

I would say its not an asset class, why?

I'm looking for a theme as a group of security that is behaving and

being driven by some drivers and not necessary just by a regional allocation.

Now that we understand that this can be a grouping of securities,

we need to understand the benefit of that.

Now grouping securities quite often brings the benefit of diversification.

So grouping securities that, for example, react to high dividend quality or

to specific demands patterns can actually enhance diversification.

Securities that we classify our themes can actually also add

additional performance potential for investors.

Think about it that the normal portfolio invest in US equities.

I'd like to understand what's best within US equities,

so maybe share buyback stocks in the US might be a good opportunity.

And the third benefit for me, is actually not just that's a communication tool

helping a client to understand his investment and

maybe even to move his portfolio from a less optimal situation to a better one.

But it is actually also where the client understands his investment,

he can tilt his portfolio according to his needs.

Take an example, sustainable investments.

You can add sustainable investment into your portfolio

without changing the risk of your portfolio.

Using the word of risk, very important.

I look at investment themes as being a complementary part to the traditional

allocation.

So it is typically a satellite.

It should not affect your overall risk behavior.

Don't put too many things together that would suddenly be a very risky portfolio.

Spice up your portfolio with investment themes to have a good feeling and

capture additional performance potential.

Now, why are themes not part of a fixed asset allocation?

It's simple, because themes are usually an evaluation opportunity or dislocation.

Once the valuation opportunity is gone, the opportunity and the theme is gone.

It's temporary in nature.

But to be honest, it can be couple of months,

such as dividend investing in Europe,

where you have an opinion that it might outperform the next couple of months.

Or it can be actually based on structural trends such as population growth,

aging, or even urbanization drivers affecting themes in the long run.

So investment themes can be sustainable investment themes,

it can be long term themes, it can be short term themes.

I hope you understand it's a complementary investment style.

And with this, a thank you for your attention.

[MUSIC]

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