CFA Society Netherlands

A Member of the CFA Institute Global Network of Societies

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CFA Society Netherlands
Annual
Best Practices
Series
Alpha from Sustainability: Applying best practice to valuation​
CFA NL ​​​​​

Sustainable & Responsible Investment has become one of fastest growing areas of asset management.  The strategy is starting to challenge the preconception that it is only for ethical enthusiasts and make the case that environmental, social, economic and corporate governance factors can be a source of undiscovered alpha.

For the third in our Best Practice Series, CFA Society Netherlands cordially invites you to join us and a distinguished line-up of academics and current practitioners from throughout the research value chain to scrutinise.    

  • the impact of sustainability considerations on portfolio risk and return and 
  • how sustainability factors can be practically incorporated within equity valuation
  • ... using a case study that explores practical perspectives from company through to asset owner

The event (and series) aims to give fundamental equity analysts a deep and practical insight into the investment process.  It will be highly interactive and invite active challenge, engagement and investment opinions from the audience throughout.

This event is open to everyone. 

Download the presentations from the event:

Helene Winch PRI

Dr Ioannis Oikonomou ICMA Centre 

 
 
A link to Dr Ioannis Oikonomou's research papers.

Part I: A brief overview of the market provided by highly regarded experts in field.

 Niek Hoek

  Opening by Niek Hoek, CEO of Delta Lloyd

 Helene Winch

Helene Winch PRI

 Director of Policy and Research

Helene Winch joined the United Nations-supported Principles for Responsible Investment (PRI) in October 2013 as Director of Policy and Research and is responsible for the PRI’s newly formed policy and research work stream, supporting signatories to identify and overcome barriers that currently prevent financial markets from functioning more sustainably. She was previously Head of Policy at BT Pension Scheme Management Ltd, the executive company and investment advisor to the £40bn BT Pension Scheme (BTPS). BTPS is one of the largest defined benefit pension schemes in the United Kingdom and a founding signatory of the PRI. In this role, Helene held discussions with governments and regulators on behalf of BTPS and developed the pension schemes’ sustainable investment strategy. She previously held investment roles at Hermes Fund Managers as a portfolio manager for the £1bn Hermes commodity fund, at Refco managing pension scheme commodity allocations, and at ANZ Investment Bank and Rabobank. She has also held board positions at IIGCC (Institutional Investors Group on Climate Change) and Hermes EOS. Ms. Winch has an MSc in Maths and Finance from Imperial College, London and an MA in Engineering Science from Cambridge University.

 Neil Brown

Niel BrownAlliance Trust Investments

Fund Manager, SRI Team

Neil is a Fund Manager on the Sustainable & Responsible Investment Team at Alliance Trust Investments. Before joining Alliance Trust in August 2012 Neil spent 4 years at Aviva Investors as an SRI Analyst and then Fund Manager.

Neil’s investment career started at Pensions & Investments Research Consultants where he was a senior researcher. In 2004, he moved to Threadneedle Asset Management where, as well as having the role of Pan European Equity Analyst, he was also Head of Governance and Responsible Investment. 

Neil is lead fund manager on the SF European Growth OEIC and SF Pan European SICAV. He is co-fund manager on the SF UK Growth and UK Ethical funds. 

Neil has an MSc in Development Economics from the School of African & Oriental Studies and a BA (Hons) in Economics from the University of Manchester. He holds the CFA Society of the UK Investment Management Certificate.  

Neil is also Chair of the UN-supported Principle for Responsible Investment Integration Working Group.

"I truly believe that reshaping our capital markets represents our best shot at delivering Sustainable Development."

 Dr Ioannis Oikonomou

ICMA Centre, Henley Business School

Lecturer in Finance

Ioannis joined the academic faculty of the ICMA Centre in 2011 as a Lecturer in Finance. He is the Director of the BSc in Finance and Investment Banking, BSc in Finance and Psychology and MSc in Behavioural Finance. He is also the module convenor of both the undergraduate and postgraduate Portfolio Management courses.In the past, he has worked at the Credit Extension Department of Citibank in Athens, Greece.

He holds a BSc in Banking and Financial Management from the University of Piraeus (Greece), an MSc in International Securities, Investment and Banking with a specialization in Trading and Asset Management and a PhD in Finance, both from the ICMA Centre.

In early 2012 Ioannis’s project, ‘Corporate Social Responsibility and Credit Costs’ was awarded a highly prestigious grant by the Centre for European Economic Research in Mannheim, Germany. The Strengthening Efficiency and Competitiveness in the European Knowledge Economies (or SEEK) grant is worth approximately €150,000 and aims to contribute to a deeper understanding of policy rationales, the design of appropriate policy instruments as well as their effectiveness and efficiency.

Ioannis thesis, entitled ‘Empirical Investigations of the Relationship between Corporate Social and Financial Performance’, has been awarded the Best Thesis in Finance and Sustainability European Research Award for 2012. This award is administered by the French Social Investment Forum and the United Nations-backed Principles for Responsible Investment (PRI).

In 2013, Ioannis was awarded the University’s 2013 Best Research Output Prize for Henley Business School with his research paper “The Impact of Corporate Social Performance on Financial Risk and Utility: A Longitudinal Analysis”.

His research on various issues in the relationship between corporate social responsibility and financial performance has been published in prestigious academic journals such as the Journal of Management Studies, Financial Management and Financial Review. It has also been featured in international media, including French newspaper Le Monde, and specialised practitioner bulletins, such as the CFA Digest.

Ioannis has presented in several international conferences in the USA and Europe. He has also been a reviewer for diverse international academic journals including the Journal of Economic Behavior & Organization, European Financial Management, Journal of Business Ethics, Transportation Research Part E: Logistics and Transportation Review and Business Ethics: A European Review.

Tuesday, 7 October 2014

 
Delta Lloyd Auditorium
Spaklerweg 4
1096 BA Amsterdam
 

 

Program
 Registration  14:30
 Start of Program  15:00
 Drinks and snacks  17:30
End of Program  18:30

 

 Register now
 

Sponsors 

This event is made possible thanks to the kind support of our sponsors.

Alliance Trust 

Delta Lloyd 

 ING Investment Management

Resources and links 

> A  report on Integrated Analysis produced by PRI (Principles for Responsible Investment)

> Appearing in CFA Magazine, Integrating ESG Factors in the Investment Process, written by Jeroen Bos, CFA; board member of CFA Netherlands!

> An interview with Danchen Zhao, analyst at PGGM, discusses PGGM's strategy for 'good business'.

> A Quantitative Approach to Responsible Investment: Using a ESG-Multifactor Model to improve Equity Portfolios, by Dr. Andrij Fetsun, Dr. Dirk Söhnholz, of Veritas Investment GmbH


 An interview with Robert Klijn, ESG Specialist, Fair Impact

PART II: Investment Value Chain Discussion

 

To best illustrate the practical and real impact of ​implementing sustainability factors into an investment strategy, the second session will involve c​ase studies discussed amongst sell-side analysts, buy-side asset managers and YOU.  The complete value chain discussion will unfold before your eyes and you are invited to participate.​ 

 
  • Company perspectives: Case studies from global chemicals companies who have successfully implemented sustainability factor's into their strategies
  • Sustainability-driven recommendations: From ‘sell-side’ analysts (Samuel Mary and Martin Rödiger, Kepler Cheuvreux
  • Investment decisions: From ‘buy-side’ asset managers (Fabian Smeets, ING Investment Management & Neil Brown, Alliance Trust Investments)
  • Interaction with the audience:  Questions posed to the audience and Q&A from the audience
  • Moderator: Mike Tyrrell, Editor of SRI-CONNECT
 

Wherease many sustainability-type events address the pros and const of ESG, the objective of this session is to get a close as possible to representing the real valuation debate that is going on around sustainability issues.  It will be analytically-rigorous with high-levels of audience interaction. 

 Meet the panelists

Samuel MarySamuel Mary, Sustainability Research Analyst , Kepler Cheuvreux Investment Research

Samuel Mary is an ESG & Sustainability Research analyst at Kepler Cheuvreux, a leading equity broker. He is responsible for the sustainability-themed and impact investing research product and also develops methodologies to integrate ESG risks into fundamental equity analysis within specific sectors. Prior to joining Kepler Cheuvreux, he worked as a researcher at UKSIF, the UK Sustainable Investment and Finance association, and as a credit analyst for the microfinance programme of a Peruvian NGO.  Samuel holds a Master’s in Management from ESCP Europe, with a specialisation in finance.

 ​

 

Martin Rodiger Martin Rödiger, Equity Research Analyst, Kepler Cheuvreux

Martin Rödiger joined Kepler Cheuvreux in  2004. He is a chemicals equity analyst with 17 years’ experience in the sector. He started his career at DZ Bank Frankfurt at the end of 1996, and moved to CA Cheuvreux’s Frankfurt office in 2004. He covers German and European chemicals stocks.
Prior to that, Martin studied business administration, specialising in finance and accounting, at the University of Applied Sciences in Frankfurt (Germany) and at NHL University in Leeuwarden (Netherlands).
Martin graduated with a Master’s in Business (Diplom-Betriebswirt) from the University of Applied Sciences in Frankfurt and holds a CEFA diploma. He has won more than ten StarMine awards in the chemical sector in the last ten years.

Mr. Mary and Mr. Rödiger will highlight what sell-side analysts look for when assessing the sustainability performance and exposure of a sector and company.

 
                
Fabian SmeetsFabian Smeets, Global Chemicals Analyst, ING Investment Management

As a Buy-side analyst at ING IM, Fabian is responsible for the coverage of Developed market Chemicals and Construction materials equities. He provides fundamental company research and is responsible for the generation of value added investment ideas and recommendations on these sectors. Fabian started his career at Rabobank International where he worked as a sell-side equity analyst covering Chemicals and Pharma stocks. In 2010, he joined ING Bank covering the European Chemicals sector as a sell-side equity analyst. Fabian has a Master’s degree in Biotechnology from Wageningen University with a minor in Economics. 

              
Mr. Smeets, together with Mr. Neil Brown, will highlight how Asset Managers value sustainability issues when making stock selection and portfolio weighting decisions.
 
                   
Moderator:

Mike Tyrrell Mike Tyrrell, Editor, SRI-CONNECT

Mike was an SRI Analyst for 12 years initially at Jupiter Asset Management and then at HSBC Global Equities where he established the first SRI research on the ‘sell-side’ and, most recently, at Citi Investment Research.  Over time, Mike has  become a firm believer that rigorous sustainability analysis conducted by intelligent individuals embedded within ‘mainstream’ investment institutions via active and constructive dialogue with companies and independent experts can and does lead to better investment outcomes and a more sustainable society.  This lead him to create SRI-CONNECT, an opportunity to use the emerging capabilities of social media to empower these individuals and to improve the efficiency of the process with the ultimate objective of embedding sustainability analysis as a core component of investment research and capital allocation.

As a group, these individuals will take you through the investment decision chain, from company to investor to show how sustainability factors can be applied to sector weighting and stock valuation decisions.  Be prepared for a high level of participation.

 

Esther GilmoreOur special guests for this event include Esther Gilmore, Director of Generation Investment Management, who will be sharing her views on sustainable investing.