04
February
13:00 — 15:30
Online
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Is Value Dead? vol. 2

Her kommer efterfølgeren til det spændende møde fra 2019, hvor vi vendte emnet ”Is Value Dead?”.

Der er selvsagt forskellige holdninger, men flere nyere diskussioner argumenterer for at den traditionelle Value præmie er død – måske endda endeligt. Citat fra en stor amerikanske Asset Manager: ”Value præmien er ikke død, men den traditionelle definition er muligvis.” Klassiske multipler som Price Earning (P/E) og Price Book (P/B) har historisk stået som de vigtigste nøgletal når en aktie skulle klassificeres som billig eller dyr. Flere argumenterer nu for at disse ikke er tidssvarende for nutidens selskabsform og økonomiske udvikling, hvor immaterielle aktiver som patenter, goodwill og branding fylder mere og mere i virksomhedernes balance. Fremtidens Value præmie skal derfor muligvis i stedet defineres i forhold til selskabets ”Intrinsic Value”. Altså, hvad er den reelle værdi af selskabet, når der tages højde for selskabets forventede vækst og fremtidige cashflow.

Vi har sat to talere i stævne med indsigt i denne diskussion, nemlig Kurt Kara, Maj Invest og Tom Simon, Wellington Management, og vi skulle gerne komme tættere på argumenter for og imod om den traditionelle Value præmie er død, og hvorvidt Value præmien allerede har eller vil ændre sig i fremtiden.

Husk at tage spørgsmål med til talerne, som vi i netværket vil debattere med efter indlæggende.

Program

13:00 Welcome and presentation of today program
13:10 Intangible Assets: a value investors perspective
Kurt Kara, Head of Global Value Equities, Maj Invest
14:00 Short break
14:05 Redefining “value” for a modern economy

Tom Simon, CFA, FRM, Portfolio Manager, Wellington Management
14:55 Debate session in the network with the speakers
15:25 Thank you for today

Talerne

Kurt Kara
Maj Invest

Kurt Kara is the head of Global Value Equities at the danish asset management company Maj Invest. He has been head of the value team since 2005, when Maj Invest Global Value Equities was founded. Prior to his position at Maj Invest, Kurt was both equity fund manager and global equity strategist at Danske Bank, for at total tenure of 5 years. He has a master’s degree in economics from the University of Copenhagen and is 49 years old.

Tom Simon
Wellington Management

As a portfolio manager, Tom helps to lead our Manager Research and Fundamental Factor Platform investment teams. These teams conduct original research on factor investing, risk management, manager evaluation, analytical systems, and portfolio construction. Their mission is to be a trusted partner to the firm’s clients through independent manager and factor research, creating innovative strategies to solve client challenges, advising clients on opportunities and risks in their portfolios, or directly generating investment performance through solutions to meet client-directed objectives.

Tom and the team members are portfolio managers for multi-manager and factor solutions offered by the firm, including US, global, non-US, regional, and hedge fund strategies. Tom also spearheads analyzing key trends and factor biases across equity markets and plays an integral role in our technology and fiduciary oversight processes, serving on a number of our investment review and risk advisory committees, including Equity Review Group I.

Prior to joining the firm in 2009, Tom spent nine years at FactSet Research Systems Inc. (2001 – 2009) as a quantitative analytics specialist (2004 – 2009), strategic consultant (2003 – 2004), and consultant (2001 – 2003).

Tom received his BBA in finance and economics from the University of Wisconsin-Madison (2001). Additionally, he holds the Chartered Financial Analyst and Financial Risk Manager designations.

Kun for medlemmer af Fund & Manager Selection netværket.

Medlemskab koster årligt kr. 4.500 ekskl. moms. Du kan læse mere om netværket her.

Kontakt os på mail@finansforeningen.dk, hvis du er interesseret i at høre mere om netværket.

CFA PL Credits
If you are a CFA Institute member, you are eligible to record 2,5 PL credits for your participation in this meeting.

Details

Date:
4 February
Time:
13:00 - 15:30
Event Category: