from italy… with value!€¦ · · 2015-06-22italian fund managers evaluate them as an...
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THE CONFERENCE: FROM ITALY … WITH VALUE
CFA SOCIETY ITALY
CFA INSTITUTE AND THE CFA PROGRAM
OUR ACTIVITIES IN ITALY
Why a conference on value and Italy
• ValueCFA Institute lays its foundations on the ideas of Ben Graham, who is by far considered the maestro of value investing. As scholars of CFA Institute we embrace value investing as a solid approach to investing.
• ItalyFirst of all of course…we are Italians! Most appropriately, Italy is in difficult times, economically, socially and politically. The current turmoil, originated from the European financial crisis, brings opportunities.
The reference market: Italy
• ExcellenceItaly is still among the most important economies and at the core of the European Union political system. Many Italian companies own world wide recognized brands and benefit from strong competitive positions in their fields.
• Crisis and opportunitiesThe current scenario has brought many companies under huge stress, the banking system has reduced lending and the State has embraced tight fiscal policies. The companies have suffered from many difficulties and the investors perception has been factoring the worst case scenarios.
The conference
We have selected
four Fund Managers who base their analysis on avalue investing approach
and asked them to apply their approach to
four selected companies that are expected to create value for their shareholders.
The fund managers will present their investment cases, while companies will describe their growth strategies and strategic opportunities and will be open to Q&A
4
4x
The attendees
• Companies’ officers – Will have the opportunity to meet and knowsome of the best Italian companies and see how they present
themselves and how they are analyzed by investors.
• Investment Professionals – Especially from abroad, will have the
chance to meet with 4 of the best Italian companies and to see how
Italian fund managers evaluate them as an investment opportunity.
• Academics – Will have the opportunity to meet and share ideas on
investment with corporate officers and investment professionals
• Q&A – Attendees will have the opportunity to ask directly their
questions to the companies and to the fund managers.
• AcomeA is an independent asset management company established in 2010 by a group of investors with both a long time market experience and
an impressive track record: Alberto Foà, Giordano Martinelli, Roberto
Brasca and Giovanni Brambilla. They have formed a close management
team since 20 years.
• The company features a value oriented investment style and a rational
approach which takes into considerations the intrinsic value of companies,
regardless of the market consensus or fads.
• AcomeA contrarian strategy runs €650mln of mutual funds and individual
mandates through market fluctuations.
• Roberto Brasca: Head of Global Equities
• Giacomo Tilotta: European Fund Manager
• BANKNORD was established to create a centre of excellence in the asset
management industry based on a value investing approach.
• Independence is our most important value. BANKNORD is one of the major
Italian independent investment firm.
• For this purpose, some of the most experienced professionals in the industry
have met, after working for primary international investment banks.
• A highly skilled pool of analysts and economists ensures the highest
standards in both research and analysis aimed at finding the best investment
opportunities to preserve and increase our clients' assets.
• Today, our structure has more than € 1 billion of assets in portfolio plus other 2 billions under advisor.
• Performances are GIPS Compliant and almost all of the analysts/portfolio
managers are CFA Charterholders/Candidates
• Massimiliano Cagliero (CEO): Graduated magna cum laude from Bocconi University, Milan (‘92); he has a Master in Finance and Economics from Wirtschaftsuniversität, Vienna, Austria and an MBA from Harvard
Business School, Boston (‘97). Before joining Banknord, he worked for
Goldman Sachs International in London, for McKinsey & Co. in Rome and for Creditanstalt in Vienna.
• Luca Riboldi (CIO): Graduated from Bocconi University, Milan (‘88), then MBA ISTUD (‘89). Before joining Banknord he worked for Unilever and
Banca Euromobiliare, and later for Citigroup Asset Management as Head
of Italian Private Bank Asset Management and European Specialist for the
Oil Economic Sector. He joined Banknord in 2003, where now is partner and Chief Investment Officer.
• Kairos Partners SGR was founded in 1999 as the first independent Italian
asset management company by a team of professionals who are also
among the main investors in the funds.
• The business idea is based on the concept of Independence, as the
absence of conflicts of interest. Excellence is pursued by selecting the
best managers, as well as by adopting a performance-centric approach.
• Proprietary research, constant product and service innovation and an
active management approach focusing on total return are some of the
key elements that have laid the foundation for a long series of financial industry firsts. The Kairos Group has a staff of more than 110 and
manages over 4.3 billion euro, offering a full, diversified platform of
products and services.
Nextam Partners is the first ever independent investment management
company in Italy to be created and administered by a team of fund managers
that have:
• Many years’ experience, working together in investment management.
• An active style of investing, with main emphasis on quality. • Excellent returns, verified by international rating agencies.
• The company is not part of any bank or insurance group.
• The managers invest their own money in the Company’s mutual funds and asset management activities.
• The Company prioritize transparency and full accountability of funds'
performance.
• To summarize: Nextam Partners offer a asset management service based on quality, totally devoid of any conflict of interests with its clients
Carlo Gentili
Partner, CEO
NEXTAM PARTNERS GROUP
Carlo Gentili is a founder, an active partner and fund manager of Nextam
Partners Group. The group manages EUR 850mn and has 2.5bn of Asset
under Advisory, including financial institutions, foundations and high net worth
individuals. Its collective funds include mutual funds, Luxembourg SICAV and
a range of hedge funds. With more than 20 years of experience in finance, he
actively manages funds with great performance records, ranking 1st quartile
over 3 and 5 years for his Balanced Fund.
Speaker: Ugo Borgheresi, Head of Financial Dept. & Investor Relator
•The Banca Etruria Group is a player in banking operations, financial services and business consultancy. Banca Etruria, the Parent Company, has 186 branches, mainly in central Italy.
•In over 130 years of history, Banca Etruria has established itself as a deep-rooted enterprise in the community.
•Banca Etruria undertakes an active role in the tradition of Cooperative Banking, focusing in particular on relations with partners and clients served through the traditional credit activity combined with the best offer of financial products and services.
•The Group focuses on the retail segment although it also serves corporate clients.
• Banca Etruria is the national leader in investment gold, both in volumes and product offering. It is expanding its product range with innovative retailsolutions.
Speaker: Dott.ssa Valentina Volta, Business Development CEO
• Datalogic Group is a global leader in Automatic Data Capture and
Industrial Automation markets. As a world-class producer of bar code
readers, mobile computers, sensors, vision systems and laser marking
systems, Datalogic offers innovative solutions for a full range of
applications in the retail, transportation & logistics, manufacturing and
healthcare. Founded in 1972 by Romano Volta in Bologna, is listed on the
Italian Stock Exchange since 2001.
• FY12 Revenues: 462.3 M Euro; 64.4% ADC Market; 28.2% in the Industrial
Automation Market.
• A portfolio of over 1,000 patents. About 2,400 employees, of which 350 in
R&D. Direct presence in 30 countries worldwide selling to 120 countries.
+1,000 partners worldwide.
Speaker: Dott Demetrio Mauro, CFO Sorin Group
• Sorin Group is one of the largest European medical device companies, with a very
strong position in the treatment of cardiovascular diseases
• Focus on 2 Business Units
• Cardiac Surgery (cardiopulmonary products for open heart surgery and heart
valve repair or replacement products)
• Cardiac Rhythm Management (pacemakers, defibrillators, cardiac
resynchronization devices)
• FY 12 Revenues of €731m, EBITDA of €101m and Adjusted Net Profit of €42m. Solid balance sheet with Net Financial Position of €88m as of December 31, 2012
• Excellence in innovation: €75.4m of R&D spending (10.3% of sales and involving c.
15% of employees)
• Over 5,000 hospitals served around the world, one million patients treated every
year in over 80 countries
• 3,750 employees worldwide
• Listed on the Milan Stock Exchange since 2004 (capitalisation of approx. €1 bn)
• Demetrio Mauro – CFO, Sorin Group
• Demetrio Mauro holds a degree in economics from LUISS University and
Columbia University (NY). Demetrio joined Sorin in 2005 as Vice President,
Corporate Strategy and Project Management. Demetrio has a broad Corporate Management and Finance experience, matured in positions of
increasing responsibility, within large Italian and multinational companies,
including Teksid Aluminium (CFO and Managing Director Italy), De
Agostini Group (Group CFO), Olivetti and Sara Lee. In Sorin Group he is
CFO and member of the Executive Leadership Team.
(TBC)
Cairo Communication is a media company with television networks,
magazins and books, and sells advertising space on various media
(commercial television, pay- TV, press and internet) . It also operate on the internet through its search engine “Il Trovatore”.
- TV Business: LA7 - La7d - La7.it - La7.tv
- Magazines: Dipiù, DipiùTv, DiPiù e DipiùTv Cucina, DiPiù e DipiùTv
Stellare, Diva e Donna, F, TV Mia, Settimanale Nuovo, Settimanale
Giallo, For Men Magazine, Natural Style, Airone, Bell'Italia, Bell'Europa,
In Viaggio, Gardenia, Arte, Antiquariato.
CFA Society Italy is the Association that gathers the Italian Professionals who have earned the
Chartered Financial Analyst ® (CFA) designationand, in Italy, it represents CFA Institute,
the leading Association in the financial world.
CFA Society Italy at a glance
C F A S ICharter Financial Analyst Society Italy
Focusing on
the
peculiarities
of our country
In compliance with projects defined at
the global level by CFA Institute, the
most prestigious association of
professionals in the financial world
Not-for-profit
association
CFA Society Italy: our commitment
Reference point
for Charterholders
operating in Italy
Promoter of
CFA Institute
values
Events on
financial markets
topics, networking.
newsletter
Events on
financial markets
topics,
newsletter
Support to
candidates during the course of
studies
Candidate
briefings, Exam
focus, Mock
Exam, Courses
CFA Society Italy – Fast Facts
• Established in 1999 as not-for-profit organization of investment professionals who agrees
to abide by the Code of Ethics and Standards of Professional Conduct promoted by CFA
Institute
• Promotes the highest ethical and professional standards within the Italian investment
industry and encourages professional development through the CFA Program, the CIPM
Program and Claritas
• Network of 390+ members employed by the major companies within investment industry (asset
management, private banks, insurance)
• Affiliated with CFA Institute, the global, not-for-profit association of investment professionals
that leads the investment industry by setting the highest standards of ethics, education, and
professional excellence.
• Network of 137 Societies worldwide offers exchange of ideas and professional experience with
peers throughout the globe and on a European level.
CFA Institute members
• 100.000 professionalsskilled people operating around the world.
• 100.000 professionalswho believe that ethics is not abstract value but a concrete way to protect the integrity of the markets incrementing investor confidence.
• 100.000 professionalswho enjoy a unique viewpoint on evolving trends and engage in analysis of new scenarios to protect the interests of investors.
CFA Charter: values
• GlobalIt certifies worldwide the real expertise on the world financialmarkets
• RigorousThe high quality standards required for passing the certification exams are universally recognized
• EthicsEthics is studied and practiced: the lack of adherence to shared ethical principles is sanctioned by CFA Institute
CFA Society Italy: Our Major Activities
We offer an ongoing series of events for investment practitioners
and a wide range of educational opportunities throughout the year:
• Focus on Industry - market analysis and development perspectives, updates on regulatory issues in partnership with some of the main investment businesses
• Forecast Event – annual forecast on markets with the most famousspeakers
• CFA Award Dinner – celebration of the new CFA Charterholders and networking among society members, investment professionals and the media
• Career Events – outlook on professional identity in time of change and soft skills workshops
CFA Society Italy: Our Major Activities
We offer an ongoing series of events for investment practitioners
and a wide range of educational opportunities throughout the year:
• Jobline – exclusive access for CFA Candidates and senior professionalsmembers
• Candidate support – candidate briefings, review courses, mock exams
• Connections with Italian business colleges - Investment ResearchChallenge, Fund Management Challenge
Why to support CFA Society Italy?
• Visibility at the global stage
• Access to more than 400 Italian financial analysts, fund managers and top advisors, and to a network ofmore than 5.000 industry professionals
• Access to a network of local Societies in Europeand to CFA Institute members