IVIC 2017

Wednesday, 15 November 2017
18.00 - 22.00 Dinner at the DoubleTree Hilton
Thursday, 16 November 2017
7.30 - 8.30 Registration and Breakfast
8.30 - 8.45 Introduction
Prof. Jos van Bommel, University of Luxembourg
8.45 - 9.00 2017 Charitable Benefactor
9.00 - 10.00 Keynote 1 - Alex Roepers
Atlantic Investment Management
10.00 - 10.30 Iván Martín
Magallanes Value
10.30 - 11.00 Coffee and networking break
11.00 - 11.30 Thierry Flecchia
Preval
11.30 - 12.00 Pavel Begun
3G Capital Management
12.00 - 12.30 Kurt Kara
Maj Invest
12.30 - 13.30 Lunch
13.30 - 14.00 Keynote 2 - Robert Robotti
Robotti & Company
14.00 - 14.30 Stefan Rehder
Value Intelligence Advisors
14.30 - 15.00 Jens Hansen
ValueInvest
15.00 - 15.20 Coffee and networking break
15.20 - 15.50 Léon Kirch
European Capital Partners
15.50 - 16.20 Philip Best & Marc Saint John Webb
Quaero Capital
16.20 - 16.35 Coffee and networking break
16.35 - 17.05 Jens Moestrup Rasmussen
SparInvest
17.05 - 17.35 Jonathan Boyar
Boyar Value Group
17.35 - 18.05 Ajit Dayal
Quantum Asset Management
18.05 - 18.30 Panel Discussion and Audience Q&A
Moderator: Jos van Bommel
18.30 - 20.00 Networking Reception

 

Alexander J. Roepers

Founder and Chief Investment Officer - Atlantic Investment Management

Alex Roepers is the Chief Investment Officer of Atlantic Investment Management, a global equity value-investing firm he founded in 1988. Mr. Roepers applies a differentiated constructive shareholder activist (CSA) investment approach to unlock incremental value in high-quality, undervalued companies in the consumer, industrials and businesses services sectors. Atlantic’s highly experienced investment team has successfully influenced change at many leading companies over the past 28 years in the U.S., Europe and Japan.

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Mr. Roepers began his investing career in the operations and corporate development departments at multi-billion-dollar conglomerates Thyssen-Bornemisza Group (1984-88) and Dover Corporation (1980-82).

Mr. Roepers has a Bachelor of Business Administration from Nijenrode University, which is the Netherlands School of Business (1980), and an MBA from Harvard Business School (1984).

Robert Robotti

Founder, President and CIO - Robotti & Company

Bob Robotti is the Founder and CIO of Robotti & Company Advisors, a registered investment advisor based in New York City. Guided by the classic tenets of value investing, Robotti & Company focuses its research to identify companies which for various reasons are trading at significant discounts to intrinsic value. A particular area of focus is on cyclical businesses which at depressed times in their cycles can be dramatically discounted. Once identified, Robotti's investment team focuses on deep primary industry and company research to identify investments through the lens of a long-term businesses owner.

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Given our long term holdings we frequently develop cooperative relationships with management and at times have held board positions in that regard. Bob currently sits on the boards of Panhandle Oil & Gas Inc. (NYSE:PHX), AMREP Corporation (NYSE:AXR) and Pulse Seismic Data Inc. (TSX: PSD) for which he also serves as Chairman. Bob was also a board member of BMC Building Supply prior to its reverse merger into Stock Building Supply. Prior to starting Robotti & Company in 1983, Bob spent 4 years in public accounting where he had his entrée into value investing with some influential “tutors” including the gurus at Tweedy Browne. Bob was then CFO, vice president and shareholder of Gabelli & Company, Inc. where he had another great mentor, Mario Gabelli. Bob has been featured in general business media and value focused newsletters and is a frequent speaker at business schools and investing conferences around the world. He holds a BS from Bucknell University and an MBA from Pace University.

 

Thierry Flecchia

Founder, Executive chairman and fund manager - Preval

Thierry Flecchia, 56, is the founder of PREVAL, a Luxembourg based asset management company where he manages a global equity fund (PREVAL WORLD WINNERS). Previously, he founded Flinvest and served as its president from 2003 until 2013. During that time, he co-managed Entrepreneurs, the European equity fund ranked number 1 in the European Equities Flex Cap category over a 10-year period (as of end of 2013).

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Mr Flecchia is a graduate of HEC, holds a law degree and is a member of the French Society of Financial Analysts. He began his career at the Paribas group as a private equity fund manager for Paribas Affaires Industrielles (now PAI Partners). He joined the Oddo group in 1995 as a mid-cap fund manager and co-managed the funds Oddo Avenir (and Oddo Europe Mid Caps. Both funds were ranked in top decile during his tenure.

León Kirch

Chief Investment Officer - European Capital Partners

Léon Kirch, born in Luxembourg in 1972, has been involved with Value Style Investing for twenty years now. He is one of the few value managers worldwide who have outperformed the MSCI Europe over a period of twelve years. Kirch is known to clients foremost as the fund manager of the Nordea European Value Fund that he co-managed from 2002 to 2014.

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Léon Kirch became an equity partner at European Capital Partners in 2014. He graduated with a degree in Commercial Engineering from Solvay Brussels School in 1996. Léon Kirch is fluent in four languages. He was founding President of the Luxembourg CFA Society and is a regular guest speaker at the University of Luxembourg.

 

Jens Hansen

Chief Investment Officer - ValueInvest

Jens Hansen, born in 1964, joined ValueInvest Asset Management S.A. in 2001. The Luxembourg firm pursues a disciplined value-oriented investment strategy with the primary goal of preserving and accumulating capital over the long term. Great importance is placed on assessing risks and on combining attractive valuations with a thorough assessment of the quality of the businesses. The team at ValueInvest manages the award – winning mutual funds ValueInvest LUX Global and ValueInvest LUX Japan.

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Jens attended the Aarhus School of Business where he gained a Graduate Diploma in Business Administration within Finance and International Trade. Jens started his career with Spar Nord Bank in 1982 where he worked as an analyst and trader of bonds, equities and derivatives. In 1994 he joined Nykredit Bank where he worked as a bond trader.

Pavel Begun

Co-founder - 3G Capital Management

Pavel Begun is a co-founder of 3G Capital Management, a global value-oriented investment vehicle that seeks to invest in a concentrated portfolio of high-quality publicly-traded businesses. The firm's objective is to deliver above-average capital appreciation to its clients over the long-term while maintaining below-average risk profile. To accomplish this objective 3G Capital Management LLC pursues the strategy of investing in equities of well-managed fundamentally solid companies that are trading at a substantial discount to their intrinsic (private market) value.

 

Kurt Kara

Head of Global Value Equities - Maj Invest

Mr. Kara joined Maj Invest in 2004, and has been responsible for managing the Global Value equities strategy since its inception. Prior to joining Maj Invest, Mr. Kara worked as an equity strategist at Danske Bank. Previously he held a position as portfolio manager at Danske Capital for the Danske Invest Latin American Equities fund. Mr. Kara holds a MSc in Economics from the University of Copenhagen.

Ajit Dayal

Founder - Quantum Asset Management

Ajit Dayal (1990), has over 30 years of experience in investment management and equity research. In addition to founding Quantum Advisors in 1990 (India's first equity research house), Ajit has worked with leading US and UK financial advisory and asset management firms either as a key member of the executive management team or, through the Advisor, as a joint venture partner or affiliate.

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Ajit served as a Deputy Chief Investment Officer at Hansberger Global Investors, Inc, USA, and as the Lead Manager for the Vanguard International Value Fund. Ajit received his Bachelor's degree in Economics from Bombay University in 1981 and his MBA from the University of North Carolina at Chapel Hill in 1983.

 

Philip Best

Co-founder and Fund Manager - Quaero Capital

Philip Best co-founded Quaro Capital SA in 2005 and is a Partner, Fund Manager and Shareholder. He started his career as a fund manager at Warburg Investment Management in 1983, managing the Mercury European Income Fund.

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In 1987, he joined Enskilda Securities as a broker specialising in European small cap companies. In 1994 he established and ran the Paris office of The Europe Company Limited, a specialist research-driven European small cap brokerage (purchased by Jefferies & Co in 2000).

Returning to fund management in 2003, Philip launched the Argonaut Fund, a value-driven pan-European microcap fund which has compounded just under 14% p.a. over 14 years. He is also a non-Executive Director of UK publicly listed investment fund Jupiter European Opportunities Trust, an investment company with assets of over GBP 630m.

Born in 1960, Philip graduated from Oxford University in 1982 and worked in London for six years before moving to Paris in 1988 and then to Geneva in 2003. He is bilingual in English and French.

Marc Saint John Webb

Fund Manager - Quaero Capital

Marc Saint John Webb is co-manager of The Argonaut Fund. He launched the European Smaller Companies Fund (formerly Family Enterprise) in 2007 and is a significant shareholder of the firm. He has over 25 years’ experience of investing in European equities, starting out as a stockbroker for Warburg Securities in Paris in 1987.

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He subsequently worked as a research analyst for Schelcher Prince before moving on to small cap stock picking at Oddo. In 1997, he joined CCF Elysées Bourse as Head of the Small Caps Division, where he developed a new research product dedicated to smaller companies. He oversaw a number of IPO’s and raised further capital for listed smaller companies.

In 2001, he co-founded IXIS-Rothschild Midcaps, a Paris-based joint venture specialising in corporate brokerage and research on French mid-sized companies. Born in 1965, Marc studied at Aston Business School in England, the Complutense University of Madrid in Spain and INSEAD in France. He holds the diploma of the SFAF (the French Society of Financial Analysts).

 

Stefan Rehder

Founder and managing director - Value Intelligence Advisors

Stefan Rehder, the founder and managing director of Value Intelligence Advisors, has more than 25 years of capital markets experience, especially in consulting important international institutional investors and as fund advisor. His career path took him to the private bank Schröder, Münchmeyer Hengst & Co, M.M. Warburg (New York), HypoVereinsbank (New York) and BayernLB.

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He discovered his passion for value investing in the late 90ies, when he met leading American value investors and covered them as investment advisor over many years. Convinced by the value-oriented investment philosophy, he implemented the approach at BayernLB research, investment advisory and asset management starting in 2003. In 2009, he fulfilled his long-held wish to set up his own asset management company, Value Intelligence Advisors GmbH. His most important tasks for the company include the development of the investment strategy and the stock selection for the managed equity funds.

Iván Martín

Chairman, CIO & Founder - Magallanes Value

Iván Martín is a value investor portfolio manager with over 15 years of experience.
Before cofounding Magallanes he worked at Santander AM, Aviva Gestión and Sabadell Gestión where he has delivered superior returns in Spanish and European Equities until mid-2014 of +300% and +45% respectively for the last 12 and 5 years, considerably outperforming their equity benchmarks.

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He holds a Degree in Business Administration and a Master’s Degree in Financial Analysis from the Carlos III University of Madrid. He completed a Value Investing Spring Course at the University of Nebraska in Omaha. He holds the Chartered Financial Analyst (CFA) certification.

Associate professor at the Carlos III University of Madrid and the Pompeu Fabra University of Barcelona. Awarded the Academic and Professional Excellence Prize by the Social Council of the Carlos III University. He has participated as a speaker at different financial events, including the Morningstar Investment Conference of Madrid and the Value Investor Conference at Omaha, Nebraska.

 

Jens Moestrup Rasmussen

Chief Portfolio Manager Value Equities - Sparinvest

Jens Moestrup Rasmussen is the Chief Portfolio Manager and Head of the Sparinvest Value Equities team with more than 25 years of financial market experience. Rasmussen was born in Copenhagen in 1967. He joined Sparinvest in 1997, as an equity analyst and founding member of the Value Equity Team, and introducing value investing into the Danish mutual fund market under the motto “investing for the long term in a short term world”.

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In 2001 he was promoted to lead portfolio manager of the Sparinvest Global Value fund, and was also appointed Head of Equities. From 1991 to 1997 - prior to joining Sparinvest - Rasmussen had served with KOB (now Experian), the leading Danish credit rating agency, producing credit updates and industry reports. Rasmussen holds a Master’s degree in Economics from the University of Copenhagen.

Jonathan Boyar

Managing Director - Boyar Value Group

After graduating from Cornell University with a B.S. in Applied Economics and Business Management, Jonathan started his investment career at GAMCO Investors. He then joined Boyar where he established Boyar’s Alternative Viewpoint which was a research product specifically designed for the $1.4 billion Global Analyst Research Settlement. This award winning research product was purchased by major banks such as Deutsche Bank, Bear Stearns, Credit Suisse, Lehman Brothers, Morgan Stanley and Merrill Lynch.

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In 2004 Jonathan received a Dean’s Merit Scholarship from Cardozo School of Law. Upon Graduation he worked as a litigator at the nationally recognized medical malpractice defense law firm Martin Clearwater & Bell. In 2008 he rejoined Boyar and is currently President of Boyar’s Intrinsic Value Research, an independent research boutique established in 1975 that counts some of the world’s largest sovereign wealth funds, hedge funds, mutual funds and family offices as subscribers. He is also a Principal of Boyar Asset Management, which has been managing money utilizing a value oriented strategy since 1983.

Jonathan has been interviewed by Barron’s, Welling on Wall Street and GuruFocus. He has also been a presenter at both the London Value Investor Conference as well as the GuruFocus Value Conference. He will also be a contributor to the latest Harriman’s Book of Investing Rules: The Do’s & Don’ts of the World’s Best Investors which will be released on October 30th 2017.

 

Jos van Bommel

Moderator - University of Luxembourg

Jos van Bommel is associate professor of Finance at the University of Luxembourg. He holds an MSc from the University of Eindhoven, an MBA from the IESE Business School, and a PhD in finance from INSEAD. He teaches valuation, and other corporate finance courses, and taught at many business schools and universities, a.o. Babson College, Oxford University’s Said Business School and Esade Business School. His research interest include IPOs, private equity, and market microstructure.

 

Disclaimer

IVIC does not provide specific investment advice and is not responsible for speakers’ or attendees’ remarks. Before investing in anything, you must conduct your own careful due diligence. IVIC reserves the right to refuse service to anyone and to make necessary changes in speakers, fees, content or any other details of the program or to cancel it without notice, in which event the organization liability is solely to refund all registration fees.

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