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OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Optimized Portfolio Management
Steering Hedge Funds towards sustainable investments – Who is in it to win?
TBLI CONFERENCE™ EUROPE 2010
OPMOptimized Portfolio
Management
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Agenda
OPM
Hedge Funds
Our challenge
How ethical guidelines can be intergrated into our portfolios
Conclusion
2
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
OPM in brief
A Swedish independent fund management company founded in 2003
Specialized in the field of hedge funds and alternative investments
Continuous outperformance
The client base is constituted of Pension Funds, Endowments, Private Banks, Insurers
Owned by the founders and Carnegie
HFM week European performance Awards 2010
0%
1%
2%
3%
4%
5%
6%
0% 2% 4% 6% 8%Risk
Avk
ast
nin
g
OP M Alfa i USD
HFRX Global HFIndex
3
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Team
Simon Reinius
Founder of and Head of Investor Equity Trading, Investor AB. Partner, GKR Corporate Finance AB. Focus on the development of new equity
valuation tools and asset allocation models. Founder of Speed Ventures NV, Head of Business Development. The company was
involved in seed investment in combination with operational support through a global network comprising 10 offices on three continents. The company was sold in 2002.
Risk manager, Lendtech AB. Developer of macro economic models at “Det Naturliga Steget”, Stockholm. The
models were utilized to create a mutual fund, Svensk Miljöfond. M Sc, Finance and Business Administration, the University of Stockholm.
Tom Berggren
Managing Director at the Swedish Private Equity and Venture Capital Association. Founding Partner and Chairman of Stockholm Fondkommission. CEO of Berggren Investment Management AB. Financial / strategic advise and
private equity investments with board representation.
Martin Larsson, CAIA
CFO, Wahlstedt Sageryd. M Sc, Finance and Business Administration, The Stockholm School of Economics.
Peter Seippel
Investment Manager, Alternative Investments Department, at Länsförsäkringar. Assistant Consultant at Wassum Investment Consulting. Licentiate degree (Filosofie Licentiat) in Financial Economics from the Stockholm
School of Business and Cass Business School, City University, London. MSc. in Economics from the Department of Economics at Stockholm University. MSc. in Business Administration and Financial Economics from the Stockholm School of Business.
Jesper Dahlqvist
Consultant at VPD Financial Software Consulting. M Sc in Industrial Engineering and Business Management, Royal institute of
Technology. Bachelors degree in Business and Administration, Stockholm School of Business.
Marcus Nilsson
Consultant at Mindwell. M Sc in Industrial Engineering and Business Management, Linköping Institute of
Technology. Bachelor of Science in Business and Economics with a major in National
Economics, University of Linköping.
Johanna Mattsson
Substitute CFO, Larmassistansteknik AB. M Sc, Marketing and Business Administration, University of Södertörn.
André Havas
Vice President at Deutsche Bank Asset Management . Director, Head of Nordic Region, Scottish Widows . CDK Group, Sales & Marketing Director Europe. Client Manager GAM UK ltd. Business Development Director Skandia Global Funds . Bsc in Business Law, French and Italian, University of Lund.
4
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Awards
HFM week European performance Awards 2010
5
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Three dimensional approach
With a fourth dimension being added
Yet non quantifiable
But of great value to investors and soceity – hopefully without distorting returns
Return
Correlation
Risk
6
Ethical Screening
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Investment Philosophy – Cohesive with ”Ethics”
Established Financial Theory
Innovation
Systematic Lasting
7
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Agenda
OPM
Hedge Funds
Our challenge
How ethical guidelines can be intergrated into our portfolios
Conclusion
8
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Free to use many financial instruments
Active management
Absolute return target Performance based fee structure
What is a hedge fund?
9
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
A journey into the unknown
10
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Hedge funds since 1994
Index:Hedge funds – Credit Suisse Tremont Hedge fund Index
Equities – S&P500 (Total Return)Bonds - Barclays Aggregate Bond Index
11
50
100
150
200
250
300
350
400
450
Hedge Funds Equities Bonds
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Harvard University, allocation 1980 – 2009
Källa: Harvard Management Company
12
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Agenda
OPM
Hedge Funds
Our challenge
How ethical guidelines can be intergrated into our portfolios
Conclusion
13
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Repainting the blueprint for hedge fund investing
14
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Ethics and sustainability are parts of accountability
15
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
The evolution of hedge funds is today investor driven
16
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Take the hedgy out of the hedge
17
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Ethics in investments or Investments in ethics
18
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Agenda
OPM
Hedge Funds
Our challenge
How ethical guidelines can be intergrated into our portfolios
Conclusion
19
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Reliable managers with good track records
Managers with a clear edge
Funds not exceeding their capacity
Funds with a sound legal structure and robust risk control
What we seek
Recipe for good future returns
20
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Legal structure Audited statements
Analysis of risk control functions
Referrals
Areas of interest when performing the due diligence
Suspect the worst
21
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Agenda
OPM
Hedge Funds
Our challenge
How ethical guidelines can be intergrated into our portfolios
Conclusion
22
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Accomplishments so far
OPM enters into new venture with Wassum & Ethix www.ethix.se
The agreement covers Nordic Hedge
First screening covered first half of 2010
One holding found in violation with governing standards – action has been taken by OPM
23
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
We will push it to the limit
24
OPMOptimized Portfolio
Management
Driven by research
www.optimized.se
Thank You!
André Havas
+46 760 492 974
25