Presentations: Insurer Investment Forum XIX

Thank you for joining us at this year’s Insurer Investment Forum. Below are links to the presentations from our various speakers.

Please let us know if you have any questions. We look forward to seeing you in San Diego.

Yes, Virginia, There is a Business Cycle

Traditional economics has given us the idea of the business cycle, plotting an economy’s constant move through expansion, peak, recession, trough, and recovery. With the current expansion moving towards the longest in US history, one might begin to wonder if the business cycle has been repealed. SAA will look at this idea by considering more than just GDP, in reconsidering just where in the business cycle we are today. And, what it might mean for investments in the medium and long term.

Dan Smereck, Managing Director & Principal, Strategic Asset Alliance
Alton Cogert, President & CEO, Strategic Asset Alliance
Nathan Simon, Financial Analyst, Strategic Asset Alliance
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SAA1 Presentation

Floating Rate Loan Market: Fact and Fiction

Eaton Vance will discuss the current state of the market from a fundamental, as well as technical standpoint, and address some of the headline topics which may not hold up when fully examined. Despite a strong fundamental footing, we have seen a significant pick-up in negative media coverage, focusing on trends such as covenant-lite, “loan only” issues, and CLO concerns. We will offer Eaton Vance’s perspective on why it is important for investors to understand the “fiction” or “noise” of some of this media coverage and focus on the value in the floating rate loan market. Finally, Eaton Vance will provide an outlook for the asset class during this late stage economic cycle.

Michael Kinahan, Portfolio Manager, Eaton Vance
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EV Presentation

Investment Positioning For an Aging Bull

With Central banks very slowly removing accommodation, and the initial stimulative effects from U.S. tax reform now behind us, the investment landscape is changing. Naturally, investment strategy will need to shift, keeping in mind that this economic expansion is already the longest on record. This session will highlight the positives and negatives for insurers with a focus on an evolving interest rate and credit environment, new tax rules, and updated capital requirements. Our discussion will include NEAM’s opinion on how these and other topics of the day will impact investors generally, and insurance companies specifically.

Christian Auger, Senior Client Strategist, NEAM
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NEAM Presentation

Maintaining Yield in a Late Cycle Environment

Fixed income investment strategies have relied on corporate and structured credit to enhance yield over the past several years. Credit spreads have historically moved well in advance of recessions and liquidity has been considerably impaired in these widening spread environments. This supports moving early to reduce credit risk rather than waiting until economic data confirm a slowdown. Does this mean portfolios must hide in a bunker filled with US Treasury securities and be content with less yield? We’ll discuss some investment strategies that may help preserve yield in this late cycle environment.

Jim Kaniclides, Director & Senior Portfolio Manager, Mellon
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Mellon Presentation