Manager, Brandes Institute. Manager Challenge. PAPERS Fall Workshop. A Division of Brandes Investment Partners, L.P.
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1 The Brandes Institute Manager Challenge PAPERS Fall Workshop A Division of Brandes Investment Partners, L.P. Robert Schmidt Manager, Brandes Institute September 20, 2012 Irina Gorokhov, CFA Quantitative Research Analyst
2 Manager Challenge What: A team competition, a global portfolio management simulation, with certificate awarded to the team who builds the highest portfolio value. Why: To demonstrate manager research, selection and monitoring principles in practice. Page 2
3 Manager Challenge Philosophy I Hear and I Forget I See and I Remember I Do and I Understand Page 3
4 Manager Challenge Web-based investment simulation contest Selection of hypothetical managers Introduced in 2006: education through engagement Event play or remote play Page 4
5 Time Frame Total of 15 Years Each Period = 3 Years Playing Time = 2 hours Page 5
6 Rules & Guidelines Select at least five products Can t invest more than 20% of your portfolio with any one product No leverage Choose from equity, fixed income and alternatives products Manager key information and performance updated each period Page 6
7 Application Navigation Your Portfolio Available Products Page 7 This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
8 Target Indices Market Benchmark Index: 60% equity, 25% fixed income, 15% alternatives Liability Index: 7% liability target Absolute Index: The objective is to not lose asset Page 8
9 Application Navigation Left Navigation Menu This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
10 Application Navigation This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
11 Application Navigation Headlines Update Each Period This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
12 Keys to Manager Challenge Success Develop a Long-Term Portfolio Strategy Asset allocation Manager Research & Selection Evaluate Key Drivers of Long-Term Returns: Organization Philosophy People Investment process Long-term performance Page 12
13 Manager Research & Selection This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
14 Manager Profiles - Performance Long-term performance This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager. Page 14
15 Each New Period May Bring... Performance fluctuations Product closures & re-openings Personnel turnover Ownership changes Mergers & acquisitions Asset flows Product termination & funding Consultant recommendations Page 15
16 Manager Profiles Organization... Bolded and Flagged Items - Note Recent Changes Focus on Key Organizational Issues: AUM growth Firm ownership This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
17 Manager Profiles Organization Weigh changes Assess portfolio Make appropriate adjustments Notes Provide Add l Detail on Changes This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
18 Manager Profiles People, Philosophy and Process Evaluate: Personnel changes Asset flows Tenure & experience This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
19 Manager Profiles Q-Sort Q-Sort Gauges a Firm s Business Culture Q-Sort shifts may predate more serious issues Questions to Ask: Has the culture changed? Does firm culture clash with the investment process? This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager. Weigh Implications of Extreme Values (Bolded)
20 Manager Profiles Glossary Page 20
21 Constructing Your Portfolio Closed Products Page 21 This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
22 Constructing Your Portfolio Page 22 This hypothetical example is intended for illustrative purposes only. Manager names and performance shown are fictional and are not intended to represent the investment results of any actual manager.
23 Manager Challenge Lessons Keys to success: preparation, organization and detailed research Ownership and culture are important factors in potential long-term success Even a consistent investment approach may suffer some short-term underperformance Page 23
24 Manager Challenge is a registered trademark of Brandes Investment Partners, L.P. in the United States.
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