Keynote | Unpacking the Macro Picture
Juliette Declercq
Founder & CEO, JDI Research Ltd
Founder & CEO, JDI Research Ltd
Juliette Declercq, founder and key strategist behind JDI Research, has spent the majority of her career advising today’s most successful CIOs and portfolio managers. She delivers success through her recognised experience and ability to turn a vast amount of information (macro, geopolitical, technical, statistical and psychology analysis) into high-impact and attractive risk-reward trade ideas.
Fireside Chat | Russia and its Neighbors
Al Breach
Co-CIO / Lead PM, Gemsstock Limited
Co-CIO / Lead PM, Gemsstock Limited
In 2013, Mr Breach co-founded Gemsstock Limited, a UK FCA-regulated fund manager, where he also serves as an Executive Director. In 2010, Mr Breach also founded Furka Advisors AG, a Swiss-based asset management firm, and served as an Executive Director until founding Gemsstock Limited, which manages the Gemsstock Fund, which was previously called the Gemsstock Growth Fund and managed by Mr Breach at Furka Advisors AG.
His previous career was in research in investment banks, principally in Russia. In January 2003, Mr Breach joined Brunswick UBS (later UBS Russia) as Chief Economist, and later was appointed Head of Research and Managing Director until October 2007. From 1998 to 2002, Mr Breach was a Russia and Former Soviet Union (FSU) economist at Goldman Sachs, based in Moscow. Mr Breach is also the co-founder of The Browser.com, a web-based curator of current affairs writing, established in 2008. Mr Breach serves as a Director of Gemsstock Limited, the Gemsstock Fund, The Browser and Furka Holdings AG, all of which are private entities. He is also an advisor to East Capital.
Mr Breach obtained an MSc in Economics from the London School of Economics and an undergraduate degree in Mathematics and Philosophy from Edinburgh University
Fireside Chat | Paradigm Shift in Rates & Inflation
Philippe Khuong-Huu
CIO, Alphadyne Asset Management LLC
CIO, Alphadyne Asset Management LLC
Philippe Khuong-Huu, based in New York, is a founding member and the Chief Investment Officer of Alphadyne Asset Management.
Prior to forming Alphadyne in 2005, Mr. Khuong-Huu was a Partner at Goldman, Sachs & Co. where he served as head of the firm’s structured credit group and, immediately prior, as head of the global interest rate products group. Mr. Khuong-Huu was also a member of the risk committee covering fixed income, currencies and commodities. Prior to joining Goldman Sachs, Mr. Khuong-Huu spent ten years at J.P. Morgan where he held various senior management positions within fixed income, equity and credit markets, including as global head of options, exotics and credit derivatives trading (1996-2000), co-head of European swaps (1995-1996), head of U.S. interest rate options (1993-1995) and head of equity derivatives trading in Tokyo (1991-1993). Mr. Khuong-Huu was also a member of Lab Morgan (2000-2001), where he invested in derivatives market platforms including Swapswire and Creditex. Mr. Khuong-Huu began his career at Société Générale in Paris where he was a market-maker in options and then became head of equity derivatives in Tokyo, where he focused on option and index arbitrage (1988-1991).
Mr. Khuong-Huu graduated from École Polytechnique and received his Masters in Statistics and Economics from ENSAE. He currently chairs the board of “Friends of École Polytechnique" and serves as a member of FAOU Foundation’s board of directors.
Fireside Chat | Returning to the House of Money
Steven Drobny
Founder, Clocktower Group
Founder, Clocktower Group
Steve leads all aspects of Clocktower Group across both public and private markets. Steve is the author of two critically acclaimed books on fundamental, discretionary investing, Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets and The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes and Real Money.
Prior to founding Clocktower Group in 2007, Steve built several financial services businesses and worked in Deutsche Bank’s Global Markets division in London, Singapore, and Zurich (1997-2000). Steve started his career in capital markets in the Metals & Energy Trading Groups at AIG Trading in Greenwich, CT (1996-1997).
Steve holds a Bachelor’s degree in Business Administration from Bucknell University (1994) and a Master’s in Finance and Accounting from the London School of Economics and Political Science (1996).
Nicolas Dujovne
CIO, Tenac Asset Management
Strategy: Global Macro | Emerging Markets
CIO, Tenac Asset Management
Before founding Tenac, Nicolas was Argentina’s finance minister.
He previously worked as Chief Economist for Banco Galicia, the largest privately owned bank in Argentina. Nicolas has also served as a board member for several corporations in Argentina, worked as a consultant for the World Bank and taught at Universidad Torcuato di Tella (UTDT).
He holds an MA from UTDT and a BA from Universidad de Buenos Aires (UBA).
Sean Pan
Managing Partner, Pan Capital Management LP
Strategy: Commodities | Energy Trader
Managing Partner, Pan Capital Management LP
From 2006 to 2007, Mr. Pan was managing forward commodity exposure for Suez’s LNG terminal and generation assets. From 2008 to 2013, Mr. Pan was the head natural gas trader for GDF SUEZ. From 2003 to 2004 Mr. Pan was with Xinhua Finance, focusing on private equity and fundamental research on equity investments.
Mr. Pan graduated from Beijing Technology and Business University with a Bachelor of Economics degree in 1997 and obtained his MBA degree in Finance in 2003 from Rice University. Mr. Pan is a CFA charter holder and a member of the Houston Society of Financial Analyst.
02:00 p.m. – 02:45 p.m.
Keynote | Unpacking the Macro Picture
With a strong macroeconomic background and 19 years of experience in strategy and proprietary trading (JPMorgan, Morgan Stanley, Idalion, and Stone Milliner), Juliette has spent most of her career advising some of today’s most successful portfolio managers. She has a proven ability to turn a vast amount of information (macro, geopolitical, technical, statistical and psychology analysis) into high impact and attractive risk reward trade ideas. Juliette believes that psychology plays as big a part in driving asset prices and as such, she spends as much time gauging consensus and the likely way it will swing from one narrative to the other than on the macro story itself.
Founder & CEO, JDI Research Ltd
Juliette Declercq, founder and key strategist behind JDI Research, has spent the majority of her career advising today’s most successful CIOs and portfolio managers. She delivers success through her recognised experience and ability to turn a vast amount of information (macro, geopolitical, technical, statistical and psychology analysis) into high-impact and attractive risk-reward trade ideas.
05:15 p.m. – 05:45 p.m.
Fireside Chat | Russia and its Neighbors
Join us for a fireside chat with Al Breach, former Russian star strategist and now PM at Gemsstock Fund LP, to get a better understanding of what is going on in Russia and the wider region right now. We'll explain what's changed and how the Russian economy has fared since being cut off from SWIFT, their stock market frozen, and central bank assets frozen abroad. We'll also visit the curious cases of Georgia, and Kazakhstan as beacons of hope in an otherwise tragic hemisphere.
Co-CIO / Lead PM, Gemsstock Limited
In 2013, Mr Breach co-founded Gemsstock Limited, a UK FCA-regulated fund manager, where he also serves as an Executive Director. In 2010, Mr Breach also founded Furka Advisors AG, a Swiss-based asset management firm, and served as an Executive Director until founding Gemsstock Limited, which manages the Gemsstock Fund, which was previously called the Gemsstock Growth Fund and managed by Mr Breach at Furka Advisors AG.
His previous career was in research in investment banks, principally in Russia. In January 2003, Mr Breach joined Brunswick UBS (later UBS Russia) as Chief Economist, and later was appointed Head of Research and Managing Director until October 2007. From 1998 to 2002, Mr Breach was a Russia and Former Soviet Union (FSU) economist at Goldman Sachs, based in Moscow. Mr Breach is also the co-founder of The Browser.com, a web-based curator of current affairs writing, established in 2008. Mr Breach serves as a Director of Gemsstock Limited, the Gemsstock Fund, The Browser and Furka Holdings AG, all of which are private entities. He is also an advisor to East Capital.
Mr Breach obtained an MSc in Economics from the London School of Economics and an undergraduate degree in Mathematics and Philosophy from Edinburgh University
06:00 p.m. – 06:30 p.m.
Fireside Chat | Paradigm Shift in Rates & Inflation
As the bond market's long-running bull market comes to an end, Macro Fixed Income Veteran and Specialist Philippe Khuong-Huu will share his thoughts on today's macro markets and the managers who operate within them. We'll also talk about structural changes in the rates market, inflation, and Philippe's response to these shifting markets.
CIO, Alphadyne Asset Management LLC
Philippe Khuong-Huu, based in New York, is a founding member and the Chief Investment Officer of Alphadyne Asset Management.
Prior to forming Alphadyne in 2005, Mr. Khuong-Huu was a Partner at Goldman, Sachs & Co. where he served as head of the firm’s structured credit group and, immediately prior, as head of the global interest rate products group. Mr. Khuong-Huu was also a member of the risk committee covering fixed income, currencies and commodities. Prior to joining Goldman Sachs, Mr. Khuong-Huu spent ten years at J.P. Morgan where he held various senior management positions within fixed income, equity and credit markets, including as global head of options, exotics and credit derivatives trading (1996-2000), co-head of European swaps (1995-1996), head of U.S. interest rate options (1993-1995) and head of equity derivatives trading in Tokyo (1991-1993). Mr. Khuong-Huu was also a member of Lab Morgan (2000-2001), where he invested in derivatives market platforms including Swapswire and Creditex. Mr. Khuong-Huu began his career at Société Générale in Paris where he was a market-maker in options and then became head of equity derivatives in Tokyo, where he focused on option and index arbitrage (1988-1991).
Mr. Khuong-Huu graduated from École Polytechnique and received his Masters in Statistics and Economics from ENSAE. He currently chairs the board of “Friends of École Polytechnique" and serves as a member of FAOU Foundation’s board of directors.
06:45 p.m. – 07:15 p.m.
Pan Capital relies on proprietary fundamental research and analytical models to identify short to intermediate term mispricing and trading opportunities in the US natural gas market. The Manager expresses its view via outright price and calendar spreads and applies directional, relative value and option strategies. The fund trades liquid exchange cleared instruments including futures and options on futures. Most risk will be isolated in the first 12 months of the curve and positions will be constantly reviewed and rebalanced. The Manager monitors real-time key pricing drivers and adjusts the risk based on its risk-reward expectation.
Managing Partner, Pan Capital Management LP
From 2006 to 2007, Mr. Pan was managing forward commodity exposure for Suez’s LNG terminal and generation assets. From 2008 to 2013, Mr. Pan was the head natural gas trader for GDF SUEZ. From 2003 to 2004 Mr. Pan was with Xinhua Finance, focusing on private equity and fundamental research on equity investments.
Mr. Pan graduated from Beijing Technology and Business University with a Bachelor of Economics degree in 1997 and obtained his MBA degree in Finance in 2003 from Rice University. Mr. Pan is a CFA charter holder and a member of the Houston Society of Financial Analyst.
08:15 p.m. – 08:45 p.m.
Tenac Global Fund is a global macro hedge fund focusing exclusively on emerging markets. The Fund invests in sovereign, quasi-sovereign and corporate bonds, local rates, and currencies. The investment strategy is value-based and fundamentally driven, with a strong emphasis on macro analysis and portfolio construction. We rely on a rigorous and repeatable investment process to create a diversified long/short portfolio. We use our macro toolkit to identify investments with positive expected returns and a solid risk-reward profile and credits where we believe holding a short position is warranted. We repeat this process seeking superior risk-adjusted returns across geographies and asset classes. Our risk-management framework is thorough and methodical and is designed to obtain a truly diversified portfolio and limit idiosyncratic drawdowns.
CIO, Tenac Asset Management
Before founding Tenac, Nicolas was Argentina’s finance minister.
He previously worked as Chief Economist for Banco Galicia, the largest privately owned bank in Argentina. Nicolas has also served as a board member for several corporations in Argentina, worked as a consultant for the World Bank and taught at Universidad Torcuato di Tella (UTDT).
He holds an MA from UTDT and a BA from Universidad de Buenos Aires (UBA).
09:00 p.m. – 09:30 p.m.
Fireside Chat | Returning to the House of Money
While macro managers underperformed other hedge fund strategies in the 2010s, significant economic and market dislocations offer them a chance to shine again. Join us as we return to the "House of Money" with Steve Drobny to ask how macro managers have evolved, what the dominance of platforms means for the strategy, why investors should reconsider macro, how they should evaluate managers, and if the time has come for a macro renaissance.
Founder, Clocktower Group
Steve leads all aspects of Clocktower Group across both public and private markets. Steve is the author of two critically acclaimed books on fundamental, discretionary investing, Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets and The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes and Real Money.
Prior to founding Clocktower Group in 2007, Steve built several financial services businesses and worked in Deutsche Bank’s Global Markets division in London, Singapore, and Zurich (1997-2000). Steve started his career in capital markets in the Metals & Energy Trading Groups at AIG Trading in Greenwich, CT (1996-1997).
Steve holds a Bachelor’s degree in Business Administration from Bucknell University (1994) and a Master’s in Finance and Accounting from the London School of Economics and Political Science (1996).