For more information contact: emailus@marcusevans.com Martin Rodriguez, the chairperson of the marcus evans Latin Investors Summit 2014, and the Chief Information Officer at Integracion AFAP discusses why investors must be extra careful in Latin America today. Join the 2015 Latin Investors Summit along with leading investors and global asset managers in an intimate environment for a focused discussion of key new drivers shaping institutional investment strategies today. For more information contact: emailus@marcusevans.com

1. Investment Advice from Integracion AFAP Winner of the World Finance Global
Pension Awards 2012 and 2013
follow an investment strategy that is
based more on economic fundamentals
and not be driven by the “animal spirits”
of the short-term. In this landscape,
risking too much could bring in more
losses than profits. With interest rates
rising in emerging markets, there will be
opportunities in the region again, mostly
in hard currencies.
Interview with: Martin Rodriguez,
Chief
Information
Officer,
Integracion AFAP
“Latin America had great investment
opportunities in recent years, but
investors today must be very careful
with their entry point. That is the first
step to achieving a successful investment. Ten years ago prices had reached
a low point due to the crisis, but today
they seem to have hit a ceiling,” says
Martin Rodriguez, Chief Information
Officer, Integracion AFAP, the winning
pension fund at the World Finance
Global Pension Awards 2012 and 2013.
Rodriguez is the chairperson of the
marcus evans Latin Investors
Summit 2014, taking place in Panama
City, Panama, March 24-25.
What do investors need to know
about the Latin American investment landscape?
In this sense, it becomes more relevant
to weigh the macroeconomic stability of
the economies and government
management.
What changes should Chief Investment Officers (CIOs) prepare for?
This will be a particular year for the
pension industry in Uruguay, as a new
law will be introduced that will give
members of pension funds the
possibility to opt-out and return to a
defined benefit plan that is being offered
by the government.
This will be a challenge for CIOs, as we
will have to communicate to our
affiliates the best standards of risk
exposure and profitability in an
environment that is non-favourable for
emerging markets.
However, we are investing for the longterm. If we look back to 1996 when the
new pension system was established,
yields have been good despite market
ups and downs. That is what we should
look at.
They have fix income, corporate bonds
and equities, but the biggest growth has
been in alternative investments, such as
real estate, forestry and land. Latin
America had great investment opportunities in recent years, but investors
today must be very careful with their
entry point.
In this environment, how diversified
should a fund be?
What investment opportunities
would you point investors to?
However, as in every portfolio, you
should focus on correlations, and
looking for uncorrelated assets in such a
globalized world is not easy. It is
necessary to distinguish right from
Given the volatile environment that the
markets are facing, investors should
First, we must consider the type of
investor. In our case, the new law
enables the creation of a new fund for
people who are close to retirement, so
investments must be in liquid assets.
wrong very sharply. For example, in
emerging markets not everything is all
good or bad. It is time to assess the
different economies separately. We are
in a new phase now.
How do you manage portfolio risk?
We measure the risk exposure of our
portfolio on a daily basis. We use
different ratios to measure it, such as
Value At Risk, tracking error in the
portfolio against our benchmark and
sensitivity analysis of the portfolio
among others. Our biggest challenge in
this area, as an Uruguayan pension
fund, is about reducing our risk
exposure in a volatile environment with
ad hoc constraints such as illiquidity of
sovereign bonds (the main investment
asset of our portfolio) and legal barriers
established by the local regulatory
authority for investing in other markets.
It is time
to assess
the different
economies
separately

2. About the Latin Investors Summit 2014
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This unique forum will take place at the Trump Ocean Club, Panama City, Panama,
March 24-25, 2014. Offering much more than any conference, exhibition or trade
show, this exclusive meeting will bring together esteemed industry thought leaders
and solution providers to a highly focused and interactive networking event. The
Summit includes presentations on the global economy, alternative investments,
diversification of pension funds, and stewarding the family wealth.
www.latininvestorssummit.com
Contact
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To view the web version of this interview, please click here: www.latininvestorssummit.com/MartinRodriguez