The Case for Insurance Linked Securities and CAT Bonds as uncorrelated sources of risk, return and liquidity

May 8, 2024

Please join The CFA Society Portland at the University Club on May 8th for a luncheon with Joseph Morgart of Amundi Asset Management.

As asset allocators look to create diverse and resilient portfolios by accessing uncorrelated sources of both risk and return, the value proposition of insurance-linked securities has continued to gain market awareness and acceptance. 

Over the past several years, insurance-linked securities have continued to demonstrate as an attractive source of uncorrelated risk/adjusted returns as compared to many traditional and alternative asset classes. 

Insurance-linked securities has continued to be a structurally uncorrelated asset class. This has been displayed in the current market, as well as over its long-term history. In addition, there are a host of other favorable market trends in insurance-linked securities that continue to make us very constructive for this asset class over the foreseeable future.

This presentation will provide an overview of ILS, market history and trends, asset allocation considerations and other important considerations about this asset class.

Joseph Morgart is a Vice President and Client Portfolio Manager at Amundi US. He focuses primarily on alternative investment strategies.

Prior to joining Amundi US, Joseph was a Senior Vice President at Fidelity Investments, where he focused on the firm’s alternatives capabilities. He led the firm’s efforts to build and develop its alternatives infrastructure, including product development, product management and operational support. He was responsible for communicating portfolio strategy, positioning and performance to investors and consultants for the firms alternative investment strategies, and was a firm spokesperson at industry conferences. Prior to Fidelity, Joseph was Co-Founder and Managing Partner of Boldwater Capital Management, an alternative investment firm focusing on high yield credit and arbitrage strategies for institutional investors. Prior to Boldwater he was a Vice President at Deutsche Banc Alex. Brown where he implemented an alternative investment- focused business platform for institutional clients.

Joseph is Chair of the Finance and Investment Committee and the Treasurer of The Landmark School. Mr. Morgart serves as the Chair of the Board for the Jewish Big Brother Sister Endowment. He also serves as a member of the Investment Committee of Combined Jewish Philanthropies. He is a guest lecturer at The Sloan School of Management at MIT.

He has a B.A. from Johnson State College in Johnson, Vermont, and an M.B.A. in Finance from Northeastern University.

Date: May 8, 2024

Time: 12:00 to 1:00 - presentation | 1:00 to 1:15 - Q&A

University Club - Fireside Room

1225 S.W. Sixth Avenue

Portland, Oregon 97204

Thanks to the generous sponsorship from Amundi Asset Management, this luncheon is complimentary for CFASP members.

Nonmembers: $30

Registering for this event implies that you agree to CFASP's Waiver and Release.