Macro & FX Team

The team lead by Stephen Li Jen and Fatih Yilmaz uses a rigorous top-down macro investment approach to identify the key global investment themes. The top-down approach focuses on macroeconomic, policy and markets analyses, and it is augmented by a bottom-up process to identify the liquid financial instruments that can capture the fundamental investment themes. The team also adopts some degree of tactical trading themes to enhance return opportunities and for better risk control. A live daily risk management with stress test, VaR back testing, and scenario analyses, allows the team to control the maximum drawdown risk and achieve higher diversification benefits.

Stephen Li Jen - Chief Executive Officer and Co-Chief Investment Officer of Eurizon SLJ Capital LTD

Stephen Li Jen is the Chief Executive Officer and Co-Chief Investment Officer of Eurizon SLJ Capital Limited. From 1996-2009, Stephen was a Managing Director at Morgan Stanley and held various roles, including the Global Head of Currency Research and the Chief Global Foreign Exchange and Emerging Markets Strategist. Prior to Morgan Stanley, Stephen was an economist with the International Monetary Fund (IMF) in Washington, D.C., covering economies in Eastern Europe and Asia. In addition, Stephen was actively involved in the design of the IMF’s framework to provide debt relief to highly indebted countries. Stephen holds a PhD in Economics from the Massachusetts Institute of Technology, with concentrations in International Economics and Monetary Economics. He also earned a BSc in Electrical Engineering (summa cum laude) from the University of California at Irvine.

Fatih Yilmaz - Co-Chief Investment Officer di Eurizon SLJ Capital

Fatih Yilmaz is the Co-Chief Investment Officer of Eurizon SLJ Capital Limited. 

During 2010, Fatih was Director of Quantitative Research at BlueGold Capital Management and his primary role was to develop trading models for commodity and FX markets.
Previously, he was Managing Director and Head of Institutional Quant (2005–2009) at Bank of America Merrill Lynch. In that role, Fatih managed quantitative research and product development process in diverse areas, such as directional trading models, risk management and overlay. His quant research was consistently ranked top by a large of number key players in currency markets, and his team also managed money using quant trading models. Prior to that, Fatih was Chief European Currency Strategist at Bank of America (2003–2005) and worked for Morgan Stanley as Currency Economist and Quantitative Analyst (2000–2003) within its Global Economics team. Before joining the industry, Fatih was an Assistant Professor of Finance at the University of Exeter in the UK.

 

Chinese bond market in local currency (Renminbi)

The Chinese bond market is now accessible to foreign investors. RMB bonds are a safe heaven asset: historically, they outperform during risk-off scenarios, in fact they exhibit EM-like return, but with DM-like risk.
Eurizon SLJ Capital has an established management team that takes advantage of this attractive investment opportunity. A team lead by Stephen Li Jen and formed by Chinese professionals with a global perspective, but access to local network. Invest in Chinese onshore bonds in local currency could diversify the portfolio and improve both the return and the Sharp ratio of global fixed income portfolios. 

Stephen Li Jen - Chief Executive Officer and Co-Chief Investment Officer of Eurizon SLJ Capital LTD

Stephen Li Jen is the Chief Executive Officer and Co-Chief Investment Officer of Eurizon SLJ Capital Limited. From 1996-2009, Stephen was a Managing Director at Morgan Stanley and held various roles, including the Global Head of Currency Research and the Chief Global Foreign Exchange and Emerging Markets Strategist. Prior to Morgan Stanley, Stephen was an economist with the International Monetary Fund (IMF) in Washington, D.C., covering economies in Eastern Europe and Asia. In addition, Stephen was actively involved in the design of the IMF’s framework to provide debt relief to highly indebted countries. Stephen holds a PhD in Economics from the Massachusetts Institute of Technology, with concentrations in International Economics and Monetary Economics. He also earned a BSc in Electrical Engineering (summa cum laude) from the University of California at Irvine.

 

Emerging markets debt

EM Debt offers attractive risk-adjusted returns while providing diversification benefits thanks to a universe with more than 1000 distinct sovereign, quasi-sovereign, and corporate issuers across 100+ countries and 30+ currencies.
The team lead by Yasmine Ravai utilizes an active approach to invest in EM Debt, through a benchmark-Aware Strategy and a dynamic risk allocation to mitigate volatility.
In the portfolios construction Yasmine’s team combines the Top Down/Bottom-Up ideas and the Eurizon SLJ Capital’s expertise in Macro/FX to get tail risk hedging and risk overlay.
Moreover, the team uses a selective credit allocation to event-driven/restructuring situations for uncorrelated capital appreciation.

Yasmine Ravai

Yasmine Ravai has 26 Years of experience. Having worked for many years in Paris, Yasmine developed a strong expertise in Global/EM Fixed Income, FX Markets and Multi-Asset Class and Multi Strategy Funds. She spent many years at Amundi, where she held the position of Head of Global Fixed Income/Emerging Markets Funds. Yasmine studied at Dauphine University, Paris, where she graduated in Applied Economics and Finance, and gained her Master’s degree in Financial Markets.

 

 

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