April 15-17, 2007
Lansdowne Resort , Lansdowne, Virgina
TEXT AGENDA (as of 3-23-2007)

AIR FORCE AID SOCIETY
ALIGNMENT CAPITAL GROUP
ARLINGTON COUNTY (VA) EMPLOYEES’ RETIREMENT SYSTEM
ARLINGTON COUNTY (VA) EMPLOYEES’ RETIREMENT SYSTEM
ASHBRIGE INVESTMENT MANAGEMENT (GRACE FAMILY OFFICE)
ASSET STRATEGIES PORTFOLIO SERVICES, INC.
ASSET STRATEGY CONSULTANTS
ASSET STRATEGY CONSULTANTS
BALTIMORE (MD) RETIREMENT SYSTEMS
BALTIMORE (MD) RETIREMENT SYSTEMS
BRISTLECONE ADVISORS (MULTI-FAMILY OFFICE)
BRUNSWICK COMMUNITY COLLEGE FOUNDATION, INC.
BRUNSWICK COMMUNITY COLLEGE FOUNDATION, INC.
CAAT PENSION PLAN
CITY OF ANNAPOLIS POLICE & FIRE RETIREMENT SYSTEM
CLEVELAND STATE UNIVERSITY FOUNDATION BOARD
COLLINS CAPITAL
CONNECTICUT STATE TREASURER’S OFFICE
DISTRICT OF COLUMBIA RETIREMENT BOARD
ELIZABETHTOWN COLLEGE
FAIRFAX COUNTY ECONOMIC DEVELOPMENT
FAIRFAX COUNTY RETIREMENT SYSTEMS
FT LAUDERDALE POLICE AND FIRE PENSION FUND
FUND EVALUATION GROUP, INC.
INDEPENDENT FIDUCIARY SERVICES, INC.
INTEGRITAS ADVISORS, LLC (MULTI-FAMILY OFFICE)
J &W SELIGMAN & CO
JAMES COLLINS FOUNDATION
LYNDHURST INVESTMENT CONSULTING, INC.
MARYLAND STATE RETIREMENT AND PENSION SYSTEMS
MARYMOUNT UNIVERISTY
MARYMOUNT UNIVERSITY
MIDDLESEX SCHOOL
MONTGOMERY COUNTY EMPLOYEE RETIREMENT PLAN

MONTGOMERY COUNTY EMPLOYEE RETIREMENT PLAN
NAVY-MARINE CORPS RELIEF SOCIETY
NEW YORK CITY OPERA
NEXTPOINT
ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
PENNSYLVANIA STATE EMPLOYEES' RETIREMENT SYSTEM
PENSION CONSULTING ALLIANCE
PLEXUS CONSULTING
PLYMOUTH COUNTY RETIREMENT ASSOCIATION
PRIVATE CONSULTANT
PRIVATE INVESTOR
PUBLIC SERVICE PENSIONS BOARD
PUBLIC SERVICE PENSIONS BOARD
PUNTER SOUTHALL & CO, LLC
RICHMOND VA RETIREMENT FUND & VA. 529 COLLEGE SAVINGS PLAN
ROBERTSON FINANCIAL (FAMILY OFFICE)
ROGERSCASEY
SMITH & ASSOCIATES (FAMILY OFFICE)
SMITH BARNEY CONSULTING GROUP
ST. LOUIS EMPLOYEE RETIREMENT SYSTEM
ST. LOUIS EMPLOYEE RETIREMENT SYSTEM
TEXAS PERMANENT SCHOOL FUND
THE MORIAH FUND.
THE SMALL BUSINESS INVESTMENT COMPANY (SBIC) PROGRAM
THE SMALL BUSINESS INVESTMENT COMPANY (SBIC) PROGRAM
UNIVERSITY OF TEXAS INVESTMENT MANAGEMENT COMPANY
VASSAR COLLEGE
WASHINGTON AND LEE UNIVERSITY
WASHINGTON METROPOLITAN AREA TRANSIT AUTHORITY
WHITMAN & ASSOCIATES
WILLIAM PATTERSON UNIVERSITY

ABSOLUTE INVESTMENT ADVISORS LLC
ACCESS CAPITAL PARTNERS
BANC OF AMERICA CAPITAL ACCESS FUNDS
CAP FUND
CINTERRA GROUP
CONNING ASSET MANAGEMENT
CONNING ASSET MANAGEMENT
DURHAM ASSET MANAGEMENT, LLC
EFFICIENT CAPITAL MANAGEMENT
FERRELL CAPITAL MANAGEMENT
FOURWINDS US MANAGEMENT, INC.
FULBRIGHT & JAWORSKI
MAYERCAP, LLC

MIDWEST ASSET MANAGEMENT
MORNINGSTAR
PERMAL GROUP INC.
PIONEER INVESTMENT MANAGEMENT
PIONEER INVESTMENT MANAGEMENT, INC.
PREMIER PACIFIC VINEYARDS, L.P.
PRISM CAPITAL
SG AMERICAS SECURITIES, LLC
SILVER CAPITAL MANAGEMENT LLC
TACTICAL GLOBAL MANAGEMENT LTD.
TORTOISE ADVISORS
TORTOISE ADVISORS

SUNDAY, April 15, 2007

7:30am

Golf Tournament

11:00

Registration

12:30-1:15pm

Pre-Conference Workshop

1:15-1:30

Co-Chair Welcoming Remarks

1:30-1:50

Stand Alone

1:50-2:10

PIONEER INVESTMENT MANAGEMENT, INC.

2:10-3:15

THE ROLE OF ALTERNATIVE INVESTMENTS IN THE ASSET ALLOCATION PROCESS
This panel comprised of Institutional investors will examine and discuss the challenging and evolving process of incorporating Alternative Investments within the asset allocation process.

Moderator:

Panelists:
TIAA-CREF
CITY OF ANNAPOLIS POLICE & FIRE RETIREMENT SYSTEM

3:15-3:45

Refreshment Break

3:45-4:45

ALTERNATIVE INVESTMENT STYLES AND STRATEGIES, YESTERDAY STATISTICS, TODAY RESULTS AND
TOMORROW EXPECTATIONS
• Alternative styles and strategies, how they have evolved and where are they headed
• An in-depth look at event driven strategies
• How will Global Macro strategies fare in the current economic environment
• Are some alternative strategies beginning to look a bit too traditional and what are the implications
• What are the best strategies for the future
• Using ETFs in TAA strategies
• Absolute return, an absolute must for a portfolio?
• What was once old is new again, does this hold true for some Alternative Styles and Strategies

Moderator:
THE SMALL BUSINESS INVESTMENT COMPANY (SBIC) PROGRAM

Panelists:
ABSOLUTE INVESTMENT ADVISORS LLC
CHILTON INVESTMENTS

4:45-5:45

FUNDS OF FUNDS, “SEPARATING THE WHEAT FROM THE CHAFF”
• How are Fund of Funds evolving to sustain performance in a ever changing environment
• How are Funds of Funds reacting to consulting firms entering what some think is an already an overcrowded space
• What should investors be looking for when allocating to Funds of Funds
• What are the benchmarks?
• Are niche Fund of Funds keeping up with strategies that support them
• The merits of building a Fund of Fund product to fit a global distribution network, does it make sense and what
• are the advantages to investors
• Are Funds of Funds performing sufficient due diligence given some of the surprises of 2006

Moderator:
MIDDLESEX SCHOOL

Panelists:
BRISTLECONE ADVISORS (MULTI-FAMILY OFFICE)
MAYERCAP, LLC
MORNINGSTAR
EFFICIENT CAPITAL MANAGEMENT

5:45-6:30

Portfolio Construction ,”a work in progress”
• Examining the asset return generation procedures and their function in constructing institutional portfolios
• Implementing new strategies in portfolio construction
• Risk budgeting in portfolio construction
• Portfolio construction with collateralized debt obligations
• Assessing systematic risk factors at the portfolio level

BALTIMORE (MD) RETIREMENT SYSTEMS

6:30-7:30

Cocktail Reception Sponsored By:

MONDAY, April 16, 2007

7:15-7:40am

Continental Breakfast

8:00-8:10

Co-Chair Welcoming Remarks

8:10-8:40

Single-Manager Funds vs. Funds-of-Hedge Funds, choosing which is right for your plan
• Do fund of funds provide a superior investment platform than multi-strategy funds
• Are fund of fund fees lower in relation to their alpha than fees charged by traditional long short equity managers
• A portfolio of funds of funds can be tailored to an investors risk tolerance, can multi-strategy do the same
• How multi-strategy firms are coping with the growth in assets under management

8:40-9:00

SG AMERICAS SECURITIES, LLC

8:40-9:00

Stand Alone

9:00-10:00

Private Equity and Hedge Funds and Traditional Asset Management, how will a convergence affect the institutional investment space
• How are deals being sourced
• How to best deal with conflict of interest that may arise
• How does the increased participation of hedge funds in traditional markets affect sector performance
• What is an “activist hedge fund”?

Moderator:
NEW YORK CITY OPERA

Panelists:
ELLWOOD ASSOCIATES
DURHAM ASSET MANAGEMENT, LLC

10:00–11:00

What is driving the Commodities Markets
• What is the advantage of having commodity linked assets in your portfolio
• Ethanol producing commodities
• Making a case for precious metals
• What is the best way for investors to get involved in commodities
• Where to find commodity linked products
• How to best manage risk in commodities
• Soft vs. hard commodities
• Commodity Indices

Moderator:

Panelists:
PERMAL GROUP INC
FOURWINDS US MANAGEMENT, INC.

11:00–11:15

Refreshment Break Sponsored By:

11:15–12:15pm

How can Alpha and Portable Alpha strategies improve overall returns
• Is alpha exhaustible?
• What areas and strategies are producing the most Alpha
• How does portable alpha work in practice
• Separating Alpha from Beta
• The importance of risk management in a portable
• alpha strategy
• What are the major Alpha generating engines
• How to implement a successful portable Alpha program
• How would a explain your portable program to an
• investment board
• Best methods to capture and sustain Alpha

Moderator:
ASSET STRATEGY CONSULTANTS

Panelists:
TACTICAL GLOBAL MANAGEMENT LTD.
UNIVERSITY OF TEXAS INVESTMENT MANAGEMENT COMPANY
SG AMERICAS SECURITIES, LLC

12:15-1:00

Meet the Managers: Emerging Managers in Alternative Investments
This session will consist of 4 Emerging Managers with a total of ten minutes each to speak. There will be no power point presentations during this session. The 4 firms will one by one have a chance to discuss their background, unique strategy, methodology and performance. Each fund will have a three year or less track record and less than 500 million under management. There will be a session leader carefully watching the ten minute limit. After all seven firms have presented, we will open the floor to questions from the audience.

Moderator:
THE SMALL BUSINESS INVESTMENT COMPANY (SBIC) PROGRAM

Panelists:
MIDWEST ASSET MANAGEMENT
CONNING ASSET MANAGEMENT
SILVER CAPITAL MANAGEMENT LLC

1:00-2:15

2:15–3:15

Consultants Round Table

PENSION CONSULTING ALLIANCE
ROGERSCASEY
FUND EVALUATION GROUP, INC.

3:15–3:45

Speed Networking & Refreshment Break Sponsored By:

3:45-5:00

Private Equity, “the next generation”
• Current trends and emerging opportunities in Private Equity
• Accessing a growing secondary market
• How big can “Mega-funds” get?
• Private Equity in Infrastructure
• Large-cap vs. Mid-cap Private Equity
• What are the most pressing issues facing the private equity industry today
• Hedge Funds and Private Equity
• Private Equity in the Public Markets

Moderator:
ALIGNMENT CAPITAL GROUP

Panelists:
ACCESS CAPITAL PARTNERS
BANC OF AMERICA CAPITAL ACCESS FUNDS
PRISM CAPITAL
TORTOISE ADVISORS

5:00-6:00

Real Estate – Real Assets
Risk vs. Opportunity
• Understanding how timber and timberland could enhance a diversified portfolio
• What are managers doing to hedge against interest rate risk
• Investing in farmland
• How to find and choose a real estate manager that is right for your plan
• The state of the REIT market, public and private
• What is the current state of the gold market
• How and where to find quality real estate assets
• Energy/oil and natural gas investments
• Natural Resources
• Who is investing in Real Assets and why

Moderator:
TEXAS PERMANENT SCHOOL FUND

Panelists:
TIMBERVEST
PREMIER PACIFIC VINEYARDS, L.P.
CINTERRA GROUP
CLEVELAND STATE UNIVERSITY FOUNDATION BOARD

6:00-6:30

Managing Portfolio Risk, Techniques and Implementation
• Tools to analyze fund risks
• Evaluating the risk of incorporating alternative investments into your portfolio
• Risk management & balanced portfolios
• Performance and Risk Management For Hedge Funds
• Risk budget allocation
• What techniques are in place for allocating risk to achieve objectives
• Risk management using derivatives
• Asset allocation and the influence of downside risk
• Risk and Quantitative analysis

Panelists:
CAP FUND
FERRELL CAPITAL MANAGEMENT

6:30-7:30

Cocktail Reception

TUESDAY, February 27, 2007

7:15-7:40am

Continental Breakfast

7:40-7:50

Co-Chair Welcoming Remarks

7:50-8:20

Investor Panel
Manager Selection
• Trends in the Manager selection process
• Which is more crucial: individuals, process, or overall performance
• How important is the human factor and what role does it play

Moderator:
LYNDHURST INVESTMENT CONSULTING, INC.
TEXAS PERMANENT SCHOOL FUND

8:20-8:40

Stand Alone

8:40-9:00

Stand Alone

9:00-10:00

Infrastructure Investing, “the next wave”
• Is Infrastructure truly an emerging alternative investment asset class
• What are some of the best examples of infrastructure investments in the U.S.
• What are the Real Return Characteristics of the Asset Class
• What are the Diversification Benefits and the Risk-Return Profile
• Examining the Investment Opportunities and Current Deal Flow in the U.S. and abroad
• What Exactly Qualifies as an “Infrastructure” Asset?
• How to best find an Infrastructure manager and which are the best ways to get involved as an investor

Moderator:
TORTOISE ADVISORS

Panelists:
ROGERSCASEY

10:00-11:00

Fund of Funds & Consultant Round Table, “blurring the lines”
This session will discuss current and controversial issues that involve consultants and fund of funds. With the advent of some consultants moving into the fund of fund space and some fund of funds looking more like consultants, how will each sector adapt and reconfigure itself and what should investors expect.

11:00-11:45

11:45-12:00p

Co-Chair Closing Remarks