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| Endowment & Foundation Forum |
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| September 21-23, 2011 |
| Boston Marriott Long Wharf, Boston, MA |
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Wednesday, September 21, 2011 |
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| 9:00a |
Exhibit Setup |
| 11:00a |
Registration |
| 1:00p |
Chairman Welcoming Remarks
Chief Investment Officer, Penn State University
Managing Member, Agecroft Partners
Chairman, Investment Committee, Rutgers University Endowment
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| 1:20p |
"Gold: a unique asset"
Alternative asset allocations have become more common among institutional investors as a means by which portfolio diversification can be enhanced. Examples include hedge funds, private equity, real estate, commodities and, in some cases, gold. However, allocations to gold within a portfolio remain extremely low especially among institutional investors: less than 0.3% of all assets by some estimates. For investors seeking to achieve true diversification, an outright position in gold provides benefits that complement other alternative investments and it cannot be replicated by simply investing in a broad basket of commodities. Research shows that a modest, consistent holding of gold increases long-term risk-adjusted returns complementing more traditional alternative investments and an outright investment in gold reduces risk without diminishing long-term returns. During this presentation, we will discuss gold's role for diversification, risk management and capital preservation as well as the outlook and global perspective on the gold market.
Investment Research, World Gold Council |
| 1:40p |
"Risk Management for the Endowment Model"
Vice President, Institutional Group, Societe Generale |
| 2:00p |
Challenges facing Endowments and Foundations
- Identifying differences between large and small endowments
- Communicating with the investment board
- The role of the consultant
- What role will alternatives play moving forward
- Asset Allocation
- The manager selection process
- Managing internal staff
Moderator:
Chief Investment Officer, Penn State University
Panelists:
Investment Committee, Christopher Reynolds Foundation
Chief Financial Officer, Senior Vice President for Finance and Administration, Berklee College of Music
Chairman of the Investment Committee, Stevens Institute of Technology |
| 2:45p |
Refreshment Break |
| 3:00p |
Hedge Funds
- A detailed look into the state of hedge funds
- What additional regulatory and legal changes are expected to take place in the mid-term future and what will their impact be
- Can investors find the same security that they expect from brand name asset managers in smaller hedge fund operations?
- Concerns and risks associated with hedge fund investing
- Determining the appropriate hedge fund allocation in foundation and endowment portfolios
- What is the future of the Hedge Fund industry?
- What kind of funds will survive?
Moderator:
Managing Member, Agecorft Partners, & Investment Committee Member, Science Museum of Virginia
Panelists:
President and Deputy CIO, University of Texas Investment Management Company
Senior Managing Director, State Street
COO, Telluride Asset Management LLC
President, Diversified Global Asset Management |
| 4:00p |
Asset Allocation: Identifying the appropriate asset classes for your portfolio
- What asset classes will Endowments and Foundations be looking to allocate to over the next 12 months?
- How much of your portfolio should be allocated to Alternative Investments?
- Which asset classes have suffered the past few years
- Domestic/international equities?
- Fixed income?
- Private Equity & Venture Capital?
- Real Assets?
- Reevaluating & Rebalancing your portfolio in a down market
Moderator:
Investment Manager, Virginia Tech Foundation
Panelists:
Director of Investments, Wake Forest University
CFA,Energy Opportunities Capital Management
Senior Managing Partner, Corry Capital Advisors |
| 5:00p |
Investment Styles and Strategies...The Endowment Model
- Global & tactical asset allocation
- Capital preservation and potential for capital appreciation
Moderator:
Managing Director, ClearBrook Investment Consulting
Panelists:
Controller, The Commonwealth Fund
Managing Director, Investment Strategist, Mellon Capital Management
CEO, Metropolitan Capital Strategies
Managing Director, Chief Strategist, J.P. Morgan Endowments & Foundations Group |
| 6:00p |
Cocktail Reception
Sponsored by:
World Gold Council
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Thursday, September 22, 2011 |
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| 7:15a |
Continental Breakfast
Sponsored by:
State Street |
| 7:45a |
Welcoming Remarks |
| 8:00a |
Global Asset Allocation in a Risky World
Endowment and Foundation investors are faced with the challenge of setting and achieving risk and return goals in an increasingly uncertain financial environment. In a world where traditional asset allocation approaches may not be sufficient, clients are increasingly turning to dynamic, globally-diversified portfolios that seek to provide competitive returns, while focusing on drawdown risk, transparency, and liquidity.
Chief Investment Officer, Windhaven Investment Management, Inc. |
| 8:20a |
Seeking Alpha: Opportunities in Today's Equities Market
CIO & Portfolio Manager, Wentworth, Hauser and Violich |
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TRACK A |
TRACK B |
| 8:45a |
Investing in Alternatives
What role will alternative investments play in endowment and foundation portfolios moving forward?
- Global trends in alternative investments
- Emerging managers for endowments and foundations
Moderator:
Chairman, Investment Committee, Rutgers University Endowment
Panelists:
CFA, CAIA, Gray & Co
Co-Founder & Managing Director, LM CAPITAL GROUP
Managing Director, Balestra Capital |
ALPHA
- What are the new alpha sources to consider?
- How will the evolving global economic environment influence alpha-generating strategies?
- What areas and strategies are producing the most Alpha
- Extracting Alpha from non conventional areas, where to look?
- Rebalancing & Realignment
Moderator:
Chief Investment Officer, Penn State University
Panelists:
CEO and Director of Research, ATHENAINVEST
Managing Principal, III ASSOCIATES
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| 9:45a |
OPPORTUNITIES IN THE CREDIT MARKET
- Major trends in the credit markets for 2012
- Exploiting inefficiencies in the credit markets
- Benefits of investing in structured products
- Distressed opportunities
- Borrowing from the bank
Moderator:
Dean's Executive Professor of Finance, Executive Director, SIFIRM, SANTA CLARA UNIVERSITY
Panelists:
TBA, DDJ CAPITAL MANAGEMENT
Managing Director, Head of Trading, Highland Capital Management L.P.
Chief Strategist, CreditSights, Inc. |
Real Estate outlook
- How Do You Determine Your Allocation to Real Estate?
- Is Real Estate Part of the Alternatives or an Asset Class on its Own?
- Buying distressed debt
- Long term fundamentals
- Top returns/minimum risk
- Diversification
Moderator:
Principal, The Townsend Group
Panelists:
President, CWS Capital Partners LLC
CIO, New Boston Real Estate Investments
COO, Lighthouse Realty Partners
President & CEO, URBAN AMERICA, L.P. Advisors
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| 10:45a |
Morning Refreshment Break
Sponsored by:
Windhaven Investment Management, Inc. |
| 11:00a |
Private Equity: Where do the best opportunities exist?
- Endowments & Foundations impact on PE investing
- Short term expectations?
- Latest trends & Opportunities
- How does Private Equity fit within a long-term portfolio
- Opportunities abroad
- Where are the opportunities in the buyout market today
- Detailed look at the secondary market
Moderator:
Managing Partner, Corgentum Consulting, LLC
Panelists:
Managing Director, Fisher Lynch Capital
Managing Director, Brooke Private Equity Associates
TBA, Catalyst Health Ventures |
Foreign Exchange: Myths, Realities and Attractive New Absolute Return Opportunities for Fiduciaries
- The Currency Market: Yesterday, Today and Tomorrow
- Increasing Importance of the Scalable Liquid Asset, Buyer Beware
- Sources of Absolute Return from Currency Managers, Beta or Alpha?
- Innovative and Efficient New Investment Vehicles for Currency Absolute Return
Moderator:
Director, Hathersage Capital Management, LLC
Panelists:
Director, CITIBANK ZURICH
Executive Director, MORGAN STANLEY NEW YORK
Director, Research & Communications, Russell Implementation
Partner and Co-Founder, Goose Hollow Capital Advisors |
| 12:00p |
How investing in Real Assets can provide exposure to a more diverse array of opportunities
- Timber
- Commodities
- Agriculture
- Oil & Gas
- Water
- Precious metals
- New alternatives
Moderator:
Panelists:
Head of Corporate Development, Tortoise Capital Advisors
CEO, Timbervest |
Investment opportunities in Emerging Markets
- What are the main long-term drivers for endowments & foundations to invest in emerging markets?
- How can investors use exposure to emerging markets to diversify
- What are the main risks and how do you manage them?
- BRIC economies
Moderator:
Co-head Investment Research, RogersCasey
Panelists:
Chief Executive Officer, Old Mutual Global Index Trackers (US) LLC
Senior Vice President, Head of Institutional Relationships, Thomas White International, Ltd.
Partner, Arcano Group Asset Management |
| 1:00p |
Luncheon |
| 2:15p |
CIO Outsourcing...When does it make sense?
- Why move to an outsourced CIO model?
- Compliance and fiduciary issues when outsourcing
- Advantages and disadvantages of outsourcing your endowment
- Why outsource your back office?
- Transparency and Continuity
- Compliance Issues
- Fiduciary Duties
- Types of outsourcing providers
Moderator:
Chairman of the Investment Committee, University of Alaska Endowment
Panelists:
Director Of Investments, University of Richmond
Managing Director, Commonfund
Managing Director, Cambridge Associates
Managing Principal & Director, Fund Evaluation Group, LLC |
| 3:15p |
Equity Investing
- Where are the best investment opportunities in 2012
- Importance of income and income growth and how to obtain it in the equity market
- How much of your allocation should be in equities?
- Which industries should you allocate to
- The international equity market
- The domestic equity market
- Role of the traditional core portfolio
Moderator:
Executive Vice President and Chief Investment Officer, Consultiva Internacional, Inc.
Panelists:
Managing Partner, ZADIG GESTION LUXEMBOURG
Executive Vice President, Hodges Capital Management
Managing Director, Portfolio Manager, Clearbridge Advisors |
| 4:15p |
From a Consultant's Perspective: The Changing Landscape for Endowments & Foundations
Moderator:
Director of Institutional Advancement, Yeshiva University
Panelists:
Managing Partner, NEPC, LLC
Senior Vice President, Meketa Investment Group
Principal, Asset Strategy Consultants
Institutional Consulting Director, Graystone Investment Consulting |
| 5:00p |
Cocktail Reception
Sponsored by:
Wentworth, Hauser and Violich |
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Friday, September 23, 2011 |
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| 8:00a |
Continental Breakfast |
| 8:30a |
Welcoming Remarks |
| 8:40a |
Alpha Opportunities in US Agency Mortgages
- Mortgages Remain a Top Performing Hedge Fund Sector
- Does the new prepayment environment offer opportunities for attractive risk adjusted returns?
Senior Portfolio Manager, Mortgage Derivatives, ING Investment Management |
| 9:00a |
Socially Responsible Investing / Fiduciary Responsibility
- The connection between SRI and financial performance
- The growth of the Principles for Responsible Investment (PRI)
- Having an impact through shareholder advocacy
- The growing availability of ESG (environmental, social, and governance) performance data on companies
- The specturm of SRI screening/research (negative, best in class, positive, integration)
- Investing in a sustainable future
- Green clean technologies
- Government & tax credits
Moderator:
CEO, Tides Foundation
Panelists:
Finance Director, Calvert Foundation
Portfolio Manager, Savitr Capital, LLC
Portfolio Manager, Trillium Asset Management Corp
Senior Vice President, Fund Evaluation Group
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| 10:00a |
Trends in Fixed Income
- Hedging your bets
- International buys
- Finding good sources
- Hold periods
Moderator:
Consultant & Research Associate, Fiduciary Investment Advisors
Panelists:
Co-Chief Investment Officer, Merganser Capital Management
An Annaly Company
Director, PFM Advisors
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| 11:00a |
Conference Concludes |
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Untitled Document
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