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The Investment Management Forum for Endowments & Foundations

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The Investment Management Forum for Endowments & Foundations FALL FORUM 2016 NMS MANAGEMENT PRESENTS The Investment Management Forum for Endowments & Foundations Mandarin Oriental Washington, D.C. September 25 – 28, 2016 Fall Forum Faculty FORUM HOST FORUM CHAIRMEN FEATURED SPEAKERS Nancy M. Szigethy Sally M. Dungan Robert D. Arnott Founder Chief Investment Officer Chairman & Chief Executive Officer NMS Management, Inc. Tufts University Research Affiliates, LLC Jeff Pippin Steven Drobny Senior Vice President & Founder and Chief Executive Officer Chief Investment Officer Drobny Capital Pepperdine University Arminio Fraga Paula J. Volent Founding Partner Senior Vice President for Investments Gávea Investimentos Bowdoin College Adam Grant Professor The Wharton School of Business at the University of Pennsylvania Author Give and Take and Originals Philipp Hildebrand Vice Chairman BlackRock Inc. Dr. Ashby Monk Executive and Research Director Stanford Global Projects Center Senior Research Associate University of Oxford Myron Scholes Professor, Emeritus, Stanford University Chief Investment Strategist Janus Capital Group Ian Shepherdson Chief Economist Pantheon Macroeconomics 2 SPEAKER FACULTY Christopher A. Abbate Li Gang Charlie McNairy Managing Director Chairman/CEO Chief Executive Officer Riverstone Holdings LLC CEPHEI Capital Management International Farming Corporation Steve Algert Chris Giles Dominique Mielle Managing Director, Investments Economics Editor Partner and Senior Portfolio Manager The J. Paul Getty Trust Financial Times Canyon Capital Advisors, LLC John Authers Fernando Guerrero Anthony T. O’Toole Senior Investment Columnist Managing Partner & Chief Financial and Investment Officer Financial Times Chief Investment Officer Truth Initiative Author Varadero Capital, L.P. The Fearful Rise of Markets, John C. Pomeroy, Jr. Europe’s Financial Crisis David Halpert Chief Investment Officer/ Founder, Portfolio Manager Chief Risk Officer Joseph S. Bohrer Prince Street Capital Management The Pennsylvania State University Chief Investment Officer Lafayette College Jeremy D. Hedberg James E. Rehlaender Partner and Co-Head of Corporate Chief Executive Officer Gordon G. Chang and Traded Credit Northwood Securities LLC Author Värde Partners, Inc. The Coming Collapse of China Michael R. Reist David F. Holstein Chief Investment Officer Amy L. Chen Portfolio Manager Phillips Academy Chief Investment Officer Capital Group Smithsonian Institution David Sherr Raymond A. Jacobson Founder and Managing Partner Andrew Conner Chief Investment Officer One William Street Capital Interim Chief Investment Officer Davidson College Management, L.P. Johns Hopkins University Bertrand Julien-Laferrière Zoltan Varga Isaac Corré Head of Real Estate Head of Asian Investing Chief Executive Officer and ARDIAN Executive Managing Director Portfolio Manager Member of the Partner Governors Lane LP John Labanowski Management Committee Founder, Portfolio Manager Och-Ziff Capital Management Group Jeremy T. Crigler Brenham Capital Management, L.P. Chief Investment Officer Steve Westly Tulane University Paul Lambert Managing Partner Head of Currency The Westly Group Michael Edleson Insight Investment Chief Risk Officer Shawn D. Wischmeier The University of Chicago Ken Lee Chief Investment Officer Director of Investments Margaret A. Cargill Philanthropies Ellen J. Ellison Carnegie Corporation of New York Chief Investment Officer Eric Yip University of Illinois Foundation Mary Anne Marsh Founder & Chief Investment Officer Principal Alder Hill Management Scott Ferguson Dewey Square Group Managing Partner Sachem Head Capital Management 3 Schedule Sunday, September 25, 2016 4:00 pm - 5:00 pm Early registration will be held in the Hotel Lobby Early Registration 5:30 pm Please join us as we kick off the 2016 Fall Forum with a Welcome Reception. Welcome Reception Monday, September 26, 2016 7:30 am Forum Registration and Continental Breakfast 8:15 am Welcome & Introductions Nancy M. Szigethy, NMS Management, Inc. Remarks from the Sally M. Dungan, Tufts University Forum Chairmen Jeff Pippin, Pepperdine University Paula J. Volent, Bowdoin College 8:30 am Investors around the world have become very comfortable with the idea that growth Opening Address: in the U.S. and other developed economies will be slow for the foreseeable future, and The U.S. Business Cycle is that inflation has been vanquished forever. The job of central banks, in this world, is to Normalizing, but Europe and Asia maintain ultra-accommodative policy, supporting both stock and bond markets. But the Plot Different Courses… U.S. business cycle is beginning to look increasingly inflation-prone as wage pressures …How Should Investors Respond? build, and the Fed’s inflation view is driven very substantially by labor costs. What will happen to markets if the Fed has to respond to upside inflation risks? Will Europe follow Fed tightening? How will China react to an unwanted monetary tightening? And what can investors do as global economies and policies diverge? Speaker: Ian Shepherdson, Pantheon Macroeconomics 9:30 am In the current environment real money allocators are struggling to find an appropriate Morning Keynote: model in a low yield, high risk, zero interest rate world. The conventional wisdom only A Global Macro Approach to adjusts strategic asset allocations following a market crisis, always looking backwards Real Money Management instead of forwards. A dynamic approach, grounded in global macro insights, provides guidance on how endowments and foundations can implement certain elements of macro hedge fund strategies, developing a new paradigm of portfolio construction. This presentation will highlight how to optimize hedge fund allocations in order to impact overall portfolio construction and performance. Speaker: Steven Drobny, Drobny Capital 4 Schedule Monday, September 26, 2016 10:15 am Break 10:45 am Topic: Investing in Brazil Keynote Address: Investing in Brazil Speaker: Arminio Fraga, Gávea Investimentos 11:45 am As investors contemplate a low-return environment and the changing global investment The Opportunity-Set in climate, the question of how to consider allocations in emerging markets remains a Emerging Markets dilemma. What is the current risk/return assessment and what factors should investors be mindful of as the macro environment continues to shift dramatically? What are the implications of the recent significant inflows of capital into emerging market equity funds? Will allocations to emerging markets deliver returns given ongoing monetary policy and investor sentiment that rates may remain low? What are the relative opportunities in public versus private markets? How are emerging markets likely to perform relative to developed markets in the mid-term and the long-term? What regions and countries may be ripe for investment? The discussants will offer their perspective and insights related to opportunity and risk in emerging markets, covering specific regions and cities. Moderator: Chris Giles, Financial Times Discussants: David Halpert, Prince Street Capital Management David F. Holstein, Capital Group 12:30 pm Luncheon 1:30 pm A candid and in-depth analysis of the presidential candidates and the current dynamics The Known versus the Unknown: of their general election campaigns will provide members with insights that will not be What President Clinton, or found anywhere else. This session will focus on the election prospects of Hillary Clinton President Trump, Will Mean for and Donald Trump becoming the next President of the United States, what their America and the World respective presidency will mean for the U.S. and global economies, as well as for specific markets. A strong populist sentiment dominated both primaries and it will be a significant factor in the general election. Voters’ anger and concerns about the economy have been underestimated not only in this election but also abroad as we witnessed with Brexit. These two factors are inextricably linked and likely to determine along with others who will become the 45th President of the United States. Speaker: Mary Anne Marsh, Dewey Square Group 5 Schedule Monday, September 26, 2016 2:30 pm In the wake of Brexit, investors seek to understand the implications on financial markets The Future of Europe after Brexit: of this historical structural change on the global stage. The presentation will explore What Investors Need to Know what the future of Europe may look like with an emphasis on insights and takeaways for endowment and foundation investors. Speaker: Philipp Hildebrand, BlackRock Inc. 3:15 pm Break 3:45 pm Against the backdrop of low to no yields and extended volatile global equity markets, cap- Defining Characteristics of ital allocators are highly motivated to think differently about how to generate returns. At Successful Fund Managers: the same time, market dynamics going forward may demand different skillsets from man- New Launches, Spin-Outs and agers in a changing investment environment. This session will focus on the specific area of Emerging Managers new launches, spin-outs and emerging managers – with an emphasis on early identification of manager talent. Going forward, what will the indicators and characteristics of successful fund managers be? From the perspective of three fund managers in various stages of launch and early growth, the discussion will highlight their experiences, positioned to provide allo- cators with insights on manager selection. Conducted by: Ellen J. Ellison, University of Illinois Foundation Discussants: Isaac Corré, Governors Lane LP Scott
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