27TH ANNUAL ENDOWMENTS AND FOUNDATIONS SUMMER FORUM

Transcription

1 IMI INVESTMENT MANAGEMENT INSTITUTE PRESENTS 27TH ANNUAL ENDOWMENTS AND FOUNDATIONS SUMMER FORUM July 27-30, 2014 The Equinox Resort Historic Route 7A, Manchester Village, VT ********** Sponsored by: AXA Investment Managers Baillie Gifford Baring Asset Management, LLC Baron Capital Management BNY Mellon / 484Wall Capital Management Crestline Investors, Inc. Deutsche Asset Management Radius Ventures LLC

2 IMI Presents ENDOWMENTS AND FOUNDATIONS SUMMER FORUM SUNDAY, JULY 27 TH 4:00 4:45 REGISTRATION (Colonnade Lobby) Please join us for pre-conference refreshments. Forum attendees are expected to attend all sessions. 4:45 5:00 WELCOME & INTRODUCTIONS (Colonnade) 5:00-5:45 VIEW OF THE WORLD (Colonnade) Insights on Japan, Europe and long term interest rate forecasts. As well as a discussion that highlights key market and economic risks that every investor should be aware of going forward. Hayes Miller Head of Multi-Asset, North America Baring Asset Management, LLC 5:45-6:30 OPENING NIGHT COCKTAIL RECEPTION (Lincoln Gardens) 6:30 8:30 DINNER (Colonnade: Jackets Required) OPENING REMARKS Russell K. Mason President Investment Management Institute KEY NOTE SPEAKER THE OPPORTUNITY INTERSECTION: SOCIAL MEDIA, PHILANTHROPY AND A 2030 WORLD People around the world from consumers to CEOs are changing the way that they interact with global causes and a major driver of this change is the advent of social media and the connected generation. How do these changes impact the ways that organizations think about their investment strategies, public relations posture and ways to engage with people around them? Aaron Sherinian Vice President United Nations Foundation Please join us after dinner for entertainment and conversation in the Falcon Bar and around the fire pit. MONDAY, JULY 28 TH 7:15-8:15 BREAKFAST ROUNDTABLES (Breakfast Manchester Foyer) SESSION A: GOVERNANCE: FROM THE CONSULTANTS AND INVESTMENT COMMITTEE MEMBER S PERSPECTIVES (Manchester) Jonathan Havice Principal Slocum John C. Pomeroy, Jr., CFA Chief Investment Officer Pennsylvania State University Foundation

3 SESSION B: IS THE INVESTMENT OUTLOOK FOR JAPAN REALLY CHANGING? (Dorset) Beverly L. Hamilton Endowment Committee Member University of Michigan SESSION C: WHAT IS INFLATION IN AN ENDOWMENT & FOUNDATION CONTEXT? (Bennington) Jeffry Haber, PHD, CPA Controller Commonwealth Fund GENERAL SESSIONS: (Rockwell) 8:15-9:00 ASIA PACIFIC EX JAPAN: INVESTING FOR GROWTH AMID UNCERTAINTY There is significant opportunity to reap outsized returns when dealing with uncertainty, embracing complexity and by accepting temporal volatility, particularly in Asian growth companies. Ewan Markson-Brown Investment Manager Emerging Markets Baillie Gifford 9:00-9:45 LISTED INFRASTRUCTURE: A NEW ASSET CLASS A relatively new asset class provides investors with superior returns at lower risk--while maintaining high liquidity. With significant growth in publicly-held global infrastructure assets, this expanding industry stands at $700B and 625 names today. We will define the broad investment universe and focus on the many benefits of "pure-play infrastructure" (e.g. stable and consistent cash flows) and address key risks (e.g. interest rate sensitivity). Listed infrastructure nicely complements not only MLP exposure but can also enhance your overall global equity allocation. Edward J. O Donnell III, CFA, CAIA Director, Global Head of Liquid Real Assets, GCG Deutsche Asset Management 9:45-10:00 MID-MORNING REFRESHMENTS 10:00-10:45 PRIVATE CREDIT AND DIRECT LENDING Today, more than ever, it is critically important to stay diligent and focus on maximizing returns on a risk-adjusted relative value basis and quantify and minimize undue tail risks. Based on what we are seeing in the markets today, there are a number of very interesting themes and asset classes, which exhibit robust risk-adjusted relative value. One such asset class, if executed properly, is middle market direct lending. Steve Richardson Director, Associate Portfolio Manager Crestline Investors, Inc.

4 10:45-11:30 A PRACTICAL APPROACH TO INTEGRATING ESG CONSIDERATIONS IN EQUITY PORTFOLIOS With the increases in demand for Environmental, Social, and Governance information and integration into the investment process, what resources are available to asset owners and asset managers to evaluate companies along ESG dimensions? From a practitioner s point of view, how to best integrate ESG considerations in conjunction with the more traditional portfolio construction objectives? Speakers: Matt Christensen Head of AXA IM s Responsible Investment Team AXA Investment Management Agustin Sevilla Director of Stock Selection Research AXA Rosenberg 11:30-12:30 LUNCHEON ROUNDTABLES (Manchester Foyer) SPOUSE LUNCHEON (Dormy Grill) Adjacent to the Equinox Golf Course (Putting Green) SESSION A: A DISCUSSION ON THE EURO (Bennington) Gerald Alain P. Chen-Young Vice President & Chief Investment Officer United Negro College Fund, Inc. SESSION B: A HOLISTIC, ENTERPRISE VIEW OF RISK (Dorset) Laura Kunkemueller Principal Mercer Investment Consulting, Inc. Andrew Mastroe Investment Analyst College of the Holy Cross SESSION C: IS IT TIME TO INCREASE EMERGING MARKET EQUITY EXPOSURE? (Manchester) Robert E. Leech, CFA, CFP Vice Chair, Investment Committee Sioux Falls Community Foundation 12:30-5:30 AFTERNOON ACTIVITIES (Golf, Tennis, Hiking) We are pleased to offer The Golf Club at Equinox (named by Golf Digest as One of the Top 75 U.S. Courses ) to all attendees and their spouses. Tee times start at 12:45 pm. A Guided Hike throughout the Equinox Preserve will leave from the Spa at 2:00. The Tennis Club at Equinox will host a Round Robin beginning at 2:30. The Spa at Equinox offers a full range of services incorporating products native to the surrounding Vermont region. The Spa is offering $20 off massages for IMI attendees. There is also a full fitness facility, indoor heated pool and movement studio for yoga, pilates and meditation. You may also visit Manchester Village (on The National Register for Historic Places) and the Outlet Shops located downtown.

5 6:00-7:30 COCKTAIL RECEPTION (Hildene Estate Gardens) There will be a shuttle service to the nearby Hildene Estate for a wine and cheese reception. Wine, Vermont cheeses and local craft beers will be served during the reception. Among the cheeses, Hildene Farm s Chevre and Havarti will be featured. In addition to the house and gardens, there will be guided tours of Hildene s cheese making operation and barn. Please meet at the front entrance of the hotel at 5:45pm. The shuttle bus will first stop at the barn. The barn tours are: 6:10 and 6:40. The second stop will be the house and gardens. The Georgian revival mansion is the former home of Robert Todd Lincoln, the eldest and only surviving son of Abraham Lincoln. You are welcome to tour the house, learn the history of the family and the restoration of the mansion. Docents will be on site to answer questions. The formal gardens are in full bloom and offer a spectacular view of the surrounding mountains and valleys. 7:30-9:00 DINNER (Equinox Pond Pavilion) TUESDAY, JULY 29 TH Theme: A NIGHT IN SEDONA Attire: Southwestern Style (casual) There will be a shuttle service from the Hildene Estate to the Pond Pavilion. Transportation will be provided back to the Equinox after dinner as well. Please join us after dinner for entertainment and conversation in the Falcon Bar and around the fire pit. 8:15-9:15 BREAKFAST ROUNDTABLES SESSION A: PAYING FOR ALPHA (Bennington) Irina Tanenbaum Senior Investment Analyst The Juilliard School Tom D. Brust Director Towers Watson Investment Services SESSION B: ENDOWMENT SPENDING POLICIES (Dorset) Jeffrey S. Amburgey Vice President of Finance Berea College

6 SESSION C: THE BALANCING OF A UNIVERSITY S LONG TERM INVESTMENT GOALS WITH THE SOCIAL CONCERNS OF THE STUDENT BODY (Manchester) Ronald R. Watts Vice President for Finance Oberlin College Jainen A. Thayer Chief Investment Officer Oberlin College GENERAL SESSIONS: (Rockwell) 9:15-10:00 TAIL RISK HEDGING As the long period of extended monetary policy draws to a close, most of us have focused on our investment portfolios and the implications for manager selection and asset allocation. However, there are also broad impacts on our institutions. This session will discuss the concept of tail risk both conceptually and pragmatically in light of the current environment and our committee structures. Speakers: Cynthia Fryer Steer Executive Vice President, Head of the Manager Research Group, Performance Analytics, and Investment Solutions BNY Mellon Investment Management 10:00-10:15 MORNING REFRESHMENT BREAK E. G. Fisher III Chief Executive Officer, Chief Investment Officer & Portfolio Manager 484Wall Capital Management 10:15-11:00 CAPITALIZING ON THE NEW BETA WITHIN THE HEALTHCARE INDUSTRY The healthcare system is undergoing a wide-sweeping transformation that will lead to a convulsive and disruptive reorganization of the largest industry of the US economy over the next decade. Some of healthcare industry s traditional sectors will confront tremendous challenges, while new, emerging sectors will rise, creating high-growth winners that generate substantial value for their owners and investors. What are the catalysts driving this mega trend, what are the complimenting investment themes, and which business models are likely to evolve to exploit the opportunity? Daniel Lubin Managing Partner Radius Ventures LLC 11:00 11:45 ALTERNATIVES TO FOSSIL-FUEL DIVESTMENT The state of the divestment movement Alternatives to divestment: (the case for investment and investment sectors) o Renewable energy investments o Energy efficiency investments o Ecosystem investments Speakers: Cary Krosinsky Co-Founder Carbon Tracker Iniative Peter Drasher Managing Partner AltruShare

7 11:45-1:30 LUNCHEON ROUNDTABLE Buffet lunch will be served in the Rockwell foyer-we will reconvene in the Rockwell room. NOT ONE-SIZE-FITS-ALL: ESG-PROTOCOLS (E.G., UNPRI), MISSION-ALIGNED POLICY STATEMENTS, AND THE INSTITUTIONAL INVESTOR Kathryn McCloskey Director, Social Responsibility United Church Funds Fran M. Coopersmith Senior Consultant Asset Strategy Consultants John A. Palmucci Senior Vice President for Finance & Administration Valparaiso University 1:30-5:30 AFTERNOON LEISURE TIME The afternoon is yours to enjoy the activities offered at The Equinox Hotel, visit some of the local attractions, or simply relax on the hotel veranda. 6:00-9:00 ANNUAL NEW ENGLAND CLAM AND LOBSTER BAKE (Dormy Grill) Join us for IMI s Annual Endowments & Foundations Family New England Clam and Lobster Bake. Instructors from The British School of Falconry at The Equinox will be on hand to demonstrate the art of falconry. Those twelve and older that are interested may participate in the hands-on instruction. You re also invited to compete in the IMI Invitational Putting Tournament, which is open to juniors and adults. There will be music, karaoke and dancing as well as fun games and a popcorn machine. Please join us after dinner for entertainment and conversation in the Falcon Bar and around the fire pit. WEDNESDAY, JULY 30 ST 8:00-9:00 BREAKFAST ROUNDTABLES SESSION A: OCIO: A REMEDY FOR YOUR ENDOWMENT`S `FIDUCIARY FATIGUE?(Bennington) David W. Bahlmann President Emeritus Ball State University Foundation SESSION B: INTEREST RATES WHAT S NEXT? (Dorset) Fran M. Coopersmith Senior Consultant Asset Strategy Consultants SESSION C: MONETARY POLICY, THE GREAT RECESSION & INNOVATION (Manchester) John Michaelson CIO & Chairman of the Investment Committee The Cooper Union for the Advancement of Science and Art Endowment

8 GENERAL SESSIONS: (Rockwell) 9:00-9:30 THE ART OF PHILANTHROPY Best practices in philanthropic investments and other humanitarian adventures. Terry Torok Chief Executive Officer Live From Earth 9:30-10:15 CONSULTANTS PANEL: Panelists: Russell K. Mason President Investment Management Institute Maggie Ralbovsky, CFA Managing Director Wilshire Associates, Inc. Karen Chandor, CFA, CAIA, CPWA, CFP Principal Mercer Investment Consulting, Inc. David T. Shukis, CFA Head of Global Investment Services Cambridge Associates 10:15-10:45 ROUNDTABLE UPDATES Roundtable representatives will summarize key points of discussions. 10:45-11:00 SUMMER FORUM WRAP-UP & CLOSING COMMENTS Russell K. Mason President Investment Management Institute