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Foundations & Endowments Investment Summit Agenda

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Rethinking Strategic Asset Allocation: …

Rethinking Strategic Asset Allocation:
Considering Liquidity and Risk Management

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  • 1. Register by 1/29/2010 & Presents Save $1,399 See page 5 for details. INVESTMENT SUMMIT TM Rethinking Strategic Asset Allocation: Considering Liquidity and Risk Management March 24-25, 2010 New York, NY • Pinpointing the asset classes that suffered the biggest losses over the past 18 months • Dissecting what opportunities are available for foundations and endowments in the post-2008 investing environment • Debating whether the prospects for alternatives in foundations and endowments are as good in the future as they have been in the past • Learning how to shift portfolios from outdated investment strategies to asset allocations that will better meet set investment objectives and achieve better liquidity CONFIRMED SPEAKERS: • Elaine Chan, Senior Investment • Cathleen Rittereiser, Co-Author, • Abel Mojica, Head of Corporate Analyst-Private Equity Investments, Foundation and Endowment Investing: Development, Tortoise Capital Robert Wood Johnson Philosophies and Strategies of Top Advisors Foundation Investors and Institutions • Frank Cullity Wilson, Executive • Don Steinbrugge, • Nathan Fischer, Former CIO, The Chairman, TFS Corporation Ltd. Investment Committee Member, Lumina Foundation for Education Science Museum of Virginia • Susan Mangiero, President and CEO, Endowment Fund • Stephen Viederman, Former Investment Governance, Inc. President, Jessie Smith Noyes • Kevin A. Edwards, Associate Vice Foundation • Georgeanne Perkins, Former Director President for Treasury Services, of Private Equity, Stanford University University of Connecticut • David J. Brophy, Director, Center for Foundation Venture Capital and Private Equity • Mark Faro, Managing Editor, Finance-Stephen M. Ross School of Foundation & Endowment Money • Sonali Dalal, Associate Director of Business, University of Michigan Management Investments, Penn State University • Stewart Hudson, President, Emily • Thomas E. Flanagan, Managing Hall Tremaine Foundation Director, New Providence Asset • Jeff Pippin, Portfolio Manager, Management Pepperdine University • Juan Carlos Artigas, Investment Research Manager, World Gold • Lance R. Odden, Managing Director, • Michael Lent, Trustee, The Council New Providence Asset Management; Edward W. Hazen Foundation Former Headmaster, Taft School Sponsors: Media Partners: WWW.FOUNDATIONSANDENDOWMENTSSUMMIT.COM
  • 2. ATTEND AND NETWORK WITH: • Chief Investment Officers • Treasurers • Directors of Investment • Chairs of Investment Committees • Portfolio Managers • Trustees • Senior Investment Analysts • Investment Managers • Heads of Private Equity INVESTMENT SUMMIT TM • • • Hedge Fund Managers Finance Directors Heads of Alternative Investments • Index and ETF Providers Dear Colleague, • Legal Experts • Directors at Rating Agencies • Senior Investment Consultants Foundation and endowment portfol ios have been deeply impacted by the tumultuous economy over the past two years, resulting in significant losses. The Foundation s & Endowments Investment ABOUT THE ORGANISER Summit is the premier conference designed to equip institutional investment executives with the too ls they need to explore the latest trends in strategic asset allocation and risk management. We are gathering experts to discuss opportu Finance IQ and IQPC provide business nities in alternative investments, how endowments are approaching executives around the world with tailored diversification in the rebounding practical conferences, large scale events, economy and how to minimize risk topical seminars and in-house training . programs, keeping them up-todate with industry trends, technological developments The Foundations & Endowments and the regulatory landscape. Finance IQ and Investment Summit is the perfect IQPC’s large scale conferences are market platform for institutional investors to hear from their peers, leading leading “must attend” events for their policymakers and top investment exec respective industries. IQPC produces more utives. Attendees will share ideas than 1,500 events annually around the world, through tailored interactive roundtab and continues to grow. Founded in 1973, les, benchmark their portfolios through case studies, and network IQPC now has offices in major cities across six with fellow investment professiona continents including: Berlin, Dubai, London, ls. New York, Sao Paulo, Singapore, Stockholm, Please take a few minutes to read Sydney, and Toronto. IQPC leverages a global through the agenda, and visit our research base of best practices to produce an website- www.foundationsandendo unrivalled portfolio of conferences. wmentssummit.com for the latest information on additional speakers. I look forward to meeting you in New York this March. SPONSORSHIP AND Kind regards, EXHIBITION OPPORTUNITIES Sponsorships and exhibits are excellent opportunities for your company to showcase its products and services to high- level, targeted decision makers attending the Corporate Health & Wellness Summit. IQPC helps companies like yours achieve Jenna Gottlieb important sales, marketing and branding objectives by setting aside a limited number Director, Foundations & Endow of event sponsorships and exhibit spaces – ments Investment Summit all of which are tailored to assist your Conference Producer, Finance IQ organization in creating a platform to T : 212-885-2754 maximize its exposure at the event. jenna.gottlieb@iqpc.com For more information on sponsoring or exhibiting at this or other upcoming events, please contact Mario Matulich at (212) 885-2719 or sponsorship@iqpc.com 2 WWW.FOUNDATIONSANDENDOWMENTSSUMMIT.COM
  • 3. MAIN CONFERENCE DAY ONE WEDNESDAY, MARCH 24, 2010 8:00 Registration & Coffee 1:50 Case Studies: Endowments Discuss Hedge Funds • Pinpointing the concerns and risks associated with hedge fund 8:45 Chairperson’s Opening Remarks investing after the trauma of 2008 • Determining the appropriate hedge fund allocation in 9:00 Lessons Learned: Strategic Asset Allocation Then foundation and endowment portfolios and how to measure risk and Now • Addressing liquidity and volatility concerns with sponsored • Analyzing portfolio construction and investment themes, and funds, fund of funds, and discretionary accounts determining where costly mistakes were made Don Steinbrugge • Pinpointing the asset classes that suffered the biggest losses Investment Committee Member over the past two years Science Museum of Virginia Endowment Fund • Debating whether alternative investments were worth the risk and discussing asset allocation going forward and the need for liquidity 2:50 Impact Investing Trends and Expected Returns • Detailing opportunities in SRI, green and mission-based • Providing an overview of asset allocation portions and how it is investments including energy, cleantech, timber, and infrastructure changing • Comparing SRI returns versus traditional models for foundations and Jeff Pippin endowments as well as the long-term benefits and risks involved Senior Vice President and Chief Investment Officer • Reviewing the rise of “terror-free” funds for faith-based Pepperdine University foundations including SEI’s funds for Jewish organizations that restrict investments in Iran and Syria Georgeanne Perkins Former Director of Private Equity Stephen Viederman Stanford University Former President Jessie Smith Noyes Foundation Mark Faro Managing Editor Michael Lent Foundation & Endowment Money Management Trustee The Edward W. Hazen Foundation 9:50 Investment Opportunities in the Infrastructure Sector 3:40 Networking Break • Discussing the strengths of infrastructure investing including low operating costs and inflation-linked revenues 4:10 Asset Class Spotlight: Interactive Roundtable • Reviewing the risk/return profile and the most attractive investment Discussions opportunities for private and institutional investors The Foundations & Endowments Investment Summit is a great • Understanding valuation and how large a role infrastructure assets opportunity to get a better handle on some of the alternative asset should play in a diversified portfolio classes that may be of interest to you. Each roundtable discussion lasts Abel Mojica one hour, and is led by an expert in that particular field. The uniquely Head of Corporate Development informal format of the session enables you to brainstorm with your Tortoise Capital Advisors peers regarding the suitability of that particular asset class for your investment portfolio. Asset classes under the spotlight include: • Hedge Funds 10:40 Networking Break • Private Equity • Emerging Markets • Real Estate • Commodities 11:10 Investing In Forestry: Another Means of Diversification • Infrastructure • Forestry • Pinpointing the advantages of investing in forestry such as achieving • Distressed Debt • ETFs traditional equity returns with fixed income volatility • Measuring the risk associated with these asset classes and discussing Juan Carlos Artigas portfolio optimization strategies for family offices, foundations and Investment Research Manager endowments World Gold Council • Comparing forestry with other alternative asset classes, noting that the (Confirmed for Commodities roundtable) commodity has outperformed other commodities in both high and low inflationary environments Abel Mojica Head of Corporate Development Frank Cullity Wilson Tortoise Capital Advisors Executive Chairman (Confirmed for Infrastructure roundtable) TFS Corporation Ltd. Frank Cullity Wilson 12:00 Networking Luncheon Executive Chairman TFS Corporation Ltd. 1:00 The Strategic Case for Investing in Gold (Confirmed for Forestry roundtable) • Discussing that, on a risk-adjusted basis, gold performed better than other assets such as domestic and international equities 5:00 End of Conference Day One • Reviewing opportunities that are available for institutional and private investors • Exploring new vehicles including Gold Exchange Traded Funds, which continue to attract new funds Juan Carlos Artigas Investment Research Manager World Gold Council 3 Sponsors:
  • 4. MAIN CONFERENCE DAY TWO THURSDAY, MARCH 25, 2010 8:00 Registration & Coffee 1:30 Implementing Formal Liquidity Policies • Analyzing the advantages of an increasing number of 8:30 Chairperson’s Opening Remarks endowments putting formal liquidity policies in place, similar to investment policy statements 8:40 Re-Evaluating the Appetite for Risk • Outlining how policies are created, what’s included and the • Addressing how steep market losses have led foundations and percentages behind them endowments to re-examine how they measure risk • Hearing a case study of an endowment that recently instituted a • Determining how much risk to take on and the use of stress tests formal liquidity policy and learn of their results • Examining asset mixing as a way to minimize risk to foundation and Elaine Chan endowment portfolios Senior Investment Analyst-Private Equity Investments • Reflecting on how smaller endowments have followed the ivy league Robert Wood Johnson Foundation approach, but underestimated the risks David J. Brophy 2:20 Examining the Role of Alternatives after a Crisis Director, Center for Venture Capital and Private Equity Finance-Stephen M. • Debating whether the prospects for alternatives in Ross School of Business foundations and endowments are as good in the future as University of Michigan they have been in the past • Discussing private equity and venture capital investing, return 9:30 Charting the Road to Recovery and Managing expectations and where the best opportunities exist Expectations • Explaining the long-term drivers for foundations and • Learning how to shift portfolios from outdated investment strategies endowments to invest in emerging markets to asset allocations that will better meet set investment objectives • Dissecting what opportunities are available for foundations and Cathleen Rittereiser endowments in the post-2008 investing environment and outlining Co-Author, Foundation and Endowment Investing: the specific asset classes to consider allocating to over the next 18 Philosophies and Strategies of Top Investors and Institutions months Susan Mangiero • Weighing how the need for liquidity will impact investment decisions President and CEO Kevin A. Edwards Investment Governance, Inc. Associate Vice President for Treasury Services University of Connecticut Foundation 3:10 Benchmarking: Critical to Effective F&E Portfolio Management Sonali Dalal • Simplifying the methods behind portfolio benchmarking and how Director, Investment Strategy & Research to measure appropriately Penn State University • Learning about hybrid benchmarks, some of which could consist of up to seven indices 10:20 Networking Break • Addressing that size matters—many smaller endowments based performance on the largest university endowments, but did not 10:50 Examining Outsourcing Trends and the Co-Fiduciary make adjustments for differences in risk Model Nathan Fischer • Determining when outsourcing is a good option for foundations Former CIO and endowments and reviewing the different business models The Lumina Foundation for Education available such as a single model portfolio or a more customized approach 4:00 Close of Conference • Dissecting the compliance and fiduciary issues when outsourcing including complex transition issues • Hearing a case study of an endowment that recently outsourced its CIO role POST CONFERENCE Thomas E. Flanagan Managing Director New Providence Asset Management WORKSHOP 4:15-5:45 (Registration 4:00) Lance R. Odden Managing Director Changing Investment Managers: New Providence Asset Management Making the Process Less Painful Former Headmaster After a jam-packed day of big picture panel discussions, case studies, and Taft School presentations, the Foundations & Endowments Investment Summit gives you the chance to meet and brainstorm with a small group of your peers during our 11:40 Pinpointing and Preparing for Future Operational post-conference workshop session. This is a great opportunity to dive into the Challenges tricky details of a critical topic: changing investment managers. • Discussing how to address potential investment issues including inflation • Learning how to create an investment policy that allows investment What you will learn: managers the flexibility to protect foundations and endowments from • Identify the communication difficulties between consultants, investment staff, significant losses, without making the policy too broad and board members that can hamper effective decision making • Understand the importance of qualitative expertise as a pre-requisite for • Sorting out what's real and what's not--how policy shapes investment opportunities in the clean tech/natural resource space and how this will entering new markets and asset classes • Create a clear, comprehensive checklist play out at a federal, state and local level 2010-2011 Stewart Hudson How you will benefit: President • Create effective, transparent procedures for introducing new asset classes into Emily Hall Tremaine Foundation your portfolio • Enhance communication between consultants, investment staff and board 12:30 Networking Luncheon members • Strengthen the due diligence process and invest with greater confidence 4 WWW.FOUNDATIONSANDENDOWMENTSSUMMIT.COM
  • 5. ABOUT OUR PARTNERS SPONSORS Founded in 1987, the World Gold Council, the marketing organisation formed and funded by the world’s leading gold mining companies, represents 23 companies and more than 40% of private sector production. The World Gold Council is an international, not for profit organisation, with offices in India, China, Japan, the Middle East, Turkey, Western Europe and North America. As the gold industry’s key marketing body, we work closely with jewellery retailers, manufacturers, wholesalers, banks, investment companies and distribution specialists to promote the use of gold in all its forms, be it jewellery, investment or industrial applications. Our work in the investment sector focuses on three core areas: research, communication and facilitating gold investment by improving the ease of access. The World Gold Council does extensive work on communicating the investment case for gold to investors. We have built up a body of research that is highly regarded and used by pension fund advisors, fund managers, precious metals analysts, private client advisors and central banks. Our website, www.gold.org is the prime medium for publishing this research and statistics, as well as providing exhaustive information about gold. TFS Corporation Ltd (ASX: TFC) is an owner and manager of Indian sandalwood plantations in the east Kimberley region of Western Australia. As part of its vision to be a vertically integrated producer of finished sandalwood products, TFS owns a significant proportion of the plantations in its own right and in 2008 acquired Mount Romance Australia (Mount Romance), the Albany-based sandalwood processor and oil distributor. TFS was founded in 1997 to exploit the success of government trials into the plantation growth of Indian sandalwood in the Ord River Irrigation Area (ORIA) of north-east Western Australia. TFS’s first planting was in 1999 and it now manages the largest area of Indian sandalwood plantation in the world, with 2,500 hectares planted in the ORIA. The majority of the TFS plantations are managed on behalf of investors in Managed Investment Schemes. TFS has a land bank of over 2,600 plantable hectares for future sandalwood plantings in the ORIA and at its Kingston Rest property 65 kilometres south of the ORIA. The company listed on the Australian Stock Exchange in December 2004 and is currently capitalised at over $200 million. TFS is committed to adopting and maintaining the highest environmental and ethical standards in all aspects of its business. All plantations are grown on land that has previously been used for agricultural or horticultural production. As the first ORIA land owner to recycle its water, TFS was the winner of the 2006 State Regional Water Award. TFS was recently ranked as an industry leader in ethical and sustainable practices by Oekom Research, a leading international ratings agency. In 2009, TFS entered the prestigious Forbes Asia Pacific's ‘Best Under a Billion’, which recognises the Top 200 companies from more than 25,326 publicly- listed firms in the Asia/Pacific region with revenue of less than US$1 billion. Tortoise Capital Advisors, LLC was founded in 2002 by an experienced team of investment professionals to provide energy infrastructure MLP investment management services to individual and institutional investors. Our professionals pioneered and refined a distinct strategy of investing primarily in diverse midstream oil and gas pipeline companies that charge a service fee to transport energy products from production points to end users. Our MLP investments offer stockholders low commodity risk, a high level of total return with an emphasis on reliable distributions. We manage four publicly-traded closed-end funds, two privately held funds and separately managed accounts. Our "yield, growth and quality" objectives determine every investment decision we make. We further diversify our investments among issuers, geographies and energy commodities to achieve a stable distribution yield that performs competitively when compared to other business models with similar risk characteristics. As of Dec. 31, 2009 we had approximately $2.8 billion of assets under management. BLOOMBERG TRADEBOOK® is a leading global agency broker used by institutional traders, broker-dealers, hedge fund managers, market-makers and portfolio managers worldwide. Tradebook provides a comprehensive front-toback execution, clearing and settlement solution for equities, futures, options and FX instruments. Founded in 1996, Tradebook is a leading electronic consolidator of global liquidity, offering its global customer base with trading solutions in over 60 global markets via eight offices on five continents. Many leading buy-side institutions and broker-dealers have come to rely on Tradebook’s commitment to customer service and unique blend of innovative trading algorithms and algorithmic trading strategies to help them seek best execution on one integrated platform. New Providence Asset Management’s mission is to preserve and enhance the inter-generational wealth of tax- exempt organizations and select high net worth clients by providing the complete services of a full-time investment office. New Providence assumes responsibility and accountability for manager selection, asset allocation, and portfolio performance. A relationship with New Providence is one of collaboration, partnership, and complete transparency. Our team has over 150 years of combined experience investing as principals and invests substantial personal capital with the same managers and on the same terms as our clients. New Providence is an SEC Registered Investment Adviser with close to $2.0 billion under management. MEDIA PARTNERS 6 WWW.FOUNDATIONSANDENDOWMENTSSUMMIT.COM
  • 6. Register by 1/29/2010 & Presents Save $1,399 See page 5 for details. INVESTMENT SUMMIT TM Rethinking Strategic Asset Allocation: Considering Liquidity and Risk Management 5 EASY WAYS TO REGISTER: 1 Web: www.foundationsandendowmentssummit.com 2 Call: 1-800-882-8684 3 Email: info@iqpc.com March 24-25, 2010 | New York, NY 4 Fax: 1-646-378-6025 5 Mail: IQPC 535 5th Avenue, 8th Floor, New York, NY 10017 (Email this form to info@iqpc.com or fax to 646-378-6025) YES! Please Register Me For: ❑ Conference Only ❑ All Access ❑ Workshop Name ____________________________________________________________ Job Title _________________________________________________ Organization______________________________________________________ Approving Manager________________________________________ Address _____________________________________________ City________________________________________State__________Zip________ Phone________________________________________________ E-mail_______________________________________________________________ ❑ Please keep me informed via email about this and other related events. ❑ Check enclosed for $_________ (Payable to IQPC) ❑ Charge my ❑ Amex ❑ Visa ❑Mastercard ❑ Diners Club Card #__________________________Exp. Date___/___CVM Code______ ❑ I cannot attend, but please keep me informed of all future events. 18534.001/D/KD REGISTRATION INFORMATION HEADS OF FOUNDATION Standard Team Discounts: For information on team discounts, please contact IQPC Customer Service at 1-800-882- & ENDOWMENTS Price 8684. Only one discount may be applied per registrant. Special Discounts Available: A limited number of discounts are available for the non-profit sector, Conference Only government organizations and academia. For more information, please contact customer service at $499 1-800-882-8684. Workshop $99 Details for making payment via EFT or wire transfer: JPMorgan Chase - Penton Learning ALL OTHERS Standard Systems LLC dba Price IQPC: 957-097239 ABA/Routing #: 021000021 Conference Only Reference: Please include the name of the attendee(s) and the event number: 18534.001 $1,799 Payment Policy: Payment is due in full at the time of registration and includes lunches and refreshment. All Access (SAVE $149) Your registration will not be confirmed until payment is received and may be subject to cancellation. $2,199 Special Dietary Needs: If you have a dietary restriction, please contact Customer Service at 1-800-882- Workshop $549 8684 to discuss your specific needs. For IQPC’s Cancellation, Postponement and Substitution Policy, please visit Please note multiple discounts cannot be combined. www.iqpc.com/cancellation A $99 processing charge will be assessed to all registrations not accompanied by Venue Information: Venue is to be announced. Please check the website at credit card payment at the time of registration. www.foundationsandendowmentssummit.com for updates and announcements. MAKE CHECKS PAYABLE IN U.S. DOLLARS TO: IQPC ©2010 IQPC. All Rights Reserved. The format, design, content and arrangement of this brochure constitute a trademark of IQPC. Unauthorized reproduction will be actionable under the Lanham Act and common law * CT residents or people employed in the state of CT must add 6% sales tax. principles. 5 WWW.FOUNDATIONSANDENDOWMENTSSUMMIT.COM