THE PENSION BRIDGE ANNUAL, San Francisco

Monday, February 26th 2007

• Functional Definition of a Fiduciary
• Discretionary Authority
• Core Standards of Conduct
• Prudent Man Rule
• Monitoring Operations and Fiduciary Liabilities

Fiduciary Responsibilities & Pitfalls in Portfolio Transitions

• Understanding Fiduciary Risks and pitfalls in Transitions
• Unique Fiduciary Responsibilities and delegation difficulties
• What should Trustees and staff look for when evaluating Transition Managers?
• "Best Practice" Checklist for prudently matching needs to Transition Manager skills

Moderator:
Ron Schmitz, Director of Investments, Oregon State Treasury

Panelists:
Steve Glass, Managing Director, Plexus Group
Dan McAllister, Treasurer, San Diego County

• Risk Allocation vs. Asset Allocation
• Liability Driven Investment, (LDI) - how it can help to identify, mitigate, and reward Risk more efficiently
• Asset Liability Management and optimization
• Asset Allocation – how strategies have changed in the search for Alpha
• How market conditions affect total return
• Risk – How do you Measure and Manage?
• Asset Liability Management or Surplus Management?
• How do you measure Assets, Liabilities and Surplus?
• Can Bonds play a role in Pension Funds?
• What is an appropriate fixed income benchmark?
• Assessing Relative Value in the bond market
• Derivatives in ALM
• Selling Volatility or Buying Volatility?
• Role of Plan Sponsors and Consultants
• Use of Benchmark Indexes at the asset class level and manager level
• How Benchmark Selection at the asset class level and manager level impacts the plan in the long term
• How understanding the use of Benchmarks in satisfying Fiduciary Responsibilities can help Trustees to do a better job
• What should a Trustee know when selecting Benchmarks for the Equity asset class and for the Managers?

Moderator:
Paul Brown, Chairman, Big Spring Firemen’s Relief & Retirement Fund, President, TEXPERS

Panelists:
Kamila Kowalke, Director, Business Development, Dow Jones Indexes
Bill Ferrell, President, CIO Ferrell Capital Management
Satish Swamy, Senior Portfolio Manager, Regents of the University of California

• What should be the selection criteria for a asset class/strategy/manager?
• How does investing in Managed Futures actually diversify?
• How futures can balance the overall risk and volatility
• Increasing your exposure to international/global markets and non-financial sectors
• Ability to profit in any economic environment
• Independent & non-correlated systems

Alan Snyder, Managing General Partner, President, CEO Shinnecock Partners

Session B:  Infrastructure Investing

A Powerful Asset Class for Diversifying Portfolio Allocations

• Characterizing Infrastructure as an Alternative Asset Class – Private Equity or Real Estate?
• Benchmarking Returns, and comparing against other Asset Classes
• Diversification as a Risk-Mitigation Strategy
• What are the Risk-Return Characteristics of each type of Infrastructure Asset?
• How can Infrastructure fit into your Asset Allocation?
• Long Term Revenue Streams
• New Approaches and New Opportunities to Invest in Infrastructure

Carmen Campollo, Senior VP, Relationship Management, FTSE Americas

Tuesday, February 27th 2007

• Impact of inflation and interest rates on Real Estate
• Does it work in today's investment environment?
• The impact of the aging population on U.S. Real Estate
• What is your breakdown of equity and REITS?
• What is your risk tolerance?
• How do you distinguish yourself?
• What types of Real Estate investments are you looking at?
• Real Estate Products in your portfolio
• Real Estate Market Cycle Research
• What is the difference between Core-Plus, Value and Opportunity?
• International Real Estate and its risks, returns and diversification
• Cash flow effects on the equation
• Where is the best relative value today?
• Approaches to Real Estate Valuation
• Hyper-Inflation in Real Estate
• Why Real Estate continues as a strong choice
• US REITs – a proven asset class
• Global Approach to Real Estate
• Global Real Estate opportunities & benefits for Investors
• Dow Jones Wilshire Global RESI Index

Moderator:  
Tyler Edelstein, Senior Advisor, Former Managing Director, Real Estate & Natural Resources, Stanford Management Company

Panelists:
Joe Betlej, VP, Portfolio Manager, Real Estate Securities Advantus Capital Management
Scott Brown, Principal, Ennis Knupp & Associates
Marc Perrin, Managing Director, Starwood Capital Group
Wayne Knowles, Managing Director, Mutual Fund Sales, Wells Real Estate Funds

• It's role in an Institutional Portfolio
• Impact on asset allocation
• When is the right time to re-examine Fixed Income in your portfolio?
• Potential risks and the effects of rising interest rates and a weak US Dollar
• Strategies for the current economic environment
• What opportunities are there in alternative and non-traditional Fixed Income products?
• Attractive Long Term Returns
• Favorable Risk/Reward Characteristics
• Portfolio Diversification
• Opportunities in International Fixed Income
• Currency is a big factor
• How Global Fixed provides insight to global asset allocation
• Low returns, low volatility, low correlation can help in risk budgeting
• Maximizing your Fiduciary Responsibility via a Fixed Income Economically Targeted Investment (ETI) approach

Moderator: 
Jeremy Thiessen, Vice President, Pension Consulting Alliance

Panelists:
Eric Busay, Portfolio Manager, Currency & International Fixed Income, CalPERS
Alyssa Greenspan, Director, Portfolio Manager, Community Capital Management
Glenn Ezard, Senior Consultant, Segal Advisors
Jim Dadura, Principal, Segall Bryant & Hamill Investment Counsel
Chris Vincent, Principal, Head of Fixed Income Group, William Blair & Company

• How should your fund evaluate the various Private Equity investing opportunities?
• What a trustee needs to know about Private Equity
• Selecting a Private Equity Consultant
• The role of Private Equity in a diversified portfolio
• Building and managing a successful Private Equity Program
• Best practices in effectively administering a Private Equity portfolio
• How does Private Equity provide needed return and stability for Pension Funds?
• Actively Managing a Fund of Funds Portfolio
• Trends and opportunities
• Buy-Outs, M&A's, Secondaries, and IPO prospects
• Time & Sector Diversification
• Manager Selection
• Characteristics of a Mature Market
• Inefficiencies
• Private Equity Distribution Management

Moderator:
Walter Davis, Vice Chairman, Investment Advisory Committee, Texas School Permanent Fund

Panelists:
Leon Shahinian, Senior Investment Officer, Alternative Investment Management Program, CalPERS
Valerie Malter, Portfolio Manager, JPMorgan
James Mason, Managing Partner, Parish Capital Advisors

• Venture Capital Performance versus other Asset Classes
• Where does Venture rank among as compared to other Asset Classes in Portfolio Allocation?
• Venture Strategies to create Growth & Unique Value in today’s market
• What are today’s Strategies and how do they work?
• Specific Venture Sectors now poised for Growth
• What are the New Catalysts

Panelist:
Rod Randall, Senior Managing Director, Vesbridge Partners

• How is your fund designed for institutional investors?
• Monitoring risk
• Enhancing your returns
• Determining the right allocation for your fund
• Advantages of fund of fund investing
• How to evolve funds in a changing environment to sustain performance
• What do the different strategies mean and which one best meets the needs of pension funds?
• Where are the opportunities today and which ones are hot?
• Lessons learned from Amaranth
• Evaluating Managers from a Consultant’s Perspective – What we look for
• Global and International Equities
• Active Currency Management
• Commodities and Natural Resources
• African Emerging Markets

Moderator:
Amy Hirsch, CEO, Paradigm Consulting Services

Panelists:
Dennis Chu, Managing Director, Cambridge Associates
Mike Marcey, Managing Director, Efficient Capital Management
Toby Elliman, Managing Partner, Guidance Capital
Steve Paddon, Managing Director, Investec Asset Management

• What is Currency Alpha?
• Why does it exist?
• Why Currency Alpha vs. other Alpha?
• How is it done?

Panelits:
Don Feeney, Vice President, A.G. Bisset & Company
Ulf Lindahl, CIO, Senior VP, A.G. Bisset & Company

• How does Portable Alpha work – separating Alpha from Beta
• Advantages of a Portable Alpha Program
• Implementing a Portable Alpha Strategy/Program
• Major categories of Alpha Engines
• Considerations related to the cash investment or Alpha strategy
• Risk management
• Sources of Uncorrelated Alpha
• What are the different approaches to Enhanced Indexing?
• Does Enhanced provide more persistent Alpha than active?
• What are the key drivers of success?
• Active Management as Portable Alpha

Moderator:
John Richter, Trustee, Minnesota State Retirement Systems

Panelists:
Ernest Jaffarian, President, CEO, Efficient Capital Management
Joseph Geiger, Managing Director, GAM USA
Casey Jones, Trustee, Marin County Employees Retirement System

• Benefits and opportunities offered by investing in Emerging Managers
• What does the research on Emerging Managers show?
• Evolution of Emerging Manager programs
• What is the future for Emerging Managers?
• Strategies for implementing an Emerging Managers program
• Exploiting market inefficiencies utilizing Emerging Managers

Moderator:
Lisa Marie Harris, Deputy Treasurer, San Diego County, Trustee Alternate, San Diego County Employees Retirement Association

Panelists:
Erinch Ozada, Chairman, CEO Archery Capital
Jeff Auxier, President, CEO, Auxier Asset Management
Douglas Cliggott, CIO, Dover Management
Mark Watson, CEO, CIO, Keel Asset Management