Breakfast

Chairman’s Opening Remarks

Dory Wiley, Trustee, Chairman Alternative Assets Committee, Teacher Retirement System of Texas

Keynote Speaker

Challenges Facing Public Pensions and Maybe Even a Solution or Two

Joseph Haslip, Executive Director of Pensions, New York City Retirement Systems

Hedge Fund Panel

• How is your Fund designed for Institutional Investors?
• Determining the Right Allocation for your Fund
• What do the Different Strategies mean and which one best meets the Needs of Pension Funds?
• Fund of Funds Investing vs. Direct
• Monitoring Risk
• Enhancing your Returns
• Liquidity, Volatility and Transparency
• How to Evolve Funds in a Changing Environment to sustain Performance
• What are the Risks we’ve seen with Quant Hedge Funds and can we avoid these issues?
• Are Quant Hedge Funds in general too highly leveraged, overlapping in strategies (measuring momentum and valuation), and do they have too much money chasing the same opportunities?
• Where are the Opportunities today and which ones are hot?
• Emerging Markets
• Picking the right Hedge Fund or Fund of Funds
• The Future of Hedge Funds

Moderator:
Thomas Shanklin, Senior Consultant, Wurts & Associates

Panelists:
George Tarlas, Managing Director, Asset Consulting Group
John Boles, Managing Director, Attalus Capital
Bill Ferrell, President, CIO Ferrell Capital Management
Craig Pollak, Principal, Ivory Investment Management, L.P.

Currency Alpha

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

Speaker:
Don Feeney, Vice President, A.G. Bisset & Company

Portable Alpha Panel

• 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?

Moderator:
Scott Whalen, Executive Vice President, Senior Consultant, Wurts & Associates

Panelists:
Bryan Decker, Director of Alternative Research, Evaluation Associates, LLC.
Mark Roemer, Senior Vice President, Portfolio Manager, Systematic Nicholas-Applegate Capital Management

Refreshment Break
Sponsored by A.G. Bisset & Company:

130/30 Strategy
This approach to equity management has quickly become increasingly more popular among institutional investors over the past two to three years. Estimates now state that approximately $50 billion in assets have been allocated to this strategy which allows for a controlled level of shorting.

• Explanation of this "Short Extension" or "Limited Shorting" Strategy
• Why has it become attractive?
• Is it "Risk Controlled?"
• How has it created Diversification?
• How does it generate Alpha and how can it improve your Portfolio's Performance?
• Underweight/Overweight positions among Larger and Smaller Cap Stocks
• Capitalizing on Outperforming or Underperforming Stocks in a sector
• Why this is a skilled Manager's Opportunity & a less skilled Manger's Risk?
• How do you go about evaluating the Managers?

Moderator:
Michael C. Wright, Principal, Buck Consultants

Panelists:
Kurt Borgwardt, CFA, Senior Vice President, American Century Investments
Dennis M. Bein, Chief Investment Officer, Portfolio Manager, Analytic Investors
Glenn Ezard, Senior Consultant, Segal Advisors

Managed Futures Panel

• What should be the Selection Criteria for an 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
• Commodities offer Developing Country Exposure without the Country Specific Political Risks
• Commodities and Natural Resources
• Ability to Profit in any Economic Environment
• Independent & Non-Correlated Systems

Speaker:
John Hummel, President, Principal, AIS Futures Management, LLC

Indexing

• Enhancing Returns and Diversifying with Non Traditional Indexes
• Passive Management Investing vs. Active Management Investing
• Investable Indices vs. Non-Investable Indices
• Industry Trends

Speaker:
Jordan Allen, President, HFR Asset Management, LLC

Lunch – Deli Buffet
Sponsored by Analytic Investors

Real Estate Panel

• Impact of Inflation and Interest Rates on Real Estate
• 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-Added and Opportunity?
• International Real Estate and its Risks, Returns and Diversification
• The current state of the REIT Market – Domestic and Global
• Global Real Estate Investment Trends
• Cash Flow Effects on the Equation
• Where is the best Relative Value today?
• How will the Subprime and Alt-A Mortgage Catastrophe affect the Mortgage Industry and Credit Markets going forward?  What effect does this have on your investment decision making?

Moderator:
Rick Agosto, Trustee, Texas Permanent School Fund

Panelists:
Stanley Iezman, President, CEO, American Realty Advisors
Michael Humphrey, Managing Principal, Courtland Partners, Ltd.
Jack Foster, Head of Real Estate,  Franklin Templeton
Micolyn Yalonis, Principal, The Townsend Group
Christopher McGibbon, Managing Director, Global Real Estate Group, TIAA-CREF

Refreshment Break
Sponsored by FTSE Americas

Infrastructure Investing
A Manager’s View

• 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

Speaker:
Donald Keith, Deputy Chief Executive, FTSE Group

Plan Sponsor Perspective on this Growing Asset Class
Includes Risks, Opportunities, and choosing the right Infrastructure Investment for your Fund

Speaker:
Paul Owens, CEO, Plan Manager, CAAT Pension Plan

Private Equity Panel

• What a Trustee needs to know about Private Equity
• The Role of Private Equity in a Diversified Portfolio
• How should your Fund evaluate the various Private Equity Investing Opportunities?
• Building and Managing a successful Private Equity Program
• What is your Allocation Strategy within the Subdivisions?
• Actively Managing a Fund of Funds Portfolio
• Private Equity’s Convergence into the Hedge Fund space
• The Age of Critical Manager Selection
• The Effects of a Matured Market
• How far into the Private Equity Boom are we?
• Emerging Markets – What Countries offer the best Opportunities?
• Buyout Industry Trends
• Defaults and Distressed Investing

Moderator:
Jonathan Rosenthal, Partner, Saybrook Capital, LLC

Panelists:
Brad Young, Partner and Head of North America, Altius Associates
Lisa Laird, Senior Consultant, Watson Wyatt Investment Consulting

Refreshment Break
Sponsored by Ferrell Capital Management

Emerging Managers Panel

• Evolution of Emerging Manager Programs
• Strategies for implementing an Emerging Managers Program
• Comparing the Attributes of Prospective Emerging Managers
• Benefits and Opportunities offered by investing in Emerging Managers
• How Emerging Managers balance Asset Allocation to enhance Fund Performance
• Evaluating an Emerging Manager’s Track Record for the Objectives of your Portfolio
  
• The Advantages Of Emerging Managers With Track Records
• Opportunities In Greater China – It Is No Longer A Matter Of If
  
• Due Diligence in Selecting Emerging Managers
• Risk Management and Monitoring of Emerging Managers
• What does the Research on Emerging Managers show?
• What is the future for Emerging Managers?
• Exploiting Market Inefficiencies utilizing Emerging Managers

Moderator:
Dan McAllister, Treasurer, San Diego County

Panelists:
Joyce Heinzerling, General Counsel, Archery Capital, LLC
Nick Kinney, Senior Vice President, Marketing and Business Development, FIS Group, Inc.
Scott Jones, US/Europe Advisor, VinceraCapital

Off the Beaten Path, The Ultimate Alternative Investment: Investing in Films

• Film Making as an industry; are movies really the number one export of the US?
• What might be the risks involved with this unconventional method of Private Equity Investing?
• What is the investment due diligence process and how should the investment be structured and executed?
• Should you invest in a project that is NOT making use of state and local government film incentives?
• How is Investing in Films similar to both investing in Treasuries and Venture Capital?
• Does Film Making have an effect on the local economy and job creation?
• Tallying the duds and Box Office hits: what do you expect the Average Return to be?

Moderator:
Moctesuma Esparza, Vice President, Board of Administration, Los Angeles City Employees Retirement System

Panelists:
Greg Kulka, Director – Private Equity & ETI Programs, New Mexico State Investment Council
Richard Abramson, Co-Founder, Simmons Abramson Marketing
Gene Simmons, Co-Founder, Simmons Abramson Marketing, Co-Founder, KISS

Cocktail Party
Sponsored By ZENITHfilms Media Capital

Trustee Roundtable Discussion
Pressing Issues and Challenges Facing Pension Funds Across the Country

Sponsored by Roland|Criss

Pension Governance

• Pending State Legislation
• Board Governance - Committee Structure & Orientation
• The Higher Rate of Lawsuits Filed against Pension Plans
• New Concepts & Enhancements

Understanding the Need for Education

• Increased Government Enforcement of Fiduciary Practices
• Fiduciary Responsibility
• Due Diligence
• Avoiding Conflicts of Interest
• Communication to Members

Higher Return Pressures

• Are you influenced by Comparisons to similar sized & structured neighboring Funds?
• Does your current Asset Allocation reflect today’s trends?
• Is there a feeling of “Missing the Boat” or being “Late to the Game” in regards to particular Alternative Investments?

The Fiscal Health of Your Plan

• Have you reviewed or revised the Actuarial Assumptions for your Plan?
• Are Asset Allocation changes for your Plan required due to Market Environment?
• Risk of Underfunding
• Higher Contribution Rates

Moderator:
Ron E. Hagan, President, CEO, Roland|Criss

Panelists:
Casey Jones, Trustee, Marin County Employees Retirement Association
John Richter, Trustee, Minnesota State Retirement System
James Maloney, Trustee, Policemen’s Annuity & Benefit Fund of Chicago
Robbie Robertson, Trustee, Professional Firefighters of Georgia
Art Hall, Chairman, Trustee, San Antonio Fire & Police Pension Fund
Don Kendig, Trustee, Santa Barbara Employees Retirement Association
Dory Wiley, Trustee, Chairman Alternative Assets Committee, Teacher Retirement System of Texas
Rene Nunez, Trustee, Vice Chairman, Texas Permanent School Fund

Keynote Speaker:

Allan Emkin, Managing Director, Pension Consulting Alliance

The Changing Landscape of Private Equity

Are the big GPs all going Public?
What will rising interest do to Returns/Risk?
Is too much money chasing too few deals?

Refreshment Break

Key elements for successful Quantitative Investing of 130/30 Short Extension Portfolios

• Definition of Quantitative Investing
• Fundamental Analysis by harnessing computing power; Mathematical optimization rather than “by hand”
• Quantitative Ranking - providing an equal distribution of attractive stocks and unattractive stocks
• Emotions and qualitative biases - eliminated from the investment process
• Diversification in the stock selection process itself
• Dynamic “learning” model - identifying current and emerging drivers of relative performance by market segment, avoiding past-irrelevant driver
• Mathematical portfolio optimization: Long the most attractive stocks, short the least attractive stocks; adhering to beta, market cap, tracking error market cap, and other portfolio constraints

Speaker:
David Kovacs, CFA, Senior Portfolio Manager/Security Analyst, Principal, Turner Investment Partners, Inc.

Portable Alpha – Exposure Management

• The onrush of New Investment Products and Varied Strategies and how it’s creating more Complex Portfolios
• Increased Potential for a Performance Gap between Paper Portfolio and Realized Results
• Techniques to holistically manage the Implementation of Strategies
• How can the Manager provide CIO’s with vastly improved Fiduciary Oversight?
• Earning Administrative Alpha through Implementation Efficiencies
• Providing a Platform to capture the early Adopter’s Advantage associated with New Investment Strategies

Speaker:
Greg Nordquist, Senior Portfolio Manager, Russell Investment Group

Fixed Income Panel

• Its 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 as a Factor
• How Global Fixed provides insight to Global Asset Allocation
• Low Returns, Low Volatility, Low Correlation and its Role in Risk Budgeting

Moderator:
Jerry Davis, Chairman, Trustee, New Orleans Employees Retirement System

Panelists:
Tim Lynch, Vice President, MKP Capital Management, LLC
Scottie Bevill, Senior Investment Officer, Global Bonds and Real Return, Teachers Retirement System of Illinois

Golf Tournament

Golf Awards Ceremony – Prizes, Open Bar and Hors D’oeuvres
Host: George Hoyem, Managing Director, Blueprint Ventures

Sponsored by Blueprint Ventures