Breakfast

Chairman’s Opening Remarks

Rene Nunez, Trustee, Chairman,
Texas Permanent School Fund

Keynote Speaker

Evolution of the Investment Process

Richard Charlton, Chairman, CEO, New England Pension Consultants, LLC (NEPC)

Fiduciary Responsibility

• Core Standards of Conduct
• The importance of Ethics and Trust
• Components of Fiduciary Duty
• Discretionary Authority
• Identifying and Avoiding Conflicts of Interest
• Fiduciary Unease – Sources and Manifestation
• New Programs/Approaches to elevate Fiduciary Standards and ensure Fiduciary Excellence

Moderator:
William Rubin, Vice Chair, Trustee, Philadelphia Board of Pensions

Speakers:
Alan Maguire, Board of Investment, Arizona State Treasury
Dan McAllister, Treasurer, San Diego County

Manager Selection

• How Alternative Manager Selection differs vs. Traditional Manager Selection
• Identifying top-performing Managers via Quantitative and/or Qualitative Analysis
• Aligning the Interests of your Money Managers with your Own
• Measuring Returns and Expectations against a suitable Benchmark
• What are the Challenges associated with Selecting a New Manager?
• Balancing Costs and Market Risks
• The Case For and Against 2 and 20 Fees

Moderator:
Pete Morin, Chairman, City of Austin Police Retirement System

Speakers:
Robbie Robertson, President, Emeritus, Professional Firefighters of Georgia
Glenn Ezard, Senior Consultant, Segal Advisors

Evaluating Your Managers & Consultants

• What should be expected from Consultants?
• Avoiding Consultant Conflicts of Interest
• Reaching your Long and Short-Term Goals while maintaining Investment Control
• Returns and Expectations
• Strategic and Structural Reviews
• What are your Criteria for placing a Manager On Watch?

Speaker:
Thurman Zollicoffer, Trustee, State Retirement & Pension System of Maryland

Refreshment Break
Sponsored by Ariel Capital Management

Risk Management

• Liability Driven Investment, (LDI) – identifying, mitigating and rewarding Risk more efficiently
• Asset Liability Management and optimization
• Evaluating the Intrinsic Risks in different forms of Portfolio Construction
• Managing and Controlling Risk
  
• Asset Allocation – A trade off between Managing Risk and Maximizing Returns
  
• Understanding what will influence the Performance of your Investments
  
• Risk Management of Hedge Fund Investments – Monitoring Risks
  
• Managing Changes in Volatility
  
• Liquidity Risks
• Leverage Risks
  
• Are Operational Risks or Financial Risks to Blame for Hedge Fund Debacles?
• What steps can Trustees take to find out more about their Hedge Fund Manager’s Risk Assessment and Valuation Policies?

Moderator:
Luke Howe, President, Executive Director, Park Employees Annuity & Benefit Fund of Chicago

Speakers:
John W. Maurer, Board Member, Chair of Investment Committee, Ohio Public Employees Retirement System
Chris Pariseault, Fixed Income Investment Director, Pyramis Global Advisors
Mike Senoksi, Vice President, LDI Investment Director, Pyramis Global Advisors 

Emerging Markets – Overseas Opportunities

• Increasing Stability and Growth vs. Investors’ Perception of Risk
• Improving Environments and Lower Risk
  
• US Demographics vs. Emerging Markets Demographics – why Overseas Markets are Statistically Favorable
  
• US Trade Imbalances vs. Trade Surpluses and Excess Reserves of Emerging Markets
  
• BRIC Economies – the Shift of Economic Powers
  
• Breaking down the Prospects by Country – identifying the greatest Opportunities
  
• Choosing an Emerging Market Fund
• Global Equities Outlook

Moderator:
Thurman Zollicoffer, Trustee, State Retirement & Pension System of Maryland

Speakers:
Kevin Davis, Trustee, Baltimore Retirement Systems
Chris Davis, Vice President, Portfolio Specialist, Fisher Investments Institutional Group
Eric Curiel, CFA, Strategist, Legg Mason International Equities Limited

Fund of Funds

• Fund of Fund Characteristics: History, Evolution, Structure, Market Growth, Types of Managers
  
• Advantages and Disadvantages of Fund of Funds
  
• Selecting a Fund of Funds Manager: Due Diligence, Key Criteria, what are the Points of Distinction?
  
• Emerging Fund of Funds Strategies: One-Stop Solution vs. Specialized Strategies; Global vs. Regional Scope
  
• What is the General Perception of Fund of Funds in the Pension Fund Community?
  
• Are Fund of Funds still gaining momentum?
  
• Is the Fund of Fund space getting cluttered?
  
• What can we expect from the future?
• Obtaining Alpha through Environmental Fund of Fund Strategies

Moderator:
Michael C. Wright, Principal, Buck Consultants

Speakers:
Nick Kinney, Senior Vice President, Marketing & Business Development, FIS Group, Inc.
David Jeffrey, Managing Partner, Parish Capital Advisors, LLC

Lunch

Real Estate Investment Panel
Sponsored by NAREIT

• Determining which Strategies work best for Public Funds
  
• The Current State of the Domestic Real Estate Market
  
• How do you distinguish yourself?
  
• Real Estate Market Cycle Research
• Trends in Capital Flows – Core, Enhanced, High Return, International
  
• The current state of the REIT Market – Domestic and Global
• Comparing Global REITs by Sector and Region
  
• Global Real Estate Investment Trends and Capital Flows
  
• Where is the best Relative Value today?
  
• What Strategies do you see as the biggest Risks and the biggest Rewards for the Future?
  
• Trends and Issues in Real Estate Fund of Funds
• Passive Index Investing

Moderator:
Brad Case, Vice President, Research & Industry Information, NAREIT

Speakers:
Sarah M. Snyder, Investment Consultant, Real Estate Group, Callan Associates Inc.
Jack Foster, Head of Global Real Estate, Franklin Templeton Institutional
Larry Antonatos, Executive Vice President, Portfolio Manager, Heitman LLC
Scott Kempton, Managing Director, Portfolio Manager, Global Real Estate Group, TIAA-CREF Asset Management

Refreshment Break

Infrastructure Investing Panel

• Statistical Analysis - how fast is this Asset Class growing and where is it projected to be for the Future?
  
• Characterizing Infrastructure as an Alternative Asset Class – Private Equity or Real Estate?
  
• Benchmarking Returns and comparing against other Asset Classes
  
• How can Infrastructure fit into your Asset Allocation?
  
• Risk/Return Profiling – Which Infrastructure Assets are classified as High Risk and Low Risk? What is the approximate Return Potential for each?
  
• International Opportunities
  
• Cleantech Opportunities
  
• Long Term Revenue Streams
  
• New Approaches and New Opportunities to Invest in Infrastructure
• Infrastructure Governance
• Master Limited Partnerships, (MLPs) - Energy Infrastructure with a unique combination of High Returns, Low Risk, and Low Correlation

Moderator:
Herb Meiberger, Commissioner, Retirement Board, San Francisco Employees’ Retirement System

Speakers:
David N. Fleischer, Principal, Chickasaw Capital Management, LLC
Martha Spano, Senior Consultant, Watson Wyatt Investment Consulting

Private Equity Panel

• 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?
  
• Private Equity’s Convergence into the Hedge Fund Space
  
• The Age of Critical Manager Selection
  
• The Effects of a Matured Market
  
• Changes in the Credit Market – What will be the Effects on Buyouts and the expected returns?
  
• Emerging Markets – What Countries offer the best Opportunities?
  
• Defaults and Distressed Investing – is this the next big thing within Private Equity?

Moderator:
Lisa Laird, Senior Consultant, Watson Wyatt Investment Consulting

Speakers:
Michael Pilson, Director, DuPont Capital Management
Kevin Tatlow, Senior Consultant, New England Pension Consultants, LLC (NEPC)
Alan Kosan, Head of Non Traditional Investments, RogersCasey

Refreshment Break

Environmental Technology Companies and Climate Change Risk: What are the Opportunities for Institutional Investors and Pension Plans?
Hosted by FTSE Americas, Inc.

As business and political leaders encourage cleaner products and services in response to climate change risk, companies whose activities provide value-added solutions to environmental problems have the potential to outperform companies who do not. This session will provide a look at the impact of environmental technology companies, alternative energy, peak oil implications, and how investment professionals and pension plans can benefit from this expanding and lucrative sector.

Speakers:
Winston Hickox, former Secretary, State of California Environmental Protection Agency (Cal/EPA), Partner, California Strategies, LLC

Lifetime Achievement Award Ceremony

The Pension Bridge will honor Bob Carlson for his 37 years of service with CalPERS.  Bob’s hard work, dedication, passion and accomplishments will be recognized by his peers during this ceremony.  His instrumental role has helped lay the foundation for CalPERS’ growth into a pioneer for institutional investors and also influence the behavior of corporate America.

Honoree:
Robert F. Carlson

Keynote Speaker

"Are You Managing Your Investment Fiduciary Risk? Ten Things You Need to Know"

Fast changing rules and regulations, increased investment complexity, market volatility and changing demographics create new challenges for retirement plan decision-makers. Fiduciary accountability has taken on a new urgency as headlines about big losses motivate shareholders and taxpayers alike to demand reform. Integral to the process is the proper identification, measurement, and management of risk, including the selection and monitoring of consultants, money managers, actuaries and other key players. Join Dr. Susan M. Mangiero, CFA, FRM, AVA, for an update about performance pitfalls, sources of hidden risk, risk control gaps, pension litigation trends and valuation difficulties that directly impact defined benefit and 401(k) plan investment strategies. Learn ten things you can use to mitigate personal and professional liability.

Speaker:
Susan M. Mangiero, Ph.D, AIFA, AVA, CFA, FRM, President, CEO, Pension Governance, LLC

Fixed Income Panel

• Its Role in an Institutional Portfolio
  
• Impact on Asset Allocation
  
• Low Returns, Low Volatility, Low Correlation and its Role in Risk Budgeting
  
• When is the right time to re-examine Fixed Income in your Portfolio?
  
• Analyzing Risks - Weak US Dollar, Credit Market Risk, Current Market Dynamics
• Understanding the Derivatives Risks and Exposures in your Portfolio
  
• Strategies for the Current Economic Environment
• Will Opportunities in Distressed Asset-backed Sectors continue to gain more attention?
  
• What does the Yield Curve mean for your Portfolio?
  
• What Opportunities are there in Alternative and Non-Traditional Fixed Income Products?
  
• Enhancing Fixed Income Returns by Transporting Alpha
  
• Opportunities in International Fixed Income
  
• Currency as a Factor

Moderator:
Carl Gilmore, President, Oakland Municipal Employees Retirement System

Speakers:
Clifford Schireson, Co-Head of Fixed Income, Brandes Investment Partners
Sean Rogister, Senior VP, Fixed Income & Tactical Asset Allocation, Ontario Teachers Pension Plan
Nic Pifer, Head of Global Fixed Income, RiverSource Investments, LLC

Refreshment Break
Sponsored by Attalus Capital

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?
  
• What do Consultants look for when Evaluating Managers?
  
• Fund of Funds Investing vs. Direct
  
• Picking the right Hedge Fund or Fund of Funds
  
• 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
  
• The Future of Hedge Funds

Moderator:
Matthew Strube, Principal, External Public Markets, Teacher Retirement System of Texas

Speakers:
John Shearman, Senior Consultant, Albourne America
Martin Gagnon, Co-Chief Executive Officer, Innocap BNP
John Stimpson, Director, UBP Asset Management

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?
  
• Active Management as Portable Alpha
• Separately targeting Alpha and Beta
• “Buy Down” Portfolio Risk through increased use of Bonds

Moderator:
Gerald Garrett, Trustee, Oklahoma Firefighters Pension & Retirement System

Speakers:
David Russell, Managing Director, Attalus Capital, LLC
Bob Kulperger, CFA, Vice President, Northwater Capital Management

Efficient Structured Strategies for Pension Funds – Commodities Investing

• Principal Protection/Hedge against Inflation
• Transparency
• Portfolio Protection
• Common Features Associated with Commodities Exposure

Speaker:
Guillaume Auvray, Director, SG Americas

Managed Futures

• 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 - Offering 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:
Paul Lucek, Director of Research and Senior Portfolio Manager, SSARIS Advisors, LLC

Bus Leaves for Presidio Golf Course

Golf Tournament – Lunch at Golf Course

Event Concludes