Chairman's Opening Remarks

Co-Chairman: Reed L. Royalty, Chairman, Orange County Employees Retirement System

Co-Chairman: Dan McAllister, Treasurer, San Diego County

Keynote Speaker

Priya Mathur, Vice Chair of the Investment Committee, Board of Administration, CalPERS

The Evolution of CalPERS Asset Allocation & Strategy – The Importance of Diversification Through Alternatives

Economic Conditions and Investors' Appetite for Alternatives

• How has the Bursting of the Credit Bubble affected Allocation Models for Alternatives?
• Getting used to the term “Inflation-Adjusted Returns”
• Do the Risks of Stagflation and the likelihood of Recession alter your investment approach?
• What are the best ways to protect against Inflation?
• Effects of Sovereign Wealth Funds Investments into Financial Services and US-based Alternatives
• Results of the Current Economic Conditions - which Industries will have the best Opportunities for
  Distressed Investors?
• How to take advantage of Distressed Opportunities in Sub-Prime and Corporate Credit Markets

Moderator:
Thomas Lightvoet, Principal, Mercer Investment Consulting

Speakers:
Richard Brennan, Chairman, CEO, Camulos Capital LP
Dory Wiley, Trustee, Chairman Alternative Assets Committee, Teacher Retirement System of Texas

Hedge Fund Panel

• How is your Fund designed for Institutional Investors?
• Differentiating the Strategies - 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 – Due Diligence and Manager Selection
• Picking the right Hedge Fund or Fund of Funds
• Monitoring Risk
• Risk Management as it applies to Valuation – risk of falsely inflated asset values
• Enhancing your Returns
• Liquidity, Volatility and Transparency
• Deleveraging of Hedge Funds due to Market Conditions
• 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 new trends should be considered?
• Emerging Markets

Moderator:
Bruce F. Prevost, Managing Director, Palm Beach Capital Management, LLC

Speakers:
Kevin Davis, Trustee, Baltimore Retirement Systems
Toby Elliman, Managing Partner, Guidance Capital LLC
Martin Gagnon, Co-Chief Executive Officer, Innocap Investment Management, Inc.
Stuart Odell, Director, Retirement Investments, Intel Corporation, Treasury

Refreshment Break

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
  

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

Speakers:
David Russell, Managing Director, Attalus Capital, LLC
Xenia Taoubina, Vice President, JPMorgan Securities, Equity Derivatives Group
Robert Kulperger, CFA, Vice President, Northwater Capital Management

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 - Offering Developing Country Exposure without the Country Specific Political Risks
• Ability to Profit in any Economic Environment
• Independent & Non-Correlated Systems
• Active vs. Passive Commodity Investing
• Active Commodity Investments as an Inflation Hedge
• Active Commodity Investment as an Alpha Source

Speaker:
Tom O’Donnell, Vice President, Alternative Investments Group, Newedge Financial Inc.

Lunch

Real Estate Panel

• Determining which Strategies work best for Public Funds
• The Current State of the Domestic Real Estate Market
• 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?
• Opportunities in Distressed Real Estate
• Trends and Issues in Real Estate Fund of Funds
• Passive Index Investing

Moderator:
Paul C. Hudson, Board of Investments, Los Angeles County Employees Retirement Association, (LACERA)

Speakers:
Lourdes Canlas, Managing Director, Courtland Partners, Ltd.
Ronee Ades, Business Unit Head - Alternatives, FTSE Americas
Mike Carter, Vice President, Commissioner, Los Angeles Fire & Police Pensions
Chris McGibbon, Managing Director, TIAA-CREF Asset Management

Infrastructure Investing

• How fast is this Asset Class growing and where is it projected to be for the Future?
• Benchmarking Returns and comparing against other Asset Classes
• How can Infrastructure fit into your Asset Allocation?
• Implementation Options – Direct, Fund or Listed Exchange
• What should you look for in an Infrastructure Manager?
• 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:
Sarah Bernstein, Ph.D, Principal, Pension Consulting Alliance Inc. (PCA)

Speakers:
TBD, Chickasaw Capital Management, LLC
Robert A. Longfield Jr, CFA, Executive Vice President, Senior Consultant, Consulting Services Group, LLC
Michele Faychak, Sales Director, Dow Jones Indexes

Private Equity Panel

• How should your Fund evaluate the various Private Equity Investing Opportunities?
• Building and Managing a successful Private Equity Program
• Private Equity’s Convergence into the Hedge Fund Space
• Credit Market Disruptions – What will be the Effects on Buyouts and the expected returns?
• Emerging Markets – What Countries offer the best Opportunities?
• What Sub-Sectors of Private Equity will the money flow to as a result of the Credit Crisis?
• What Opportunities will there be in Distressed?

Moderator:
Frank Morgan, Partner, COO, Coller Capital, Inc.

Speakers:
Kevin Tatlow, Senior Consultant, NEPC, LLC
Greg Kulka, Director - Private Equity & ETI Programs, New Mexico State Investment Council
Michael Kim, Commissioner, Chairman of the Investment Committee, San Francisco Employees Retirement System
Stewart A. Kohl, Co-Chief Executive Officer, The Riverside Company
Lisa Laird, CFA, Senior Consultant, Watson Wyatt Investment Consulting

Emerging Managers Panel

• Evolution of Emerging Manager Programs
• Strategies for Implementing an Emerging Managers Program
• Due Diligence and Key Points of Analysis for Selecting Emerging Managers
• Comparing the Attributes of Prospective Emerging Managers
• Benefits and Opportunities offered by Investing in Emerging Managers
• How Emerging Managers Diversify and 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
• Risk Management and Monitoring of Emerging Managers
• What does the Research on Emerging Managers show?
• Exploiting Market Inefficiencies utilizing Emerging Managers

Moderator:
Rene Nunez, Trustee, Chairman, Texas Permanent School Fund

Speaker:
Leslie F. Bond Jr, Senior Managing Director, Attucks Asset Management, LLC
Clark Hodges, Executive Business Development, Hodges Capital Management
Joseph Haslip, Executive Director of Pensions, New York City Retirement Systems

Gala Cocktail Party
Sponsored by FTSE

Chairman's Opening Remarks

Co-Chairman: Reed L. Royalty, Chairman, Orange County Employees Retirement System

Co-Chairman: Dan McAllister, Treasurer, San Diego County

A Progress Report on the San Diego City Employees’ Retirement System

Speaker:
David B. Wescoe, Administrator, CEO, San Diego City Employees’ Retirement System

Trustee Roundtable Discussion

Pressing Issues and Challenges Facing Pension Funds Across the Country

Pension Governance

• Pending State Legislation
• Board Governance - Committee Structure & Orientation
• Dramatic Rise in Pension Lawsuits
• Valuable Tools to help Fiduciaries such as Pension Litigation Database
• 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
• Gatekeeper Issues
• Understanding how to handle Media Scrutiny

Higher Return Pressures

• Are you influenced by Comparisons to similar sized & structured neighboring Funds?
• Is your Fund Adaptable to the Market Conditions and 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
• Lavishness of Public Employee Pensions
• What Steps have you taken to ensure Diversification?

Speakers:
Pete Morin, Chairman, City of Austin Police Retirement System
Larry Schimmel, Esq, Trustee, New York City Employees’ Retirement System, Director of Pension Policy, Deputy General Counsel, Office of the Public Advocate, City of New York
Michael Musuraca, Trustee, New York City Employees’ Retirement System
Gerald Garrett, Trustee, Oklahoma Firefighters Pension & Retirement System
Richard A. White Jr, Trustee, Orange County Employees Retirement System
Robbie Robertson, President, Emeritus, Professional Firefighters of Georgia

Refreshment Break

Alternative Strategies Within Fixed Income

• When is the right time to re-examine Fixed Income in your Portfolio?
• Analyzing Risks - Weak US Dollar, Credit Market Risk, Yield Curve, Interest Rates and other current Market Dynamics
• Strategies for the current Economic Environment
• What Opportunities are there in Alternative and Non-Traditional Fixed Income Products?
• Enhancing Fixed Income Returns by Transporting Alpha
• Portfolio Diversification
• Structured Products and Derivatives

Speaker:
Maurice Perkins, Principal, MKP Capital Management, LLC

Diversification Through Global Equities

• How do Global Equities produce Diversification, Long-Term Capital Appreciation, Reduce Risk and create a Value Approach to Investing?
• Choosing an Emerging Markets Fund Manager
• 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

Moderator:
Kai Peterson, Principal, Buck Consultants

Speakers:
TBD, Passport Capital LLC
Michael A. Mullane, Senior Vice President, Tradewinds Global Investors, LLC

Investing in 130/30 Strategies

• Introduction to 130/30
• Why are 130/30 Strategies appealing?
• Quantitative vs. Fundamental
• Long Short Hedge Fund vs. Traditional Manager
• The Importance of Manager Selection and Skill
• Performance Analysis and Benchmarking
• 130/30 Index – Increasing Transparency and Clarity on Risks/Rewards
• Prime Brokerage Relationships

Speakers:
TBD , Analytic Investors
Laton Spahr, Portfolio Manager, RiverSource Investments

Conference Sessions Conclude

Bus leaves for Brookside Golf Course

Golf Tournament