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Events and Programs
Events and Programs

2015 Endowment and Debt Management Forum

February 4-6, 2015
The Waldorf Astoria
New York, NY


Wednesday, February 4

10:15 amPre-Conference Corporate Showcase RegistrationThis is an optional day of programming- Please indicate during registration if you are going to attend this event.
11:15 amCorporate Showcase: Governance of Endowment/Foundation Assets: Managing Increasing Complexity and Behavioral Biases

Peter Gerlings, Sibson Consulting, a Division of Segal

Endowment/Foundation assets have grown increasingly important for higher education institutions as other sources of funding become constrained. At the same time, overseeing the management of Endowment/Foundation assets has grown increasingly complex. This discussion seeks to address these issues and discuss various remedies.
12:15 pmCorporate Showcase: Complex Risks and the Endowment Advantage

John Bryant, Illinois Wesleyan University
John Keshner, The Northern Trust Asset Managment

Expected returns for many traditional investments are lower in today’s environment. Many investors are taking on increased risks to meet investment goals. These risks can be varied and multi-dimensional and investors must take care to appreciate the full spectrum of concerns, yet this complexity creates great differential opportunity for endowments. Endowments’ long-horizon, liquidity flexibility, unique objectives and access to the best resources can allow them to take advantage of a variety of investment risks to generate the returns necessary to meet their goals.
1:15 pmPre-Conference Lunch
1:45 pmCorporate Showcase: Case Study: Evaluating and Executing Changes to Spending Policy

Nolan Bean, Fund Evaluation Group, LLC
Rip Mecherle, University of Tennessee

In an anticipated low-return environment, many institutions are assessing their spending policies and their sustainability within the context of both the endowment and University. Although it is likely that returns will not continue at the previous 5-years’ pace, universities will continue to rely on their endowment’s ability to generate returns. This session is a case study reviewing the practical application of the University of Tennessee’s preparation and execution in changing their spending policy. Differing spending policy measurements, various arguments, and the drivers to consensus will be discussed.
2:45 pmStretch Break
3:00 pmCorporate Showcase: Marrying Investment and Organizational Considerations to Maximize the Probability of Meeting your Target Return while Minimizing Risk

Diane Nordin, Wheaton College
Richard Van Kuren, LVW Advisors

This presentation will focus on combining strategic asset allocation, organizational considerations as well as implementation/investment ideas in an effort to improve the probability of meeting a spending plus inflation objective. The presentation will be delivered by both the Investment Committee Chair and the Investment Consultant and will offer perspectives on how the two collaborate on the most impactful issues that the Committee faces.
4:00 pmCorporate Showcase: Optimal Funding of Mission Critical Capital Projects: Debt or Equity?

James Dunkelman, Whittier College
Remy Hathaway, Prager & Co., LLC
Saul Rosenbaum, Prager & Co., LLC

In order to optimize capital structure, institutions must make decisions about the ideal mix of debt and equity when contemplating the funding of mission-critical capital projects. The consequences of these decisions can be far-reaching and include determinations such as whether projects are funded at the lowest risk-adjusted cost of capital; debt affordability; the availability of endowment earnings to supplement operating budgets; and, intergenerational equity and balance sheet growth. This presentation will focus on Whittier College’s approach to this financial decision possessing broad strategic implications.

Thursday, February 5

7:45 amRegistration & Continental Breakfast in Exhibit Hall
8:45 amWelcoming Remarks

Bob Shea, NACUBO
Sally Staley, Case Western Reserve University

9:00 amResults of the 2014 NACUBO-Commonfund Study of Endowments

Jim Dunn, Verger Capital Management LLC
Bill Jarvis, Commonfund
Ken Redd, NACUBO
Michael Strauss, Commonfund

This opening session provides a brief overview of the results of the annual NACUBO-Commonfund Study of Endowments. We will take a look back at the challenges endowment managers faced in fiscal 2014, with a review of the strategies that institutions used to confront volatile market conditions during the year, and preview of the challenges that investment pros and chief business officers will face in fY15 and beyond.
9:45 amEconomic & Financial Market Outlook

James Paulsen, Wells Capital Management

Jim Paulsen will generally address current conditions of the U.S. economy and financial markets and make predictions as to where it's going based on past and current conditions of the retails, auto, real estate sectors as well as manufacturing, construction, unemployment, consumer confidence and the stock and bond markets.
10:45 amRefreshment Break in Exhibit Hall
11:15 amEndowment CIO Panel: Portfolio Allocations in Today’s Market as Implemented by Endowments of Various Sizes

Rob Blandford, University of Richmond
Dale Kindregan, Principal Global Investors
Jack Rich, Abilene Christian University
Nicholas Warren, Brandeis University

This panel will offer a detailed look at portfolio construction in the context of the present market environment; how CIOs are implementing their views; and perspectives on execution of the endowment model.  
•       Market overview and economic analysis, including emerging markets and U.S. valuations?
•       Does scale matter, and if so, to what extent?
•       The investment opportunity set for institutional investors of various sizes?
•       Is it possible to attain an 8% nominal annual return over the next 5-10 years?
•       What is the outlook for and role of hedge funds in endowment portfolios?
•       What portfolio tilts are timely for the portfolio and how are they best executed?
•       How do you analyze the value of illiquid asset classes versus liquid asset classes (e.g. what is your view of Yale’s endowment at more than 50% illiquid today)
•       Where do the opportunities reside in credit?
12:15 pmLunch
1:25 pmKeynote

Jamie McAndrews, Federal Reserve Bank of New York

Jamie McAndrews is executive vice president and head of the research and statistics group at the Federal Reserve Bank of New York. He is responsible for the briefings in support of the Bank president’s participation in FOMC meetings and for the economic and financial policy analysis prepared by the Group. He earned his doctorate in economics from the University of Iowa. His presentation will look at the challenges of public financing of higher education; the implications of taxes, tuition and borrowing.
2:00 pmRound table discussion for Endowments over $250 million

Dick Anderson, Mercer Hammond Investment Consulting
Jim Dunn, Verger Capital Management LLC
Don Fehrs, Evanston Capital Management, LLC

These groups will have targeted discussions, facilitated by experienced participants, of the problems, challenges and solutions that they have experienced in recent years. Emphasis will be placed upon a practical exchange of both problems and specific remedies for these problems
PLEASE NOTE: These sessions are not open to members of the press and media.
2:00 pmRound table discussion for Endowments up to $250 million

Bob Huth, Stetson University
John Palmucci, Valparaiso University

These groups will have targeted discussions, facilitated by experienced participants, of the problems, challenges and solutions that they have experienced in recent years. Emphasis will be placed upon a practical exchange of both problems and specific remedies for these problems
PLEASE NOTE: These sessions are not open to members of the press and media.
3:00 pmRefreshment Break in Exhibit Hall
*Sponsored by Payden & Rygel Investment Management *
3:30 pmOff Balance But on Credit

Dana Keith, The University of Alabama
Sara Russell, RBC Capital Markets, LLC
Jessica Wood, Standard & Poor's

Many colleges and universities believe that one of the supposed benefits of off-balance-sheet financing is the prevention of debt capacity.  The panel will discuss the credit link/credit risk model of off balance sheet projects and what makes some on credit and others not.  In addition to providing a rating agency perspective on these types of transactions, the panel will provide a “case study” from the University of Alabama, as well as a banker’s view of the various legal and structural complexities of these transactions.
4:30 pmRisk, Governance and Investment Policy

John Griffith, Hirtle, Callaghan & Co.
Elizabeth Hilpman, University of New Hampshire Foundation, Inc.
Bola Olusanya, Vanderbilt University
Cathleen Rittereiser

These finance concepts are simple (and rarely in dispute), yet it is much harder to implement in the real world because of behavioral finance.  

·         The best long-term results occur by establishing an institution-specific investment Policy and maintaining it through all market environments.  
·         Endowments have a perpetual life and should be invested using a long time horizon.
·         Standard Deviation is a flawed measure of investment risk.
·         Diversification helps reduce risk and improve long-term compounded returns.

Behavioral finance, is a phenomenon that enters into all Investment Committee conversations and unfortunately, often leads to the wrong actions at the wrong time, like cutting equities or adding hedge funds in 2009, which many colleges and universities did.  We need to take an honest look at behavioral finance and its role in governance decisions. What can Investment Chairs, Trustees, Finance and Investment Staff do to help avoid the Pitfalls of behavioral finance?
5:20 pmNetworking Reception in Exhibit Hall

Friday, February 6

7:45 amContinental Breakfast in Exhibit Hall
8:45 amThe Biology of Leadership

Helen Fisher, Rutgers, The State University of New Jersey New Brunswick Campus

Dr. Fisher studies the biological basis of personality and is a pioneer in examining the neurochemistry of leadership. Using data collected from her questionnaire, the Fisher Temperament Inventory Test, taken by 13 million people in 40 countries, as well as her knowledge of genetics, brain architecture (using fMRI) and neurochemistry, Helen discusses four broad styles of thinking and behaving associated with specific brain systems. She gives detailed data on how to recognize and influence each temperament style and how individuals of each temperament dimension are predisposed to think, work, buy, innovate, follow and lead.
*The Leadership Series is supported by a generous contribution from TIAA-CREF*
9:45 amESG/SRI…Points to Consider

Bill Jarvis, Commonfund
Patrick Norton, Middlebury College
Thomas Sonnleitner, University of Wisconsin-Oshkosh

Hear a variety of viewpoints from an experienced panel of campus professionals discuss how ESG/SRI is considered on their respective campuses.
10:45 amCheck-out/Refreshment Break in Exhibit Hall
11:15 amWhy Governance Matters!

Charley Ellis
Ashby Monk, Stanford University
Jeffrey Scott, Verus
Peter Sundman, The College of Wooster

Good governance can lead to better results for an endowment.  By sharing examples of good and poor governance by boards, investment committees and staff, as well as describing how the investment industry can often interfere with an endowment fiduciary’s best intentions, this panel will demonstrate how appropriate delegation and communication of responsibilities to those that have the skills and resources to exercise those responsibilities, complimented by an appropriate monitoring system, will yield the best results.  
12:15 pmClosing Remarks

Bob Shea, NACUBO
Sally Staley, Case Western Reserve University

12:30 pmProgram Adjourns

Program Overview

2015 Endowment and Debt Management Forum
February 4-6, 2015

Estimated CPEs:14


HighVista Strategies

John W. Bristol & Co., Inc. Investment Management

Samson Capital Advisors

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