FORUM 2016 AGENDA - Commonfund · FORUM 2016 AGENDA February 27 - March 1, ... SUNDA 2.28 SUNDA 2.28 # connotestwelco 2016 5 ... choosing to champion novel ideas and values that go

FORUM2016 AGENDAFebruary 27 - March 1, 2016

#commonfundforum2016

Welcome to Commonfund Forum 2016

Thank you for joining us this year at Commonfund Forum. Over forty years ago Commonfund commenced operation with 72 clients and $63 million in the Multi-Strategy Equity Fund. Much has changed since then. Today, with nearly 1400 clients, investment programs across most asset classes and strategies, and over $25 billion under management, Commonfund is among the leading asset managers for nonprofit institutional investors. In the context of these last four decades, much has changed for institutional investors as well, and the challenges and complexities you face have rarely been greater than they are today. But it is also our belief that the opportunities ahead are equally compelling. Our program this year is meant to expose you to these opportunities and to offer insights to help you meet current and future challenges. Please use this agenda as a comprehensive guide to all of the activities and sessions at Commonfund Forum 2016.

Please download the Commonfund Forum app on your smart phone or tablet. Use the app as a source for speakers bios, your personalized agenda, the latest conference information and session evaluation. We also invite you to tweet about your experience at Forum using the hashtag #commonfundforum2016 - the app includes a live Twitter feed so that attendees can share their thoughts.

In addition, for Forum 2016, free Wi-Fi access is available to all registrants for Commonfund Forum throughout the JW Marriott Conference Center. Network Name: Forum2016 Password: commonfund

Attire for Commonfund Forum 2016 Business casual is appropriate for most activities at Commonfund Forum 2016. For dinners on Saturday and Monday evenings, business attire is appropriate. Spouses/guests of Forum 2016 are invited to evening reception and dinner events.

Saturday, February 27

Schedule 3

Sunday, February 28

Morning Schedule 4

Afternoon Schedule 6

Monday, February 29

Morning Schedule 9

Afternoon Schedule 13

Evening Schedule 15

Tuesday, March 1

Morning Schedule 17

Faculty 23

contents

Scan this code with your smart phone or tablet to download the conference app.

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6:00 – 9:30 PM

youth dinner & activitiesCordova 5/6

6:30 – 7:30 PM

receptionMediterranean Terrace

7:30 – 9:30 PM

welcome dinner and featured topicConfronting Putin’s RussiaCoquina Ballroom

Opening remarks and introduction: Catherine Keating, President & CEO, Commonfund

Followed by a conversation with former U.S. Secretary of Defense, Chuck Hagel Interviewed By: Frank Sesno, PhD, former Anchor and Washington Bureau Chief, CNN

From the escalating crisis in Ukraine and the Russian presence in Crimea to Syria and beyond, Secretary Hagel will share insights into the conflict between Rus-sia and the West. And, he will provide his views on the long-term security and economic implications of this new era in Russia’s relations with Europe and the United States. What will be the effect of sanctions and should they be stron-ger? How do Russia’s actions impact the ongoing war in Syria and the Iran nuclear talks? How is this new era similar to and different from the Cold War? How does Russia’s struggling economy influence the Kremlin’s global aspirations? Informed from his many years of experience work-ing at the highest levels of government and security, Secretary Hagel will provide unique insights into one of the greatest challenges to European, and global, stabil-ity in decades.

7:30 AM – 7:30 PM

registrationLobby

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8:30 – 9:30 AM

general sessionThe Global Economy: Policy, Divergence & GrowthCoquina Ballroom

A quick survey of world economies would point to the United States as among the stronger countries, seeming to have finally turned the corner with regard to jobs, housing and other measures of strength. At the same time, inflation continues to be stubbornly low, economic growth remains tepid and the outlook for Europe, Japan, China and many emerging markets is uninspiring. In this highly-connected world, can the United States continue to lead and provide compelling investment opportunities? And, how will the world’s central bankers formulate effective policies? Our panelists will assess the state and outlook for the global economy and capital markets. Most importantly, they will offer perspectives on the signals long-term investors should be looking for to guide portfolio policies.

Moderator: Steve Liesman, Senior Economics Reporter, CNBC Panelists: Ed Balls, former Chief Economic Advisor, UK Treasury; Donald Kohn, PhD, former Vice Chairman, U.S. Federal Reserve System; Peter R. Orszag, PhD, Vice Chairman of Corporate and In-vestment Banking, Citigoup and former Director, Office of Management and Budget in the Obama Administration; Michael Strauss, Chief Investment Strategist and Chief Economist, Commonfund

9:30 AM – 12:15 PM

coffee serviceMediterranean Foyer

7:15 – 8:15 AM

Networking Buffet BreakfastMediterranean Ballrooms 1/2/3 and Foyer

Join your fellow attendees for an informal breakfast buffet and networking discussion.

6:00 AM – 7:00 PM

registrationMediterranean Rotunda

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10:00 – 11:00 AM

general sessionInvesting in the Political and Economic Future of EuropeMediterranean Ballrooms 4/5

For institutional investors, how do you balance macro concerns about the future of the EU and economic growth in the region with the prospect that a range of European equi-ties could be oversold, and private companies perhaps undervalued? This session brings together experts in economics, policy and investing to help investors better understand the landscape and implications for policy weights and strategy implementation in public and private markets.

Moderated by: Zanny Minton Beddoes, Editor-in-Chief, The Economist Panelists: Mark J.P. Anson, PhD, Chief Investment Officer, Commonfund; Stephanie Flanders, Managing Director, Chief Market Strategist, J.P. Morgan Asset Management; Gita Gopinath, PhD, Professor of Economics, Harvard University; Roderick Jack, Manager, Adelphi Capital Manage-ment

11:30 AM – 12:30 PM

general sessionIs the China Growth Story Still Real?Coquina Ballroom

Nearly four decades after economic reforms opened up the Chinese economy, its stagger-ing economic growth has made it the largest economy in the world, adjusted for purchasing power. China’s manufacturing strength propelled its growth and the rise of the middle class for years. Now, amid competition from other emerging economies, China is attempting to pivot to a more balanced, consumer-driven economy. At the same time, the liberalization of financial markets has led to a tremendous spurt in retail investors “playing the stock market” with the (some may say expected) result of a tremendous boom and now, bust. Can the ruling party successfully navigate through the complexities of change to fulfill the potential that long-term investors are hoping for, or will the challenges prove too great? Where are the true investment opportunities today and tomorrow for institutional inves-tors?

Moderator: Zanny Minton Beddoes, Editor-in-Chief, The Economist Panelists: Jon Huntsman Jr., former Ambassador to China and former Governor of Utah; Tom Manning, China expert and former CEO of Cerberus Asia Operations & Advisory; Geraldine Sund-strom, Managing Director and Portfolio Manager, PIMCO

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12:45 – 2:15 PM

luncheon and featured SpeakerOriginals: How Nonconformists Move the World Forward

Adam Grant, PhD, Author and Professor, The Wharton School of Business, University of Pennsylvania

Mediterranean Ballrooms 4/5

In Originals, Adam Grant addresses the challenge of improving the world, but now from the perspective of becoming original: choosing to champion novel ideas and values that go against the grain, battle conformity, and buck out-dated traditions. How can we originate new ideas, policies and practices without risking it all?

Using surprising studies and stories spanning business, politics, sports, and entertainment, Grant explores how to recognize a good idea, speak up without getting silenced, build a coalition of allies, choose the right time to act, and manage fear and doubt; how parents and teach-ers can nurture originality in children; and how leaders can fight groupthink to build cultures that welcome dissent. Learn from an entrepreneur who pitches his start-ups by highlighting the reasons not to invest, a woman at Apple who challenged Steve Jobs from three levels below, an analyst who overturned the rule of secrecy at the CIA, a billionaire financial wizard who fires employees for failing to criticize him, and a TV execu-tive who didn’t even work in comedy but saved Seinfeld from the cutting-room floor. The payoff is a set of groundbreak-ing insights about rejecting conformity and improving the status quo.

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2:45 – 3:45 PM

general session Rethinking Risk and DiversificationCoquina Ballroom

Are diversified portfolios really diversified and will they stand the test of the next market turn? Or will asset classes once again move together in a crisis? Increasingly, institutional investors have looked at risk factors as the building blocks of portfolios as an alternative to traditional asset allocation, but this is a challenge for many as most risk factors are not readily investable. Further, some contend that factor based investing is little more than repackaging of Modern Portfolio Theory. In this session, we’ll look at both the theory and practice of factor based investing to determine if diversification is still the last remaining free lunch.

Moderator: Catherine Keating, President & CEO, Commonfund Panelists: Mark J.P. Anson, PhD, Chief Investment Officer, Commonfund; Bruce Zimmerman, Chief Executive Officer and Chief Investment Officer, UTIMCO and Commonfund Board Vice Chair

4:15 – 5:15 PM

general session Hedge Fund Strategies for a Diverging Global EconomyMediterranean Ballrooms 4/5

For much of the last five years we have had synchronous economic policies globally which have supported asset prices and dampened volatility. In this environment, most hedge fund strategies have lagged traditional market indices, leading investors to question the effectiveness of such strategies, either as uncorrelated sources of alpha or tools to manage beta exposure. Today, few expect the next five years to look like the last five, and already volatility and return dispersion have returned. In this session, hear from leading hedge fund managers about the strategies they are deploying in this diverging global economy.

Moderator: Kristofer S. Kwait, Managing Director, Head of Hedge Fund Strategies, Commonfund Panelists: John H. Burbank III, Founder, Managing Member and Chief Investment Officer, Pass-port Capital; Rob Citrone, Founder and Portfolio Manager, Discovery Capital Management; Josh-ua S. Friedman, Co-Founder, Co-Chair and Co-CEO, Canyon Partners; Pierre Lagrange, Founder and Senior Managing Director, GLG Partners

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6:30 – 9:00 PM

Dinner at Your LeisureFor Sunday evening at Commonfund Forum 2016 attendees are welcome to relax and enjoy the restaurant options at the JW Marriott or adjacent Ritz Carlton as well as the range of local res-taurants (check with the hotel concierge for recommendations.)

On-site restaurant options include:• Primo• Citron, An American Brasserie• Whisper Creek Farm: The Kitchen• The Sushi Bar• Quench Poolside Bar & Grill• Highball & Harvest• Norman’s• Bleu Pool Bar


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7:00 – 8:15 AM

Networking Buffet BreakfastMediterranean Ballrooms 1/2/3 and Foyer

Join your fellow attendees for an informal breakfast buffet and networking discus-sion.

7:00 – 8:15 AM

special breakfast sessionCommonfund Capital Performance Review Mediterranean Ballroom 5

This session, primarily for existing inves-tors in the programs of Commonfund Capital, will provide a review of recent fund performance and attribution across all our active investment programs. We will review benchmark data, traditional measures such as IRR and multiples – and will discuss how best to use Public Mar-ket Equivalents (PME) to judge long-term performance in the context of your overall portfolio.

Presented by: Senior members of the Commonfund Capital team

8:30 – 9:30 AM

general sessionGlobal Equity Investing – Specialized Strategies for Success Coquina Ballroom

World markets seem to be on diverging paths as a period of coordinated central bank policies ends and volatility and dispersion come back to capital markets. On the surface, the uncertainty can be unnerving for investors, but this type of environment can also bring opportunities for skilled active managers with specific areas of expertise that can take advantage of dislocations and mispricing. In this session we will hear from four specialist managers with unique approaches to equity investing. Their insights reveal the hidden op-portunities amid uncertainty.

Moderator: Mark J. P. Anson, PhD, Chief Investment Officer, Commonfund Panelists: Hamish Douglass, Co-founder, CEO, CIO & Lead Portfolio Manager, Magellan Finan-cial Group; Ben Funnell, Lead Portfolio Manager, GLG Partners; John Levin, Chief Executive Of-ficer, Senior Portfolio Manager, Levin Capital Strategies; Samir Mehta, Senior Fund Manager, JO Hambro Capital Management

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9:30 – 11:00 AM


The Big Picture: Integrating Investments, Finance and Development Mediterranean Ballroom 4

A painful lesson learned by many fiduciaries of operating nonprofits dur-ing the financial market crisis was the risk of managing an endowment or operating reserves in isolation—that is managing pools of assets without sufficient regard to the operations and broader financial resources of the organization they serve. Many colleges and universities, hospitals, muse-ums and others found themselves strapped for liquidity or unable to fund operations at budgeted levels. In this session, we’ll discuss the challenge of resource planning and how to manage asset pools more effectively in the context of the overall enterprise.

Moderator: Elizabeth (Beppie) Huidekoper, former Executive Vice President, Finance and Administration, Brown University and Commonfund Trustee Panelists: Roger Goodman, Partner, Yuba Group; George K. Mateyo, Senior Director of Investments, Cleveland Clinic Health System; E. Lyndon Tefft, Vice President and Chief Operating Officer, Commonfund

What’s Next for Cash Investors?Mediterranean Ballroom 5

Since the fallout of the 2008 Financial Crisis, cash investors have been waiting for a return to normalcy, both to replace the recent period of zero yields and to eliminate the uncertainty of regulatory reforms. The past five years have proven to be an interim “healing” timeframe where mon-etary policy from the Federal Reserve and evolving sanctions from regula-tors focused on the improvement of financial institutions’ capital struc-tures. The consequences for institutional investors were highly uncertain risk/return characteristics for cash and liquidity investments. Reforms resulted in an improved financial system, but left investors with fewer compelling opportunities for managing growing cash balances. As we are now on the verge of the implementation of the SEC’s reforms to institu-tional prime market funds in mid-2016, this session will seek to provide clarity and specific actions that cash investors should consider.

Moderator: Jon K. Speare, Managing Director, Commonfund Panelists: Richard M. Aks, Vice President for Finance & Associate Treasurer, Rutgers University; Barbara G. Novick, Vice Chairman, BlackRock; Michael Strauss, Chief Investment Strategist and Chief Economist, Commonfund

9:45 – 10:45 AM

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European Private Capital: Finding the Growth Needle in the Haystack Mediterranean Ballrooms 6/7

For the last few years there has been a steady stream of negative eco-nomic news and political uncertainty from Europe. While the Macro issues garner the bulk of the news coverage, there are talented private capital managers finding promising pockets of growth in mid-market pri-vate companies across sectors and countries. These growing companies with more efficient business models eventually become the feedstock for M&A activity. In this session, the Commonfund Capital Team will share their insights into where we are seeing attractive growth opportunities as well as our outlook for European investments across private equity, ven-ture and natural resources. The team will be joined by leading European managers who will provide examples of compelling growth stories they are finding and recent investments they have made.

Presenters: David Ewing, Managing Partner, ECI Partners; Mark Hoeing, Managing Director, Co-Head of Private Equity, Commonfund Capital; Miriam Schmitter, Managing Director, Head of ex-U.S. Private Equity, Commonfund Capital

The Commonfund Low Carbon Portfolio SolutionAmarante 2/3

Many investors are considering the potential risks and opportunities pre-sented by fossil fuel/carbon exposure within their investment portfolios. For those investors interested in implementing a carbon-aware approach, there are significant challenges in portfolio design, manager selection, measurement and reporting and a host of other issues. In this session, Commonfund expert and portfolio manager Jess Gaspar will provide a brief overview of the carbon investment landscape before diving into proprietary research on the investment issues as well as Commonfund's approach.

Presented By: Jess Gaspar, PhD, Managing Director, Head of Quantitative Research, Commonfund; with moderated discussion by Brett Lane, Managing Director, Commonfund

9:45 – 10:45 AM

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11:00 AM – 12:00 PM

general session and featured speakerThe One World Schoolhouse: Education Reimagined

Sal Khan, Founder, Khan Academy

Coquina Ballroom

Sal Khan is the founder of the Khan Academy, a nonprofit with the mission of providing free, high-quality education to “anyone, anywhere” in the world. A former hedge fund analyst with degrees from MIT and Harvard, Khan is also the author of The One World School House, which explores the potential impact of the web as a teaching tool. With 6,000 instructional videos, 100,000 practice problems, and 10,000,000 unique users per month, Khan Academy is rethinking the world of education. In this session, Mr. Khan provides insight into the history and the evolution of Khan Academy and how we can rethink education.

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12:15 – 1:15 PM

Southern Barbecue LunchMediterranean Terrace

Attendees can enjoy a relaxing southern style barbecue lunch while networking with peers and colleagues.

Can ESG Factors Add Alpha?Amarante 2/3

While a great deal has been written about ESG over the last several years, research by Commonfund Institute points to continued confusion and limited actions by the vast majority of nonprofit institutions and public plans. At the root cause, most institutional investors remain concerned that the inclusion of ESG factors in their process may come at the cost of weaker risk-adjusted returns. In this session our panel of experts will share their latest research findings into the potential risk and return characteristics of these strategies and will seek to bring clarity to the question as to whether one can do well and do good at the same time.

Moderator: Jess Gaspar, PhD, Managing Director, Head of Quantitative Research, Commonfund Panelists: Linda-Eling Lee, PhD, Executive Director & Global Head of ESG Research, MSCI; Ryan LaFond, PhD, Managing Director, BlackRock; Jay Rajamony, PhD, Co-Portfolio Manager, Nu-meric Investors

New Techniques for Maximizing Investment Committee Effectiveness Mediterranean Ballroom 4

Investment Committees serve a critical role in the long-term health of a nonprofit organiza-tion. Their effective stewardship of the corpus can provide the institution a strong founda-tion and the flexibility to fund growth initiatives. But what are the attributes that separate effective Committees from others? Dr. Charas’ research focuses on new approaches to se-lect, develop and manage passionate high-performing interdisciplinary teams, and their im-pact on corporate financial performance. Her research on board teams has been published in academic and practitioner journals including the International Journal of Disclosure and Governance, HBR and The Corporate Board. Dr. Charas will share her current research on the impact of “team quality” on corporate financial performance and will provide insights to help you and your decision-making bodies become more effective.

Featured Presentation By: Dr. Solange Charas, President, Charas Consulting; with moderated dis-cussion by John Griswold, Founder and Senior Advisor, Commonfund Institute

1:30 – 2:30 PM

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Revisiting Conventional Hedge Fund ThinkingMediterranean Ballroom 5

As seen in the most recent NACUBO-Commonfund Studyof Endowments®, alternatives now represent the largest portfolio allocation among institutional investors at around 50%. Hedge Fund strategies account for almost half of that total allocation, representing a criti-cal driver of overall portfolio risk and return. In this session, our team will present propri-etary research findings on questions like: what is the right number of managers? Should we allocate to smaller or emerging managers? And, what are the results of applying different manager selection strategies? The answers will challenge conventional thinking and help attendees better understand how to design their hedge fund allocation.

Presenters: Kristofer S. Kwait, Managing Director, Head of Hedge Fund Strategies, Commonfund; John Delano, Director, Hedge Fund Strategies, Commonfund

Impact Investing: Aligning Money with Mission Mediterranean Ballrooms 6/7

Impact Investing is showing growth around the world. According to the JP Morgan/Global Impact Investing Network survey, the number of institutions engaging in meaningful im-pact investing has increased by 26 percent in the past year and investors plan to commit an incremental 19% next year. Yet, even with this increased focus on impact investing, there is still confusion about how to implement the strategy. Like other investing areas, there is a range of approaches, and interested investors need to identify which methods best fit their institution’s particular goals. In this session our panelists will discuss their approaches and share their insights.

Moderator: William F. Jarvis, Executive Director, Commonfund Institute Panelists: Amy Jensen, Investment Director, Northwest Area Foundation; Elizabeth E. McGeveran, Director, Impact Investing Program, McKnight Foundation; Wendy M. Hershey, Principal & Senior Investment Consultant, Mercer Investments

1:30 – 2:30 PM

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2:15 – 5:15 pm

coffee serviceRear of Coquina Ballroom

3:00 - 5:15 PM

general sessionPrivate Capital: Frameworks for Long-Term Success Mediterranean Ballrooms 4/5

There are myriad investment opportunities in the world of private capital that institutional investors must critically evaluate to find those that will best align with their long-term objec-tives. In this session, Commonfund Capital will share their global investment point-of-view across private equity, venture capital and natural resources.

Host: Peter Burns, President, Co-Head of Private Equity, Commonfund Capital Presenters: Senior Members of the Commonfund Capital Team. This session will also feature panel discussions with guest managers: Michael Psaros, Co-Founder and Co-Managing Partner, KPS Capital Partners; David Ewing, Managing Partner, ECI Partners

6:00 – 9:30 PM

youth dinner & activitiesCordova 5/6

6:30 – 7:30 PM

receptionMediterranean Terrace

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dinner and entertainmentAiming Higher!Coquina Ballroom

Please join us as for an evening of live music with jazz singer, Mandy Harvey and her three-piece band.

Mandy Harvey is an award winning singer and songwriter. In 2011 Mandy won VSA’s Top Young Soloist Award and performed at the Kennedy Center in Washington, DC. She continues to perform around the United States and the world. This year alone, Mandy has performed on NBC Nightly news, The Steve Harvey Show, Canada AM, with the Denver Philhar-monic and more.

In addition to performing, Mandy has become an ambassador to both No Bar-riers USA and Invisible Disabilities with a mission to encourage, inspire and assist others to break through their personal barriers. Having lost her hearing at age 18, Mandy has a unique story of using her beautiful voice and her unwavering determination to Aim Higher in her own life while inspiring others to do the same.


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breakfast and featured speakerSuperpower: Three Choices for America’s Role in the World

Ian Bremmer, PhD, President and Founder, Eurasia Group

Mediterranean Ballrooms 4/5

We welcome back global policy expert Dr. Ian Bremmer for this breakfast talk in which he calls for a complete rethink of America’s role in tomorrow’s world. In an increasingly volatile international environment, the question has never been more important. Bremmer ex-plores three choices, each with its own benefits and drawbacks, and shares his insights into the implications for inves-tors.

7:00 AM – 3:00 PM


8:30 – 11:30 AM


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general sessionCarbon and Investment Implications for FiduciariesCoquina Ballroom

Across the United States, most college presidents have had to contend with students calling for a divestment of fossil fuel. Likewise, the pressure from donors has increased among some foundations and charities calling for them to align in-vestment strategy more closely with mis-sion. Elsewhere, others warn that asset values in the energy and utilities sectors do not accurately reflect the risk of future regulation and taxation. Given all of this, one would assume a groundswell of ac-tion to divest. But to date, discussion has dramatically outweighed action. In this session, we’ll look at the carbon debate and assess the investment implications for fiduciaries, seeking to bring more clar-ity to the costs, risks and opportunities of investing in carbon related industries.

Moderator: Catherine Keating, President and CEO, Commonfund Panelists: Jess Gaspar, PhD, Managing Director, Head of Quantitative Research, Commonfund; Danyelle Guyatt, PhD, Man-aging Director, Collaborare Advisory; Robert Litterman, PhD, Founding Partner, Kepos Capital and Commonfund Board Chair; David W. Richardson, Managing Director, Global Head of Marketing & Client Service, Impax Asset Management

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10:15 – 11:00 AM

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Next Gen Energy Investing: Understanding the Investment LandscapeMediterranean Ballrooms 1/2

Many believe that recent advances in alternative energy technologies will provide a break-through that will transform the world’s dependence from fossil fuels to renewables and other clean technologies. But to date, investors have generally not been rewarded for al-locating capital to these emerging technologies, in part because they are often subsidized by government funds which ebb and flow with political tides. So is it different this time, and is the next generation of energy investing filled with more opportunity than hype? In this session, leading experts provide insights on the evolving energy investing environment.

Moderator: Stuart G. Ames, Managing Director, Strategic Solutions, Commonfund Panelists: Robert C. Armstrong, Director, MIT Energy Initiative & Chevron Professor of Chemical Engineering, MIT Sloan School; Phil Deutch, Managing Partner, NGP Energy Technology Part-ners; Ethan Levine, Director, Commonfund Capital

Secondaries: An Essential Component of a Complete Private Capital ProgramMediterranean Ballroom 3

The most sophisticated investors employ private capital strategies like investing in Second-aries to potentially help enhance their overall portfolio risk and return characteristics. The popular press continues to caution that prices in the secondary market are too rich, and that the buying cycle has ended. In this session, our group of experts will highlight where markets are fully priced and where opportunities exist. They will provide an update into the current and future state of the secondaries market as well as practical advice on how to use this powerful tool in your portfolio construction.

Moderator: Anita Hariton, Managing Director, Commonfund Capital Panelists: Cari Lodge, Managing Director, Head of Secondaries, Commonfund Capital; Gerald Cooper, Managing Director, Head of North American Secondary Advisory, UBS; Salam Chaudhary, CEO, Sturbridge Capital

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concurrent breakout sessions iii — continued The Art and Science of a Well-Crafted Investment Policy StatementMediterranean Ballrooms 6/7

Fiduciaries of nonprofit organizations, whether governing boards or staff, are entrusted with fulfilling the missions of their organizations in part through stewardship of financial assets. Today, this challenge has never been greater with competing interests on limited resources and heightened economic and financial uncertainty. In many ways, a well-crafted Investment Policy Statement can serve as a beacon to help navigate through difficult wa-ters. In this session we will provide attendees with best practices and relevant insights for developing or revisiting their investment policy.

Presented by: William F. Jarvis, Executive Director, Commonfund Institute

Does Currency Matter? Reassessing its Role in PortfoliosAmarante 2/3

Many of the world’s largest economies are either implicitly or explicitly manipulating the value of their currencies as they look for effective policies to strengthen exports and im-prove their economies. Historically, institutional investors have accepted currency exposure as a diversifier and a by-product of their non-U.S. allocations. But, in an environment where currency values are being manipulated and not simply allowed to balance naturally, does a hands-off approach still makes sense? Join this session for a new look at the role of cur-rency exposure in long-term portfolios.

Moderator: Jess Gaspar, PhD, Managing Director, Head of Quantitative Research, Commonfund Panelists: Max Darnell, Managing Partner & Chief Investment Officer, First Quadrant; Chris Goolgasian, Vice President & Associate Director, Asset Allocation Strategies Group, Wellington Management; Luis M. Viceira, PhD, George E. Bates Professor & Senior Associates Dean for Inter-national Development, Harvard Business School


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11:15 AM – 12:15 PM

general session Emerging Markets Portfolio Construction: Balancing Risk & Reward Mediterranean Ballrooms 4/5

Investors are now backpedaling fast after pouring around $2 trillion dollars into emerging economies between 2009 and 2014 in search of better returns than in many developed economies. China, Brazil and Russia are all reeling from a combination of slower growth, lower oil prices and soft demand for commodities. Countries tied closely to these econo-mies are facing major challenges as well. Should long-term investors follow the crowd out the door or selectively look for pockets of opportunity as central banks across the emerging markets ratchet up their next round of QE? Our panel will answer that question while also providing important perspective on how to recognize and mitigate the potential risks that come with potential rewards.

Moderator: Geoff Colvin, Senior Editor-at-Large, Fortune Panelists: Cate Ambrose, President and Executive Director, Latin American Private Equity & Venture Capital Association; Kun Deng, Managing Director, Lazard Asset Management; Dana Moreau, Chief Risk Officer, Commonfund; Jui Tan, General Partner, BlueRun Ventures China

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12:30 – 2:00 PM

closing luncheon and general sessionPolitics Past, Present and Future: A Conversation with Doris Kearns Goodwin

Interviewed by Bill Moyers, Renowned Broadcast Journalist

Coquina Ballroom

“America’s historian-in-chief” Doris Kearns Goodwin examines the chang-ing nature of the campaign for Presi-dent from 1896 when 750,000 citizens showed up on the porch of the home of Republican candidate William McKinley to today when Democratic candidate Hillary Clinton communicates in 140 characters or less to over 4 million Twit-ter followers. The evolution in presiden-tial campaign communication and strat-egy underscores the constant focus on personal and professional exposure and accountability that comes with a run for the White House. After five decades of studying the campaigns and the candi-dates for the highest office in the land, Goodwin will entertain and educate with the rich stories of polls and spin, privacy and personality behind the quadrennial dance of democracy, and bring us to the current day—the 2016 presidential cam-paign, a lengthy, exhausting and costly race that will be dominated by the 24/7 news cycle, social media, pop culture and the rise of the Super PACs.


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Aks, Richard M. Rutgers Unversity

Ambrose, Cate Latin American Private Equity & Venture Capital Association

Ames, Stuart G. Commonfund

Anson, Mark J.P. Commonfund

Armstrong, Robert C. MIT Sloan School

Balls, Ed Former CEA, U.K. Treasury Former Chair, International MonetaryFund Deputies Committee

Beddoes, Zanny Minton The Economist

Bremmer, Ian Eurasia Group

Burbank III, John H. Passport Capital

Charas, Solange Charas Consulting

Chaudhary, Salam Sturbridge Capital

Citrone, Rob Discovery Capital Management

Clark, Sarah Commonfund

Colvin, Geoff Fortune

Cooper, Gerald UBS

Darnell, Max First Quadrant

Delano, John Commonfund

Deng, Kun Lazard Asset Management

Deutch, Phil NGP Energy Tech Partners

Douglass, Hamish Magellan Financial Group

Ewing, David ECI Partners

Speaker biographies are available online at www.commonfund.org/forum or download the Commonfund event app with your smart phone or tablet

COMMONFUND FORUM 2016 FACULTY

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Fitzgerald, Mark Commonfund

Flanders, Stephanie J.P. Morgan Asset Management

Friedman, Joshua S. Canyon Partners

Funnell, Ben GLG

Gaspar, Jess Commonfund

Goodman, Roger Yuba Group

Goodwin, Doris Kearns Author/Historian

Goolgasian, Chris Wellington Management

Gopinath, Gita Harvard University

Grant, Adam Author and Professor, The Wharton School of Business at the University of Pennsylvania

Greer, Caroline Commonfund

Griswold, John Commonfund Institute

Guyatt, Danyelle Collaborare Advisory

Hagel, Chuck Former U.S. Secretary of Defense

Hariton, Anita Commonfund

Hershey, Wendy M. Mercer Consulting

Hoeing, Mark Commonfund

Huidekoper, Elizabeth (Beppie) Commonfund Trustee

Huntsman Jr., Jon Former Utah Governor Former U.S. Ambassador to China

Jack, Roderick Adelphi Capital Management

Jarvis, William F. Commonfund Institute

Jensen, Amy Northwest Area Foundation

Keating, Catherine Commonfund



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Khan, Sal Khan Academy

Kohn, Donald Former Vice Chairman, Federal Reserve System

Kwait, Kristofer S. Commonfund

LaFond, Ryan BlackRock

Lagrange, Pierre GLG Partners

Lane, Brett Commonfund

Lee, Linda-Eling MSCI

Levin, John Levin Capital Strategies

Levine, Ethan Commonfund Capital

Liesman, Steve CNBC

Litterman, Robert B. Commonfund Trustee

Lodge, Cari Commonfund

Long, Jeffrey T. Commonfund

Manning, Tom University of Chicago, Former CEO Cerberus Asia Operations & Advisory

Mateyo, George K. Cleveland Clinic Health System

McGeveran, Elizabeth McKnight Foundation

Mehta, Samir JO Hambro Capital Management

Moreau, Dana Commonfund

Moyers, Bill Renowned Broadcast Journalist

Novick, Barbara G. BlackRock

Orszag, Peter R. Citigroup

Psarsos, Mike KPS Capital Partners

Rajamony, Jayendran Numeric Investors


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Richardson, David W. Impax Asset Management

Schmitter, Miriam E. Commonfund

Sesno, Frank Former Anchor, CNN

Snyder, Steve Commonfund

Speare, Jon K. Commonfund

Strauss, Michael Commonfund

Sundstrom, Geraldine PIMCO

Tan, Jui BlueRun Ventures

Tefft, E. Lyndon Commonfund

Véron, Nicolas Peterson Institute and Bruegel

Viceira, Luis Harvard Business School

Yates, Tim Commonfund

Zimmerman, Bruce The University of Texas Investment Management and Commonfund Trustee



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Thank you for attending Commonfund Forum 2016. New for Commonfund Forum 2017 we will be holding the conference at the JW Marriott San Antonio Hill Country in San Antonio, Texas from March 4th - March 7th. We hope that you will be able to join us next year.

Important Message

We recognize that a number of attendees at Commonfund Forum, particularly those who serve on governing boards, are also successful investment professionals with leading investment managers. And we recognize that the institutions attending Commonfund Forum may be prospective clients of such investment managers. In keeping with the educational objective of Commonfund Forum, we ask any such investment professional to respect this mission and not market their firms and investment products during the conference. In addition, the list of Forum attendees which is provided online may not be used for any purpose other than as a reference guide while attendees are at the Forum.

15 Old Danbury RoadP.O. Box 812Wilton, CT 06897-0812

Forum Hotline 888-811-3803 www.commonfund.org/forum

Past performance is no guarantee of future results. Commonfund Forum 2016 is intended only for eligible, invited participants, and not in-tended to constitute an offering of any securities, which will be made only by means of confidential placement memoranda. Investors should consult these materials before investing. Attendance at Commonfund Forum 2016 is limited to those invitees who have demonstrated proof of eligibility, or who have an established relationship with Commonfund Securities, Inc. or its affiliates. Securities offered through Common-fund Securities, Inc., member of FINRA. Views expressed by participants in Commonfund Forum 2016 are not necessarily those of Com-monfund.

Commonfund is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continu-ing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.

Commonfund Forum provides an overview of investment topics in plenary sessions and more advanced analysis and discussion in breakout sessions. No prerequisites or advance preparation are necessary. Depending upon the sessions attended, a maximum of 24 CPE credits may be earned. The number of credits are subject to change based on agenda topics and schedule. For more information regarding administrative policies, please contact our offices at 15 Old Danbury Road, Wilton, CT 06897-0812.

Documents

FORUM 2016 AGENDA - Commonfund · FORUM 2016 AGENDA February 27 - March 1, ... SUNDA 2.28 SUNDA 2.28 # connotestwelco 2016 5 ... choosing to champion novel ideas and values that go