4th Annual Redefining Fixed Income Forum

May 17th - May 18th 2018
Four Seasons Hotel
Chicago
About

Party’s Almost Over: Time to Retool and Recalibrate

The end of a four decades long bull market in bonds will usher in a new paradigm for institutional allocators. While the timing, scope and effect of central bank policy change remains to be seen, it is clear that fixed income markets are approaching an important inflection point—both in the U.S. and abroad. This makes it an ideal time for institutional investors to benchmark their opinions and approaches with those of their peers. What are appropriate allocations to the various sectors; how are conversations with Investment Committees being transformed; and what are the investment solutions for this new environment?

Last Year's Agenda

Advisory Board
  • Nate Molinari, Senior Investment Treasury Analyst, AEGIS
  • Glen Hosokawa, Director of Fixed Income, CalSTRS
  • Mitch He, Chief Investment Officer, Chesapeake Employers Insurance
  • Aoifinn Devitt, Chief Investment Officer, Chicago Policemen’s Annuity and Benefit Fund
  • Arthur Olunwa, Senior Portfolio Manager – Fixed Income, Exelon Corporation
  • Jing Ling, Manager of Fixed Income Portfolio, FCA US LLC
  • Al Kim, Director of Investments, Helmsley Trust
  • Rodney Overcash, Head of Credit, Margaret A. Cargill Philanthropies
  • Dan Quigley, Senior Investment Manager Fixed Income, Michigan Department of Treasury
  • Scottie Bevill, Senior Investment Officer-Global Bonds and Real Return, Teachers’ Retirement System of the State of Illinois
  • Ben Bronson, Director of Liquid Strategies, Fire & Police Pension Association of Colorado
  • Robert Feng, Acting Head of Public Fixed Income, New York City Retirement Systems
  • Adam Kobor, Director of Investments, New York University
  • Andria Canel, Senior Director, Fixed Income & Fund Operations, NorthShore University Health System
  • James F. Del Gaudio, Portfolio Manager, Pennsylvania Public School Employees' Retirement System
  • Philip Pagliaro, Senior Portfolio Manager, State of New Jersey Division of Investments
  • Chirag Gandhi, Portfolio Manager/Global Fixed Income, State of Wisconsin Investment Board
  • Mohan Balachandran, Senior Managing Director of Asset Allocation, TRS Texas
  • Joe Fazzino, Senior Director – Pension Investments, United Technologies Corporation
  • Satish Swamy, Managing Director, University of California
  • John Freihammer, Portfolio Manager, Chicago Teachers’ Pension Fund
Themes
  • What will be the catalysts for rotation shifts? What are your peers doing to pre-emptively prepare for these changes?
  • Will rising rates lead you to invest more in floating rate securities, increase hedging activity, reduce duration, or run for TIPs?
  • How is quantitative tightening shaping forward-looking conversations with your Investment Committee? What is the likely impact on asset allocation?
  • What’s the framework for institutions’ currency hedging and derivatives strategies?
  • An increasing pool of institutions is adopting a liability-matching approach to investing their assets. This is making allocating to appropriate strategies more challenging.
  • Where is the divergence in the latest crop of LDI and liability-matching investment programs?
  • What’s the ideal number and mix of investment managers? What are the drivers for changing your manager mix, and what are the roadblocks, as well as the risks, to doing so?
  • How are investors and their consultants responding to the tidal change in data collection, data reporting and data-based alpha generation?
  • What quantitative tools are appropriate for adoption in your investment decision making process?
  • How can you leverage your consultants, your investment manager partners, and your internal team to make big data a big deal for your portfolio?
  • You may be asking yourself, “Is there anything I’m missing in the investment grade corporate bond market?” So are your counterparts across the institutional investor spectrum.
  • Today’s stable value funds are not the vehicles your grandmother would remember. What are some of the new tilts managers are pitching, and are they appropriate?
  • Given the changing face of high yield mandates, should institutions allocate from their safe assets or from their return generating buckets? What are the tradeoffs?
  • Beware covenants! Avoid missteps in today’s covenant-light environment.
  • Understand the diversity of assets that private credit vehicles are exploiting—including litigation finance, music royalties and Asian credit, to name a few—as well as the timeline for putting capital to work.
  • Learn the importance of an exit strategy. How can you judge your managers’ ability to unwind positions?
  • Is exposure to structured products best served by increasing the amount of flexibility you give to your Barclays Aggregate manager, or by awarding specialist mandates, instead?
  • Is there any value to be had in non-agency MBS or CMBS? 
  • CLOs 101: What you and your team need to know about these increasingly complex products.  Who are the sponsors, and what are the risks and rewards of the various tranches?
  • Are rating agencies adequately evaluating the risks, or do institutions need to ramp up their own analysis?
  • What are the considerations in choosing local or hard currency; sovereign or corporate debt?
  • Given our place in the current cycle, is a regional or country-specific approach preferred?
  • Understand the macro drivers behind opportunistic investment vehicles.
  • Are you ready to consider risk-transfer strategies? What are the ins and outs of investing in pools of non-performing loans?
  • When one bed is too hard and one is too soft, you need to find one that’s just right. And managers are responding to the need from allocators for FI duration strategies which allow them to bridge the considerable gap between long duration bonds and more opportunistic assets.
  • What role in the portfolio are these partial duration strategies intended to play?
Sponsors

Aberdeen Standard Investments          Aviva Investors                                                                        

Venue

Four Seasons Hotel

120 East Delaware Place
Chicago, IL 60611
Tel: (312) 280-8800 
Fax: (312) 280-1748 
www.fourseasons.com/chicago

The Four Seasons Hotel Chicago is located steps away from the famed Magnificent Mile, glamorous North Michigan Avenue shopping, and minutes from the city's business and financial centres.  

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Please do not secure your travel arrangements until you have received your written confirmation from Institutional Investor of your registration. Participation is strictly limited to qualifed indiviudals. 


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QUESTIONS?

For more information, please contact:

Katarina Storfer

(212) 224-3073
kstorfer@institutionalinvestor.com