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Pre-conference workshop: Tuesday, November 18, 2008
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9am | Registration & breakfast
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9.30am | Raising capital for and marketing 130/30 funds
With a host of new fund launches across the world in 2008 the 130/30 fund market has begun to get crowded. Competing for the same institutional funds in this new environment places an additional emphasis on product differentiation and marketing.
This one-day course will introduce fund managers to the world of raising capital for their 130/30 offerings and marketing their funds to institutional investors. Highlighting the differences between hedge funds, long-only funds, and 130/30 fundraising, the workshop will aim to provide a practical guide on how to approach different categories of investors, over come the initial hesitations of relaxing the long-only constraint, and prepare to address client concerns about 130/30 products, returns, benchmarks, fees, and risk.
- Marketing 130/30 strategies to planned sponsors, endowments, foundations, fund of funds, and investment consultants
- Highlighting product differences with your fund pitch
- Overcoming common investor objections
- Preparing a 130/30 pitch from A-Z
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4.30pm | End of workshop
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Conference day one: Wednesday, November 19, 2008
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8.30am | Registration and welcome coffee
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9am | Chairperson’s opening remarks
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| THE CONVERGENCE OF THE TRADITIONAL AND ALTERNATIVE FUNDS INDUSTRY |
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9.10am | Contextualizing 130/30 strategies in volatile markets
- Do 130/30 funds perform differently in volatile markets?
- Comparing 130/30 and long only funds in difficult markets
- Is manager selection critical in volatile markets?
- Why benchmarking matters
- Do managers need to tweak their 130/30 strategies during market downturns
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9.40am | Keynote address: Hedge funds embracing 130/30 strategies
- What makes 130/30 strategies attractive to hedge fund managers?
- Are hedge funds best suited to execute short selling strategies?
- Do investors approach allocations to hedge fund managers running 130/30 funds differently than traditional asset managers?
- Why would a hedge fund manager move from a constraint free investment structure to a constrained one?
- How do 130/30 fees differ from traditional hedge fund fees
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| | Anthony Foley, Head of Quantitative Research and Portfolio Management, D. E. Shaw Investment Management, L.L.C.
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10.10am | Panel session: Embracing convergence: perspectives on reallocating funds to 130/30 strategies
- Relaxing the long only constraint and understanding its impact on returns
- How beneficial is the short-selling constraint for investors and what are the reasons behind not relaxing the constraint?
- Are long only managers struggling and is 130/30 the answer?
- Exploring fundamental versus quantitative in 130/30 strategies
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| | Jerry Davis, Chairman, Trustee, New Orleans Employees Retirement System
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10.55am | Special Address on Securities Lending
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11.20am | Networking break
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| THE TIPPING POINT – 130/30 PREPARES FOR TAKEOFF |
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11.30am | Panel session: Attaining growth predictions
- Are fund managers benefiting from asset reallocation in the US?
- How do you know that 130/30 strategies are nearing exponential growth?
- Is the $2 trillion mark realistic?
- Can the industry sustain exponential growth?
- Handing questions about scale and size
- Does the active manager / short-seller apparatus need to be modified for larger size funds?
- Do increased allocations impact the availability of shorts?
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12.10pm | Speed networking
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1pm | Lunch
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| WHY WE INVEST IN 130/30 FUNDS |
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2.25pm | How 130/30 funds fit into our portfolio
- What are the reasons we are currently considering this strategy?
- Where will my allocation come from? Hedge funds? Long only?
- Performing due diligence for a first time 130/30 investor
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| | Jerry Davis, Chairman, Trustee, New Orleans Employees Retirement System
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2.55pm | Early returns and questions about benchmarks and risk
- Are early returns versus benchmarks acceptable to investors?
- Do investors feel benchmarks have been incorrectly selected and would they be happy with new benchmarks?
- Understanding concerns about fund performance in volatile markets
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| | Milbrey Casey Jones, Chair, Investment Committee, Marin County Employees Retirement Association
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3.25pm | Networking break
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| GATEKEEPERS: INVESTOR CONSULTANTS VIEW ON 130/30 |
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3.55pm | Panel session: Consultants view of 130/30 strategies and their potential
- Are investment consultants recommending 130/30 strategies?
- Which 130/30 funds are being recommended and why?
- How can fund managers set themselves apart from the competition?
- Where do 130/30 funds fit into an investment portfolio?
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4.40pm | Panel session: Conducting due diligence and monitoring new allocations
- How does the due diligence process for 130/30 strategies differ from evaluating traditional hedge fund managers?
- What are the key considerations when evaluating a 130/30 manager and firm?
- Understanding and responding to potential areas of concern in 130/30 strategies
- Monitoring managers and performance across single or multiple mandates
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| | Gerald Garrett, Trustee, Oklahoma Firefighters Pension & Retirement System
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5.25pm | Chairman’s closing remarks
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5.40pm | End of day one
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Conference day two: Thursday, November 20, 2008
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8.30am | Welcome coffee
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9am | Chairperson’s opening remarks
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| 130/30 FUNDS IN VOLATILE MARKETS |
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9.10am | Panel session: The importance of manager selection in building or allocating to a 130/30 fund
- Who knows how to short sell best – hedge funds versus asset managers
- Is the actual fund manager more important to investors than the firm launching the fund?
- What are the differences that investors should expect from the manager of a 130/30 funds than a long only manager?
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| | Jeb Doggett, Founding Partner, Casey Quirk & Associates
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9.40am | Roundtables - Table 1
Looking at the numbers – deconstructing research into global allocations and returns |
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10.05am | Roundtables - Table 2
Table 2: What do fund managers (traditional and hedge fund) need to know in order to become 130/30 managers? |
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10.30am | Roundtables - Table 3
Table 3: Effectively measuring 130/30 manager performance |
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10.55am | Networking break
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| BEHIND THE VEIL: UNDERSTANDING THE WORKING PARTS OF A 130/30 FUND |
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11.25am | Panel session: Operations - critical factors that impact the functioning of a 130/30 fund
- Working with a prime broker – do you need multiple prime brokers for 130/30 funds? What are the fundamentals of securities lending for 130/30 funds?
- Understanding counterparty risk
- Back office and other processes that factor into the functioning of a 130/30 manager
- Best practices in incorporating short selling and leverage
- Why are prime brokers important to 130/30 investors?
- Monitoring multiple 130/30 allocations through prime brokers
- Importance of benchmark selection
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| | Vladimir de Vassal, Director of Quantitative Research , Glenmede Investment Management, LP Kathleen DeRose, Senior Manaing Partner, Portfolio Management and Research, Hagin Investment Management
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12.10pm | Panel session: It’s all about benchmarking - selecting the correct benchmark and adjusting the benchmarks
- Is benchmarking important for 130/30 funds?
- Why do people feel that incorrect benchmarks have been selected?
- How do funds adjust existing performance benchmarks?
- Understanding the benchmark selection process
- Comparing the pro’s and con’s of popular benchmarks: S&P 500, 130/30 index, or a similar long-only fund
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| | Gus Scacco, Managing Director, AG Asset Management
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12.50pm | Lunch
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| THE FUTURE OF 130/30 |
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2.10pm | 130/30 Indexes? Yes… Indexes
- What are 130/30 indexes and who do they target?
- Why are 130/30 indexes viable products?
- Understanding the criticism of indexed strategies
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2.40pm | Panel session: Benefits of utilizing 130/30 fund of funds
- How do fund of 130/30 funds managers work and what is their mandate?
- Are there advantages of employing a fund of funds manager in a emerging product like 130/30?
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| | James Dunn, Managing Director, Wilshire Associates Jose Balagot, Deputy Chief Investment Officer and Director of Manager Research, Progress Investment Management Company
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3.20pm | Viability of 130/30 moving beyond the traditional equities market, and adopting new sector specific strategies and understanding
- Are equities the only asset class 130/30 strategies can and should be adopted for?
- Understanding the pipeline of Global Macro? Emerging Markets? Small Cap? Sector specific funds: Mining? Agriculture?
- Which strategies work in a 130/30 framework and which ones cannot be adapted?
- What are the advantages of expanding 130/30 beyond equities
- Additional risks involved with assets such as real estate and commodities being the underlying for 130/30 strategies
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| LIFE BEYOND EQUITIES |
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3.50pm | Panel session: Fixed income variants of 130/30
- What is the appeal of fixed income funds adopting 130/30 strategies for asset allocators?
- Understanding the moving parts of a fixed income 130/30 fund
- Addressing key investor concerns to deviations from traditional fixed income investments
- Where do allocations for fixed income 130/30 come from? Is there an optimal level of exposure within the fixed income portfolio to 130/30 strategies?
- Who is best suited to launch a fixed income 130/30 fund and why?
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4.10pm | Closing address
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4.15pm | End of conference
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