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Day One, Tuesday, 27 May 2008
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08.30 | Registration and welcome coffee
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08.50 | Opening remarks from the Chair
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| GLOBAL FIXED INCOME TRENDS AND DRIVERS |
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09.00 | International keynote address:
Ensuring best practice pension fund fixed income investing
• Developing a global fixed income portfolio in an institutional framework
• Delivering long term results in an ever changing investment landscape
• Accessing global fixed income opportunities
• Are investors trending into or away from fixed income – a global assessment
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| | Mr Sean Rogister, Senior Vice President, Fixed Income and Tactical Asset Allocation, Ontario Teachers Pension Plan, Canada
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09.30 | International keynote address:
Reviewing the changing characteristics of fixed income portfolios
• Analysing emerging trends and examining the evolving role of fixed income
• Understanding why core fixed income portfolios are assuming a quasi-equity, return oriented role
• Looking at how have benchmarks have changed over time
• Are today’s fixed income portfolios taking on too much risk?
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10.00 | Morning tea
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10.30 | Panel discussion:
Macro-economic influences on fixed income
• The impact of divergent interest rates between the US and Australia
• The impact of a possible US recession on global markets
• Moving away from the USD and into the EUR as a global benchmark
• Australia’s rising dollar against the greenback – where are we headed?
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11.20 | Panel discussion:
Understanding the changing bond supply dynamics
• Outlook for sovereign and semi-sovereign issuance
• Examining borrowing plans for semi governments and the outlook for supra issuers
• Comparing the kangaroo market against alternate funding sources
• Are securitized vehicles dead or hibernating?
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| | Mr Richard Jackson, General Manager, Financial Markets, Queensland Treasury Corporation, Australia
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| THE CREDIT CRUNCH’S IMPACT ON FIXED INCOME INVESTMENT |
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12.00 | Presentation:
Assessing the fallout for fixed income from the sub-prime collapse and credit crunch
• What impact has the sub-prime crisis had on fixed income investments?
• Are investors now reassessing the assets included in their fixed income products?
• Have CDO’s lost their appeal in a fixed income investment?
• Impact of the credit crunch and US downtown
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| | Mr Jon Addison, Fund Manager, Meat Industry Employees' Superannuation Fund, Australia
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12.30 | Presentation:
Corporate financial health in a changing economy - a rating agency perspective
• How has the corporate sector evolved during the economic cycle?
• What are the key trends in corporate financial ratio's through the cycle?
• Ratings implications of evolving companies
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13.00 | Lunch
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| GENERATING ALPHA FROM FIXED INCOME |
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14.00 | Case study:
Achieving meaningful alpha returns
• Making fixed interest alpha meaningful for investors
• Building alpha solutions at fund level
• Using derivatives to meet client objectives
• Risk control in a volatile environment
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| | Mr Rob Jewell, Global Head of Macro and Credit, Queensland Investment Corporation, Australia
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14.40 | Speed Networking
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15.20 | Afternoon tea
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| RE-SHAPING FIXED INCOME |
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16.00 | Panel discussion:
Are investors increasing their allocation to fixed income?
• Are we seeing a resurgence in demand for fixed income instruments?
• Are investment managers returning to traditional fixed income strategies in light of the credit crunch?
• Are we moving back from credit/CDO's to sovereign and semi sovereign debt?
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| | Dr. Geoff Warren, Head of Capital Markets Research, Russell Investment Group, Australia Mr Jim Franks, Director, Investment Consulting, Russell Investment Group, Australia Mr Nick Bishop, Portfolio Manager & Credit Analyst, Aberdeen Asset Management, Australia
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16.40 | Panel discussion:
Reviewing recent innovations in fixed income product development
• Looking at structured credit products – the risks and rewards
• Adding value using hybrid securities
• Incorporating emerging markets and high yield bonds
• Greater returns with risk management through converging fixed income and equity markets
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| | Mr Sean Rogister, Senior Vice President, Fixed Income and Tactical Asset Allocation, Ontario Teachers Pension Plan, Canada Mr Robin Miller, Executive Director - Debt Investments, Industry Funds Management, Australia
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17.20 | Chairman’s closing remarks and the end of day one
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17.30 | Networking drinks
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Day Two, Wednesday, 28 May 2008
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08.30 | Welcome coffee
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08.50 | Opening remarks and welcome address from the Chair
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| | Mr Sean Carmody, Head of Fixed Income, Barclays Global Investors, Australia
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| CONSTRUCTING TOMORROW’S FIXED INCOME PORTFOLIO |
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09.00 | International keynote address:
Investing in high yield corporate credit – the low governance route to higher returns
• A brief overview of corporate capital structures and corporate credit
• The inefficiency at the heart of high yield credit
• The impact of the credit crunch and how to exploit it
• How high yield can help you to achieve higher returns without higher risk
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| | Mr Thomas Bentley, Director - Institutional Marketing, Muzinich & Co., United Kingdom
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09.30 | Presentation:
The broadening of the fixed interest universe - the implications for portfolio construction and the risks versus return
• The market events that shaped the changes to income investing
• Product development in recent years and the impact on fund classification
• The risk – return characteristics of the new breed of fixed interest funds & how they stack up against more traditional funds
• The role these fixed income funds play in a portfolio and how to position them
• The difficulty with peer group comparisons and the relevance of benchmarks to measure performance
• How to help investors better understand the fixed income market
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10.00 | Do investors get the type of fixed income portfolios they really need?
• Contrasting between the fixed income portfolio and balanced portfolio perspective
• Identifying the issues arising from current approaches for structuring fixed income mandates
• Measuring the impact of different factor/risk exposures on the overall portfolio
• Outlining ways in which alignment with investor objectives might be improved
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| | Dr. Geoff Warren, Head of Capital Markets Research, Russell Investment Group, Australia
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10.30 | Morning tea
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11.00 | Panel Discussion:
Evaluating fixed income management strategies
• Discussing how the mix of asset class (beta) and active management (alpha) risk taking is changing
• Analysing the strengths and weaknesses of large and small fund managers - is bigger really better?
• Reviewing emerging opportunities for active managers following the sub-prime meltdown
• Factoring increased fees for active management into your investment equation
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| | Ms Kathy Cave, Senior Associate, Russell Investment Group, Australia
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| INTEREST RATES AND INFLATION |
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11.40 | Presentation:
Considering interest rates and inflation impacts in your investment strategy
• We're livin’ in the 70's….. What is the current global and domestic inflation environment?
• Assessing the impact of inflation on your assets
• What are the new 'inflation fighting tools' at our disposal?
• Accessing global inflation protection - a pragmatic approach to hedging Australian risk
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| | Ms Susan Buckley, General Manager Fixed Income, Queensland Investment Corporation, Australia
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12.10 | Presentation:
Protecting real returns on your portfolio through inflation linked bonds (ILBs)
• Reviewing inflation and its impacts on investment
• Examining ILBs – the pros and cons
• Comparing a domestic v global ILB portfolio
• Implementing ILB portfolios
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12.40 | Lunch
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| RISK ASSESSMENT AND MANAGEMENT |
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13.40 | Presentation:
The re-pricing of risk post sub-prime – challenges and opportunities
• Understanding the recent re-pricing of risk
• Recognising the range of complex risk profiles in today’s fixed income portfolios
• Ensuring investment policies contain adequate risk parameter details
• Identifying buy-in opportunities arising from a re-pricing of risk
• Aligning characteristics of fixed-income portfolios with the long-term objectives of institutional investors
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14.10 | Panel discussion:
Managing risks associated with absolute return FI strategies
• Developing scaleable risk profiles
• Incorporating value at risk (VaR) into your investment strategy
• Understanding the importance of the volatility of absolute returns
• Risk budgeting – what is it and how can it work for you?
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| | Mr Robin Miller, Executive Director - Debt Investments, Industry Funds Management, Australia Moderator: Mr Sean Carmody, Head of Fixed Income, Barclays Global Investors, Australia
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14.50 | Afternoon tea
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| FIXED INCOME OUTLOOK |
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15.20 | Panel discussion:
The future for fixed income
• Do new ‘beyond vanilla’ fixed income products have a future or will we see a resurgence in traditional vanilla bond managers?
• Designing the fixed income products of the future
• Building custom portfolios and creating specialised mandates – finding a niche to find your alpha
• Separating alpha and beta by attaching equity alpha to bond benchmarks
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| | Mr Jon Addison, Fund Manager, Meat Industry Employees' Superannuation Fund, Australia Mr Thomas Bentley, Director - Institutional Marketing, Muzinich & Co., United Kingdom Mr Scott Cornfoot, Director, Business Management, Active Management Division, QIC, Australia Moderator: Mr Sean Carmody, Head of Fixed Income, Barclays Global Investors, Australia
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16.00 | Roundtables
Roundtable 1 Mapping the evolution of fixed income
Jon Addison, CIO, Meat Industry Employees' Superannuation Fund
Sean Carmody, Head of Fixed Income, Australia, Barclays Global Investors
Roundtable 2 Extracting alpha from fixed income
Rob Jewell, Head of Global Macro and Credit, Queensland Investment Corporation
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16.40 | Chairman’s closing remarks
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16.50 | Close of conference
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