EMF 19 Preliminary Program As of 01 14

 Page 1 Making Strides in Engagement through Strategic Due-Diligence
February 10, 2015 | Tempe Mission Palmas | Tempe, AZ

 Institutional Investor Forums – Emerging Markets Forum
Dynamic Discernment: A Time to Reassess the Opportunities

in EM Assets, Not Retrench
Institutional Investor’s 2019 Emerging Markets Forum will focus on how North American pension funds, endowments, and foundations
are moving their emerging markets allocation significantly forward. Unlike a few years ago, most institutions are maintaining their
strategic commitment to emerging markets assets and, instead, are focusing more on “dynamic discernment” (eg, identifying where
there are specific opportunities to be found in particular assets, strategies, countries, and sectors or understanding how their EM
portfolios might need to be rebalanced within the allocation, etc).
With many institutions already heavily invested (or even over-invested in some cases) in the primary large cap holdings which have
made up the bulk of the opportunity set, there is also increasing interest in investments accessible through private markets or via
proven active management strategies focusing on small and mid cap stocks. All are re-assessing the managers and the strategies –
indeed their fundamental investment thesis – in how to get the best risk-adjusted returns and diversification from their emerging
markets investments.
We hope you will be able to join us on February 27-28, 2019 for this day and a half intensive seminar to learn about the decisions large
institutions are making as they address the investment opportunities in emerging markets within the context of today’s global macro
landscape.
 Page 2 Dynamic Discernment: A Time to Reassess the Opportunities in EM Assets, Not Retrench
February 27-28, 2019 | Four Season Hotel | Austin, TX
Advisory Board
Fawad Razzaque, Director of Investments, Alaska Permanent Fund Corporation
Richard Hisey, Chief Financial Officer/SVP of Finance & Administration, Berklee College of Music
Roberta Brzezinski, Managing Principal, Growth Markets, Caisse de depot et placement du Quebec
Mike Rosborough, Investment Director, CalPERS
John Streun, Director of Global Public Equities, Employees Retirement System of Texas
Dustin Heintz, Portfolio Manager, Florida State Board of Administration
Kevin Edwards, Senior Investment Director, Hartford Healthcare
Josh Fenton, Director of Investments, Helmsley Trust
Tanya Lai, Managing Director, IMCO
Kirstine Damkjaer, Global Industry Head of Equity, International Finance Corporation
Steven Kaell, Director of Investments, Memorial Sloan Kettering Cancer Center
Adam Liebhoff, Director of Global Equities, Raytheon Company
Shayne McGuire, Portfolio Manager, Emerging Markets & Gold Fund, Teacher Retirement System of Texas
Ruchit Shah, Portfolio Manager, Alternative Fixed Income & Private Credit, Texas Treasury Safekeeping Trust Company
Richard Rincon, Senior Director - Private Equity, UTIMCO
Kathleen Vogelsang, Chief Investment Officer, Van Andel Institute
Chung Ma, Senior Portfolio Manager, Virginia Retirement System
Phil Paroian, Investment Officer – Public Equity, Washington State Investment Board
Susan Chung, Managing Director, Investment Management, Wespath Investment Management
Sponsoring Organizations
Anchor Sponsor
Harvest Fund Management
Lead Sponsors
Aberdeen Standard Investments
PGIM/PGIM Fixed Income
Sponsors:
AB
ChinaAMC
Eaton Vance
Janus Henderson Investors
Matthews Asia
T. Rowe Price
VanEck
Wednesday, February 27
12:00 pm
Registration and Lunch
Ballroom Foyer and San Jacinto Ballroom
1:20 pm
Welcome and App Tutorial
Ballroom A
Everything you, as an attendee, need can be found on our app, including program details, speaker biographies, benchmarking survey
results, information on other attendees, white papers, and access to the speaker presentations we have been authorized to make
available.
Presented by:
Steven Olson, Managing Director, Institutional Investor Memberships and Forums
Kip Miller, Client Services Director, Institutional Investor Forums
1:30 pm
Chairperson’s Welcome and Benchmarking Session
Ballroom A
What are the issues, concerns and primary interests of your peers – investment decision-makers from the larger pension plans,
endowments, and foundations? Attendees will be polled on a number of high-interest topics using an interactive electronic response
system. By doing this, we will provide all attendees with useful benchmarks and unique insight into the concerns of investors. We will
also strive to key up certain points of discussion for subsequent sessions.
Introduction:
Steven Olson, Managing Director, Institutional Investor Memberships and Forums
Forum Chairperson:
Richard Rincon, Senior Director - Private Equity, UTIMCO
1:45 pm
Presentation Series I
When Sectors Meet Geography: Constructing a Resilient, Global EM Portfolio
Ballroom A
“Sharpshooter approach” is the slightly disconcerting way that many institutional investors are describing their strategy for making new
EM allocations or adding to existing ones this year. What is represents is a much more selective, targeted, sometimes customized
approach to fit the pieces together to make a stronger, higher potential, more resilient portfolio. This session will discuss how a sectoral
or a geography-specific – or a blend of the two – might be the best strategy for the current environment and opportunity set.
Session Chair:
Roberta Brzezinski, Managing Principal-Growth Markets, Caisse de depot et placement du Quebec (CDPQ)
1:50 pm
Presentation
EMD: Taking a Blended Approach
Presented by:
Karen Bater, CFA, Senior Fixed Income Specialist, Aberdeen Standard Investments
A blended approach to emerging markets debt can help investors prepare for a variety of market conditions, as each segment of
emerging markets debt will perform differently from one another depending on changes in the economic and market environment. But
in order to invest successfully, investors should consider their current portfolios and determine whether they have a properly
diversified allocation to this asset class. With higher expected growth, relatively attractive yields and undervalued currencies within
emerging markets, emerging-markets debt will likely become an even more important part of the global investment universe in the
years to come.
2:05 pm
Presentation
China Debt
Presented by
Thomas Kwan, Chief Investment Officer, Harvest Global Investors
2:20 pm
Presentation
Presented by:
David A. Semple, Portfolio Manager - Emerging Markets Equity Strategy, Van Eck Global
2:35 pm
Presentation
Presented by ChinaAMC (Proposed)
2:50 pm
Table Discussions
Seated in small groups, delegates will share their views on the previous presentations. Do they agree or disagree, and what are the reasons
for their views? Are there other factors which should also be taken into consideration? Which factors have contributed to plan sponsors
taking their respective positions and how are they changing their investment line-up and plan structure so as to facilitate better participant
outcomes? As well as sharing knowledge and opinions, each table will be tasked with coming up with a set of questions or comments which
they must be prepared to pose to the speakers.
3:10 pm
Panel and Audience Q&A
Session Chair:
Roberta Brzezinski, Managing Principal-Growth Markets, Caisse de depot et placement du Quebec (CDPQ)
The original speakers will retake the stage, answer questions, and react to comments from the table discussions.
3:30 pm
Coffee Break
Ballroom Foyer
4:00 pm
Guest Presentation
Ballroom A
Presented by:
Arthur Budaghyan, Senior Vice President, Emerging Markets Strategy, BCA, a Euromoney Institutional Investor company
4:30 pm
Investors and Consultants Panel Discussion
When Assessing Your Emerging Markets Portfolio from an SAA Perspective, How Do You Evaluate
Managers and Specific Investment Options?
Ballroom A
Many institutions are relatively entrenched with their EM portfolio construction at this point, and from a lot of phone conversations
with investors it is apparent that few are looking to re-engineer their allocations. So this panel will take a holistic perspective and ask
that these investors assess the entirety of the EM allocations, in whichever corner of the portfolio they might be housed. Then, how are
these investors assessing where additional mandates are needed to complement and diversify what is already there?
Moderator:
Andy T. Iseri, Senior Vice President, Callan LLC
Panelists:
John Streun, Director of Global Equities, Employees Retirement System of Texas
Josh Fenton, Director of Investments, Helmsley Trust
Eric Vaang, Managing Director – International, John D. and Catherine T. MacArthur Foundation
Susan Chung, Managing Director of Investment Management, Wespath Investment Management
5:30 pm
Cocktail Reception
San Jacinda Ballroom & Foyer
6:30 pm
Evening Free for Private Functions
Thursday, February 28
7:30 am
Breakfast Discussion Groups
San Jacinda Ballroom
Take advantage of this opportunity to grab some breakfast and then choose a table of your peers with a discussion topic, which is of
most interest. These breakfast discussion groups allow us to delve into some of the more tailored topics which add to the overall value
of the program. Hopefully there’s something for everyone.
Table 1
The Positives and the Negatives to Implementing a China A-Shares Program
How are people thinking about China A-shares from an allocation perspective, risk perspective? Are investors making a single allocation
to these asset? Knowing that MSCI will increase allocations over the next few years substantially, what are the risks and ramifications of
being under- and over-allocated?
Discussion Leader:
Dustin Heintz, Senior Portfolio Manager-Global Equity Asset Class, Florida State Board of Administration
Table 2
Topic to be Determined
Discussion Leader:
Viktor Kats, Co-Head, IFC Global Infrastructure Fund, International Finance Corporation
Table 3
Discussion Leader:
Adam Liebhoff, Director of Global Equities, Raytheon Company (Pending Confirmation)
Table 4
Discussion Leader:
TBD
8:30 am
Workshop Seriess
“Workshop” in the old, true sense of the word. All Forum attendees will have a choice of which of the two workshops they wish to
attend. Each workshop is 45 minutes start to finish and is formatted to be an interactive dialogue with all participants having the
opportunity to offer comments and share experiences.
Workshop A
When Macro Factors Meet ESG Considerations (Possible)
San Jacinto East
Presented by Aberdeen Standard Investments
Workshop B
San Jacinto West
Presented by PGIM Fixed Income
9:15 am
Presentation Series II
The New Strategies Changing the Way Institutions Invest in the Emerging Markets
Ballroom A
This session will examine some of the new strategies – and new and improved existing strategies – that investors with a wide and
diverse range of investment objectives are using to access opportunities in the EMs.
Session Chair:
Ryan Johnston, Funds Analyst, State of Wisconsin Investment Board
9:20 am
Presentation
Emerging Markets Equities: Keeping It in the Family
Presented by:
Ian Tabberer, Portfolio Manager, Global Emerging Market Equities, Janus Henderson Investors
Family ties make for a formidable force in both business and investing, and prove to be an important consideration in uncovering
attractive long-term investment opportunities within global emerging markets. While state-owned enterprises (SOEs) make up a
substantial proportion of the MSCI Emerging Markets IndexSM, the investment case for family-owned companies remains compelling.
This presentation will explore the reality of the powerful role family-controlled enterprises can play in the world economy today.
9:35 am
Presentation
Opportunities in China (Proposed)
Presented by:
Stuart Rae, Chief Investment Officer, Asia-Pacific Value Equities, AB (Pending confirmation)
9:50 am
Presentation
Presented by PGIM Fixed Income
10:05 am
Table Discussions
10:20 am
Session Chair:
Ryan Johnston, Fund Analyst, State of Wisconsin Investment Board
10:40 am
Coffee Break
Ballroom Foyer
11:00 am
Presentation and Q&A
Ballroom A
Moderator:
Shayne McGuire, Portfolio Manager, Emerging Markets & Gold Fund, Teacher Retirement System of Texas
Presented by:
Dr. Henry (Xue Jun) Zhao, Group Chief Executive Officer, Harvest Fund Management
The Chairman of one of the largest and most global of the China asset management firms will offer insights into the opportunities
available in China as well as the potential represented by the expanding network of China-based firms working with foreign partners.
Dr. Zhao’s specific talking points will focus on:
 The state of the asset management industry in China
 Benefits for North American allocators of using a local manager
 Potential methodologies which might be used by allocators when evaluating managers for their China allocation
 Investment challenges faced by foreign investors in China
11:30 am
Presentation Series III
Ballroom A
Session Chair: TBD
11:35 am
Presentation
China Equity
Presented by:
Yannan Chenye, Portfolio Manager, Harvest Fund Management
11:50 am
Presentation
Presented by:
Ernest C. Yeung, CFA, IMC, Portfolio Manager, Emerging Markets Discover Equity Strategy, T. Rowe Price
12:05 pm
Presentation
China Small-Cap Companies: The Next Frontier for Institutional Investors (Proposed)
Presented by Matthews Asia
China’s structural transformation to a consumer-led economy was powered by small entrepreneurial companies. 80% of China’s equity
market is small cap and is 2nd only to the U.S. small caps in its liquidity, breadth and depth. While institutions commonly get exposure
to China through a broad emerging market mandate, such exposure is typically weighted to large-cap companies and stagnant, “old
economy” sectors such as industrials, materials and financial sectors. As a result, institutional investors are rethinking their approach to
investing in China in order to access the drivers of future growth and market expansion. A dedicated allocation to China – especially
small-cap companies – should provide greater exposure to domestic consumption and “new economy” companies with strong
fundamentals in sectors like semiconductors, software and biotech. This presentation will explore the ways in which exposure
to China’s small companies can enhance risk-adjusted returns in institutional portfolios.
12:20 pm
Table Discussions
12:35 pm
Session Chair: TBD
12:55 pm
Lunch
San Jacinda Ballroom
2:20 pm
Do You Look at Your EM Portfolio Strategically – as a Holistic EM Portfolio? Or as EME within Your
Equities Bucket and EMD within Your Fixed Income Bucket?
Ballroom A
Isn’t it perplexing why so many large institutional portfolios keep their EME and EMD allocations housed separately in their equities and fixed
income buckets? Does this still make sense? Is this truly the best way to manage one of the most important groups of assets in the portfolio?
These panelists will debate exactly that. If the answer is yes, well then carry on. If not, why and how then?
Moderator:
Ruchit Shah, Portfolio Manager, Alternative Fixed Income & Private Credit, Texas Treasury Safekeeping Trust Company (Pending
Confirmation)
Panelists:
Suhitha Reddy, Senior Investment Manager, International Finance Corporation
Perrin Lim, Director of Capital Markets, Oregon State Treasury (Invited)

Chung Ma, Senior Portfolio Manager, Virginia Retirement System
Additional Panelists to be announced
3:00 pm
Investor Case Study
Leveraging Strategic Partnerships for Successful Alternative Investments in the Emerging Markets
Ballroom A
Presented by:
Roberta Brzezinski, Managing Principal, Growth Markets, Caisse de depot et placement du Quebec
3:15 pm
Coffee Break
Ballroom Foyer
3:30 pm
Abraaj and Beyond: Is Governance Back at the Forefront for EM Investments?
Ballroom A
The ESG phenomenon has done a lot to breathe continued life into the focus on corporate governance in all markets. But corporate
governance in the emerging markets is one of the most popular themes within the phenomenon itself, especially within the context of
the effect on returns but also leavened with the added complexity of debating how much right Western institutions have to try to
change local laws, customs, etc. And then we have Abraaj which added a whole other layer of stress to the discussion.
Moderator:
Steven G. Thieme, CFA, CAIA, Vice President – Hedged Strategies, Fund Evaluation Group, LLC
Panelists:
Lode Devlaminck, Managing Director, Global Equities, DuPont Capital Management
Kevin Edwards, Senior Investment Director, Hartford HealthCare
Pablo de la Sierra Peréz, Director – Infrastructure and Natural Resources. Employees Retirement System of Texas (Invited)
Additional Panelists to be announced
4:15 pm
Forum Concludes

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 Page 1 Making Strides in Engagement through Strategic Due-Diligence

February 10, 2015 | Tempe Mission Palmas | Tempe, AZ

Dynamic Discernment: A Time to Reassess the Opportunities

Session Chair: TBD

Perrin Lim, Director of Capital Markets, Oregon State Treasury (Invited)

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