2015 JFNA Investment Institute Draft Program

2015 JFNA Investment Institute
Program Agenda
Sunday, February 8, 2015
11:00 am-3:30 pm Golf Tournament: The Club at Emerald Hills, Hollywood
(Meet at Lower Lobby entrance of the Convention Center by 10:00 am for transportation to golf course)
1:00-3:00 pm
Tennis Round-Robin: Diplomat Golf and Tennis Center
(Shuttle departs from the hotel main drive every half hour)
5:00 pm
Registration Begins
6:00-6:30 pm
Cocktail Reception
6:30-7:30 pm
Keynote: The American Energy Revolution: How Frackers Upended Geopolitics
and Altered History
Greg Zuckerman, Special Writer and Author, The Wall Street Journal
Introduction: Louis Wolfson, Chairman, Wolfson Family Foundation
Monday, February 9, 2015
7:00 - 8:30 am Registration and Breakfast
8:30 - 8:45 am Access to Success: The Goals and Vision of the Chairs of the JFNA Investment Institute
Welcoming Comments: Investment Institute Co-Chairs Michael Horvitz (Cleveland)
and Phyllis Tabachnick (Chicago)
Eric Stillman, CEO, Jewish Federation of Broward County
8:45-9:45 am
Keynote The United States: Setting the Pace for the Global Economy and Financial
Markets, Abby Joseph Cohen, Senior Investment Strategist, Goldman Sachs
Introduction: Eran Peleg, Chief Investment Officer, KCPS Clarity Capital
9:45 -10:30 am Keynote Panel Blurring the Lines between Asset Allocation and Managers
Moderator: John Hoover, Andrea and Charles Bronfman Philanthropies
Eric Upin, Chief Investment Officer, Makena Capital Management
Mike Miller, Managing Director, Colonial Consulting
10:30 -11:00 am Networking Break
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2015 JFNA Investment Institute
Program Agenda
11:00-12:00pm Keynote: Smart Volatility Management in a Risk On/Off World
Adrian Banner, CEO and CIO, INTECH
Introduction: Jim Tucker, Senior Vice President and Managing Director, Northern Trust
12:00-12:30pm Lunch
12:30-1:15pm Keynote Intercepting the Puck: Key Trends No Investor Should Ignore
Tal Keinan, CEO, KCPS Clarity Capital
Introduction: Jerry Silverman, President and CEO, JFNA
1:30-2:15 pm
Keynote Panel Best Thinking on Private Alternatives
Ken Trippe, Managing Director, Director of Private Investments, Glenmede
Andy Brownstein, Board Trustee, Richmond Jewish Foundation
Adam Conish, Managing Director Portfolio Manager Endowments and Foundations,
Glenmede
2:15 – 3:00pm Keynote Panel New Ways to Invest with Jewish Values
Moderator: Julie Hammerman, Executive Director, JLens Investor Network
Heather Myers, Managing Director, Russell Investments
Allan Barkat, Founder and CEO, Dualis
Holden Lee, Chief Financial and Investment Officer,
Jewish Community Federation of San Francisco
3:30 – 4:30pm Breakout Session Series A

Session 1A: Conflicts of Interest on Investment Committees
Moderator: Michal Barzuza, Caddell & Chapman Professor of Law, UVA Law School
Alison Lonshein, General Counsel and Assistant Secretary, The Frick Collection
Alan Leifer, Immediate Past Chair JFNA Investment Institute
Ahron Herring, Chief Investment Officer, Yeshiva University
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2015 JFNA Investment Institute
Program Agenda

Session 2A: Where Opportunities and Risks are Today:
Due Diligence Across the Investment Landscape
Moderator: Geoff Gerber, Investment Chair, Jewish Federation of Greater Pittsburgh
John Hyman, CEO, Algonquin Advisors
Jonny Lach, Partner, Albourne America
Sharon Morell, President, Oregon Jewish Community Foundation

Session 3A: New Opportunities in Israeli Investments: A Call to Action
Moderator: Steve Wagner, Committees Member, Greater Miami Jewish Federation
Jonathan Half, Managing Director, ION Asset Management
Steven Schoenfeld, BlueStar Global Investors
Jonathan Kolber, General Partner, Viola Partners
4:45 - 5:45 pm Breakout Sessions: Series B

Session 4B: The Illusion of Diversification
(and Other Lessons from the Portfolio Whiteboard Project)
Moderator: Cathleen Rittereiser, Founder and CEO, Uncorrelated
Nolan Bean, Managing Principal, Fund Evaluation Group
David Brief, CIO, Jewish Federation of Metropolitan Chicago

Session 5B: The Impact of Costs on Investment Returns: Do as I Say, Not as I Pay
Moderator: Jared Knote, Vice President, Wells Fargo Portfolio Risk Advisors
Ralph Wanger, Founder, Wanger Investment Management
Christian Gunther, Vice President and Senior Trader, Dimensional Fund Advisors
Kevin Jestice, Principal and Head of Institutional Investor Services, Vanguard

Session 6B: Trends in Jewish Philanthropy
Moderator: Kathy Manning, Immediate Past Chair, Board of Trustees, JFNA
Andres Spokoiny, President and CEO, Jewish Funders Network
John Hoover, Chief Financial Officer, The Andrea and Charles Bronfman Philanthropies
6:00 – 7:00 pm Cocktail reception
7:00 – 9:00 pm Sponsor Dinners
9:00 – 11:00 pm After Hours Cocktails, Lobby Bar
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2015 JFNA Investment Institute
Program Agenda
Tuesday, February 10, 2015
7:30 - 8:45 am Sponsor Breakfasts
8:45 – 9:00 am Reflections and Observations
Investment Institute Co-Chair Michael Horvitz (Cleveland)
9:00-10:00 am Keynote The Economic Investment Outlook for 2015
Leon Cooperman, Chairman and CEO, Omega Advisors
Interviewer: Mark Yusko, CIO and CEO, Morgan Creek Capital Management
Introduction: Howard Rabner, Chief Operating Officer and Chief Financial Officer,
Jewish Federation of Greater MetroWest NJ
10:00-10:45 am
Keynote Evolving Perspectives on Portfolio Risk and Governance Models
Bruce Zimmerman, CEO and CIO, The University of Texas Investment Management
Company (UTIMCO)
Introduction: John Griswold, Executive Director, Commonfund Institute
10:45-11:15 am
Networking Break
11:15-12:00 pm Keynote Panel Family Foundations: From Investment to Philanthropy
Moderator: Jeff Solomon, President, The Andrea and Charles Bronfman Philanthropies
Sara Crown Star, Crown Family Philanthropies
Louis Wolfson, Chairman, Wolfson Family Foundation
John Bussel, Investment Committee, Greater Miami Jewish Federation Foundation
12:00-1:00 pm Table Topic Lunch Forums

The Long-term Investment Case for Emerging Market Debt
Discussion led by Karen Bater, Aberdeen Asset Management Inc.

Absolute Returns: Do They Absolutely Exist?
Discussion led by Paul Glazer, Glazer Capital Management

Opportunities in Fixed Income and Credit
Discussion led by Fowad Sheikh, GRK Partners
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2015 JFNA Investment Institute
Program Agenda

Opportunities in Private Investments
Discussion led by Kristin Reynolds, NEPC

Case Studies in Endowment Management: The Good, The Bad, and The Ugly
Discussion led by John Regan, Permanens Capital

Planned Giving: Effective Investment Management and Oversight
Discussion led by Dennis Dwyer, State Street Global Advisors

From “We’ve Got a Guy” to “We’ve Got an Institution: Making the Change
(And Living to Tell the Tale)
Discussion led by Bob Kokol, The Tampa Orlando Pinellas Jewish Foundation

Are Donor Advised Funds Replacing Endowments? What’s Creating All the Hype?
Discussion led by Kevin McGrath, Renaissance

Considerations When Investing Planned Gifts
Discussion led by Elizabeth Aycock, PNC Institutional Asset Management

Investing in Israel
Discussion led by Ian Bernstein, Leumi Investment Services Inc.
and Jonathan Half, ION Asset Management

MYTH BUSTER: Investment Themes Affecting Family Offices
Discussion led by Matt Blind, Fidelity Family Office Services

The Innovation Front for Connecting with Donors
Discussion led by Eric Swerdin ChesterCAP, LLC
1:15 - 2:00 pm Keynote Evolution of Asset Management
Rob Kapito, President, BlackRock
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2015 JFNA Investment Institute
Program Agenda
2:15 – 3:00 pm Breakout Sessions: Series C

Session 7C: Following the Dollars: Capitalizing on Israeli Economic Growth
Moderator: Gary Jacobs, Co-Founder / General Partner NGT3 VC
Michael Freedman, Executive Director, Asquith Israel Merchant Bank
Moshe Bar Siman Tov, Minister for Economic Affairs, Israeli Embassy
Justin Borus, Co-Founder and Managing Partner, Lazarus Israel Opportunities Fund

Session 8C: Improving Investment Outcomes Through Your Investment Committee
Moderator: Michael Horvitz, Chairman, Parkland Management Company;
JFNA Investment Institute Co-Chair (Cleveland)
Kristina Van Liew, Managing Director and Institutional Consulting Director,
Graystone Consulting
Bob Kokol, Investment Chair, Tampa Orlando Pinellas (TOP) Jewish Foundation
Diana Joseph, CIO, Barrington Strategic Wealth Management

Session 9C: The Cost and Benefits of Illiquid Investments
Moderator: David Brief, CIO, Jewish Federation of Metropolitan Chicago
Jamie Weinstein, Co-Head of Credit and Special Situations, Kohlberg Kravis Roberts &
Co.; Investment Committee Member, Jewish Community Federation of San Francisco
George Siguler, Managing Director and Founding Partner, Siguler Guff & Company
David Bizer, Managing Director, Jasper Ridge Partners
3:15-4:00 pm

Breakout Sessions: Series D
Session 10D: Opportunities and Challenges in the Fixed Income and Credit Markets
Moderator: Ethan Youderian, Chief Investment Officer, PT Asset Management
Mamak Shahbazi, President, Colchester Global Investors
Lisa Yahr, Director, Angelo, Gordon & Co.
Shawn Donovan, VP Marketable Securities, CareGroup/Combined Jewish Philanthropies
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2015 JFNA Investment Institute
Program Agenda

Session 11D: Spending Policy: Key to Intergenerational Equity
Moderator: Charlie Glassenberg, VP, Gift Planning & Investment Partnerships,
Combined Jewish Philanthropies
David Brief, Chief Investment Officer, Jewish Federation of Metropolitan Chicago
Brian Wodar, Senior Vice President and the National Director of Nonprofit Advisory
Services, Bernstein Global Wealth Management

Session 12D: Top Down vs. Bottom Up Investment Management Style
Moderator: Brian Bono, CFA, Senior Institutional Investment Strategist, SEI Investments
Richard Bernstein, Chief Executive Officer, RB Advisors
Holden Lee, Chief Financial and Investment Officer,
Jewish Community Federation of San Francisco
Joseph Rooney, Vice President Head of U.S. Client Group, Burgundy Asset Management
4:15 – 5:00 pm Keynote A Bearish View on the Fad of Indexing
Jim Grant, Founder Grant’s Interest Rate Observer
Introduction – Andrea Szigethy, Morgan Creek Capital Management, Principal and
Director of Marketing, Morgan Creek Capital
5:15- 6:30 pm Reception
7:00 – 9:00 pm Sponsor Dinners
Wednesday, February 11, 2015
7:30 – 8:45 am Sponsor Breakfasts
8:45 – 9:00 am Reflections and Observations
Investment Institute Co-Chair Phyllis Tabachnick (Chicago)
9:00 – 9:45 am Keynote Social Investment and the New Role of Finance
Sir Ronald Cohen, Chairman, Social Finance Israel
Introduction: Amit Marom, Founder, Marom Group
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2015 JFNA Investment Institute
Program Agenda
9:45 –10:30 am Keynote: Opportunistic Investing
Mitchell R. Julis, Co-Founder, Co-Chairman and Co-Chief Executive Officer,
Canyon Partners, LLC
Introduction: Robert Campion, President Canyon Capital Advisors
10:30 –11:15 am Keynote Panel Outsourcing, Insourcing and Consulting
Moderator: Dan Jick, Investment Committee Chair, JFNA Endowments
Stephanie Lynch, Founding Partner, Global Endowment Management
Sandy Urie, Chairman and CEO, Cambridge Associates
11:15 –11:30 am Closing Remarks, JFNA Co-Chairs, Michael Horvitz & Phyllis Tabachnick
-----------------------------------------------------------------------------------------------------------------------------------------11:45 –1:15 pm Closed session for Federations and private foundations (Boxed Lunch Provided)
The Long Road to Increasing SAT: Lessons Learned in Driving Change
Moderator: Alan Leifer, Leifer Family Foundation and Immediate Past Co-Chair JFNA
Investment Institute
Shawn Donovan, VP Marketable Securities, CareGroup/Combined Jewish Philanthropies
Michael Dye, Vice President – Investments and Risk Management,
ASSOCIATED: Jewish Community Federation of Baltimore
Alon Ozer, Senior Investment Officer, Greater Miami Jewish Federation
Alan Polansky, Senior Director of Investments, Jewish United Fund/Jewish Federation of
Metropolitan Chicago
Barry Reis, Chief Financial Officer, Jewish Federation of Cleveland
1:15 pm
CONFERENCE CONCLUDES
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