7:30 – 8:30 AM:

Breakfast (Bernardo Patio)

8:30 – 9:15 AM:

Funding research: The importance of supporting innovation (Bernardo Ballroom)

If you could fund a single research proposal to address issues facing pension investment professionals, what would it be? Each year, the Kroner Center for Financial Research selects three research proposals related to pension investing and provides them with funding. In this presentation, Michael Melvin will discuss the center's work, discuss the importance of independent investment research to the defined benefit pension investment sector and discuss key findings of its past research projects.

Speaker:

Michael Melvin, executive director of the Kroner Center for Financial Research, University of California, San Diego

9:15 – 9:45 AM:

A painful epiphany: Investing in a post-pandemic, post-global world

 The post-pandemic world calls for a new investment regime with the challenges of lower expected returns, higher inflation and less diversification. Against the backdrop of deglobalization and a reversal of bargaining power from capital to labour, this new investment reality raises profound questions about the kinds of risks investors will face. A strategic shift in portfolio allocations is needed.

 Speaker:

Robertas Stancikas, senior research associate, institutional solutions, AllianceBernstein

9:45 – 10:15 AM:

Finding differentiated sources of alpha in fixed income investing

The past two years have been characterized by volatile and uncertain markets as central banks act to fight inflation. This new interest rate environment highlights the evolving role of fixed income. In this session, Karin Sullivan will discuss the importance of flexibility and agility in unsettled markets using different strategies within fixed income that expand one's opportunity set to gain exposure to desired risks.

Speaker:

Karin Sullivan, vice-president, fixed income, Trans-Canada Capital Inc.

10:15 – 10:45 AM:

Networking break

10:45 – 11:15 AM:

The industrial revolution (finally) comes to investing

Reliably adding alpha in a zero sum, highly competitive environment requires continual innovation in all aspects of the investment process. Finding relevant data, transforming the data into investment insights, idea combination via portfolio construction, overall risk management and trading individually need to be world class. This necessitates the specialization of skills, the application of the latest technology and a focus on generating scale and efficiency. Today’s requirements on the volume of non-traditional sources of data, new technology and the increasing relevance of very diverse skill sets makes re-thinking the entire approach to active management critical. This session will discuss these important insights and what it means for institutional investors.

Speaker:

Neil Constable, head of quantitative research and investments, Fidelity Investments

11:15 – 11:45 AM:

Unstable equilibrium: Finding the new normal in credit markets

Conditions thought to be transitory – supply chain shifts, global inflation, monetary policy – have proven to be much more lasting in nature. Investors are assessing the long-term resilience of their credit portfolios. Beyond providing an attractive source of risk adjusted returns, investors are looking to take a new approach and find opportunities in assets and strategies that reduce their portfolios’ correlation with the economic cycle. This session will explore how these objectives can be met and current opportunities.

Speaker:

Saurabh Sud, portfolio manager, T. Rowe Price

11:45 AM – 12:15 PM:

Navigating the shifting real estate landscape: Opportunities in U.S. real estate debt

High interest rates, confusing inflation reports and quantitative tightening are reshaping real estate risk-return. Is it a temporary phase or the emergence of a new paradigm? This session will analyze the impact of these trends and explore the rapidly changing opportunities in the U.S. debt market.

Speaker:

Marc Weidner, managing director, head of global real estate, Franklin Templeton Institutional

12:15 – 1:15 PM:

Lunch (Bernardo Patio)

1:15 – 1:45 PM:

In search of the 60/40 stock/bond asset allocation origin — and why it matters

The 60/40 stock/bond asset allocation strategy is often referred to as “traditional,” “tried-and-true” and “foundational” for defined benefit pension plans. But recently some have questioned the efficacy of the strategy given its poor performance in 2022. This session will describe a search for the origin of the strategy, why it matters and why 60/40 is still a relevant starting point for DB plans today.

Speaker:

Steve Foerster, finance professor, Western University

1:45 – 2:15 PM:

Extreme makeover: Fixed income edition

Plan sponsors’ objectives are evolving. Some are looking for risk management and settlement solutions, while others are looking to generate stable income to pay pensions on an ongoing basis. Fixed income allocations should evolve, too. New highs for interest rates and a wider range of opportunities have revolutionized the role of fixed income for pension plans beyond just risk reduction. This session will explore actionable strategies, case studies and insights for adapting fixed income portfolios to the new reality.

Speakers:

Ashwin Gopwani, managing director, head of retirement solutions, Sun Life Capital Management

Véronique Lauzière, managing director, Sun Life Capital Management 

2:15 – 2:45 PM:

A systematic perspective on credit investing

Active, systematic approaches to credit are relatively uncommon, but offer important insights into an enormous opportunity set. Given recent moves in interest rates globally, these insights are increasingly valuable. This session will explore the current credit landscape through a systematic lens, examine the drivers of persistent excess returns in credit and evaluate how systematic approaches to credit investing are diversifying relative to traditional discretionary approaches.

Speaker:

Scott Richardson, senior vice-president, director, systematic credit, Acadian Asset Management

2:45 – 3:15 PM:

Networking break

3:15 – 3:45 PM:

ESG 2.0 in focus: Targeting sustainable outcomes

Too often, ESG funds have been marketed as being green, sustainable or as having impact.  The latest industry discussion and regulation is coming to recognize the difference between the terms ESG and sustainable. This session will outline what intentionally targeting sustainable outcomes might mean for strategy development across asset classes.

Speaker:

Sam Tripuraneni, head of sustainable outcomes, Aviva Investors

3:45 – 4:15 PM:

Navigating the global equity landscape: Opportunities for fundamental investors

This session will discuss the current global economic landscape and the challenges and opportunities presenting themselves in equity markets. Amy Chang will explore a fundamental investor’s perspective when it comes to navigating these uncertain times and will aim to provide insights into BCI’s investment process as macro factors have dominated the narrative.

Speaker:

Amy Chang, managing director, head of active global fundamental, British Columbia Investment Management Corp.

6:00 – 9:00 PM:

Cocktails and dinner reception (Santiago Courtyard)