8:00am – 9:00am

Breakfast

9:00am – 9:10am

Argyle Executive Forum Opening Remarks

9:10am – 9:40am

“Market Outlook”

Ronald Peyton 
Chairman and Chief Executive Officer 
Callan Associates Inc.

Session topics include, but are not limited to:

• An analysis of the growth and performance of common hedge fund strategies over the last 15 years
• Overview of the challenges for hedge fund investors as they exist today
• Potential opportunities/risks for tomorrow and how to source and/or manage them.

9:45am – 10:25am

Panel Discussion

“Investor Outlook”

Session topics include, but are not limited to:

• Macro outlook on how investors are protecting capital, now and going forward in 2010. What are the implications for another liquidity crisis, and how should investors protect themselves? As well as a look at how investors should be understanding and re-evaluating where liquidity really is within a portfolio, and how to access it.
• How have due diligence and standards changed over the last 18 months? In what ways are leverage and analysis of investments different now?
• What are the new ‘leading-edge’ investments? i.e. if it was private equity in the 80’s and hedge funds in the 90’s, what is it in the 00’s?
• Is there a disconnect between investors’ expectations vs. the reality of non-correlated/absolute returns though investing in hedge funds. What should an investor realistically be expecting from allocations to hedge funds? 

   

Moderator:
Jenny Strasburg 
Staff Writer, Hedge Funds 
The Wall Street Journal

Panelists: 
Jeffry Haber, PhD, CPA 
Controller 
The Commonwealth Fund

Mihir Meswani 
Chief Portfolio Strategist 
Sandalwood Securities

Matteo Dante Perruccio 
Chief Executive and Founding Partner 
Hermes BPK Partners LLP

*This session is off the record.

10:30am – 10:45am

Thought Leadership Spotlight 
Presented by Prentice Capital Management

“Shorting: A Discussion of the Strategies, Potential Benefits, and Challenges in Today’s Environment”

Michael Zimmerman 
Chief Executive Officer & Portfolio Manager 
Prentice Capital Management

Session topics include, but are not limited to:

• What are the varying philosophies and practical approaches to shorting?
• How do fundamental stock pickers approach shorting and portfolio management?
• What are the potential benefits of shorting to hedge fund investors?
• What are the challenges and potential difficulties of shorting in today’s financial and regulatory environment?

*This session is off the record.

10:45am – 11:15am

Coffee Break

11:15am – 11:55am

Panel Discussion

“New Approaches to Risk Management”

Session topics include, but are not limited to:

• How can investors’ best judge the quality of a hedge fund’s internal risk management systems? What are consider the best measurement tools and the best solutions (if any) for keeping on top of managing risks?
• Transparency is clearly a crucial tool to mitigating investment risk. What kinds of reporting processes can help investors get ‘the full picture’? A look at some of the ways that SAS 70 can provide investors with information on the controls and safeguards within a fund, and how this can apply to understanding operational risk.
• A look at how hedge funds have changed in recent years, and discussion of whether the associated risks have become more prolific and more ‘real’, and how to deal with that new situation.
• Who should be responsible for overseeing risk? Should it be delegated to a specialized party or part of the most senior manager’s job?

Moderator:
Mark Faro 
Managing Editor 
Foundation & Endowment Money Management

Panelists: 
Neil A. Chriss 
Chief Executive Officer 
Hutchin Hill Capital

Michael Cyran 
Partner
Ernst & Young LLP

Sam DeRosa-Farag 
Managing Director, Portfolio Specialist 
Morgan Creek Capital Management, LLC

Michael Stohler
Chief Risk Officer, Alternative Investments Group 
JPMorgan Private Bank

*This session is off the record.

12:00pm – 12:30pm

“Outsource Model and Resource Management”

Lee Partridge 
Portfolio Strategist 
SDCERA

Session topics include, but are not limited to:

• Consideration of the resource constraints felt by a number of funds with smaller investment staff, and possible solutions.
• A look at how SDCERA has been exploring the process of using a 3rd party investment staff to maximize efficiency and value.
• The overlap between outsourcing and a co-operative structure shared by non-competing funds.

*This session is off the record.

12:35pm – 1:15pm

Panel Discussion

“A Discussion of Manager/Fund Selection in 2010”

Session topics include, but are not limited to:

• How has your relationship with hedge fund managers and the hedge fund industry changed as a result of the events of 2008, if at all?
• What is the correlation between increased time/resources spent on due diligence and higher demand for returns from managers? And how has your focus on fund strategy therefore changed, if at all?
• What are your biggest concerns? And what is the wish-list you’d like to put before the hedge fund industry? What are your priorities - Fees? Transparency? Fraud? Liquidity mismatches and hot money? The increasing share of beta in hedge fund returns? The effects of regulatory change on different managers? Your ability to get access to the best managers?

Moderator:
Martin Steward 
Investments Editor 
IPE International Publishers Ltd

Panelists:
Amy Chen 
Director-Investments 
Smithsonian Institution

Jennifer Heller 
Investment Director 
Alfred P. Sloan Foundation

Brian S. O'Neil 
Chief Investment Officer
Robert Wood Johnson Foundation

*This session is off the record.

1:15pm – 2:15pm

Lunch

2:20pm – 2:50pm

“Asset Allocation in a Changing Landscape”

Richard Charlton 
Chairman & Chief Executive Officer 
New England Pension Consultants

Session topics include, but are not limited to:

• A look at how Hedge funds have outperformed both equities and bonds for virtually all trailing periods over the past 10-years
• Views on how Hedge funds have improved both the returns and the stability of returns when added to a traditional 60/40 portfolio over virtually all trailing periods over the past 10-years.
• Portable alpha’s long term record continues to impress

2:55pm – 3:25pm

“Benefits of Fund of Hedge Funds vs. Direct Investments”

Heather Myers 
Director, Endowment and Foundation Strategy 
Russell Investments

Interviewed by:
Nick Lioudis
Senior Reporter
Nonprofit News

Session topics include, but are not limited to:

• Are fund of funds only necessary when dealing with complex/esoteric funds or do they add value in all circumstances?
• Where do fund-of-funds add the most value? What are the pros/cons of investing in fund-of-funds versus using consultants? Which route should investors - especially new investors to hedge funds – take? Is it feasible to do both?
• How to cultivate the best relationship between FoF’s and investors, and how should an investor’s use of fund-of-funds and consultants evolve as they gain experience with hedge funds?

3:25pm – 3:55pm

Coffee Break

3:55pm – 4:25pm

"Managing An Institutional Hedge Fund Allocation: Strategies For Outperformance"

Mary McLean 
Managing Director, Investments 
Kauffman Foundation

Session topics include, but are not limited to:

• Identifying and exploiting the value proposition of hedge funds
• Specific techniques for screening and selecting managers
• Secrets of a consistently successful long-term program

4:30pm – 5:00pm

"The Public Pension Fund Perspective on Investing in Hedge Funds"

Orin Kramer 
Chairman 
New Jersey State Investment Council

Interviewed by:
Susan Barreto
Deputy Editor
InvestHedge

Session topics include, but are not limited to:

• A look at the strategies and rationale for the New Jersey Investment Council’s allocations to alternatives, and particularly hedge funds.
• A general outlook on the under-funding facing public pension systems throughout the US, obviously there’s no silver bullet solution but what are some changes that should be made going forward?

5:00pm – 5:05pm

Argyle Executive Forum Closing Remarks

5:05pm – 6:05pm

Closing Reception