26TH ANNUAL ENDOWMENTS AND FOUNDATIONS SUMMER FORUM

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IMI INVESTMENT MANAGEMENT INSTITUTE PRESENTS 26TH ANNUAL ENDOWMENTS AND FOUNDATIONS SUMMER FORUM July 28-31, 2013 The Equinox Resort Historic Route 7A, Manchester Village, VT 05254 802-362-4700 www.

1 IMI INVESTMENT MANAGEMENT INSTITUTE PRESENTS 26TH ANNUAL ENDOWMENTS AND FOUNDATIONS SUMMER FORUM July 28-31, 2013 The Equinox Resort Historic Route 7A, Manchester Village, VT ********** Sponsored by: Baillie Gifford International LLC Baring Asset Management, LLC Baron Capital Management BNY Mellon Nikko Asset Management Co., Ltd. Pathway Capital Management, LP 1

2 IMI Presents ENDOWMENTS AND FOUNDATIONS SUMMER FORUM SUNDAY, JULY 28 TH 4:00 4:45 REGISTRATION (Colonnade Lobby) Please join us for pre-conference refreshments. Forum attendees are expected to attend all sessions. 4:45 5:00 WELCOME & INTRODUCTIONS (Colonnade) 5:00-5:45 GLOBAL MACRO REVIEW AND CONTROLLING RISK THROUGH ASSET ALLOCATION (Colonnade) This session will review the global macro-economic landscape and the implications for asset allocation past and present. Recent trends in markets also have implications for portfolio construction and will suggest some of the areas of risk that investors will have to manage if portfolios are to be properly diversified and risk controlled. In short, where we might seek to invest and how might we ensure that we don t misjudge risk. Andrew Cole Investment Director, Global Multi-Asset Group Baring Asset Management, LLC 5:45-6:30 OPENING NIGHT COCKTAIL RECEPTION (Lincoln Gardens) 6:30-7:45 DINNER (Colonnade: Jackets Required) OPENING REMARKS Russell K. Mason President Investment Management Institute 7:45-8:30 TOTAL ENTERPRISE ASSET MANAGEMENT Modeling asset allocation and spending policies options together for better risk management (asset/liability modeling) Considerations depending on specific enterprise/core business risks Balancing risks between operations and investments Common economic drivers and how they might influence investments and grants Simulation of risks and rewards Expected return framework Economic modeling of university financials Integration of investments and university fundamental drivers Qualitative risk assessment Selection of investment risk profile and illiquidity budget Strategic asset allocation Speakers: Mark Ruloff Director, Asset Allocation Towers Watson Investment Consulting Que Nguyen Managing Director, Strategy The University of Chicago Please join us after dinner for entertainment, featuring Andy Avery and Normandy, at the Falcon Bar/Deck. 2

3 MONDAY, JULY 29 TH 7:15-8:00 BREAKFAST ROUNDTABLES (Breakfast Manchester Foyer) SESSION A: THE GOOD, THE BAD AND THE UGLY : GOVERNANCE PERSPECTIVES AND RESPONSIBILITIES OF STAFF, COMMITTEES AND CONSULTANTS (Manchester) Jonathan Havice Chief Investment Officer Slocum Amy L Jenson, CFA Investment Director Northwest Area Foundation Beverly L. Hamilton Investment Committee University of Michigan Endowment SESSION B: OUTSOURCING INVESTMENT POLICY STATEMENTS DIRECTION FOR PORTFOLIO CONSTRUCTION (Dorset) Jeffry R. Haber, PhD, CPA Controller The Commonwealth Fund SESSION C: A STUDY ON THE COST OF TRANSITION FROM ONE MANAGER TO ANOTHER (Bennington) John Palmucci Chairman, Finance & Investment Committee New York Chiropractic College 8:10 8:15 MORNING INTRODUCTIONS (Rockwell) GENERAL SESSIONS: (Rockwell) 8:15 9:00 IS THERE A MIDDLE INCOME TRAP AND DOES IT MATTER FOR EM BONDS AND CURRENCIES? History shows there is a wide range of outcomes for emerging market economies with similar starting points. Early success often stalls at middle income levels. This talk will outline an approach to assessing potential growth and look at which economies prospects are robust to emerge from the middle income trap over the next decade and what this may mean for market returns. Ken Barker, CFA Partner, Clients Department Director Baillie Gifford International LLC 9:00-9:45 POLITICS AND ECONOMICS A NEW CYCLE JAPAN RISES TO THE CHALLENGE As changes continue to take effect and impact the shape of the globe in economic terms, countries are battling to take their place on the centre stage and lead the world forward post the debt crisis. The last twenty years have seen many political and economic events unfold that have impacted Japan s stature in economic prowess. With so much uncertainty still present in the global economy, this discussion will assess how the Japanese economy is evolving to ensure it remains relevant in the world of tomorrow. Charles Beazley President & CEO Nikko Asset Management Co., Ltd. 3

4 9:45-10:00 MID-MORNING REFRESHMENTS 10:00-10:45 REAL ESTATE NOW OPPORTUNITIES BEYOND REITS Real estate continues its comeback from its worst crisis since the Great Depression. While most institutional investors concentrate their real estate assets in REITs and/or private equity approaches, we believe there are clear opportunities in real estate related publicly traded companies like senior housing, hotels, homebuilding, even data centers. We ll take a look at both the current economic environment and the areas of the market we find most promising. David Kaplan Vice President, Senior Director Baron Capital Management 10:45-11:30 PRIVATE EQUITY MANAGER DUE DILIGENCE HOW TO KICK THE TIRES AND LOOK UNDER THE HOOD With over one thousand fund opportunities currently in the private equity marketplace, how do investors accurately identify funds that have a high probability of future success? This session will review due diligence practices and the key metrics used to identify managers that have exceptional performance potential. Cheryl Maliwanag Director Pathway Capital Management, LP 11:30-12:30 LUNCHEON ROUNDTABLES (Manchester Foyer) SPOUSE LUNCHEON (Dormy Grill) Adjacent to the Equinox Golf Course (Putting Green) SESSION A: HOW ENDOWMENTS AND FOUNDATIONS HANDLE LIQUIDITY NEEDS IN SIZING ILLIQUID INVESTMENTS (Bennington) Dwight M. Keating Vice President and CIO Claude Worthington Benedum Foundation SESSION B: ARE HEDGE FUNDS STILL AN ATTRACTIVE DIVERSIFIER? (Dorset) Marshall Acuff Trustee Charles Stewart Mott Foundation SESSION C: ENDOWMENT SPENDING POLICIES (Manchester) Jeff Amburgey Vice President for Finance Berea College 12:30-5:30 AFTERNOON ACTIVITIES (Golf, Tennis, Hiking, Relaxing) We are pleased to offer The Golf Club at Equinox (named by Golf Digest as One of the Top 75 U.S. Courses ) to all attendees and their spouses. Tee times start at 12:44 pm The Tennis Club at Equinox will host a Round Robin beginning at 2:30. A Guided Hike throughout the Equinox Preserve will leave from the Spa at 2:00. The Spa at Equinox offers a full range of services incorporating products native to the surrounding Vermont region. There is also a full fitness facility, indoor heated pool and movement studio for yoga, pilates and meditation. You may also visit Manchester Village (on The National Register for Historic Places) and the Outlet Shops located downtown. 4

6:00-9:00 COCKTAIL RECEPTION & DINNER (Hildene Estate Gardens) Theme: GATSBY NIGHT Attire: Roaring 20s Style There will be a shuttle service to and from the nearby Hildene Estate for cocktails and

Prior to dinner you re welcome to tour the house, learn the history of the family and the restoration of the mansion.

5 6:00-9:00 COCKTAIL RECEPTION & DINNER (Hildene Estate Gardens) Theme: GATSBY NIGHT Attire: Roaring 20s Style There will be a shuttle service to and from the nearby Hildene Estate for cocktails and dinner. Please meet at the front entrance to the hotel at 5:45pm. This Georgian revival mansion is the former home of Robert Todd Lincoln, the eldest and only surviving son of Abraham Lincoln. Prior to dinner you re welcome to tour the house, learn the history of the family and the restoration of the mansion. The formal gardens are in full bloom and offer a spectacular view of the surrounding mountains and valleys. Hildene has become home to the 1903 Pullman Sunbeam Rail Car. Robert Todd Lincoln was the president of The Pullman Palace Company and his estate has restored and put on display this car for all to see another historic artifact belonging to the Lincoln family. Please join us after dinner for entertainment, featuring Andy Avery and Normandy, at the Falcon Bar/Deck. 5

6 TUESDAY, JULY 30 TH 8:15-9:15 BREAKFAST ROUNDTABLES SESSION A: DIVESTMENT/RESPONSIBLE INVESTING/IMPACT INVESTING (Bennington) Ronald Watts Vice President for Finance, Chief Financial Officer Oberlin College Victor Hymes Chairman of the Investment committee Presbyterian Church (U.S.A.) Foundation SESSION B: RISK BASED ASSET ALLOCATION (Dorset) Karen Chandor, CFA, CAIA, CFP, CPWA Principal Mercer Investment Consulting Inc. James Floyd, CFA, CPA Vice President, Chief Investment Officer Claremont McKenna College SESSION C: EMERGING MARKETS AND INTERNATIONAL PRIVATE EQUITY: A CONVERGENCE IN APPROACH? (Manchester) William D. Copan, Jr. Assistant Vice President & Assistant Treasurer College of William and Mary Foundation GENERAL SESSIONS: 9:15-10:00 THE WORLD OF LIMITED DECISIONS In this very complicated world, more and more endowments are wondering whether there are really any active and strategic decisions we can make. This session will explore this concern and then use the recent Japanese equity market and local managers in emerging markets as case studies. Cynthia Steer Executive Vice President BNY Mellon 10:00-10:15 MORNING REFRESHMENT BREAK Miyuki Kashima Head of Japanese Equity Investments BNY Mellon 10:15-11:45 GENERAL SESSION WORKSHOPS INFRASTRUCTURE LIQUIDITY BRIC (BRAZIL RUSSIA INDIA CHINA) and AFRICA 6

7 11:45-1:30 LUNCHEON ROUNDTABLE Buffet lunch will be served in the Rockwell foyer-we will reconvene in the Rockwell room. THE EVOLUTION OF SOCIALLY RESPONSIBLE INVESTING (SRI) AND ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG), AN UPDATE AND AN OPPORTUNITY FOR INVESTORS Tom Mitchell Managing Director Cambridge Associates Susan J. Dahl Director of Investments Maryknoll Fathers and Brothers John A. Palmucci Vice President for Finance, Emeritus Loyola University Maryland Robert E. Leech Chair, Investment Committee Sioux Falls Community Foundation 1:30-5:30 AFTERNOON LEISURE TIME The afternoon is yours to enjoy with activities offered at The Equinox Hotel, visit some of the local attractions, or simply relax on the hotel veranda 6:00-9:00 ANNUAL NEW ENGLAND CLAM AND LOBSTER BAKE (Dormy Grill) Join us for IMI s Annual Endowments & Foundations Family New England Clam and Lobster Bake. Instructors from The British School of Falconry at The Equinox will be on hand to demonstrate the art of falconry. Those interested are invited to participate in hands-on instruction. You re invited to participate in the IMI Invitational Putting Tournament, open to juniors and adults. There will also be music, karaoke and dancing, as well as fun games and a popcorn machine for the younger guests. Afterwards please join us at the Falcon Bar/Deck. WEDNESDAY, JULY 31 ST 8:00-9:00 BREAKFAST ROUNDTABLES SESSION A: RENEWED EMPHASIS ON VOLATILITY REDUCTION BY EDUCATIONAL ENDOWMENTS AND POTENTIAL IMPACT ON GENERATIONAL EQUITY Are the volatility reductions policies at some endowments favoring the current generation over future generations? (Bennington) Douglas Phillips Chief Investment Officer University of Rochester 7

8 SESSION B: COMMUNITY FOUNDATIONS WHAT S THE PROBLEM WITH INVESTMENT PERFORMANCE? (Dorset) Community Foundations are the fastest growing sector of the Foundation world; however, their investment performance lags most other types of Foundations. This session will review the issues and discuss opportunities for improvement. Robert E. Leech Chair, Investment Committee Sioux Falls Community Foundation SESSION C: REAL ESTATE IMPLEMENTATION OPTIONS AND OPPORTUNITIES IN TODAY S ENVIRONMENT (Manchester) David D. Center, CFA Consultant Cardinal Investment Advisors Dwight Lacy Senior Vice President, CFO H. E. Butt Foundation GENERAL SESSIONS: 9:15-10:00 CONSULTANTS PANEL: Panelists: Russell K. Mason President Investment Management Institute Kristin Reynolds, CFA, CAIA Partner NEPC, LLC James R. Neill, CFA Managing Director Wilshire Associates Laura Kunkemueller Principal Mercer Investment Consulting, Inc. Richard Dahab, CFA President Dahab Associates 10:00-10:30 ROUNDTABLE UPDATES Roundtable representatives will summarize key points of discussions. 10:30-11:00 SUMMER FORUM WRAP-UP & CLOSING COMMENTS Russell K. Mason President Investment Management Institute 8

IMI INVESTMENT MANAGEMENT INSTITUTE PRESENTS FALL 2014 CONSULTANTS RETREAT. September 22-24, 2014

IMI INVESTMENT MANAGEMENT INSTITUTE PRESENTS FALL 2014 CONSULTANTS RETREAT September 22-24, 2014 OceanCliff Hotel Ocean Drive Newport, Rhode Island 02840 401 841 8868 www.newportexperience.com Hosted by: