The Spring Investment Institute Forum
The Umstead Hotel, Cary, North Carolina
May 18-19, 2015
The Southeast’s Premier
Educational Membership
Association For Institutional
& Private Investors, Managers
& Financial Professionals
For More Information on how to become a Member visit our website at
www.TheInvestmentInstitute.org
The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
SPRING 2015 FORUM CO-CHAIRS & HOSTS
Ray Jacobson Chief Investment Officer Davidson College Don Lindsey Chief Investment Officer American Institutes for Research Andrea Szigethy Founder & President Annual Connect/The Investment Institute Donna Holly Managing Director of Events
Annual Connect/The Investment Institute
THE 2015 CIO EDITORIAL COMMITTEE
Mike Condon Treasurer & CIO Southern Methodist University Donald Lindsey Chief Investment Officer American Institutes for Research Mark Roberts Chief Investment Officer Biltmore Family Office Daniel Ward Director of Investments Virginia Tech Foundation Mark W. Yusko CEO & CIO Morgan Creek Capital Management Daniel Clifton Partner & Head of Policy Research Strategas Research Partners Dennis Gartman Editor/Publisher The Gartman Letter Raoul Pal Founder, Global Macro Investor Real Vision Television Mark W. Yusko
CEO & CIO
Morgan Creek Capital Management Robert Durden Chief Investment Officer Texas Children’s Hospital Ray Jacobson Chief Investment Officer Davidson College Kris Kapoor Chief Investment Officer Furman University Jonathon King President & CEO UNC Management Company KEYNOTE PRESENTERS Kyle Bass Principal Hayman Capital Management John Mauldin Chairman Mauldin Economics The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
SPRING 2015 SPEAKER FACULTY LISTING
Kyle Bass Principal Jeffrey A. Bersh David R. Brief, CFA Gregory Brown Hayman Capital Management Co‐Chief Investment Officer Venor Capital Management Chief Investment Officer Jewish Federation of Metropolitan Chicago Prof. of Finance/Dir. of Research UNC Kenan‐Flagler/Amundi Smith Breeden Gerald Alain Chen‐Young VP & Chief Investment Officer UNCF, Inc. Daniel Clifton Partner/Head of Policy Research Strategas Research Partners Mike Condon Treasurer & CIO Southern Methodist University Robert Durden Chief Investment Officer Texas Children’s Hospital Dennis Gartman Editor/Publisher The Gartman Letter Michael Hennessy Managing Director Morgan Creek Capital Management Christopher Holt Senior Advisor Global Absolute Return Congress (Global ARC) Ray Jacobson Chief Investment Officer Davidson College Jonathon King President & CEO UNC Management Company Ronald L. Klotter, CFA Managing Director Strategic Investment Group Don Lindsey Chief Investment Officer American Institutes for Research John Mauldin Chairman Mauldin Economics Raoul Pal Founder Global Macro Investor & Real Vision Television Mark Roberts CIO & Managing Director Biltmore Family Office/ Ironsides Asset Advisors Sallie Shuping‐Russell Managing Director BlackRock Peter Stein, CFA Senior Consultant Angeles Investment Advisors Tristan Thomas, CFA Director of Portfolio Strategy Northern Trust Alternatives Kevin Tunick VP & MD of Private Investments UNC Management Company Mark N. Viviano, CFA Managing Director & Energy Analyst Wellington Management Company Daniel Ward Director of Investments Virginia Tech Foundation Mel Williams Co‐Founder & General Partner TrueBridge Capital Partners Mark W. Yusko CEO & Chief Investment Officer Morgan Creek Capital Management The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
We would like to thank all of our Members, Editorial Committee, Speaker Faculty & Our Lead Sponsors for their commitment to investment education. We are forever grateful for your support! SPRING 2015 SPONSORS The Investment Institute offers a limited number of firms per forum the opportunity to partner with us. The sponsorship for the program includes a membership for the year you contribute. For more information on how you can help support our new membership and sponsor our Sept. 30‐Oct. 1, 2015 forum in Charlotte, NC, please contact Andrea Szigethy at andrea@annualconnect.com or call 919‐869‐8077. The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
Monday, May 18, 2015 1:30 pm Membership Registration Opens – Ballroom Foyer Please use this time to pick up your materials. The “Salon Room” will be available throughout the forum for any members who need a “meeting place”. Feel free to use one of the tables in this room. 2:30 pm 2:45 pm 3:30 pm Welcome & Introduction to The Investment Institute Forum Co‐Chairs Andrea Szigethy, Founder, The Investment Institute Ray Jacobson, CIO, Davidson College Don Lindsey, CIO, American Institutes for Research Keynote Opening Address: The Strong Dollar: The Next Emerging Markets Crisis? Raoul will present on the potential for a very large dollar bull market which may well cause the dramatic unraveling of the world’s biggest trade ‐ $9.5 trillion EM carry trade along with a bust to the global commodity super cycle. Raoul Pal, Founder, The Global Macro Investor, Real Vision Television Keynote: An Update on Argentina, Japan & Greek Bonds Kyle Bass will discuss three different themes during his presentation. 1) Unlocking Argentina’s potential with a new government and a new deal on debt; 2) Progress in Japan as the Printing Presses stir inflation; 3) Greece‐potential upside to private sector involvement (PSI) bonds. Following his presentation there will be a special Q&A interview with the CIO of Southern Methodist University who will ask Kyle a few questions as well as open it up for audience participation. Kyle Bass, Principal, Hayman Capital Management L.P. 4:10 pm Follow‐up Conversation with Kyle Bass Mike Condon, CIO of Southern Methodist University, will spend a few minutes interviewing Kyle Bass following his presentation and will facilitate audience participation so that members can get their questions answered. Moderator: Mike Condon, CIO, Southern Methodist University 4:30 pm An Interview with The Investment Institute Keynote Presenters Moderator: Mark W. Yusko, CEO & CIO, Morgan Creek Capital Management Panelists: Kyle Bass, Principal, Hayman Capital Management L.P. Dennis Gartman, Editor / Publisher, The Gartman Letter John Mauldin, Chairman, Mauldin Economics Raoul Pal, Founder, The Global Macro Investor, Real Vision Television 5:15 pm 6:45 pm Welcome Reception at The Umstead Hotel – Ballroom Foyer & Outside Patio For all Investment Institute Members & Speakers End of Day One The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
Tuesday, May 19, 2015 7:15 am 8:20 am 8:30 am 9:15 am 10:00 am 10:30 am 11:30 am Full Breakfast for All Members & Speakers – The Salon Conference Co‐Chair Opening Remarks – The Ballroom Ray Jacobson, CIO, Davidson College Don Lindsey, CIO, American Institutes for Research Keynote: A Trader’s Perspective on the Capital Markets & Geopolitical Climate Dennis Gartman, Editor / Publisher, The Gartman Letter Keynote: The Macro Halftime Report: An Update to the 10 Potential Surprises of 2015 Mark W. Yusko, CEO & Chief Investment Officer, Morgan Creek Capital Management Morning Networking Break Asset Allocation CIO Investor Discussion Is asset allocation changing for the long term? Have we reached an inflection point now? How do you position the portfolio? What are we increasing, decreasing and why? Are there any new trends? Do we need a new investment model? What are your biggest challenges right now and what are your return expectations? What do you perceive to be the biggest risks right now and how will you manage them? What will be your best performing Asset Class in 2015 and why? Join us for this lively discussion with some of the most thoughtful investors who face these issues each day. Moderator: Sallie Shuping‐Russell, Managing Director, BlackRock Panelists: Robert Durden, Senior VP & Chief Investment Officer, Texas Children’s Hospital Ray Jacobson, Chief Investment Officer, Davidson College Jonathon King, President & CEO, UNC Management Company Don Lindsey, Chief Investment Officer, American Institutes for Research Daniel Ward, Director of Investments, Virginia Tech Foundation An Update on the Private Equity/Venture Capital Landscape Are we in a private equity bubble? If so, where? What is your definition of a bubble? If we are in a bubble, what is driving investor behavior? What are some explanations about how the environment has changed that would justify today’s valuations? What are you doing differently in your portfolios regarding allocations, return expectations, portfolio construction? Are current valuations sustainable and if not, what will trigger a correction in valuations? Moderator: Mel Williams, Co‐Founder & General Partner, TrueBridge Capital Partners Panelists: Michael Hennessy, Managing Director, Morgan Creek Capital Management Mark Roberts, Chief Investment Officer, Biltmore Family Office Peter Stein, CFA, Senior Consultant, Angeles Investment Advisors Kevin Tunick, VP & Managing Director, Private Investments, UNC Management Company FOR FURTHER INFO ON NCII 2015, UPLOAD THE FREE EVENT APP FROM THE APP STORE / GOOGLE PLAY ON YOUR MOBILE DEVICE (iPAD, iPHONE, ANDROID, ETC.) BY SEARCHING “THE INVESTMENT INSTITUTE” The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
Tuesday, May 19, 2015 12:15 pm Lunch Networking Break – Weather Permitting on the Patio & the Salon 1:00 pm Keynote: 2015 Policy Outlook and the Road to the White House Dan Clifton, Partner & Head of Policy Research, Strategas Research Partners 1:45 pm 2:30 pm Perspectives on the Energy Landscape Where are we seeing dislocations in the energy markets given the rapid decline in oil prices? Where are we finding the best opportunities in the global energy sector? Where do prices go from here? What are investors’ return expectations? How do you identify these investment opportunities? Moderator: Christopher Holt, Senior Advisor, Global Absolute Return Congress Panelists: Jeffrey A. Bersh, Co‐CIO, Venor Capital Management Gerald Alain P. Chen‐Young, Vice President & Chief Investment Officer, UNCF, Inc Mike Condon, Chief Investment Officer, Southern Methodist University Mark N. Viviano, CFA, Managing Director/Global Industry Analyst, Wellington Management Company Shifts in the Hedge Fund Marketplace Which types of hedge fund strategies do investors currently favor? What are we seeing in terms of fees and liquidity today? How can the GP/LP relationship become more collaborative? How is the manager research and selection process different when investing in small emerging hedge fund managers? What is the outlook for Europe and what factors will have the greatest impact on performance over the next 6 to 8 months? Are hedge funds delivering? Moderator: Gregory Brown, Professor of Finance, UNC Kenan‐Flagler Business School Panelists: David Brief, CIO, Jewish Federation of Metropolitan Chicago Ronald L. Klotter, CFA, Managing Director, Strategic Investment Group Don Lindsey, CIO, American Institutes for Research Tristan Thomas, CFA, Director of Portfolio Strategy, Northern Trust Alternatives 3:00 pm 3:30 pm Keynote: The Age of Transformation: The Future of Technology John Mauldin, Chairman, Mauldin Economics Conclusion of the Spring Investment Institute Forum FOR FURTHER INFO ON NCII 2015, UPLOAD THE FREE EVENT APP FROM THE APP STORE / GOOGLE PLAY ON YOUR MOBILE DEVICE (iPAD, iPHONE, ANDROID, ETC.) BY SEARCHING “THE INVESTMENT INSTITUTE” The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
ABOUT THE INVESTMENT INSTITUTE & MEMBERSHIP
Since the inception of the NC Investment Institute in 2008, we have been at the forefront of bringing senior investment professionals together in NC and the surrounding Southeastern states to discuss and debate current market conditions. This idea was created by investment decision makers who are responsible for making critical decisions and have fiduciary oversight associated with an investment portfolio. We believe that investor education, community building and bringing industry peers together for face‐
to‐face conversations and debate are critical to good decision‐making and investment outcomes as we all continue to serve our communities going forward. The Investment Institute is committed to providing a unique educational and networking association in the southeast for senior investment decision‐makers from leading endowments, foundations, pension funds, family offices, high net worth individuals, asset management firms, consultants, RIAs, financial advisors and other professionals. The Institute is dedicated to educating its participants on the latest developments and trends in the financial marketplace through high level programming and was created to bring investment professionals together for conversation, debate, problem‐solving and networking. Our editorial committee, distinguished speaker faculty, panelists and facilitators have the expertise and knowledge to present various educational topics on the current economic environment and are very familiar with the perspectives of both the individual and institutional investor. The Investment Institute has designed a series of programs (Spring & Fall Forums) representing high‐level strategic sessions including interactive panel discussions and keynote presentations led by visionaries in our industry. Our forums will provide further opportunities to strengthen relationships with colleagues and sharpen the understanding of critical factors in both long and short‐term investing. In January of 2015, The Investment Institute expanded our reach to include more participation from the southeast and beyond into our new Membership Platform. In order to access our programs membership is required. Membership will be limited and split equally between investors and managers. Annual membership allows access for two people from your organization to attend both our Spring & Fall programs each year. For more information on the benefits of membership, please visit our website at www.theinvestmentinstitute.org. Save the Date
The Fall Investment Institute Forum
The Ritz Carlton Hotel, Charlotte
September 30-October 1, 2015
September 30, 2015 Welcome Reception 6:00 pm – 7:30 pm – (two passes) October 1st, 2015 Full Day Forum 7:30 am – 2:30 pm – (two passes) *October 1st, 2015 Investment Roundtable 2:45 pm – 5:45 pm – (one pass) (*The roundtable is for CIOs or Portfolio Managers only) Important Note: Manager members must use at least one of their passes for an investment team decision maker The Fall Investment Forum is included in your 2015 Membership FOR FURTHER INFO ON NCII 2015, UPLOAD THE FREE EVENT APP FROM THE APP STORE / GOOGLE PLAY ON YOUR MOBILE DEVICE (iPAD, iPHONE, ANDROID, ETC.) BY SEARCHING “THE INVESTMENT INSTITUTE” The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
CPE CREDITS OFFERED – 9.5 CREDITS
Annual Connect is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
FOR MEMBERSHIP QUESTIONS/ PLEASE CONTACT US
Andrea Szigethy, Founder & President Donna Holly, Managing Director of Events The Investment Institute / Annual Connect The Investment Institute / Annual Connect Direct: 919.869.8077 Direct: 646.554.8800 Email: andrea@annualconnect.com Email: donna@annualconnect.com General Inquiries: Website: www.theinvestmentinstitute.org Email: admin@annualconnect.com Phone: 919.442.6200 Fax: 919.933.4048 Address: Annual Connect (c/o Morgan Creek); 301 W. Barbee Chapel Road, Suite 200; Chapel Hill, NC 27517 THE UMSTEAD HOTEL & SPA – ACCOMMODATIONS AND TRANSPORTATION
MEETING VENUE: The Umstead Hotel is a 10‐minute drive from Raleigh‐Durham International Airport (RDU). If using a GPS Navigation System, please use the following address for the Umstead: 5 SAS Campus Drive, Cary, North Carolina 27513. HOTEL ACCOMMODATIONS: Individuals are responsible for arrangement and payment of their own hotel rooms at The Umstead Hotel as well as travel to and from the NCII program. We are offering a discounted rate until it sells out at $229 plus tax. Please click here to reserve a room. TRANSPORTATION: Taxi dispatch booths are readily available outside baggage claim at RDU Airport. We recommend that you contact the Umstead Hotel Concierge Staff ahead of time at (919) 447‐4000 to assist you with transportation reservations to the airport following the event and/or if you prefer to arrange a car to pick you up at RDU upon your arrival. Other transportation options include RDU Taxi at (919) 840‐7277 or Carolina Livery at (919) 957‐1111. FOR FURTHER INFO ON NCII 2015, UPLOAD THE FREE EVENT APP FROM THE APP STORE / GOOGLE PLAY ON YOUR MOBILE DEVICE (iPAD, iPHONE, ANDROID, ETC.) BY SEARCHING “THE INVESTMENT INSTITUTE” The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
SPEAKER FACULTY BIOGRAPHIES
Kyle Bass, Principal, Hayman Capital Management L.P Mr. Bass is the principal of Hayman Capital Management L.P. (Hayman). Hayman, formed in December 2005, serves as the investment manager to private funds focused on global event‐driven opportunities, including funds focused specifically on Japan. Previously, Mr. Bass co‐managed private funds with strategies focused on sub‐prime credit. Mr. Bass is a member of the Board of Directors of The University of Texas Investment Management Co. (UTIMCO), which has aggregate managed assets in excess of $30 billion. Mr. Bass serves on the board of directors of the Troops First Foundation and the Texas Department of Public Safety Foundation. He also is a member of the Advisory Group for the Center of Asset Management at the Darden School of Business at the University of Virginia. Mr. Bass has testified as an expert witness before the U.S. House of Representatives, U.S. Senate and the Financial Crisis Inquiry Commission. Mr. Bass has lectured at various universities including Harvard University, University of Virginia, University of Chicago, Columbia University, University of Texas and Texas Christian University. Prior to forming Hayman, Mr. Bass was a Managing Director at Legg Mason, Inc. and a Senior Managing Director at Bear, Stearns & Co., Inc. Mr. Bass received a Bachelor of Business Administration degree (Finance major with a Real Estate concentration) from Texas Christian University in May 1992. Jeffrey A. Bersh, Co‐Chief Investment Officer, Venor Capital Management Jeffrey A. Bersh is a Co‐Chief Investment Officer of the Firm, sharing the responsibility of managing the Firm’s investment program and risk management. He has over 20 years of experience in principal investing and managing fixed income trading businesses in both high yield and distressed strategies. Prior to founding the Firm, he served as Head of the Distressed Proprietary Business at Donaldson Lufkin, Jenrette / Credit Suisse First Boston where he was responsible for the firm’s capital allocation to special situation opportunities, in addition to being the firm’s primary market maker in distressed securities. Prior to joining DLJ in 1998, Jeff was employed by Bear Stearns from 1996 to 1998 as a Director/Trader in the Distressed Debt Group. Previously, he worked as an Analyst/Trader at an investment fund for Banco Santander (1994 – 1996). He started his career at Merrill Lynch as a High Yield Research Analyst (1992 – 1994). Jeff earned a B.B.A. in Finance with High Distinction from Emory University in 1992. David R. Brief, CFA, Chief Investment Officer, Jewish Federation of Metropolitan Chicago David R. Brief, CFA is the Jewish Federation of Metropolitan Chicago’s Chief Investment Officer. In this role he oversees all aspects of the organization’s investments, including an $850 million endowment portfolio. Specific areas of responsibility include the setting of investment objectives, asset allocation strategy, selection and monitoring of outside advisors and managers, performance analysis and reporting, and oversight of custody and administration. Prior to joining the Jewish Federation in 2002, David spent eleven years as an investment consultant for Ibbotson Associates (now part of Morningstar Inc.), Ennis Knupp + Associates (now part of Aon Hewitt EnnisKnupp), and Capital Resource Advisors (now part of Segal Rogerscasey). He also served as Director of Research for the latter two firms. Throughout his career, David has authored numerous research papers and has been a frequent speaker on a wide range of investment topics. He received a BA in economics from Cornell University, an MBA with honors from the University of Chicago, and also holds the Chartered Financial Analyst designation. He lives in Highland Park, IL, with his 17‐year‐old son, Sam, and devotes much of his free time to songwriting and playing rock guitar. The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
Gregory Brown, Sarah Graham Kenan Distinguished Scholar & Professor of Finance UNC Kenan‐Flagler Business School & Director of Research, Amundi Smith Breeden Gregory Brown is a Professor of Finance and the Sarah Graham Kenan Distinguished Scholar at the Kenan‐Flagler Business School of the University of North Carolina at Chapel Hill. Prof. Brown also serves as Director of Research for Amundi Smith Breeden, a global asset management firm specializing in fixed income investments. At Kenan‐Flagler, Prof. Brown’s responsibilities include serving as the director of the Center for Excellence in Investment Management and the Capital Markets Lab. He teaches the Derivatives and Hedge Fund Strategies courses in the Master of Business Administration, Undergraduate Business and Executive MBA programs. Prof. Brown also serves as a director of Kenan‐Flagler Business School Foundation. He has published in leading academic and practitioner finance journals such as the Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, The Journal of Derivatives, Financial Analyst Journal and RISK. Brown holds a bachelors of science degree with honors in physics and economics from Duke University and a Ph.D. in finance from The University of Texas. Prior to joining Kenan‐Flagler, Brown worked at the Board of Governors of Federal Reserve System in the Division of Research and Statistics. He has served as a consultant on financial risk and portfolio management for money management firms, the U.S. government and Fortune 500 companies. Gerald Alain P. Chen‐Young, Vice President & Chief Investment Officer, UNCF, Inc. Gerald Alain P. Chen‐Young is the Chief Investment Officer for the United Negro College Fund, Inc. (UNCF). Mr. Chen‐Young joined UNCF in September 2002 and manages UNCF’s three (3) portfolios that, at their peak, totaled approximately $1 billion. The largest is a dedicated, fixed‐income portfolio representing a special scholarship program created in conjunction with the Bill & Melinda Gates Foundation and is managed using an active management strategy of immunizing cash flows, similar to that of a pension plan; the second is a traditional endowment portfolio that is fully diversified across multiple asset classes; and the third is a short‐term, treasury‐type of portfolio that typically has staggered maturities across a variety of short‐term instruments. Prior to UNCF, Mr. Chen‐Young spent six‐and‐a‐half years with UBS/PaineWebber, first in institutional sales and then in retail brokering. Before UBS/PaineWebber, he worked in the commercial banking division of Riggs National Bank in Washington D.C., and then briefly as a Teaching Assistant in the Department of Economics at York University in Canada. Mr. Chen‐Young holds post‐graduate degrees in Economics from the London School of Economics (Dip. Econ.) and York University (M.A. (Monetary Economics)), and in Law from the University of Miami (J.D.) and the Washington College of Law (LL.M (Law & Government)). He completed his undergraduate studies in Economics at American University in Washington, D.C. with honors. Mr. Chen‐Young served and/or serves on several advisory boards including Institutional Investor Intelligence Network™, Argyle™, etc. and is frequent chair/panelist on behalf of multiple institutional investor‐calibre events both here in the U.S. and worldwide – e.g., Global ARC (Boston, MA.), Opal Endowment & Foundations (Vienna, Austria & Sao Paulo, Brazil), World Gold Council (New York, NY), Institutional Investor, Commonfund Institute (Orlando, Fl.), BAI (Frankfurt, Germany), CERN (Geneva, Switzerland) among others. Daniel Clifton, Partner & Head of Policy Research, Strategas Research Partners Daniel Clifton is a Partner and Head of Policy Research for Strategas Research Partners. In this capacity, Mr. Clifton directs the firm’s public policy research efforts by evaluating government policy initiatives and its impact on the US and global economies, equity and bond markets and company balance sheets for institutional investors. Daniel’s research and political analysis on the interaction between legislation, policy and capital markets is often cited in the media. Mr. Clifton and his team have been recognized by Institutional Investor magazine in their annual survey for six consecutive years. Prior to joining Strategas, Mr. Clifton served as Executive Director of the American Shareholders Association (ASA), a non‐partisan, non‐profit organization which analyzes public policy affecting shareholders. Prior to joining the ASA, Mr. Clifton served as Chief Economist and Federal Affairs Manager for Americans for Tax Reform and as a senior staff member in two gubernatorial administrations working on economic issues. Mr. Clifton received both his BA and MS from Rutgers University and was a Fellow at the Eagleton Institute of Politics and a recipient of the Harold Martin Fellowship. The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
Mike Condon, Treasurer & Chief Investment Officer, Southern Methodist University Mike Condon is the Treasurer and Chief Investment Officer of Southern Methodist University (SMU), where he is responsible for the investment of the University’s $1.4 billion endowment. Prior to joining SMU, he served as the Chief Investment Officer for the University of Arkansas Foundation and the Georgia Tech Foundation. Mike’s career includes management positions with the investment department of regional bank and a real estate development firm. He received the CFA designation in 1989. Robert Durden, Senior Vice President & Chief Investment Officer, Texas Children’s Hospital Robert Durden is a Senior Vice President and the Chief Investment Officer at Texas Children’s Hospital. Prior to joining Texas Children’s Hospital in March 2013, Robert was the Managing Director of Private Investments at Morgan Creek Capital Management. There he directed $4.5 billion of private investments across private equity, energy and natural resources, and real estate. Mr. Durden has also worked with Legg Mason/Western Asset Management, Ritchie Capital Management, and Merrill Lynch’s Middle Market M&A group. Robert received his MBA in finance and entrepreneurship, with honors, from the University of Chicago Booth School of Business and his Bachelor of Arts in economics, magna cum laude, from Princeton University. Robert Durden primarily oversees the Texas Children’s Hospital Foundation and other investment assets, totaling approximately $2.7 billion. Dennis H. Gartman, Editor/Publisher, The Gartman Letter Mr. Gartman has been directly involved in the capital markets since August of 1974, after his graduate work at the North Carolina State University. He was an economist for Cotton, Inc. in the early 1970's, analyzing cotton supply/demand in the US textile industry. From there he went to NCNB National Bank in Charlotte, North Carolina where he traded foreign exchange and money market instruments. In the late 70's, Mr. Gartman became the Chief Financial Futures analyst for A.G. Becker & Company in Chicago, Illinois. Mr. Gartman was an independent member of the Chicago Board of Trade until 1984, trading in treasury bond, treasury note and GNMA futures contracts. In 1984, Mr. Gartman moved to Virginia to run the futures brokerage operation for the Sovran Bank, and in 1987 Mr. Gartman began producing The Gartman Letter on a full time basis. He continues to do so today. Clients of The Gartman Letter, L.C. include many of the leading banks, broking firms, mutual funds, hedge funds, energy trading companies, and grain trading companies. Mr. Gartman has lectured on capital market creation to central banks and finance ministries around the world, and has taught classes for the Federal Reserve Bank's School for Bank Examiners on derivatives. Mr. Gartman served a two‐year term as an outside Director of the Kansas City Board of Trade from 2006‐2008. He has been a member of the Suffolk Industrial Development Authority, and now serves on the Investment Committee of both the University of Akron and the North Carolina State University. Mr. Gartman appears often on CNBC, ROB‐TV and Bloomberg television, discussing commodities and the capital markets, and speaks before various associations and trade groups around the world. Michael P. Hennessy, Managing Director, Morgan Creek Capital Management Trustee & Member of Investment Committee, College of William & Mary Foundation Mike Hennessy is a Co‐founder of Morgan Creek Capital Management, and serves as the Director of Investments. In this role, Mr. Hennessy provides oversight to the Private Investments Group, and acts as a Portfolio Strategist on portfolios beyond private investments, including work with Morgan Creek's advisory clients and proprietary funds. Prior to joining Morgan Creek in 2004, Mr. Hennessy was Vice President and a founding member of UNC Management Company. Primary areas of responsibility included domestic equity, international and emerging markets equity, opportunistic equity, absolute return, fixed income, enhanced fixed income and private investments. Mr. Hennessy also assisted in developing overall investment objectives as well as strategic and tactical asset allocation for the funds. Mr. Hennessy was responsible for monitoring both public and private individual managers and overall portfolio performance, as well as risk management. Prior to joining UNC in 1999, Mr. Hennessy was an Investment Director at Duke Management Company (Duke University) where he assisted in the management of multi‐billion portfolios across all asset The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
classes of various University‐related investment pools. Before joining Duke in 1991, Mr. Hennessy was an Associate at Smith Breeden Associates, a quantitative investment management firm with offices in Durham, NC. Mr. Hennessy received his Master of Business Administration with a concentration in Finance from the Fuqua School of Business at Duke University and he also holds a Bachelor of Science Degree in Philosophy, Psychology and Mathematics from the College of William and Mary. Mr. Hennessy is Treasurer of Duke University Federal Credit Union, a member of the Investment Committee at the Carolina Friends School, a director of the Morgan Creek Foundation, a member of the Investment Committee and Executive Committee at the College of William & Mary Foundation Board of Trustees and immediate past Chair of its Investment Committee. Christopher Holt, Senior Advisor, Global Absolute Return Congress (Global ARC) Chris is a senior advisor to the Boston‐based Global Absolute Return Congress (Global ARC) and has chaired its annual meetings in Boston, London and Singapore since 2007. As the former co‐head of global industry relations for the Chartered Alternative Investment Analyst (CAIA) Association and as a member of the editorial board of the Journal of Alternative Investments, Chris moderated panels on economic and investment issues in a dozen countries around the world and has also interviewed several Nobel laureates, former prime ministers and ministers of finance. He is the founder of an alternative investment blog that was ranked by Pensions & Investments in 2008 as one of the world’s top 10 blogs for institutional investors along with those of the Financial Times and Wall Street Journal. Chris is a former management consultant whose clients included the Geneva‐based World Economic Forum, Bank of America and Bell Canada. He holds a Bachelor of Commerce degree from Canada’s Queen’s University, an MBA from The Fuqua School of Business at Duke University and the CAIA designation. Ray Jacobson, Chief Investment Officer, Davidson College Ray Jacobson joined Davidson College as the Chief Investment Officer in 2008. He is responsible for the oversight and management of the college’s $650 million endowment. Ray and his lean team source, diligence and monitor all managers directly. Prior to Davidson, he served as the first CIO for the Golden LEAF Foundation in NC and as an investment manager at Duke University (DUMAC). He also worked at Bloomberg Financial Markets and is a CFA charterholder. Ray received an MBA from Duke University, an MS from Clemson University, and a BA from Rutgers University. He lives in Davidson with his wife and four children and serves on the Board of Woodlawn School. Jonathon King, President & CEO, UNC Management Company Jonathon King, President & CEO of UNC Management Company, joined the Company in January 2005. In this role Mr. King is also the Chief Investment Officer of the UNC Investment Fund. Prior to joining UNC Management Co., Mr. King was the Associate Vice President and Director of Investments for Dartmouth College where he worked for sixteen years. Previously, Mr. King was an Investment Officer at New England Mutual Life Insurance Company in Boston, MA and a Senior Accountant at Price Waterhouse & Co. in Hartford, CT. Mr. King graduated cum laude from Middlebury College with a Bachelor of Arts degree in Environmental Studies. Mr. King also graduated with an MBA degree from the Amos Tuck School at Dartmouth College and is a Chartered Financial Analyst. Ronald L. Klotter, CFA, Managing Director, Strategic Investment Group Mr. Klotter is a Managing Director with Strategic Investment Group and works as lead relationship manager with several of the firm’s clients. Prior to joining Strategic, he was a Principal at RVK, where he managed the Midwest regional practice. Mr. Klotter has additional experience as a Principal with Hewitt EnnisKnupp, where he was Practice Leader for Endowments and Foundations, and at Wellington Management Company, where he was Director of Equity Product Management. He has extensive experience working with endowments and foundations, and has published research papers on multiple topics, including endowment spending policy and the challenges of evaluating OCIO performance. Mr. Klotter earned an M.B.A. from the Kellogg Graduate School of Management at Northwestern University, and a B.S. in Finance from Miami University (Ohio). He is a member of the CFA Institute and the CFA Society of Chicago. The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
Donald W. Lindsey, Chief Investment Officer, American Institutes of Research Don Lindsey joined the American Institutes for Research in November 2014 in the role of chief investment officer. Prior to joining AIR, he was the chief investment officer for The George Washington University where he was responsible for management of the university’s $1.5 billion endowment for eleven and a half years. In 2000, Don formed the University of Toronto Asset Management Corporation which managed the university’s endowment, defined benefit plan and operating funds. He began his investment career with the University of Virginia where he served as investment analyst, senior investment officer, assistant director of investments and director. Don earned a Bachelor of Arts in Political Science from Virginia Tech, a Master of Business Administration from James Madison University and a Master of International Policy and Practice from The George Washington University. He is a CFA charter holder and a member of the Washington CFA Society. Don is a member of the investment advisory committee of the Virginia Retirement System. John Mauldin, Chairman, Mauldin Economics Each week, well over a million readers turn to John Mauldin to better understand Wall Street, global markets, and the drivers of the world economy. And for good reason. John is a renowned financial expert, a New York Times best‐selling author, a pioneering online commentator, and the publisher of one of the first publications to provide investors with free, unbiased information and guidance – Thoughts from the Frontline—one of the most widely read investment newsletters in the world. John's company, Mauldin Economics, publishes a growing number of investing resources, including both free and paid publications aimed at helping investors do better in today's challenging economy. For more information on these publications go to www.mauldineconomics.com. In addition to publishing, John is cosponsor and host of the Strategic Investment Conference—an annual event for accredited investors that draws a faculty of some of the most respected investment and economic luminaries in the world. He is a frequent speaker at conferences around the world and consults with a number of private firms. He is also a sought‐after contributor to numerous financial publications, as well as a regular guest on TV and radio. John Mauldin is the Chairman of Mauldin Economics, an economics publishing firm; President of Millennium Wave Advisors, LLC which is an investment advisory firm registered with multiple states; and also is also President and a registered principal of Millennium Wave Securities, LLC, a FINRA and SIPC registered broker dealer. John currently lives in Dallas and is the proud father of seven children, five of whom are adopted. His books have appeared on the New York Times best‐seller list four times. Among his books: 
Code Red: How to Protect Your Savings From the Coming Crisis (coming October 2013) 
Bull's Eye Investing: Targeting Real Returns in a Smoke and Mirrors Market 
Just One Thing: Twelve of the World's Best Investors Reveal the One Strategy You Can't Overlook 
Endgame: The End of the Debt Supercycle and How It Changes Everything 
The Millennium Wave: Prosper (& Profit!) in a Future of Accelerating Change 
The Little Book of Bull's Eye Investing: Finding Value, Generating Absolute Returns and Controlling Risk in Turbulent Markets Raoul Pal, Founder, The Global Macro Investor & Real Vision Television Raoul Pal is the founder of the Global Macro Investor, an elite macro economic and investment strategy and consulting service. His clients include many of the world’s largest hedge funds, pension funds, sovereign wealth funds, governments and family offices. Raoul is also a founder of Real Vision Television, the world’s first on‐demand, web TV channel for finance. He is also the author of the presentation "The End Game" which in 2012 became the most read article on finance in the history of the internet. Additionally, Raoul helped make the successful TV series for the BBC "Million Dollar Traders" which taught the participants how to invest, manage risk, research ideas and use technical analysis. Previously, Raoul co‐managed the hedge fund sales team in equities and equity derivatives at Goldman Sachs in Europe and additionally launched and managed the successful GLG Global Macro Fund for GLG Partners, one of the world’s largest hedge fund groups. The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
Mark Roberts, CIO, Biltmore Family Office & Managing Director, Ironsides Asset Advisors Mark Roberts, CFA serves as the Chief Investment Officer for Biltmore Family Office, as well as a Managing Director for Ironsides Asset Advisors and for the Tuscarora Company. Immediately preceding that, Mr. Roberts was the Director of Global Equities and Hedged Strategies for the North Carolina Retirement Systems where he and his team were responsible for the $33 billion Global Equity and Hedge Fund portfolios. Additionally, Mr. Roberts has served as Chief Investment Officer for families and provided consulting services for endowments and foundations. Mr. Roberts is the past Chairman of the Board for the NC State Investment Fund and still serves on the fund’s board. He is a member of the North Carolina Society of Financial Analysts. Sallie Shuping‐Russell, Managing Director, BlackRock Sallie Shuping‐Russell has been active in venture capital and private equity since 1983, when she was a consultant at Cambridge Associates in Boston. After leaving Boston in 1985, she spent a year in the Chapel Hill office of the Greensboro investment firm McMillion/Eubanks. When the Chapel Hill office was closed, she moved to Duke University as an Assistant Vice President. She later helped found Duke Management Company (DUMAC), and served as its vice president. Overall, Ms. Shuping‐Russell spent 16 years leading Duke’s investments in venture capital, leveraged buyouts, energy, and timber. She was an early ‐‐ sometimes founding ‐‐ investor in many of today's leading private equity and venture capital firms. From 2001‐2004 Ms. Shuping‐Russell was a general partner at Intersouth Partners. There she focused primarily on life science companies and was on the Boards of Encelle Pharmaceuticals, Norak Biosciences, and Cogent Neuroscience. In 2004 Ms. Shuping‐Russell joined the Quellos Group to help build its Private Capital Management program. Quellos was acquired by BlackRock in 2007. Ms. Shuping‐Russell was a Managing Director at BlackRock in its Private Equity Partners group until mid 2012 when she retired and took the role as Senior Advisor. Ms. Shuping‐
Russell was on the Boards of Optimedica in California, Medivance of Colorado and PharmatrophiX, also in CA. She has been on numerous advisory boards and continues to sit on the Advisory Board of US Venture Partners in Menlo Park, CA. Ms. Shuping‐
Russell is a Trustee of the University of North Carolina at Chapel Hill, where she is Secretary of the Board. The prior four years she chaired the Audit and Finance Committee. She is also a Director of the University’s Investment Fund and a member of UNC’s Innovation Circle. She was formerly on the Boards of UNC Healthcare System, CommonFund Capital, the North Carolina Biotechnology Center, the Center for Entrepreneurial Development, and the Eastern NC Chapter of the MS Society. Ms. Shuping‐
Russell has been a speaker at numerous national conferences, including the annual Dow Jones Private Equity Conference and the National Venture Capital Association’s Annual Conference. She holds a BA in English and political science from the University of North Carolina and an MBA in finance and economics from Columbia University. Ms Shuping‐Russell has three daughters and lives in Chapel Hill, NC. Peter Stein, CFA, Senior Consultant, Angeles Investment Advisors Peter Stein has 30 years of institutional investment experience having spent the last 15 years directing investments for some of the largest and most sophisticated endowments and foundations in the world. Peter is the former Chief Investment Officer of the University of Chicago where he managed the University’s $6B endowment and also managed the University’s pension, planned giving and self‐insurance assets. He is also a former Managing Director of the Princeton University endowment where he oversaw the University’s $8B endowment. Peter Stein also worked as a Managing Director at Pacific Alternative Asset Management Company (PAAMCO) in Newport Beach. He spent the first 15 years of his career as a portfolio manager and senior analyst working across equities, credit, hedge funds and derivative products in New York and Tokyo. Peter earned an A.B. in mathematics from Brown University. He serves as an investment committee member on The Annenberg Foundation overseeing $1.6 billion in assets. He also serves as a trustee on the Rhode Island School of Design investment committee overseeing the $300 million endowment. Peter is a Chartered Financial Analyst ® Charterholder. The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
Andrea Szigethy, Founder & President, Annual Connect (The Investment Institute & iCIO Investment Summit) Andrea has been a Principal at Morgan Creek Capital Management since January of 2006. Andrea leads global branding, public relations, investor education, and marketing for Morgan Creek. In 2010, Annual Connect was established to offer customized conference consultation to investors and managers looking to provide education to their clients. Annual Connect works as an extension of your staff to provide strategic planning advice as well as event planning services. Under the Annual Connect umbrella, Andrea founded both the The Investment Institute (a Membership Organization in the Southeast) as well as the iCIO Investment Summit (takes place each December in NYC). In addition, Ms. Szigethy serves as a member of the Board of Directors for the Morgan Creek Foundation as well as The Hill Center based in Durham, NC, a school that provides children (K‐12) with learning differences a way to transform into confident independent learners. Andrea has also been a volunteer since 2012 for the Jewish Federation of North America (JFNA) where she is a member of the executive program committee for their bi‐annual JFNA Investment Institute. Andrea is also one of the founding members of the North Carolina Chapter of 100 Women in Hedge Funds which was launched in 2013 along with some prominent women from local institutions, pensions and managers. In addition, Andrea has recently joined the strategic advisory board for the CFA‐NC Society. Prior to joining Morgan Creek, Ms. Szigethy was the President of an educational investment conference company providing unbiased forums for endowments, foundations, family office executives and high net worth individuals. Ms. Szigethy spent six years there in positions of increasing responsibility, concluding in her role as President of the firm. She managed all aspects of conference production, research and development, sales, marketing and relationship management. Prior to 1998, Ms. Szigethy spent six years of conference management to include supervision and development across marketing and operations functions in multiple market sectors including pharmaceutical and biotechnology. Ms. Szigethy received her Bachelor of Arts Degree with a dual concentration in Business Administration and Psychology from the State University of New York at Albany and continuing credits towards a Master of Arts in Social Work from Adelphi University. Tristan Thomas, Director of Portfolio Strategy, Northern Trust Alternatives Tristan Thomas is Director of Portfolio Strategy for Northern Trust’s Hedge Fund Investment Team, responsible for portfolio construction and monitoring and a member of the team’s Senior Investment Committee. Prior to joining Northern Trust, he was a Strategy Head at Mesirow Advanced Strategies and a member of the Senior Investment Group. He was responsible for the monitoring and sourcing of all strategies that fell outside of credit and equity including macro, commodities, relative value, multi‐
strategy, volatility, convertible arbitrage and reinsurance. Prior to his role as a Strategy Head, he was a Senior Analyst covering all hedge fund strategies in Asia. He began his career at Lehman Brothers where he was on the emerging markets fixed income desk focused on sovereign debt and derivatives. Mr. Thomas received a B.A. from the University of Wisconsin in political science and international business and holds a Masters in Business Administration from NYU’s Stern School of Business. He is a Chartered Financial Analyst and a member of the CFA Institute. He also holds his series 7 and 63 licenses. Kevin Tunick, VP & Managing Director of Private Investments, UNC Management Company Mr. Tunick is Vice President and Managing Director of Private Investments for UNC Management Company, a professionally staffed asset management company that manages the $4.5 billion endowment for the University of North Carolina at Chapel Hill and affiliated institutions. In his role, Mr. Tunick oversees the private investments area within the UNC portfolio. This includes investments in private equity, venture capital, real estate, energy & natural resources, and distressed debt. He and his team are responsible for sourcing new investment opportunities, conducting due diligence on these potential investments, and for the monitoring of existing investments and their underlying companies. Prior to joining UNCMC, Mr. Tunick was Manager of private equity at Harvard Management Company in Boston, MA, where he co‐managed a $4.1 billion portfolio of alternative investment partnerships. Mr. Tunick was also Chief Investment Analyst of The Rockefeller Foundation in New York City, where he managed an $80 million short‐term fixed income portfolio and a $3 million equity portfolio. Before the Rockefeller Foundation, Mr. Tunick was Manager of Partnership Fund Accounting at the Commodities Corporation USA in Princeton, NJ, as well as the controller at American Handling Equipment, Inc. Mr. Tunick received a B.B.A. from the College of William and Mary in Williamsburg, VA and an M.B.A. from Pennsylvania State University in State College, PA. The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
Mark N. Viviano, CFA, Managing Director/Global Industry Analyst – Global Energy, Wellington Management Company Mark is an equity analyst in Wellington Management’s Global Industry Research Group and conducts fundamental research on the global energy sector. He is responsible for following the international exploration and production and global refining industries. Mark received his MS, with high honors, from Boston University and his BA from Hamilton College. Additionally, he holds the Chartered Financial Analyst designation. Daniel Ward, Director of Investments, Virginia Tech Foundation Mr. Ward joined the Virginia Tech Foundation in April 2008 where he serves as its Director of Investments. He leads all aspects of managing the Foundation’s portfolio including manager and investment selection and setting asset allocation policy. Almost 50% of the portfolio is invested internationally including a mix of niche and direct investments. The Virginia Tech endowment performance ranks in the top 20% of its peers for the 3 & 5yrs ending June 2014 and was honored by Institutional Investor as the top mid‐sized endowment of 2011. The Foundation currently oversees approximately $1.5Billion in operating funds and long‐term endowment funds which support Virginia Tech University. Prior to joining Virginia Tech he was the director of research for Integritas Advisors, a family office, from July 2004 – April 2008. Mr. Ward holds a BBA from The University of Michigan Business School, a MBA from The University of Florida Warrington College of Business and is a CFA charterholder. Mel Williams, Co‐Founder & General Partner, TrueBridge Capital Partners Before co‐founding TrueBridge Capital, Mr. Williams was a founding member of the UNC Management Company which manages the endowment of the University of North Carolina at Chapel Hill and various other North Carolina‐based institutions. At UNCMC, Mr. Williams was a vice president in charge of portfolio management for several portfolios, including the firm's venture capital, private equity, real estate, energy and natural resources, and distressed debt portfolios. Prior to his career at UNCMC, Mr. Williams spent several years in the private equity industry as a successful two‐time ventured‐backed entrepreneur and an entrepreneur‐in‐
residence at Commonwealth Capital Ventures in Boston. Mr. Williams received his MBA from Harvard after receiving his BA in Economics with Honors from the University of North Carolina at Chapel Hill. In October 2012 Mr. Williams was named an honorary Kauffman Fellow by the Center for Venture Education, in appreciation of TrueBridge's contribution and commitment to the Kauffman Fellows Program. Mark W. Yusko, CEO & Chief Investment Officer, Morgan Creek Capital Management Mark Yusko is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. Prior to forming Morgan Creek, Mr. Yusko was President, Chief Investment Officer and Founder of UNC Management Company, the Endowment investment office for the University of North Carolina at Chapel Hill, from 1998 to 2004. Throughout his tenure, he directly oversaw strategic and tactical asset allocation recommendations to the Investment Fund Board, investment manager selection, manager performance evaluation, spending policy management and performance reporting. Total assets under management were $1.5 billion ($1.2 billion in endowment assets and $300 million in working capital). Until 1998, Mr. Yusko was the Senior Investment Director for the University of Notre Dame Investment Office where he joined as the Assistant Investment Officer in October of 1993. He worked with the Chief Investment Officer in all aspects of Endowment Management. Mr. Yusko received his Bachelor of Science Degree, with Honors, in Biology and Chemistry from the University of Notre Dame and a Master of Business Administration in Accounting and Finance from the University of Chicago. Mr. Yusko is an Advisory Board member of a number of private capital partnerships and alternative investment programs and has served as a consultant on alternative investments to a select group of institutions. Mr. Yusko is an Investment Committee member of the MCNC Endowment, a member of the DukeEngage National Advisory Board at Duke University, President and Chairman of the Investment Committee of The Hesburgh‐Yusko Scholars Foundation at the University of Notre Dame, and President and Head of Investment Committee of the Morgan Creek Foundation. FOR FURTHER INFO ON NCII 2015, UPLOAD THE FREE EVENT APP FROM THE APP STORE / GOOGLE PLAY ON YOUR MOBILE DEVICE (iPAD, iPHONE, ANDROID, ETC.) BY SEARCHING “THE INVESTMENT INSTITUTE” The Southeast’s Premier Educational Membership Association For Institutional & Private Investors, Managers & Financial Professionals
www.TheInvestmentInstitute.org