FALL FORUM 2018 NMS MANAGEMENT PRESENTS The …

1 FALL FORUM 2018 NMS MANAGEMENT PRESENTSThe Investment MANAGEMENT FORUM for Endowments & FoundationsMandarin OrientalWashington, 23 26, 2018 FORUM HOSTN ancy M. Szigethy Founder NMS MANAGEMENT , CHAIRMENS ally M. Dungan Chief Investment Officer Tufts UniversityRob Roy Vice President/ Chief Investment Officer Adventist Health SystemPaula J. Volent Chief Investment Officer and Senior Vice President Bowdoin College FEATURED SPEAKERSJohn Authers Chief Investment Columnist Financial TimesMark Blyth The William T. Rhodes 57 Professor of International Economics The Watson Institute for International and Public Affairs, Brown UniversityAmy Myers Jaffe Director of the Program on Energy Security and Climate Change Council on Foreign RelationsLarry Meyer President Monetary Policy Analytics Inc.

2 Former Governor of the Federal Reserve Board (1996-2002)Rick Rieder CIO of Global Fixed Income BlackRockChris Voss CEO The Black Swan Group Former FBI Lead Hostage Negotiator Author Never Split the DifferenceFall FORUM Faculty2 SPEAKER FACULTYS teven T. Algert Managing Director, Investments The J. Paul Getty TrustOscar Anderson Managing Director, Portfolio Manager CVC Global Credit Opportunities Fund CVC Credit PartnersScott Bacigalupo Managing Director Member of the Capital Markets Group Allen & CompanyJonathan Bailey Managing Director, Head of Environmental, Social and Governance Investing Neuberger BermanPaul Britton Founder and Chief Executive Officer Capstone Investment Advisors, LLCL ibby Cantrill Managing Director, Head of Public Policy PIMCOH aydee Celaya CEO and Chief Investment Officer Avanz CapitalAmy L.

3 Chen Chief Investment Officer Smithsonian InstitutionRobert Citrone Founder/Portfolio Manager Discovery Capital ManagementKristi W. Craig Director of Private Markets Georgetown UniversitySonali Dalal Chief Investment Strategist The Pennsylvania State UniversityCarmel Daniele Founder, CEO & CIO CD Capital Asset MANAGEMENT LtdEllen J. Ellison Chief Investment Officer University of Illinois FoundationNancy C. Everett Chief Investment Officer VCU Investment MANAGEMENT CompanyVanita W. Gaonkar Investment Officer Robert Wood Johnson FoundationLibby P. George Director of Investments NC State UniversityNeal Graziano Director of Investments Kellogg FoundationKaren Harris Managing Director, Macro Trends Group Bain & CompanyDavid J.

4 Holmgren Chief Investment Officer Hartford HealthCareChristopher K. Johnson Senior Adviser and Freeman Chair in China Studies Center for Strategic & International Studies (CSIS)Chun W. Lai Deputy Chief Investment Officer The Rockefeller FoundationMeena Lakshman Director of Investments The Leona M. and Harry B. Helmsley Charitable TrustJohn R. Luthi Director of Investments Bucknell UniversityDharmesh Maniyar Managing Director, Senior Portfolio Manager Tudor Investment CorporationMatthew R. McBrady Managing Director of Investments Cystic Fibrosis FoundationKaren L. Mercer Senior Vice President and Treasurer AARPJ ennifer L.

5 Neppel Director, Cash & Investments Catholic Health InitiativesScott F. Perry Partner NEPC, LLCAdam J. Smith Director of Absolute Return & Real Assets The Cleveland Clinic FoundationSamantha Surrey Managing Partner Surrey Capital PartnersMaria Vassalou Partner, Portfolio Manager Global Macro Perella Weinberg Partners34 Early registration will be held in the Hotel LobbyPlease join us at the Opening Reception. Monday, September 24, 2018 FORUM Registration and BreakfastNancy M. Szigethy, NMS MANAGEMENT , M. Dungan, Tufts UniversityRob Roy, Adventist Health System Paula J. Volent, Bowdoin CollegeThe Federal Open Market Committee faces a significant challenge given current indicators amid the current environment.

6 The unemployment rate, the pace of inflation and rising interest rates present data that may be incorporated into the determination of monetary policy. How effectively can the Fed do so and strike the right balance, and manage inflationary pressures to avert a recession? What are the indicators that may guide policy actions by the Fed and what are the possible outcomes? This presentation will examine the current economic environment, the direction of monetary policy, and offer insights as to the implications for : Larry Meyer, Monetary Policy Analytics Inc.; Former Governor of the Federal Reserve Board (1996-2002)The era of ultralow rates may finally be ending, but long-term structural forces continue to influence global fixed income markets.

7 Furthermore, economies and markets are in the process of adjusting to what might be the most dramatic technology evolution in history. Disruptions are transforming the fundamentals of business and economies in a way that holds immense implications for productivity, growth, inflation and interest rates. This presentation will explore these market dynamics and assess the implications for endowment and foundation investors. Speaker: Rick Rieder, BlackRockScheduleSunday, September 23, 20184:00 pm - 5:00 pmEarly Registration5:30 pmOpening Reception7:30 am8:15 amWelcome & IntroductionsRemarks from the FORUM Chairmen8:30 amOpening Address: Is This Time Different?

8 9:30 amNavigating Fixed Income Markets 5 As investors face the challenges of delivering returns in a late-stage investing environment, the specter of inflation, rising interest rates, geopolitical events, and equity valuations add the complexity of managing portfolios with increased risk. This session will explore how endowments and foundations are looking at their asset allocation and what, if any, changes they may be contemplating to accommodate for the current environment. How are factors reflecting the priorities, risk assumptions, and liquidity needs of their institutions being integrated into the asset allocation process?

9 Are new approaches being undertaken, or just refinements to the existing policy portfolio? This candid discussion will allow members an opportunity to learn how peers are addressing the asset allocation by: Chun W. Lai, The Rockefeller Foundation Discussants: Ellen J. Ellison, University of Illinois Foundation Meena Lakshman, The Leona M. and Harry B. Helmsley Charitable TrustAs CIOs, we all seek the best way to invest. Finding this truth requires stepping back to deeply understand your institution s purpose, your investment beliefs, and the culture of your organization. The AHS mission is Extending the healing ministry of Christ.

10 By aligning our purpose and process while deeply integrating the investment team within the operating business, AHS has focused their time and resources on the most impactful elements. This focus has produced a persistent source of value for their core mission. This is stewardship : Rob Roy, Adventist Health SystemScheduleMonday, September 24, 201810:15 amBreak10:45 amAsset Allocation: Positioning Your Portfolio for Late-Stage Investing11:30 amGreater as a Whole The Power of Stewardship Alpha12:15 pmLuncheon6 Since the 1990s, as asset allocation became an increasingly important investment strategy for pension funds and endowments, many investors turned to natural resources, and in particular, oil and natural gas field development partnerships, energy high yield bonds, and commodity funds, as potentially high return building blocks to portfolio construction.