Join us as leading practitioners and researchers navigate what is happening in global bond markets, take a closer look at the path to interest rate normalization, and discuss prospects for economic growth in developed and emerging economies.
Hosted by CFA Institute, CFA Society Boston
Covering practical topics that address fixed-income sectors, security selection, and portfolio construction, this year’s conference brings together top researchers, strategists, analysts, and portfolio managers focused on uncovering investment ideas and strategies that can be used to successfully meet client objectives. Join us to discover where discerning investors are finding opportunities in fixed-income markets for diversification, value, and protection against uncertainty.
Mike Amey is a managing director and portfolio manager in PIMCO’s London office, where he is responsible for sterling portfolios and is head of ESG (environmental, social, and governance) strategies. He is also responsible for the European insurance (ex Germany) and European LDI (liability-driven investing) portfolio management groups. Previously, Mr. Amey was head of UK fixed income at Rothschild Asset Management and, after its merger, at Insight Investment. He also spent two years as a tutor in the Department of Economics at the University of Durham. Mr. Amey has 24 years of investment experience. He earned undergraduate and master’s degrees in corporate and international finance from the University of Durham.
Kathleen C. Gaffney, CFA, is a vice president, director of diversified fixed income, and lead portfolio manager for the multisector bond and core plus bond strategies at Eaton Vance Management, where she is responsible for buy and sell decisions and portfolio construction. She has been in the investment management industry for more than 30 years. Previously, Ms. Gaffney was a vice president at Loomis, Sayles & Company and a portfolio manager for its fixed-income group, managing a variety of mutual funds and institutional strategies. Her commentary has appeared in the Wall Street Journal, the Financial Times, Institutional Investor, and the New York Times, and she has been on Bloomberg TV, Bloomberg Radio, and CNBC. Ms. Gaffney earned a BA from the University of Massachusetts, Amherst.
Priscilla C. Hancock is a managing director; a member of the Global Fixed Income, Currency & Commodities group; the global fixed income strategist; and the head of the Fixed Income Insights Strategy Team at J.P. Morgan Asset Management. In her role, she delivers the firm’s thoughts on the bond markets to its clients and the press across the globe. Throughout Ms. Hancock’s career in the capital markets, she has been involved in strategy, product development, investment banking, sales, consulting, and venture capital. Previously, she was a managing director and head of global product strategy and development at Moody’s Investors Service and a managing director and head of strategy and market development at Standard & Poor’s. Ms. Hancock has also served as a senior vice president and capital markets specialist in the municipal product group at Lehman Brothers, the editor-in-chief of Lehman Brothers’ Municipal Market Review, an instructor and advisory board member for the Government Finance Officers Association, and a contributor to several national financial publications. She has a BA from the University of Virginia, an MBA in finance and marketing from Columbia University, and an executive certificate in strategy and innovation from the Massachusetts Institute of Technology.
Shamaila Khan is a director of emerging market debt strategies at AllianceBernstein L.P. (AB). In this role, she manages and oversees AB’s hard- and local-currency emerging market sovereign debt strategies. Previously, Ms. Khan served as a senior vice president and portfolio manager at AB, focusing on emerging market corporate and quasi-sovereign issuers across all of the firm’s emerging market debt and credit strategies. She has also served as managing director of emerging market debt for TIAA-CREF and has been actively managing and evaluating corporate and sovereign emerging market debt issuance since 1997. Ms. Khan has participated in many emerging market panels and discussions worldwide, including Fitch’s Annual Emerging Markets Outlook Conference, the Bank of America Merrill Lynch Emerging Markets Conference, and Debtwire Emerging Markets Investors Summit. She has a BBA from Quaid-i-Azam University and an MBA (with honors) from New York University’s Leonard N. Stern School of Business.
Andrew W. Lo is Charles E. and Susan T. Harris Professor of Finance at the MIT Sloan School of Management and the director of MIT’s Laboratory for Financial Engineering. He focuses his research on the fundamental aspects of investments and financial markets, including the measurement of illiquidity risk in hedge fund returns, the growth of systemic risk in the hedge fund industry, and most recently, evolutionary and neurobiological models of individual risk preferences and financial markets. Before joining MIT’s finance faculty, Mr. Lo taught at the University of Pennsylvania’s Wharton School. He has published numerous articles and books on finance and economics. Mr. Lo received his PhD in economics from Harvard University.
Gregory Peters is a managing director and senior portfolio manager for core, long government/credit, core plus, absolute return, and other multi-sector fixed-income strategies at PGIM Fixed Income. Previously, he was the chief global cross-asset strategist at Morgan Stanley, where he was responsible for the firm’s macro research and asset allocation strategy. In addition, Mr. Peters was Morgan Stanley’s global director of fixed income and economic research and served on the Firm Risk, Investment, Asset Allocation, Global Credit, and Global Fixed Income Operating Committees. He has also worked at Salomon Smith Barney and the US Department of the Treasury. Mr. Peters has been recognized by Institutional Investor magazine for his efforts in macro, fixed-income, high-yield, and investment-grade strategies. He has also been recognized as one of Business Insider’s Top Analysts, a Top Analyst to Watch by CEO World, and Morningstar’s 2017 Fixed Income Manager of the Year for the Prudential Total Return Bond Fund. Mr. Peters earned a BA in Finance from the College of New Jersey and an MBA from Fordham University.
Karthik Ramanathan is senior vice president and director of bonds in the fixed-income division at Fidelity Management & Research Company, the investment adviser for Fidelity’s family of mutual funds. In this role, he is responsible for providing strategic advice and customized fixed-income solutions to clients and for building the company’s international bond business. Previously, Mr. Ramanathan served as acting assistant secretary for financial markets and as director of the Office of Debt Management at the US Department of the Treasury. He has also held various positions at Goldman Sachs in the foreign exchange and mergers and acquisitions divisions. Mr. Ramanathan has been awarded the US Department of the Treasury Medal of Honor and the National Security and International Affairs Finalist Award. He serves on the Advisory Board of the Journal of Portfolio Management and the Advisory Board of the Fixed Income Forum. Mr. Ramanathan is a member of the Market Monitoring Group and the Institute of International Finance’s Council for Asset and Investment Management. He earned a bachelor of arts degree in economics and mathematics from Columbia University.
Marc P. Seidner, CFA, is chief investment officer of nontraditional strategies and managing director and head of New York portfolio management at PIMCO, where he is also a generalist portfolio manager and a member of the investment committee. Previously, he served as head of fixed income at GMO LLC. Mr. Seidner was also a managing director and domestic fixed-income portfolio manager at Harvard Management Company. He also served as director of active core strategies at Standish Mellon Asset Management and as a senior portfolio manager at Fidelity Management and Research. Mr. Seidner holds an undergraduate degree in economics from Boston College.
Marilyn Watson is a managing director and head of the Global Fundamental Bond Product Strategy Team within BlackRock’s Global Fixed Income group. She focuses on global fundamental fixed income and is a member of the Global Unconstrained Bond Committee. Previously, Ms. Watson served as an economist and deputy agent in the Monetary Policy Division of the Bank of England. She has also served as a global investment strategist at JPMorgan Asset Management and has sold foreign exchange derivatives at JPMorgan Investment Bank. Ms. Watson has an MA in economics, with honors, from Cambridge University.
Thursday, 11 October
7:00 am EST
Registration and Continental Breakfast
8:00 am EST
Conference Welcome and Opening Remarks
Chief Investment Officer of Nontraditional Strategies, Managing Director and Head of Portfolio Management New York, PIMCO
8:40 am EST
The Nexus of Political, Fiscal, and Monetary Policy and Their Impact on Global Investor Flows
- Risks and potential opportunities in the face of political uncertainty, financial market volatility, and geopolitical disruption
- Examining these underlying forces and their potential impact on international investors
- Navigating across asset classes in a dynamic environment
Senior Vice President and Director of Bonds, Fidelity Management & Research Company
9:45 am EST
Networking Break with Exhibitors
10:00 am EST
Managing Bond Funds for Total Return
- Sector approach: Incorporating macro and market trends into the sector and industry allocation process
- Credit approach: Understanding where we are in the economic cycle and why it may be time to reduce cyclically oriented industrial credit risk and add more defensive, higher-quality credits and securitized assets
- Risk management approach: Risk budgeting, diversification, and the importance of avoiding the downside
Managing Director and Senior Portfolio Manager, PGIM Fixed Income
11:00 am EST
Preparing for a New Bond Market: Solving for Tomorrow's Challenges
- Adapting to a changing bond market: Shifting away from traditional, benchmark-oriented fixed-income strategies to a flexible approach
- Addressing issues such as interest rate and concentration risk
- Integrating a strong quantitative and qualitative research perspective to find opportunities outside of the index and take advantage of changing market conditions
Client Portfolio Manager, J.P. Morgan Asset Management
12:00 pm EST
1:15 pm EST
Adaptive Markets: Financial Evolution at the Speed of Thought
- A new way of thinking about financial markets, human behavior, and how they interact to create booms, busts, and market cycles
- Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields to show why the efficient markets hypothesis is not wrong but merely incomplete
- How financial evolution shapes behavior and markets at the speed of thought, and implications for investment management, risk management, new product design, and the active/passive debate
Professor, MIT Sloan School of Management
2:15 pm EST
Active Management in the High-Yield Bond Sector
- How the structure of the high-yield market has evolved since the Great Recession of 2008
- Understanding the mix of investor decisions that drive the total return of high-yield bond portfolios: From tactical decisions on asset allocation by region, quality, industry, and duration to security selection
- Are valuation levels too stretched today, and what can investors expect going forward in terms of risk/return?
- Managing portfolios for income and capital preservation in the next market cycle
Chief Investment Officer, Lehmann Livian Fridson Advisors
Vice President, Eaton Vance Management
Managing Director and Senior Portfolio Manager, Wells Capital Management
3:15 pm EST
Networking Break with Exhibitors
3:35 pm EST
ESG Investing in Fixed Income
- Integrating ESG analysis into the investment process—from top-down (macro) and bottom-up (credit research) perspectives
- Building portfolios with forward-looking, industry-specific/weighted ESG criteria
- Application in practice: Identifying key ESG themes, combining valuation and ESG analysis, identifying best-in-class issuers, and engaging with companies with less well developed ESG practices
Managing Director and Portfolion Manager, PIMCO
4:35 pm EST
Re-Examining Emerging Market Debt
- Emerging market debt represents nearly 10% of the investable global fixed-income universe and more than 50% of global growth yet still represents only less than 2% of the average institutional portfolio
- Top historical concerns that have kept investors on the sidelines, and why emerging market debt is fundamentally different today
- Focus on strategies: Harnessing opportunities available within emerging market debt to achieve investment goals in an otherwise challenging market
Director, Emerging Market Debt Strategies, AllianceBernstein L.P.
5:30 pm EST
Friday, 12 October
7:00 am EST
8:00 am EST
An Unconstrained Approach to Navigating Global Bond Markets
- Challenges faced by fixed-income investors in the current environment
- Building a diversified portfolio of alpha, beta, and carry sources while managing duration risk in global bond markets
- Opportunities that we’re most excited about and the risks to watch out for
Managing Director and Head of Global Fundamental Bond Product Strategy, BlackRock
10:00 am EST
Networking Break with Exhibitors
10:20 am EST
Investing in Private Credit
- Key differences between private credit and public credit financing
- Determining the right financing approach across a company’s capital structure
- Hurdles/metrics for investment and the due diligence process
- Building in a margin of safety, loan covenants, and portfolio risk management
Chairman, Managing Partner, and Co-Founder, Evolution Credit Partners
12:30 pm EST
10 Huntington Ave
Boston, MA 02116