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.
CFA Institute members can claim CE credit by providing their CFA Institute ID number when registering.
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.
Sean Cameron, CFA, is an investment officer and research analyst with the Fixed Income Strategic Solutions Group at MFS Investment Management (MFS). He provides quantitative research with economic and investment insights and works with MFS's Global Product team to develop and manage custom fixed-income client portfolios. Previously at MFS, Mr. Cameron served as a quantitative research analyst. He has also served as a vice president and fixed-income portfolio manager at PIMCO and as a financial analyst at Goldman Sachs. Mr. Cameron earned a bachelor's degree from Princeton University and a master of business administration degree from Harvard Business School.
René J. Canezin is a managing partner and co-founder of Evolution Credit Partners. He has 28 years of experience in building and managing investment businesses in multiple global locations across all asset classes and derivatives. Mr. Canezin’s experience includes private credit investing, structuring and financing transactions in the United States and Asia, creating and trading credit derivative products, and portfolio management and trading of high-yield, distressed, and leveraged loans. Previously, he was responsible for building and managing the absolute return credit portfolio at Harvard Management Company (HMC), where he also oversaw fixed-income, commodity, and international equity portfolios. In addition, Mr. Canezin managed HMC’s material natural resources portfolio of direct private investments, served as co-head of the Investment Committee, and formed the private credit team. He has served as head of US credit and global high-yield trading for Barclays Capital, where he led credit trading teams and formed an independent principle investment team. Mr. Canezin also served in various roles at Lehman Brothers, including regional treasurer for Asia, head of structured products within structured credit trading, and head of US high-yield trading and principal strategies. He graduated magna cum laude from Boston College with a BS in finance.
Martin S. Fridson, CFA, is chief investment officer at Lehmann Livian Fridson Advisors LLC. Previously, he worked at Salomon Brothers, Morgan Stanley, and Merrill Lynch. Mr. Fridson has served as president of the Fixed Income Analysts Society, governor of CFA Institute, and director of the New York Society of Security Analysts. He has also served as special assistant to the director for deferred compensation in the Office of Management and Budget of the City of New York. Mr. Fridson is the author of several books, including Financial Statement Analysis and Unwarranted Intrusions: The Case against Government Intervention in the Marketplace. He holds a BA in history from Harvard College and an MBA from Harvard Business School.
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.
Alistair McGiven, CFA, is managing director and head of portfolio management in the Toronto office at CPPIB (Canada Pension Plan Investment Board). Previously at CPPIB, he served as senior portfolio manager in the global tactical asset allocation group. Before joining CPPIB, Mr. McGiven served as portfolio manager responsible for both an absolute return macro fund and for the asset allocation within traditional, long-only, balanced portfolios at UBS Global Asset Management. He also worked as an economist at the Bank of England in the monetary analysis and international divisions. Mr. McGiven holds a bachelor’s degree in economics from the University of Leicester and a master’s degree from the University of Manchester.
Margaret Patel is managing director and senior portfolio manager at Wells Fargo Asset Management. She has 46 years of investment experience and is the portfolio manager for the Wells Fargo Diversified Capital Builder Fund, the Wells Fargo High Yield Bond Fund, and the Large Cap Dividend Growth separately managed account strategy, as well as co-manager of the Wells Fargo Diversified Income Builder Fund. Previously, Ms. Patel served as senior vice president and portfolio manager at Pioneer Investments, vice president and portfolio manager at Third Avenue Funds, and vice president and portfolio manager at Northstar Investment Management. She has been quoted regularly in financial publications, such as the Wall Street Journal and Barron’s, and is a frequent guest on CNBC television, Bloomberg Business News, Reuters, and Bloomberg Radio. Ms. Patel has also appeared as a speaker and panelist at numerous investment seminars and investment professional events. She was twice nominated for Morningstar’s Fixed Income Manager of the Year award and was named among the nation’s top 20 mutual fund managers in three different publications. Ms. Patel earned a bachelor’s degree in economics from the University of Pittsburgh.
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.
Erik S. Weisman is an investment officer, chief economist, and portfolio manager at MFS Investment Management. As a member of the Fixed Income team, he manages the firm’s US and global inflation-adjusted, global total return, and global government portfolios. In addition, Dr. Weisman chairs both the Fixed Income Strategy Group and the Global Rates and Currency Group and is a member of the Risk Opportunities Group and the Macro-Micro Group at the firm. He joined the firm as a global sovereign fixed-income research analyst. Previously, Dr. Weisman served as assistant to the US executive director for the International Monetary Fund and as an international economist in the Office of Central and Eastern Europe of the US Department of the Treasury. He earned a bachelor’s degree from the University of Michigan and a master’s degree and a PhD from Duke 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 Investments
9:40 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
Charles E. and Susan T. Harris Professor of Finance and Director, Laboratory for Financial Engineering, Sloan School of Management, MIT
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
Director of Diversified Fixed Income, Eaton Vance Management
Managing Director and Senior Portfolio Manager, Wells Fargo Asset 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 Portfolio Manager, Head of Environmental, Social, and Governance (ESG) Strategies, 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, AllianceBernstein
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
9:00 am EST
Pension Fund Management: Allocating Globally to Risk and Return Streams
- Employing strategies structured to be resilient in the face of wide-ranging market and economic conditions and applying thematic investing to identify long-term trends and macro-economic changes
- Diversifying the total portfolio at the level of risk and return streams, rather than at the asset class level
- Challenging assumptions and minimizing unintended exposures
Managing Director, Head of Portfolio Management, Canada Pension Plan Investment Board
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
Managing Partner and Co-Founder, Evolution Credit Partners
11:20 am EST
When Winners Take All
- The rise of public company concentration ratios and the effects of firms that increasingly dominate their markets
- How these firms win differently from other winners in the past and how some investment paradigms may be challenged as a result
- Implications for rates, credit spreads, and volatility, as well as the broader notions of asset allocation and security selection
Research Analyst, Strategic Solutions, MFS Investment Management
Investment Officer, Chief Economist, and Portfolio Manager, MFS Investment Management
12:30 pm EST
10 Huntington Ave
Boston, MA 02116
CFA Institute has arranged for a special group rate at the Westin Copley Place. Reservations should be made directly with the hotel or through the link below. You must refer to the “CFA Institute group” when contacting the hotel, and reservations should be made by 18 September 2018 to take advantage of the discounted rate. The CFA Institute rate at the Westin Copley Place is USD 339 plus tax, subject to availability.
Book hotel reservation
|Early Bird – CFA Institute Members and Candidates (CFA Program, CIPM, or Investment Foundations)||
Valid through 11 Sep 2018
|Early Bird – Non-Members||
Valid through 11 Sep 2018
|CFA Institute Members and Candidates (CFA Program, CIPM, or Investment Foundations)||USD 1295|
|Group (three delegate minimum; additional discounts do not apply)||USD 1095|
Continental breakfasts, refreshment breaks, lunch, a networking reception, the opportunity to meet with investment colleagues and speakers from around the world, access to presentation materials online, and a notebook containing extensive conference materials.
Networking Lunch Sponsor
|S&P Global Market Intelligence|
|Janus Henderson Investors|
|S&P Dow Jones Indices|
|S&P Global Market Intelligence|
Payment is due at time of registration. Forms received without payment will be confirmed on a space-available basis when payment is received. All fees are payable in U.S. funds. Attendance is limited. Please register early.
Group Rate: Groups of three or more delegates from the same firm will receive a discounted rate of USD 1095 per delegate. The corporate group discount cannot be combined with other promotional rates and discounts.
Cancellation Policy: A cancellation fee of USD 150 applies for all cancellations made after 4 October 2018. No refunds will be issued for any cancellations received within 24 hours of program start. Substitutions from the same company are accepted with fee adjustment, if appropriate. Sharing of registrations is not permitted.
For corporate groups, if a cancellation brings a group's delegate count below three and a substitute is not available, regular rates will apply to the remaining delegates and all cancellation fees and deadlines above will be applicable.
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Attire: Business casual attire is appropriate for this conference.
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