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.
Richard H. Clarida is vice chairman of the Board of Governors of the Federal Reserve System. Previously, he was the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University, where he also served as chairman of the Department of Economics. Dr. Clarida has served as the assistant secretary of the US Treasury for Economic Policy, serving as chief economic adviser to Treasury secretaries Paul H. O’Neill and John W. Snow. He was awarded the Treasury Medal in recognition of his service. Dr. Clarida also served on the Council of Economic Advisers under President Reagan and was a global strategic adviser and managing director at PIMCO. He is a member of the Council on Foreign Relations. Dr. Clarida was a member of the National Bureau of Economic Research (NBER) and served as co-editor of the NBER International Macroeconomics Annual. He received a BS in economics from the University of Illinois with Bronze Tablet honors and an MA and a PhD in economics from Harvard University.
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.
Lucy I. Johns is a vice president at Dodge & Cox. She is a member of the global fixed income and U.S. fixed income investment committees, which set investment strategy, evaluate portfolio risk and oversee implementation. She received her B.A. degree (magna cum laude) from Williams College in 1996 and her M.B.A. degree from the University of California, Los Angeles Anderson School of Management in 2004. Prior to graduate school, she worked for approximately two years each at Merrill Lynch as a financial analyst, Dodge & Cox as a research assistant, and NBC Internet as a Senior Product Manager. She is a shareholder of the firm and a CFA charterholder.
Joel Litman is president and CEO of Valens Research, a global investment research and advisory firm, where he also serves as chief investment strategist. He coauthored the Harvard Business Review article “Give My Regrets to Wall Street” and is a top contributor to SeekingAlpha. Mr. Litman has been interviewed by CNBC, Forbes.com, the Singapore Stock Exchange, Barron’s, Institutional Investor, and NASDAQ Marketsite. He has conducted seminars and lectures for Harvard Business School, Wharton, London Business School, and other universities, as well as for CFA Institute member societies in New York, Germany, Hong Kong, and Singapore, among others. Mr. Litman is a CPA and a member of the board of directors of COL Financial Group. He is an MBA/MM graduate of the Kellogg Graduate School of Management at Northwestern University.
Thomas B. Parker, CFA, is a managing director and chief investment officer of model-based fixed income (MBFI) at BlackRock. Previously, he served as deputy chief investment officer at BlackRock and as global co-head of credit investments at Barclays Global Investors, where he was a member of the firm’s fixed-income research approval committee. Mr. Parker also worked at JP Morgan and at Credit Suisse First Boston. He is an active member of the MBFI investment, research approval, model management, and executive committees at BlackRock. Mr. Parker holds a BS degree from the University of California, Berkeley, and an MBA degree in finance and international business from the University of Chicago.
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.
Drew Sweeney is a managing director in the fixed-income group at TCW, where he trades leveraged loans. Previously, he worked at Bradford & Marzec, LLC, where he managed loan strategies for both total return and collateralized loan obligation accounts and served on the investment committee, helping direct the firm’s overall investment strategy. In addition, Mr. Sweeney has managed both bank loan and high-yield bond investments at Macquarie Group (formerly known as Four Corners Capital Management) and evaluated leverage loan and bond opportunities for Columbia Management (Ameriprise Financial, Inc.). He also worked as an analyst at ING Capital Advisors and as a member of the investment banking team at First Union Securities, where he gained additional experience in underwriting, structuring, and syndicating leveraged transactions. Mr. Sweeney earned a BS from Rutgers University and an MBA from the University of North Carolina’s Kenan–Flagler Business School.
Tom Tzitzouris is a director at Strategas, where he leads the firm’s fixed-income research efforts. His work touches on all aspects of broad market fixed-income strategy, as well as clients’ asset/liability management needs. Mr. Tzitzouris’s focus includes interest rate and credit term structure strategies, callable bond analysis, sector-relative value research, and valuation analysis for Treasury, agency, and high-grade corporates. Previously, he worked as a senior analyst at Fannie Mae, where he led the independent debt valuation team. Mr. Tzitzouris also spent time as a debt and derivatives analyst at Freddie Mac. He began his career as a quantitative research analyst with JPMorgan Asset Management’s fixed-income group. Mr. Tzitzouris earned a BS in finance from Bryant University, an MA in economics from George Mason University, and an MS in mathematics from Fairfield University.
Anne Walsh, CFA, is chief investment officer, fixed income, at Guggenheim, where she serves as head of the Portfolio Construction Group and Portfolio Management. She is responsible for portfolio design, strategy, sector allocation, and risk management, as well as for conveying Guggenheim’s macroeconomic outlook to portfolio managers and fixed-income sector specialists. Ms. Walsh specializes in liability-driven portfolio management and has more than 30 years of experience in the investment management industry. Previously, she served as chief investment officer at Reinsurance Group of America, Incorporated, and as vice president and senior investment consultant at Zurich Scudder Investments. Ms. Walsh has also worked for Lincoln Investment Management and American Bankers Insurance Group. She earned a BSBA and an MBA from Auburn University and a JD from the University of Miami School of Law.
Thursday, 17 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 Most Important Economic Signal for Fixed-Income Investors
- Term premia—the most important economic signal—and its measurement
- The impact of inflation and inflation volatility on term premia
- Market and political ramifications of a low term premium
Director, Strategas Research Partners
9:40 am EST
Refreshment Break with Exhibitors
10:00 am EST
The Future of Quantitative Approaches to Fixed-Income Investing
- The future of fixed-income and the role of quant investing
- Can equity or hedge fund quant investors effectively pivot to fixed-income quant investing? What are the challenges?
- How can investors capture the drivers of long-term fixed-income returns through quant approaches?
Managing Director and Chief Investment Officer of Systematic Fixed Income, BlackRock
11:00 am EST
The Long and Short of Bad Credit . . . and Bad Credit Analysis
- Uncovering hidden credit risks (and opportunities) buried in financial statements today
- iCDS: Intrinsic Credit Default Swap for superior credit signals and credit pricing
- Building better bond indices—improving aggregate credit research for macroeconomic analysis
- Current long and short credit ideas from advanced Uniform Credit Analytics
President and CEO, Valens Research
12:00 pm EST
1:15 pm EST
Navigating Fixed-Income Markets at an Inflection Point
- Where to invest late in the cycle
- Risks emerging in credit
- How to obtain robust structural protection
- Use of credit derivatives in investment strategy
Chief Investment Officer, Fixed Income, Guggenheim
2:15 pm EST
Lessons Learned from a Lifelong Investor in Sovereign and Corporate Distressed Debt
- Challenges for value-oriented investors in distressed debt and how to mitigate risks
- Lessons from the most difficult restructurings
- Looking forward—global opportunities and risks
Founding Partner, CEO, and Chief Investment Officer, Greylock Capital
3:15 pm EST
Refreshment Break with Exhibitors
3:35 pm EST
Is There a Bubble in Leveraged Loans?
- Should fixed-income investors be concerned about the rapid rise of covenant-lite leveraged loans and the overall decline in corporate credit quality?
- What standards have been changed for leveraged loans in the last 10 years, and what are the effects on collateralized loan obligations (CLOs)?
- What will be the magnitude of loan defaults in the next recession, and what will be the impact on leveraged loans and CLOs?
Managing Director in the Fixed-Income Group, TCW
4:30 pm EST
Rethinking Strategies for Bond Markets in Transition
- The nature of interest rate transitions and why they can take a long time
- Transitioning from economies driven by central banks to economies driven by politicians (United States, United Kingdom, Europe, and China) and where fiscal stimulus dominates
- The importance of barbelling risks and diversifying by credits, countries, and currencies
Director of Diversified Fixed Income, Eaton Vance Management
5:30 pm EST
Friday, 18 October
7:00 am EST
8:00 am EST
Integrating ESG in Fixed-Income Investment Decision Making
- State of the art of ESG (environmental, social, and governance) integration in fixed-income management
- Determining ESG investment criteria by sector and the role of ESG in credit ratings
- Bondholder rights and ESG—engaging with issuers
Vice President and Director of ESG, Loomis, Sayles & Company
10:00 am EST
Refreshment Break with Exhibitors
10:20 am EST
Going Global: Uncovering Value across Global Bond Markets
- Navigating investment opportunities in a low-interest-rate environment
- Incorporating bottom-up research and credit into a global bond portfolio
- Credit, currency, rates: Where we see value and risk in today’s market
Vice President at Dodge & Cox
11:15 am EST
A Fireside Chat with Richard H. Clarida, Vice Chair, Board of Governors of the Federal Reserve System
Vice Chair, Board of Governors of the Federal Reserve System
12:30 pm EST
Conference CloseConference Close
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 2019 to take advantage of the discounted rate. The CFA Institute rate at the Westin Copley Place is USD 349 plus tax, subject to availability.