Fixed-Income Management 2019
Late Cycle Investing: Opportunity and Risk
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.
This conference will be submitted to NASBA for credit review and may qualify for continuing education credit from other organizations (e.g., the CFP Board and IIROC). Please contact your relevant organization for details on self-documenting credit for your participation.
Please view information about CPE credits for NASBA (PDF).
CFA Institute members can claim PL credit by providing their CFA Institute ID number when registering.
Kathleen M. Bochman, CFA, is a vice president and director of ESG (environmental, social, and governance) at Loomis, Sayles & Company. She is responsible for increasing awareness of ESG principles among the firm’s investment teams and partnering with them to identify how ESG considerations may be further incorporated into their unique investment processes. Ms. Bochman leads the Loomis Sayles ESG Committee in providing strategic support to investment teams, conducting internal education, and serving as a thought leader for the firm on material sustainability issues. She has 30 years of investment industry experience. Previously, Ms. Bochman served as a global equity analyst covering the financial sector for Loomis Sayles. She began her career as a senior consultant for Andersen Consulting, specializing in systems consulting for financial clients. Ms. Bochman subsequently served as a fixed-income credit analyst and head of credit research at State Street Research & Management and as a fixed-income credit analyst at Wellington Management Company. Prior to joining Loomis Sayles, she was a financial sector credit analyst for Gimme Credit. Ms. Bochman earned a BA from Dartmouth College and an MBA from Columbia University.
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.
Daniel J. Fuss, CFA, is vice chairman of Loomis, Sayles & Company, L.P., and manager of the firm’s flagship Loomis Sayles Bond Fund. He has more than six decades of experience in the investment industry and has been with Loomis, Sayles & Company since 1976. In 2000, Mr. Fuss was named to the Fixed Income Analysts Society’s Hall of Fame in recognition of his contributions and lifetime achievements in the advancement of the analysis of fixed-income securities and portfolios and in May 2019 he was awarded the Outstanding Portfolio Manager Award at the US Morningstar Awards for Investing Excellence. He has twice been president of CFA Society Boston. Mr. Fuss holds a bachelor’s degree and an MBA degree from Marquette University.
Kathleen C. Gaffney, CFA, is former director of diversified fixed income at Eaton Vance Management. Previously, she 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. Ms. Gaffney has been in the investment management industry for more than 30 years, and she is currently investment committee chair of the Unitarian Universalist Common Endowment Fund. 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.
Hans Humes is founding partner, CEO, and chief investment officer of Greylock Capital, which he founded as a joint venture with Van Eck Global. He has worked in emerging markets for over three decades. Mr. Humes was a managing partner at Van Eck Absolute Return Advisers, Inc., when he launched the fund that became the Greylock Global Opportunity Master Fund. He was a member of Lehman Brothers’ emerging markets debt trading team, traded a proprietary debt portfolio at Banco Santander, engineered several debt/debt and debt/equity swaps in Latin America, and worked on the sovereign debt restructurings for the Philippines and Yugoslavia Manufacturers Hanover. Mr. Humes served on the Steering Committee of the Private Creditor-Investor Committee for Greece and the Global Committee of Argentine Bondholders. He is a board member for the Institute of International Finance (IIF); co-chair of the IIF Committee of Sovereign Risk Management; a trustee of the IIF’s Principles Consultative Group for the Principles for Stable Capital Flows and Fair Debt Restructuring; and a member of the IIF Working Group on Reconciliation of Past Due Sovereign Debt, the IIF Market Monitoring Group, and the World Policy Institute’s World Policy Council. Mr. Humes received a BA from Williams College.
Lucy I. Johns, CFA, 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.
Anne Walsh, CFA, is chief investment officer for fixed income at Guggenheim Partners, where she also serves as head of the portfolio construction group and portfolio management team. She is responsible for meeting the return and risk needs of the firm’s fixed-income clients, including insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. 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. She holds BSBA and MBA degrees from Auburn University and a JD degree from the University of Miami School of Law.
Thomas 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.
Thursday, 17 October
7:00 am EDT
Registration and Continental Breakfast
8:00 am EDT
Conference Welcome and Opening Remarks
Chief Investment Officer of Nontraditional Strategies, Managing Director and Head of Portfolio Management New York, PIMCO
8:40 am EDT
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 EDT
Refreshment Break with Exhibitors
10:00 am EDT
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 EDT
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 EDT
1:15 pm EDT
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 EDT
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 EDT
Refreshment Break with Exhibitors
3:35 pm EDT
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 EDT
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
Former Director of Diversified Fixed Income, Eaton Vance Management
5:30 pm EDT
Friday, 18 October
7:00 am EDT
8:00 am - 9:00 am EDT
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
9:00 am - 10:00 am EDT
Where Are We—Late Cycle or End Cycle
- Problems for the major central banks: Low inflation, rising probabilities of recession, and the ineffectiveness of monetary policy
- Seeking opportunities for diversification through credit, currencies, and non-US dollar debt
- Finding pockets of value and watching for increasing downside risks from geopolitical risks, excess leverage, illiquidity, and unprecedented negative interest rates in developed markets
Vice Chairman, Loomis, Sayles & Company; 2019 Morningstar Outstanding Portfolio Manager
10:00 am EDT
Refreshment Break with Exhibitors
10:20 am - 11:20 am EDT
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
11:30 am - 12:15 pm EDT
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 EDT
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.
|Early Bird – CFA Institute Members and Candidates (CFA Program, CIPM, or Investment Foundations)||
Valid through 17 Sep 2019
|Early Bird – Non-Members||
Valid through 17 Sep 2019
|CFA Institute Members and Candidates (CFA Program, CIPM, or Investment Foundations)||USD 1295|
|Group (three or more)||USD 1095|
Continental breakfasts, refreshment breaks, lunches, a networking reception, the opportunity to meet with investment colleagues and speakers from around the world, and access to presentation materials online.
Networking Lunch Sponsor
|Loomis, Sayles & Company|
|BondIT USA Inc.|
Attendance space is limited. Payment is due at time of registration. Registration forms submitted without payment will be confirmed on a space-available basis when payment is received.
Cancellation Policy: A cancellation fee of US$150 applies for all cancellations made after 10 October 2019. 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.
Special Needs: Please contact CFA Institute for services to accommodate a disability or to inform CFA Institute of any dietary restrictions. (Please include this information when you register for the conference.)
Attire: Business casual attire is appropriate for this conference.
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