Desperately Seeking Alpha - Rethinking the Hedge Fund Allocation (Ended)
Date, Time, and Location:
Thurs., Sept. 19, 2013
3:00 - 6:00 pm
Chicago Club, 81 E. Van Buren Street, Chicago, IL 60605
Join us for a lively panel discussion around the issues of hedge fund investing in a post-crisis world. With insights from industry leaders in consulting, alternative beta, and active hedge fund portfolio management, the panelists will debate the issues of hedge fund alpha vs. beta, return vs. diversification, and the merits of accessing different strategies through the various structures available today.
You Will Learn:
- The role hedge funds play in investors' portfolios today; and how it is that different from pre-2008.
- What emphasis should be placed on diversification characteristics versus returns.
- If alpha in hedge fund investing vanishing.
- How hedge fund alphas compare to alphas from long-only investment.
- The pros and cons of accessing certain hedge fund strategies using the various vehicles.
- Are hedge funds still good sources of alternative beta?
Matthew Hoehn - Vice President, co-PM of Goldman Sachs' Absolute Return Tracker Fund
Nat Kellogg, CFA - Associate Director of Research, Marquette Associates
David Kuenzi, CFA - Managing Director, Risk Management and Quantitative Research, Aurora Investment Management
Brian Ziv, CFA - Portfolio Manager and Head of Hedge Fund Strategies Committee, William Blair
Jeanne Murphy, CFA, CAIA - Founder and Managing Partner, Acuity Investment Consulting Partners, LLC
Non-Members - $55
Student-Members - $20
(payable by cash, check, credit card or function ticket)*
CFA Institute Qualified Activity: Eligible for 2 credit hours
Attire: Business Casual
Menu: Refreshments and light appetizers
3:00 - 3:30pm - Registration & Networking
3:30 - 5:30pm - Program
5:30 - 6:00pm - Informal Networking
Hosted by: Education Advisory Group
Matthew Hoehn, Vice President, co-PM of Goldman Sachs' Absolute Return Tracker Fund Hoehn joined the Investment Management Division in July 2003 and is a member of the Customized Beta Strategies (CBS) team. He focuses on portfolio management and research in beta strategies in equities, interest rates, credit, commodities, volatility and currencies. He is one of the named portfolio managers on the Goldman Sachs Absolute Return Tracker Fund, a $1.6 billion 40-act mutual fund that replicates the risks and returns of a diversified basket of hedge funds. Hoehn graduated magna cum laude from The College of New Jersey with a double concentration in Economics and English and a minor in Spanish. He was the top Economics student in the class of 2002. Hoehn completed a Master's Degree in Economics at New York University in December 2007.
Nat Kellogg, CFA, is the associate director of research for Marquette Associates. He is responsible for reviewing alternative investment research and due diligence particularly in the hedge fund and private equity asset classes. Kellogg is a member of the firm’s investment committee and alternative investment manager search committee. Before joining Marquette, Kellogg was a senior equity analyst at Hudson Securities covering the electrical equipment and basic materials sectors. Prior to that, he was an equity analyst at Brait Specialized Funds, a small-cap focused long/short equity hedge fund. Kellogg holds a B.A. in history from Middlebury College and an M.B.A. from Northwestern University's Kellogg School of Management. Kellogg is a CFA charterholder and a member of CFA Society Chicago.
David Kuenzi, CFA, is partner and managing director of Risk Management and Quantitative Research at Aurora Investment Management, LLC, a $10 billion fund of hedge funds. In this role, he is responsible for developing quantitative and risk models related to the evaluation of hedge funds and hedge fund portfolios, for portfolio risk oversight, and for a variety of functions related to overlay hedging and risk analysis. Until December 2008, Kuenzi served as Head of Risk Management and Quantitative Research at Man Investments (Glenwood). In this role he was responsible for risk management activities, for the development of quantitative techniques for assessing hedge funds and hedge fund portfolios, for overlay portfolio hedging, and for the development of an extensive hedge fund factor modeling system. Prior to joining Glenwood in November 2003, Kuenzi was at Nuveen Investments where he held a number of roles, including Vice President, Research, Development and Risk Management. Prior to joining Nuveen in 1996, Kuenzi was a small-cap stock analyst at Perritt Capital Management. Kuenzi received a B.A. from Western Michigan University, an M.F.A. from the University of Iowa, an M.B.A. in Analytic Finance and International Business from the University of Chicago, and an M.S. in Financial Mathematics from the University of Chicago. He is a Chartered Financial Analyst (CFA) and was formerly an EDHEC Research Associate. His articles on investing, risk management, and derivatives have appeared in The Journal of Alternative Investments, The Journal of Portfolio Management, The Journal of Investing, The Journal of Performance Measurement, and the "Cutting Edge" section of Risk.
Brian Ziv, CFA, is the head of the William Blair Hedge Fund Strategies Investment Committee. He conducts manager research and strategy evaluation and is responsible for portfolio construction. Prior to joining William Blair in April 2011, Ziv was a co-founder and principal of Guidance Capital. Prior to the formation of Guidance Capital in July 2001, he was Chief Investment Officer of Graystone Wealth Management Services, a division of Morgan Stanley. Prior to joining Graystone in 1994, he founded and managed Ziv Asset Management, a value-oriented equity management firm. The firm also provided a range of specialized investment services to several national investment firms. Ziv has also served as Chief Investment Officer of a Frank Russell Adviser in Chicago. In the 1980s he was an equity analyst and a member of the Stock Selection Committee of Kidder Peabody & Co. in New York. Ziv has published articles on a wide range of investment topics, including portfolio strategy, use of hedge funds and investment manager selection. Ziv has been in the investment industry since 1980; and holds a B.A. from Princeton University.
Moderator: Jeanne Murphy, CFA, CAIA, is the Founder and Managing Partner of Acuity Investment Consulting Partners, an independent investment consulting firm dedicated to serving the needs of tax-exempt institutions and family offices. Murphy has broad, multi-faceted expertise across a range of complex investment issues including portfolio management, asset allocation, manager structure, and manager selection and monitoring, and has developed specialized expertise in alternative investments beginning in 1998. Before founding Acuity, Murphy served as a senior member of the investment team at Grosvenor Capital Management here in Chicago, where she established an independent risk management function, developing a framework for analyzing hedge fund managers’ risk management capabilities and integrating traditional risk management concepts into the construction of fund of hedge fund portfolios. Prior to joining Grosvenor, Murphy worked for 10 years with Watson Wyatt and Towers Perrin in Atlanta, building their research and consulting capabilities in the alternative investment space, and consulting with endowment and defined benefit plan sponsor clients across the full investment cycle. A published author and frequent presenter at industry events, she holds the CFA, CAIA and CFP designations.
*Special Notes Regarding Fees:
Regular, Candidate, and Affiliate Members may apply function tickets as payment for Non-member or Student-Member. Credit card required to guarantee ALL reservations except for reservations using Function Tickets. Day-of-event registrations accepted on-site only if applicable and space available. There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Cancellations accepted until 5:00 pm, Sept. 16.
Members of any CFA society may attend at the CFA Chicago member rate. If you are only a member of CFA Institute, you do not qualify for the society member rate.
CFA Institute CE Qualified Activity
This program qualifies for credit under the guidelines for the CFA Institute Professional Development Program.
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