Get Real – Diversified Commodities Investing (Ended)
Date, Time, and Location:
Wed., Nov. 20, 2013
3:30 - 6:30 pm
Morningstar Building, 22 W. Washington Street, Chicago, 60602
In recent years institutional and retail investors have turned to commodities to provide diversification and inflation protection in their portfolios, as well as a source of return. Investors have multiple methods for gaining diversified exposure to the asset class including commodity futures, owning the equities of commodity producers, physical commodities, and the private equity market. More recently, a proliferation of commodity indices has led to an influx of passive commodity investors. Many believe this influx has turned the risk/reward profile of commodity investing on its head.
Join us as we explore the role of commodities in institutional and retail portfolios, the pros and cons of the various approaches to commodities investing, as well as the issues each present. This program isn't meant to be a discussion about the future price of any particular commodity, nor a primer on commodity futures trading strategies, but instead a focus on investing in commodities as an asset class.
You Will Learn:
- Role of commodities and real assets in an investment portfolio including diversification, inflation protection, and as a return enhancer.
- Vehicles and structures available to commodity investors including index funds, ETF's, commodity futures, equities, LP's, etc.
- Pros and cons for the differing approaches to commodities investing.
- Active vs. passive, and how the growth of commodity index funds has impacted the commodity futures market.
- The impact of new regulations and laws governing the commodities futures market.
Jodie Gunzberg, CFA - Head of Commodity Indices, S&P Dow Jones Indices
Christopher Burton, CFA, FRM - Managing Director, Credit Suisse Asset Management
Mark D. Carlson, CFA - Senior Vice President, The Northern Trust Company
Hilary Till - Co-Founder and Principal, Premia Capital Management, LLC
Kevin Doonan - Vice President, Grosvenor Capital Management
Non-Members - $55
(member pricing underwritten by CFA Chicago) (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
3:30 - 4:00pm: Registration and Networking
4:00 - 6:00pm: Program
6:00 - 6:30pm: Informal Networking
Hosted by: Education Advisory Group
Jodie Gunzberg, CFA, Head of Commodity Indices, S&P Dow Jones Indices is vice president at S&P Dow Jones Indices. Gunzberg is responsible for the product management of S&P DJI Commodity Indices, which include the S&P GSCI® and DJ-UBS Commodities Index, the most widely recognized commodity benchmarks in the world. Both indices represent the global commodity market and are most commonly used for the historical benefits of inflation protection and diversification to stocks and bonds. Prior to joining S&P Dow Jones Indices, Gunzberg worked for more than a decade analyzing commodities in various roles within the investment management and consulting business. Most recently, Gunzberg was the chief investment strategist for an investment consulting firm. In her role she oversaw more than 350 plans ranging in size from USD 10 million to USD 13 billion and totaling more than USD 85 billion in assets. Gunzberg has published many industry pieces on hedge funds and commodity investing and is a frequent speaker and moderator. She is commonly quoted by the press and has been a guest on BloombergTV, CNBC, Fox Business and CCTV2. Gunzberg is a CFA charterholder, member of the CFA Institute and of NYSSA. She is also a former director of the Board of Directors for CFA Chicago. She received her MBA from the University of Chicago, Booth School of Business, and earned a B.S. in Mathematics from Emory University.
Christopher Burton, CFA, FRM, is a Managing Director within Credit Suisse Asset Management, based in New York. He is a Portfolio Manager and Trader for the Commodities Team, managing more than $10 billion of assets under management. In this role, Burton is responsible for analyzing and implementing the team's excess return strategies, indexing strategies, and hedging strategies. Prior to joining Credit Suisse in 2005, Burton served as an Analyst and Derivatives Strategist with Putnam Investments. He earned a B.S. in Economics with concentrations in Finance and Accounting from the University of Pennsylvania's Wharton School of Business. Additionally, Burton holds the Chartered Financial Analyst designation and has achieved Financial Risk Manager® Certification through the Global Association of Risk Professionals (GARP).
Mark D. Carlson, CFA is a Senior Vice President at The Northern Trust Company. Carlson is responsible for fixed income and commodity/natural resources strategies in NTGI’s Exchange Traded Funds Group, providing product development, investment strategy and related activities for FlexShares ETF products. Carlson was the lead strategist in the development of the FlexShares Morningstar Global Upstream Natural Resources ETF (GUNR) and the FlexShares iBoxx 3-Year and 5-Year Targeted Duration TIPS ETFs (TDTT, TDTF). Prior to being named Senior Investment Strategist for ETFs, Carlson served as Director of Fixed Income Research for seven years and was a senior analyst in taxable debt for eight years. Before joining Northern Trust, Mark worked for six years at MetLife Inc. in the Corporate Investment Department and six years at Citibank Illinois in various treasury and marketing positions. Carlson received a B.S. degree and an M.B.A. degree from DePaul University and is a CFA charterholder. He is a member of the CFA Society Chicago and the CFA Institute.
Hilary Till is a co-founder and principal of Premia Capital Management, LLC, a proprietary trading firm. In addition, she provides advice on risk-management and derivatives trading issues through Premia Risk Consultancy, Inc. She is also the co-editor of Intelligent Commodity Investing, a bestseller for Risk Books. In addition to her responsibilities at Premia Capital, Till is involved in the following academic and professional associations: Till is a member of the North American Advisory Board of the London School of Economics and Political Science; in Chicago, she serves as a member of the Federal Reserve Bank of Chicago's Working Group on Financial Markets; is a member of the Advisory Board for the Arditti Center for Risk Management at DePaul University's Finance Department; and also serves on the local steering committees of the following two professional organizations: the Chartered Alternative Investment Analyst (CAIA) Association and the Professional Risk Managers' International Association (PRMIA); and Till is a Research Associate at the EDHEC-Risk Institute. (The EDHEC-Risk Institute is an EDHEC Business School research centre, which is based in Nice, France.) She has a B.A. with General Honors in Statistics from the University of Chicago and an M.Sc. degree in Statistics from the London School of Economics (LSE). While at the LSE, Till studied under a private fellowship administered by the Fulbright Commission.
Kevin Doonan joined the Firm in 2007 and is a member of Grosvenor's Investments Department. Doonan shares responsibility for investment and manager research. He is the Commodity Strategy Head and is also a Portfolio Manager. Prior to joining Grosvenor, Doonan worked at Citigroup on the fixed income capital markets desk. From 2002 to 2006, he worked in the investment banking division at Citigroup, providing merger and strategic advisory services and debt and equity financing for companies in a variety of industries including automotive, metals and mining, and agribusiness. Prior to Citigroup, Doonan worked as an Analyst at Refco, Inc., a Chicago based commodities firm. He received his Bachelor of Science in Finance from Boston College.
*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, Nov. 15.
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.
Content shared during CFA Society Chicago programs is not, and nothing in it should be construed as, an offer, invitation or recommendation of any specific financial services company or professional, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. By registering for and attending this event, you acknowledge that any photographs that may be taken are the property of CFA Society Chicago and give your consent to their use in CFA Society Chicago's online and print business communications and marketing.