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8th Annual Global Investment Conference
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April 9-11, 2003
• Banff, Alberta
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Wednesday, April 9- Welcome
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| Reception, registration and light buffet dinner | |
| Please join us for an informal reception in the Conservatory. | |
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Thursday, April 10 - Day
One
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7:00 - 8:30 a.m.
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Breakfast at the Bow Valley Grill |
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8:30 - 8:45 am.
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Opening Remarks |
| Session 1: Diversifying in Global Markets: Where are the Opportunities? | |
| Prospects Across Global Equity Markets:
A Long-Term View [Download Presentation (416K)] |
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| During the last decade,
Canadian investors benefited from diversifying internationally. Most
of the benefit, however, resulted from an exposure to U.S. equities,
while the exposure to EAFE has actually been a drag on performance.
This presentation will identify important sources of the performance
differential. It will also demonstrate an alternative model to help
identify differential opportunities across countries which may be
more helpful in forming strategic benchmarks. Peter Rathjens, Arrowstreet Capital |
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| Global Investing - An Opportunity [Download Presentation (396K)] | |
| Do investors care more
about owning equity in excellent, demonstrably undervalued companies,
or do they care more about where those companies operate? Applying
a strategy to the broadest universe of potential investments could
maximize absolute returns, and ensure that the process of maximizing
portfolio value is not impaired by arbitrary geographic constraints. Nancy Kyle, Capital Guardian |
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| Investing in Asian Corporate Bonds [Download Presentation (132K)] | |
| The presentation will give
an overview of the Asian corporate bond market, from both fundamental
and technical perspectives. Discussion will involve credit trends
in Asian countries, relative value as compared to U.S. and European
corporate bonds, supply and demand situations, international investors'
involvement in Asian bond market, and more. Grace Huang, CDP Capital |
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| Designated Respondents: | |
| 1. Bob Kamp, TELUS Corp. | |
| 2. Pierre Drolet, Domtar Inc. | |
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10:15 – 10:45 a.m.
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Coffee Break and speaker photos |
| Session 2: Equity Market Risk Premium in Global Markets | |
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Market Timing of International Stock Markets Using the Yield Spread [Download Presentation (128K)] |
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The presentation will extend recent probit modeling for forecasting
an economic recession. Specifically, the yield curve spread is used
to forecast a bear market in the US and eight foreign markets. In
general, the US yield spread contains more important timing information
than does the home country yield spread for profitable market timing. |
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| Equity Risk Premium [Download Presentation (60K)] | |
| Are stocks still the best investment
for the long term, or has the market downturn altered the landscape
for years to come? This issue is vital to plan sponsors, who base
investment policies in large part on the equity risk premium, or ERP.
This presentation will discuss ERP forecasts in a global perspective. Rajiv Silgardo, Barclays Global Investors |
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| Designated Respondents: | |
| 1. Bruce Grantier, Scotiabank | |
| 2. Bill Rentz, University of Ottawa | |
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12:00 – 1:30 p.m.
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Group photo followed by lunch at the Bow Valley Grill |
| Session 3: Interactive Session | |
| A panel of 3 plan sponsors
will share their top five concerns when it comes to global investing.
The panel will address some of their obstacles and concerns. Following
the discussion, delegates will be asked to share their own top concerns
by completing a survey. The survey results will be shared and discussed
in session eight, at the end of the day tomorrow. Paul Grisé, Hospitals of Ontario Pension Plan (HOOPP) Mary Spurr, British Columbia Investment Management Corporation (bcIMC) Don Walcot, Bimcor Inc. |
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2:45 – 3:15 p.m.
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Coffee Break |
| Session 4: Emerging Markets | |
| Seven things you probably
weren't even afraid to ask about: Interesting characteristics of emerging
markets [Download Presentation (396K)] |
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Investor enthusiasm for emerging markets has collapsed amid the
seemingly continuous crises of the mid to late 1990s. This presentation
will give you an update on this asset class by focusing on some
of the most interesting characteristics of today's emerging markets. |
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| Asian Equities: Was the
De-rating Justified? [Download Presentation (744K)] |
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| Asian markets have been
steadily de-rated, but is this justified? Asian equities are looking
more attractive at current low valuations. This presentation examines
the outlook for Asian equities from technical, fundamental and demographic
perspectives, with comparisons to U.S. equities. Should Asian equities
be on the radar of North American investors? Khiem Do, Baring Asset Management |
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| Designated Respondents: | |
| 1. Chris Caswell, VIA Rail Canada | |
| 2. Mary Spurr, British Columbia Investment Management Corporation | |
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5:45 p.m.
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Cocktail reception followed by dinner in the Alhambra Dining Room |
| Speaker: Allan Gregg, Renowned Canadian pollster and political commentator | |
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Friday, April 11 - Day
Two
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7:00 - 8:30 a.m.
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Breakfast at the Bow Valley Grill |
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8:30 - 9:45 a.m.
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Session 5: Small Caps and Big Contagions |
| Small cap equities outside North America: Opportunity for Canadian Investors? [Download Presentation (312K)] | |
| The 1990s were difficult
for small capitalization stocks outside of North America, with this
sector trailing cap-weighted indices by a large margin. What's the
outlook now? How do international small stocks fit into a Canadian
investor's portfolio? And what is the best way to gain access to this
asset class? John Chisholm, Acadian Asset Management/Integra Global Advisors |
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| International Financial Contagion: The Infectious Impact of Shocks in Global Markets [Download Presentation (92K)] | |
| Financial contagion is a
global market phenomenon. Yet experts can’t agree on how to define
it, how to explain it, how it is transmitted or how to measure it.
How we can apply our understanding of contagions? This presentation
will review the arguments and theories that relate to these issues. Rob Boston, RBC Global Services |
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| Designated Respondents: | |
| 1. Ken Bancroft, Alberta Teachers' Retirement Fund Board | |
| 2. Chris Draper, CPP Investment Board | |
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9:45 - 10:15 a.m.
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Coffee Break |
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10:15 – 11:30 a.m.
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Session 6: Currency |
| The Right Tools for the Job: Global Strategies Key to Adding Value [Download Presentation (712K)] | |
| As markets have repriced
downwards following the end of the technology bubble, equity investors
have been left with nowhere to turn. A global approach to investing
can mitigate some of these limitations. This presentation will explain
why global is better and where the best opportunities are to be found. Giulio Martini, AllianceBernstein |
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| The Euro is Good After
All: Corporate Evidence [Download Presentation (464K)] |
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| The changes in corporate
valuation induced by the formation of Economic and Monetary Union
(EMU) in Europe is the focus of this paper. The introduction of the
euro has increased valuations for large firms in EMU countries. Values
also increased for firms that were previously exposed to currency
risks irrespective of size. Arturo Bris, Yale University |
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| Designated Respondents: | |
| 1. Tom Phelps, Brascan Financial | |
| 2. John Sinclair, New Brunswick Investment Management Corporation | |
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11:30 - 1:00 p.m.
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Lunch at the Bow Valley Grill |
| Session 7: Portfolio Flows and Investor Behaviour | |
| Global Portfolio Recommendations: Changes to Investment Strategies and Subsequent Performance [Download Presentation (360K)] | |
| This presentation will analyze
strategic allocation recommendations to equities, bonds, and cash
made by various investment houses from 1982 through 2001. Allocations
to equities changed in response to historic relative return performance,
but differed based on bond allocations. Before the crash of 1987,
allocation recommendations outperformed several benchmark portfolios. Mary Bange, University of South Carolina |
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| Decomposing the Persistence of International
Equity Flows [Download Presentation (184K)] |
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| What drives the persistence of international
investors' portfolio flows? Is it autocorrelated trades of investors
who believe they are informed but face imperfect liquidity? Is it
asynchroneities with respect to investment decisions across funds,
across investments, or both? This presentation uses daily data on
institutional flows to decompose persistence. Ken Froot, Harvard University/State Street |
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| Designated Respondents: | |
| 1. Stefan Cowell, Workers' Compensation Board of Alberta | |
| 2. Tom Ulrich, Teachers’ Retirement Allowances Fund (TRAF) of Manitoba | |
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2:15 - 2:45 p.m.
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Session 8: Survey Results from interactive session |
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2:45 - 3:00 p.m.
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Closing Remarks |
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3:00 - 4:00 p.m.
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Closing Cocktail Reception |
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All Day
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Ski Day at Lake Louise |
| Lift tickets will be available at registration. | |