FIDUCIARY INVESTORS SYMPOSIUM, MAY 2018 Managing assets as a fiduciary comes with a complex range of responsibilities and commitments. The Fiduciary Investors Symposium brings asset owners, consultants and investment managers together to hear the latest research and thinking related to asset allocation, risk management, alpha generation, and investment operations. Held over two-and-a-half days, the event enables institutional investors to engage with industry thought leaders in a collegial environment that promotes shared discussion.

ADVISORY BOARD Debbie Alliston, head of multi-asset portfolio management, AMP Capital Investors David Bell, chief investment officer, Mine Wealth + Wellbeing Suzanne Branton, chief investment officer, CareSuper Stewart Brentnall, chief investment officer, New South Wales Treasury Corporation (TCorp) Mark Burgess, investment committee chair, HESTA Super Fund Orla Cowan, head of investment governance, ANZ Wealth Leigh Gavin, head of investments, Labour Union Co-Operative Retirement Fund David Hartley, investment committee chair, Australian Catholic Superannuation and Retirement Fund Andrew Lill, chief investment officer, Asia-Pacific, Morningstar Investment Management Graeme Miller, chief investment officer, TelstraSuper Ian Patrick, chief investment officer, Sunsuper Scott Tully, head of investments, Colonial First State Ezinne Udeh Martinez, head of investments, Australia Post Super Nigel Wilkin-Smith, director, portfolio strategy, Future Fund MEDIA PARTNER Investment Magazine is the news and analysis site for institutional investors. Focusing on strategy and implementation, it is populated with original news stories, case studies and research that relate directly to the work of investment professionals at Australian super funds.

SYNCHRONISED GLOBAL GROWTH AND THE GOLDILOCKS YEARS MONDAY MAY 21 3.00 PM TRANSFER FROM SYDNEY AIRPORT TO THE BLUE MOUNTAINS 5.30 PM PRE-EVENT REGISTRATION 6.00 PM THE EVOLUTION OF TCORP’S PORTFOLIO AND FIDUCIARY DUTY

In this fireside chat, hear from TCorp’s CIO on his investment philosophy, market outlook, asset allocation, and the operational challenges and complexity in creating a long-term total portfolio approach. SPEAKER • Stewart Brentnall, chief investment officer, TCorp Moderator: Colin Tate, chief executive, Conexus Financial

7.15 PM WELCOME CANAPÉS AND NETWORKING DRINKS 9.00 PM CONFERENCE DAY ONE CLOSE TUESDAY MAY 22 8.30 AM TRANSFER FROM LILIANFELS TO THE HYDRO MAJESTIC BLUE MOUNTAINS 9.00 AM OFFICIAL EVENT WELCOME

Moderator: Colin Tate, chief executive, Conexus Financial 9.15 AM CHINA: WHAT DOES THE FUTURE LOOK LIKE?

Xi Jinping, at the 19th National Congress, declared a more activist and influential role in the world for the rising power, ending Deng Xiaoping’s so-called ‘hide and bide’ approach. What might Xi’s declaration of a new era entail? SPEAKER • Professor Stephen Kotkin, John P. Birkelund ’52 Professor in History and International

Affairs, Princeton University (US) Moderator: Colin Tate, chief executive, Conexus Financial

10.30 AM MORNING TEA 11.00 AM CAN CHINA AVOID A MINSKY MOMENT?: CHINA’S ECONOMIC TRANSITION

China remains Australia’s largest export market. But questions have been raised about the efficiency with which credit generates economic activity. As the Asian giant begins a credit unwind, what impact does this have locally and globally? SPEAKER • David Liao, group general manager, HSBC Group; president and chief executive, HSBC

Bank Company (China) • Nigel Wilkin-Smith, director, portfolio strategy, Future Fund Moderator: Professor Stephen Kotkin, John P. Birkelund ’52 Professor in History and International Affairs, Princeton University (US)

11.45 AM SYNCHRONISED GROWTH, FUNDAMENTALS AND MARKET VALUATIONS

Despite expectations of global growth, there is uncertainty about the effects of monetary policy normalisation across asset classes. In this environment, how should investors be thinking about the common risk and factor exposures in their portfolio? SPEAKERS • Olga Bitel, economist, William Blair (US) • Stephen Quance, director of factor investing, Invesco Moderator: William Leong, principal consultant, Frontier Advisors

Includes table discussion and Q&A

12.30 PM LUNCH 1.30 PM MANAGING DOLLAR PAINS: MONETARY POLICY, YIELD GAPS AND JAWBONING

China, Russia, and India have agreed to accept each other’s currencies for bi-lateral trade and Europe has held euro together. Is the de-dollarisation upon us, or is a US dollar revival probable, along with Federal Reserve rate rises? How should investors comprehend currencies? SPEAKERS • Nader Naeimi, head of dynamic markets, AMP Capital • Stuart Simmons, senior portfolio manager, QIC Moderator: David Hartley, investment committee chair, Australian Catholic Superannuation and Retirement Fund

Includes table discussion and Q&A

2.10 PM LATE TO THE PARTY: CREDIT AND DEBT CYCLE

Central planners can only do so much before risk pricing turns. With hawkish views, less generous liquidity provisions, rising yields, and a flattening yield curve, how should investors position their fixed interest portfolio? SPEAKERS • George Lin, senior investment manager, Colonial First State Investments • Ben McCaw, portfolio manager, MLC Investment Management • Vimal Gor, head of interest and fixed income, Pendal Group Moderator: Ian Lundy, chief investment officer, Tasplan

Includes table discussion and Q&A

3.00 PM AFTERNOON TEA 3.30 PM MACRO AND IDIOSYNCRATIC EXPOSURES: THE EVOLUTION OF ACTIVE

MANAGEMENT In the QE world active managers have struggled to outperform passive. But in a new regime do investors need to revisit what drives returns – beta, macro factors, sectors, quant factors and idiosyncratic – and what strategy given a short or long horizon is most appropriate? SPEAKERS • Paul Winter, head of quantitative research, Asia-Pacific, UBS Asset Management Moderator: Alex Proimos, conference content producer, Conexus Financial

4.00 PM HOW SHOULD FIDUCIARY INVESTORS THINK ABOUT THE REWARD FOR RISK? In the short run, the sharemarket is mostly driven by investor sentiment causing over- and under-reactions to underlying fundamentals. But in the long run, the corporate cash flows are the drivers of returns. How does this translate to today? SPEAKER • Philip Straehl, head of capital markets and asset allocation, Morningstar (US) Moderator: Alex Proimos, conference content producer, Conexus Financial

4.30 PM SOCIAL LICENCES AND UNCONVENTIONAL RISK MANAGEMENT

Amplified by social platforms, society’s expectations are much higher than they once were and tolerance for egregious practices is much lower. How are fiduciaries allocating resources to the management of these risks? SPEAKERS • Emilio Gonzalez, chief executive, Pendal Group • Sam Richards, chief strategy officer, Brightlight/Christian Super • Gary Gabriel, general manager, investment strategy and risk, HESTA Super Fund Moderator: Orla Cowan, head of CIO governance, ANZ, Wealth Australia

5.30 PM END OF CONFERENCE PROCEEDINGS 6.30 PM OFFICIAL CONFERENCE DINNER – DARLEY’S RESTAURANT, LILIANFELS 9.00 PM CONFERENCE DAY TWO CLOSE WEDNESDAY MAY 23 7.45 AM INVESTOR-ONLY BREAKFAST (ROOM TBD - LILIANFELS)

Topic to be determined Moderator: Brendan Casey, general manager, investments, REST Industry Super

9.00 AM TRANSFER FROM LILIANFELS TO THE HYDRO MAJESTIC BLUE MOUNTAINS 9.15 AM WELCOME

Moderator: Colin Tate, chief executive, Conexus Financial 9.30 AM DYNAMIC EXPOSURES: OVERLAYS, TILTS, DERIVATIVES AND ALTERNATIVES

The Product Disclosure Statement bounds an asset owner’s allocation. However, asset owners are increasingly using internal models and tactical positioning to manage betas, protect the downside and unlock alpha. SPEAKERS • Neil Williams, chief strategist, global multi-asset team, QIC • Anthony Lawler, co-head of GAM Systematic, GAM (UK) • Gwion Moore, executive manager, investment strategy and portfolio management,

Suncorp Moderator: Debbie Alliston, head of multi-asset portfolio management, AMP Capital

Includes table discussion and Q&A

10.15 AM MORNING TEA

10.45 AM PASSIVE AND ACTIVE EXPOSURES AND HARVESTING EQUITY PREMIA The equity risk premium remains one of the most reliable and accessible sources of returns. In an environment of depressed forward-looking returns, how should asset owners complement active and passive managers? SPEAKER • Laurent Laloux, chief product officer, CFM • Craig Lamb, head of investment strategy, CommInsure • Anna Weickart, senior portfolio manager – equities, Cbus Super Moderator: Michael McQueen, manager, investments, Kinetic Super

11.30 AM FROM PUBLIC TO PRIVATE: LIQUIDITY AND THE COMPLEXITY PREMIA

Investors have increased their allocation to unlisted assets. Is the historical liquidity premia confounded by capital flows, cyclical debt restructuring and maturity extensions that will be hard to replicate? SPEAKERS • Bruce Phelps, managing director and head of research for institutional advisory and

solutions, PGIM (US) • Andrew Fisher, manager, asset allocation, Sunsuper • Joshua Bloom, senior portfolio manager, EISS Super Moderator: Richard Hedley, chief investment officer, State Super

12.15 PM LUNCH 1.15 PM COMPLEXITY: THE INVESTMENT PROCESS AND THE DIVERSIFICATION ILLUSION

Complexity increases cost while limiting outcomes. How can asset owners address the systemic issues in an investment and governance process reliant on a single investment strategy that results in over-diversification? SPEAKERS • Andrew Lill, chief investment officer, Asia-Pacific, Morningstar Investment Management • Bhanu Singh, head of Asia-Pacific portfolio management, Dimensional Australia • Tim Unger, head of advisory portfolio management, Willis Towers Watson Australia Moderator: Mark Burgess, investment committee chair, HESTA Super Fund

Includes table discussion and Q&A 2.15 PM REINVENTING THE BUCKETS: IMPLEMENTING A CUSTOMISED PORTFOLIO

Asset owners have typically broken portfolios into asset-class buckets and assigned investment managers. But a greater sophistication in understanding underlying risk factors has allowed a composition of more tailored strategies for differing member objectives. SPEAKERS • Robert Graham-Smith, senior investment analyst, Mine Super • Scott Tully, head of investments, Colonial First State • Lukasz de Pourbaix, chief investment officer, Lonsec Investment Solutions Moderator: Tim Unger, head of advisory portfolio management, Willis Towers Watson Australia

3.00 PM CONFERENCE DAY THREE CLOSE 3.15 PM RETURN TRANSFERS TO SYDNEY AIRPORT AND CBD

NOTE: SESSION TIMES AND SPEAKERS SUBJECT TO CHANGE WITHOUT NOTICE