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Recent Articles Added to Library

 

4/2017 -   Adjusting to a Sustained Low-Yield Environment
        (Macquarie Investment Management)

 


 

 

CHECK OUT THESE PAST WEBINARS

 


 

A Closer Look at: Alternative Investment Classes

Presented on Wednesday, December 21, 2016 by:


Robert J. Gronda
Bentall Kennedy (U.S.) LP

Frank Burnette
Morrison Fiduciary Advisors, Inc.

 

Click here to access a recording of this presentation.

Click here to view a PDF version of Mr. Gronda's PowerPoint.

Click here to view a PDF version of Mr. Burnette's PowerPoint.

 


 

A Closer Look at: International Equity, Global Equity and Emerging Markets Equity Strategies

Presented on Wednesday, October 19, 2016 by:

 

Brian Faleiro, CFA

Senior Vice President, Neuberger Berman

 

Click here to access a recording of this presentation.

Click here to view a PDF version of the session PowerPoint.

 


 

A Closer Looks at:  Domestic Fixed Income Instruments

Presented on Wednesday, September 21, 2016 by:

Ryan Labs Asset Management

Sean McShea, President

Daniel J. Lucey, CFA, Senior Portfolio Manager

 

Click here to access a recording of this presentation.

Click here to view a PDF version of the session PowerPoint.

 


 

A Closer Looks at:  Small Cap Domestic Equities 

Presented on Wednesday, July 20, 2016 by:

PENN Capital Management Company, Inc.

Eric Green, Senior Managing Partner/Director of Research

Steve Leming, Regional Director

 

Click here to access a recording of this presentation.

Click here to view a PDF version of the session PowerPoint.

 


 

A Closer Looks at:  Large Cap Domestic Equities 

Presented on Wednesday, June 22, 2016 by:

Eric Sprow, CFA/CAIA

Managing Director- Equities @ AB (AllianceBernstein)

 

Click here to access a recording of this presentation.

 

 


 

Asset Allocation & Allocation Studies 

Presented on Wednesday, March 23, 2016 by:

Hazzouri Group at Morgan Stanley
Richard J. Hazzouri,
Senior Vice President, Senior Institutional Consultant

Phil C. Shaffer, Managing Director , Institutional Consulting Director

Norm Cook, Financial Advisor

 

Click here to access a recording of this presentation.

 

Click here to view a PDF version of the session PowerPoint.

Click here to view introductory materials about Morgan Stanley.

 


 

Opportunities and Pitfalls in Fixed Income ‘Inflation, the Fed and the Bond Market’ 

Presented on Wednesday, October 21, 2015 by:
David Harris
, Senior Investment Director for Fixed Income at Schroders

 

Click here to access a recording of this presentation.

(Please note that due to a recording glitch the first minute of the recording cannot be accessed.)

 

Click here to view a PDF version of the session PowerPoint.

Investors will soon be navigating their portfolios through the first monetary policy tightening in a decade, and there are several factors that should be considered.  While there has been ample debate as to if and when the Fed will raise interest rates, we believe that the first rate hike will soon be upon us.  Importantly, the pace of tightening will ultimately depend on changes in inflation.  We believe that market participants need to be aware that inflation does not always show up where it’s expected.  We’ll highlight several concepts that investors should consider with regards to inflation and how it could impact their portfolio.  Additionally, we will address a few of the concerns that investors have with regards to their fixed income portfolios, and present several ideas to keep in mind to help you meet your overall investment goals.

 

 


Can Active Management Make a Comeback?

Presented September 16, 2015 by:

Juliana Hadas, CFA

Senior Vice-President, Neuberger Berman Investment Strategy and Risk Group

Click here to access an audio recording of the presentation.

Click here to access the slides used for the presentation.

Click here to access the background research (white) paper that was the basis of the session.

 

The question of active-versus-passive investing has been top-of-mind for the investor community, as active managers, particularly in the U.S. large-cap and all-cap segments, have had difficulty in outperforming their benchmarks since the global financial crisis.  Why has this occurred?  From our perspective, it is largely due to the distinctive qualities of the recent market environment.  The issues can be boiled down to three fundamental causes (magnitude of the recent bull market and attendant low volatility; financial repression and cheap leverage; and flows into passive investment vehicles) and their three very tangible effects (low dispersion of individual stock returns; large-cap outperformance; and cap-weighted index performance being driven by a smaller number of stocks).  Not every factor has been a culprit in every year, but collectively and cumulatively they have created major headwinds for active managers. These factors tend to be cyclical in nature and can change course quickly.  Hence, we believe that active managers across equity market segments continue to be in a position to add value over market cycles. In our view, this is particularly true of managers focused on alpha generation through fundamental security selection in high-conviction portfolios.

 


   

EVALUATING SERVICE PROVIDERS:
Shareholder Litigation Firms

Presented December 17, 2014 by:

Darren J. Check, Esq. & Jonathan R. Davidson, Esq.

Kessler Topaz Meltzer & Check, LLP

Click here for more details about the presentation and speakers.

 

Click here to access the PowerPoint slides of this presentation.

Click here to access a video-audio recording of this presentation.

At recent PAPERS Forums and Workshops, a key theme for public pension funds within the fiduciary duty context has been the importance of diligent and continued evaluation of service providers.  This is particularly true with regard to shareholder litigation firms and the services they offer to public pension funds.  In recent years, United States Supreme Court decisions and corporate actions have altered the shareholder litigation landscape dramatically and tested the mettle of law firms who prosecute securities fraud.  And with the proliferation of cases now being litigated outside the United States, shareholder litigation firms have had to adapt to this new environment from both a monitoring and litigation standpoint.  For several reasons, there is a wide variance in terms of both the types and quality of services provided by the law firms in this field.  Join us during this webinar for an in-depth discussion of 1) what services pension fund trustees and staff should be looking for in the area of shareholder litigation -- including case evaluation and representation, portfolio monitoring, and claims administration assistance; 2) what level of reporting they should require; and 3) a review of what steps public pension funds can take to ensure they continue to receive the most comprehensive service in this area of their funds’ affairs.

 


 

An Outcomes-Oriented Approach to Alternative Investments

Presented Nov. 19, 2014, by:

Lisa Shalett, Head of Investment and Portfolio Strategies, Morgan Stanley

Richard J. Hazzouri, Senior Investment Management Consultant, Morgan Stanley

John T. McGeehan, Financial Advisor, Morgan Stanley

Click here for more details about the presentation and speakers.

 

Click here to access the PowerPoint slides of this presentation.

Click here to access a video-audio recording of this presentation.

 

Since the Supreme Court’s decision in Morrison v. National Australia Bank in 2010, investors have been forced to look beyond the U.S. securities laws in certain instances when looking to recover against corporate wrongdoers.  Except in certain limited circumstances, where a fund purchases stock on a foreign exchange, it must look to claim monies overseas.  While the Morrison decision has reduced legal options in the U.S., options abroad are growing.   This webinar discusses how courts have interpreted Morrison and explore the options that investors have both within the U.S. and abroad where plan monies have been lost due to corporate fraud or mismanagement.

 


A Morrison Update: How Have Your Options Changed

In Recovering Against Foreign Companies?

 

Presented Oct. 15, 2014, by: Robert M. Roseman and Andrew D. Abramowitz
Spector Roseman Kodroff & Willis, PC

Click here for more details about the presentation and speakers. 

Click here to access a video-audio recording of this presentation.

Since the Supreme Court’s decision in Morrison v. National Australia Bank in 2010, investors have been forced to look beyond the U.S. securities laws in certain instances when looking to recover against corporate wrongdoers.  Except in certain limited circumstances, where a fund purchases stock on a foreign exchange, it must look to claim monies overseas.  While the Morrison decision has reduced legal options in the U.S., options abroad are growing.   This webinar discusses how courts have interpreted Morrison and explore the options that investors have both within the U.S. and abroad where plan monies have been lost due to corporate fraud or mismanagement.

 


Is Certainty Worth Paying For?

 

Presented August 20, 2014, by: Scott Lothian, FIA

 Schroder Investment Management North America Inc.

Click here for more details about the presentation and speaker. 

Click here to access a video-audio recording of this presentation.

Short-term price oscillation is not something investors should necessarily fear. It can indicate danger or opportunity, but it is crucial for prepared and informed investors to try to distinguish which before reacting.  Modern portfolio theory defines risk as volatility. It tells us that there is a proportional relationship between volatility and expected returns - the more volatility an investor accepts, the higher return they should expect.

Different investors will typically have varying tolerances for volatility. For example, long term investors are likely to be able to handle higher volatility in their portfolios and can therefore use volatility as a signal for buying/selling opportunities. On the other hand, short term investors who are less tolerant to volatility may look to solutions to protect their investments against volatile markets.  Join us during this webinar where we discuss whether certainty is worth paying for across different investors, outlining potential solutions for both short term and long term investors.

 


GASB 67 & 68 – Preparing for Change

 

Presented April 16, 2014 by: Charles B. Friedlander, F.S.A.;

Director, Actuarial Services, Municipal Finance Partners, Inc.

 

Click here for more details about the presentation and speaker. 

Click here to access the PowerPoint slides of this presentation.

 

The Government Accounting Standards Board has changed the rules for pension plans. The footnote disclosures will be replaced by balance sheet disclosures of a government entity’s unfunded pension liabilities. The impact will be even more severe for governments that are not making sufficient contributions to fund their liabilities. Among the related topics we will be discussing are:

  • How will GASB 67 and 68 impact our balance sheet?
  • Does our fund have a projected insolvency date? How will benefits be funded after that date?
  • Are our actuarial assumptions defensible under the new standards?
  • Will experience studies be required?

SECURITIES LITIGATION UPDATE: WHAT YOU NEED TO KNOW

Presented March 19, 2014 by: Catherine Pratsinakis, Senior Counsel

Chimicles & Tikellis, LLP, PA and DE

Click here for more details about the presentation and speaker. 

Click here to access the PowerPoint slides of this presentation.

From both an economic and fiduciary standpoint, pension funds are striving to ensure that there are proper systems in place to actively track, manage and perfect a fund’s claim in securities cases and settlements.  While adopting and implementing a policy to monitor securities litigation is an important initial step to fulfilling your fiduciary obligations, these policies should be dynamic and take into account new legal and industry developments.  Consider how these developments impact your fund’s litigation policy.  The new developments discussed:

  • The IndyMac Mortgage-Backed Securities decision and how it impacts your pension fund’s monitoring duties
  • The newly emerging industry of “Claims Purchasing”
  • Bylaws aimed at undermining shareholder rights to bring an action

 

 Why Risk Matters

 

Presented February 26, 2014 by: Geoffrey Gerber, Ph.D., 

President & Chief Investment Officer, TWIN Capital Management, Inc.

 

Click here for information about this presentation and speaker

Click on this link to access the video-audio recording of this presentation:

  https://www.dropbox.com/s/8wn2gnzffdvtyyo/2014-02-26%2010.31%20PAPERS%20February%20webinar%20-%20Why%20Risk%20Matters%20-%20with%20Geoffrey%20Gerber%2C%20Ph.D.%2C%20Presid.wmv?n=230640662

Investors tend to focus much of their attention on returns.  The risk that investors take on directly impacts their compounded returns and wealth levels.
This webinar provides a logical framework for understanding the relationship between the standard deviation of returns and compounded annual returns.

  


The Value of Values and their Valuations

Presented November 13, 2013 by: Seth M. Lynn

Senior Consultant, Dahab Associates

Click here for information about this presentation.

Click here to access the PowerPoint slides of this presentation.

 


 

Optimizing Risk & Return in Pension Fund Real Estate Investment

Presented October 23, 2013 by: Meredith Despins & Brad Case

National Association of Real Estate Investment Trusts (NAREIT)

 

Click here for information about this presentation.

To access the video-audio recording of this presentation, click on this link:

https://www.dropbox.com/s/2kuvit1jwku4lsg/2013-10-23%2010.30%20PAPERS%20webinar%20Optimizing%20Risk%20and%20
Return%20in%20Pension%20Fund%20Real%20Estate%20Investment.wmv

 


 

Understanding Your Fiduciary Obligations

 

Click here to access this presentation given by PAPERS Executive Director Jim Allen at the Pennsylvania League of Municipalities (2-2016)

 


 

ARTICLES/RESEARCH PAPERS

It's the Alpha, Stupid (Pantheon Ventures) 7/2014

An Outcomes-Oriented Approach to Alternatives (Morgan Stanley) 7/2014

Does the U.S. Federal Reserve Have Us on a Collision Course? (Delaware Investments) 4/2014

The Case for Investment Grade Convertible Securities (Victory Capital Management) 12/2013

Small-Cap Distortions:  Is There Hope for Active Managers? (Neuberger Berman) 11/2013

Bond Realities: The Changing Landscape for Fixed Income and the ‘Death of the Agg’ (Neuberger Berman) 7/2013

Emerging Market Economies - A Structural Reduction of Risk (Neuberger Berman) 3/2013

Dividend Growth as a Defensive Equity Strategy (TWIN Capital Management)  11/2012

Finding Income Today (Delaware Investments) 11/2012

Smaller and Emerging Managers:  Small & Nimble vs. Large & Bureaucratic (The Appomattox Team) 11/2012

REITs & Private Equity Real Estate Funds (National Association of Real Estate Investment Trusts) 7/2012

Weathering the Storm (National Association of Real Estate Investment Trusts) 7/2012

Investing in Emerging Markets - Local Opportunities and Risks (Neuberger Berman) 8/2011

Foreign Exchange Trading - Secret Profits and Hidden Losses (Kessler Topaz Meltzer & Check, LLP) 8/2011

Non-Agency RMBS Continue to Offer Superior Return Potential (UCM Partners)

Filing Proofs of Claim;  Recovering Money Rightly Owed to Pensioners (Barroway Topaz Kessler Meltzer Check, LLP)

Asset Allocation by Institutional Investors after the Recent Financial Crisis (MFS Investment Management)

What Will Propel Equities Further? (Lord, Abbett & Co.)

New Study Finds Public Sector Employees Earn Less Than Comparable Private Sector Employees (National Institute on Retirement Security)

 


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