05-15-2019 The 2019 Liquid Alts Symposium

5:30 pm - 6:15 pm Update and Outlook on Long/Short Equity Panel:

Long/short equity is one of the largest strategies by AUM within liquid alternatives. The strategy can offer a hedge in downturns and increase alpha by taking advantage of shorting, which many portfolio managers eschew or are prohibited from implementing. However, the lengthy bull market has offered a challenge.

Three long/short portfolio managers will discuss their different ways of implementing the strategy, what has worked, where they are finding opportunities, and how the strategy could help when the next recession finally arrives.

6:15 pm - 7:00 pm A Decade After the GFC: Have Liquid Alternatives Fulfilled Their Purpose?

It has been over a decade since the great financial crisis, which prompted an explosion in liquid alternative offerings as investors clamored for uncorrelated strategies. How have liquid alts fared since then? Managed futures funds shined during the recession, but have struggled recently. Market neutral is a diversifier, but returns have been close to cash. The hedge in long/short equity has been overshadowed by an unprecedented equity bull market. Have the benefits of liquid alts just been drowned out by the bull market, standing ready for a change in the investment environment, or is there a fundamental problem?

Three portfolio managers will look through the fog and provide their insights on the last decade, what they have learned, and how they are positioned going forward.

Update and Outlook on Long/Short Equity Panel:

MODERATOR: Andrew Chan, CAIA

PANELISTS:

Connor Browne, CFA | Connor Browne is portfolio manager for Thornburg Investment Management. Connor joined the firm in 2001 as an associate portfolio manager and was promoted to portfolio ­manager in 2006.

Connor graduated cum laude from Princeton University with a BA in economics and a certificate in finance. He is a CFA charterholder.Back To Top ^^

Paul Korngiebel, CFA | Paul Korngiebel is the lead portfolio manager on all Boston Partners emerging Markets strategies, including Boston Partners Emerging Markets Long/Short Equity. He also serves as a supporting member of the greater Global Equity team, providing input on idea generation for various international and global portfolios. Mr. Korngiebel joined the firm from Deccan Value Advisors, which he co-founded, and prior to that he worked at Brands Investment Partners. Both firms are dedicated to global value investing. Mr. Korngiebel holds a B.A. from Bowdoin (Phi Beta Kappa), M.A. degrees from Harvard and St. Johns College, and an M.B.A. degree from Northwestern (Beta Gamma Sigma). He holds the Chartered Financial Analyst designation and has eighteen years of investment experience.Back To Top ^^

Lori Whiting, CFA | Lori Whiting is an investment director in Wellington Alternative Investments (WAI). WAI oversees certain Wellington-managed fund vehicles that pursue alternative investment strategies. The WAI team serves as fund sponsor for several alternative funds, overseeing fund governance, product development, marketing, operations, and servicing fund investors. Lori works closely with investment teams to help ensure the integrity of their investment approaches and represents the funds both internally and externally.

Prior to joining Wellington Management in 2010, Lori worked as a product manager at PIMCO, where she was responsible for the firm’s emerging markets and diversified income businesses globally and across distribution channels (2003 – 2008). Before that, she held positions in structured products and fixed income sales at Goldman Sachs (1999 – 2000) and Merrill Lynch (1996 – 1999).

Lori earned her MBA from UCLA (Anderson School of Management, 2003) and her bachelor of commerce from the University of British Columbia (1996). Additionally, she holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society Boston.Back To Top ^^

A Decade After the GFC: Have Liquid Alternatives Fulfilled their Purpose?:

MODERATOR:

Arnim S. Holzer | Arnim S. Holzer has served as Chief Investment Officer, Strategist, Portfolio Manager, and Client Service and Marketing executive at several firms over the past 30 years. Prior to joining EAB, Mr. Holzer founded a tail risk consulting firm, ASH Strategy, LLC, where he developed a novel multi asset hedging approach for institutional, high net worth, and family office investors. For 6 years he managed or served as senior strategist on multi asset funds or strategies at Deutsche Asset Management and Scudder. While at Deutsche he was the portfolio manager on approximately $3 billion of assets in domestic and offshore multi-asset funds. He also founded and managed a multi asset offshore hedge fund at Israel Discount Bank of New York. He has over 30 years of global macro and multi asset experience.

Mr. Holzer's investment philosophy is a unique blend of fundamental, technical and, quantitative disciplines honed over the years of working with many of the top firms and investors in each of these disciplines. His particular macro skill is understanding the relationships of correlation and volatility in the optimization of portfolio construction and return generation. Mr. Holzer received his undergraduate Economics degree from Princeton University and his MBA-Finance from Fordham University. He holds a Series 7 and 65 Registered Representative securities registration.Back To Top ^^

PANELISTS:

Jason Steuerwalt, CFA | Jason Steuerwalt joined Litman Gregory in 2013 and became a Principal in 2019. His primary responsibilities include selecting and monitoring investment managers, with a focus on alternatives and the Litman Gregory Masters Alternative Strategies Fund. He is also Co-Portfolio Manager of the Litman Gregory Masters High Income Alternatives Fund. Jason’s analysis appears regularly on Advisor Intelligence. He holds the Chartered Financial Analyst (CFA) designation. Prior to joining Litman Gregory, Jason was a Vice President with Hall Capital Partners, focusing on absolute return hedge funds and opportunistic/private credit strategies. Jason is a graduate of Brown University (BA – Economics).Back To Top ^^