*SAA reserves the right to make changes to this schedule. This event is closed to the media.CFA Institute allows its members the ability to self-determine and self-report continuing education credits earned from external sources. CFA Institute members are encouraged to self-document such credits in their online PL tracker.
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Thank You to Our Silver Sponsors!
Insurer Investment Forum XXI: Agenda
All Times Pacific Time
|9:00 A.M.||SAA Investment Workshop
Join your peers in discussions of case studies based upon real experience of SAA working closely with clients. Review different investment approaches from both the Board and senior management perspectives. Last year's case studies addressed Asset Allocation Frequency and Board Governance. Previous case studies addressed: Asset Allocation, “Best Practices” Investment Policies, Investment Manager Search and Benchmarking.
|10:30 A.M.||SAA Presentations
Alton Cogert, President & CEO, SAA
The Yin and Yang of Risk Assets
“Lower Rates for Longer Playbook” - Part I
|9:00 A.M.||Gold Sponsor Presentations
“Lower Rates for Longer Playbook” - Part II
The Evolution of the Core Portfolio: EMD, High Yield & Securitized Assets (9:00 AM PT)
As the global economy continues its road to recovery from the pandemic, we’re not out of the woods yet. However, there are reasons to be optimistic as we progress through 2021, and insurers will need to increase their risk-asset appetites to generate strong excess returns. It won’t be as simple as adding to IG global credit. The evolution of the core portfolio calls for expanding opportunity sets and pursuing selective opportunities. The three focus areas of yield enhancement in the public fixed income sectors are EMD, high yield and securitized assets.
US Private Placements – Enhancing Yield Within Investment Grade Fixed Income (9:30 AM PT)
As US insurers continue to search for yield beyond investment grade corporate bonds, the US private placement market (“USPP market”) can offer insurers both yield enhancement and structural benefits when compared to public investment grade corporate bonds. In this session, we will discuss the USPP market and highlight that although the USPP market may be less well known than traditional investment grade fixed income, the market for these privately issued bonds is deep and has been in existence for over 30 years, with both large-cap issuers participating in the space, as well as familiar organizations like the MLB and NBA. Finally, we will discuss three of the primary benefits of investing in US Private Placements when compared to public debt: additional yield and total return, increased covenants and protection, and lower realized credit losses in the event of a default.
Bond Duration Got You Here. Now What? (10:00 AM PT)
With real risks for bonds on the horizon, the “lower rates for longer” playbook requires some new thinking. A prolonged period of falling rates drove returns in duration-heavy markets segments. Now, the combination of historically low yields and an unprecedented level of globalstimulus is poised to deliver renewed growth prospects, but also the potential for inflation and a steepening yield curves. What’s a bond investor to do? Hear Eric Stein’s perspective on the current state of global fixed income markets, as well as unfolding opportunities in a reflationary environment.
|10:30 A.M.||Panel: Key Takeaways from the Insurer Investment Forum|
|11:00 A.M.||Award: Market Vision Cup Winner & Adjourn|