FIS Harvard 2025

Welcome 

- Deborah Goldberg, Treasurer of Massachusetts
- Chair: Colin Tate, founder and managing director, Conexus Financial

playing the long game 

There is more risk in capital markets today than at any stage in history as investors seek to maintain the levels of returns they have become accustomed to. Within that context, has the investment industry been focussing too much on gaining exposure to financial assets, rather than taking responsibility for those assets as an engaged owner? This session challenges the current thinking and discusses how responsible investing should be at the core of investment decision making as the industry moves from a shareholder to stakeholder mindset.
- Carol Geremia, president, MFS (United States)
- Chair: Colin Tate, founder and managing director, Conexus Financial (Australia)

THE technological SPILL OVER: a new hub for innovation and entrepreneurship 

This session unpacks new research that examines venture capital investments in China and the impact of technology in tackling problems that have not traditionally been the focus of US entrepreneurs. The authors find that the rise of a new hub for innovation and entrepreneurship can have large global benefits by broadening the focus of technology, and hence who benefits from it. What is to come if technological innovation spills over?
-  Josh Lerner, Jacob H Schiff Professor of Investment Banking, Harvard Business School (United States)
- Chair: Stephen Kotkin, Senior Fellow at Stanford’s Freeman Spogli Institute for International Studies, and the Kleinheinz Senior Fellow at the Hoover Institution (United States)

beyond the mag 7 

The tailwinds of the AI theme have benefited the Mag 7 at a time when US exceptionalism rules. This session looks at whether the dominance of the Mag 7 will continue, how investors should look for diversification, and where other opportunities may lie.
- Anne Marie Fleurbaaij, managing director, head of public equity, Makena Capital (United States)
- Aziz Hamzaogullari, chief investment officer, growth equity strategy, Loomis Sayles (United States)
- Paul McCracken, growth equites, CPP Investments (Canada)
- Chair: Amanda White, director, international, Conexus Financial (Australia)

credit market innovation and evolution 

Credit markets have entered 2025 in a strong position following the performance in 2024. But while fundamentals are strong, there could be some headline risks coming from US government policies which could inject more volatility. This session examines the outlook for credit markets and where opportunities might lie, including private financing and capital solutions for the rising demand for data centres and infrastructure.
- John Zito, co-head Apollo Asset Management (United States)
- Chair: Colin Tate, founder and managing director, Conexus Financial (Australia)

investor inflection point: Tariffs, trade and the global economy 

This session explores the economic and social impact of Trump’s economic policies and how should investors be positioning portfolios for a more uncertain future.
- Ann Marie Griffith, managing director, global head of fixed income, APG Asset Management (The Netherlands)
- Mario Thierren, head of investment funds and external management, CDPQ (Canada)
- Michael Trotsky, chief investment officer, MassPRIM (United States)
- Jay Willoughby, chief investment officer, TIFF (United States)
- Chair: Amanda White, director, international, Conexus Financial (Australia)

regime based asset allocation 

If regimes drive economies, then shouldn’t investors integrate them into asset allocation? This session looks at research indicating that macro regime-based portfolios can outperform traditional asset-based portfolios.
- Eric Bouye, manager, product knowledge and research, The World Bank (United States)
- Chair: Amanda White, director, international, Conexus Financial (Australia)

building portfolio resilience 

After decades of persistent disinflation, steadily falling interest rates and (more recently) abundant liquidity that were tailwinds to traditional portfolios, we’re entering a new era of increased uncertainty that looks very different from the recent past. In this new era, inflation is no longer a non-factor, interest rates are back in play, and policymakers, facing real trade-offs, will likely be slower to ease, providing less of a tailwind for traditional portfolios. Investors also face new risks including public sector indebtedness, geopolitical tensions, climate change and AI. These new dynamics put a premium on building portfolios that are resilient to the uncertainty ahead – portfolios with more predictable performance, and less susceptibility to tail-risk scenarios and sustained periods of underperformance. In this new era, how should investors think about evaluating their portfolio and their options when it comes to improving resiliency?
- Karen Karniol-Tambour, co-chief investment officer, Bridgewater (United States)
- Chair: Colin Tate, founder and managing director, Conexus Financial (Australia)

rethinking climate 

The past few years has seen a backslide in climate commitments, particularly in the US. As the Paris Agreement reaches 10 years this year, and global tensions and political pressures intensify, this session examines the need for investors to stay on course with their climate commitments, the key risks they face, and the many opportunities for generating alpha.
- Colin Le Duc, co-founder and partner, Generation Investment Management (United States) 
- Michael Cappucci, managing director, compliance and sustainable investing, Harvard Management Company (United States)
- Chair: Amanda White, director, international, Conexus Financial (Australia)

next generation infrastructure 

A changing and dynamic policy backdrop in the US combined with ongoing growth fuelled by digitalisation and AI create a dynamic and complex lens for which to view opportunities in next generation infrastructure.
- Bryan Lewis, chief investment officer, United States Steel (United States)
- Kitt Zuk, executive director,  IFM (United States)
- Chair: Colin Tate, founder and managing director, Conexus Financial (Australia)

why we age and why we don’t have to 

What if aging was not inevitable and instead we could choose our lifespan? Harvard geneticist and authority on aging, David Sinclair, theorises that aging is a disease which is treatable. He showcases research that demonstrates how we can slow down, or even reverse aging.
- David Sinclair, Professor in the Department of Genetics at the Paul F. Glenn Center for Biology of Aging Research at Harvard Medical School (United States)
- Chair: Stephen Kotkin, Senior Fellow at Stanford’s Freeman Spogli Institute for International Studies, and the Kleinheinz Senior Fellow at the Hoover Institution (United States)

ageing and longevity: implications for INVESTORS 

Living longer and healthier lives will have an immense impact on the economy and the business of savings and take longevity risk to a new, extreme level for investors to manage.
- Saruabh Rastogi, head of investment risk, Ontario Teachers' Pension Plan (Canada)
- Chair: Amanda White, director, international, Conexus Financial (Australia)

the cutting edge of biomedicine and innovation 

President Trump’s healthcare agenda is centred around fiscal conservatism, deregulation and public health reform. This session will look at how these potentially radical changes will impact drug delivery, R&D and productivity in the healthcare sector and how sifting through the noise might uncover where the opportunities for investors might lie.
- Daniel Matviyenko, managing director and portfolio manager, healthcare strategies , Jennison Associates (United States)
- Chair: Colin Tate, founder and managing director, Conexus Financial (Australia)

Case study: mental health and investor impact 

As mental health concerns rapidly increase all over the world, investors should consider the role they can play in providing solutions. Danish fund Veliv has been taking a proactive approach to investing in mental health both directly and through private equity vehicles.
- Lars Walberg, chief executive, Veliv (Denmark)
- Chair: Amanda White, director, international, Conexus Financial (Australia)

trump America and the world 

An intimate look at the Trump presidency, the implications for world trade and geopolitical risks.
- Stephen Kotkin Senior Fellow at Stanford’s Freeman Spogli Institute for International Studies, and the Kleinheinz Senior Fellow at the Hoover Institution (United States)
- Chair: Colin Tate, founder and managing director, Conexus Financial (Australia)

TPA101: what IS TPA (and what it is not) 

The rapidly changing investment environment and challenges to traditional portfolio assumptions have spurred rising interest in the Total Portfolio Approach (TPA). However, TPA should not be viewed merely as an alternative to Strategic Asset Allocation (SAA) or as a one-size-fits-all solution. Rather, it is a philosophy of preparedness—emphasizing the fluidity of capital and a total return mindset. This session will explore what TPA truly is—and what it is not. I will highlight TPA’s characteristics, essential implementations, and the tools that may be needed on the journey.
- Redouane Elkamhi, Professor of Finance, University of Toronto (Canada)
- Chair: Amanda White, director, international, Conexus Financial (Australia)

private v public or private and public 

This session unpacks expectations and challenges in both public and private asset classes, including the impact of the cost of debt on private market investments. What does this mean for allocations and portfolio construction and why should investors care?
- Ann Marie Fink, chief investment officer, private assts and fund alpha, State of Wisconsin Investment Board (United States)
- Kevin Kneafsey, senior investment strategist, multi-asset solutions Allspring Global Investments (United States)
- Peter Martin Larsen, senior managing director, head of private markets, University Pension Plan (Canada)
- Chair: Colin Tate, founder and managing director, Conexus Financial (Australia)

total portfolio management: Liquidity management 

Measuring risk across liquid and illiquid portfolios brings complexities, this session explores the importance of a total portfolio view. 
- Pedro Guazo, chief investment officer, United Nations Joint Staff Pension Fund (United States)
- Ian Lumb, head of product, analytics, Simcorp (United States)
- Jonathon O’Donnell, investment director, head of liquidity, CalPERS (United States)
- Chair: Amanda White, director, international, Conexus Financial (Australia)