For more information contact: emailus@marcusevans.com Christian Menegatti, a speaker at the marcus evans Foundations & Endowments Investment Summit Spring 2012 provides his experience on investing in emerging markets. Join the 2014 North American Summit along with 60 CIO’s and top decision makers from North America’s largest corporate and public pension funds as well as foundations, endowments and those offering the latest investment strategies on the marketing For more information contact: emailus@marcusevans.com

1. Capitalizing
on the
Emerging Markets
of strength, especially in the labor policies impacted growth. In the short
markets. If one wants to be optimistic, term, they must focus on where the
one could argue that this could trigger a vulnerabilities and solvency problems
positive feedback loop and lead to exist, and hedge against risks.
stronger growth. We still predict a two
per cent growth rate for 2012 and They should consider assets in emerging
slightly lower for 2013. markets with strong fundamentals and
demographics, and potential
We cannot look at the US in a vacuum productivity gains.
as there is still plenty of external risk.
Oil prices are rising dangerously and the What implications will the Chinese
Eurozone is a significant external risk. A slowdown have on the US economy?
tightening of credit conditions in Europe
Interview with: Christian Menegatti, could have a negative impact. China is one of the largest contributors
Managing Director & Head of Global to global growth, although subsidized by
Economic Research, Roubini Global In terms of internal risk, the US is its government.
Economics undergoing a deleveraging process
mostly in the private sector, but it will We cannot predict if the Chinese
eventually have to deal with an slowdown will have a soft or hard
The US economy is showing signs of unsustainable fiscal outlook. The landing, but the effects will be global.
growth, but there is plenty of internal question is if the forthcoming fiscal drag
and external risk factors to keep Chief will be offset by strong growth in the
Investment Officers (CIOs) of private sector as payroll tax cuts,
foundations and endowments at unemployment benefits and the
guard, says Christian Menegatti, recovery package are all expiring by the
Managing Director & Head of Global
Economic Research, Roubini Global
end of the year. This could tilt the US
economy into a recession.
US investors
Economics. In the meantime, emerging
markets are proving lucrative, but they What impact will the US
need to
should not be lumped into one category
when they have very differen t
Presidential elections have?
look beyond
China
characteristics, potential growth rates The US has shown a significant increase
and political risk, he adds. in polarization and political risk inside its
system, which will not change after the
A speaker at the marcus evans elections. The Republicans are not in
Foundations & Endowments favour of further spending, while the
Investment Summit Spring 2012, in Democrats would prefer to address the
Wheeling, Illinois, July 23 -25, deficit later rather than sooner. If the Any final words of wisdom to CIOs?
Menegatti, from one of the world’s expiring programs are not extended, it
leading economic and market research could lead to a US recession or fragile CIOs have the opportunity to broaden
firms, talks about the US recovery, the recovery. their investment spectrum towards
Chinese economic slowdown and economies that were not necessarily
emerging market investment How should CIOs invest in this part of the investment mix before.
opportunities. environment?
The opportunity here is to learn to be
What are your predictions for the Although volatility is low, CIOs cannot more selective and not to lump
US economy? count on cash, government bonds or emerging markets into one category, as
safe investments. They need to study they have very different characteristics,
The US economy has shown good signs past deleveraging cycles and how potential growth rates and political risk.

2. About the Foundations and Endowments Investment Summit
The Investment Network -
Spring 2012
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