1. Japan Investment Conference Portfolio Management Approaches in a Low Interest Rate Environment: Lessons from Overseas Asset Owners
Alyssa Rieder
VP, Chief Investment Officer, Dignity Health
July 18, 2018

2. Historical Interest Rate Environment

3. Nominal Government Bond Yields (in %)
1 Year
5 Year
7 Year
10 Year
20 Year
Switzerland
-0.87
-0.51
-0.30
-0.11
0.35
Germany
-0.68
-0.31
-0.03
0.34
0.78
Japan
-0.13
-0.06
0.03
0.50
Spain
-0.38
0.40
0.76
1.32
1.99
United States
2.34
2.73
2.80
2.83
2.87
China
3.16
3.37
3.49
3.47
3.90
Source: Bloomberg Sovereign Curves

4. Key Strategies in a Low Interest Rate Environment
Thoughtfully Increase Diversification
Creatively Leverage Unique Resources

5. Ways to Increase Diversification
Deepen specialization using niche managers
Broaden asset and sub-asset class exposure
Expand manager opportunity sets
Enlarge geographic exposure

6. Ways to Increase Diversification
Deepen specialization using niche managers
Broaden asset and sub-asset class exposure
Expand manager opportunity sets
Optimize manager line up
Enlarge geographic exposure

7. Examples of Unique Resources and Attributes
Time Horizon
Skills, Knowledge and Expertise
Location
Mission
Reputation
Connections

8. Questions?