President Trump’s “Liberation Day” introduction of new tariffs has stoked significant fears of trade wars, and markets in general - but especially equity markets - have been reeling. In fact, 2025 has been a volatile ride for investors since Inauguration Day – but there are cases for optimism down the road.

In the Conning ConnText podcast for the second quarter, host Rich Sega, Conning’s Global Chief Investment Strategist, looks for perspectives on current equity market performance as well an outlook from Don Townswick, Conning’s Director of Equity Strategies.

Their discussion highlights some of the many uncertainties facing investors and, as Townswick notes, “equity markets hate uncertainty.” The challenges likely won’t dissipate in the short term, but Townswick thinks that earnings – the key driver of equity markets – will be improving during the next six to 12 months and that could provide more stability. Should the current tariff scenario lead to a further opening of foreign markets, that could also be a boon to companies.

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©2025 Conning, Inc. This podcast and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, transmitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall Conning be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.

This document contains information that is confidential or proprietary to Conning (or their direct or indirect subsidiaries). By accepting this document you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between your company and Conning, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and Conning, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.

ADVISE®, FIRM®, GEMS® , CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are registered trademarks of Conning, Inc. in the U.S. Copyright 1990-2025 Conning, Inc. All rights reserved. ADVISE®, FIRM®, GEMS®, CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are proprietary software published and owned by Conning, Inc.

This podcast is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. This discussion may include predictions, estimates, or other information that might be considered forward-looking. While this content represents our current judgment on what the future may hold, it is not a guarantee and the investment market is subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on the content of this podcast, which reflects our opinions only as of the date of this presentation. Nothing contained herein is meant to be investment advice.

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A new year brings with it a new presidential administration, one that has stated its energy policy will pursue a broad array of energy resources. The new policy will likely have a significant impact on energy markets and the economy overall.

Rich Sega, Conning’s Global Chief Investment Strategist, takes the issue head on in the Conning ConnText podcast for the first quarter in his discussion with Marcus McGregor, Conning’s lead analyst for energy.

Their discussion covers major facets of the energy landscape, from prices in oil, natural gas and coal to the dynamics of international energy demand, the impact of fracking and drilling, and the Biden administration’s recent ban on oil drilling in U.S coastal waters. McGregor also offers his guidance for insurance companies that are considering energy market investments for their portfolios.

INTENDED FOR INSTITUTIONAL INVESTORS ONLY

All investment performance information included in this podcast is historical. Past performance is not a guarantee of future results. Any tax-related information contained in this podcast is for informational purposes only and should not be considered tax advice. You should consult a tax professional with any questions.

For complete details regarding Conning and its services in the U.S., you should refer to our Form ADV Part 2, which may be obtained by calling us.

Legal Disclaimer

©2025 Conning, Inc. This podcast and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, transmitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall Conning be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.

This document contains information that is confidential or proprietary to Conning (or their direct or indirect subsidiaries). By accepting this document you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between your company and Conning, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and Conning, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.

ADVISE®, FIRM®, GEMS® , CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are registered trademarks of Conning, Inc. in the U.S. Copyright 1990-2025 Conning, Inc. All rights reserved. ADVISE®, FIRM®, GEMS®, CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are proprietary software published and owned by Conning, Inc.

This podcast is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. This discussion may include predictions, estimates, or other information that might be considered forward-looking. While this content represents our current judgment on what the future may hold, it is not a guarantee and the investment market is subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on the content of this podcast, which reflects our opinions only as of the date of this presentation. Nothing contained herein is meant to be investment advice.

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The 50-basis-point cut in the Fed funds rate was the major news of the third quarter in U.S. investment markets, but the biggest question ahead for insurers – and just about everyone else – is: What’s up in politics?

Rich Sega, Conning’s Global Chief Investment Strategist, makes that question the sole focus of the Conning ConnText podcast for the fourth quarter. As most know, questions abound. “Markets hate uncertainties and there are many involved here,” said Sega, “from voter turnout to integrity of voter rolls and eligibility, to down-ballot performance, to post-election legal challenges; so much we don’t know.”

Sega and his guest Michael Mix, a Conning managing director and portfolio manager, discuss the many issues on the political agenda and what the final votes may mean for insurance company investment portfolios. While much separates the two main candidates for president, Mix notes they do have one thing in common: “both are likely to expand the deficit which, if that requires the issuance of more U.S. treasurys, could be an upside risk to inflation and interest rates.” If interest rate volatility remains, Mix added, duration-neutral portfolios are the better long-term positioning.

INTENDED FOR INSTITUTIONAL INVESTORS ONLY

All investment performance information included in this podcast is historical. Past performance is not a guarantee of future results. Any tax-related information contained in this podcast is for informational purposes only and should not be considered tax advice. You should consult a tax professional with any questions.

For complete details regarding Conning and its services in the U.S., you should refer to our Form ADV Part 2, which may be obtained by calling us.

Legal Disclaimer

©2024 Conning, Inc. This podcast and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, transmitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall Conning be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.

This document contains information that is confidential or proprietary to Conning (or their direct or indirect subsidiaries). By accepting this document you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between your company and Conning, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and Conning, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.

ADVISE®, FIRM®, GEMS® , CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are registered trademarks of Conning, Inc. in the U.S. Copyright 1990-2024 Conning, Inc. All rights reserved. ADVISE®, FIRM®, GEMS®, CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are proprietary software published and owned by Conning, Inc.

This podcast is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. This discussion may include predictions, estimates, or other information that might be considered forward-looking. While this content represents our current judgment on what the future may hold, it is not a guarantee and the investment market is subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on the content of this podcast, which reflects our opinions only as of the date of this presentation. Nothing contained herein is meant to be investment advice.

https://www.conning.com/terms-of-use

Risk markets have performed well in 2024 despite high perceived levels of geopolitical strife, but more turbulence is expected as the year progresses and that likely means more challenges for insurance company investment portfolios.

Rich Sega, Conning’s Global Chief Investment Strategist, notes in the Conning ConnText podcast for the third quarter that market participants now pore over statements from U.S. Federal Reserve members looking for clues of a potential first interest-rate cut; there were initially as many as seven predicted for 2024. Meanwhile, “with a major political party changing horses in mid-stream” ahead of pending U.S. presidential and national elections, “much turmoil and volatility is in the cards,” Sega said.

Sega’s guest is Stephen Quazzo, CEO of Pearlmark Real Estate L.L.C., Conning’s commercial real estate investment affiliate. Their discussion touches on challenges in the office market, opportunities in suburban areas and the multifamily and industrial segments, and why insurers may want to help fill the current market gap for debt capital.

INTENDED FOR INSTITUTIONAL INVESTORS ONLY

All investment performance information included in this podcast is historical. Past performance is not a guarantee of future results. Any tax-related information contained in this podcast is for informational purposes only and should not be considered tax advice. You should consult a tax professional with any questions.

For complete details regarding Conning and its services in the U.S., you should refer to our Form ADV Part 2, which may be obtained by calling us.

Legal Disclaimer

©2024 Conning, Inc. This podcast and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, transmitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall Conning be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.

This document contains information that is confidential or proprietary to Conning (or their direct or indirect subsidiaries). By accepting this document you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between your company and Conning, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and Conning, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.

ADVISE®, FIRM®, GEMS® , CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are registered trademarks of Conning, Inc. in the U.S. Copyright 1990-2024 Conning, Inc. All rights reserved. ADVISE®, FIRM®, GEMS®, CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are proprietary software published and owned by Conning, Inc.

This podcast is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. This discussion may include predictions, estimates, or other information that might be considered forward-looking. While this content represents our current judgment on what the future may hold, it is not a guarantee and the investment market is subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on the content of this podcast, which reflects our opinions only as of the date of this presentation. Nothing contained herein is meant to be investment advice.

https://www.conning.com/terms-of-use

Sticky inflation, elevated interest rates, and job growth means there are more questions than answers about economic conditions for the remainder of 2024. Rich Sega, Conning’s Global Chief Investment Strategist, discusses market conditions and reviews structured and esoteric ABS strategies with Mike Nowakowski, Head of Structured Products, in the Conning ConnText podcast for the second quarter.

INTENDED FOR INSTITUTIONAL INVESTORS ONLY

All investment performance information included in this podcast is historical. Past performance is not a guarantee of future results. Any tax-related information contained in this podcast is for informational purposes only and should not be considered tax advice. You should consult a tax professional with any questions.

For complete details regarding Conning and its services in the U.S., you should refer to our Form ADV Part 2, which may be obtained by calling us.

Legal Disclaimer

©2024 Conning, Inc. This podcast and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, transmitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall Conning be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.

This document contains information that is confidential or proprietary to Conning (or their direct or indirect subsidiaries). By accepting this document you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between your company and Conning, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and Conning, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.

ADVISE®, FIRM®, GEMS® , CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are registered trademarks of Conning, Inc. in the U.S. Copyright 1990-2024 Conning, Inc. All rights reserved. ADVISE®, FIRM®, GEMS®, CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are proprietary software published and owned by Conning, Inc.

This podcast is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. This discussion may include predictions, estimates, or other information that might be considered forward-looking. While this content represents our current judgment on what the future may hold, it is not a guarantee and the investment market is subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on the content of this podcast, which reflects our opinions only as of the date of this presentation. Nothing contained herein is meant to be investment advice.

https://www.conning.com/terms-of-use

In the Conning ConnText podcast for the first quarter, Rich Sega, Global Chief Investment Strategist, discusses the findings of the firm’s investment risk survey of U.S. insurers with Matt Reilly, head of Insurance Solutions.

INTENDED FOR INSTITUTIONAL INVESTORS ONLY

All investment performance information included in this podcast is historical. Past performance is not a guarantee of future results. Any tax-related information contained in this podcast is for informational purposes only and should not be considered tax advice. You should consult a tax professional with any questions.

For complete details regarding Conning and its services in the U.S., you should refer to our Form ADV Part 2, which may be obtained by calling us.

Legal Disclaimer

©2024 Conning, Inc. This podcast and the software described within are copyrighted with all rights reserved. No part of this document may be distributed, reproduced, transcribed, transmitted, stored in an electronic retrieval system, or translated into any language in any form by any means without the prior written permission of Conning. Conning does not make any warranties, express or implied, in this document. In no event shall Conning be liable for damages of any kind arising out of the use of this document or the information contained within it. This document is not intended to be complete, and we do not guarantee its accuracy. Any opinion expressed in this document is subject to change at any time without notice.

This document contains information that is confidential or proprietary to Conning (or their direct or indirect subsidiaries). By accepting this document you agree that: (1) if there is any pre-existing contract containing disclosure and use restrictions between your company and Conning, you and your company will use the information in this document in reliance on and subject to the terms of any such pre-existing contract; or (2) if there is no contractual relationship between you and your company and Conning, you and your company agree to protect the information in this document and not to reproduce, disclose or use the information in any way, except as may be required by law.

ADVISE®, FIRM®, GEMS® , CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are registered trademarks of Conning, Inc. in the U.S. Copyright 1990-2024 Conning, Inc. All rights reserved. ADVISE®, FIRM®, GEMS®, CONNING CLIMATE RISK ANALYZER ® and CONNING ALLOCATION OPTIMIZER ® are proprietary software published and owned by Conning, Inc.

This podcast is for informational purposes only and should not be interpreted as an offer to sell, or a solicitation or recommendation of an offer to buy any security, product or service, or retain Conning for investment advisory services. This discussion may include predictions, estimates, or other information that might be considered forward-looking. While this content represents our current judgment on what the future may hold, it is not a guarantee and the investment market is subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on the content of this podcast, which reflects our opinions only as of the date of this presentation. Nothing contained herein is meant to be investment advice.

https://www.conning.com/terms-of-use