Insights Now

In the ever-evolving landscape of fixed income markets, investors are faced with increased policy uncertainty and interest rate volatility. The Federal Reserve finds itself caught between signs of slowing economic momentum and the unpredictable impacts of tariffs. This environment has intensified concerns over foreign demand for U.S. debt, prompting investors to seek diversification strategies for their U.S. Treasury exposure. In the 14th season of Insights Now, we move up in the capital stack, diving deeper into the insights of J.P. Morgan’s best-in-class portfolio managers and research analysts, exploring the intricacies of fixed income markets. On this episode of Insights Now, Gabriela Santos is joined by Kelsey Berro, U.S. Macro Research, to discuss the current state of the bond market and the Federal Reserve’s potential actions.

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It has been a busy and volatile month in the markets, one that certainly reminded us of the value of being diversified across public as well as private markets. Alternative investments have historically been limited to institutions like pension funds and insurance companies, due to high investment minimums and a high level of complexity. But that’s changing, with more investment options becoming available for individual investors like you and me.

On this episode, Aaron Mulvihill is joined by Jed Laskowitz, Global Head of Private Markets and Customized Solutions for J.P. Morgan Asset Management, to talk about the alternatives market landscape and how the industry is evolving.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

In our thirteenth season of Insights Now, we delved into the research that informed our portfolio managers' investment strategies. Gabriela Santos engaged in insightful discussions with top-tier buy-side equity research analysts from J.P. Morgan Asset Management, covering a diverse array of sectors such as semiconductors, payments and fintech, industrials, utilities, healthcare, and financials. For the last episode of the season, Gabriela Santos, Chief Market Strategist for the Americas, and David Kelly, our Chief Global Strategist, reflected on the most memorable highlights from that season's extensive conversations. Additionally, they answered the top three questions frequently received from clients, which unsurprisingly revolved around economic policies emerging from Washington, D.C., and their potential impacts on the economy and markets.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

In this episode of Alternative Realities, we explore the dynamic world of private credit with Aaron Mulvihill, Global Market Strategist at J.P. Morgan Asset Management, and Lynnette Ferguson, Global Co-Head of Investment Specialists for J.P. Morgan Alternative Asset Management, as they discuss the significant growth of private credit over the past decade and its role as a competitive alternative to traditional bank lending.

The conversation delves into the benefits private credit offers to both borrowers and investors, the interplay between private credit and private equity, and the emerging trends in asset-backed lending. Lynnette shares insights from her extensive experience in the industry, including lessons learned from the 2008 financial crisis and the importance of relationships in private credit.

Tune in to gain a deeper understanding of how interest rates, economic environments and regulatory changes impact the private credit market.

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Financials, the second largest sector in the S&P 500, has had its fair share of ups and downs in recent years. As the Federal Reserve kicked off its aggressive rate hiking campaign in 2022, the yield curve inverted, loan growth slowed and M&A activity plummeted, all of which hampered earnings growth. Then, in March 2023, the failures of several U.S. regional banks sparked concerns about the health of the banking sector and commercial real estate market. The dust from this crisis gradually settled, which, in conjunction with Fed rate cuts and a resilient consumer, helped the sector gain over 30% in 2024. In fact, financial deregulation is now top of mind, with the Trump administration recently naming “regulatory dove” Michelle Bowman as the Federal Reserve’s next Vice Chair of Supervision. Prospects for increased deregulation, in addition to trends in consumer spending, will be key themes moving forward. Companies in financials tend to be represented in the value style and can be a good complement to growth exposure, especially the Magnificent 7.

On this episode of Insights Now, Gabriela Santos, is joined by Laura Huang, an equity research analyst covering financials at J.P. Morgan Asset Management, to discuss Laura’s day-to-day, and what she is seeing across her sector.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

In this episode of Alternative Realities, we delve into the transformative landscape of venture and growth equity investing with a focus on technology and healthcare. Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management, is joined by Patrick McGoldrick, Managing Partner of J.P. Morgan Private Capital, to discuss the evolution and current landscape of venture capital.

The conversation highlights the high-risk, high-reward nature of venture capital, the importance of skilled management and the strategic approach J.P. Morgan employs in identifying investment opportunities.

Join us as we explore the competitive advantages J.P. Morgan Asset Management offers as a partner to its portfolio companies and uncover the potential of venture and growth equity investing in today's market.

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As the world emerged from the pandemic, healthcare companies encountered several challenges, including declining COVID-19-related revenues, increased R&D expenses and rising labor costs, all of which impacted earnings. Although the sector began to recover from its prolonged earnings slump in 2024, performance remained sluggish. Healthcare stocks rose just 2.6% last year, with performance suffering most after the election. Importantly, the healthcare sector is comprised of a range of sub-industries and performance beneath the surface has diverged. For example, as the sector has addressed the backlog of elective procedures delayed during the pandemic, healthcare facilities and equipment manufacturers have performed well, while insurers have struggled. When seeking exposure to growth themes driving markets, investors often overlook healthcare in favor of other sectors. That said, whether it be GLP-1 drug development or AI-powered customized therapies, the reality is that the sector is at the epicenter of transformational change. Looking ahead, healthcare earnings are set to improve in 2025. However, policy actions taken by the incoming administration could meaningfully alter the sector’s landscape.

On this episode of Insights Now, Gabriela Santos, is joined by Holly Morris, an equity research analyst covering the healthcare sector and a portfolio manager here at J.P. Morgan Asset Management.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

In this episode of Alternative Realities, we explore the world of timber as an alternative investment asset class. Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management, is joined by Angela Davis, President of Campbell Global, a subsidiary of J.P. Morgan Asset Management, to explore the unique benefits and opportunities timber offers to investors.

The discussion covers the perpetual lifecycle of timber forestry, the global footprint of Campbell Global’s forest management and the sustainable nature of timber as a climate-friendly product. The conversation also touches on the impact of tariffs, environmental regulations and the growing demand for sustainable building products.

Join us as we uncover the potential of timber in providing diversification and protection during periods of market volatility and learn about the exciting developments in carbon offsets and their significance in the timber industry.

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Utilities have traditionally been known for their defensive properties, which makes the combination of robust economic growth, technological excitement and elevated bond yields an unlikely recipe for their strong performance. That said, the sector’s 23% gain kept pace with the broader market last year. In 2025, this momentum should continue. After two decades of stagnant power demand, the electrification of the U.S. economy and the intense power needs of generative artificial intelligence should prompt demand to inflect higher. Additionally, with our aging grid infrastructure and more frequent extreme weather events, finding enough capacity to provide adequate electricity supply won’t be easy. These themes, and others, should highlight winners across the utilities sector. For investors looking to diversify tech exposure, utilities could offer an attractive way to invest in the many themes driving markets today, but with a very different wrapper.

To share what she’s seeing across the utilities sector, Gabriela Santos, my new co-host, will be joined by Teresa Kim, a utilities-focused equity research analyst here at J.P. Morgan Asset Management.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

In this episode of Alternative Realities, we explore the dynamic world of alternative investments and their increasing accessibility to a broader range of investors. As these asset classes become more mainstream, we discuss their role in diversifying portfolios and enhancing returns.

Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management, is joined by David Lebovitz, Managing Director and Strategist at the Multi-Asset Solutions Group, to discuss the inception and evolution of the Guide to Alternatives. They delve into the structure and importance of alternative investments, the integration of alternatives into multi-asset portfolios and the challenges of sizing these allocations.

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