Markets in Focus

Investors once were used to seeing momentum swing between growth and value stocks in a classic economic cycle. But the pandemic subverted all of that, creating shorter mini-cycles as cases rose and fell. Now with interest rates on the rise, a new chapter might be about to unfold. Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, talks with John Indellicate, CFA, Co-Portfolio Manager at Scout Investments, Michael Waterman, CFA, Portfolio Manager at ClariVest Asset Management, and Steve Singleton, Head of Risk at Carillon Tower Advisers, about 2022’s emerging opportunities in the seesaw world of factor investing.

Energy has seen its weight decline meaningfully across broader market indices over the past 10 years. But it was the best-performing sector in 2021 and many analysts are optimistic heading into 2022. Eric Chenoweth, CFA, senior investment analyst on the mid-cap equity team at Scout Investments, joins Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, to explore what accounted for energy’s outperformance in 2021 and whether those drivers are sustainable.

During the gold rush, the real money was made not by miners but by the businesses who sold the miners their picks and shovels. Now semiconductors are poised to be the picks and shovels of the coming decade, said Derek Smashey, CFA, Co-Portfolio Manager at Scout Investments. Smashey joins Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, to examine what happened to the reflation trade over the last year and what to watch for in 2022 and beyond.

Concentration in the small-cap indices is presenting challenges for investors and active managers. Peter Crivelli, Senior Vice President at Carillon Tower Advisers, joins Matt Orton, CFA, Carillon’s Chief Market Strategist, to navigate opportunity in the sectors taking up the most space.

Exchange-traded funds (ETFs) have grown in popularity and breadth since the early 2000s. How can investors assess potential pitfalls and conduct proper due diligence? Jason Richey, CFA, Co-Portfolio Manager at Cougar Global Investments, joins Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, to trace the history of ETFs and consider the future.

Governance, the “G” in ESG, is about “seeing how deeply embedded these issues are in a company's strategy and ultimately their operations,” says Joy Facos, Head of Sustainable Investing and Corporate Responsibility. Joy joins Matt Orton, CFA, to talk about how environmental and social issues – the “E” and “S” issues – are guided by the “G.”

Recent supply chain issues have shed light on the importance of semiconductors in everyday life. Tariq Siddiqi, Senior Research Analyst at Eagle Asset Management joins Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, to discuss how the chip shortage could impact the future of the semiconductor industry.

Is the seemingly unstoppable rise of equities a concern or an opportunity for investors? Matt Waz, Senior Vice President and Head of Consultant Relations, switches things up with Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers for a Q&A on “peak everything,” inflation, interest rates, and whether fears of the delta variant are overblown.

The inflation debate is intensifying as fears rise but markets seem to be shrugging. What’s driving the disconnect and what happens if, and when, it gets resolved? Todd Thompson, CFA, Managing Director and Portfolio Manager at Reams Asset Management, and fellow Reams Portfolio Manager, Dimitri Silva, CFA, join Steve Masarik, CFA and Portfolio Specialist, to discuss how inflationary trends could impact the markets into 2022.

Vaccine earnings may be transitory, but “I’m optimistic that the setup for the back half of this year will be more constructive” for the healthcare sector, said Michael Rich, CFA, Research Analyst at Eagle Asset Management. Rich joins Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, to explain the innovations in the works that may provide investor opportunity.