WellSaid – The Wellington Management Podcast

Macro strategist Mike Medeiros joins host Thomas Mucha to discuss the potential market impacts of the upcoming US election. Listen to the full episode to understand how different outcomes in the House, Senate, and White House races could shape the economy.

2:25 - Market implications of major policy differences
7:15 - When will bond markets care about deficits?
9:35 - The impact of polling errors
13:15 - Key issues and the race to 270
15:25 - Potential black swans
17:15 - The most polarized time in history
20:00 - Different approaches to income inequality
21:25 - The Senate, the House, and how divided government affects markets
25:30 - The Fed, inflation, and other macro variables
27:25 - Disinformation, deepfakes, and gen AI
28:35 - Who do markets think will win?

Small-cap stocks have experienced a historic rotation in response to recent macro jolts. In the latest episode of WellSaid, equity strategist Andy Heiskell joins host Thomas Mucha to discuss his outlook for small companies in this environment.

2:00 – The role of a global equity strategist
3:40 – Small-cap stocks’ recent rotation
5:25 – Regime change is a process
7:05 – Potential drivers of small caps' relative outperformance
9:00 – Small caps and the economic cycle
10:50 – Characteristics of higher-quality small caps
12: 20 – Identifying today’s small-cap opportunities
14:25 – The growth of private equity
18:00 – The impact of geopolitics and national security
21:00 – Lessons learned

Portfolio manager Dirk Enderlein joins host Thomas Mucha to discuss how European markets are evolving and how long/short investors can potentially make the most of the changes.

2:15 – Long/short investing amid Europe’s structural shifts
5:00 – Bubble or durable regime change?
7:30 – Energy transition
10:00 – Defense sector deep dive
15:45 – Bottom-up stock picking
18:30 – Evaluating emerging technologies
20:30 – Investing with an engineering mindset

Head of Multi-Asset Strategy for EMEA, Supriya Menon, explores her team's latest research on how climate change affects capital market assumptions.

Key topics:
2:05 – Supriya’s investment background
3:25 – Climate research from an allocator’s perspective
6:10 – New research framework: Three pillars
8:20 – Collaborating with internal climate experts
9:50 – Key research findings
12:30 – Implementing a climate framework
14:45 – Climate risk, geopolitics, and transition scenarios
18:20 – Integrating climate across asset classes
22:05 – Insurers approach to climate
23:30 – Next steps for climate research

The views expressed are those of the speaker(s) and are subject to change. Other teams may hold different views and make different investment decisions. For professional/institutional investors only. Your capital may be at risk.

Head of liquid alternatives and hedge funds, Mark Sullivan, and investment director of diversifying strategies, Chris Perret, share their views on why the multidimensionality of macro investment approaches may help provide investors a smoother path forward amid an increasingly uncertain macro and geopolitical backdrop.

1:50 Career paths
5:10 Major shifts in the macro environment
8:20 Influence of government policy on markets
10:50 Effect of US election cycle
12:10 Japan’s new reality
14:40 Key to success for macro strategies?
16:40 Geopolitical risks
19:30 Dimensionality in the investment process
21:00 Importance of talent development
25:20 Why lean into macro now?

Thanks to powerful corporate, political, social, and demographic tailwinds, India’s market has been firing on all cylinders. Ahead of the 2024 national elections, equity portfolio manager Niraj Bhagwat gives an inside look at these drivers and the impressive changes he is seeing across the country.

2:00 Observations from recent trip to India
4:35 Strong corporate execution in India
6:35 Reasons for broad-based market rally
10:10 Navigating India’s high valuations
12:00 Macro drivers, domestic politics, and national elections
15:50 Geopolitical risks and opportunities for India
21:45 Assessing the market impacts of climate change
23:35 Niraj’s expectations for the next five years

Given the outsized effects of climate change on women and families, climate technology may be an avenue to better outcomes. Sector lead Molly Breiner joins host Thomas Mucha to break down the growing market and investment case for private climate tech.

2:00 Professional background
5:00 Climate, women, and agriculture
7:25 Founders and the gravity of climate change
10:00 Promising agriculture technologies
14:00 Benefits to women and families
18;50 Rise of female leaders in venture
20:20 ESG integration and women
21:50 Personal role models and mentors

As investors, policymakers, and companies race to capture the opportunities associated with artificial intelligence, they must first understand myriad ethical risks. ESG analyst Caroline Conway joins host Thomas Mucha to explore this important issue.

2:06 Professional background
4:05 Primary risks and resources for AI companies
8:00 Will AI regulation stifle innovation?
9:45 Intersection of AI and national security
14:00 How AI will impact financial services
15:58 Other industries under AI scrutiny
17:57 How Wellington helps companies navigate AI
20:20 Overarching concerns and hopes for AI

Portfolio manager Matt Witheiler joins host Thomas Mucha to discuss the outlook for private equity markets, from changing performance measures to the influence of AI.

2:00 Career arc

4:25 State of the venture capital market

8:30 Macro indicators that could affect private equity 

10:00 Increasing importance of distributions-to-paid-in

12:30 How valuations affect investment approach 

15:15 Opportunities arising from AI 

18:40 Effect of AI policy and government spending on innovation

22:00 Best practices for venture capital investing

25:00 Example of how we source and evaluate deals

Veteran Fixed Income Portfolio Manager Campe Goodman offers his views on what investors can expect from credit markets in 2024. 

1:50 Professional background

2:50 Research and investment approach

4:15 Genesis of credit-sector rotation

7:45 Collaborating with other fixed income investors

11:25 Historical analogues to today's markets

14:30 Current credit market opportunities and risks

18:20 Effects of climate change and geopolitics

22:30 Biggest career lessons