Having been the first major developed world central bank to raise interest rates in the aftermath of the COVID-19 pandemic, the last 18 months have seen the Bank of England deliver 13 consecutive interest rates rises, from 0.1% to today’s rate of 5%. In this latest edition of LGIM Talks our Global Economist, James Carrick, discusses the steep rise in UK interest rates and the potential implications for businesses, households and the UK housing market.  This podcast was recorded on 25 July 2023 and is hosted by Anthony Penson, Institutional Content Manager. For professional investors only. Capital at risk.

Having been the first major developed world central bank to raise interest rates in the aftermath of the COVID-19 pandemic, the last 18 months have seen the Bank of England deliver 13 consecutive interest rates rises, from 0.1% to today’s rate of 5%. In this latest edition of LGIM Talks our Global Economist, James Carrick, discusses the steep rise in UK interest rates and the potential implications for businesses, households and the UK housing market. This podcast was recorded on 25 July 2023 and is hosted by Anthony Penson, Institutional Content Manager. For professional investors only. Capital at risk.

278: UK interest rate rises – what do they mean for individuals, businesses and house prices?

ETF Analyst Elisa Piscopiello explains how quality is defined in systematic investment strategies, and how portfolios can be constructed to capture quality companies.  This podcast is hosted by Harry Brooks, Content Manager.  All data sourced from Bloomberg as at July 2023 unless otherwise stated.  For professional investors only. Capital at risk.

ETF Analyst Elisa Piscopiello explains how quality is defined in systematic investment strategies, and how portfolios can be constructed to capture quality companies. This podcast is hosted by Harry Brooks, Content Manager. All data sourced from Bloomberg as at July 2023 unless otherwise stated. For professional investors only. Capital at risk.

277: Quality time: what are quality equities, and how can investors gain exposure?

Is the latest US CPI print a potential game changer for investors? Why aren’t credit spreads pricing in more recession risk? And why do Eurozone countries need to restore their fiscal rules? Chris Jeffery, LGIM’s Head of Rates and Inflation Strategy explains all.  This podcast is hosted by Frances Watson, Content Manager.  For professional investors only. Capital at risk.

Is the latest US CPI print a potential game changer for investors? Why aren’t credit spreads pricing in more recession risk? And why do Eurozone countries need to restore their fiscal rules? Chris Jeffery, LGIM’s Head of Rates and Inflation Strategy explains all. This podcast is hosted by Frances Watson, Content Manager. For professional investors only. Capital at risk.

276: Inflation prints, fiscal rules and the G20 – Market Talk

Sonja Laud, LGIM’s Chief Investment Officer, and fellow experts in the field of public and private credit, discuss implications for asset classes against the backdrop of an investment world characterised by a rising risk-free rate.  Other topics covered include the question of illiquidity in private markets, attitudes to risk, the limited extent to which fixed income can be protected from the ravages of inflation and, given Wimbledon week, a tip for Desert Island Discs aficionados.  Sonja is joined by:  Mark Benstead, Head of Active Credit Solutions Stu Hitchcock, Head of Portfolio Management, Private Credit  This podcast is hosted by Frances Watson, Content Manager.  All data sourced from Bloomberg as at July 2023 unless otherwise stated.  For professional investors only. Capital at risk.

Sonja Laud, LGIM’s Chief Investment Officer, and fellow experts in the field of public and private credit, discuss implications for asset classes against the backdrop of an investment world characterised by a rising risk-free rate.  Other topics covered include the question of illiquidity in private markets, attitudes to risk, the limited extent to which fixed income can be protected from the ravages of inflation and, given Wimbledon week, a tip for Desert Island Discs aficionados. Sonja is joined by: Mark Benstead, Head of Active Credit Solutions Stu Hitchcock, Head of Portfolio Management, Private Credit This podcast is hosted by Frances Watson, Content Manager. All data sourced from Bloomberg as at July 2023 unless otherwise stated. For professional investors only. Capital at risk.

275: Public and private credit: the CIO outlook

The last six months have seen an explosion of interest in artificial intelligence, with excitement around the technology almost single-handedly driving a rally in the S&amp;P 500.  Where could this exciting new technology be taking us? What do investors need to know about its potential? And how can we distinguish between hype and actionable insights?  To find out, this week we sit down with Nelson Nery, a Senior Fixed Income Fund Manager here at LGIM and holder of a PhD in mathematics, Aude Martin, Senior ETF Investment Specialist, and we are happy to welcome Matthew Griffin, Founder and CEO of the 311 institute.   This episode is hosted by Andrew Lowry, European Content Manager.  Source for data: ROBO Global, CapitalIQ data as of 20 June 2023. Calculation method: median, NTM  For professional investors only. Capital at risk.

The last six months have seen an explosion of interest in artificial intelligence, with excitement around the technology almost single-handedly driving a rally in the S&amp;P 500. Where could this exciting new technology be taking us? What do investors need to know about its potential? And how can we distinguish between hype and actionable insights? To find out, this week we sit down with Nelson Nery, a Senior Fixed Income Fund Manager here at LGIM and holder of a PhD in mathematics, Aude Martin, Senior ETF Investment Specialist, and we are happy to welcome Matthew Griffin, Founder and CEO of the 311 institute.  This episode is hosted by Andrew Lowry, European Content Manager. Source for data: ROBO Global, CapitalIQ data as of 20 June 2023. Calculation method: median, NTM For professional investors only. Capital at risk.

274: Artificial intelligence, investing, and you

With major asset classes no longer positively correlated, has calm been restored for the asset allocator? Or is persistent inflation still the cause of major headaches? And given the volatility in bonds, should investors be redefining the term safe haven? Chris Teschmacher, Fund Manager, Asset Allocation, gives us his thoughts.  This episode is hosted by Frances Watson, Content Manager.  All data is sourced from Bloomberg, unless otherwise stated.  For professional investors only. Capital at risk.

With major asset classes no longer positively correlated, has calm been restored for the asset allocator? Or is persistent inflation still the cause of major headaches? And given the volatility in bonds, should investors be redefining the term safe haven? Chris Teschmacher, Fund Manager, Asset Allocation, gives us his thoughts. This episode is hosted by Frances Watson, Content Manager. All data is sourced from Bloomberg, unless otherwise stated. For professional investors only. Capital at risk.

273: From headaches to hedges: the role of an asset allocator

LGIM’s Climate Impact Pledge is our promise to help investee companies tackle climate change and transition to a low-carbon economy. Our approach combines positive engagement with voting sanctions and divestment.  In our seventh Pledge, we’ve raised our expectations. We’ve covered more companies than ever in our quantitative assessment, and delved into greater depth than before in our direct engagements. Over the past year, we zeroed in on lobbying and biodiversity and continued to push for companies to set and meet climate targets.  In this podcast, taken from a live session, Laura Brown, Head of Client and Sustainability Solutions, is joined by Stephen Beer, Senior Manager, Sustainability and Responsible Investment and ESG Analysts, Anna Hirai and Cristy Rodriguez, to discuss the highs and lows of our climate engagement efforts, and why the past year has been a little different.  For professional investors only. Capital at risk.

LGIM’s Climate Impact Pledge is our promise to help investee companies tackle climate change and transition to a low-carbon economy. Our approach combines positive engagement with voting sanctions and divestment. In our seventh Pledge, we’ve raised our expectations. We’ve covered more companies than ever in our quantitative assessment, and delved into greater depth than before in our direct engagements. Over the past year, we zeroed in on lobbying and biodiversity and continued to push for companies to set and meet climate targets. In this podcast, taken from a live session, Laura Brown, Head of Client and Sustainability Solutions, is joined by Stephen Beer, Senior Manager, Sustainability and Responsible Investment and ESG Analysts, Anna Hirai and Cristy Rodriguez, to discuss the highs and lows of our climate engagement efforts, and why the past year has been a little different. For professional investors only. Capital at risk.

272: LGIM’s seventh Climate Impact Pledge

Why is the US having to withdraw liquidity from the system? But why have the Chinese authorities taken to targeted stimulus? What’s the oil price and yield curve telling us that equities aren’t? And why the differential between US tech stocks and their Chinese counterparts? Ben Bennett, Investment Strategist APAC, explains all.  This podcast was hosted by Frances Watson, Content Manager.  For professional investors only. Capital at risk.

Why is the US having to withdraw liquidity from the system? But why have the Chinese authorities taken to targeted stimulus? What’s the oil price and yield curve telling us that equities aren’t? And why the differential between US tech stocks and their Chinese counterparts? Ben Bennett, Investment Strategist APAC, explains all. This podcast was hosted by Frances Watson, Content Manager. For professional investors only. Capital at risk.

271: US tightening, China easing - Market Talk

In this month’s call, Sonja Laud, LGIM’s Chief Investment Officer, outlines the next focus areas for investors going into the second half of 2023 in light of the recent agreement being reached on the raising of the US debt ceiling.   Other key topics include the implications of a slowing Chinese economy, the state of the UK commercial real estate market and the risks and rewards of allocating investor capital to long-term infrastructure projects. Sonja is joined by:   Bill Hughes, Global Head of Real Assets Bill Page, Head of Real Estate Research Frances Watson, Content Manager  Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to your podcasts.  For professional investors only. Capital at risk.

In this month’s call, Sonja Laud, LGIM’s Chief Investment Officer, outlines the next focus areas for investors going into the second half of 2023 in light of the recent agreement being reached on the raising of the US debt ceiling.  Other key topics include the implications of a slowing Chinese economy, the state of the UK commercial real estate market and the risks and rewards of allocating investor capital to long-term infrastructure projects. Sonja is joined by: <ul> <li>Bill Hughes, Global Head of Real Assets</li> <li>Bill Page, Head of Real Estate Research</li> <li>Frances Watson, Content Manager</li> </ul> Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to your podcasts. For professional investors only. Capital at risk.

270: Real assets reset – the CIO call

Against a backdrop of somewhat quieter markets, we ask what are short-term Treasuries telling us about debt ceiling negotiations? What’s behind the strong performance of US technology stocks? And why does China need to revitalise its property sector? Ben Bennett explains all.  This episode is hosted by Frances Watson, Content Manager.  All data sourced from Eikon as at 22 May.  For professional investors only. Capital at risk.

Against a backdrop of somewhat quieter markets, we ask what are short-term Treasuries telling us about debt ceiling negotiations? What’s behind the strong performance of US technology stocks? And why does China need to revitalise its property sector? Ben Bennett explains all. This episode is hosted by Frances Watson, Content Manager. All data sourced from Eikon as at 22 May. For professional investors only. Capital at risk.

269: Debt ceiling, FAANGs and football pitches  - Market Talk

What does a changing world mean for my portfolio? Which asset classes are undervalued? Will declining demographics affect my investments? From Legal &amp; General Investment Management, we bring you conversations about the global economy and how professional investors can take advantage of these opportunities.We'll be talking to fund managers, analysts, industry experts and more to discuss the latest market and political developments, their most exciting asset allocation ideas and how they're optimising portfolios for market booms and economic gloom.From Trump's tariffs to irrational investors, LGIM Talks dives into the world of asset management and brings you our most compelling thoughts to help you make informed investment decisions.To find out more, visit http://www.lgim.com/uk/en/insights/our-thinking/Legal &amp; General have been helping customers since 1836. A founding member of the Financial Times Stock Exchange (FTSE) 100 index, L&amp;G is one of the UK's leading financial services companies serving UK customers for our life assurance, pensions, investments and general insurance plans.This podcast is intended for investment professionals, and shouldn't be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

Whether you’re well established as someone innovating in the world of banking and finance, or just getting started building your long-term investment strategy - this is a must-listen podcast for you! Mark and the entire LGIM team do an incredible job leading conversations that cover a huge breadth of topics related to the ins and outs of successfully navigating an ever changing global financial landscape - from leaders who’ve actually walked the path. Highly recommend listening and subscribing!

Entertaining, insightful and actionable! 🙌

What does a changing world mean for my portfolio? Which asset classes are undervalued? Will declining demographics affect my investments? From Legal &amp; General Investment Management, we bring you conversations about the global economy and how professional investors can take advantage of these opportunities. We'll be talking to fund managers, analysts, industry experts and more to discuss the latest market and political developments, their most exciting asset allocation ideas and how they're optimising portfolios for market booms and economic gloom. From Trump's tariffs to irrational investors, LGIM Talks dives into the world of asset management and brings you our most compelling thoughts to help you make informed investment decisions. To find out more, visit <a href="http://www.lgim.com/uk/en/insights/our-thinking/" rel="nofollow" target="_blank">http://www.lgim.com/uk/en/insights/our-thinking/</a> Legal &amp; General have been helping customers since 1836. A founding member of the Financial Times Stock Exchange (FTSE) 100 index, L&amp;G is one of the UK's leading financial services companies serving UK customers for our life assurance, pensions, investments and general insurance plans. This podcast is intended for investment professionals, and shouldn't be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

LGIM Talks

Sacha Sadan

Good governance is crucial to all boards, whether they oversee a FTSE 100 multinational, a multi-billion pound pension scheme or a national charity. There is no one-size-fits-all approach to how boards should be run but through Sacha and his team’s extensive experience in corporate engagement, they’ve learned that there are plenty of ways to evolve and enhance effectiveness.  We know that pressures from executives, stakeholders, as well as the day-to-day oversight of the company or scheme, the role of a non-executive board member has never been more demanding. The increase in regulation and complexity of modern defined benefit and defined contribution schemes has concurrently increased the workload of pension trustees.  This week’s episode looks at some of the best practices the Corporate Governance team have seen in place and the key areas which could help boards manage their many responsibilities. Read Sacha’s full article “Board effectiveness: Lessons from companies to trustees” here: http://www.lgim.com/uk/en/insights/our-thinking/client-solutions/?cid=lgimtalks Sacha Sadan, Director of Corporate Governance, LGIM Mark Chappel, Senior Investment Writer We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

Good governance is crucial to all boards, whether they oversee a FTSE 100 multinational, a multi-billion pound pension scheme or a national charity. There is no one-size-fits-all approach to how boards should be run but through Sacha and his team’s extensive experience in corporate engagement, they’ve learned that there are plenty of ways to evolve and enhance effectiveness.    We know that pressures from executives, stakeholders, as well as the day-to-day oversight of the company or scheme, the role of a non-executive board member has never been more demanding. The increase in regulation and complexity of modern defined benefit and defined contribution schemes has concurrently increased the workload of pension trustees.    This week’s episode looks at some of the best practices the Corporate Governance team have seen in place and the key areas which could help boards manage their many responsibilities.   Read Sacha’s full article “Board effectiveness: Lessons from companies to trustees” here: <a href="https://protect-eu.mimecast.com/s/UsBNCMQ2qhpXRlIw4cuE?domain=lgim.com" rel="nofollow" target="_blank">http://www.lgim.com/uk/en/insights/our-thinking/client-solutions/?cid=lgimtalks</a><ul> <li>Sacha Sadan, Director of Corporate Governance, LGIM</li> <li>Mark Chappel, Senior Investment Writer</li></ul>  We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

53: How boards can work best – Sacha Sadan, Director of Corporate Governance

In an episode earlier this year, Howie Li and John Roe discussed what separates long-term investment themes from fads. As Howie explains, the enduring themes are those that are changing the foundations of how we live and work – from disruptive technology to the energy revolution and demographic shifts.    Yet capturing these themes in an investment strategy is not easy, so in this episode Howie addresses some recurring questions we’ve received from listeners and clients. How do we avoid companies exploiting thematic buzzwords for their own marketing purposes rather than genuinely innovating? What is the difference between a thematic and a sector-based investment strategy? How can investors integrate themes into their portfolios? Is it possible to time exposure to themes?    Howie covers all these challenging topics and more in this conversation, while also sharing practical examples of how we can put the theory of thematic investing into practice.    To find out more and read our full paper on thematic investing, visit: http://www2.landginvestments.com/disruptive-technology    ·         Howie Li, Head of ETFs    ·         Robert StGeorge, Content Manager    We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered.    This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

In an episode earlier this year, <a href="https://protect-eu.mimecast.com/s/-hvkCgLGqTWPXVhKZjwM?domain=embeds.audioboom.com" rel="nofollow" target="_blank">Howie Li and John Roe discussed</a> what separates long-term investment themes from fads. As Howie explains, the enduring themes are those that are changing the foundations of how we live and work – from disruptive technology to the energy revolution and demographic shifts. Yet capturing these themes in an investment strategy is not easy, so in this episode Howie addresses some recurring questions we’ve received from listeners and clients. How do we avoid companies exploiting thematic buzzwords for their own marketing purposes rather than genuinely innovating? What is the difference between a thematic and a sector-based investment strategy? How can investors integrate themes into their portfolios? Is it possible to time exposure to themes? Howie covers all these challenging topics and more in this conversation, while also sharing practical examples of how we can put the theory of thematic investing into practice. To find out more and read our full paper on thematic investing, visit: <a href="https://protect-eu.mimecast.com/s/oZbcC59rviKgmqsOXQRi?domain=www2.landginvestments.com" rel="nofollow" target="_blank">http://www2.landginvestments.com/disruptive-technology </a> ·         Howie Li, Head of ETFs ·         Robert StGeorge, Content Manager We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

78: Thematic investing – Your questions answered

Paul Redmond

One the most engaging speakers at both LGIM’s Retail and DB/DC Client Conferences, Dr Paul Redmond is one of the foremost speakers on the subject of how different generations can work together most effectively. There has been so much written about millennials – what they want, what they don’t want, their expectations – that it can seem like this is really a generation that stands apart and sometimes in conflict with the others.    But according to Dr Redmond, this is far from the truth. While there are some characteristics unique to this generation, we all have a lot more in common than you might think. In this fascinating conversation, we discuss some of the innovative tips he has for managers – including ‘reverse mentoring’ – and the ways millennials can best learn from Generation X.   This conversation was also recorded live! Find the full video on our YouTube channel here: https://youtu.be/hlh7LrdsUHk   ·         Dr Paul Redmond, Director of Student Experience and Enhancement, University of Liverpool ·         Mark Chappel, Senior Content Manager   We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

One the most engaging speakers at both LGIM’s Retail and DB/DC Client Conferences, Dr Paul Redmond is one of the foremost speakers on the subject of how different generations can work together most effectively. There has been so much written about millennials – what they want, what they don’t want, their expectations – that it can seem like this is really a generation that stands apart and sometimes in conflict with the others.    But according to Dr Redmond, this is far from the truth. While there are some characteristics unique to this generation, we all have a lot more in common than you might think. In this fascinating conversation, we discuss some of the innovative tips he has for managers – including ‘reverse mentoring’ – and the ways millennials can best learn from Generation X.   This conversation was also recorded live! Find the full video on our YouTube channel here: <a href="https://youtu.be/hlh7LrdsUHk" rel="nofollow" target="_blank">https://youtu.be/hlh7LrdsUHk</a>   ·         Dr Paul Redmond, Director of Student Experience and Enhancement, University of Liverpool ·         Mark Chappel, Senior Content Manager   We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

79: Managing millennials and intergenerational ways of working, with Dr Paul Redmond, University of Liverpool

Many pension schemes store a huge amount of member data. But this is often difficult to access, incomplete or inconsistent, and stored in multiple formats – PDFs, spreadsheets and others. Schemes struggle to analyse their data, develop sample user personas, and make predictions about future trends and behaviours, let alone support members in improving their pension choices to improve outcomes.    Our episode this week explores how schemes can put this wealth of data to use. Trustees need to be able to cut through the noise of unnecessary data and find the insights in their specific members’ behaviour. For instance, member communication might not only better show their future total pension pot but also how they compare with others in the demographic group – are you saving more or less than people in a similar position?     In an environment where trustees and scheme managers are time-poor, data-rich, and finding underlying information a struggle to organise, a one-stop-data-shop can provide a clearer picture of your scheme.    Read Stuart’s full article here: https://www.lgim.com/uk/en/insights/our-thinking/client-solutions/the-power-of-data-science.html?cid=lgimtalks    ·         Stuart Murphy, Head of DC Client Management, L&amp;G    ·         Peter Jackson, Director of Group Data Sciences, L&amp;G    We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered.    This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

Many pension schemes store a huge amount of member data. But this is often difficult to access, incomplete or inconsistent, and stored in multiple formats – PDFs, spreadsheets and others. Schemes struggle to analyse their data, develop sample user personas, and make predictions about future trends and behaviours, let alone support members in improving their pension choices to improve outcomes. Our episode this week explores how schemes can put this wealth of data to use. Trustees need to be able to cut through the noise of unnecessary data and find the insights in their specific members’ behaviour. For instance, member communication might not only better show their future total pension pot but also how they compare with others in the demographic group – are you saving more or less than people in a similar position?  In an environment where trustees and scheme managers are time-poor, data-rich, and finding underlying information a struggle to organise, a one-stop-data-shop can provide a clearer picture of your scheme. Read Stuart’s full article here: <a href="https://protect-eu.mimecast.com/s/3lpMCG52kF4JYrtkzY8j?domain=eur01.safelinks.protection.outlook.com" rel="nofollow" target="_blank">https://www.lgim.com/uk/en/insights/our-thinking/client-solutions/the-power-of-data-science.html?cid=lgimtalks </a> ·         Stuart Murphy, Head of DC Client Management, L&amp;G ·         Peter Jackson, Director of Group Data Sciences, L&amp;G We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

74: DC: The power of data science

 When contemplating what the final months of 2019 might have in store, we are probably similar to many other investors in feeling somewhat apprehensive, given the challenges we face: trade tensions, slowing growth, policy uncertainty and, of course, Brexit. Global growth has cooled over the last year and so the key question is whether the world economy has the underlying strength to prevent a number of key risks – from trade tensions, to a manufacturing slowdown, to Brexit – from tipping it towards recession.    This week, Sonja Laud and Emiel van den Heiligenberg discuss the their outlook for markets, their expectations for inflation and why, even in this uncertain environment, the Asset Allocation team still prefer equities to credit.    Read the full outlook here: http://www.lgim.com/uk/en/knowledge/thought-leadership/?cid=lgimtalks     ·         Sonja Laud, Chief Investment Officer    ·         Emiel van den Heiligenberg, Head of Asset Allocation    ·         Max Julius, Head of Content    We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered.    This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

When contemplating what the final months of 2019 might have in store, we are probably similar to many other investors in feeling somewhat apprehensive, given the challenges we face: trade tensions, slowing growth, policy uncertainty and, of course, Brexit. Global growth has cooled over the last year and so the key question is whether the world economy has the underlying strength to prevent a number of key risks – from trade tensions, to a manufacturing slowdown, to Brexit – from tipping it towards recession. This week, Sonja Laud and Emiel van den Heiligenberg discuss the their outlook for markets, their expectations for inflation and why, even in this uncertain environment, the Asset Allocation team still prefer equities to credit. Read the full outlook here: <a href="https://protect-eu.mimecast.com/s/L2WZCD92OiG2J3sWSwAd?domain=lgim.com" rel="nofollow" target="_blank">http://www.lgim.com/uk/en/knowledge/thought-leadership/?cid=lgimtalks</a> ·         Sonja Laud, Chief Investment Officer ·         Emiel van den Heiligenberg, Head of Asset Allocation ·         Max Julius, Head of Content We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

68: CIO Outlook: Opportunities in adversity 

In this episode, we talk to Madeleine about her path from netball to new issues. Growing up in Lancashire, she studied Mathematics and Economics, before starting her career on the fixed income floor at Barclays. Having moved from investment banking to asset management nearly four years ago, she can no longer call herself a newbie. Madeleine talks through the changes she has seen so far during her time in the industry, including an increased collaboration with the Corporate Governance team on environmental, social and governance considerations. Her best piece of advice for new starters in fund management? Don’t plan your career; just let it happen! Read the latest insights from the Active Fixed Income team here: https://futureworldblog.lgim.com/asset-classes/bonds/ •    Madeleine King, Co-Head of Pan European Investment Grade Research •    Mark Chappel, Senior Investment Writer We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

In this episode, we talk to Madeleine about her path from netball to new issues. Growing up in Lancashire, she studied Mathematics and Economics, before starting her career on the fixed income floor at Barclays. Having moved from investment banking to asset management nearly four years ago, she can no longer call herself a newbie. Madeleine talks through the changes she has seen so far during her time in the industry, including an increased collaboration with the Corporate Governance team on environmental, social and governance considerations. Her best piece of advice for new starters in fund management? Don’t plan your career; just let it happen! Read the latest insights from the Active Fixed Income team here: <a href="https://futureworldblog.lgim.com/asset-classes/bonds/" rel="nofollow" target="_blank">https://futureworldblog.lgim.com/asset-classes/bonds/</a> •    Madeleine King, Co-Head of Pan European Investment Grade Research •    Mark Chappel, Senior Investment Writer We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

50: In conversation with: Madeleine King, Co-Head of Pan European Investment Grade Research

 The last decade has transformed the investment grade credit market. It’s not just that the size of the market has grown immensely, it’s that the average credit quality is much lower, meaning that risk of ‘fallen angel’ downgrades from investment grade to high yield rating is much higher. When the team stress-tested the investment grade market, the results were surprising: the number of expected downgrades could reach levels not seen since 2016.     We interview Madeleine about the research, why investor’s earlier fears about company over-leveraging have softened as balance sheets improved and why a hard Brexit might not drive up the number of UK downgrades as you might think.    ·         Madeleine King, Co-Head of Pan-European Investment Grade Research    ·         Mark Chappel, Senior Content Manager    We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered.    This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

The last decade has transformed the investment grade credit market. It’s not just that the size of the market has grown immensely, it’s that the average credit quality is much lower, meaning that risk of ‘fallen angel’ downgrades from investment grade to high yield rating is much higher. When the team stress-tested the investment grade market, the results were surprising: the number of expected downgrades could reach levels not seen since 2016.  We interview Madeleine about the research, why investor’s earlier fears about company over-leveraging have softened as balance sheets improved and why a hard Brexit might not drive up the number of UK downgrades as you might think. ·         Madeleine King, Co-Head of Pan-European Investment Grade Research ·         Mark Chappel, Senior Content Manager We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

69: Fixed income: Forecasting ‘fallen angel’ downgrades

The world is facing a water crisis. If that sounds alarmist, consider a few statistics. The global per capita water supply has fallen by 56% since 1962, with 57% of aquifers having passed the tipping point. By 2025, 1.8 billion people are expected to be living in regions with absolute water scarcity and two-thirds of the world’s population will be living under water-stress conditions. Population growth is obviously a factor in this, but water shortages are also being aggravated by many other forces, from climate change to urbanisation. And even where there is plentiful water, it is becoming increasingly polluted. Cumulatively, this is forecast to lead to a deficit of at least 40% between the availability of and demand for fresh water in the next 10 years. Yet, as Aanand Venkatramanan explains in this episode, we need not despair if we act now. Clean water is one of the UN’s Sustainable Development Goals, and should attract investment of up to $23 trillion over the next 10-20 years. Aanand describes some of the most promising technologies that will help us meet this challenge, and sets out the opportunities they create for investors. For more insights into the investment opportunities in the market for clean water, visit: http://www2.landginvestments.com/l/26932/2019-07-10/6x5n3d/26932/108837/LGIM_ETF_CLEAN_WATER_BROCHURE.pdf  •             Aanand Venkatramanan, Head of ETF Investment Strategies•             Robert StGeorge, Content Manager We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

The world is facing a water crisis. If that sounds alarmist, consider a few statistics. The global per capita water supply has fallen by 56% since 1962, with 57% of aquifers having passed the tipping point. By 2025, 1.8 billion people are expected to be living in regions with absolute water scarcity and two-thirds of the world’s population will be living under water-stress conditions.   Population growth is obviously a factor in this, but water shortages are also being aggravated by many other forces, from climate change to urbanisation. And even where there is plentiful water, it is becoming increasingly polluted. Cumulatively, this is forecast to lead to a deficit of at least 40% between the availability of and demand for fresh water in the next 10 years.   Yet, as Aanand Venkatramanan explains in this episode, we need not despair if we act now. Clean water is one of the UN’s Sustainable Development Goals, and should attract investment of up to $23 trillion over the next 10-20 years. Aanand describes some of the most promising technologies that will help us meet this challenge, and sets out the opportunities they create for investors.   For more insights into the investment opportunities in the market for clean water, visit: <a href="https://protect-eu.mimecast.com/s/-mhyCAP2LsoMYJsGfWwZ?domain=www2.landginvestments.com" rel="nofollow" target="_blank">http://www2.landginvestments.com/l/26932/2019-07-10/6x5n3d/26932/108837/LGIM_ETF_CLEAN_WATER_BROCHURE.pdf</a>    •             Aanand Venkatramanan, Head of ETF Investment Strategies •             Robert StGeorge, Content Manager   We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

80: Working on water: investment opportunities in solving the world’s water crisis

This week we’ve returned to that famous British obsession: housing. Now that 20% of the UK population are choosing to rent their home, the expectations of lifestyle renters for their home developments have risen accordingly – such as allowing pets or permanent decoration. The build to rent sector involves the large scale development of new housing stock with the needs of ‘lifestyle renters’ in mind. Although the sector is a comparatively young and smaller part of the UK housing puzzle, build to rent can arguably help meet the needs of renters, local authorities and long-term investors alike.   Eleanor Jukes returns to discuss all things renting from how these developments can deliver resilient, inflation-linked incomes, to community engagement, to how residents prefer apartment bedrooms to sit alongside rather than opposite one another because the latter has a distinct ‘prison’ feel...   Find out more about our Real Assets team here: https://www.legalandgeneral.com/institutional/real-assets/?cid=lgimtalks •    Eleanor Jukes, Senior Strategist, Real Assets •    Mark Chappel, Senior Investment Writer We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

This week we’ve returned to that famous British obsession: housing. Now that 20% of the UK population are choosing to rent their home, the expectations of lifestyle renters for their home developments have risen accordingly – such as allowing pets or permanent decoration. The build to rent sector involves the large scale development of new housing stock with the needs of ‘lifestyle renters’ in mind. Although the sector is a comparatively young and smaller part of the UK housing puzzle, build to rent can arguably help meet the needs of renters, local authorities and long-term investors alike. Eleanor Jukes returns to discuss all things renting from how these developments can deliver resilient, inflation-linked incomes, to community engagement, to how residents prefer apartment bedrooms to sit alongside rather than opposite one another because the latter has a distinct ‘prison’ feel... Find out more about our Real Assets team here: <a href="https://www.legalandgeneral.com/institutional/real-assets/?cid=lgimtalks" rel="nofollow" target="_blank">https://www.legalandgeneral.com/institutional/real-assets/?cid=lgimtalks</a> •    Eleanor Jukes, Senior Strategist, Real Assets •    Mark Chappel, Senior Investment Writer We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

46:  Build to rent: Rise of the institutional landlord

It’s said that the only thing that goes up in falling markets is correlation. Diversification across uncorrelated assets, differentiated sources of returns, and foreign currency exposure can help provide natural risk hedges and still deliver the performance sought by investors. This week, we’re talking to members of LGIM’s Asset Allocation team about why investors need to diversify with purpose and the importance nimble asset allocation.   Find out more about keeping asset allocation nimble and sign up to our live webinar on portfolio diversification (6 June) here: http://www2.landginvestments.com/staynimble •    Chris Teschmacher, Fund Manager, Asset Allocation team •    Duncan Weldon, Strategist, Asset Allocation team •    Mark Chappel, Senior Investment Writer We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

It’s said that the only thing that goes up in falling markets is correlation. Diversification across uncorrelated assets, differentiated sources of returns, and foreign currency exposure can help provide natural risk hedges and still deliver the performance sought by investors. This week, we’re talking to members of LGIM’s Asset Allocation team about why investors need to diversify with purpose and the importance nimble asset allocation. Find out more about keeping asset allocation nimble and sign up to our live webinar on portfolio diversification (6 June) here: <a href="http://www2.landginvestments.com/staynimble" rel="nofollow" target="_blank">http://www2.landginvestments.com/staynimble</a> •    Chris Teschmacher, Fund Manager, Asset Allocation team •    Duncan Weldon, Strategist, Asset Allocation team •    Mark Chappel, Senior Investment Writer We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

48: Allocate nimbly and diversify with purpose

Richard Romer-Lee

The target absolute return sector has been unloved to say the least. With the offer of ‘investment nirvana’, as Square Mile’s Richard Romer-Lee puts it, these funds look to reduce volatility and still deliver performance in difficult markets. In this conversation, I sat down with Richard and LGIM’s own Head of UK Retail Distribution, James Crossley, to discuss whether this is a ‘genre, not a sector’, the top concerns he’s hearing from advisers and wealth managers, and how communication and transparency are crucial in managing investors’ risk and return expectations.This episode was recorded at the London Stock Exchange where Richard had just hosted a live webinar featuring a panel of industry experts on diversification, risk management and the role of alternatives in your portfolios.You can watch the whole webinar here:https://event.on24.com/wcc/r/1990531/6AECE2D7A856E8A1ECEC782CF537ED32?partnerref=LGIMTalksDiversification Richard Romer-Lee, Managing Director, Square Mile James Crossley, Head of UK Retail Sales, LGIM Mark Chappel, Senior Investment Writer, LGIM  We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

The target absolute return sector has been unloved to say the least. With the offer of ‘investment nirvana’, as Square Mile’s Richard Romer-Lee puts it, these funds look to reduce volatility and still deliver performance in difficult markets.  In this conversation, I sat down with Richard and LGIM’s own Head of UK Retail Distribution, James Crossley, to discuss whether this is a ‘genre, not a sector’, the top concerns he’s hearing from advisers and wealth managers, and how communication and transparency are crucial in managing investors’ risk and return expectations. This episode was recorded at the London Stock Exchange where Richard had just hosted a live webinar featuring a panel of industry experts on diversification, risk management and the role of alternatives in your portfolios. You can watch the whole webinar here: <a href="https://protect-eu.mimecast.com/s/AQ-TCpQqDhgVo8iPPcDl?domain=event.on24.com" rel="nofollow" target="_blank">https://event.on24.com/wcc/r/1990531/6AECE2D7A856E8A1ECEC782CF537ED32?partnerref=LGIMTalksDiversification</a><ul> <li>Richard Romer-Lee, Managing Director, Square Mile</li> <li>James Crossley, Head of UK Retail Sales, LGIM</li> <li>Mark Chappel, Senior Investment Writer, LGIM</li></ul>    We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

55: Absolute return “a genre, not a sector”, with Richard Romer-Lee, Square Mile

Many investors will still tell you that responsible investment approaches begin and end with negative screens – excluding whole sectors such as oil &amp; gas from portfolios. This is entirely understandable: if an investor wants an ESG integrated portfolio, it seems strange to continue to hold oil stocks. But when you apply this to a market-cap index – such as the MSCI World with its whopping 5% energy weighting – exclusion means allocating more to the technology and finance sectors as a result, perhaps not necessarily the diversification you might have been looking for from an index.    It’s also important to think about what exclusions do to your factor exposure. Swapping energy for tech might have been great for returns these past five years, but on a factor basis that means you will be overweight growth and underweight value going into the next turn of the economic cycle.    In this conversation, we discuss the unintended consequences of exclusions and dive into the ways ESG analysis can be integrated into index products to give you a high ESG impact without a high tracking error.    To find out more and read Dave’s full research paper, visit: www.lgim.com/friendorfoe?cid=lgimtalks    ·         Dave Barron, Head of Index Equity &amp; Smart Beta    ·         Robert StGeorge, Content Manager    We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered.    This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

Many investors will still tell you that responsible investment approaches begin and end with negative screens – excluding whole sectors such as oil &amp; gas from portfolios. This is entirely understandable: if an investor wants an ESG integrated portfolio, it seems strange to continue to hold oil stocks. But when you apply this to a market-cap index – such as the MSCI World with its whopping 5% energy weighting – exclusion means allocating more to the technology and finance sectors as a result, perhaps not necessarily the diversification you might have been looking for from an index. It’s also important to think about what exclusions do to your factor exposure. Swapping energy for tech might have been great for returns these past five years, but on a factor basis that means you will be overweight growth and underweight value going into the next turn of the economic cycle. In this conversation, we discuss the unintended consequences of exclusions and dive into the ways ESG analysis can be integrated into index products to give you a high ESG impact without a high tracking error. To find out more and read Dave’s full research paper, visit: <a href="https://protect-eu.mimecast.com/s/22z2CL82pF9Lg2uqYUlV?domain=lgim.com" rel="nofollow" target="_blank">www.lgim.com/friendorfoe?cid=lgimtalks </a> ·         Dave Barron, Head of Index Equity &amp; Smart Beta ·         Robert StGeorge, Content Manager We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

75: ESG: Why divestment might hold some nasty surprises

Honor Solomon

Honor

Working in her father’s London clothes shop taught Honor two things: that she loved meeting people from all over the world, and that she also loved to sell. In her time in sales teams over her career, she has sought to surround herself with a talented team with great culture – a key combination which helps push everyone to perform to the best of their ability.In this episode of In Conversation With, we talk about the pain points for so many of her clients (regulation) and how no industry is immune to disruption (especially ours). In addition to her role, Honor also helped set up the Legal &amp; General Inclusion Team which includes a focus on all areas of inclusion as well as providing support for those who look after both young children and ageing relatives – the ‘care sandwich’.With a black belt in karate and a dream to return to Japan, this episode travels the world of Honor Solomon and what brought her to asset management. Honor Solomon, Head of Retail, EMEA Mark Chappel, Senior Investment Writer  We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

Working in her father’s London clothes shop taught Honor two things: that she loved meeting people from all over the world, and that she also loved to sell. In her time in sales teams over her career, she has sought to surround herself with a talented team with great culture – a key combination which helps push everyone to perform to the best of their ability. In this episode of In Conversation With, we talk about the pain points for so many of her clients (regulation) and how no industry is immune to disruption (especially ours). In addition to her role, Honor also helped set up the Legal &amp; General Inclusion Team which includes a focus on all areas of inclusion as well as providing support for those who look after both young children and ageing relatives – the ‘care sandwich’. With a black belt in karate and a dream to return to Japan, this episode travels the world of Honor Solomon and what brought her to asset management. <ul> <li>Honor Solomon, Head of Retail, EMEA</li> <li>Mark Chappel, Senior Investment Writer</li></ul>    We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

54: In conversation with: Honor Solomon, Head of Retail, EMEA

Lord Stern

We’ve heard a lot about the need for urgent climate action in the past few months. Sobering documentaries from David Attenborough and hard-hitting activism from Greta Thunberg and the Extinction Rebellion have brought the issue to the forefront of people’s minds. Investors have a pivotal role in meeting the challenge of financing the transition to a low-carbon future and in finding the wealth of returns opportunities that a low-carbon transition presents. This week we’re coming to you from the studios at the London Stock Exchange after having interviewed the Lord Nicholas Stern, Chair of the Centre for Climate Change Economics and Policy. Lord Stern joined us for our panel webinar ESG: What to know and what to do with LGIM’s Head of Institutional Clients, Mark Johnson, and others on the importance of environmental, social and governance risks and opportunities to investments. Without a hint of irony, this episode recording was almost delayed due to Extinction Rebellion protestors having super-glued themselves to the entrance of the LSE. Watch the full webinar with Lord Stern here: https://youtu.be/3ldIlweafvYLGIM has also co-written a practical guide to climate change for institutional investors: http://www.lgim.com/files/_document-library/capabilities/iigcc-guide-addressing-climate-risks-and-opportunities-in-the-investment-process.pdf Lord Nicholas Stern, Chairman of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics Mark Johnson, Head of Institutional Clients Mark Chappel, Senior Investment Writer We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

We’ve heard a lot about the need for urgent climate action in the past few months. Sobering documentaries from David Attenborough and hard-hitting activism from Greta Thunberg and the Extinction Rebellion have brought the issue to the forefront of people’s minds. Investors have a pivotal role in meeting the challenge of financing the transition to a low-carbon future and in finding the wealth of returns opportunities that a low-carbon transition presents.   This week we’re coming to you from the studios at the London Stock Exchange after having interviewed the Lord Nicholas Stern, Chair of the Centre for Climate Change Economics and Policy. Lord Stern joined us for our panel webinar ESG: What to know and what to do with LGIM’s Head of Institutional Clients, Mark Johnson, and others on the importance of environmental, social and governance risks and opportunities to investments.   Without a hint of irony, this episode recording was almost delayed due to Extinction Rebellion protestors having super-glued themselves to the entrance of the LSE.   Watch the full webinar with Lord Stern here: <a href="https://protect-eu.mimecast.com/s/l3DiC86xysmvMMSnm04O?domain=youtu.be" rel="nofollow" target="_blank">https://youtu.be/3ldIlweafvY</a> LGIM has also co-written a practical guide to climate change for institutional investors: <a href="https://protect-eu.mimecast.com/s/A8HVC9QyzhJ3KKHEzwpQ?domain=lgim.com" rel="nofollow" target="_blank">http://www.lgim.com/files/_document-library/capabilities/iigcc-guide-addressing-climate-risks-and-opportunities-in-the-investment-process.pdf</a><ul> <li>Lord Nicholas Stern, Chairman of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics</li> <li>Mark Johnson, Head of Institutional Clients</li> <li>Mark Chappel, Senior Investment Writer</li></ul>  We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

52:  Lord Stern at the LSE: The urgency, opportunity and acceleration of climate action

From the Melrose-GKN bid to the first results of our Climate Impact Pledge, 2018 was a crucial year for better understanding the decisions companies make and how we can make sure the interests of investors are looked after. Technological developments mean that companies are disclosing more data than ever before on their policies and other environmental, social and governance (ESG) metrics, informing our investment and engagement decisions. Sacha Sadan and Meryam Omi join the podcast to talk about the key issues on which they engaged with companies, the recent ESG regulations here in the UK, and the top questions they receive from clients on responsible investing. Read our Active Ownership report here: http://update.lgim.com/activeowner?cid=lgimtalks •    Sacha Sadan, Director of Corporate Governance •    Meryam Omi, Head of Sustainability and Responsible Investment Strategy •    Max Julius, Senior Investment Communications Manager We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

From the Melrose-GKN bid to the first results of our Climate Impact Pledge, 2018 was a crucial year for better understanding the decisions companies make and how we can make sure the interests of investors are looked after. Technological developments mean that companies are disclosing more data than ever before on their policies and other environmental, social and governance (ESG) metrics, informing our investment and engagement decisions. Sacha Sadan and Meryam Omi join the podcast to talk about the key issues on which they engaged with companies, the recent ESG regulations here in the UK, and the top questions they receive from clients on responsible investing. Read our Active Ownership report here: <a href="http://update.lgim.com/activeowner?cid=lgimtalks" rel="nofollow" target="_blank">http://update.lgim.com/activeowner?cid=lgimtalks</a> •    Sacha Sadan, Director of Corporate Governance •    Meryam Omi, Head of Sustainability and Responsible Investment Strategy •    Max Julius, Senior Investment Communications Manager We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

44: Active Ownership 2019: A year of corporate governance

The recent soft patch in growth and dovish shift from the Federal Reserve has made it less likely that the US enters recession next year. While 2019 may not be the year that the US wholly reinvests in its crumbling infrastructure, it’s certainly at the top of both parties’ 2020 policy targets and neither side will want to be outdone. The market has become very pessimistic about infrastructure-related stocks' prospects but we see several potential catalysts that could trigger a rebound over the next two years.   Joining Max on the podcast are Tim Drayson and Lars Kreckel to discuss the team’s contrarian ‘Rebuilding America’ theme and the outlook for US fiscal and monetary policy. Please note that figures are correct as of the time of recording in March 2019.   Read Tim’s latest blog on the US economy here: https://macromatters.lgim.com/categories/economics/us-economy-extending-the-cycle/  Read Lars’s latest blog on US infrastructure stocks here: https://macromatters.lgim.com/categories/strategy/rebuilding-america-the-case-for-us-infrastructure-stocks/  •         Tim Drayson, Head of Economics •         Lars Kreckel, Global Equity Strategist •         Max Julius, Senior Investment Communications Manager   We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

The recent soft patch in growth and dovish shift from the Federal Reserve has made it less likely that the US enters recession next year. While 2019 may not be the year that the US wholly reinvests in its crumbling infrastructure, it’s certainly at the top of both parties’ 2020 policy targets and neither side will want to be outdone. The market has become very pessimistic about infrastructure-related stocks' prospects but we see several potential catalysts that could trigger a rebound over the next two years. Joining Max on the podcast are Tim Drayson and Lars Kreckel to discuss the team’s contrarian ‘Rebuilding America’ theme and the outlook for US fiscal and monetary policy. Please note that figures are correct as of the time of recording in March 2019. Read Tim’s latest blog on the US economy here: <a href="https://macromatters.lgim.com/categories/economics/us-economy-extending-the-cycle/" rel="nofollow" target="_blank">https://macromatters.lgim.com/categories/economics/us-economy-extending-the-cycle/</a> Read Lars’s latest blog on US infrastructure stocks here: <a href="https://macromatters.lgim.com/categories/strategy/rebuilding-america-the-case-for-us-infrastructure-stocks/" rel="nofollow" target="_blank">https://macromatters.lgim.com/categories/strategy/rebuilding-america-the-case-for-us-infrastructure-stocks/</a> •         Tim Drayson, Head of Economics •         Lars Kreckel, Global Equity Strategist •         Max Julius, Senior Investment Communications Manager We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

42: Let’s rebuild America

How will the FCA clarification that environmental, social and governance (or ESG) considerations are “financially material” risks affect the IGC’s approach to scheme oversight?  Daniel Godfrey, LGIM IGC member and former chief executive of the Investment Association, discusses what the IGC’s expanded powers mean, what LGIM’s approach to ESG integration means for pensions, and future risks and opportunities. Simon Chinnery, Head of DC Client Solutions, explains what is top of mind for his clients, and what LGIM is doing to help.

56: ESG and the Independent Governance Committee: How FCA changes will affect your scheme

James Carrick

Variable or fixed rate mortgage? That’s the first question asked once someone knows you’re an economist, in James’s experience. Despite an original plan to study computer programming, when the school didn’t offer the course he turned to economics, following it through academia and into the Treasury. From the world of computer games to interest rate expectations, we explore James’s search for the ultimate ‘underlying spreadsheet’.   In our discussion, James talks about how the loss of his father’s job shaped his views of booms, busts and policy levers, and how the provision of capital from the ‘haves’ to the ‘have nots’ drives economic innovation and creative destruction.   Today’s guest:   •         James Carrick, Global Economist, Asset Allocation team   We want to hear from you. Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

Variable or fixed rate mortgage? That’s the first question asked once someone knows you’re an economist, in James’s experience. Despite an original plan to study computer programming, when the school didn’t offer the course he turned to economics, following it through academia and into the Treasury. From the world of computer games to interest rate expectations, we explore James’s search for the ultimate ‘underlying spreadsheet’. In our discussion, James talks about how the loss of his father’s job shaped his views of booms, busts and policy levers, and how the provision of capital from the ‘haves’ to the ‘have nots’ drives economic innovation and creative destruction. Today’s guest: •         James Carrick, Global Economist, Asset Allocation team We want to hear from you. Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

45: In conversation with: James Carrick, Global Economist

Fadi Zaher

What can Alex Ferguson’s career teach us about factor investing? In recent years, index and factor investing solutions have been bestsellers. But factor investing success is not a foregone conclusion, and there are plenty of quirks and misprints in the literature.     In his new book, Index Fund Management: A Practical Guide to Smart Beta, Factor Investing and Risk Premia, Fadi Zaher simplifies the world of factors and calls out both the factor fanatics and the smart beta sceptics. This conversation touches on the five equity factors that matter – value, quality, momentum, low volatility and size – and why factors are the nutrients in your portfolio meal, you have to have a balance!    Fadi’s book is available on Amazon now and you can also find more of his writings on factor investing here: https://futureworldblog.lgim.com/authors/fadi-zaher/?cid=lgimtalks     ·         Fadi Zaher, Head of Index Solutions and author    ·         Max Julius, Head of Content    We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered.    This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

What can Alex Ferguson’s career teach us about factor investing? In recent years, index and factor investing solutions have been bestsellers. But factor investing success is not a foregone conclusion, and there are plenty of quirks and misprints in the literature.  In his new book, Index Fund Management: A Practical Guide to Smart Beta, Factor Investing and Risk Premia, Fadi Zaher simplifies the world of factors and calls out both the factor fanatics and the smart beta sceptics. This conversation touches on the five equity factors that matter – value, quality, momentum, low volatility and size – and why factors are the nutrients in your portfolio meal, you have to have a balance! Fadi’s book is available on Amazon now and you can also find more of his writings on factor investing here: <a href="https://protect-eu.mimecast.com/s/RWLXCpQqDh3RxWiD4eP6?domain=futureworldblog.lgim.com" rel="nofollow" target="_blank">https://futureworldblog.lgim.com/authors/fadi-zaher/?cid=lgimtalks</a> ·         Fadi Zaher, Head of Index Solutions and author ·         Max Julius, Head of Content We want to hear from you! Email us at <a href="mailto:mark.chappel@lgim.com">mark.chappel@lgim.com</a> with your thoughts on the podcast and any suggestions of the guests or types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

76: Fadi Zaher, author of “Index Fund Management, A Practical Guide to Smart Beta”

Investing in the Chinese economy often deals with particularly impressive numbers. This is an economy which has tripled in size since 2005, even now contributing approximately a third of all world GDP growth despite fears that China’s growth has fallen to a ‘mere’ 6%. When a fifth of all travel expenditure comes from the less than 10% of Chinese citizens who hold passports, the Chinese consumer is already an immense driving force of that growth.   Despite this, the medium-term investment outlook for China is often presented as mixed. The surge in debt levels and demographic concerns over an ageing population lead many to fear a Chinese ‘hard landing’. James and Veeral join the podcast for a fascinating discussion on why China looks like 1970s Japan and how the government’s beginning to change its tune on intellectual property rights.   Read James’s latest blog on the China’s structural slowdown here: https://macromatters.lgim.com/categories/economics/chinas-structural-slowdown-why-5-is-the-new-15/  Read Veeral’s latest blog on Chinese mobile subscription costs here: https://futureworldblog.lgim.com/categories/themes/whats-a-chinese-mobile-phone-subscriber-worth/ •    James Carrick, Global Economist •    Veeral Gandhi, Equity Analyst •    Mark Chappel, Senior Investment Writer   We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered.   This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

Investing in the Chinese economy often deals with particularly impressive numbers. This is an economy which has tripled in size since 2005, even now contributing approximately a third of all world GDP growth despite fears that China’s growth has fallen to a ‘mere’ 6%. When a fifth of all travel expenditure comes from the less than 10% of Chinese citizens who hold passports, the Chinese consumer is already an immense driving force of that growth. Despite this, the medium-term investment outlook for China is often presented as mixed. The surge in debt levels and demographic concerns over an ageing population lead many to fear a Chinese ‘hard landing’. James and Veeral join the podcast for a fascinating discussion on why China looks like 1970s Japan and how the government’s beginning to change its tune on intellectual property rights. Read James’s latest blog on the China’s structural slowdown here: <a href="https://macromatters.lgim.com/categories/economics/chinas-structural-slowdown-why-5-is-the-new-15/" rel="nofollow" target="_blank">https://macromatters.lgim.com/categories/economics/chinas-structural-slowdown-why-5-is-the-new-15/</a> Read Veeral’s latest blog on Chinese mobile subscription costs here: <a href="https://futureworldblog.lgim.com/categories/themes/whats-a-chinese-mobile-phone-subscriber-worth/" rel="nofollow" target="_blank">https://futureworldblog.lgim.com/categories/themes/whats-a-chinese-mobile-phone-subscriber-worth/</a> •    James Carrick, Global Economist •    Veeral Gandhi, Equity Analyst •    Mark Chappel, Senior Investment Writer We want to hear from you! Email us at mark.chappel@lgim.com with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal &amp; General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal &amp; General Investment Management. Legal &amp; General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal &amp; General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal &amp; General Investment Management.

43: China: The consumption powerhouse

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