Inside Active by Bloomberg Intelligence

As value investing has lagged behind in a market led by a narrow group of large-cap growth stocks, insider buying has remained a closely watched signal, particularly during periods of volatility. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, spoke with John Spears and Jay Hill, managing directors with Tweedy, Browne and portfolio managers for the Insider + Value ETF (COPY) and International Insider + Value ETF (ICPY) about combining those ideas into a systematic investment approach. They discuss how they define value today, why insider buying can be a powerful signal, how they separate meaningful trades from noise and how they build portfolios designed to capture the strategy’s long-term results. This episode was recorded on March 24.See omnystudio.com/listener for privacy information.

Active fixed-income ETFs are entering a new phase of growth, driven by investor demand, structural advantages and expanding product breadth. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Jeff Johnson, head of Fixed Income Product at Vanguard, about the rapid rise of active bond ETFs and why fixed income remains a compelling space for active management. They discuss Vanguard’s expansion beyond its indexing roots, the appeal of ETFs for flexibility, liquidity and cost efficiency, and the key design challenges of active strategies in an ETF wrapper, including daily portfolio disclosure and scalability. The conversation also explores where flows are moving across short duration, core and higher-yielding strategies. Recorded March 19.  See omnystudio.com/listener for privacy information.

Active ETFs may be in a golden age, not just a hot streak, driven by product innovation, lower structural frictions, conversions and potential ETF share classes. In this episode of the Inside Active podcast, host David Cohne, a mutual fund and active management analyst at Bloomberg Intelligence, along with co-host Athanasios Psarofagis, an ETF analyst at BI, speak with Todd Sohn, chief ETF strategist at Strategas Securities. They discuss the current state of the active ETF market, including the breadth of flows across asset classes, the rise of outcome-oriented products and whether crowded areas like buffers and certain derivative-based strategies have become overhyped. They also examine which products helped redefine the category, where active ETFs are taking share and underappreciated areas of future growth such as small-cap, fixed income and alternatives. This episode was recorded on March 16.See omnystudio.com/listener for privacy information.

Rating agencies have been broadly positive, but their outlook is turning more cautious — especially in high yield — as geopolitical risks rise and spreads remain tight. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, along with co-host Sam Geier, corporate credit strategist at Bloomberg Intelligence, speak with David Sherman, founder and chief investment officer of CrossingBridge Advisors and a portfolio manager of the RiverPark Strategic Income Fund (RSIIX). Sherman explains why protecting return of capital matters more than chasing return on capital, how he applies a value-investing discipline to credit markets and where he’s finding opportunity in an expensive environment, including in the Nordic bond market. The conversation also explores the K-shaped divide in corporate credit fundamentals, the evolving distressed landscape and why liquidity premiums may be the most underappreciated risk in fixed income today. The podcast was recorded on March 3.  See omnystudio.com/listener for privacy information.

In a market shaped by index concentration and short-term performance pressures, contrarian strategies are leaning into opportunities others may not have the patience or liquidity to own. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Murray Stahl, CEO, CIO and co-founder of Horizon Kinetics and a portfolio manager for the Paradigm Fund (WWNPX). They discuss the firm’s long-horizon contrarian philosophy, grounded in Stahl’s view that investors optimize for one-year grading periods, and its concept of an equity yield curve to explain why long-duration opportunities can be overlooked. The conversation also covers the fund’s willingness to let winners compound rather than trim positions, the tax considerations behind concentration, Stahl’s framework for Bitcoin exposure and why he views private investments as a natural extension of the strategy in an era of index dominance. The podcast was recorded on Feb. 18.  See omnystudio.com/listener for privacy information.

Active ETFs, especially in fixed income, are surging as 10,000 Americans retire each day and demand grows for predictable, outcome-oriented income solutions for the trillions of dollars held in retirement accounts. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Dave Abner, head of global ETFs and funds at Northern Trust Asset Management. They discuss Northern Trust’s distributing ladder ETFs and the evolving opportunity set in municipal bond ETFs, while also examining why active ETFs are hitting a “hockey stick” growth moment. The conversation explores how automation and market-structure shifts may be reshaping traditional alpha opportunities in fixed income and what that means for risk-taking and portfolio construction. The podcast was recorded on Feb. 26.See omnystudio.com/listener for privacy information.

The US remains central to AI leadership, but investors should expect broader, more global opportunities to emerge in 2026. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Breanne Dougherty, BI’s head of thematic strategy, speak with Sarbjit Nahal, a portfolio manager and analyst with the Global Thematic Equity team at Lazard Asset Management, which manages the Lazard Equity Megatrends ETF (THMZ). They discuss the role of thematic investing in capturing future wealth, how Lazard identifies megatrends, why megatrend investing is critical for navigating structural shifts and the importance of valuation discipline. The conversation also explores the growing significance of power and infrastructure in the age of AI, as well as rising interest in thematic investing among institutional investors and younger generations. The podcast was recorded on Feb. 9.See omnystudio.com/listener for privacy information.

True passive investing may not exist, as all investing ultimately involves active decisions. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, along with co-host James Seyffart, senior ETF analyst at BI, spoke with Michael Green, portfolio manager and chief strategist at Simplify Asset Management, about the implications of passive investing’s dominance and the challenges facing active managers. They discuss how large index-tracking product flows may be reducing market elasticity, distorting price discovery and contributing to systemic risks. The conversation also explores whether active strategies can adapt and find opportunities in an increasingly index-driven market. The podcast was recorded on Feb. 10.See omnystudio.com/listener for privacy information.

Bloomberg’s Market Pulse gauge hit an official manic condition at the end of January, where defensive sectors tend to outperform cyclicals and small caps often lag large caps. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Michael Casper, BI’s senior US equity strategist, speak with Christopher Tessin, a founder and managing partner of Acuitas Investments and lead portfolio manager for the Acuitas US Microcap Fund (AFMCX), about the firm’s multimanager approach to micro-cap investing. They discuss why the most critical factor in evaluating managers is idea-generation skill, not historical returns alone and why the greatest inefficiencies and alpha opportunities exist at the smallest end of the market-cap spectrum. The conversation also explores why quality matters more in micro caps and why Tessin is bullish on small and micro caps after a long period of underperformance. The podcast was recorded on Feb. 5.  See omnystudio.com/listener for privacy information.

Actively managed municipal bond funds continue to attract strong investor interest, with active mutual funds taking in over $24 billion and active muni ETFs seeing over $22 billion in net flows last year. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Alex Petrone, head of fixed income and of distribution for the Americas at Rockefeller Capital Management, about the advantages of active management in the municipal bond market. They discuss why the steep municipal yield curve presents compelling investment opportunities, how active managers can exploit inefficiencies in a highly fragment market and why municipal bonds have historically shown resilience during economic downturns. The conversation also explores how technology is reshaping municipal credit research and portfolio construction. The podcast was recorded on Jan. 27.See omnystudio.com/listener for privacy information.

For JPMorgan’s income managers, discipline means delivering predictable outcomes through rigorous risk management rather than chasing headline yield. In this episode of Inside Active, host David Cohne, a mutual fund and active management analyst at Bloomberg Intelligence, and co-host Eric Balchunas, senior ETF analyst at BI, speak with Hamilton Reiner, managing director and CIO of the US Core Equity Team, and James McNerny, managing director and portfolio manager within the Global Liquidity business. They discuss the growing appeal of equity income strategies like the JPMorgan Equity Premium Income ETF (JEPI), why the fund is designed around predictable outcomes rather than maximizing yield and how index-level options allow JPMorgan to generate income without sacrificing stock selection. The conversation also explores why the JPMorgan Ultra-Short Income ETF (JPST) is positioned as a deliberate step beyond cash, how the team prioritizes liquidity and capital preservation and why tight controls on credit and spread risk matter in volatile markets. The podcast was recorded on Jan. 13.See omnystudio.com/listener for privacy information.

Actively managed ETFs took in nearly $500 billion in 2025, indicating growing confidence in active strategies in the ETF wrapper. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Athanasios Psarofagis, a BI ETF analyst, speak with Todd Rosenbluth, head of research at TMX VettaFi, about the growth of active ETFs, the impact of market conditions, the role of brand and the challenges of overcrowding in the space. They also discussed the implications of share-class conversions, how advisers are using active ETFs, what will determine the success of new products and why some active strategies are better left in mutual funds. The podcast was recorded on Jan. 7.See omnystudio.com/listener for privacy information.

US value stocks have quietly regained momentum and remain deeply discounted relative to growth, a valuation backdrop that has historically supported strong forward performance. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, and co-host Christopher Cain, BI’s US quantitative strategist, speak with Meb Faber, co-founder, chief executive officer and chief investment officer of Cambria Investment Management, and a portfolio manager of the Cambria Global Value ETF (GVAL). The discussion explores why GVAL was designed to address a shortcoming in market-cap weighting, why Faber’s process begins with country-level valuations, and how composite valuation metrics can help reduce model risk. They also examine the role of investor psychology in shaping market behavior and why historical market patterns remain a usSee omnystudio.com/listener for privacy information.

Earnings in 3Q beat expectations, but momentum is fading, suggesting a high earnings bar for 2026 and potentially more market volatility. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Michael Casper, BI’s senior US equity strategist, speak with Justin White, portfolio manager of the T. Rowe Price All-Cap Opportunities Fund (PRWAX). They discuss White’s four-pillar investment process and how pattern recognition helps him identify durable growth or unrealistic expectations. They also explore what part of the market is overestimating long-term monopoly profits, where high valuations have become unattractive due to poor risk-reward and which areas could offer long-term outperformance through 2030. The podcast was recorded on Dec. 4.  See omnystudio.com/listener for privacy information.

Earnings season was strong, with profits doubling forecasts and solid margins driving the bull market despite higher volatility. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host Christopher Cain, US quantitative strategist at BI, speak with Jerry Parker, founder and chairman of Chesapeake Capital and portfolio manager on funds including the Blueprint Chesapeake Multi-Asset Trend ETF (TFPN). They explore his “trend-following-plus-nothing” philosophy, which adheres to pure, uncompromised trend following without added strategies or smoothing. They also discussed why diversification is paramount, why stocks belong in commodity-trading-adviser portfolios and how the original turtle experiment could be adapted for today’s generation of traders. The podcast was recorded on Nov. 11.See omnystudio.com/listener for privacy information.

A potential shift in US monetary policy toward fiscal dominance — where government financing influences rates more than inflation control — could change the risk-return trade-off for CLO investors. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Reto Bachmann, BI’s chief structured finance strategist, spoke with Bill Sokol, director of product management at VanEck and Fran Rodilosso, head of fixed income ETF portfolio management and a portfolio manager on the VanEck CLO ETF (CLOI) and VanEck CLO AA-BB CLO ETF (CLOB), about why active management is essential when it comes to manager selection and loan-level analysis and how effective ETF management mitigates liquidity risk through diversified exposure across tranches. They also discussed why relative value remains attractive as CLO tranches yield more than corporates and other asset-backed securities. This podcast was recorded on Nov. 4.   See omnystudio.com/listener for privacy information.

AI’s next competitive edge is increasingly tied to vertical integration, connecting digital capacity with physical infrastructure. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Breanne Dougherty, BI’s head of thematic strategy, speak with Eli Horton, managing director of equities at TCW and senior portfolio manager for the TCW Transform Systems ETF (PWRD). Horton discusses why he rejects traditional sector-based investing, arguing instead for a systems-based approach, which views the economy as interconnected systems. They also discuss why changing legacy industries is crucial for transformation, how bottlenecks in the power supply present investment opportunities and why he views decentralized energy systems as highly promising. The podcast was recorded on Oct. 14.  See omnystudio.com/listener for privacy information.

High-quality stocks, measured by profitability, are trading at historically elevated levels, among the strongest in 25 years. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Christopher Cain, US quantitative strategist at BI, speak with Sid Jain, deputy portfolio manager at GQG Partners, about the firm’s focus on durable earnings and forward-looking quality, its US Select Quality Equity Fund (GQEPX) and why today’s market — particularly in tech — could prove worse than the dot-com bubble. They also discuss the team’s approach, which blends quant guardrails, investigative research and price-momentum awareness to avoid value traps. The podcast was recorded on Oct. 6.  See omnystudio.com/listener for privacy information.

Despite tariff-related concerns, corporate earnings, especially in the S&P 500, have been stronger than expected. In this episode of Inside Active, host David Cohne, mutual-fund and active management analyst with Bloomberg Intelligence, along with co-host Michael Casper, US Small Cap and Sector Strategist at Bloomberg Intelligence spoke with Michael Lippert, Vice President and Head of Technology Research at Baron Capital and a portfolio manager for the Baron Opportunity (BIOIX) and Baron Technology (BTECX) funds about the Baron Capital philosophy, which focuses on secular growth trends with durable, compounding potential and the firm’s preference for companies that can expand into multiple growth curves. They also discussed the transformative impact of AI across industries and why physical AI is a powerful but underappreciated theme. See omnystudio.com/listener for privacy information.

Emerging markets have had one of the strongest years since 2017, with currency appreciation a key driver of returns. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Marvin Chen, BI’s senior Asia equity strategist spoke with Robert Marshall-Lee, founding partner and chief investment officer of Cusana Capital about its sword-and-shield framework, which seeks high-quality, founder-led compounders with structural growth and avoids value-destructive companies. They discussed why emerging-market indexes are full of weak companies, why tariffs are seen as short-term noise rather than structural impediments and where future opportunities could be strongest. The podcast was recorded on Sept. 9.See omnystudio.com/listener for privacy information.