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Market Narratives

Author: Investment Magazine

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Market Narratives is a podcast series hosted by Investment Magazine that features unorthodox conversations with thought leaders influencing the world of fiduciary investors.

Investment Magazine is the leading publication for Australia's $3 trillion superannuation industry. It provides trusted news, analysis and editorial on the issues impacting superannuation funds, such as regulation, asset allocation, portfolio construction, governance, as they strive to secure better retirement outcomes for their members.
134 Episodes
Greater access to information from companies and associations on geospatial analysis combined with the acceleration and exponential destruction of the ecosystem has prompted biodiversity to becoming a hot topic in making investment decisions. Conexus Financial managing editor Julia Newbould talks to Newton Investment Management global head of sustainable investment Therese Niklasson 
Food for thought

Food for thought


Our food system needs to be more productive and sustainable with increased demand, changing diets and an outdated production system. According to PGIM thematic research group director Jakob Wilhelmus, there are two main challenges in the food chain right now – our current food system is outdated and secondly the devastating impact on the environment and climate change.
Last year was a terrible year for growth equity investing but 2023 will be a year they can shine, as long as interest rates stabilise, according to Raj Shant, London-based managing director and equity portfolio specialist at Jennison Associates, which is a fundamental equities manager owned by PGIM.
Balanced portfolios will be more volatile without the “natural hedge” provided by a negative correlation between stocks and bonds, but diversification will remain a powerful tool to protect portfolios, according to Noah Weisberger, managing director in the Institutional Advisory & Solutions group at PGIM.
With volatility a strong theme of markets and economies over 2022, some investors have de-risked their portfolios and lost their stomach for riskier emerging markets investments but Alex Khosla, emerging markets and Asia equities portfolio manager at sustainable investment manager Newton Investment Management, argues emerging markets still offer value if you know how to find it. 
The world is experiencing the results of an underinvestment in traditional oil/gas energy infrastructure which was compounded by Covid- 19, when some companies believed that peak oil demand had arrived pulling back even more on investment, then came the Russian invasion of Ukraine, and the disruption is overlaid with the longer-term focus on energy transition. David Winans, principal and credit analyst for PGIM Fixed Income’s US investment grade credit research team and Julia Newbould, managing editor, Conexus Financial look at both sides of the demand and supply puzzle.
Tom Nelson, head of thematic equity at Ninety One, talks to Conexus Financial managing editor Julia Newbould about the extent of the shock to energy markets through the Ukraine War and how it will impact the transition to clean energy and how portfolio managers can invest in renewables and achieve carbon zero targets in this volatile market.
A shift towards positive correlation between stocks and bonds is likely, and this phenomenon could persist for many years if history is a guide and this could lead to a “much more volatile world” for those trying to maintain balanced portfolios and may force investors to either raise their risk budgets or lower their return expectations, according to Dr Noah Weisberger, managing director at PGIM IAS group.
Richard Bullock, senior geopolitical strategist at Newton Investment Management and Julia Newbould, managing editor at Conexus Financial talk about today’s economic environment. They discuss how it is the time for geopolitical strategists to start using all their tools – there is war in Ukraine and Russia, ongoing tensions between China and Taiwan, a change in world order, a move towards global energy transition and the emergence of a new financial system across various economies – and the outlook is inflation volatility will continue as the world splits into rival camps.
CEO Bernard Reilly and chair Don Luke of Australian Retirement Trust joined us at the Fiduciary Investors Symposium in June 2022 for a fireside chat on how the fund is adapting and progressing post-merger, and what is next on the agenda for Australia’s newest mega fund. This session was hosted by Michael Baldwin, global head of external relationships & deputy CEO, Conexus Financial.
In this live recording from the Fiduciary Investors Symposium in June 2022, BHP chief executive, Mike Henry, explores the growing role of mined commodities in the global energy transition. This fireside chat was hosted by Amanda White, director of institutional content, Conexus Financial.
Michelle Teng, vice president and co-head of the private assets research program in PGIM’s Institutional Advisory & Solutions (IAS) group, speaks with Julia Newbould, acting editor at Investment Magazine about how climate change and early release schemes can affect super funds and the wider economy.
Junying Shen, vice president and co-head of the private assets research program in the Institutional Advisory & Solutions (IAS) group at PGIM, speaks with Amanda White, editor of (Investment Magazine’s sister publication), on how historical performance and cash flow characteristics differ enormously among infrastructure asset sectors.
Private assets are appealing for their attractive risk-return properties and diversification potential not available to investors limited to public markets, but as demand rises for private assets in the search for alpha, liquidity risk has become a growing concern for investors Michelle Teng, vice president of PGIM's Institutional Advisory & Solutions group explains in an interview with Amanda White. Teng argues that funds can closely manage volatility risk in their portfolios and survive periods of short-term volatility, but sustained liquid asset drawdowns are a greater concern and can cause lasting damage to portfolios. 
While many asset allocators might view emerging market debt as volatile and a tactical investment, there's perhaps more strategic value in the asset class than many give it credit for, Aaron Grehan, Aviva Investors deputy head of Emerging Market Debt and hard currency portfolio manager explains in an interview with Matthew Smith. Grehan argues that blending of investment grade and high yield could change the frame of reference for many institutional investors who consider EMD highly volatile to something more defensive.
Technologies that have decimated and transformed the retail and manufacturing sectors are finally 'knocking at the doors' of the services sector, Taimur Hyat, chief operating officer at PGIM explains in an interview with Amanda White. Hyat argues that institutional investors need to build a higher level of technology education within their in-house sector specialist teams to stay ahead of the curve.
Amid increasing allocations to real assets by asset owners and pension funds globally, PGIM's Harsh Parikh puts forward a framework for thinking which encourages funds to tailor their approach to each individual asset and avoid making assumptions by using off the shelf benchmarks and historical averaging. Parikh also puts some numbers around the strengthening interest real assets among asset owners as inflation expectations have also risen. 
In one of the first interviews with David Breach since he became President of Vista Equity Partners, the global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, Investment Magazine managing editor Matthew Smith talks through the ecosystem approach Visa takes to extracting and nurturing value in its portfolio companies. During the interview Breach also uses a local Australian case study to highlight the advantages that can be derived from co-investing with asset owners and he raises the importance of a committed approach to diversity, equality and inclusion for him and Vista’s Founder, Chairman & CEO, Robert F. Smith, in the all-pervasive technology sector.
All views expressed on this podcast are subject to change and do not necessarily reflect the views of Conexus Financial. This podcast is for educational purposes only and should not be relied upon as investment advice.
All views expressed on this podcast are subject to change and do not necessarily reflect the views of Conexus Financial. This podcast is for educational purposes only and should not be relied upon as investment advice.
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