LGIM Talks

In this episode, we explore the crucial role that mathematics plays in modern investment strategy. We also discuss how human irrationality shows up in investment behaviour and share practical ideas for numerically minded students considering a career in the industry. This episode features Fadi Zaher, Head of Index Solutions, and Aanand Venkataraman, Head of ETFs, and is hosted by Harry Brooks, Content Manager. For professional investors only. Capital at risk.

11/28/24 • 22:14

Will the US Federal Reserve cut rates again in December? How is dollar strength affecting Europe and Japan? And why have markets been unmoved by the policy support announcement from China? This podcast is hosted by Harry Brooks, Content Manager. All data is sourced from Eikon as at 20 November 2024 unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

11/21/24 • 23:05

Earlier this month, representatives of 196 countries gathered in Columbia for the United Nations’ COP16 – the world’s largest biodiversity summit. It was two years ago at COP15 - when governments struck a historic deal to halt the destruction of ecosystems. So, COP16 had big boots to fill! But what actually happened at the summit and what could it mean for the planet and investors? In this episode, we interview two climate and nature experts in our Investment Stewardship team – Alex Burr, ESG policy lead, and Toby MacKean, ESG analyst. Alex and Toby flew out to Columbia for the summit and will be sharing their ‘on the ground’ perspectives to help us navigate the event and its potential impact. For professional investors only. Capital at risk.

11/15/24 • 28:27

Following Donald Trump’s historic comeback, we assess the key implications for investors in a special podcast recorded hours after the result was announced. During the call, Sonja Laud, LGIM’s Chief Investment Officer, is joined by Jason Shoup, CIO and Co-Head of Global Fixed Income at LGIM America, and Tim Drayson, Head of Economics at LGIM. They also cover: The immediate market reaction to the election result – and whether we think this is sustainable, including the longer outlook for Treasuries and the US yield curve The interplay between tariffs, growth and inflation – and potential impact on monetary policy worldwide How Trump’s victory might affect the geopolitical makeup of an increasingly multi-polar world The podcast is the edited audio from a client webinar held on 6 November, moderated by Mark Johnson, Head of UK, Institutional and Wholesale. For professional investors only. Capital at risk.

11/7/24 • 28:31

The goal is to allocate more capital to the business opportunities the transition creates, while simultaneously driving down emissions over time. Traditionally investors and companies have asked the question: “How should an investor balance a focus on reducing their climate impact with a desire for financial returns?” However, it is our firm belief that we could be asking a different, more positive question: “How can these opportunities and risks be addressed simultaneously?” In our latest Climate Solutions podcast we delve into the detail of climate action investing. Why do we see the need for a more active approach? What’s a method investors can employ to seek to reduce emissions and target returns simultaneously? And practically speaking, how do we believe value can be unlocked from the energy transition? Our Head of Climate Solutions, Nick Stansbury and Robert White, our Head of Active Equities, explain all. To discover more about climate action investing, please read our latest whitepaper Climate change: Inaction is not an option https://blog-cms.lgim.com/globalassets/lgim/_document-library/climate-change-inaction-is-not-an-option-whitepaper-final.pdf For professional investors only. Capital at risk.

10/17/24 • 20:24

Has the blistering rally in Chinese equities got further to go, or was that it? What do strong jobs numbers out of the US tell us about the likely path of interest rates? And how could the arrival of a new prime minister in Japan affect the strength of the yen?  This podcast is hosted by Harry Brooks, Content Manager. All data is sourced from Eikon as at 8 October 2024 unless otherwise stated. For professional investors only. Capital at risk.

10/10/24 • 26:55

For the latest in our quarterly series of updates on the global fixed income market, LGIM’s Head of Euro Credit Marc Rovers gives us a detailed briefing on where the European debt market is, and where it may be heading. In a broad-ranging discussion, we cover what lay behind the late summer’s sporadic spikes in volatility, potential European spillover effects from the US election, why bond issuance is running at an all-time high – and much more. This episode is hosted by Andrew Lowry, European Content Manager. For professional investors only. Capital at risk.

10/3/24 • 15:14

Many of the themes at the heart of the US election are of immense importance to investors. As the presidential race enters its final stage, we discuss the key investment implications. During the podcast, Sonja Laud, LGIM’s Chief Investment Officer, is joined by three colleagues from LGIM America: Jason Shoup, CIO and Co-Head of Global Fixed Income; Jason Becker, Head US Credit Strategy; and Anthony Woodside, Head of Multi-Sector Fixed Income & Investment Strategy. They cover: Our view that the risk of a “sweep” vote may be underpriced by markets The implications for fiscal and monetary policy under a Harris or Trump administration The outlook for US credit markets and EM fixed income under different outcomes Broader themes in common with elections elsewhere globally, not least the focus on immigration In addition, our speakers offer their usual recommendations for extracurricular reading and viewing material. The podcast was recorded on 23 September and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.

9/25/24 • 37:43

What does it take to rise up the ranks of investment distribution? And how has the advent of hybrid working and the demise of corporate hospitality changed the business of selling funds? In this episode, Ben Cherrington, LGIM’s Head of UK Wholesale, shares candid insights from more than two decades spent at some of the best-known asset managers, and explains why it’s a tougher business now than ever before. This episode is hosted by Harry Brooks, Content Manager.  Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

9/19/24 • 29:56

What was behind last month’s ‘flash crash’ and last week’s smaller wobble? Does the dis-inversion of the US treasury yield curve signal recession? And what are markets telling us about the likely path of interest rates in the US, Europe and the UK? This podcast is hosted by Harry Brooks, Content Manager. All data is sourced from Eikon as at 10 September 2024 unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

9/12/24 • 20:51

It’s been more than a year since Robert Waugh took over as the independent chair of the Legal & General Mastertrust’s board of trustees. In our latest DC podcast, Robert and Kim Brown, Head of Mastertrust & IGC, review the highlights and challenges of his first year in post, the implications of a change of government – which had been elected just two weeks before their conversation – and Robert’s ambitions for the future. Kim also finds out more about the man behind the role including Robert’s interests and what he’d recommend from his recent reading list. For professional investors only. Capital at risk 

9/5/24 • 15:43

With surplus extraction now a realistic proposition for many DB schemes, ‘run-on’ could be an increasingly popular endgame option. In our latest DB podcast we continue our discussion of the endgame options available for DB pension schemes, and in particular, why the government’s review of the regulation around surplus extraction could potentially lead to increased desire among pension trustees to consider ‘running on’ their scheme. And what do the terms ‘run-on’ and ‘surplus’ mean in the first place? Mathew Webb, Legal & General’s Head of Endgame Solutions, explains all.  For professional investors only. Capital at risk

8/29/24 • 09:00

We’re taking a short break from the pod but we’ll be back on 22 August with more news and views from across our investment teams.

8/8/24 • 00:23

What can the summer of sport tell us about the power of the world’s biggest brands? How can brand value be quantified? And why might investors seek to add exposure to the owners of the strongest global brands?  Delving into these questions in this episode are: Henry Farr, Director, Brand Finance® Ellie Piscopiello, Senior ETF Analyst, LGIM This podcast is hosted by Harry Brooks, European Content Manager. For professional investors only. Capital at risk. Securities are mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security. Sources: Sponsorship value of 2024 Olympics: CNN, July 2024 Roger Federer’s endorsement portfolio: Forbes, 2023 Financial characteristics of owners of global brands refers to top 100 global brands as per Brand Finance®'s ranking for the seven years ended 31 December 2022. ‘Mega cap peers’ refers to companies with market cap over $15bn Nike logo history: Reuters, 2023

8/1/24 • 20:24

How should investors interpret the latest twists and turns in the race for the White House? What’s behind the rise in US small-cap stocks? What should investors conclude now that China’s third plenum has ended? And why is August such a special month for our very own Ben Bennett, Head of Investment Strategy, Asia?  This podcast is hosted by Frances Watson, Senior Content Manager. All data is sourced from Eikon as at 22 July 2024 unless otherwise stated. For professional investors only. Capital at risk.

7/24/24 • 18:36

Is investor interest in private markets set to continue? Or has their appeal been hit by the interest rate cycle of the last two years? And how can investors position themselves to align with the megatrends shaping the investment environment of the future? Andrew Lowry, Content Manager at Legal & General, is joined by Rob Martin, Global Head of Investment Strategy and Research for Private Markets, and Infrastructure Strategist, Marija Simpraga, to discuss the potential factors driving performance in private markets for the rest of 2024 - and beyond. This episode was recorded before Joe Biden’s decision to withdraw from the US presidential campaign. For professional investors only. Capital at risk.

7/22/24 • 27:30

With so much to uncover about how private market investments could fit into DC pension fund strategies, we look at some of the challenges and how they might be addressed. Rita Butler-Jones, Head of DC at Legal & General, is joined by Christy Lindsay, Head of Private Markets Distribution, and Martin Dietz, Head of Diversified Strategies, to discuss what we mean by private market investments, the potential benefits of these type of assets for DC savers, and the obstacles that need to be overcome to access opportunities for scheme members in a responsible way. For professional investors only. Capital at risk.

7/15/24 • 16:44

The accuracy of opinion polls has meant that the initial reaction of sterling assets to a new government has been relatively muted. But irrespective of a change of politicians, for investors the key issues remain the same – namely the rise of geopolitics, immigration, deglobalisation and fiscal versus monetary policy.  In this podcast, our panel of experts  - Sonja Laud, Chief Investment Officer, James Carrick, Global Economist and Chris Jeffery, Head of Macro Strategy - discuss the issues facing today’s investor, while concluding that, given combined risks have increased, our preference, as ever, is to achieve the right mix of uncorrelated asset classes and return profiles.  This podcast is hosted by Mark Johnson, Head of UK Institutional & Wholesale and was recorded on 05 July 2024. For professional investors only. Capital at risk.

7/5/24 • 34:44

How should investors aim to navigate the wave of election uncertainty currently enveloping financial markets? Is  Nvidia a classic example of concentration risk? And to what extent might ballooning deficits impact global productivity? Ben Bennett, Head of Investment Strategy, Asia also explains why central bankers are keen to see a weaker dollar relative to other currencies. This podcast is hosted by Frances Watson, Senior Content Manager. All data sourced from Bloomberg as at June 2024. For professional investors only. Capital at risk.

6/27/24 • 21:33

In this special episode, we mark the publication of our 2024 Climate Impact Pledge report, by discussing the highlights and key findings of our engagement efforts over 2023 and 2024 so far. Launched in 2016, through our Climate Impact Pledge, we encourage companies to reduce climate change risks and transition to a net-zero economy. Join Stephen Beer, Head of Responsible Investment Strategic Relationships and ESG Analysts, Anna Hirai and Cristy Rodriguez as they explain how the Pledge works, which sectors have scored well and which fell short, and what ‘engagement with consequences’ means. For professional investors only. Capital at risk. Whilst LGIM has integrated Environmental, Social, and Governance (ESG) considerations into its investment decision-making and stewardship practices, this does not guarantee the achievement of responsible investing goals within funds that do not include specific ESG goals within their objectives. All data sourced from LGIM's 2024 Climate Impact Pledge as at June 2024 

6/26/24 • 27:23

As bond investors look towards the second half of 2024, we hear from Colin Reedie, Head of Active Strategies, regarding the myriad of forces driving financial markets currently. Colin also gives us a deep dive into credit spreads, all-in yields, the return of fiscal policy and makes some interesting parallels with the 1970s which, he believes, could shape the remainder of this year and next. This podcast is hosted by Frances Watson, Senior Content Manager, and was recorded before the FOMC meeting on 12 June 2024. Yield data is sourced from LGIM and Bloomberg as at 13 May 2024. For professional investors only. Capital at risk.

6/14/24 • 22:08

Where next for investors in light of the Indian election result? Are Chinese bond yields seemingly low relative to their Western counterparts, or should they be even lower given China’s underlying structural problems? And will the upcoming US payrolls add to the narrative of a cooling US economy? Ben Bennett, Head of Investment Strategy, Asia explains all. This podcast is hosted by Frances Watson, Senior Content Manager and was recorded before the European Central Bank decision. All data is sourced from Eikon as at 04 June 2024 unless otherwise stated. For professional investors only. Capital at risk.

6/5/24 • 19:07

Saturday 8 June is World Ocean Day, which this year has the theme of catalysing action for our ocean and climate. It’s a timely reminder of the vital importance of water, and the increasing gap between supply and demand. But what’s the economic cost of water scarcity, and how might technology help provide some solutions? Discussing these ideas are: ·       Alex Burr, our ESG Policy Lead within our Investment Stewardship team ·       Ellie Piscopiello, Senior ETF Analyst ·       Shichen Zhao, ETF Thematic Research Analyst This podcast is hosted by Harry Brooks, European Content Manager. For professional investors only. Capital at risk. Sources: -            CDP estimate of the financial impact of water risks: Huge financial opportunity revealed from tackling global water crisis - CDP  -            Water consumption of ChatGPT: Study from researchers at the University of Colorado Riverside and the University of Texas Arlington in the US -            Economic impact of lack of access to clean water: The World Bank: Water overview, 2024  -            Water demand to outstrip supply by 40% by 2030: The Guardian: Global fresh water demand will outstrip supply by 40% by 2030, say experts, 2023  -            Water tech growth estimate: GWI, Straits Research, Transparency Market Research, Precision Business Insights, Data Intelligence, 2023 -            UK water company spending estimates: https://www.water.org.uk/news-views-publications/news/water-companies-propose-largest-ever-investment -            Digital water solutions and services market growth estimate: Global Digital Water Solutions and Services Market Research Report Feb 2023  -            European Investment Bank water infrastructure project spending: European Investment Bank: Maximising scarce resources: EIB updates its water sector policy, 2023  -            US Bipartisan Infrastructure Law spending on clean water initiatives: https://www.epa.gov/infrastructure

6/3/24 • 22:51

Are tighter lending conditions finally impacting the US consumer? What’s behind the apparent divergence in equity and credit markets? And why is the price of the red metal on the rise? Ben Bennett, Investment Strategist APAC explains all. Ben also touches on UK inflation and Chinese bonds. This podcast is hosted by Frances Watson, Senior Content Manager and was recorded before the release of Nvidia’s Q1 earnings. All data is sourced from Eikon as at 21 May 2024, unless otherwise stated. For professional investors only. Capital at risk.

5/22/24 • 21:53

In a follow-up to our February podcast that introduced commodities as an asset class, we return to the subject. This time around, we explore the intersection of geopolitics and commodities, how the transition to clean power is changing demand patterns, and the outlook for some specific commodities – including the yellow metal. Our speakers are Elisa Piscopiello, Senior ETF Analyst, and Francisco Blanch, who is Managing Director, Head of Global Commodities and Derivatives Research at Bank of America. This podcast is hosted by Harry Brooks, Content Manager. Figures on the declining cost of renewable power are from BloombergNEF as at June 2023. For professional investors only. Capital at risk.

5/16/24 • 18:01

With DB schemes maturing rapidly amid higher funding levels, talk of endgame strategies is all around. Yet what specifically are we referring to when we talk about a scheme’s endgame? And what are the different endgame options available to schemes?  Lastly, how can investment portfolios be managed to help schemes build a bridge to their chosen endgame destination? Lisa Purdy, Head of DB Solutions Distribution, and Ian Blake, Senior Solutions Strategy Manager, explain all. For professional investors only. Capital at risk

5/9/24 • 14:15

With strong US growth and sticky inflation, why is Jay Powell still in patient mode on the interest rate front? What’s behind the near 20% rally in the Hang Seng index since the start of the year? And why the fall in the price of Brent crude oil? Ben Bennett, Investment Strategist APAC explains all. This podcast is hosted by Frances Watson, Senior Content Manager. All data is sourced from Eikon, as at 01 May 2024, unless otherwise stated. For professional investors only. Capital at risk.

5/2/24 • 19:32

To coincide with the launch of LGIM’s 13th annual Active Ownership report, we discuss the depth and breadth of our work in 2023 on the issues of nature, biodiversity and artificial intelligence, while also discussing what’s front of mind for 2024. The panellists are: Michael Marks, Head of Investment Stewardship and Responsible Investment Integration Madeleine King, Head of Research and Engagement for Investments Shuen Chan, Head of Responsible Investment & Sustainability, LGIM Real Assets  This podcast is hosted by Harry Brooks, Content Manager. Apart from those listed below, all numbers quoted in this podcast are from LGIM’s Active Ownership report, 2023.  The figure relating to our assets under management in UK real estate equities is from internal LGIM data as at 31 March 2023. Figures cited in relation to the Ecuador debt-for-nature swap are cited in the Reuters article ‘Ecuador seals record debt-for-nature swap with Galapagos bond’, published May 2023.   For professional investors only. Capital at risk.

4/25/24 • 21:16

Advances in technology, population change, decarbonisation and geopolitical pressures are both catalysing new industries and rendering some assets obsolete. To make sense of these rapid changes, the LGIM Real Assets Research Team has defined four megatrends they expect to drive private investment performance and capital allocations for the remainder of the decade and beyond. In this broad-ranging discussion, Global Head of Investment Strategy and Research for LGIM Real Assets Rob Martin and Research Manager Matt Soffair introduce these investment themes, identify the sectors they think are in most alignment with them, and break down the structural factors they believe will drive returns for years to come. For professional investors only. Capital at risk. For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The information in this podcast does not constitute a recommendation to buy or sell any security. All data is sourced from Bloomberg as at 15 April 2024 unless otherwise stated.

4/22/24 • 27:03

How do investors price in geopolitical tensions? And with fewer than two US interest rate cuts now priced into markets, is there any stopping the rise of the US dollar? Against the prevailing market backdrop, what is our take on equities, credit and sovereign bonds? Ben Bennett, Investment Strategist APAC, explains all. This episode was recorded on 17 April 2024. All data sourced from Eikon, Bloomberg as at 16 April 2024. For professional investors only. Capital at risk. 

4/18/24 • 20:13