312: Fixed income in focus: emerging market debt
In light of a solid macroeconomic backdrop for emerging markets, and a benign currency outlook, why is investor positioning for emerging market debt still light? And what could be the catalyst for renewed interest in the asset class? Join Uday Patnaik, Head of Emerging Market Debt, and Erik Leuth, Global Emerging Market Economist, as they explore these topics and comment on the raft of upcoming...
24m Mar 25, 2024
24m
311: Divorced, retired, female: The hidden cost of divorce for women
We all know about the gender pensions gap, but what about the risks to women’s retirement prospects after a divorce? In this International Women’s Day special, Olasumbo Biobaku-Mason, Member Proposition Director at LGIM, speaks to Uche Enemchukwu, ED&I champion and CEO at Nelu Diversified Consulting Solutions, a global company creating meaningful benefits and wellness programs rooted in divers...
23m Mar 14, 2024
23m
310: An alphabet of acronyms – Market Talk
PCE, CPI and PPI – all forms of measuring inflation and all likely to shape current thinking by the US Federal Reserve and, by implication, other central banks. So, what if June interest rate cuts are pushed out? And how might that affect US investment-grade credit and, ultimately, equities? In alternatives, what’s behind the heady rise in Bitcoin? Ben Bennett, Investment Strategist, APAC, expl...
20m Mar 07, 2024
20m
309: Corporate America, China stimulus and cricket – Market Talk
Given a slew of decent corporate results, is the US economy running too hot? Why are investors shrugging their shoulders over the most recent bout of China stimulus? And what country excels not only at cricket but is also adept at producing strong growth? Ben Bennett, Investment Strategist, APAC explains all. This podcast is hosted by Frances Watson, Content Manager and was recorded before the...
19m Feb 22, 2024
19m
308: Fixed income in focus: technicals versus fundamentals
In the first of our new series of active fixed income podcasts, we talk to Mat Rees, Head of Global Bond Strategies, about the macro events shaping fixed income, deflation in China and European growth divergence. Mat also outlines the importance of bottom-up research in light of the current environment where technical, not fundamental factors, prevail. This podcast is hosted by Frances Watson,...
21m Feb 15, 2024
21m
307: The what, why and how of commodities – LGIM explains
What are broad commodities? Why might an investor want to gain exposure to them as part of a diversified portfolio? And how does the use of futures contracts influence potential returns? Michael Stewart, LGIM’s Head of Pooled Index Strategy, offers a straightforward introduction to the much misunderstood ‘third asset class’. This podcast is hosted by Harry Brooks, Content Manager. All data i...
18m Feb 08, 2024
18m
306: Lunar New Year – Market Talk special
With many countries about to celebrate the Year of the Dragon, Ben Bennett explains why animal spirits have yet to ignite China’s stock market. He also examines the extent of the stimulus measures taken thus far, and gives his thoughts about why this year could be a favourable one in relation to China’s dwindling population. He also gives his usual take on US and UK central bank actions, and ex...
23m Feb 01, 2024
23m
305: In conversation with Rhodri Mason
In any company, the role of Chief of Staff is an integral part of its daily dealings, although the duties themselves can often be more supportive of others and behind the scenes. In this full and frank interview with LGIM Talks, Rhodri Mason describes how he brings together the many teams within LGIM. He also expands on his involvement with his favourite charity, and reveals how he manages to w...
19m Jan 25, 2024
19m
304: Macroeconomics, solutions and asset allocation – the CIO call
In this podcast, Sonja Laud, LGIM’s CIO, is joined by Guy Whitby-Smith, Head ofSolutions, and John Roe, Head of Multi-Asset Funds, who share their insights and analysis, including key market trends for the coming year. In particular, the speakers discuss: The outlook for both the global and UK economies, including our assessment of potential paths for UK growth, rates and inflation The implica...
23m Jan 18, 2024
23m
303: Charting real assets in 2024 and beyond
After a dramatic 2023, what could 2024 hold for investors in real assets? And what are the key megatrends that will determine performance, both for this year and the rest of the decade? Rob Martin, LGIM’s Global Head of Investment Strategy and Research for Real Assets, and Lushan Sun, Private Credit Research Manager, break down how the Christmas market rally has changed the outlook for 2024 –...
24m Jan 12, 2024
24m
302: Rallies, Red Sea disruption and Taiwanese elections – Market Talk
In this first episode of Market Talk for 2024, Ben Bennett examines the extent to which bonds and equities rallied following December’s Fed pivot. He also explains why Chinese equities failed to participate in the rally, looks at the state of polling in Taiwan, and wonders if the global economy will face new supply chain challenges given the current disruption in the Suez Canal? This podcast i...
21m Jan 04, 2024
21m
301: Active Fixed Income outlook: 2024
Bond investors have enjoyed a strong rally over the last two months. But, as we approach 2024, will the optimism for fixed income investments continue? Will 2024 be another year of heightened volatility for the bond investor? And what left-field market moving events could be in store? Join Colin Reedie, Head of Active Strategies, for his latest thoughts. This podcast is hosted by Frances Watso...
22m Dec 18, 2023
22m
300: How we’re preparing for 2024 – the CIO call
In our last CIO call of 2023, we discuss what we’ve learnt from yet another extraordinary year for investors – and how we’re positioning into 2024. During the episode, Sonja Laud, LGIM’s CIO, is joined by Howie Li, Global Head of Index & ETFs; Will Riley, Head of Solutions; and Chris Jeffery, Head of Rates & Inflation Strategy. The speakers discuss: The most potent insights from our 2024 CIO ...
34m Dec 14, 2023
34m
299: What will 2024 bring? Market Talk
In the last episode of Market Talk for the year, Ben Bennett looks at how fixed income might pan out in a recessionary macroeconomic environment. With US elections on the horizon, how might markets react to a change of president? And given its depressed performance in 2023, where next for China’s stock market in the year of the Wood Dragon? This episode is hosted by Frances Watson, Content Man...
21m Dec 07, 2023
21m
298: Will illiquid investments help or hinder DC pensions?
Illiquid assets may be the talk of the DC town right now, but how can we use them to help maximise long-term returns for members, mitigate potential risks and align them with ESG considerations? And do DC pension members even want them included in their fund defaults? John Roe, LGIM’s Head of Multi-asset Funds, and Jesal Mistry, Head of DC Investment, explain. This podcast is moderated by Hea...
24m Dec 01, 2023
24m
297: What does the term ‘cashflow-driven investing’ actually mean?
Although many schemes have seen their funding positions improve steadily in recent years and endgame is on the horizon, all defined benefit (DB) schemes still need to pay pensions as they fall due. In this light there’s continued focus on cashflow-driven investing (CDI) and also ‘barbell’ strategies. But what do these terms really mean? What’s the right balance between cashflow-driven and ‘bar...
12m Nov 30, 2023
12m
296: COP28: What to watch for
With the earth on track for its hottest year on record, and the COP28 summit due to open later in November, we’ve devoted this month’s CIO call to climate change. During the episode, Sonja Laud, LGIM’s Chief Investment Officer, is joined by Nick Stansbury, Head of Climate Solutions; and Stephen Beer, a senior manager within our Investment Stewardship team. The speakers discuss: What we expect...
36m Nov 27, 2023
36m
295: US CPI, oil and the ‘Magnificent Seven’ – Market Talk
Is the recent rally in bonds and equities, on the back of the latest US CPI numbers, wholly justified? And why is the oil price relatively subdued? Furthermore, what’s behind the differential in valuations between US and China technology shares? Ben Bennett, Investment Strategist APAC, explains all. This podcast was hosted by Frances Watson, Content Manager. All data is sourced from Eikon as ...
20m Nov 16, 2023
20m
294: Are companies really making progress on ESG?
Ahead of the publication of a major study of long-term ESG trends, LGIM’s Head of Index Solutions Fadi Zaher discusses the biggest findings from the research. Overall, it’s a positive story, with the global aggregate ESG score rising significantly over the past 14 years. However, there are also some significant differences between different regions, sectors and ESG themes, which reveal a comple...
21m Nov 09, 2023
21m
293: What AI means for investors
The explosive launch of ChatGPT in late 2022 highlighted the immense potential of artificial intelligence. In our latest CIO call, we discuss the implications for investors from the technology ushering in a new industrial revolution. During the episode, Sonja Laud, LGIM’s CIO, is joined by Aanand Venkatramanan, Head of ETFs, EMEA; and Robert White, Fund Manager within our Active Strategies tea...
36m Nov 02, 2023
36m
292: Higher yields, China stimulus and Singapore bound – Market Talk
In this episode, Ben Bennett, Investment Strategist APAC, explains what’s behind the lurch higher in bond yields and how that’s impacting other asset classes. He also explains why, this time, China stimulus may be more impactful than usual and reveals what’s behind his upcoming trip to Singapore. This episode is hosted by Frances Watson, Content Manager. All data is sourced from Eikon as at 2...
17m Oct 26, 2023
17m
291: How could UK real estate perform after repricing?
This week LGIM Talks sits down with Bill Page, Head of Real Estate Research at LGIM Real Assets. As in many markets, British real estate has been undergoing a brutal period of repricing. But could the UK be closer to the end of this process than other countries? As the return to the office either gathers pace or stalls, depending on who you consult, we discuss the structural factors that cou...
16m Oct 19, 2023
16m
290: Spotlight on strategic bonds strategies
In this episode, LGIM fund managers Matthew Rees and Francis Chua discuss the evolution of strategic bond strategies and what’s in store in the future, with Mat providing insight on how he runs his portfolio, and Francis sharing his thoughts as a fund selector. This episode was recorded on 12 October 2023. For professional investors only.
18m Oct 13, 2023
18m
289: Bond jitters, heightened vol, crowding out – Market Talk
Against a background of heightened volatility and bond market jitters, in this episode, Ben Bennett, discusses the possible reasons behind the sharp rise in bond yields over the past few days, the rising cost of borrowing, and the crowding out effect of higher bond yields on credit and equities. This episode is hosted by Frances Watson, Content Manager, and was recorded before the ADP jobs rep...
17m Oct 05, 2023
17m
288: What do ‘higher for longer’ rates mean for markets?
Following a momentous month for central banks, Sonja Laud, LGIM’s CIO, discusses with her expert panel whether we’ve reached peak interest rates and what to expect from markets into year end, with a focus on the outlook for the US. Sonja is joined by Jason Shoup, CIO at LGIM America, and Tim Drayson, LGIM’s Head of Economics. The panel also discusses: What to watch for in the run-up to the 20...
40m Sep 28, 2023
40m
287: Positively charged: lithium and the electric vehicle revolution
Batteries have a critical role to play in the transition to net zero, with the rapid rise of electric vehicles demonstrating how far the technology has evolved in just a few years. Head of Pooled Index Strategy Michael Stewart and ETF Analyst Elisa Piscopiello discuss the highlights from their new white paper: The battery value-chain: how batteries and lithium are powering the energy transitio...
20m Sep 21, 2023
20m
286: Stagflation, Japan and typhoons - Market Talk
With China experiencing deflation, and as Europe starts to encounter sticky inflation and slowing growth, is the US the only bright spot in the global economy right now? Is the curtain finally falling on the era of negative interest rates in Japan? And has Hong Kong become the latest victim of climate change? Ben Bennett, Investment Strategist APAC, explains all. This episode was hosted by Fra...
15m Sep 14, 2023
15m
285: How LGIM votes: lifting the lid on AGM season
With AGM season wrapped up for companies around the world, our Investment Stewardship experts discuss how LGIM voted on key issues in 2023. LGIM’s Investment Stewardship team exercises voting rights globally across our active and index strategies, holding companies to account on the ESG issues that matter most to our clients. So, what was top of the agenda for investors in 2023? And how can L...
25m Sep 11, 2023
25m
284: In Conversation with… Andrzej Pioch
To celebrate 10 years of LGIM’s Multi-Index strategies, we catch up with fund manager Andrzej Pioch who shares his career story, achievements and lessons learnt over the past decade, and hopes for a more inclusive industry as co-chair of the L&GBT Allies Network. For professional investors only. Capital at risk.
26m Sep 07, 2023
26m
283: US jobs data, Chinese equities and high yield
Why were investors happy with the latest US jobs data? Have we reached ‘peak pessimism’ in terms of Chinese equities? And what are generous yields in the high-yield bond space telling us? Ben Bennett explains all. This episode was hosted by Frances Watson, Content Manager. All data is sourced from Eikon as at 01 September 2023 unless otherwise stated. For professional investors only. Capital...
19m Sep 04, 2023
19m
282: Biodiversity and why we haven’t hit ‘peak ESG’ – the CIO call
Why does biodiversity loss pose material risks to investors – and what are we at LGIM doing about them? In our latest CIO call, hosted by Sonja Laud, LGIM’s Chief Investment Officer, we answer this question as Lewis Pugh, UNEP Patron of the Oceans and LGIM’s global partner, swims (https://protect-eu.mimecast.com/s/zdH2CQ02xc6qW4KHxOXWF?domain=lgimblog.com/) the length of the Hudson river to hi...
35m Sep 01, 2023
35m
281: The power of partnerships: Endgame Solutions and Pension Risk Transfer
In this latest edition of LGIM Talks we take a road trip over to our partners in Legal & General’s Pension Risk Transfer (PRT) business, where Roshni Sakaria, Actuarial Manager, LGRI, welcomes Adrian Somerfield, Director, PRT, and Mat Webb, Head of Endgame Solutions, LGIM, who discuss how our PRT and investment management businesses work together to support schemes and explore the benefits of p...
21m Aug 29, 2023
21m
280: Happy holidays from LGIM Talks!
We’re taking a short break from the pod but we’ll be back late August with more news and views from across our investment teams.
1m Aug 10, 2023
1m
279: US rating downgrade, UK rates and a raft of data - Market Talk
In this episode, Ben Bennett talks through the implications of the recent downgrade in US sovereign debt, further rate tightening from the UK and elsewhere and the reasons behind China’s equity rally. All data sourced from Eikon as at 01 August 2023. This episode was hosted by Frances Watson, Content Manager and was recorded on 02 August 2023.
21m Aug 03, 2023
21m
278: UK interest rate rises – what do they mean for individuals, businesses and house prices?
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 implicat...
12m Jul 27, 2023
12m
277: Quality time: what are quality equities, and how can investors gain exposure?
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.
18m Jul 20, 2023
18m
276: Inflation prints, fiscal rules and the G20 – Market Talk
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.
18m Jul 13, 2023
18m
275: Public and private credit: the CIO outlook
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 r...
36m Jul 05, 2023
36m
274: Artificial intelligence, investing, and you
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&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 ...
28m Jun 29, 2023
28m
273: From headaches to hedges: the role of an asset allocator
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 da...
22m Jun 23, 2023
22m
272: LGIM’s seventh Climate Impact Pledge
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 en...
18m Jun 15, 2023
18m
271: US tightening, China easing - Market Talk
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 p...
17m Jun 06, 2023
17m
270: Real assets reset – the CIO call
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 in...
36m Jun 01, 2023
36m
269: Debt ceiling, FAANGs and football pitches - Market Talk
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...
16m May 23, 2023
16m
268: Spotlight on European credit
With bonds and equities falling in tandem, 2022 was an exceptional year for the financial markets. As we approach 2023’s halfway point, have we returned to ‘normal’? And what does the recent volatility in the banking sector mean for investors in European fixed income assets? Andrew Lowry, European Content Manager, sits down with LGIM’s Head of Euro Credit Marc Rovers to find out.
15m May 17, 2023
15m
267: Blog on the pod: is water the most overlooked natural resource?
It’s easy to take clean running water for granted, but climate change, population growth and infrastructure failings mean demand will increasingly outstrip supply. Elisa Piscopiello, ETF Analyst at LGIM, explains the role of technology in addressing the problem, and shares some water-saving tips to use at home. This podcast is hosted by Harry Brooks, Content Manager. All data is from Eikon as...
17m May 11, 2023
17m
266: Central bank deluge, China and coronation quiche - Market Talk
Against a background of macroeconomic uncertainty, are central bankers right to hike interest rates? Is China’s post-COVID recovery still on track? And what’s the verdict on the coronation quiche? Ben Bennett, Investment Strategist APAC, explains all. This call is hosted by Frances Watson, Content Manager. All data is sourced from Eikon as at 03 May 2023. For professional investors only. Cap...
18m May 04, 2023
18m
265: Active ownership in action
To coincide with the launch of LGIM’s 12th annual Active Ownership report, we discuss the depth and breadth of our work in 2022 on the issues of deforestation, biodiversity, cybersecurity and the effect of climate change on real assets, while also discussing what’s front of mind for 2023. Panellists include: Michael Marks, Head of Investment Stewardship and Responsible Investment Integration A...
25m Apr 25, 2023
25m
264: Exploring emerging markets – the CIO call
For this month’s call, CIO Sonja Laud is joined by two experts for an in-depth discussion on emerging market debt and equities. As the growth differential between emerging market and developed market economies stands at its highest level for ten years, the panel also discusses the need for investors to focus on the structural implications of the rapid shift in wealth from the West to the East. ...
32m Apr 20, 2023
32m
263: US employment, China credit and gold – Market Talk
What are the latest jobs data telling us about the state of the US economy? How will US core inflation numbers shape Fed thinking? What’s behind the recent uptick in China’s credit growth? And why is the price of gold within touching distance of a new high? Ben Bennett explains all. All data sourced from Eikon as at 11 April 2023 unless otherwise stated. This episode was recorded before the re...
17m Apr 13, 2023
17m