L&G Talks Asset Management (L&G)

In many ways, plastic is the perfect product. It’s lightweight, cheap and durable. But cleaning up the world’s plastic waste will be a monumental effort – one which will have major implications for petrochemical companies and the long-term demand for oil. We chat to Nick Stansbury about the underexplored investment consequences of the recent public outcry.

For more information on today’s episode, visit http://www.lgim.com/uk/en/insights/our-thinking/long-term-thinking/what-the-battle-against-plastic-means-for-oil-demand.html

Guest: Nick Stansbury, Fund Manager
Host: Mark Chappel, Investment Writer

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Why are meetings dominated by the Highest Paid Person’s Opinion (HIPPO)? Why do people overestimate their share of household chores? Understanding how the mind can help or hinder investment success is a cornerstone of fund management. Increasingly, investors are using knowledge about investment biases to design better investment solutions and gain an advantage over the rest of the market.

For more information on today’s episode, visit http://www.lgim.com/uk/ad/insights/our-thinking/market-insights/battling-behavioural-biases.html

Guest: John Roe, Head of Multi-Asset Funds
Host: Hugh MacTruong, Senior Distribution Strategy Manager

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

From smart speaker devices in our homes to driverless tractors in the agricultural sector, the robotics revolution is already here – the question is, how can you invest in it?

To find out more about the latest developments in the robotics, automation and AI space, sign up for the ROBO Global newsletter here: https://www.roboglobal.com/newsletter-signup/

Guest: Richard Lightbound
Host: Mark Chappel, Investment Writer

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

As defined benefit pension schemes mature and become cashflow negative, cashflow management becomes increasingly important. Schemes, particularly underfunded ones, may be better off focusing on being cashflow aware than being cashflow matched. In this discussion, Graham Moles highlights that it remains important not to consider cashflow management in isolation of other scheme risks.

For more information on today’s episode, visit http://www.lgim.com/uk/en/insights/our-thinking/client-solutions/raising-cashflow-awareness.html

Guest: Graham Moles, Co-Head of Solutions Strategy
Host: Toby Orpin, Senior Solutions Distribution Manager

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

That’s the question asked by Colin Clarke, Head of Product Policy Strategy. Ultimately, if advisers and service providers are not performing as expected, we believe trustees or sponsoring employers should push them to improve the situation as quickly as possible or replace them. In our conversation, Colin lays out the governance factors instrumental in delivering your DC scheme objectives.

For more information on today’s episode, visit http://www.lgim.com/uk/en/insights/our-thinking/client-solutions/dc-governance-a-checklist.html

Guest: Colin Clarke, Head of Product Policy Strategy
Host: Simon Chinnery, Head of DC Client Solutions

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Given the rise in popularity of factor-based investing, there’s a lot of concern in the market about certain factors becoming too expensive (overcrowding) and that the costs of factor indices have increased (capacity). Today’s episode with David Barron looks at whether there’s truth behind these fears and if index investors should indeed be worried.

For more information on today’s episode, visit http://www.lgim.com/uk/en/insights/our-thinking/market-insights/overcrowding-and-capacity-in-factor-based-investing--should-we-be-worried.html

Guest: David Barron, Head of Index Equity and Factor-based Investing
Host: Mark Chappel, Investment Writer

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

A Chinese warehouse fulfils 200,000 orders a day and yet employs only four human workers. Automation technologies are disrupting the e-commerce logistics industry at an incredible rate and consumers and certain retailers are poised to make significant gains. In this episode, we discuss Ocado, Amazon, JD.com and many more which are embracing this technological change.

To find out more, visit http://www.ti-insight.com/

Guests:
David Buckby, Economist
Nick Bailey, Head of Research

Host: Mark Chappel, Investment Writer

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Raising the retirement age can help with the fiscal costs of living longer – but our unhealthy lives could force us to look at other options.

We’ve become used to rising life expectancy, yet lately statistics seem to show that the rate of improvement has slowed. What challenges does this pose to policymakers and how can they tackle this trap?

For more information on today’s episode, visit http://www.lgim.com/uk/en/insights/our-thinking/

Guest: Olivia Treharne, Fund Manager
Host: Mark Chappel, Investment Writer

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

The landscape for defined contribution is changing – for savers and retirees, employers and trustees, and for those who are responsible for managing client assets.

In partnership with Ignition House, we spoke to some DC members (aged between 55 and 65) about their saving and spending patterns as well as their approach to life after work. One of the key findings was the desire for flexibility. Each retirement journey is different and needs to be customised for the individual’s income and retirement aspirations.

Guests:
Janette Weir, Managing Director, Ignition House
Veronica Humble, Head of DC Investment Solutions, LGIM

Host: Simon Chinnery, Head of DC Client Solutions, LGIM

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Shops, offices and sheds: the three cornerstones of commercial property investment. But now property investors are starting to increase allocations to alternative sectors in search of income resilience. Eleanor Jukes discusses why more and more are increasingly looking to this area of property investing, the types of properties drawing most attention and why alternatives really need a better name.

Eleanor’s article on the subject is available here -

https://futureworldblog.lgim.com/categories/themes/property-moving-on-from-the-mainstream/

Guest: Eleanor Jukes, Senior Strategist, LGIM Real Assets
Host: Mark Chappel, Investment Writer

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

A flood of ‘responsible investment’ funds into the market has caused some confusion in the press about what kinds of companies should be included or excluded from these products. Jeannette Andrews, Corporate Governance Manager, lays out the key distinctions between incorporating environmental, social and governance (ESG) concerns for financial reasons and ethical concerns for moral purposes.

LGIM’s approach to responsible investment is available here -

http://www.lgim.com/files/document-library/capabilities/lgims-approach-to-responsible-investing.pdf

Guest: Jeannette Andrews, Corporate Governance Manager
Host: Mark Chappel, Investment Writer

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Retiring the 4% rule: Decumulation demystified

The 4% drawdown rule forms the basis of many advisers’ decumulation propositions. Where there was once complexity – and expensive portfolio analysis – the rule promises simplicity; set, forget, and spend (if required). However, our research shows that the results can often vary significantly depending on when you decide to start saving for your retirement and asset allocation decisions.

Read more about the our 4% rule findings here - http://www.lgim.com/uk/ad/insights/our-thinking/investment-foresight/is-it-time-to-retire-the-4percent-rule.html

As well as the next article in our Decumulation Demystified series, the factors that influence the optimal decumulation strategy.

Guest: Justin Onuekwusi, Head of Retail Multi-Asset Funds
Host: Paul Measures, Head of Intermediary Sales

Disclaimer
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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

How well an investment team works is determined by more than a documented investment process. In this episode, the Asset Allocation team take a candid look at how they respond to the challenges of working to reach a ‘team’ view, using three key themes as working examples: operating in a new political paradigm, investing in technology and how sometimes you just need a dollar.

To read more about the team’s latest market thoughts, visit www.macromatters.com or www.futureworldblog.com

Emiel van den Heiligenberg, Head of Asset Allocation
Hetal Mehta, Senior European Economist
Willem Klijnstra, Strategist

Host: Chris Jeffery, Strategist

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

The falls over the past two years in high yield and emerging market debt (‘alternative credit’) credit spreads, along with indications of late-cycle behaviour in the US, has made some investors nervous about allocating to these areas. But should pension schemes reconsider? We discuss attractive qualities of alternative credit and how fund manager Martin Reeves has his whole family invested in high yield.

Read more about the team’s insights here:
http://www.lgim.com/uk/en/insights/our-thinking/client-solutions/broadening-the-universe-the-strategic-case-for-alternative-credit.html

Christy Morrison, Head of Global Fixed Income Distribution
Jonathan Joiner, Solutions Manager
Martin Reeves, Head of Global High Yield

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

The way people are spending their free time is changing. Successful leisure properties are destination locations – a place to socialise, network and be entertained. From escape rooms and trampolines, to the classic cinemas and bowling alleys, discretionary spending at leisure properties is increasing as people seek more ‘experience’ activities. This week, we talk about how leisure businesses are rising to meet this challenge and that owners of leisure property need to be as responsive and forward-thinking as their occupiers.

Read more about the team’s insights here:
https://www.legalandgeneral.com/institutional/real-assets/insights/thought_leadership/the-future-of-leisure.html

Eleanor Jukes, Senior Strategist, LGIM Real Assets
Louis Storrar, Senior Asset Manager, LGIM Real Assets
Mark Chappel, Senior Investment Writer, LGIM

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Retirement and pensions can often seem a long way off for many people – we all still need and often worry about money for everyday living so how can we help individuals see the value in saving for the future? With 40% of people indicating that they do not have good control of their money or manage it well (Money Advice Service) it can often feel saving more into a pension is difficult hurdle to overcome. But by using the right techniques, financial wellbeing can reduce the number of under-savers and help people be financially happy today.

Read more about how financial wellbeing can lead to higher savings here: http://www.lgim.com/uk/en/insights/our-thinking/client-solutions/can-better-financial-wellbeing-lead-to-higher-savings.html

Stuart Murphy, Head of DC Client Management
Simon Chinnery, Head of DC Client Solutions

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

In the next economic downturn, central banks will likely have to reach further into their unconventional playbook. The days of simply cutting interest rates in periods of economic and market stress are behind us. In the short term, markets have an unhealthy obsession with parsing every word and phrase of central bankers for clues to their immediate policy intentions. But which policymakers have the most freedom to act and what does that imply about asset prices?

Alex Mack, Fund Manager
Chris Jeffery, Strategist
Mark Chappel, Senior Investment Writer

Read more about Chris and Alex’s research:

http://www.lgim.com/uk/en/insights/our-thinking/long-term-thinking/unconventional-policy-in-the-next-downturn.html

http://www.lgim.com/uk/en/insights/our-thinking/long-term-thinking/freedom-for-the-central-banks.html

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

With interest rate hikes and ‘quantitative tightening’, the end of the economic cycle draws nearer every day. Tightening central bank policies and increased volatility have fuelled fears of the next economic contraction. This week, we ask how investors can manage low-risk portfolios and mitigate the ‘nightmare scenario’ of falling equities and fixed income returns?

Justin Onuekwusi, Head of Retail Multi-Asset Funds
Aimee Bowkett, Product Specialist, Asset Allocation team
Paul Pugh, Senior Manager Strategic Accounts

Read more about Justin and Aimee’s research:

http://www.lgim.com/uk/ad/insights/our-thinking/investment-foresight/late-cycle-dynamics-and-low-risk-portfolios.html

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

The business case for gender diversity is clear – diverse companies are able to benefit from harnessing all available talent, potentially improving their share price as a result. Clare Payn talks to us about why it’s important to celebrate the progress businesses have made so far while recognising the areas where there’s still work to be done. Listen to find out the most cringe-worthy excuses she hears from CEOs and why ‘group think’ is a key risk to companies and their performance.

Clare Payn, Head of Corporate Governance North America
Mark Chappel, Senior Investment Writer

Read Clare’s research on the importance of gender diversity here:

http://www.lgim.com/files/_document-library/capabilities/the-importance-of-gender-diversity.pdf

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Is the future of the UK a nation of homeowners, long-term renters or somewhere in between? Returning guests Hetal Mehta and Eleanor Jukes join us this week to talk about one of the UK’s favourite topics of conversation – property. The government’s recent commitments to providing a range of solutions to the housing imbalance has created a number of investment opportunities for institutional capital.

Eleanor Jukes, Senior Strategist, Real Assets team
Hetal Mehta, Senior European Economist, Asset Allocation team
Mark Chappel, Senior Investment Writer

Read more about our research and insights here:

https://futureworldblog.lgim.com/

We want to hear from you! Email us at mark.chappel@lgim.com with you 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

The dynamic duo are back to talk more about decumulation. Justin Onuekwusi and Paul Measures continue to break their ‘no talking about Manchester United’ rule while diving deep into retirement withdrawal strategies. Following their previous episode which asked if it was time to retire the 4% rule, Justin explains the different factors that can effect an investor’s level of drawdown and why natural income can provide an all-important buffer to sequence risk.

Justin Onuekwusi, Head of Retail Multi-Asset Funds
Paul Measures, Head of Intermediary Sales

Read more about our research and insights here:

http://www.lgim.com/uk/ad/insights/our-thinking/investment-foresight/

We want to hear from you! Email us at mark.chappel@lgim.com with you 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Many of us receive no pensions guidance at all – we open our regular paper statement and often take no action for our future retirement. With defined contribution pensions likely to form future generations’ main source of retirement income, member engagement is more important than ever. This week we discuss how disrupting the old model with new technologies like video statements can get people involved in their financial future.

Alexandra Miles, Solutions Strategy Manager
Stuart Murphy, Head of DC Client Management
Simon Chinnery, Head of DC Client Solutions

Read more about our research and insights here:

http://www.lgim.com/uk/en/insights/our-thinking/client-solutions/ 

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

US interest rates rises and the return of volatility have made investing in emerging market bonds seem like a dangerous place these past twelve months. However, larger shifts like a rising middle class and favourable demographics look set to fuel the growth of this asset class over the long term, argues Head of Emerging Market Debt, Uday Patnaik.

Uday ‘Woody’ Patnaik, Head of Emerging Market Debt
Eliza Grimond, Investment Writer

Read more about our research and insights here:

https://futureworldblog.lgim.com/

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Why are some cities thriving creators of jobs and growth? Is a local university a driver of innovation or does it risk turning the area into a ‘student’ town? How important is making the commuter trains run on time in an age of flexible working? A strong city relies on many factors to drive employment growth but when successful, we believe this is associated with resilient and growing property income and therefore better investment performance.

Bill Page, Business Space Research Manager, Real Assets
Robin Martin, Research Director, Real Assets
Mark Chappel, Senior Investment Writer

Read more about Bill’s research here:

http://www.lgim.com/uk/en/insights/our-thinking/long-term-thinking/investing-in-future-cities.html

We want to hear from you! Email us at mark.chappel@lgim.com with you 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

In 2019, the key question is how tightening financial conditions will affect heavily indebted borrowers – and whether this raises the risk of recession. In his annual outlook, Chief Investment Officer Anton Eser discusses where the next vulnerabilities might emerge, what monetary and fiscal policy support might look like, and what all this means for investors.

Anton Eser, Chief Investment Officer
Max Julius, Senior Investment Communications Manager

Read more about Anton’s outlook here:

http://www.lgim.com/uk/en/insights/our-thinking/

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

After a difficult few months, it's only natural for the old debates between investment styles and longevity of economic cycles to resurface. Let’s not forget, we've had a decade-long run of ‘growth’ stocks outperforming value-driven stocks, while volatile periods inevitably lead the market to question whether growth investing has had its day in the sun.

We invited Gavin and Matthew to explain the fundamentals they look for in high-quality growth stocks, from Aston Martin’s astonishing brand power to Fever-Tree’s international growth ambitions.

Gavin Launder, Senior Fund Manager
Matthew Courtnell, Equities Product Specialist
Mark Chappel, Senior Investment Writer

Read more about Gavin’s latest thinking here:

https://futureworldblog.lgim.com/authors/gavin-launder/

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Analogy #1: If you laid out in $1 bills the amount that has been bought by central banks over the last ten years, you would end up covering an area around five times the size of Wales.

Ahead of the European Central Bank and Federal Reserve meetings happening later this month, we invited Chris and Ben to the podcast to discuss central banks’ reversal of their quantitative easing programmes – a process also known as quantitative tightening – and the impact it’s had on markets. They talk us through the monetary policy in practice and highlight the slightly different ways the LGIM investment teams see the situation.

Ben Bennett, Head of Investment Strategy and Research
Chris Jeffery, Strategist, Asset Allocation
Mark Chappel, Senior Investment Writer

Read Chris and Ben’s latest thinking here:

http://www.lgim.com/uk/en/insights/our-thinking/

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Following the release of an eye-opening UN report on climate, the time is ripe for investors to act with their own money. This week we’re checking in with Iancu and Yasmine to talk about how we’ve reached the end of the road for coal, the development of exciting new carbon-capture and renewable technologies, and how being an active owner can help accelerate the shift to the low-carbon economy.

Yasmine Svan, Sustainability Analyst, Corporate Governance
Iancu Daramus, Sustainability Analyst, Corporate Governance
Mark Chappel, Senior Investment Writer

Read Yasmine and Iancu’s latest blog posts here:

https://futureworldblog.lgim.com/categories/themes/the-end-of-the-road-for-coal/

https://futureworldblog.lgim.com/categories/themes/now-is-the-time-to-talk-climate-solutions/

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Getting the mix of assets in a portfolio belonging to someone coming up to retirement is so important. There are a lot of different factors to take into account when you’re looking at a de-risking ‘journey’ including diversification as well an individual’s particular aversion to loss. With many people not even considering their retirement date until even a few years, a thoughtfully designed proposition has to allow for a considerable degree of flexibility and consider a number of realistic behavioural assumptions.

Veronica Humble, Head of DC Investment Solutions
John Southall, Head of Solutions Research
Simon Chinnery, Head of DC Client Solutions

Read some of the team’s latest writings on the subject and watch out on our Future World Blog for upcoming ‘vlogs’!

https://futureworldblog.lgim.com/categories/forum/how-much-investment-risk-should-young-dc-savers-take/?cid=lgimtalks

https://futureworldblog.lgim.com/categories/forum/loss-aversion-and-glidepath-design/?cid=lgimtalks

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

 
The need for cybersecurity permeates all levels of society with high-profile data breaches wiping hundreds of millions of dollars off of company valuations. The threat of highly damaging attacks means that security spending will likely increase further to record levels. Aanand joins us to discuss the ever-increasing demand for cybersecurity services and the thematic opportunity for investors in this sector.

Aanand Venkatramanan, Head of ETF Investment Strategies
Miriam Breen, Account Manager

Read Aanand’s latest article on cybersecurity here:

http://www2.landginvestments.com/l/26932/2019-02-06/6v65mc/26932/105900/Accessingthecyberopportunity050219.pdf/?cid=lgimtalks 

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Behind every role, there’s a story. We’re exploring the lives and careers of people across LGIM to understand more about what brought them to asset management, the changes they expect to see in the investment industry and – if they had to pick anything else – what their dream job would be.

If you’ve listened to any of our Defined Contribution focused episodes, you will have heard Simon’s voice. Through his self-professed middle-man role, he always seems to know just the right question to ask to get to the middle of a particularly thorny DC topic, making him a perfect subject for this series. What I had no idea about was that outside of his role, Simon writes poetry and paints – although he sees his father as having been the proper ‘grown-up artist’!

Despite having trained as a ballerina, his entrance to finance was via the stock exchange as a Blue Button. The real appeal, however, was the relationships and understanding the individual needs of clients. The future for the world of DC, in his view, is a partnership approach and the development of more intelligent communications. After all, there’s little point inundating members at the very beginning of their pension journey with retirement options!

Today’s guest: Simon Chinnery, Head DC Client Solutions

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

 
The green elephant in the room: there’s a lot of conversation in the market about investing responsibly – including integrating environmental, social and governance (ESG) factors – but there’s also a lot of confusion. For many investors it’s often seen in quite binary terms, everything or nothing!

Part of the fact is that it’s not easy to pin down a specific definition. From ethical to impact to ESG considerations, Meryam discusses the broad spectrum of responsible investing and how we might be able to understand the many different shades of green.

Meryam Omi, Head of Sustainability and Responsible Investment Strategy
Simon Chinnery, Head of DC Client Solutions

Read Meryam’s most recent article on why now is the time to talk climate solutions here:

https://futureworldblog.lgim.com/categories/themes/now-is-the-time-to-talk-climate-solutions/?cid=lgimtalks 

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Property: The wellbeing investment opportunity

We’ve all been in meeting rooms where the air has become so stuffy that there’s very little chance of good ideas emerging. Similarly, sitting nearer to a window has been shown to improve employees’ health, energy and performance. We might not often connect real asset investment to health and wellbeing but major trends are bringing it into the mainstream.

A societal shift in exercise habits has led to the UK becoming the most overweight of Western European nations and yet has one of the fastest growing gym markets. By tapping into this change in consumer behaviour through our real estate investments, we can put greater emphasis on wellbeing through our retail and leisure holdings.

In this episode, we connect the opportunities for increased focus on health and wellbeing in both our professional and personal lives and how both can be beneficial for long-term investors.

Matt Soffair, Research Manager, Real Assets
Bill Page, Business Space Research Manager, Real Assets

Read Matt’s recent blog on the UK’s growing gym market:

https://futureworldblog.lgim.com/categories/themes/working-out-the-uks-obesity-crisis-20/?cid=lgimtalks 

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

It’s fair to say that growing up in South Africa helped shape Anton Eser into the Chief Investment Officer he is today. Having lived “in one of the emerging markets” through a tumultuous period in that country’s history, he learned that the perspectives on notions of risk and change are very different when compared to other parts of the world. A chance meeting between him, his younger sister and Nelson Mandela had a profound impact as he would come to develop a deep fascination in economics, world politics and behavioural biases – the latter holding clear parallels with managing both his team and funds in his subsequent career.

His journey to the role of CIO came by way of fixed income, believing that understanding the credit cycle and liquidity are some of the most important things required to inform a comprehensive macro view. In his view, the key trends for the future of investment management are the continuing transformation brought about by technology, the move from performance benchmarks to client outcomes and the increased client demands for sustainability objectives.

Today’s guest: Anton Eser, Chief Investment Officer

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

 
Investors have embraced the world of index-tracking products on the back of comparatively low headline costs and the broad market exposures on offer. But the rise of alternatively constructed indexes, thematic ETFs and the client demand for more inclusion of responsible investment principles into their index funds has prompted a dramatic change in the investment landscape.

Simon joins us this week to shine a light on the often weird and wonderful world of ETFs and other index funds and where investors are looking to incorporate these portfolio building blocks.

Simon Hynes, Head of Retail Distribution, EMEA

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

How can pension trustees prepare for new requirements on the environmental, social and governance (ESG) factors? New guidelines from the Department of Work and Pensions (DWP) make it clear that it is not sufficient to focus on a narrow definition of the bottom line in order to meet schemes’ core objective: providing retirement benefits for members. Instead, trustees must also consider the financial materiality of ESG considerations.

Joining Simon on the podcast this week is Head of Institutional Clients, Mark Johnson, to cover what trustees need to know about the new guidelines and what needs to be done.

If you’d like to read more about our work in this area, our article Material change: a five-step ESG checklist for trustees is available on the LGIM website: http://www.lgim.com/uk/en/insights/our-thinking/

•    Mark Johnson, Head of Institutional Clients
•    Simon Chinnery, Head of DC Client Solutions

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

In the late 1990s, when the world of equities was one of pinstriped suits and hard sells, European credit presented exciting new opportunities with a brand new currency. Leaving Lehman Brothers just a few months prior to its downfall, Ben came to Legal & General Investment Management at the epicentre of the global financial crisis.

Understanding the financial world as one of simply matching borrowers and lenders, his role as Head of Investment Strategy and Research involves sorting the signal from the market noise. Directing the company’s long-term research, Ben coordinates our work on the themes and major trends shaping markets and how those non-consensus views can be implemented.

Today’s guest: Ben Bennett, Head of Investment Strategy and Research

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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

What do you think of when you hear the word ‘millennial’? The archetype most prevalent in advertising and popular culture is one of an early-twenties, affluent (but not too affluent), city-dweller. But the 1.8 billion generation known as millennials are anywhere between the ages of 23 and 37 – by and large they have left undergraduate education, are well established in the workforce and their spending habits have moved from the novelty to the norm.

CJ Fildes and Eliza Grimond join the podcast this week to talk about the latest research on how millennials are engaging with their finances, from real-time spending habit feedback to challenger banks and understanding the need to invest and save for longer.

To read more about our research into customers’ attitudes towards environmental issues and what stops them from taking positive action.

•    CJ Fildes, Senior Communications Manager, Personal Investing
•    Eliza Grimond, 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

As record numbers look to integrate sustainable investment considerations into their portfolios, it comes as no surprise that the world of factor-based investing is not immune. According to a 2018 survey conducted by FTSE Russell, 55% of factor investors are looking to incorporate environmental, social and governance (ESG) company analysis but as yet, there’s been no well-defined blueprint as to how this can be comprehensively achieved.

Joining Eliza are Adam Willis and Dave Barron to discuss the ins and outs of factor index construction and how schemes are building their factor portfolios to not only potentially outperform traditional market-cap index trackers but also integrate ESG analysis simultaneously.

David’s article “Responsible investing: factor friend or foe?” is available here:
http://www.lgim.com/uk/en/insights/our-thinking/market-insights/responsible-investing-factor-friend-or-foe.html

•    David Barron, Head of Equity Index
•    Adam Willis, Head of Index and Multi-Asset Distribution
•    Eliza Grimond, 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & 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:
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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & 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:
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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & 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: 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & 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: 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

The race to provide faster broadband is on. But will incumbents be disrupted by the challenger providers: the 'altnets'? The upcoming set of results from BT and their strategy for the future will be crucial in determining the answer.

In 2018, UK consumers spent a total of one day a week online, more than twice as much as in 2007. Time spent online, demand for data and the number of devices connected to the internet all continue to grow, generating demand for ever faster and more reliable internet connections. BT currently passes less than a million homes with full fibre, targeting three million by 2022, and potentially leaving the company vulnerable to market share losses from the altnets in the long term. BT’s future depends on this investment decision – will management be willing to take some short term pain to preserve its long-term success?

Read Marija and Madeleine’s blog here: https://futureworldblog.lgim.com/categories/themes/uk-broadband-infrastructure-at-a-crossroads/?cid=lgimtalks

•    Marija Simpraga, Infrastructure Strategist, Real Assets team
•    Madeleine King, Co-Head of Pan European Investment Grade Research, Global Fixed Income 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & 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: 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Once again we’ve gone behind the scenes to find out how LGIM’s investment teams manages funds. The Active Equities team places a major emphasis knowing the companies in which they’re invested inside and out. This could be anything from knowing how a company will respond to a competitor’s latest innovation to how their strategy will hold up for the next 10 or 30 years.

It’s all about building that conviction in the investment case and why corporate engagement and access to management is so important. I sat down with Shaunak Mazumder, Senior Fund Manager, and Matthew Courtnell, Equities Product Specialist, to talk more about how concentrated portfolios can be managed with a collaborative, sustainable and long-term mind-set.

Read the latest insights from the Active Equities team here: https://futureworldblog.lgim.com/asset-classes/equities/
•    Shaunak Mazumder, Senior Fund Manager
•    Matthew Courtnell, Equities Product Specialist
•    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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & 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: 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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

Is a four day working week realistic — or desirable? Chris Jeffery from our Asset Allocation team and Lara Bernard-Villeneuve in our Active Fixed Income team have looked at the data and think it’s more than a leftist’s pipe dream. Set in the context of a history of declining working hours in industrialised countries, the move does not seem so stark – and need not necessarily trigger a drop in wages. In fact, the boost in productivity accruing to companies and countries who have trialled the measure is clear.

With investment implications that stretch from tipping the balance in the workforce away from labour and towards capital-intensive production methods, to a boon for leisure sectors and female participation, join us for an interesting discussion on the opportunities and risks of reduced working hours.

Read the latest insights from the Active Fixed Income team here: https://futureworldblog.lgim.com/asset-classes/bonds/

•    Chris Jeffery, Strategist, Asset Allocation
•    Lara Bernard-Villeneuve, Junior Portfolio Manager, Active Fixed Income
•    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 & 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 & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & 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 & General Investment Management.

• 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

• Sacha Sadan, Director of Corporate Governance, LGIM
• Mark Chappel, Senior Investment Writer

• Honor Solomon, Head of Retail, EMEA
• Mark Chappel, Senior Investment Writer

• Richard Romer-Lee, Managing Director, Square Mile
• James Crossley, Head of UK Retail Sales, LGIM
• Mark Chappel, Senior Investment Writer, LGIM

• Helena Morrissey, Head of Personal Investing, L&G
• Steve Davis, Head of Propositions, LGIM Strategy
• Catherine ‘CJ’ Fildes, Senior Communications Manager, L&G

• Lisa Purdy, Head of Fiduciary Distribution
• Pretty Sagoo, Head of Pricing and Execution, PRT
• Alyssa Ford, Institutional Content Manager