Key Themes Powering Utilities
Season 13 Episode 04
Utilities have traditionally been known for their defensive properties, which makes the combination of robust economic growth, technological excitement, and elevated bond yields an unlikely recipe for their strong performance. That said, the sector’s 23% gain kept pace with the broader market last year. In 2025, this momentum should continue. For investors looking to diversify tech exposure, utilities could offer an attractive way to invest in the many themes driving markets today, but with a very different wrapper. To share what she’s seeing across the utilities sector, Gabriela Santos, my new co-host, will be joined by Teresa Kim, a utilities-focused equity research analyst here at J.P. Morgan Asset Management.
Alternative Realities: Building an Investment Plan with Alternatives
Season 02 Episode 03
In this episode of Alternative Realities, we explore the dynamic world of alternative investments and their increasing accessibility to a broader range of investors. As these asset classes become more mainstream, we discuss their role in diversifying portfolios and enhancing returns. Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management, is joined by David Lebovitz, Managing Director and Strategist at the Multi-Asset Solutions Group, to discuss the inception and evolution of the Guide to Alternatives. They delve into the structure and importance of alternative investments, the integration of alternatives into multi-asset portfolios, and the challenges of sizing these allocations.
Manufacturing a Case for Industrials
Season 13 Episode 03
Despite lagging the broader index, industrial stocks performed well in 2024, gaining over 17% on a total return basis. Sector fundamentals, however, have been more challenged. After an impressive post-COVID recovery supported double-digit earnings growth in 2022, industrial earnings have been in the doldrums alongside U.S. manufacturing activity. In fact, on a year-over-year basis, the sector is on pace to see earnings contract for the last three quarters of 2024. That said, prospects ahead look brighter. On this episode, Gabriela Santos is joined by Rob Maloney, an equity research analyst covering industrials and a co-portfolio manager here at J.P. Morgan Asset Management.
Does It Pay to Invest in Payments?
Season 13 Episode 02
The ongoing global shift to electronic payments has created a new growth area industry of financial technology companies. These businesses tend to feature recurring revenues, high free cash flow, and low capital expenditures. The financial services sector, which houses Visa and Mastercard, returned 28% last year, while the consumer finances sector, home to credit card companies like American Express and Capital One, returned 55%, outperforming the Magnificent 7. For investors looking for high-quality growth opportunities outside of mega-cap tech, fintech could certainly be a good place to start.
On this episode of Insights Now, my new co-host Gabriela Santos will be joined by David Chan, an equity research analyst covering payment and business services companies here at J.P. Morgan Asset Management.
Alternative Realities: Institutional Strategies in Alternative Assets
Season 02 Episode 02
In this episode of Alternative Realities, we delve into the evolving landscape of alternative investments and their growing role in institutional portfolios. As the world of alternative investing becomes more accessible, we’ll explore how institutions have historically leveraged these assets for diversification and enhanced returns. Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management, is joined by Kathryn Pasqualone, Client Advisor within our North America Institutional business, to discuss key themes such as vintage year diversification, liquidity considerations, and the importance of strategic and tactical asset allocation.
Beyond AI: Opportunities in Semiconductors
Season 13 Episode 01
Our thirteenth season of Insights Now, titled “The Analyst’s Edge: A Day in the Life of Equity Research Analysts,” will be all about the research backing our portfolio managers’ investment decisions, exploring a range of sectors and diving deeper into the most exciting trends driving markets today. U.S. equities have been on a tear in recent years. At the heart of the recent equity market rally sits the semiconductor industry. Home to companies like Nvidia, Broadcom, and other key beneficiaries of the AI frenzy, semiconductor stocks gained over 75% in 2024, far outpacing the broader market. To share the latest on the semiconductor industry, Gabriela Santos, the new co-host, will be joined by Eric Ghernati, a technology-focused equity research analyst here at J.P. Morgan Asset Management.
Alternative Realities: Exploring Alternatives in 2025
Season 02 Episode 01
Despite last year’s excellent returns in public markets, alternative assets are garnering increased attention due to their income diversification benefits, high equity valuations, and the potential for above-trend inflation. As alternative investments become more accessible to the public, allocations to these assets are expected to rise in the coming years, underscoring the importance of general education and thought leadership in the field of alternative investments. This is precisely the mission of the Guide to Alternatives and the Alternative Realities podcast. On this episode, Dr. David Kelly is joined by Aaron Mulvihill, the newest Global Market Strategist at J.P. Morgan Asset Management.
Insights Now 2024 Wrapped
Season 12 Episode 04
For our final episode of Season 12, we will reflect on some of the most important takeaways from the 23 episodes we recorded this year. From exploring the fastest-growing themes in alternatives to navigating the complexities of the U.S. election, we’ve covered a lot of ground, so stay tuned as we recap our “greatest hits” of 2024. This episode explores the main themes and insights from the past year. Dr. David Kelly is joined by Gabriela Santos, the Chief Strategist for the Americas at J.P. Morgan Asset Management, and new co-host for the Insights Now podcast.
The “New 60/40” Portfolio
Season 12 Episode 03
In recent years, the notion of “correct” portfolio construction has been challenged and diversification has become unpopular. Stocks and bonds have shown an increased propensity to move together, calling into question the efficacy of the classic “60/40” portfolio. However, with a new year comes new forces driving markets, and the winners of the past may not be the winners of the future. To prepare portfolios for any unforeseen risks that may arise in 2025, diversification remains the best option, although it may look different than before.
To share his thoughts on diversification in the year ahead, Dr. David Kelly is joined by Jack Manley, Global Market Strategist here at J.P. Morgan Asset Management.
Alternative Realities: Navigating the Future of Infrastructure
Season 01 Episode 09
The pandemic, geopolitical tension and climate change have revived industrial policy around the globe. In the U.S., the IIJA, IRA, and CHIPs act collectively represent the largest investment in infrastructure since the Cold War. In particular, there are significant opportunities in modernizing and expanding the electrical grid as decarbonization and data centers drive up demand. In addition to these secular tailwinds, core infrastructure’s steady, uncorrelated cash flows make it a valuable portfolio diversifier. Today, Dr. David Kelly is joined by Chris Simard, an Investment Specialist in the J.P. Morgan Infrastructure and Investment Group, to parse through all of this and more.
