Heath Terry

Thanks for having me Eagle Alpha team and for allowing me to share Vanda Research's tactical macro approach, as well as our latest insights on retail flows. #tacticalmacro #investing #retailflows #flowsandpositioning

46

1 Comment

Always enjoy spending time with my friend and our CIO, Richard Madigan. With equity markets at their highs, his insights on navigating election cycles, China's stimulus, and rising geopolitical tensions are especially valuable. The link for the full video is below. Enjoy! https://bit.ly/4dRCput

112

2 Comments

Great panel about growth strategies with recently promoted Robert Karofsky (Co- President Americas - UBS) recently promoted Michael Camacho (Head of WM US), and John S. Mathews (Head of PWM - UBS)! Few insights from the private wealth briefing: 1) ~$18T of assets will pass between generations from now to 2030 based on a recent Ernst & Young survey. 2) ~$30T of assets will pass to women between now to 2030 based on a recent McKinsey survey. 3) UBS ARC (Analytical Research Community) is a competitive advantage: connecting tech founders, venture capitalists with high quality sector research. 4) Recently created Unified Global Banking, led by Jennifer Gabrielli aims to bring 'one bank' to the next level with wrap around solutions for private clients and their companies. Thanks for spending time together! Team: Chuck Korasick / Robert Gach / Jen Lechman / Samantha Bloom / Jon Schechter, CFP® / Lizzie / Susan Mgmt: Lauren Gorsche #ubsglobalwealthmanagemnt #pwmconference2024

76

4 Comments

What explains the economy’s surprising strength—and will it last? Can markets keep powering forward in the face of very real geopolitical risks? Tune in to a replay of our #MidYearOutlook webcast, where we discuss what steps investors should take to navigate the current environment: https://bit.ly/4bf0Xw0.

6

-Looking forward to the panel at the Markets Group's Private Equity Boston Forum on Thursday morning. On the agenda for the panel: Given the current investment environment, how can we best invest, create value and find liquidity for our investors?

33

Thrilled to announce a game-changing partnership between Alphathena and ETF.com! 🚀📊 As an Alphathena team member, I'm incredibly excited about the potential this collaboration unlocks for financial advisors and their clients. Here's why this matters: - Democratizing Direct Indexing: Making sophisticated investment strategies accessible to a broader range of investors. - Enhanced Education: ETF.com users can now access Alphathena's expertise on replicating ETFs more tax-efficiently through direct indexing. - Seamless Integration: Advisors can transition smoothly from ETF research to implementing personalized direct indexing strategies. - Empowering Advisors: Combining cutting-edge technology with comprehensive educational resources to deliver superior client outcomes. - Industry Innovation: Leading the shift towards more personalized, tax-efficient investment solutions. Our co-founders, Tushad Driver and Mohan Naidu, envisioned Alphathena as a solution to help advisors leverage personalization strategies like direct indexing. This partnership with ETF.com is a significant step towards realizing that vision. Proud to be part of a team revolutionizing investment management. Here's to making direct indexing more accessible and understood! Read more about this exciting partnership: https://lnkd.in/gxHu3A6U? #DirectIndexing #FinTech #InvestmentManagement #FinancialAdvisors #AlphathenaPartnerships

16

1 Comment

Is the U.S. Economy Stronger Than We Think? At Yale's recent CEO Caucus, 84% of top CEOs expressed optimism, predicting a "soft landing" for the U.S. economy. Surprisingly, 81% were taken aback by the economy’s resilience, despite widespread pessimism in public polls. With inflation dropping and unemployment at historic lows, real wages are growing, and GDP surpassed expectations. CEOs agree: the economy is outperforming the gloomy forecasts. What’s your take on that? Source: https://bit.ly/47Sds0i

21

While it’s important for investors to familiarize themselves with the policy proposals of the major party candidates, historically, electoral outcomes haven’t had major lasting impacts on market performance. MFS market strategists put the election into historical context and highlight some of the key policy similarities and differences of the candidates. bit.ly/4gsR7dJ.

1

BNY Investments is proud to be an LPL ETF NTF Partner,* providing access to our suite of ETF strategies to help meet your clients’ needs and ambitions. With BNY’s ETF lineup, you can take advantage of the following: - No transaction fees - Potential diversification through differentiated index and active ETF strategies - Intraday liquidity and possible tax efficiency benefits of an ETF wrapper Click here to learn more about our ETF strategies and read important disclosures: https://bny.mn/3A9uVog *LPL ETF NTF Partner Program is not affiliated with BNY. #IndexETFs #ActiveETFs #ModelPortfolios

58

High yield portfolio manager, Kelly Burton sheds light on the technical and fundamental picture for high yield bonds amidst an increasingly noisy macroeconomic and political backdrop. Full timestamps: 02:30 – Kelly’s background and role at Barings 05:18 – What market technicals are telling us about high yield 09:26 – Assessing issuer fundamentals against a noisy macro backdrop 15:32 – Liability management exercises and where defaults could go in a recession scenario 20:14 – How high yield may fare in a slower economic environment 25:49 – How to think about the maturity wall 27:35 – Why credit spreads don’t tell the full story 30:04 – Senior secured bonds: what they are and why Kelly & team like them 38:25 – What the U.S. election could mean for high yield 42:54 – Final thoughts Listen or Watch the full episode now: Barings: https://ow.ly/lfuG30sFTOe Apple Podcasts: https://ow.ly/LL4p30sFJXi Spotify: https://ow.ly/oFIW30sFJXj YouTube: https://ow.ly/KcIc30sFJXm #HighYield #HighYieldBonds #FixedIncome #Barings

3

As the DOW Jones closed above 40,000 for the first time in its history, Olaolu Aganga recently joined the team on CNBC’s Closing Bell to discuss our playbook in alternatives and current strategic and tactical asset allocation views. Through what many have described as a “supercycle” election year, we see large asset owners seeking out stability in longer-term allocations to alternatives – including private credit and private equity. Typically marked to market at a slower rate, exposure to alternatives can provide important stability through more volatile periods. Balancing strategic and tactical decision making across portfolios is all about assessing risk and return relative to time horizon. Strategically, we’ve been neutral on Europe for some time, but tactically, we’ve been looking internationally to capture opportunities across emerging markets, most recently in China where we see valuation distortion. Join the Mercer Investments team and Olaolu Aganga LIVE in Nashville for the Global Investment Forum June 10-12: bit.ly/3Vm71yw

16

Delighted to be back on Bloomberg this week for another wide-ranging interview with Joumanna Bercetche. This was after JOLTS and before Payrolls (and at 5am! (which might explain the spotty audio)) but the points I made remain valid: *Stop Dreaming of the Quiet Life*: Markets will remain volatile, with large moves in response to individual data points as data has become less reliable, surveys less representative and increased and contradictory revisions. Seasonal adjustments are also less valid post-Covid. Central banks remaining highly data dependent means markets will continue to overreact to individual data points. *Soft Landing Base Case*: We are still (confirmed post Payrolls) in the "soft landing" camp, believing that inflation will return to target and unemployment will not spike. We think (hope?) the Fed has the right approach with a couple more 25 basis point hikes followed by a 50 basis point move in December. *Yen and carry trades*: The large moves in the Yen seen earlier this year are unlikely to be repeated, as real money investors are now long the Yen while leveraged positions have been flattened. The focus has shifted to the Swiss Franc as the new carry trade funding currency. *Currencies and central bank easing*: The direction of currencies, and essentially the USD, will depend not just on the magnitude of rate cuts, but also on other factors like geopolitical risk and the strength of the US economy. The dollar has multiple supports to potentially offset any rate cuts.

60

Interesting article from Douglas Appell in Pensions & Investments about the post-ZIRP, “higher for longer” interest rate environment that boils down to advocating for the pursuit of satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.).   Quoting the inimitable Ben Phillips, “In that world, the relevant benchmark becomes the client’s required cash flows.”   Fresh perspectives and new ideas are warranted. Satisfactory outcomes not benchmarks.

4

This was an interesting one to dive deeper into. Blue Owl Capital will seek to replicate its latest continuation fund transaction as a means of providing liquidity to investors within its GP stakes funds. The vehicle was not structured as a traditional secondaries transaction as the backers of the continuation fund are not traditional secondaries firms or fund investors. Rather, they are long-term yield oriented, Private Equity International understands. https://lnkd.in/dfcGr6WD

19

It is great to be back in Los Angeles for the Milken Institute Global Conference, where I managed to catch up with Bloomberg amid so much market uncertainty around rate cuts. Our conviction around the timing of cuts may be limited, but our confidence around investors remaining risk-on is steadfast. You can watch a segment of my interview below. #MIGlobal

135

2 Comments

BlackRock Atlanta recently hosted a fireside chat with Samara Cohen, BlackRock’s Chief Investment Officer of ETF and Index Investments. The conversation was moderated by Teja Tops, an analyst in BlackRock’s Atlanta office, with an audience of fellow analysts. Here were some of Samara’s recommendations for the rising leaders: 1. Look at your career as a marathon, not a sprint. As you paint the portrait of your career, set mile markers for yourself that are both measurable and achievable — then figure out what you want to do next. 2. Move from competency to mastery. During her own analyst years, Samara aimed to move from learning everything she could, as fast as she could, to teaching what she’d learned to others. That’s a crucial way to take ownership of everything you’ve learned. 3. Build up those around you. It’s a win when you can look at someone and say you helped them excel into their best selves.

5