Alternative Realities: The future of private credit investing
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In this episode of Alternative Realities, we explore the dynamic world of private credit with Aaron Mulvihill, Global Market Strategist at J.P. Morgan Asset Management, and Lynnette Ferguson, Global Co-Head of Investment Specialists for J.P. Morgan Alternative Asset Management, as they discuss the significant growth of private credit over the past decade and its role as a competitive alternative to traditional bank lending.
The conversation delves into the benefits private credit offers to both borrowers and investors, the interplay between private credit and private equity, and the emerging trends in asset-backed lending. Lynnette shares insights from her extensive experience in the industry, including lessons learned from the 2008 financial crisis and the importance of relationships in private credit.
Tune in to gain a deeper understanding of how interest rates, economic environments and regulatory changes impact the private credit market.
Resources:
For more resources on Alternatives, visit our Guide to Alternatives, Principles of Alternatives Investing, and Alternatives 2025 Outlook
Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
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29:32
Forecasting the future of financials
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Financials, the second largest sector in the S&P 500, has had its fair share of ups and downs in recent years. As the Federal Reserve kicked off its aggressive rate hiking campaign in 2022, the yield curve inverted, loan growth slowed and M&A activity plummeted, all of which hampered earnings growth. Then, in March 2023, the failures of several U.S. regional banks sparked concerns about the health of the banking sector and commercial real estate market. The dust from this crisis gradually settled, which, in conjunction with Fed rate cuts and a resilient consumer, helped the sector gain over 30% in 2024. In fact, financial deregulation is now top of mind, with the Trump administration recently naming “regulatory dove” Michelle Bowman as the Federal Reserve’s next Vice Chair of Supervision. Prospects for increased deregulation, in addition to trends in consumer spending, will be key themes moving forward. Companies in financials tend to be represented in the value style and can be a good complement to growth exposure, especially the Magnificent 7.
On this episode of Insights Now, Gabriela Santos, is joined by Laura Huang, an equity research analyst covering financials at J.P. Morgan Asset Management, to discuss Laura’s day-to-day, and what she is seeing across her sector.
Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
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20:40
Alternative Realities: Tech-driven alternative investment
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In this episode of Alternative Realities, we delve into the transformative landscape of venture and growth equity investing with a focus on technology and healthcare. Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management, is joined by Patrick McGoldrick, Managing Partner of J.P. Morgan Private Capital, to discuss the evolution and current landscape of venture capital.
The conversation highlights the high-risk, high-reward nature of venture capital, the importance of skilled management and the strategic approach J.P. Morgan employs in identifying investment opportunities.
Join us as we explore the competitive advantages J.P. Morgan Asset Management offers as a partner to its portfolio companies and uncover the potential of venture and growth equity investing in today's market.
Resources:
For more resources on Alternatives, visit our Guide to Alternatives, Principles of Alternatives Investing, and Alternatives 2025 Outlook
Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
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20:21
A healthier outlook for healthcare
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As the world emerged from the pandemic, healthcare companies encountered several challenges, including declining COVID-19-related revenues, increased R&D expenses and rising labor costs, all of which impacted earnings. Although the sector began to recover from its prolonged earnings slump in 2024, performance remained sluggish. Healthcare stocks rose just 2.6% last year, with performance suffering most after the election. Importantly, the healthcare sector is comprised of a range of sub-industries and performance beneath the surface has diverged. For example, as the sector has addressed the backlog of elective procedures delayed during the pandemic, healthcare facilities and equipment manufacturers have performed well, while insurers have struggled. When seeking exposure to growth themes driving markets, investors often overlook healthcare in favor of other sectors. That said, whether it be GLP-1 drug development or AI-powered customized therapies, the reality is that the sector is at the epicenter of transformational change. Looking ahead, healthcare earnings are set to improve in 2025. However, policy actions taken by the incoming administration could meaningfully alter the sector’s landscape.
On this episode of Insights Now, Gabriela Santos, is joined by Holly Morris, an equity research analyst covering the healthcare sector and a portfolio manager here at J.P. Morgan Asset Management.
Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
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30:14
Alternative Realities: Opportunities in global forestry and timber
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In this episode of Alternative Realities, we explore the world of timber as an alternative investment asset class. Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management, is joined by Angela Davis, President of Campbell Global, a subsidiary of J.P. Morgan Asset Management, to explore the unique benefits and opportunities timber offers to investors.
The discussion covers the perpetual lifecycle of timber forestry, the global footprint of Campbell Global’s forest management and the sustainable nature of timber as a climate-friendly product. The conversation also touches on the impact of tariffs, environmental regulations and the growing demand for sustainable building products.
Join us as we uncover the potential of timber in providing diversification and protection during periods of market volatility and learn about the exciting developments in carbon offsets and their significance in the timber industry.
Resources:
For more resources on Alternatives, visit our Guide to Alternatives, Principles of Alternatives Investing, and Alternatives 2025 Outlook
Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify
Listen to the latest insights from Dr. David Kelly, Chief Global Strategist, and Gabriela Santos, Chief Strategist for the Americas at J.P. Morgan Asset Management, as they sit down with a variety of thought leaders for a conversational breakdown of big ideas, future trends, emerging topics, and their investment implications, helping to inform the building of stronger long-term investment plans.
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