LGIM Talks

What does it mean when we say an active fixed income strategy is “unconstrained”? What difference does it make when a fund is not tied to a benchmark? And what is it about the present moment that could make this an attractive option for navigating market volatility? To answer these questions and give his insights into what could determine performance in fixed income for the rest of the year, this week we're joined by Enda Mulry, Portfolio Manager in our Global Bond Strategies team. This episode is hosted by Andrew Lowry, European Content Manager. For professional investors only. Capital at risk.

This week, we tackle part of the private credit universe that doesn't often get much airtime. That's ‘crossover credit' – or in other words, the part of the market that sits between investment-grade and sub-investment-grade credit. Talking us through this episode is Stu Hitchcock, L&G's Head of Private Credit Portfolio Management. Stu addresses the size of the crossover market, the types of deals that may utilise this form of credit and how it may fit into a portfolio. Asking the questions is Nick Jardine, Content Manager for L&G's Private Markets platform. All data is sourced internally from L&G as of June 2025, unless otherwise states. For professional investors only. Capital at risk. Source: Moody's Annual Default Study, 2023. Based on issuer-weighted average default rates and issuer-weighted senior unsecured bond recovery rates, from 1983-2023.

What is a money market fund? Why do investors use them? And how might the path of interest rates, technological change and regulation affect the outlook for these funds? Our guest for this podcast is Ross McDonald, a Liquidity Investment Specialist at L&G, to learn more about this sometimes overlooked – but crucial – part of the investor's toolkit. All data is sourced from Bloomberg as at 22 May 2025 unless otherwise stated. For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market.

Ben Bennett, Head of Investment Strategy Asia, shares his thoughts on the rebound in risk assets following the preliminary US/China trade deal. Also up for discussion are the rapid repricing of the Hong Kong dollar and what April's inflation surprise in the UK means for the path of interest rates. All data is sourced from LSEG as at 21 May 2025 unless otherwise stated. For professional investors only. Capital at risk.

2025's macro turbulence has been well documented; but is there opportunity among the uncertainty? As we approach the year's halfway point, we look at what the economic environment means for private markets, looking at where we stand now and what may lie ahead in the medium term. We're joined by Rob Martin, Head of Investment Strategy and Research for L&G's Private Markets platform, and Lushan Sun, Head of CrossAsset Research. Asking the questions and hosting is Nick Jardine, Content Manager for L&G's Private Markets Platform. This podcast was recorded on 16 May 2025. Sources: L&G, as of May 2025 MSCI, as of May 2025 Mckinsey & Co, as of January 2023 Preqin, as of May 2025 For professional investors only. Capital at risk.  For illustrative purposes only. Views expressed are of L&G as at 15 April 2025. The information in this podcast is for information purposes only and we are not soliciting any action based on it. It is not a recommendation to buy or sell securities or pursue a particular investment strategy. It is not investment, legal, regulatory or tax advice. 

Ben Bennett plots the path of interest rates in the US and UK, examines the factors driving the equity market rebound, and explains why possible tariffs on non-US films could have ramifications far beyond Hollywood. All data is sourced from LSEG as at 6 May 2025 unless otherwise stated. Taiwan dollar move source: Taiwan dollar's record rally is a trade-war tremor | Reuters For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

Following the publication of a major new research paper, Raj Shah, a Senior Quant and Factor Strategist within our Index Solutions team, delves into the question of whether factor portfolios can be decarbonised without losing their underlying risk and return characteristics.  This podcast is hosted by Harry Brooks, European Content Manager. For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market. There is no guarantee ESG targets will be achieved.

In another week of volatility for US assets, Ben Bennett dissects the market reaction to frictions with the Fed, considers the path of the dollar, and shares his verdict on whether the era of American exceptionalism is at an end. All data is sourced from LSEG as at 21 April 2025 unless otherwise stated. For professional investors only. Capital at risk. Securities mention for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

At the beginning of the year, a narrative of US exceptionalism was the consensus among many market participants. However, significant policy uncertainty emanating from the Trump administration has driven a significant rotation away from US risk assets and sent shockwaves around the global economy. What can investors conclude from the turbulence of the first quarter of 2025 - and what does this all mean for American fixed income? This week, we're doing a deep dive to answer these questions and more. This episode is hosted by Andrew Lowry in London; he is joined by Jason Shoup, CIO and Co-Head of Global Fixed Income, and Anthony Woodside, Head of Multi-Sector Fixed Income & Investment Strategy, both at the Chicago office of L&G's Asset Management division. This podcast was recorded on April 15 2025. For professional investors only. Capital at risk.

In this episode, we explore Defined Contribution (DC) investments and the changing reality of retirement. Our DC Head of Clients, Jayesh Patel, and clinical psychologist, Dr Emma Hepburn, join us to discuss the gap between retirement expectations and retirement realities. For professional investors only. Capital at risk.

Our expert panel discusses the remarkable shift in the market narrative, which has accompanied a rotation away from some of the best-performing assets of 2024, and what investors can expect over the coming months. During the episode, our latest CIO call, our speakers are Sonja Laud, our Global Chief Investment Officer; Colin Reedie, Head of Active Strategies; Jason Becker, Head of US Credit strategy, Asset Management, America; and Tim Drayson, Head of Economics. Among other points, they cover: How shifts in US and European policy are likely to affect the global economy The reasons behind the rotation currently underway in markets The prospects for fixed income and equities in light of the murky macro outlook Our own positioning within risk assets In addition, the speakers also share what they have been reading, watching and listening to recently. The podcast was recorded on 26 March and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.

Ahead of World Water Day on 22 March, this week's podcast considers the global challenge of improving access to clean water and examines the intersection of technology and water. While AI's thirst for water is in the spotlight, the technology also promises meaningful efficiency gains in water management.    Our speakers are: Alex Burr, Director, Investment Stewardship Elisa Piscopiello, Senior ETF Analyst Shichen Zhao, ETF Thematic Research Analyst  This podcast is hosted by Harry Brooks, European Content Manager. For professional investors only. Capital at risk. Securities mention for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass.

This week on the podcast, we're looking at the UK, exploring what might be in store for investors in real estate and certain related asset classes.  The discussion focused on the macro picture we're seeing at the moment, which sub-sectors may represent attractive investment opportunities and what certain private markets investors are saying about the UK.  Joining for this episode we have:  Neil Meikle – Head of Real Estate Capital Raising, L&G  Michael Adefuye – Senior Research Manager, Private Markets, L&G  This podcast is hosted by Nick Jardine, content manager for private markets.  For professional investors only. Capital at risk. For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security. 

Ben Bennett, Head of Investment Strategy for Asia, discusses what Germany's parliamentary election might mean for the future of the country's much-discussed debt brake. Also on the agenda is the rally in Chinese tech stocks, and how political polarisation is influencing inflation forecasts in the US. All data is sourced from Eikon as at 24 February 2025 unless otherwise stated. For professional investors only. Capital at risk.

How has the emerging market debt universe changed in recent decades? What are the portfolio use cases for these assets? And what is the role of emerging markets in a multi-polar world? Answering these questions and more are Uday Patnaik, Head of Emerging Market Debt in our Active Strategies team, and Erik Lueth, Emerging Market Economist in our Asset Allocation team. This episode is hosted by Harry Brooks, European Content Manager. For professional investors only. Capital at risk.

Ben Bennett, Head of Investment Strategy for Asia, shares his take on the big topics in markets today. On the agenda are the first few weeks of the second Trump presidency, some mixed messages from the UK's central bank, and strong performance from Europe's equity markets. This podcast is hosted by Harry Brooks, Content Manager. All data is sourced from Eikon as at 11 February 2025 unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

This week on LGIM Talks, the cameras are rolling as we sit down for a special video edition of the podcast. We're joined by Bill Hughes, Global Head of Private Markets and Rob Martin, Global Head of Investment Strategy and Research, for a hugely informative chat centred on L&G's Private Markets platform. The pair tackle both recent events and long-term secular trends, assessing how the private markets space is likely to be impacted by both. This podcast is hosted by Nick Jardine, content manager for private markets. For professional investors only. Capital at risk. For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

Ahead of the release of an in-depth research paper, John Southall, Head of Strategic Research in our Asset Allocation team, delves into FX hedge ratios. Topics up for discussion include: Why the FX hedging debate matters for investors today Two big factors that are often overlooked Conclusions from analysis of a century of equity market data This podcast is hosted by Harry Brooks, Content Manager. Analysis is based on LGIM calculations of data from sources including the Bank of England, Fama French database and Bloomberg.  For professional investors only. Capital at risk. 

Join Sonia Laud, our Chief Investment Officer, as she shares her thinking on the key themes that should now be on investors' radars. In this week's podcast, we're delighted to share a special presentation from our CIO, Sonja Laud, who spoke recently as part of a client webinar held in partnership with Professional Pensions. In her presentation Sonja covers: Her assessment of what led to strong equity market performance in 2024 Factors to consider when weighing up where to invest in 2025 How UK bond markets are currently positioned amid rising yields For professional investors only. Capital at risk.

Ben Bennett, our Head of Investment Strategy for Asia, dissects the recent rise in government bond yields, and market mood ahead of Donald Trump's inauguration on Monday. Also up for discussion are earnings season expectations, supply-side oil pressures, and what might be the most disappointing Christmas present on record.  This podcast is hosted by Harry Brooks, Content Manager. All data is sourced from Eikon as at 14 January 2025 unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

What role does Asia play LGIM's global growth strategy? To find out, this month we sit down with Natasha Mora, MD of LGIM Asia, to learn about our presence in one of the most economically dynamic areas of the world. In a broad-ranging discussion, we cover Natasha's background in law, the unique characteristics of the Asian market, her favourite places to visit in the region - and much more.                             This episode is hosted by Andrew Lowry, Content Manager. For professional investors only. Capital at risk.

We recently published our outlook for private markets in 2025, looking at some of the factors potentially impacting these assets over the next 12 months. In this edition of LGIM Talks, we dive into some of the sub-sectors of private markets in a little more detail, looking at what the year ahead might have in store. Joining us we have: Matteo Colombo, Head of Digital in Infrastructure, to assess the environment for digital infrastructure assets. Ali Farrell, Fund Manager and Simon Century, Head of Capital Investing, to chat all things affordable housing Chris Hopkins, Head of Venture Capital, to address the UK university spinout space This podcast is hosted by Nick Jardine, content manager for private markets. Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM blog for more insights. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts. For professional investors only. Capital at risk. For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security. Sources: Grand View Research, as of May 2024 Green Street, as of October 2024 CBRE, Q3 2024 Hostinger Tutorials, AI statistics and trends: New research for 2025 Legal & General internal research, as of September 2024 Social housing lettings in England, tenants: April 2022 to March 2023 - GOV.UK 159,000 children homeless - Shelter England - Shelter England National Housing Federation - Building new homes 2

How have markets reacted to political turmoil in France and South Korea? Will central bankers in Europe and the US remain on the same rates path? And why can't a team of 1,000 economists predict a recession with any degree of certainty? This podcast is hosted by Harry Brooks, Content Manager. All data is sourced from Eikon as at 10 December 2024 unless otherwise stated. For professional investors only. Capital at risk.

In a special podcast ahead of the publication of our 2025 global outlook, our experts offer key views across public and private markets in what promises to be yet another dramatic year for investors. On our panel is Sonja Laud, Global CIO; Christopher Jeffery, Head of Macro Strategy; Colin Reedie, Head of Active Strategies; Rob Martin, Global Head of Investment Strategy & Research, Private Markets; and Howie Li, Global Head of Index and ETFs. Among other points, they cover: Key market dynamics over 2024 – and how they might evolve next year What we expect from key asset classes within private markets Positioning within our Active Fixed Income and Multi Asset teams Concentration risk within equities The podcast was recorded on 4 December and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.

In this episode, we explore the crucial role that mathematics plays in modern investment strategy. We also discuss how human irrationality shows up in investment behaviour and share practical ideas for numerically minded students considering a career in the industry. This episode features Fadi Zaher, Head of Index Solutions, and Aanand Venkataraman, Head of ETFs, and is hosted by Harry Brooks, Content Manager. For professional investors only. Capital at risk.

Will the US Federal Reserve cut rates again in December? How is dollar strength affecting Europe and Japan? And why have markets been unmoved by the policy support announcement from China? This podcast is hosted by Harry Brooks, Content Manager. All data is sourced from Eikon as at 20 November 2024 unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

Earlier this month, representatives of 196 countries gathered in Columbia for the United Nations' COP16 – the world's largest biodiversity summit. It was two years ago at COP15 - when governments struck a historic deal to halt the destruction of ecosystems. So, COP16 had big boots to fill! But what actually happened at the summit and what could it mean for the planet and investors? In this episode, we interview two climate and nature experts in our Investment Stewardship team – Alex Burr, ESG policy lead, and Toby MacKean, ESG analyst. Alex and Toby flew out to Columbia for the summit and will be sharing their ‘on the ground' perspectives to help us navigate the event and its potential impact. For professional investors only. Capital at risk.

Following Donald Trump's historic comeback, we assess the key implications for investors in a special podcast recorded hours after the result was announced. During the call, Sonja Laud, LGIM's Chief Investment Officer, is joined by Jason Shoup, CIO and Co-Head of Global Fixed Income at LGIM America, and Tim Drayson, Head of Economics at LGIM. They also cover: The immediate market reaction to the election result – and whether we think this is sustainable, including the longer outlook for Treasuries and the US yield curve The interplay between tariffs, growth and inflation – and potential impact on monetary policy worldwide How Trump's victory might affect the geopolitical makeup of an increasingly multi-polar world The podcast is the edited audio from a client webinar held on 6 November, moderated by Mark Johnson, Head of UK, Institutional and Wholesale. For professional investors only. Capital at risk.

The goal is to allocate more capital to the business opportunities the transition creates, while simultaneously driving down emissions over time. Traditionally investors and companies have asked the question: “How should an investor balance a focus on reducing their climate impact with a desire for financial returns?” However, it is our firm belief that we could be asking a different, more positive question: “How can these opportunities and risks be addressed simultaneously?” In our latest Climate Solutions podcast we delve into the detail of climate action investing. Why do we see the need for a more active approach? What's a method investors can employ to seek to reduce emissions and target returns simultaneously? And practically speaking, how do we believe value can be unlocked from the energy transition? Our Head of Climate Solutions, Nick Stansbury and Robert White, our Head of Active Equities, explain all. To discover more about climate action investing, please read our latest whitepaper Climate change: Inaction is not an option https://blog-cms.lgim.com/globalassets/lgim/_document-library/climate-change-inaction-is-not-an-option-whitepaper-final.pdf For professional investors only. Capital at risk.

Has the blistering rally in Chinese equities got further to go, or was that it? What do strong jobs numbers out of the US tell us about the likely path of interest rates? And how could the arrival of a new prime minister in Japan affect the strength of the yen?  This podcast is hosted by Harry Brooks, Content Manager. All data is sourced from Eikon as at 8 October 2024 unless otherwise stated. For professional investors only. Capital at risk.

For the latest in our quarterly series of updates on the global fixed income market, LGIM's Head of Euro Credit Marc Rovers gives us a detailed briefing on where the European debt market is, and where it may be heading. In a broad-ranging discussion, we cover what lay behind the late summer's sporadic spikes in volatility, potential European spillover effects from the US election, why bond issuance is running at an all-time high – and much more. This episode is hosted by Andrew Lowry, European Content Manager. For professional investors only. Capital at risk.

Many of the themes at the heart of the US election are of immense importance to investors. As the presidential race enters its final stage, we discuss the key investment implications. During the podcast, Sonja Laud, LGIM's Chief Investment Officer, is joined by three colleagues from LGIM America: Jason Shoup, CIO and Co-Head of Global Fixed Income; Jason Becker, Head US Credit Strategy; and Anthony Woodside, Head of Multi-Sector Fixed Income & Investment Strategy. They cover: Our view that the risk of a “sweep” vote may be underpriced by markets The implications for fiscal and monetary policy under a Harris or Trump administration The outlook for US credit markets and EM fixed income under different outcomes Broader themes in common with elections elsewhere globally, not least the focus on immigration In addition, our speakers offer their usual recommendations for extracurricular reading and viewing material. The podcast was recorded on 23 September and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.

What does it take to rise up the ranks of investment distribution? And how has the advent of hybrid working and the demise of corporate hospitality changed the business of selling funds? In this episode, Ben Cherrington, LGIM's Head of UK Wholesale, shares candid insights from more than two decades spent at some of the best-known asset managers, and explains why it's a tougher business now than ever before. This episode is hosted by Harry Brooks, Content Manager.  Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

What was behind last month's ‘flash crash' and last week's smaller wobble? Does the dis-inversion of the US treasury yield curve signal recession? And what are markets telling us about the likely path of interest rates in the US, Europe and the UK? This podcast is hosted by Harry Brooks, Content Manager. All data is sourced from Eikon as at 10 September 2024 unless otherwise stated. For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

It's been more than a year since Robert Waugh took over as the independent chair of the Legal & General Mastertrust's board of trustees. In our latest DC podcast, Robert and Kim Brown, Head of Mastertrust & IGC, review the highlights and challenges of his first year in post, the implications of a change of government – which had been elected just two weeks before their conversation – and Robert's ambitions for the future. Kim also finds out more about the man behind the role including Robert's interests and what he'd recommend from his recent reading list. For professional investors only. Capital at risk 

With surplus extraction now a realistic proposition for many DB schemes, ‘run-on' could be an increasingly popular endgame option. In our latest DB podcast we continue our discussion of the endgame options available for DB pension schemes, and in particular, why the government's review of the regulation around surplus extraction could potentially lead to increased desire among pension trustees to consider ‘running on' their scheme. And what do the terms ‘run-on' and ‘surplus' mean in the first place? Mathew Webb, Legal & General's Head of Endgame Solutions, explains all.  For professional investors only. Capital at risk

We're taking a short break from the pod but we'll be back on 22 August with more news and views from across our investment teams.

What can the summer of sport tell us about the power of the world's biggest brands? How can brand value be quantified? And why might investors seek to add exposure to the owners of the strongest global brands?  Delving into these questions in this episode are: Henry Farr, Director, Brand Finance® Ellie Piscopiello, Senior ETF Analyst, LGIM This podcast is hosted by Harry Brooks, European Content Manager. For professional investors only. Capital at risk. Securities are mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security. Sources: Sponsorship value of 2024 Olympics: CNN, July 2024 Roger Federer's endorsement portfolio: Forbes, 2023 Financial characteristics of owners of global brands refers to top 100 global brands as per Brand Finance®'s ranking for the seven years ended 31 December 2022. ‘Mega cap peers' refers to companies with market cap over $15bn Nike logo history: Reuters, 2023

How should investors interpret the latest twists and turns in the race for the White House? What's behind the rise in US small-cap stocks? What should investors conclude now that China's third plenum has ended? And why is August such a special month for our very own Ben Bennett, Head of Investment Strategy, Asia?  This podcast is hosted by Frances Watson, Senior Content Manager. All data is sourced from Eikon as at 22 July 2024 unless otherwise stated. For professional investors only. Capital at risk.

Is investor interest in private markets set to continue? Or has their appeal been hit by the interest rate cycle of the last two years? And how can investors position themselves to align with the megatrends shaping the investment environment of the future? Andrew Lowry, Content Manager at Legal & General, is joined by Rob Martin, Global Head of Investment Strategy and Research for Private Markets, and Infrastructure Strategist, Marija Simpraga, to discuss the potential factors driving performance in private markets for the rest of 2024 - and beyond. This episode was recorded before Joe Biden's decision to withdraw from the US presidential campaign. For professional investors only. Capital at risk.

With so much to uncover about how private market investments could fit into DC pension fund strategies, we look at some of the challenges and how they might be addressed. Rita Butler-Jones, Head of DC at Legal & General, is joined by Christy Lindsay, Head of Private Markets Distribution, and Martin Dietz, Head of Diversified Strategies, to discuss what we mean by private market investments, the potential benefits of these type of assets for DC savers, and the obstacles that need to be overcome to access opportunities for scheme members in a responsible way. For professional investors only. Capital at risk.

The accuracy of opinion polls has meant that the initial reaction of sterling assets to a new government has been relatively muted. But irrespective of a change of politicians, for investors the key issues remain the same – namely the rise of geopolitics, immigration, deglobalisation and fiscal versus monetary policy.  In this podcast, our panel of experts  - Sonja Laud, Chief Investment Officer, James Carrick, Global Economist and Chris Jeffery, Head of Macro Strategy - discuss the issues facing today's investor, while concluding that, given combined risks have increased, our preference, as ever, is to achieve the right mix of uncorrelated asset classes and return profiles.  This podcast is hosted by Mark Johnson, Head of UK Institutional & Wholesale and was recorded on 05 July 2024. For professional investors only. Capital at risk.

How should investors aim to navigate the wave of election uncertainty currently enveloping financial markets? Is  Nvidia a classic example of concentration risk? And to what extent might ballooning deficits impact global productivity? Ben Bennett, Head of Investment Strategy, Asia also explains why central bankers are keen to see a weaker dollar relative to other currencies. This podcast is hosted by Frances Watson, Senior Content Manager. All data sourced from Bloomberg as at June 2024. For professional investors only. Capital at risk.

In this special episode, we mark the publication of our 2024 Climate Impact Pledge report, by discussing the highlights and key findings of our engagement efforts over 2023 and 2024 so far. Launched in 2016, through our Climate Impact Pledge, we encourage companies to reduce climate change risks and transition to a net-zero economy. Join Stephen Beer, Head of Responsible Investment Strategic Relationships and ESG Analysts, Anna Hirai and Cristy Rodriguez as they explain how the Pledge works, which sectors have scored well and which fell short, and what ‘engagement with consequences' means. For professional investors only. Capital at risk. Whilst LGIM has integrated Environmental, Social, and Governance (ESG) considerations into its investment decision-making and stewardship practices, this does not guarantee the achievement of responsible investing goals within funds that do not include specific ESG goals within their objectives. All data sourced from LGIM's 2024 Climate Impact Pledge as at June 2024 

As bond investors look towards the second half of 2024, we hear from Colin Reedie, Head of Active Strategies, regarding the myriad of forces driving financial markets currently. Colin also gives us a deep dive into credit spreads, all-in yields, the return of fiscal policy and makes some interesting parallels with the 1970s which, he believes, could shape the remainder of this year and next. This podcast is hosted by Frances Watson, Senior Content Manager, and was recorded before the FOMC meeting on 12 June 2024. Yield data is sourced from LGIM and Bloomberg as at 13 May 2024. For professional investors only. Capital at risk.

Where next for investors in light of the Indian election result? Are Chinese bond yields seemingly low relative to their Western counterparts, or should they be even lower given China's underlying structural problems? And will the upcoming US payrolls add to the narrative of a cooling US economy? Ben Bennett, Head of Investment Strategy, Asia explains all. This podcast is hosted by Frances Watson, Senior Content Manager and was recorded before the European Central Bank decision. All data is sourced from Eikon as at 04 June 2024 unless otherwise stated. For professional investors only. Capital at risk.

Saturday 8 June is World Ocean Day, which this year has the theme of catalysing action for our ocean and climate. It's a timely reminder of the vital importance of water, and the increasing gap between supply and demand. But what's the economic cost of water scarcity, and how might technology help provide some solutions? Discussing these ideas are: ·       Alex Burr, our ESG Policy Lead within our Investment Stewardship team ·       Ellie Piscopiello, Senior ETF Analyst ·       Shichen Zhao, ETF Thematic Research Analyst This podcast is hosted by Harry Brooks, European Content Manager. For professional investors only. Capital at risk. Sources: -            CDP estimate of the financial impact of water risks: Huge financial opportunity revealed from tackling global water crisis - CDP  -            Water consumption of ChatGPT: Study from researchers at the University of Colorado Riverside and the University of Texas Arlington in the US -            Economic impact of lack of access to clean water: The World Bank: Water overview, 2024  -            Water demand to outstrip supply by 40% by 2030: The Guardian: Global fresh water demand will outstrip supply by 40% by 2030, say experts, 2023  -            Water tech growth estimate: GWI, Straits Research, Transparency Market Research, Precision Business Insights, Data Intelligence, 2023 -            UK water company spending estimates: https://www.water.org.uk/news-views-publications/news/water-companies-propose-largest-ever-investment -            Digital water solutions and services market growth estimate: Global Digital Water Solutions and Services Market Research Report Feb 2023  -            European Investment Bank water infrastructure project spending: European Investment Bank: Maximising scarce resources: EIB updates its water sector policy, 2023  -            US Bipartisan Infrastructure Law spending on clean water initiatives: https://www.epa.gov/infrastructure

Are tighter lending conditions finally impacting the US consumer? What's behind the apparent divergence in equity and credit markets? And why is the price of the red metal on the rise? Ben Bennett, Investment Strategist APAC explains all. Ben also touches on UK inflation and Chinese bonds. This podcast is hosted by Frances Watson, Senior Content Manager and was recorded before the release of Nvidia's Q1 earnings. All data is sourced from Eikon as at 21 May 2024, unless otherwise stated. For professional investors only. Capital at risk.

In a follow-up to our February podcast that introduced commodities as an asset class, we return to the subject. This time around, we explore the intersection of geopolitics and commodities, how the transition to clean power is changing demand patterns, and the outlook for some specific commodities – including the yellow metal. Our speakers are Elisa Piscopiello, Senior ETF Analyst, and Francisco Blanch, who is Managing Director, Head of Global Commodities and Derivatives Research at Bank of America. This podcast is hosted by Harry Brooks, Content Manager. Figures on the declining cost of renewable power are from BloombergNEF as at June 2023. For professional investors only. Capital at risk.

With DB schemes maturing rapidly amid higher funding levels, talk of endgame strategies is all around. Yet what specifically are we referring to when we talk about a scheme's endgame? And what are the different endgame options available to schemes?  Lastly, how can investment portfolios be managed to help schemes build a bridge to their chosen endgame destination? Lisa Purdy, Head of DB Solutions Distribution, and Ian Blake, Senior Solutions Strategy Manager, explain all. For professional investors only. Capital at risk

With strong US growth and sticky inflation, why is Jay Powell still in patient mode on the interest rate front? What's behind the near 20% rally in the Hang Seng index since the start of the year? And why the fall in the price of Brent crude oil? Ben Bennett, Investment Strategist APAC explains all. This podcast is hosted by Frances Watson, Senior Content Manager. All data is sourced from Eikon, as at 01 May 2024, unless otherwise stated. For professional investors only. Capital at risk.