Center For Investment Excellence
The Center for Investment Excellence provides educational insights across various asset classes and investment themes. It aims to equip listeners with the tools needed to make better decisions and build stronger portfolios. The podcast is produced by J.P. Morgan Asset Management.
Episodes
Maintaining Conviction Through Disruption
In this episode of the Center for Investment Excellence podcast, David Lebovitz is joined by Danielle Hines, Director of U.S. Equity Research, to discuss how a long-term, valuation-driven equity research process can help investors maintain conviction amid rapid disruption. They explain the U.S. core equity research framework—anchored by a tenured, career analyst model and a time-tested five-year e
2026 Asset Allocation Draft
In this episode of the Center for Investment Excellence podcast, David Lebovitz and Jared Gross discuss their annual asset allocation draft. They review last year’s investment picks, share macroeconomic expectations for 2026, and debate opportunities across equities, fixed income, real assets, and alternatives. Listeners will hear perspectives on inflation, central bank policy, global growth, and
LTCMA’s 30th Anniversary: Shifting landscapes and silver linings
In this episode of the Center for Investment Excellence, host David Lebovitz is joined by Tim Lintern, Research Analyst at J.P. Morgan Asset Management. Together, they unpack the latest findings from the 30th annual edition of Long-Term Capital Market Assumptions. The discussion covers the key findings of this year’s publication, including the projections that are at the core of our approach to
U.S. exceptionalism and developed markets
In this episode of the Center for Investment Excellence, host David Lebovitz is joined by Jared Gross, Head of Institutional Portfolio Strategy at J.P. Morgan Asset Management. Together, they unpack the latest findings from the Strategic Investment Advisory Group, focusing on the theme of U.S. exceptionalism. The discussion covers the key factors behind America’s economic and market leadership, th
How Endowments and Foundations are tackling taxes, liquidity, and portfolio construction
In this episode of the Center for Investment Excellence podcast, hosted by David Lebovitz, we explore key themes impacting endowments and foundations, from government funding changes and tax policies to the role of alternative investments and liquidity needs. Featuring Mack Kline, Head of Endowments, Foundations, and Healthcare, we provide in-depth discussions on navigating today's complex investm
Transportation assets and tariffs: Is bad news good news?
In this episode of the Center for Investment Excellence podcast, hosted by David Lebowitz, the focus is on the transportation sector amidst a backdrop of global economic uncertainty. Andy Dacey, CEO and CIO of J.P. Morgan Asset Management's Global Transportation Group, joins the discussion to explore how macroeconomic factors, such as trade tariffs and geopolitical tensions, are influencing transp
Unpacking policy uncertainty
This episode hosted by David Lebovitz features a discussion with Dr. David Kelly, chief global strategist at J.P. Morgan. It covers topics such as the economic outlook for 2025, the impact of U.S. immigration and trade policies, and potential fiscal and regulatory changes under the new administration. The conversation also touches on the implications of government efficiency measures and potential
2025 Asset Allocation Draft
In this episode, join host David Lebowitz, Global Market Strategist, and special guest Jared Gross, Head of Institutional Portfolio Strategy, as they return to the Center for Investment Excellence for their annual Asset Allocation Draft. In this insightful episode, they provide a comprehensive macroeconomic update and delve into the intricacies of asset allocation for 2025. The discussion covers a
2025 LTCMAs: Higher starting points but healthier foundations
In this episode, join host David Lebowitz, Global Market Strategist, and special guest Gabriela Santos, Chief Market Strategist for the Americas, as they delve into the optimistic outlook for global markets. Discover how AI, economic growth, and inflation dynamics are shaping investment opportunities for the next decade. Gain valuable insights into asset classes, market trends, and strategies to n
Across the Great Divide: Public and Private markets reconsidered
In this episode of "Center for Investment Excellence," David Lebovitz, Global Strategist, Multi-Asset Solutions and Jared Gross, Head of Institutional Portfolio Strategy discuss insights from the SIAG Public & Private Markets series. They explore the roles of real estate, credit, and equity in diversified portfolios, highlighting the blend of public and private investments.
The Calm after the cuts
In this episode of the Center for Investment Excellence podcast, host David Lebovitz, Global Market Strategist in Multi-Asset Solutions at JP Morgan Asset Management, is joined by Kay Herr, US Chief Investment Officer for the Global Fixed Income Currency and Commodities team at JP Morgan Asset Management. David and Kay discuss the implications of the upcoming US elections on fiscal policy and mark
Gaining perspective on public and private equity
In this final episode for our Strategic Investment Advisory Group's private and public series, David Lebovitz, Global Market Strategist, Multi-Asset Solutions, is joined by Jared Gross, Head of Institutional Portfolio Strategy, to discuss equity markets as strategic asset allocations.
Leading with science: A deep dive on biotech
In this episode, David Lebovitz, Global Strategist, Multi-Asset Solutions, is joined by Stephen Squinto, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital, to discuss the alternative investment landscape, the private biotech market and areas of opportunity in 2024 and beyond.
The role of public and private strategies in real estate
In this special edition of #CenterForInvestmentExcellence, members of our Strategic Investment Advisory Group discuss the long-term growth potential of real estate as an investable asset class, including the expansion of the real estate market from traditional core to a wide range of extended sectors, and the case for allocating to real estate investment trusts (REITs) and private real estate fund
A New Perspective for Credit Investors
Today’s credit markets offer investors an unprecedented range of risk and return opportunities, but also greater complexity that makes it challenging to allocate capital efficiently. In this special edition SIAG episode, David Lebovitz, Global Strategist, Multi-Asset Solutions, talks with Samrawit Soquar, Global Head of Research, Global Fixed Income, Currency & Commodities Group, and Brian Col
Orbiting the Paper Moon: A conversation on alternative investments with Michael Cembalest
While the 60/40 portfolio has seen a renewed focus, allocations to private markets continue to play an important role in diversification and growth. In this episode, David Lebovitz, Global Market Strategist, talks with Michael Cembalest, Chairman of Market and Investment Strategy, about the key insights featured in his biennial review of alternative investments, It's Mostly a Paper Moon.
How soft would a soft landing be?
The Fed remains committed to reducing rates, which bond markets may be cheering, but it may not begin easing policy as soon as markets anticipate. David Lebovitz, Global Market Strategist, Multi-Asset Solutions and Priya Misra, Portfolio Manager, Global Fixed Income, Currency & Commodities (GFICC) Group, discuss their forecast for fixed income, including stock/bond correlations, high quality d
Investment Outlook for 2024
While 2023 created a challenging macro backdrop of stubborn inflation, heightened geopolitical tensions and sluggish growth, a year-end rally increased the prospect of a brighter 2024 economic outlook. David Lebovitz and Arjun Menon, Global Market Strategists, Multi-Asset Solutions, discuss their investment predictions for the coming year, including risks and opportunities across all sectors and a
The 2024 Asset Allocation Draft
David Lebovitz, Global Market Strategist, Multi-Asset Solutions and Jared Gross, Head of Institutional Portfolio Strategy, conduct their annual asset allocation draft across various asset classes, and make their picks for the most promising investment opportunities in 2024.
Unpacking the opportunity in developed market equities
While over the past decade developed market equities have overwhelmingly lagged behind their U.S. counterparts, the case for international markets still exists, with Japan and Europe offering attractive investment opportunities. On this episode, David Lebovitz is joined by Tim Woodhouse, a Portfolio Manager in our International Equity Group, to discuss cross-border investing, valuations, sector th
2024 Long-Term Capital Market Assumptions: Smarter portfolios for a world in transition
The 28th annual edition of our 2024 Long-Term Capital Market Assumptions explores how investors can build on the 60/40 portfolio – using new axes of diversification to navigate an economy in transition from disinflation to reflation and from easy monetary policy to higher costs of capital. Our experts discuss these themes and more on our November episode.
Post-FOMC perspectives and the road ahead
Our experts discuss the September FOMC meeting and long duration fixed income investment opportunities.
The intersection of technology and healthcare
Private markets have grown significantly over the past few years, fueled by scientific breakthroughs and technological innovation. Our experts discuss biotechnology, artificial intelligence and healthcare valuation trends, how venture capitalists and startups are navigating the complex regulatory landscape and other exciting opportunities for investors.
Artificial intelligence and the power of disruption
From predictive analysis to machine learning models to robots, the landscape of artificial intelligence is evolving at a meteoric rate and businesses across every industry have no choice but to adopt. Our experts discuss the existing AI infrastructure, how AI is reshaping the corporate environment and what investors need to know about this revolutionary technology.
The post-COVID world comes into focus
David Lebovitz, Global Market Strategist, Jared Gross, Head of Institutional Portfolio Strategy, and Karen Ward, Global Market Strategist, discuss the return to normalcy post-pandemic and how this has affected markets and the global economy.
Opportunities in private equity
What opportunities exist in private equity? Our experts discuss valuations, sector preferences, the secondaries market and more on a new Center for Investment Excellence podcast episode, featuring David Lebovitz, Global Market Strategist, and J.P. Morgan Asset Management's Global Private Equity Group Co-Heads, Stephen Catherwood and Ashmi Mehrotra.
The case for international equities
Recent trends have shown international equities performing as well, if not better, than their U.S. counterparts. David Lebovitz, Global Market Strategist, Anjali Balani, Investment Specialist, International Equity Group and Tim Morris, Investment Specialist, Emerging Market and Asia Pacific Equities Group, discuss pressures on the U.S. dollar, the impact of China's re-opening and what investors ne
Monetary policy and financial stability
We discuss the March Federal Open Market Committee meeting policy decision and its implication for investors.
Clash of the Credit
In a battle of Investment Grade vs. High Yield, we discuss credit opportunities for institutional investors.
Fixed Income’s Fashionable Again
After a year of higher interest rates and rising recession risks, what should bond investors focus on in 2023?
The Asset Allocation Draft for 2023
A review of our 2023 asset allocation recommendations across fixed income, equities, and illiquid and liquid alternatives.
2023 Long-Term Capital Market Assumptions: Back to basics
As asset return forecasts move closer to equilibrium, we discuss how today’s market offers the best returns in over a decade.
The next generation of investors
David Lebovitz and Jack Manley, Global Market Strategists, have a discussion around the next generation of investors and their financial mindset, identifying how their investment decisions are made and where institutional investors can find the most promising opportunities to reach them.
Macro pressures affecting private markets
David Lebovitz, Global Market Strategist, and Jared Gross, Head of Institutional Portfolio Strategy, have a discussion around the macro pressures affecting private markets – across real assets, private equity, private credit and hedge funds – and where institutional investors can find the most promising investment opportunities.
Is this the time for offense or defense in portfolios?
David Lebovitz, Global Market Strategist, and Jared Gross, Head of Institutional Portfolio Strategy, discuss whether investors should be positioning portfolios offensively or defensively to preserve capital against a backdrop of elevated volatility and recession concerns.
A framework for investing in climate technology
David Lebovitz, Global Market Strategist, and Tanya Barnes, Co-Managing Partner of Sustainable Growth Private Equity, discuss the latest trends in sustainable investing, including climate change and how institutional investors should evaluate climate technology companies and solutions.
Inflation, interest rates and volatility, oh my!
For long-term investors, there are a number of challenges in today's market environment. We take stock of where we are in mid-2022 and where we are headed in the months and years to come.
A macro snapshot into Canada
David Lebovitz and Jack Manley, Global Market Strategists, discuss the Canadian economy from the booming housing market to inflation dynamics with the Bank of Canada, and the opportunity set for institutional investors in the second half of the year.
Investment opportunities in genetic medicine, automation and cybersecurity
Jared Gross, Head of Institutional Portfolio Strategy, Felise Agranoff, Growth Equity Portfolio Manager, Dr. Matt Cohen, U.S. and Global Healthcare Portfolio Manager and Eric Ghernati, Senior Technology Analyst and Portfolio Manager, review the dramatic changes afoot in genetic medicine, automation, and cybersecurity.
Inflation and monetary policy
David Lebovitz, Global Market Strategist, and Jared Gross, Head of Institutional Portfolio Strategy, discuss the current state of inflation, the reaction of the Federal Reserve and how investors can position themselves for both the near-and-long-term shift in interest rates.
Accessing Alternatives in 2022
Pulkit Sharma, Head of Alternatives Investment Strategy and Solutions, joins David Lebovitz, Global Market Strategist, to discuss his framework for investing in alternatives, how it can be a solution to public market volatility, and the ways investors can access the asset class in 2022.
Engineering portfolios for climate change
David Lebovitz and Meera Pandit, Global Market Strategists, and Garrett Norman, Investment Specialist, Quantitative Solutions, discuss the latest on global climate change and the solutions institutional investors can incorporate into their portfolios.
The 2022 Asset Allocation Draft
David Lebovitz, Global Market Strategist, and Jared Gross, Head of Institutional Portfolio Strategy conduct an asset allocation draft across various sectors, highlighting the current macroeconomic backdrop, Omicron variant implications, and the biggest risks and challenges investors will face in 2022.
The Alternatives Roundup
David Lebovitz, Global Market Strategist, and Anton Pil, Global Head of Alternatives share their 2021 alternatives investment themes, from the return to the office to recent supply chain concerns and opportunities within private markets.
The benefits of ETFs in institutional portfolios
David Lebovitz, Global Market Strategist, and Max Cann, Head of Institutional ETFs, discuss the evolution of the ETF market, how institutional investors can manage broad beta and factor exposure and the misnomer that ETFs are only passive investments.
Reaching a net-zero world through carbon offsets
Why are carbon markets developing and what are the scientific limits and standards around them?
The case for greater China exposure in institutional portfolios
Jared Gross, Head of Institutional Portfolio Strategy, and Gabriela Santos, Global Market Strategist, discuss the maturation of China's economy since the early 1990s and the increased importance of integrating Chinese assets in portfolios.
Alts for Income
David Lebovitz, Global Market Strategist, and Anton Pil, Global Head of Alternatives, debate alternative asset classes as sources of income, explore how alternative asset classes faired during the pandemic, and discuss the management of liquidity.
Crypto: To buy, or not to buy?
David Lebovitz, Global Market Strategist, and Paul Zummo, Chief Investment Officer for J.P. Morgan Alternative Asset Management, discuss the rise of crypto currencies and their role within an institutional portfolio.
Private Equity: Braced for a turn in rates?
As part of the Allocation Spotlight series, David Lebovitz, Global Market Strategist, and Jared Gross, Head of Institutional Portfolio Strategy, discuss the market conditions that have contributed to strong private equity performance in recent years, and the value that a PE allocation can provide for institutional investors in the decades to come.
The reopening story
Vaccination progress, a constructive economic backdrop, and the Fed’s reaction function to inflation all indicate that 2021 could be the best year for economic growth since the early 1950s.
The evolution of pension hedging
As part of the Allocation Spotlight Series, Jared Gross, Head of Institutional Portfolio Strategy, Kay Herr, Head of Fixed Income Research, and Lisa Coleman, Head of the Global Investment Grade Corporate Credit Team, discuss the current market environment--from ratings migration to fallen angels and rising stars--and the evolution of pension hedging strategy in LDI portfolios.
Improve the tradeoffs between risk and reward with capital efficient investing
Jared Gross, Head of Institutional Portfolio Strategy, and Dan McNeill, Head of Asset Management Derivatives, discuss the implementation of a derivatives strategy and the ability for it to increase returns and long-term portfolio performance.
Too big to ignore: interest rates and inflation
David Lebovitz, Global Market Strategist, and Jared Gross, Head of Institutional Portfolio Strategy, discuss the unprecedented coordinated fiscal and monetary response to COVID-19, the vaccine driven re-opening of the economy and how this will effect inflation and interest rates in the months ahead.
Panoramic Views: Emerging Markets in 2021
Leon Eidelman, Portfolio Manager within the Emerging Markets and Asia Pacific (EMAP) Equities team, evaluates the risks and opportunities institutional investors face within emerging markets in 2021, and what notable impacts COVID-19 has had on the asset class.
Fixed income market views and outlook
Bob Michele discusses first quarter views--from inflation risks to preferences for certain fixed income sectors --and implications for 2021 investors.
2021 Long Term Capital Market Assumptions: Debt Load
As part of our thematic insights from our 2021 Long-Term Capital Market Assumptions, Thushka Maharaj and Patrik Schöwitz, Global Strategists from our Multi-Asset Solutions group discuss the high levels of debt persistent in today’s global markets and their impact across asset classes.
2021 Long Term Capital Market Assumptions: Fiscal Stimulus
Dr. David Kelly, Chief Global Strategist, and Nandini Ramakrishnan, Macro Strategist, Emerging Markets and Asia Pacific Equities, explore what future stimulus means for economies and markets.
Navigating the fixed income markets in 2020 and beyond
Steve Lear, U.S. Chief Investment Officer, Global Fixed Income, Currency & Commodities (GFICC), Rick Figuly, Head of Core Strategy for GFICC and John Nicely, Senior Fixed Income Investment Specialist, have a conversation on current market themes, and the risks and opportunities in fixed income sectors.
Weighing the investment implications of climate change policy
As part of the 2021 Long-Term Capital Market Assumptions, Jennifer Wu, Head of Sustainable Investing, Benjamin Mandel, Global Strategist, and Vincent Juvyns, Global Market Strategist, discuss the shift to a low carbon economy and the implications for institutional investors.
ESG: Anchoring Returns for Alternatives
Anurag Agarwal, Head of Portfolio Management, Global Transportation Group, Nicola Rawlinson, Head of Investment Specialists for Macro Strategies, Nick Moller, Investment Specialist, Infrastructure Investments Group and Karen Roberton, Global Head of Consultant Sales, discuss their thoughts on the importance of ESG factors within alternative strategies and the return enhancements it can provide.
Make Income an Objective
Jared Gross, Head of Institutional Portfolio Strategy, Pulkit Sharma, Head of Alternatives Investments Strategy & Solutions, and Keith Cahill, Head of North America Institutional, discuss the operational benefits and consistent stream of capital investors can find in allocating to a range of traditional and alternative strategies to help meet income objectives.
China: A source for growth opportunities
Eddy Wong, CEO of China International Fund Management, discusses market structure, regulation, and investment trends in China while also reviewing considerations for institutional investors allocating to China.
The REIT Market: Past, Present & Future
Kevin Bedell and Bob Culver of Security Capital Research & Management address emerging trends in the REIT market and the effects of social distancing and COVID-19 on commercial real estate investment opportunities.
Retirement Income: Trends & Considerations
Katherine Roy, Chief Retirement Strategist, and Dan Oldroyd, Head of Target Date Strategies, discuss retirement income, including the important role participant behavior plays in an effective withdrawal strategy and surprising trends that suggest it may be time to re-examine popular replacement income strategies.
Opportunities in Emerging Markets
Sonal Tanna, Emerging Markets and Asia Pacific Equities Portfolio Manager (EMAP), and Tim Morris, EMAP Investment Specialist, discuss the opportunities and risks ahead for emerging markets in the wake of the pandemic.
Reaching Portfolio Objectives In Changing Markets
Jared Gross, Head of Institutional Portfolio Strategy, reviews four themes for improving portfolio performance in the current environment: diversifying your hedge, making income an objective, optimizing illiquidity, and improving capital efficiency.
The benefits of active fixed income in TDFs
Lynn Avitabile, Investment Specialist, SmartRetirement, and Ben Christensen, Fixed Income Investment Specialist, share how the current market is impacting target date funds, the benefits of active management, and the opportunities and risks investors should consider moving forward.
Views on large cap equity investing during uncertain times
Giri Devulapally, Portfolio Manager in the U.S. Equity Group, shares his views on the large cap growth sector amid the pandemic, and the opportunities and risks investors should consider going forward.
Fixed income investing in a low rate world
Steven Lear U.S. Chief Investment Officer - Global Fixed Income, Currency & Commodities (GFICC) and Rick Figuly, Head of Core Strategy - (GFICC) discuss risks and sector positioning in fixed income markets.
How Private Equity is responding to COVID-19
Ashmi Mehrotra and Stephen Catherwood, Co-Heads of the Global Private Equity Group, discuss the impact the virus has had on Private Equity investors, ESG factors, and the risks and opportunities that lie ahead.
Transportation – A port for current income during a pandemic
Andy Dacy, CIO - Global Transport Group and Anurag Agrawal, Investment Specialist, will discuss how the $4 trillion transport market across aircraft, rail, maritime, energy logistics, and heavy equipment sectors presents a resilient, uncorrelated, income-generating alternative to traditional fixed income.
Private Credit Amidst COVID-19 and Beyond
Lynnette Ferguson, Head of Investment Specialists Americas, and Brian Coleman, Portfolio Manager, from our J.P. Morgan Alternative Asset Management Group, will discuss how the COVID-19 crisis has impacted the opportunity set in the alternative credit landscape, and give their outlook on the space moving forward.
In the wake of COVID-19, strong companies get stronger
Susan Bao, Portfolio Manager in the U.S. Equity Group, and Mark Ferguson, Global Head of Research for Equities, highlight the digital transformation and shift to cloud, de-globalization and localization of supply chains, and how businesses get stronger.
The Impact of WFH labor force
Ben Mandel, Global Strategist - Multi-Asset Solutions, will do a deep dive on his latest publication, The impact of a global work from home labor force and analyze the market and investment implications of skills-based tech adoption and lower urban density.
The Impact of Governance and Social Factors on Portfolio Construction
Leon Eidelman, Emerging Markets and Asia Pacific Equities Portfolio Manager, and Jennifer Wu, Global Head of Sustainable Investing, discuss ESG/Stakeholder prioritization, higher taxation and the rising importance of healthcare on portfolio construction.
How Consumer Behavior Is Changing
Shane Duffy, Portfolio Manager in the International Equity Group, and Mark Ferguson, Global Head of Research for Equities, discuss the recent shift in consumer preferences including: Working from Home, the adoption of online alternatives and increased consumer savings.
Real estate debt: Opportunities persist in private markets
Jay DeWaltoff and Candace Chao, Portfolio Managers, Commercial Real Estate Debt, along with Neil Dey, Portfolio Manager, Securitized Products, discuss how the global pandemic has created dislocations across public and private real estate credit markets and how investors can capitalize on opportunities outside of sectors supported by government interventions.
Generating income in a volatile world
Andrew Norelli, Portfolio Manager, Global Fixed Income, Currency & Commodities (GFICC), discusses finding income in a zero-rate world, identifying opportunities from a broader fixed income universe and the evolving role the asset class plays in client portfolios.
The future of value investing
Lee Spelman, Head of U.S. Equity, and Larry Playford, CIO, U.S. Equity Value Team, discuss the divergence in performance between growth and value, the widening of valuation spreads, sector outlooks and why they see opportunity in value investing in the future.
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