We recorded this special episode to mark the publication of our midyear global outlook, which offers key views across public and private markets after a particularly eventful first six months of 2025. Topics covered include:
Long-term implications from the tariffs-related volatility spike
How our AFI team in Chicago is navigating policy uncertainty
The approach taken by our Multi-Asset team to USD assets
The outlook for private market assets – and their role in portfolios
Addressing concentration risk within index and ETF strategies
During the episode, Sonja Laud, our Global CIO, was joined by:
Anthony Woodside, Head of Multi-Sector Fixed Income & Investment Strategy, Asset Management, America
Christopher Jeffery, Head of Macro Strategy
David Barron, Global Head of Index and ETFs
Rob Martin, Global Head of Investment Strategy & Research, Private Markets
The speakers also offer non-consensus market views for the next six months – and share what they are planning to read and watch over the summer.
The podcast was recorded on 3 July and was moderated by Max Julius, Head of Content.
For professional investors only. Capital at risk.
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41:59
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41:59
370: Middle East conflict, inflation and interest rates – Market Talk
Ben Bennett, Head of Investment Strategy Asia, shares his thoughts on the market impact of the Middle East conflict. Also on the agenda is possible rates divergence between the US and Europe, the shortcomings of economic data, and why GDP per capita may not tell the whole story of emerging markets.
This podcast was recorded on 24 June 2025.
All data is sourced from LSEG as at 24 June 2025 unless otherwise stated.
For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only.
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20:57
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20:57
369: How to tackle equity market concentration risk
With market volatility front of mind in 2025, we explore equity market concentration risk and what can be done to mitigate it.
Our speakers are Aude Martin, Head of Pooled Index Investment Specialists, and Andrzej Pioch, a Fund Manager specialising in multi-asset strategies in our Asset Allocation team.
All data from Bloomberg as at 5 June 2025 unless otherwise stated.
For professional investors only. Capital at risk. Past performance is not a guide to the future. It should be noted that diversification is no guarantee against a loss in a declining market. 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 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.
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16:47
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16:47
369: Unpacking unconstrained strategies
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.
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9:13
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9:13
368: As above, so below: The case for crossover private credit
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 does a changing world mean for my portfolio? Which asset classes are undervalued? Will declining demographics affect my investments? From L&G’s Asset Management division, we bring you conversations about the global economy and how professional investors can take advantage of these opportunities.
We'll be talking to fund managers, analysts, industry experts and more to discuss the latest market and political developments, their most exciting asset allocation ideas and how they're optimising portfolios for market booms and economic gloom.
From Trump's tariffs to irrational investors, L&G Talks Asset Management dives into the world of asset management and brings you our most compelling thoughts to help you make informed investment decisions.
To find out more, visit https://am.landg.com/en-uk/institutional/insights/
L&G has been helping customers since 1836. A founding member of the Financial Times Stock Exchange (FTSE) 100 index, L&G is one of the UK's leading financial services companies serving UK customers for our life assurance, pensions, investments and general insurance plans.
This podcast is intended for investment professionals, and shouldn't be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in L&G investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of L&G. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal & General Investment Management.
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