Beyond Markets podcast

Beyond Markets

“Beyond Markets” by Julius Baer is a series featuring conversations with experts to share recent market developments, key insights, and strategic inputs from around the globe. In each episode, we cut through the noise to offer practical advice and macro research on today’s shifting economic and market landscape. The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.

“Beyond Markets” by Julius Baer is a series featuring conversations with experts to share recent market developments, key insights, and strategic inputs from around the globe. In each episode, we cut through the noise to offer practical advice and macro research on today’s shifting economic and market landscape. The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.

 

#264

Where to find value in Europe’s equity markets

US equity markets have undeniably outperformed their European peers so far in 2024, but there are countries and segments within Europe that we believe are now set to benefit from the current economic environment, and that despite disappointing data readings in June, are nevertheless worthy of investors’ attention. In this episode of the Beyond Markets podcast, Bernadette Anderko, Investment Writer, talks to Leonardo Pellandini, Equity Strategist, about where his team sees opportunities in European equities, which countries now carry an Overweight rating, and the sectors and segments that currently offer diversification benefits for investors. 00:32 – Introduction to the topic and speakers01:15 – Impact of elections on UK equities02:50 – French equities after parliamentary elections03:58 – Why consider European equities when US indices are outperforming06:01 – European industrials and our preferred subsectors06:54 – The case for mid-cap stocks07:26 – Overweight calls for Germany and Switzerland and a preference for cyclical sectors09:25 - Does disappointing recent economic data taint our views?10:19 - Summary of our equity calls within Europe11:05 - Conclusion Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts. ... Read more

17 Jul 2024

13 MINS

13:08

17 Jul 2024


#263

The Week in Markets: An extraordinary​​​ weekend

In this episode, we share some thoughts about the ​assassination attempt on​ Donald Trump over last weekend as well as what to expect in an earnings heavy week. This episode is presented by Kelly Chia (Deputy Head of Research, Asia) ... Read more

16 Jul 2024

05 MINS

05:55

16 Jul 2024


#262

The Week in Markets: Is 9% too high?

In this episode, we talk about what we can expect from a data heavy week and what the 9% Q2 earnings growth expected for the S&P500 means for investors. This episode is presented by Kelly Chia (Deputy Head of Research, Asia), and was recorded on 9 July, 2024. ... Read more

10 Jul 2024

06 MINS

06:22

10 Jul 2024


#261

In Conversation with GROW - July 2024 Edition

In this monthly China update, our experts discuss if the Chinese property market has finally reached a trough, as well how to pre-position for potential tax reforms in the country, particularly consumption tax. They also assess the impact of previous US trade tariffs on China, and explore the relationship between gold and productivity cycle. This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, with Hong Hao, Partner and Chief Economist at GROW Investment Group. ... Read more

08 Jul 2024

24 MINS

24:16

08 Jul 2024


#260

Evergreen Private Equity – What and Why?

In this episode of Beyond Markets, Alisa Wood, Partner, KKR, shares her insights on private equity and in particular, open-ended, evergreen fund structures. We explore what evergreen structures are, how it compares with traditional, closed end 10-year fund structures, and why it is advantageous to build exposure to private equity in a portfolio.  This episode is hosted by William Fong, Co-Head, Alternatives & Strategic Solutions Specialists Asia at Bank Julius Baer.   0:18: Introduction1:14: What are open-ended, evergreen private equity structures?2:50: The growing popularity of evergreen private equity structures6:06: Open-ended vs close-ended structures9:35: Redemption opportunities in evergreen funds12:22: Institutional experience & investment focus18:29: Why invest in private equity?23:23: Get to know Alisa – PEWIN, The Public Theater31:01: Recommended musicals in NYC Important legal information: The information and opinions expressed in this podcast constitute marketing material and are not the result of independent financial or investment research. Please refer to [www.juliusbaer.com/legal/podcasts] (http://www.juliusbaer.com/legal/podcasts) for further important legal information. Kohlberg Kravis Roberts & Co. L.P.  (KKR) disclaimer: This podcast is for informational purposes only and should be considered of a general nature. The information in this podcast is current only as of the date published. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of Kohlberg Kravis Roberts & Co. L.P. (along with certain affiliates), or any of its respective partners, executives, employees as to the accuracy or completeness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any of them for any such information or opinions. Such information or opinions should not be relied upon and are subject to change without notice. Anyone listening to this podcast should consult their own advisors relating to any investment decision. Statements contained in this podcast that are not historical facts are based on KKR's current expectations, estimates, projections, opinions and beliefs. These statements involve known and unknown risks, uncertainties and other factors and should not be relied upon. There are several risks associated with investments in private equity structures. In addition, any projections or other estimates, including estimates of returns or performance, are “forward-looking statements” and are based on certain assumptions that may change. ... Read more

02 Jul 2024

35 MINS

35:21

02 Jul 2024


#259

The Week in Markets: The start of Q2 earnings beckons

In this episode, we provide some highlights of what happened during the 1st US presidential debate of 2024 and what to expect from a very heavy macro data week. This episode is presented by Kelly Chia (Deputy Head of Research, Asia). ... Read more

01 Jul 2024

06 MINS

06:59

01 Jul 2024


#258

Investing in private credit

How are loans made by direct lenders different from bank loans? What should potential investors in this asset class need to be aware of, and for whom is it suited. Listen to the latest Beyond Markets podcast, with Fiona Kenyon, Head of Private Markets Advisors at Julius Baer, and Craig Packer, Co-President and Head of Credit at Blue Owl Capital, to learn more about the world of private credit and direct lending. 01:51 Introduction to topic and speakers02:50 What exactly is private credit and is it the same thing as direct lending?04:14 Are companies that borrow from direct lenders typically of poorer quality than those that get bank loans?06:17 What’s the history of direct lending? Is this a new asset class or has it been around for a long time?07:56 Are the characteristics of direct loans very different from bank loans? 10:04 Why has direct lending grown so much in the past few years?14:04 Is this ‘the golden age of credit’? What are some of the risks of direct lending as an asset class? 16:01 Given the complexity, how can direct lending fit into a wealth investor’s overall portfolio? Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts. ... Read more

26 Jun 2024

19 MINS

19:23

26 Jun 2024


#257

The Week in Markets: Most valuable company, lessons from Jensen and US presidential elections

In this episode, we review what happened last week, Nvidia’s new achievement unlocked as most valuable company in the world and the US presidential elections. We also dive into Nvidia CEO Jensen Huang’s mindset on how he arrived at where he is today. This episode is presented by Kelly Chia (Deputy Head of Research, Asia). ... Read more

25 Jun 2024

11 MINS

11:00

25 Jun 2024


#256

Future cities: how can we make buildings better

In today’s episode of Beyond Markets we discuss real estate and how we can make buildings better with Carsten Menke, Head of Next Generation Research at Julius Baer. ... Read more

21 Jun 2024

17 MINS

17:20

21 Jun 2024


#255

Market Outlook Mid-Year 2024 – Let’s get cyclical

With an improving economic outlook and a broadening recovery, what should investors expect in the second half of 2024?  In this episode of the Beyond Markets podcast, Christian Gattiker, Head of Research, and Kelly Chia, Deputy Head of Research Asia, talk to Helen Freer about the current market environment and where they currently see opportunities for investors. 01:02 What are the implications for investors of the improving economic outlook?02:05 What will central bank rate cuts mean for equities?03:34 Our focus within equities05:24 Why are mid-caps set to do well?06:16 What impact will geopolitics and US elections have on equity markets?07:01 What is our preference in terms of regions?07:49 Why do we like industrials?09:07 Why is Japan currently attractive?10:22 What opportunities do we see in emerging markets?11:21 What Next Generation themes are worth highlighting now?11:58 Where do we see opportunities within fixed income?13:34 What about emerging market debt?14:09 Summary and conclusions on fixed income opportunities15:10 Current thoughts on gold16:27 Summary of outlook for H2 2024 Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts. ... Read more

20 Jun 2024

19 MINS

19:05

20 Jun 2024


#254

The Week in Markets: After the Fed and the BOJ

In this episode of The Week in Markets, we review the recent central bank meetings and new ideas in the US outside of Magnificent 7. In Asia, we discuss why we still like Japan and comment on the implications of recent EU tariffs on China. We also make a few simple points on private equity investments. This episode is presented by Richard Tang, Head of Research Hong Kong for Bank Julius Baer. ... Read more

19 Jun 2024

07 MINS

07:14

19 Jun 2024


#253

The Week in Markets: Some normalcy returning to fixed income markets

After many years of abnormalcy in the fixed income market, we are finally starting to see some normalcy returning to it. However, that doesn't mean there are no problems with government bonds. The US debt load has risen to 35 trillion post the pandemic, consequences of the US election are uncertain, and military spending will go up if tensions continue to rise around the world.  On the other hand, the world economy is doing well, companies are becoming better run, and inflation expectations are generally falling. Against this backdrop, investors could look to  investment grade corporate bonds in the fixed income space. This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer. ... Read more

11 Jun 2024

10 MINS

10:20

11 Jun 2024


#252

In Conversation with GROW – June 2024 Edition

In this monthly China update, our experts review the preliminary impact of the recent key measures announced by Chinese policymakers to stabilise the property market, and if we could see a sustained recovery. The Chinese equity market has also rallied strongly since April, and our experts discuss what it could take to drive a second rally, and the sectors that should perform. They also share their thoughts on how to navigate contradictory Chinese PMI numbers, as well as renewed US-China trade relation tensions.   This episode is presented by Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer, with Hong Hao, Partner and Chief Economist at GROW Investment Group. ... Read more

06 Jun 2024

31 MINS

31:17

06 Jun 2024


#251

The Week in Markets: US exceptionalism continues

In this episode of the Week in Markets, we discuss the outlook of interest rates as the key driver for global assets. We propose ideas for putting fresh money to work, discuss the US elections, and China. Last but not least, we feature our latest upgrade in gold. This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong for Bank Julius Baer. ... Read more

04 Jun 2024

07 MINS

07:52

04 Jun 2024


#250

The Week in Markets: Growth scarcity

In this week’s episode, Bhaskar Laxminarayan, CIO Asia at Julius Baer, highlights our current view of markets, the “growth scarcity” in equity markets, and why investors need to look beyond the established large cap or Magnificent Seven at quality mid-cap growth names.   Please also listen to our previously published episode “Global Quality Mid-Caps – Expand Your Opportunity Set”, where we discuss this theme in greater detail. ---Apple Podcasts: [https://podcasts.apple.com/us/podcast/global-quality-mid-caps-expand-your-opportunity-set/id1552236298?i=1000655859858 ] (https://podcasts.apple.com/us/podcast/global-quality-mid-caps-expand-your-opportunity-set/id1552236298?i=1000655859858%20) ---Spotify: [https://open.spotify.com/episode/2tgyHhQIv85zcc710dV2rP ] (https://open.spotify.com/episode/2tgyHhQIv85zcc710dV2rP%20) ... Read more

27 May 2024

03 MINS

03:37

27 May 2024


#249

Swiftonomics and Sportonomics – delivering more than just facts and figures?

Taylor Swift’s ongoing ‘Eras’ tour, currently making its mark on European cities, has had such an economic impact on some of the locations that it has already toured, that the word Swiftonomics has actually made it into economic parlance. And it’s not just big-name singers getting in on the market-moving act. 2024 will see a host of mega sporting events lining up for our attention too. So just how do these events impact the local economies and the brands that sponsor or support them? Are the only winners the performers, or are others set to benefit? In this episode of the Beyond Markets podcast, Bernadette Anderko, Investment Writer, talks to Kelly Chia, Deputy Head of Research Asia, and Matt Leighton, Sports Business Journalist, to provide some insight into the real impact of these events and help us uncover just who, aside from the venues and the stars involved, might actually gain from them. ... Read more

22 May 2024

25 MINS

25:17

22 May 2024


#248

The Roadmap for India - Elections and Beyond

As India's Lok Sabha elections enter the final phases, the nation finds itself amidst strong equity market outperformance and favourable demographic tailwinds. Additionally, India is well-positioned to reap significant benefits from the AI revolution. Join our Julius Baer experts Mark Matthews, Head of Research Asia and Bhaskar Laxminarayan, CIO Asia, and Head of Investment Management Asia, as they take a pulse check on the current political and market sentiment and examine the economic and investment landscape for India beyond the elections. ... Read more

21 May 2024

16 MINS

16:09

21 May 2024


#247

The Week in Markets: China stimulus lifts sentiment

In this episode, we examine two key events that moved markets last Friday - China's special ultra-long government bond sale, as well as its surprise announcement of a housing rescue package. This episode is presented by Magdalene Teo, Head of Fixed Income Research Asia at Julius Baer. ... Read more

20 May 2024

05 MINS

05:25

20 May 2024


#246

Global Quality Mid-Caps - Expand Your Opportunity Set

With large to mega cap stocks frequently dominating the attention of the media and analysts, quality mid-cap stocks often remain under the radar of investors. Quality mid-caps are distinguished by robust management, solid financials, and sustainable competitive advantages and offer a compelling blend of growth and stability. Join Dorcas Nga, Fund Specialist, as she speaks with Baris Pinar, Head of Global Excellence Equities, Julius Baer, on his investment philosophy, and the benefits of incorporating global quality mid-caps into investors’ portfolios. ... Read more

16 May 2024

10 MINS

10:05

16 May 2024


#245

The Week in Markets: Just 1% from all-time highs (again)

In this episode, we talk about how the earnings season in the US is going, some reasons about why Gold is on a tear and what we think about the ongoing China stock rally. This episode is presented by Kelly Chia, Deputy Head of Research, Asia at Julius Baer. ... Read more

13 May 2024

07 MINS

07:42

13 May 2024


#244

Carbon credits, markets and trading: What's it all about?

"We are not trying to save the planet, we are first trying to save ourselves". Join us as we delve deeper into the origins of carbon credits and their applicability in the climate change scene today. In this episode of the Beyond Markets Podcast, Roy Athanasius Ang, Strategy & Business Operations Singapore, talks to Julius Baer's in-house climate and stewardship specialist Jean-Damien Bogner. ... Read more

09 May 2024

19 MINS

19:09

09 May 2024


#243

The Week in Markets: A soft labour report helps markets

Recent escalating developments in the Middle East conflict appears to have reduced the likelihood of ceasefire. Wage growth in April was its lowest since June 2021, which should mean less inflation. However, the Cleveland Federal Reserve predicts the upcoming headline April CPI inflation reading will be a disappointingly high 3.5% year/year, the same as March. The Yen fell 5% in April, then bounced 5% since then. There’s been no event, so the best we can say is as long as people can borrow at 1% in Yen and invest at 6% in US Dollars, the currency will go down. But a Big Mac in Japan is 12% cheaper than a Big Mac in China, while Japanese incomes are 6x higher than Chinese ones. It’s not possible for a developed market to have emerging market prices forever.   This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer. ... Read more

06 May 2024

12 MINS

12:34

06 May 2024


#242

In Conversation with GROW - May 2024 Edition

In this monthly China update, our experts examine the factors that drove the recent rally in the Hong Kong stock markets and the outlook ahead for the Chinese economy following encouraging PMI trends. They also look ahead to the upcoming Politburo meeting, and weigh the consequences of a stronger and weaker Chinese Yuan. This episode is presented by Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer with Hong Hao, Partner and Chief Economist at GROW Investment Group. ... Read more

03 May 2024

21 MINS

21:39

03 May 2024


#241

How we Manage Money: Performance and Risk

Julius Baer Chief Investment Officer Yves Bonzon joins journalist Hanna Wise to take a closer look at Julius Baer's investment strategy. In this third and final episode they look at performance and risk and how this impacts investors.   Yves shares how we analyze and assess performance, how to avoid "bad" performance and what "healthy" performance looks like, especially in a volatile market. He also talks about the risks involved with performance, how we mitigate those risks, and how he measures his success as a CIO. ... Read more

02 May 2024

17 MINS

17:05

02 May 2024