[i3] Institutional Investment Podcast
[i3] Institutional Investment Podcast
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The Investment Innovation Institute [i3] is committed to better investment outcomes through education. This podcast focuses on institutional investors at pension funds and insurance companies. We cover topics such as asset allocation, portfolio construction and investment strategy. You can also subscribe to our complimentary newsletter at: https://i3-invest.com/subscribe/
Episode results
[i3] Institutional Investment Podcast
Aug 31, 2023
87: Janus Hendersons' Thomas Haugaard – Emerging Market Debt
In this episode, we speak with Thomas Haugaard, Portfolio Manager for Emerging Market Debt at Janus Henderson Investors. Haugaard, a former economist, talks passionately about why emerging markets form such an interesting investment universe, the influence of geopolitics on debt securities and the risks from climate change. Please enjoy the show!
Overview of Podcast with Thomas Haugaard:
01:00 My investment journey started with an academic interest
03:00 I shared an apartment with one of the authors of the Goldman Sachs report ‘Dreaming with BRICs’
04:30 Emerging markets is where as an economist you see many interesting things: new economic policy, diverse markets and a lot of growth potential
05:30 I actually don’t really appreciated the ‘EM’ term; all countries are developing
06:30 Where do the returns in emerging market debt come from?
09:30 What is the best environment for EMD hard currency?
13:30 Inflation is the wedge in between fundamentals and financial conditions; when inflation goes up the conditions for EM are not necessarily improving
18:00 Travelling in Venezuela seeing electric good being confiscated by the army because of the perception that prices were too high
19:30 We have been investing in Benin, Senegal and Ivory Coast for many years as policies are changing for the better
21:00 It is hard to mention an EM country where there isn’t a lot of very interesting things taking place
22:00 Dispersion between EM countries has gone up significantly. Remember that we’ve had three years of unprecedented shocks.
26:00 There is a systematic relationship between how a market is trading a country’s sovereign credit risk and its rating
32:00 High inequality means less space for policy change due to potential for social unrest
33:30 Climate change and extreme weather events are impacting a lot EM countries
36:00 Hard currency is the entry point for EM countries, because they might lack institutional credibility or even a central bank
39:30 In hard currency, there is a component of the risk premium that you can model and predict
41:30 Uzbekistan is a zero to hero story
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Academy i3 Podcast
Sep 5, 2023
Cultural Humility with Janice Boafo
In this episode, we are joined by Janice Boafo, founder of Evergreen Cypher, Inc., an LCSW, and a contract trainer. She shares how Cultural Humility can be rooted in human connection and how we can truly slow down to honor ourselves and others. Janice highlights that Cultural Humility starts with our own work and developing a level of vulnerability in providing a healing experience for those we serve in the Social Work field. Have a topic you want to suggest to our podcast team? Email suggestions and feedback to academyi3podcast@gmail.com!
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[i3] Institutional Investment Podcast
Jul 4, 2023
85: PGIM's Jakob Wilhelmus on Food Security
In episode 85 of the [i3] Podcast, we speak with Jakob Wilhelmus, who is Director of Thematic Research at PGIM about their new report into food security and the changing food system. We spoke about the impact on the global economy and investment opportunities for institutional investors. Please enjoy the show!
Overview of Podcast with Jakob Wilhelmus, PGIM
01:00 PGIM published the report ‘Food for Thought: Investment Opportunities Across a Changing Food System'
02:00 The current food system is increasingly unfit for purpose
03:00 Food security and the broader economy
04:00 About 40 per cent of the global population’s employment is tied to the food system
06:30 The combination of increased temperature and more frequent extreme weather events will see crop yields decline by 12 - 15 per cent
07:30 Investment opportunities related to the food theme
11:00 Cultivated meat industry is at an ‘awkward’ stage of its life
15:30 Innovation in food supply and security
16:30 Automatic vehicles and farming
17:30 Investing in farmland
19:00 ESG, fertilisers and carbon emissions in food production
21:00 Food packaging, investment opportunities and plastic pollution
24:30 About 40 per cent of all food produced is wasted. Are there any companies tackling this problem?
To read the full report, please visit: https://www.pgim.com/megatrends/food-for-thought
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Academy i3 Podcast
Jul 3, 2023
Self-Care and Sustainability with Brenda Guzman and Jenna Nevitt
*Please excuse the sound quality, as there were some technical difficulties during the recording*
In this episode, we are joined by Brenda Guzman and Jenna Nevitt, Practice Coaches for the Academy of Professional Excellence. Brenda and Jenna share about finding balance between the two worlds of work and personal, highlighting the impact of overwhelm and burnout for child welfare workers while offering resources that can be individualized for each person.
Have a topic you want to suggest to our podcast team? Email suggestions and feedback to academyi3podcast@gmail.com!
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[i3] Institutional Investment Podcast
Aug 1, 2023
86: Deloitte's Craig Roodt – APRA, performance test and good goverance
Craig Roodt is Director of Investment Governance and Risk at Deloitte Touche Tohmatsu and is also known for his time with the Australian Prudential Regulation Authority (APRA). In this episode, we speak about the governance challenges of in-sourcing asset management functions by pension funds, the Your Future, Your Super performance test and some the worst governance failures he has seen during his time with the regulator.
Overview of Podcast with Craig Roodt:
01:00 Governance pitfalls in internalisation
05:00 How to set a proper framework and determine what success looks like?
08:50 Does the leadership team have the latitude to actually deliver on the strategy?
09:30 When things go wrong you actually need to understand why, not just that it is below the index. That is just the outcome.
12:00 What are good reasons to in-source?
15:30 Boards always have to look at their level of skill as the environment changes
20:00 Independent directors are not a barrier to having the right skill level of boards, but it is also not a solution
23:00 Risk management is not about explaining what went wrong after the fact. It is about recognising warning signs.
25:30 YFYS has created a regulatory risk, a different objective that funds have to manage to
29:00 You can invest fully in cash and pass the test. That illustrates that there are problems with the framework
30:30 For most of the 2010s, we’ve had a risk-on environment. What that meant was that if you took less risk in any asset class, you were going to underperform.
31:30 The performance test doesn’t look into the why.
32:30 As a means to identify which funds have been lagging, the test works, but you need to ask why. Potential fixes to the test
35:30 Outperformance should also be investigated
36:30 What were some of the worst governance failures that you have seen when you were at APRA?
40:00 Some of the things I saw were, if it wasn’t actually people’s money, it would have been funny.
42:30 Governance is not akin to solving a mathematical problem.
45:00 What is your focus at Deloitte today?
50:00 Greenwashing and materiality tests
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