113: FCLT's Eduard van Gelderen – Long Term Investing, Concentrated Portfolios and Decarbonisation
Conversations with Institutional Investors
Release Date: 06/04/2025
117: Geopolitics with Alan Dupont – Tech wars, Geoeconomics and the Mag 7
Conversations with Institutional Investors
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116: Igneo Infrastructure Partners' Danny Latham – Infrastructure 2.0, Waste to Energy and Transition Assets
Conversations with Institutional Investors
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115: Gain Line Analytics' Ben Darwin – Performance Analytics, Team Cohesion and The Wallabies
Conversations with Institutional Investors
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Conversations with Institutional Investors
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113: FCLT's Eduard van Gelderen – Long Term Investing, Concentrated Portfolios and Decarbonisation
Conversations with Institutional Investors
Eduard van Gelderen is Head of Research for Focusing Capital on the Long Term (FCLT), an organisation that was established in the wake of the Global Financial Crisis, or Great Recession as it is known in the US, to move away from a so-called “quarterly capitalism”, which arguably contributed to the crisis, and towards a true long-term mind-set.
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112: Fulcrum's Suhail Shaikh – Absolute Return Investing, Market Timing and The Role of Luck
Conversations with Institutional Investors
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111: ART's Michael Weaver – The Role of Real Assets in a Pension Portfolio
Conversations with Institutional Investors
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110: Allspring Global Investment's Jamie Newton – Is Now The Time to Add Duration?
Conversations with Institutional Investors
In episode 110 of the [i3] Podcast, we speak with Jamie Newton, Head of Global Fixed Income Research and Deputy Head of Sustainability at Allspring Global Investments. We discuss why now is a good time to add duration to fixed income portfolios, concerns over the lack of experience with high default rates in private credit and opportunities in data centres and other digital assets. Enjoy the Show!
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109: Is DeepSeek What It Promised To Be? – Will Liang Explains New AI Model
Conversations with Institutional Investors
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108: Victory Park Capital's Brendan Carroll – Private Credit, Asset-backed Lending, ChatGPT
Conversations with Institutional Investors
Private credit has evolved significantly since the global financial crisis, and Brendan Carroll, Senior Partner at Victory Park Capital, has been at the forefront of that transformation. In this episode, we explore how private credit investments are adapting to meet the needs of insurers, the growing role of asset-backed lending, and why insurance companies are becoming the fastest-growing investor base in the space.
info_outlineEduard van Gelderen is Head of Research for Focusing Capital on the Long Term (FCLT), an organisation that was established in the wake of the Global Financial Crisis, or Great Recession as it is known in the US, to move away from a so-called “quarterly capitalism”, which arguably contributed to the crisis, and towards a true long-term mind-set.
Van Gelderen joined FCLT in 2024, after spending over six years as the Chief Investment Officer of pension fund PSP in Montreal, Canada. He is also well-known for his role as CEO of APG Asset Management, the investment arm of pension behemoth APG, in the Netherlands.
In episode 113 of “Conversations with Institutional Investors”, Van Gelderen discusses whether private equity can be a model for long term investing, dealing with concentration in portfolios, decarbonisation and the rise of A.I. Enjoy the Show!
Overview of podcast with Eduard van Gelderen, FCLT
03:00 In 2026, FCLT celebrates its 10 year anniversary
04:00 When I was CEO of APG AM, we became one of the first members of FCLT
05:00 Three things are important to me: innovation, strategic thinking and having an impact
07:00 Dominic Barton of McKenzie and Keith Ambachtsheer and long term investing
08:00 If corporates are too short-term focused, then they will not invest enough in truly value generating projects
11:30 I do like the private equity model, but they still look to exit in about five years. Is that really long-term investing?
13:00 One of the nice things to see when I moved to Canada is the difference in board composition
17:00 Is passive investing leading to fragmented ownership and therefore less stakeholder engagement?
18:00 If you really understand the business models of the companies you invest in, then you can be much more concentrated and still be diversified
20:00 Diversification is possible, not with a small number [of assets], but definitely with a more limited number of names than the index
23:30 Sectors that are carbon intensive will need to do something or they will be punished, weather it is by governments, or regulators. For investors this means there is a financial reality here
24:00 But at this point the carbon price is too low for investors to make a decision
25:00 If I diversify over different sectors, then I need to use the less intensive sectors to hedge what I do in the carbon intensive sectors. That is a portfolio construction question
26:00 Stranded business models: It has happened before. The ones that reacted to all the opportunities that the internet offered became the winners, but there were certainly companies that completely missed the boat. I’m convinced that we are going through the same cycle again.
29:00 I don’t think A.I. is just a toy; I think it is going to disrupt a lot of things that we take for granted
31:30 How will A.I. impact the business model of an investment manager? There will be operational efficiencies, but where managers are not yet very advanced is about ‘How can we do advanced analytics?’ And it is not just about alpha generation, it is also about portfolio construction, risk management and trading
35:30 I do think we need to rethink diversification in the current uncertain environment
39:00 Upcoming research projects: future fit boards and proxy voting
43:00 I truly believe that public and private markets will merge at some point; it is really a data issue
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