The PODfolio

A podcast series on the latest developments across global markets, and hot topics that matter to institutional investors and their portfolios.

Episode 9: Music Industry vs Investment Industry 12/15/2022

Episode 9: Music Industry vs Investment Industry We are joined by the three hosts of the “Oh No You Didn’t!” podcast to explore three “pub debate” topics for both the music industry and the investment industry: 1) Were things really better “back in the day”? 2) Is the gap between amateurs and professionals narrower than before? 3) Are there too many people involved in the industry? /episode/index/show/wtw-podfolio/id/25336815

Episode 8: Solving the Rubik’s Cube (of sustainable investment) 08/30/2022

Episode 8: Solving the Rubik’s Cube (of sustainable investment) How do you solve a multi-layered problem like sustainability? With so many connected parts, addressing one aspect at a time can result in your earlier good work coming undone. Drawing strategic inspiration from the Rubik’s Cube, Monique talks about the use of organisational processes and how solutions can be socialised across the industry with systems-level thinking. Just as it is satisfying when all the coloured squares line up, she describes how investors and organisations can see satisfying and lasting progress despite fast-changing sustainability needs. /episode/index/show/wtw-podfolio/id/24218322

Episode 7: Skill vs luck – a new way of assessing performance 07/13/2022

Episode 7: Skill vs luck – a new way of assessing performance Marisa and Tim introduce the Fundamental Attribution Framework developed by the TAI, which breaks down manager performance into elements that are based on skill (and hence repeatable) and those that are largely outside of the manager’s control. The underlying calculations are being released as open source code for free access by all industry participants. /episode/index/show/wtw-podfolio/id/23733644

Episode 6: Crypto – not just price speculation and ape pictures 05/31/2022

Episode 6: Crypto – not just price speculation and ape pictures Going beyond the usual headlines around digital assets, we discuss the wide-ranging uses of crypto-currencies (wider access to banking facilities, international remittances) and crypto-tokens (ticketing, royalties, decentralised finance). What are the things to think about from an investment perspective? /episode/index/show/wtw-podfolio/id/23278565

Episode 5: Speed Skating: Lessons for life & investment 04/22/2022

Episode 5: Speed Skating: Lessons for life & investment Dany Lemay, Head of Investments Montreal, talks about his long involvement in competitive short track speed skating. How has this experience shaped him as a finance professional, and what parallels can be drawn - in terms of risk taking and dealing with uncertainty - between skating and investing? /episode/index/show/wtw-podfolio/id/22876193

Episode 4: Index Tracking Does Not Equal Passive 03/21/2022

Episode 4: Index Tracking Does Not Equal Passive Sarah Hopkins and Arun Singhal talk about index investing, and the emergence of smart beta strategies that blur the line between active and passive approaches. We also discuss a new index incorporating the Climate Transition Value-at-Risk (CTVaR) metric to increase exposure to the predicted “winners” in a transition to a greener economy. /episode/index/show/wtw-podfolio/id/22512722

Episode 3: Heart vs Head: investment outlook for 2022 02/03/2022

Episode 3: Heart vs Head: investment outlook for 2022 We examine the tension between our heart (our personal and professional values) and our head (hard-nosed finance and economics) when it comes to making investment decisions, and how their interaction is driving the key investment themes for 2022 and beyond. /episode/index/show/wtw-podfolio/id/22009835

Episode 2: Festive Investment Quiz! 12/17/2021

Episode 2: Festive Investment Quiz! Eleanor Huish, Abbie Knight, Harry Keay, Josh Naylor (Investment Consultants at Willis Towers Watson) are all based in our Reigate office in the UK. They are amongst the “rising stars” of our investment practice, each with around 5 years of investing consulting experience, working with both advisory and fiduciary clients. They’re always up for a laugh and super brave for taking part in our quiz! /episode/index/show/wtw-podfolio/id/21519548

Bonus episode: Stock Explore bedtime story 12/09/2021

Bonus episode: Stock Explore bedtime story An excerpt from Nicolette DiMaggio’s book Stock Explore. Elle learns about her first stock with the help of Sam the magical owl. Later on her journey, Elle will go on to acquire five investment superpowers. /episode/index/show/wtw-podfolio/id/21430376

Bonus episode: Grandpa’s Fortune Fables bedtime story 12/09/2021

Bonus episode: Grandpa’s Fortune Fables bedtime story An excerpt from Will Rainey’s book Grandpa’s Fortune Fables. Gail tells her new friend Boris one of her Grandpa’s stories to help him understand that earning money is not solely about working hard. /episode/index/show/wtw-podfolio/id/21430352

Episode 1: Let Me Tell You A Story 12/08/2021

Episode 1: Let Me Tell You A Story To kick off Season 2, Nicolette and Will talk about the power of storytelling in explaining investment concepts within a professional setting. They also tell us about their children’s books - Nicolette’s Stock Explore and Will’s Grandpa’s Fortune Fables - and the wider work they are doing to educate children via Stock Explore LLC and Blue Tree Savings. /episode/index/show/wtw-podfolio/id/21418037

Episode 23: Asset Class Mini-Series: Putting It All Together 06/25/2021

Episode 23: Asset Class Mini-Series: Putting It All Together In the concluding part of our asset class mini-series, Craig Baker, Global Chief Investment Officer at Willis Towers Watson, discusses best practice portfolio construction under a Total Portfolio Approach, and why it’s expected to deliver better returns than the traditional Strategic Asset Allocation Approach. He also addresses a number of related questions around active vs passive, simplicity vs complexity, and conflicts of interest. /episode/index/show/wtw-podfolio/id/19603472

Episode 22: Asset Class Mini-Series: Private Equity 06/25/2021

Episode 22: Asset Class Mini-Series: Private Equity Ben Leach and Joseph Bassey-Duke, senior members of WTW's Private Markets Solutions team talk about private equity investments. Companies are increasingly choosing to stay private these days, given the ready availability of private funding and greater freedom to pursue a long-term vision. We discuss the opportunities for generating enhanced returns, and the mechanics of getting into (and exiting) these investments. /episode/index/show/wtw-podfolio/id/19603436

Episode 21: Asset Class Mini-Series: Hedge Funds 05/19/2021

Episode 21: Asset Class Mini-Series: Hedge Funds Sara Rejal and Victoria Vodolazschi discuss how hedge funds have moved with the times, and play a useful defensive role in a well-rounded portfolio. Have they really shaken off their “Wolf of Wall Street” reputation to embrace Inclusion and Diversity? And do they still have the “magic sauce” that simpler / more mechanistic approaches cannot replicate? /episode/index/show/wtw-podfolio/id/19168685

Episode 20: Asset Class Mini-Series: Alternative Beta 05/19/2021

Episode 20: Asset Class Mini-Series: Alternative Beta Sara Rejal and Victoria Vodolazschi talk about alternative beta strategies as a way of diversifying away from mainstream market exposure (or “beta”). Examples include risk premia funds and strategies based on investor behaviour, often “systematising” approaches previously seen in hedge funds. There’s been a lot of innovation in this space in recent years that’s still under the radar. /episode/index/show/wtw-podfolio/id/19168376

Episode 19: Asset Class Mini-Series: Illiquids 04/30/2021

Episode 19: Asset Class Mini-Series: Illiquids In the third of our asset class mini-series, Duncan Hale discusses the case for investing in illiquid assets, including the additional returns available. We go through interesting examples especially in the area of Secure Income Assets. For the right investor, these assets boast very attractive features including attractive yields, long-term inflation cashflows, strong security and positive ESG impact. /episode/index/show/wtw-podfolio/id/18926381

Episode 18: Asset Class Mini-Series: Bonds 04/19/2021

Episode 18: Asset Class Mini-Series: Bonds Kate Hollis and Eunice Han talk about bond investing in the second of our asset class mini-series. How can an institutional investor get to grips with so many different ways of investing in credit, and the attractive opportunities in areas outside of the mainstream markets? We also talk about the importance of considering sustainability in both avoiding downgrades and seeking returns linked to ESG themes. /episode/index/show/wtw-podfolio/id/18774587

Episode 17: Asset Class Mini-Series: Equities 03/17/2021

Episode 17: Asset Class Mini-Series: Equities Heidi Liling and Stuart Gray talk about equity investing in the first of our mini-series exploring different asset classes, starting with a look behind the headlines around the market rally and the Gamestop “short squeeze”. We then consider the potential pitfalls of both passive and active investment – the former is challenged by increased concentration and structural changes of climate change, whereas the latter should mean more than hiring a good manager and hoping for the best. /episode/index/show/wtw-podfolio/id/18362033

Episode 16: New Year, New You 01/26/2021

Episode 16: New Year, New You What sorts of new year resolutions should we be considering for our investment portfolios? Our three guests are cautiously optimistic about future returns, especially in the near term. We talk through three key macro-economic themes – central bank and government policy shift, China’s financial opening and long-term sustainability – and translate these into portfolio actions. And how well have our recommendations from last year fared through the Covid crisis? /episode/index/show/wtw-podfolio/id/17693714

Episode 15: Sustainability (part 2 – carbon journey plan) 01/20/2021

Episode 15: Sustainability (part 2 – carbon journey plan) Adam Gillett, Head of Sustainable Investment, and Shahrazad Khan, Sustainability Specialist, both at WTW, talk about the regulatory momentum behind sustainable investment and the actions that investors can and should take on this front. Institutional investors have great power to influence change – the time has come to exercise this power and in particular to stop ignoring the impact investment decisions have on the wider world. /episode/index/show/wtw-podfolio/id/17621435

Episode 14: Sustainability (part 1 – lessons from Covid) 01/20/2021

Episode 14: Sustainability (part 1 – lessons from Covid) Adam Gillett, Head of Sustainable Investment, and Shahrazad Khan, Sustainability Specialist, both at WTW, discuss sustainability, ESG and stewardship, including what lessons Covid-19 has taught us about ESG-integrated strategies. Looking ahead, to what extent do they think sustainability factors will influence investment returns, and what are the dangers in doing the bare minimum? They also look at different ways of investing sustainably, from tilting and exclusions to positive impact investments. /episode/index/show/wtw-podfolio/id/17621033

Episode 13: Inclusion & diversity – a frank discussion 12/19/2020

Episode 13: Inclusion & diversity – a frank discussion We pose some challenging and sensitive questions for our two experts. What’s wrong with a simple meritocracy? How much does a strong culture really add to returns? How do we make sure we get true cognitive (rather than superficial) diversity? And should we look beyond gender and ethnicity, to consider socio-economic class and other factors? /episode/index/show/wtw-podfolio/id/17254694

Episode 12: China 11/26/2020

Episode 12: China Liang discusses the possible paths for US-China geopolitics and continued globalisation – how might these forces shape our future, and what size of allocation to Chinese investments is sensible as a result? Paul then goes into the practical aspects of investing in China – is now the right time, is China the right place, and who are the right people to do it for you? In this episode, we will cover the major opportunities and risks (and some Chinese proverbs). /episode/index/show/wtw-podfolio/id/16966694

Episode 11: Horizons (part 2 - back to the future) 09/07/2020

Episode 11: Horizons (part 2 - back to the future) Tim and Becka focus on longer term considerations. The future is VUCA (volatile, uncertain, complex and ambiguous) and we need a way to make sense of it so that we can act now or prepare appropriately. Can we take advantage of the “inflection points” resulting from the seemingly inevitable shifts like a huge leap in technology and artificial intelligence, climate change, or more speculative shifts. /episode/index/show/wtw-podfolio/id/15912311

Episode 10: Horizons (part 1 - do the next right thing?) 09/07/2020

Episode 10: Horizons (part 1 - do the next right thing?) Becka and Tim work with investors around the world to help them improve their effectiveness across all aspects of their organisation. In addition to helping with the strategic thinking discussed in the podcast, they work with clients on core foundational elements such as governance arrangements and effectiveness, building better decision-making frameworks, understanding and enhancing organisational culture, and developing and deepening organisational beliefs and comparative advantages. /episode/index/show/wtw-podfolio/id/15912218

Episode 9: So many ways to lend money 07/24/2020

Episode 9: So many ways to lend money Nimisha Srivastava, Global Head of Credit Research at Willis Towers Watson, explains what has driven the downturn and subsequent recovery in credit markets during the COVID crisis. With a varying outlook across different areas of the credit landscape, she also sets out her views on different ways of lending money, in terms of the type of borrower, loan structure, securitisation, liquidity, and looking for “bargains” in fallen angels and distressed credit. /episode/index/show/wtw-podfolio/id/15338984

Episode 8: The weird and wonderful (part 2 – technology and social impact) 07/15/2020

Episode 8: The weird and wonderful (part 2 – technology and social impact) Katie Sims, Global Head of Multi-Asset Solutions at Willis Towers Watson, continues to explore innovative investment ideas. In this Part 2, she covers investments linked to the themes of technology (including cyber security and developing a vaccine for Covid-19!) and meeting the needs of vulnerable members of society. She also considers how incorporating these ideas can provide long-term downside protection and deliver more stable outcomes for the whole portfolio. /episode/index/show/wtw-podfolio/id/15217097

Episode 7: The weird and wonderful (part 1 – climate change) 07/15/2020

Episode 7: The weird and wonderful (part 1 – climate change) Katie Sims, Global Head of Multi-Asset Solutions at Willis Towers Watson, explores some of the more innovative investment ideas we’ve been putting forward. In this Part 1 of our conversation, she covers investments linked to the theme of long-term climate change: solar power, agriculture and forestry. Within this overarching theme of climate change, different investment structures are available, across the full spectrum of risk and return. /episode/index/show/wtw-podfolio/id/15217013

Episode 6: Asset owners: how to make good decisions 06/11/2020

Episode 6: Asset owners: how to make good decisions Jess Melville, Head of Strategic Advisory Australia, Willis Towers Watson, talks about good and bad examples of decision making by asset owners. How could a chairperson deal with the loudest and quietest voices in the room? How do the Australian Superfunds operate, and do they get better results? Should the rest of us stick to our comfort zone instead? And how are things different now that meetings are conducted remotely? /episode/index/show/wtw-podfolio/id/14790488

Episode 5: The role of culture in asset management 05/19/2020

Episode 5: The role of culture in asset management Luba Nikulina, Global Head of Research, Willis Towers Watson, describes what culture means in the context of asset management, and how this is a key consideration in the manager rating process. Why is the common model of relying on an individual star investor no longer suited to the modern investment environment? Can different cultures be equally good? And how has ESG thinking been elevated by the current situation? /episode/index/show/wtw-podfolio/id/14482589

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