Insights Now

Latest Episodes:

What bonds fixed income research strategies? Aug 07, 2025

Show notes

Research analysts play a pivotal role in fixed income markets, where active management is crucial due to the vast array of issuers and securities. The fixed income industry encompasses a diverse range of bond sectors, including rates, emerging market debt, municipals, high yield and securitized debt, each offering a unique set of complexities and opportunities for investors to explore. As economic policies evolve, fixed income research analysts navigate heightened volatility, especially in interest rates and credit spreads. Their insights underscore the importance of strategic analysis and investment in quality issuers and assets to effectively address these challenges.

In this episode, Gabriela Santos, Chief Market Strategist for the Americas, is joined by Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management. Together, they share expert perspectives on the evolving fixed income landscape and reflect on insights gathered from fixed income research analysts.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Alternative Realities: Real estate’s new reality Aug 01, 2025

Show notes

Commercial real estate has undergone one of the most dramatic shifts in decades. The pandemic upended demand for office space, accelerated the impact of e-commerce on retail and created both turmoil and opportunity across the market. However, commercial real estate is not a single market, it is a mosaic of asset types, geographies and risk profiles.

On this episode, Aaron Mulvihill, Global Market Strategist, is joined by Thomas Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management. Thomas was previously the Chief Investment Strategist for J.P. Morgan Private Bank, advising high-net-worth clients. Prior to that, he held various research and policy positions at the Federal Reserve Bank of New York.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Read the On the Minds of Investors article, "What does a higher-for-longer interest rate policy mean for real estate?" written by Aaron Mulvihill and Thomas Kennedy.

How secure is securitized debt? Jul 24, 2025

Show notes

Securitized products have emerged as a compelling investment option in 2025, offering higher yields and diversification benefits compared to other fixed income sectors. As economic uncertainties loom, these products provide investors with the opportunity to make targeted bets on specific market segments, such as the housing market or consumer health. The securitized debt market, integral to U.S. lending and economic activity, transforms illiquid assets into a range of securities across the risk spectrum, enhancing portfolio risk-adjusted returns. Despite its potential, the sector faces challenges, including rising interest rates and a persistent housing shortage, which require strategic investment in quality issuers and assets.

In this episode of Insights Now, Gabriela Santos is joined by Sameer Riaz, Head of Securitized Research, to explore Sameer’s insights on the securitized products market and its role in modern investment strategies.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Taking a pulse on healthcare Jul 17, 2025

Show notes

High yield investments in the healthcare sector have been navigating a complex landscape in 2025. Healthcare remains a focal point for policy changes, impacting both equity and credit markets. The healthcare high yield space offers unique opportunities, with issuers often skewing toward provider-based companies like hospital operators and specialized pharmaceutical firms. These entities, while riskier due to revenue concentration, present compelling investment prospects. However, federal policy, particularly around Medicaid, poses significant risks. While tariffs have had limited impact due to domestic supply chains, potential Medicaid cuts could directly affect cash flows.

On this episode of Insights Now, Gabriela Santos is joined by Matt Nelson, a credit research analyst covering healthcare and pharmaceuticals at J.P. Morgan Asset Management, to delve into the high yield market’s dynamics and the future of healthcare investments.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Alternative Realities: Shipping's geopolitical hedge Jul 11, 2025

Show notes

This year has seen significant disruption in trade, driven by tariffs and policy uncertainty. Countries and businesses are navigating these challenges in real time to keep the flow of trade moving smoothly. On this episode, Aaron Mulvihill is joined by Andy Dacy, Head of the Global Transportation Group at J.P. Morgan Asset Management. With over 30 years of experience in the transportation sector, Andy offers a wealth of knowledge and insight. Together, they explore how the current trade and tariff turmoil is impacting the transportation sector, the ways shipping patterns have adapted to geopolitical events worldwide, the potential for reviving shipbuilding in the United States, and the exciting opportunities that exist in transportation beyond shipping.

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Resources:

Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

What's behind muni moves? Jun 27, 2025

Show notes

Municipal bonds have struggled so far in 2025 as increased issuance and elevated volatility have weighed on prices. However, with risks to the current economic expansion rising, the case for munis has only grown more compelling. On a tax-equivalent basis, muni yields are higher relative to Treasuries and compete with those offered by corporate credit. Additionally, the muni yield curve is steeper than other markets, meaning investors are compensated more for extending duration. At the same time, they have less credit risk. Not only do state balance sheets look healthy but across credit ratings, municipal bond default rates have been consistently lower than those of corporate bonds. All this said, the sector is not without its challenges. Federal spending cuts, tariffs and restrictive immigration policies could disrupt activity across municipalities, although these impacts will be felt differently across sectors and regions.

On this episode of Insights Now, Gabriela Santos is joined by Neene Jenkins, Head of Municipal Credit Research, to discuss Neene’s outlook for the sector.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Alternative Realities: Growth equity's new frontier Jun 24, 2025

Show notes

With economic uncertainty slowing exits and borrowing costs remaining high, investors are becoming more selective in their targets. Meanwhile, groundbreaking advancements in AI and other technologies are driving compelling growth stories, yet those not involved in the startup and growth phases risk missing out on significant value creation before these companies hit the stock market. On this episode, Aaron Mulvihill is joined by Paris Heymann, co-managing partner of Growth Equity Partners at J.P. Morgan Asset Management, who has an impressive career in venture and growth investing. They explore key themes affecting venture and growth investing, including how venture capital is adapting to longer holding periods, strategies for valuations and pricing in the current environment, the transformative impact of AI and the convergence of public and private markets.

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Resources:

Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Uncovering Opportunities in Emerging Market Debt Jun 05, 2025

Show notes

In the world of fixed income markets, investors are constantly navigating through a landscape marked by shifting economic dynamics and global diversification trends. As emerging market debt gains traction amid recent policy changes and currency fluctuations, the allure of higher yields and diversification opportunities becomes increasingly compelling. In this episode of Insights Now, join Gabriela Santos and Janet He, Head of EM Sovereign Research, as they explore the potential benefits and considerations of incorporating emerging market debt into investment portfolios.

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Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Alternative Realities: From Europe to Asia: Trends in alternative investments May 29, 2025

Show notes

Over the last two decades, the alternative investment industry has undergone significant changes globally as investors at all levels increasingly seek the unique returns and diversification benefits these assets offer within their portfolios. With the growing popularity of alternative investments, there's an increasing need for thought leadership to guide investors through the historic and current dynamics of various alternative asset classes.

In this episode, Aaron Mulvihill is joined by Kerry Craig and Aaron Hussein, both Global Market Strategists at J.P. Morgan Asset Management. Together, they will delve into the alternative investment industry across different markets worldwide and share valuable insights gathered from clients on the road.

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Resources:

Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Treasuries, trends and tactics May 15, 2025

Show notes

In the ever-evolving landscape of fixed income markets, investors are faced with increased policy uncertainty and interest rate volatility. The Federal Reserve finds itself caught between signs of slowing economic momentum and the unpredictable impacts of tariffs. This environment has intensified concerns over foreign demand for U.S. debt, prompting investors to seek diversification strategies for their U.S. Treasury exposure. In the 14th season of Insights Now, we move up in the capital stack, diving deeper into the insights of J.P. Morgan’s best-in-class portfolio managers and research analysts, exploring the intricacies of fixed income markets. On this episode of Insights Now, Gabriela Santos is joined by Kelsey Berro, U.S. Macro Research, to discuss the current state of the bond market and the Federal Reserve’s potential actions.

Watch the video version on YouTube.

Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify