Markets in Focus: Recent Episodes
Carillon Tower Advisers
Carillon Tower Advisers’ industry leaders discuss the latest trends and developments driving the markets. Listen to incisive conversations focused on helping investors navigate the ever-changing global market landscape.
For additional insights, visit http://marketsinfocuspodcast.com.
Now that the era of “growth at any price” has ended, newly converted value enthusiasts are questioning margins and the true return on their investments. Tariq Siddiqi, CFA, Senior Research Analyst at Eagle Asset Management, refuses to follow the crowd and keeps growth profiles at the forefront, pinpointing companies best positioned to capitalize on persistent secular trends. For Siddiqi, these opportunities include cybersecurity, the shift to cloud computing, the “Internet of Things" (IoT), and the growth of artificial intelligence.
The credit market has been impacted by duration shocks, high inflation, and rising borrowing costs, leading to deteriorating credit risk. Andy Toburen, CFA, Senior Portfolio Manager at Chartwell Investment Partners, unpacks it all and shares how investors can navigate the dynamic credit markets and find areas of opportunity.
The business cycle and the strength of the consumer are expected to play key roles in setting the direction of the financial sector in the rest of 2022. Enrique Acedo, Research Analyst on the Equity Income Investment Team at Eagle Asset Manager, joins Matt Orton to discuss signs of worry and signs of promise in financials – an industry group that it is anything but uniform
“Drill, baby, drill” once was the mantra in the energy patch. But for the past decade, deep value investors have set the tone, demanding dividends and saying, “Show me the money.” Now the industry again is in flux, with no shortage of catalysts: pandemic, war, inflation, looming recession, growth in alternative fuels, and more. Explore headwinds, tailwinds, and trends in the energy sector with Eric Mintz, CFA, Portfolio Manager on the small- and mid-cap growth teams at Eagle Asset Management, and Eric Chenoweth, CFA, Senior Investment Analyst on the mid-cap equity team at Scout Investments.
No one thought 2022 would be easy, but the war in Ukraine, with its shocks to global energy and commodity markets, has made taming inflation even harder. James Camp, CFA, Managing Director of Fixed Income and Strategic Income at Eagle Asset Management, shares his perspective on credit and equity markets, the “creative destruction” rippling through the U.S. economy, and how the U.S. Federal Reserve doesn’t have any good choices, just “the lesser of many evils.”
It would be nice if U.S. equities could find a bottom and recover without a recession. That’s what normal market activity often has looked like in the past. Trouble is, we haven’t had a lot of normal market activity in the last 15 years, says Jason Richey, CFA, Portfolio Manager at Cougar Global Investments. And that now makes it harder for everyone: central banks, corporate management, and investors alike. Richey shares his thoughts on the impact of inflation, its effects on the consumer, and how, ultimately, investors can position in a markedly bearish environment.
It’s not new for companies to report on their efforts to curb greenhouse gases and fight climate change, but there are few dependable and universal ways to compare one company to the next. Now the SEC has proposed new rules aimed at standardizing such disclosures. Joy Facos, Head of Sustainable Investing and Corporate Responsibility at Carillon Tower Advisers, explains why the proposed rules will help empower investors to make meaningful judgments about how companies’ work to sharpen the environmental, social, and governance (ESG) focus of their models might – or might not – create long- term value.
Where is blockchain technology right now? Think of the internet in the late 1990s: There’s worlds of potential to transform the economy, but also every kind of practical question to be figured out. Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, talks with Tariq Siddiqi, CFA, Senior Research Analyst at Eagle Asset Management, about how the blockchain isn’t just for cryptocurrency, what makes it a candidate to revolutionize entire industries, and why investors should look at it as a long-term driver of secular growth.
The inflation of 2021 had no shortage of drivers – including spiking consumer demand, supply chain disruptions, and unprecedented monetary and fiscal support for the economy. But what about the inflation of 2022? Rising housing costs are likely to continue to be a factor, while base effects could contribute to inflation peaking. Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, talks with John Lagowski, CFA, Research Analyst with Eagle Asset Management, about inflation’s likely direction and what investors should think about in the coming year.
Investors once were used to seeing momentum swing between growth and value stocks in a classic economic cycle. But the pandemic subverted all of that, creating shorter mini-cycles as cases rose and fell. Now with interest rates on the rise, a new chapter might be about to unfold. Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, talks with John Indellicate, CFA, Co-Portfolio Manager at Scout Investments, Michael Waterman, CFA, Portfolio Manager at ClariVest Asset Management, and Steve Singleton, Head of Risk at Carillon Tower Advisers, about 2022’s emerging opportunities in the seesaw world of factor investing.
Energy has seen its weight decline meaningfully across broader market indices over the past 10 years. But it was the best-performing sector in 2021 and many analysts are optimistic heading into 2022. Eric Chenoweth, CFA, senior investment analyst on the mid-cap equity team at Scout Investments, joins Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, to explore what accounted for energy’s outperformance in 2021 and whether those drivers are sustainable.
During the gold rush, the real money was made not by miners but by the businesses who sold the miners their picks and shovels. Now semiconductors are poised to be the picks and shovels of the coming decade, said Derek Smashey, CFA, Co-Portfolio Manager at Scout Investments. Smashey joins Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, to examine what happened to the reflation trade over the last year and what to watch for in 2022 and beyond.
Concentration in the small-cap indices is presenting challenges for investors and active managers. Peter Crivelli, Senior Vice President at Carillon Tower Advisers, joins Matt Orton, CFA, Carillon’s Chief Market Strategist, to navigate opportunity in the sectors taking up the most space.
Exchange-traded funds (ETFs) have grown in popularity and breadth since the early 2000s. How can investors assess potential pitfalls and conduct proper due diligence? Jason Richey, CFA, Co-Portfolio Manager at Cougar Global Investments, joins Matt Orton, CFA, Chief Market Strategist at Carillon Tower Advisers, to trace the history of ETFs and consider the future.
Governance, the “G” in ESG, is about “seeing how deeply embedded these issues are in a company's strategy and ultimately their operations,” says Joy Facos, Head of Sustainable Investing and Corporate Responsibility. Joy joins Matt Orton, CFA, to talk about how environmental and social issues – the “E” and “S” issues – are guided by the “G.”
Recent supply chain issues have shed light on the importance of semiconductors in everyday life. Tariq Siddiqi, Senior Research Analyst at Eagle Asset Management joins Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, to discuss how the chip shortage could impact the future of the semiconductor industry.
Is the seemingly unstoppable rise of equities a concern or an opportunity for investors? Matt Waz, Senior Vice President and Head of Consultant Relations, switches things up with Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers for a Q&A on “peak everything,” inflation, interest rates, and whether fears of the delta variant are overblown.
The inflation debate is intensifying as fears rise but markets seem to be shrugging. What’s driving the disconnect and what happens if, and when, it gets resolved? Todd Thompson, CFA, Managing Director and Portfolio Manager at Reams Asset Management, and fellow Reams Portfolio Manager, Dimitri Silva, CFA, join Steve Masarik, CFA and Portfolio Specialist, to discuss how inflationary trends could impact the markets into 2022.
Vaccine earnings may be transitory, but “I’m optimistic that the setup for the back half of this year will be more constructive” for the healthcare sector, said Michael Rich, CFA, Research Analyst at Eagle Asset Management. Rich joins Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, to explain the innovations in the works that may provide investor opportunity.
International equities are perking up as the world reopens. But stark differences in regional performance mean you need to know what you own. Angel Lupercio, Portfolio Co-Manager on the Scout International team, joins Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, to focus on areas of investor opportunity in emerging markets.
Mid-cap stocks have been pushed into the background as investors focus on rotation between large and small, and growth versus value. That might mean a missed opportunity. John Indellicate, CFA, Co-Portfolio Manager on Scout Investments’ Mid Cap Equity Team, and Tariq Siddiqi, CFA, Senior Research Analyst on Eagle Asset Management’s Growth Team, join Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, to dig into the case for mid caps at this moment.
With the Biden Administration aiming to raise taxes, many investors are turning to municipal bonds as a solution. Compared to recent extreme moves in equity markets, the muni market has been downright calm in comparison. Burton Mulford, CFA, Portfolio Manager and trader for Eagle Asset Management's tax-advantaged Fixed Income portfolios, joins Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, to discuss how tax code changes – and potential inflation – may affect muni opportunities.
An experiment that started in the wake of the Global Financial Crisis is now entering its second decade, as fiscal and monetary stimulus pours liquidity into the markets. Todd Thompson, CFA, Managing Director and Portfolio Co-Manager at Reams Asset Management, wonders whether policymakers will ever be able to pull away the punchbowl. Todd joins Steve Masarik, CFA and Portfolio Specialist, to discuss how stimulus is distorting markets now and what may happen when the bill comes due.
Consumers have poured into online gaming during the pandemic. Can iGaming companies keep up and adapt? David Cavanaugh, Senior Research Analyst at Eagle Asset Management, says yes – but they face a specific challenge. Dave joins Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, to zero in on opportunities in the online gaming space.
With analysts predicting perfection and unprecedented stimulus fueling new market highs, where do we go from here? Matt Orton, CFA, Director and Portfolio Specialist with Carillon Tower Advisers, breaks down the possibilities and addresses investor concerns with Brian Lee, CFA, Senior Vice President and Head of Intermediary Sales.
Value came roaring back in late 2020 after years of growth dominance. But the next strategic play for investors might not be at either style extreme. Steve Singleton, Head of Risk for Carillon Tower Advisers, joins Matt Orton, CFA, Director and Portfolio Specialist, to discuss tactics.
After small-cap stocks notched record-breaking performance in 2020, how will they deal with inflation fears? Eric Mintz, CFA, Portfolio Co-Manager at Eagle Asset Management, and Tim Miller, CFA, Portfolio Co-Manager for Scout Investments, join Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers to examine sectors of opportunity.
Bubble trouble is on the minds of many investors as markets reach new highs, meme stocks and digital currencies take off, and fears of inflation creep in. The big questions include: are we in a bubble, and if we are, is it possible to still invest wisely? Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, asks Jason Richey, CFA, Portfolio Manager at Cougar Global investments, to address these bubble worries and more.
Calls for social justice echoed loudly across America in 2020. How are environmental, social, and governance (ESG) portfolio managers taking these trends into account when analyzing possible investments? Joy Facos, Head of Responsible Investing at Carillon Tower Advisers, and Sheila King, CFA, Portfolio Co-Manager and Analyst at Eagle Asset Management, join Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, to discuss how 2020 expanded focus from just the “E” in ESG.
2021 brought back talk of possible rising interest rates and inflation. Equity markets seem to reach new highs just about every day while questions are arising around the traditional safety of bonds. Matt Orton, CFA, Director and Portfolio Specialist at Carillon Tower Advisers, is joined by Portfolio Managers James Camp, CFA, and Brad Erwin, CFA, of Eagle Asset Management, to analyze the potential opportunities for investors focused on income.
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