Wealth Management Invest – Détails, épisodes et analyse

David Bodamer speaks with Jack Shannon, a senior analyst on Morningstar’s manager research team, in an episode recorded in front of a live audience at the Morningstar Investor Conference. They delve into the distinctions between active and passive ETFs, highlighting the nuances in their management and trading and whether active ETFs deliver on their premises. 

Listen in as David and Jack highlight:

• The increasing growth of active ETFs, with active launches accounting for a growing percentage of ETF product development
• Assessment of the performance of active ETFs to date
• The potential for active ETFs to cannibalize mutual fund assets
• The turnover rates of active ETFs, with many new launches often closing within a few years due to fad chasing or lack of compelling investment strategies
• What other research Shannon is working on for the rest of the year
• And more

Overall, the episode provides an insightful look into the evolving landscape of active ETFs and their place in the broader investment market.

Resources:

• Invest in SpaceX Alongside Elon Musk? Why This Closed-End Fund Is Not Worth the Ride 
• Mutual Fund Managers Are Wrong More Than They’re Right

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• LinkedIn: David Bodamer
• LinkedIn: Informa

Connect With Jack Shannon:

• Morningstar
• LinkedIn: Jack Shannon

About Our Guest:

Jack Shannon is a senior manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He focuses on actively managed equity strategies and is the lead analyst for MFS and Artisan Partners, among other firms.

Prior to joining Morningstar in 2020, Shannon worked in commercial banking and was a consultant providing subject matter expertise on complex financial litigation. Shannon holds a bachelor’s degree in economics and history from James Madison University. He also holds a Master of Business Administration in investments and corporate finance from the University of Notre Dame’s Mendoza College of Business.

WealthManagement.com’s David Bodamer speaks with Jake Miller, Co-Founder and Chief Solutions Officer at Opto Investments, about the evolving landscape of private markets and how RIAs can leverage new strategies to benefit their clients. They touch on the opportunities and challenges within private equity, private credit, infrastructure, and real estate, as well as Opto’s recent partnership with Mercer Advisors.

Jake discusses:

• The development and goals of Opto Investments and their role in the burgeoning market of private investments for the wealth channel
• Details about the recent partnership with Mercer Advisors and the opportunities Mercer is bringing to its qualified purchaser clients developed with Opto. 
• Insights on the current state and future trends within private investments
• The importance of a fiduciary-first approach in managing private markets
• And more

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• LinkedIn: David Bodamer
• LinkedIn: Informa

Connect With Jacob (Jake) Miller:

• LinkedIn: Jake Miller
• Opto Investments

About Our Guest:

Jacob (Jake) Miller is the Co-Founder and Chief Solutions Chief Solutions Officer at Opto Investments. Prior to helping found Opto, Jacob was at Bridgewater Associates. He has a passion for sensible long-term investing, systematizing investment processes, and distilling complex market dynamics into clear, logical linkages that help people better understand their investments. 

Jacob has been managing money for family and friends since he was 16 and is a certified market junkie. While he has a background in macroeconomics and high-yield debt, he finds the challenges and opportunities in the private markets space far more interesting and important, both for investors and society.

Real estate investment has historically not been the most innovative space when it comes to using new technologies. But Cadre is aiming to change that. The firm uses predictive models and workflow tools to change the investment experience. It also aims to provide access to real estate investment opportunities previously unavailable to some investors. 

In this episode, David Bodamer speaks with Ryan Williams, founder and CEO of Cadre, about the company’s goal to transform real estate investment and increase access through the use of technology. Williams also discusses his goal in using real estate investment to create economic opportunities in underserved communities.

Ryan discusses:

• How Cadre’s platform works and what types of investors it works with
• Cadre’s three-pillar strategy for creating economic opportunities in underserved communities
• Why and how Cadre is involved in opportunity zone investments
• Cadre’s plans for growing its investor base
• And more

Resources:

• Listen to the latest episodes of Common Area

Connect With Ryan Williams:

• LinkedIn: Ryan Williams
• Cadre
• Twitter: Ryan Williams

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• WMRE
• LinkedIn: David Bodamer
• LinkedIn: Informa

About Our Guest:

Ryan Williams is the Founder and CEO of Cadre, a leading real estate technology platform that democratizes access to high-quality commercial real estate opportunities for individual and institutional investors. With ten years of experience in the industry, Ryan has a deep passion for leveraging data, technology, and innovation to transform the way people invest in real estate.

Under Ryan’s leadership, Cadre has achieved remarkable growth, scale, and impact. Cadre has closed over $5 billion in real estate transactions, generated a net annualized return of over 25% for its investors, and developed the industry’s first secondary marketplace for real estate investments. Cadre has also expanded its investor base to more than 50,000 accounts, and launched several new investment products and initiatives, including a fund focused on driving greater diversity and inclusion of operators in Cadre’s ecosystem program. Ryan’s mission is to empower more people to build wealth through real estate, and to make the asset class more transparent, efficient, and liquid.

Using recent Wealthmanagement.com research as a jumping off point, in this episode, David Bodamer speaks with Jay Miller, Chief Investment Officer at Forum Investment Group, exploring the company’s focus on multifamily real estate and the various investment options they offer and emphasizing how alternative investments provide opportunities for average investors to diversify portfolios by accessing asset classes previously limited to institutional investors. 

Jay discusses:

• Why interest is increasing in alternative investments, including private real estate
• How advisors can help clients navigate alternative investments
• The challenge with alternative investments and how technology is making it easier to manage these types of investments
• The current trends in multifamily real estate 
• And more

Resources:

• Alternative Investments 2023 Benchmarking Study Webinar
• Listen to the latest episodes of Common Area

Connect With Jay Miller:

• LinkedIn: Jay Miller
• Forum Investment Group
• Forum Capital Advisors

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• WMRE
• LinkedIn: David Bodamer
• LinkedIn: Informa

About Our Guest:

Jay brings more than 30 years of real estate investment experience to Forum with demonstrated success developing and executing business strategies, and managing teams and systems. As CIO, Jay oversees the firm’s real estate investment team, chairs Forum’s investment committees, and is responsible for driving the firm’s continued growth through multifamily equity and debt investment opportunities.

Commodities have long been recognized as a valuable diversification tool, but their complexities and limited accessibility have often deterred average investors from including them in their portfolios.

In this episode, David Bodamer speaks with John Love, president and CEO of USCF, on the role of commodities in investment portfolios. They explore the importance of traditional alternative investments like private equity and REITs, as well as the democratization of commodity investing through ETFs.

John discusses:

• The role of traditional alternative investments in portfolio planning
• The diversification benefits of commodities
• How USCF’s ETFs align with the energy transition and the global economy
• What investors should consider when building a diversified portfolio with alternative investments and commodities
• And more

Resources:

• Alternative Investments 2023 Benchmarking Study Webinar
• Listen to the latest episodes of Common Area

Connect With John Love:

• LinkedIn: John Love 
• USCF

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• WMRE
• LinkedIn: David Bodamer
• LinkedIn: Informa

About Our Guest:

John Love is President and Chief Executive Officer of USCF. Mr. Love previously served as Senior Portfolio Manager of USCF’s products, including the United States Oil Fund (USO) and United States Natural Gas Fund (UNG), the largest oil and natural gas ETFs in the US. Since USCF’s founding, Mr. Love contributed to the firm’s evolution through operations trading, research, product development, marketing, capital markets, and more. 

Despite the challenges faced by some parts of the commercial real estate industry, the fundamentals of many sectors remain strong and there remains plenty of opportunity for investment. 

In this episode, David Bodamer is joined by Elizabeth Wohlleb, managing director and head of Real Estate Capital Markets with Cresset Partners, to discuss how the group vets opportunities for its funds. 

That includes addressing misconceptions and emphasizing the importance of considering factors like location and asset type. Elizabeth also talks about working with high net worth and retail investors and how they use real estate in their portfolios.. 

Elizabeth discusses:

• How Cresset Partners works with investors to explore strategic real estate opportunities 
• The democratization of private real estate investment and increased access for retail investors
• How Cresset Partners vets real estate deals for its various funds, including in the logistics sector and Qualified Opportunity Zone deals
• And more

Resources:

• Listen to the latest episodes of Common Area

Connect With Elizabeth Wohlleb:

• LinkedIn: Elizabeth Wohlleb
• Cresset Partners

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• WMRE
• LinkedIn: David Bodamer
• LinkedIn: Informa

About Our Guest:

Elizabeth Wohlleb is Managing Director, Head of Real Estate Capital Markets for Cresset Real Estate Partners. She has responsibility for the capital formation strategy for all Cresset Real Estate Partners investment opportunities and also serves on the Cresset Real Estate Partners Investment Committee.

Elizabeth joined Cresset after leading the U.S. East for the Harrison Street Real Estate Capital Investor Relations team, where she was responsible for overseeing the firm’s capital raising efforts in the Eastern U.S., working with a variety of institutional investors. Prior to Harrison Street, Elizabeth was a Managing Director, Investor Relations with Greenfield Partners, where she was responsible for developing and maintaining relationships with institutional investors and consultants and was a member of Greenfield’s Investment and Compliance Committees. Before Greenfield, Elizabeth was a Director in the Global Client Group at RREEF Real Estate, and a Principal with the Investor Relations team at Capri Capital Partners.

While trends within real estate rise and fall, there are always themes and strategies that can be used in future markets when looking for investment opportunities.

In this episode, David Bodamer speaks with Michael Acton, Managing Director of AEW Capital Management, on what he sees happening within the current real estate market and how investors could benefit. Mike shares his insight on trends and strategies he has seen before and how they are reflected in current investment opportunities.

Mike discusses:

• The main themes in commercial real estate 
• What types of properties and strategies create opportunities in the current market
• How different types of fund structures and loans function when purchasing or financing real estate
• What investment opportunities exist within the disconnect between listed real estate and private real estate 
• And more

Resources:

• Listen to the latest episodes of Common Area

Connect With Mike Acton:

• LinkedIn: Michael Acton
• AEW Capital Management

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• WMRE
• LinkedIn: David Bodamer
• LinkedIn: Informa

About Our Guest:

Mike Acton, CFA, is a Managing Director of the firm and AEW’s Head of Research & Strategy with responsibility for directing the activities of AEW Research, the firm’s in-house research group. He works closely with the Fund’s investment management team in the development of the Fund’s investment strategy and criteria. Mr. Acton joined the firm in 1990 and has 34 years of experience as an economic analyst and forecaster. He is a standing member of the firm’s Investment Committee and Risk Management Committee. The resources of AEW Research are an integral part of AEW’s investment process and Mr. Acton works closely with senior professionals in all areas of the firm to develop investment strategies that match clients’ risk/reward objectives with market opportunities. Mr. Acton is also a member of the firm’s Compliance Committee. Prior to joining AEW, he was with DRI/McGraw-Hill where he managed the Metropolitan Area Forecasting Service. He is a graduate of Bates College (B.A.) and a CFA charter holder.

Real estate investments aren’t new to portfolio planning. How does Clarion take the next step in providing alternative real estate investments that provide attractive yields and portfolio diversity?

In this episode, David Bodamer speaks with Rick Schaupp, Managing Director at Clarion Partners, about the Clarion Partners Real Estate Income Fund, how it fits within financial and investment planning and the services they are providing to other wealth managers and individual investors.

Rick discusses:

• How a 40 ACT fund differs from other fund structures
• How does his valuation process relate to how publicly traded REITs are market 
• The shift in commercial real estate value depends on the type of property
• Clarion’s process of sourcing investors and informing wealth advisors
• And more

Resources:

• Listen to the latest episodes of Common Area

Connect With Rick Schaupp:

• LinkedIn: Rick Schaupp
• Clarion Partners

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• WMRE
• LinkedIn: David Bodamer
• LinkedIn: Informa

About Our Guest:

Richard Schaupp is a Managing Director and the Portfolio Manager for Clarion Partners’ funds and a separate account relationship. As portfolio manager, Rick has overall responsibility for the management and portfolio strategy of these relationships. Rick has participated in the acquisition, asset management, and development management of over $4.0 billion of real estate. He originally joined Clarion Partners in 2000 and began working in the real estate industry in 1995. He holds an M.B.A from Yale University, and a B.Arch from the University of Notre Dame.

There are a lot of reasons why alternatives have a place in investment portfolios. How are current market conditions influencing private equity, private real estate, private credit, and other alternative assets?

In this episode, David Bodamer speaks with Patrick McGowan, Head of Alternative Investments and Manager Research at Sanctuary Wealth, on assessing private equity and private real estate opportunities in a rapidly evolving market. Patrick reveals how Sanctuary is assessing the alternatives space.

Patrick discusses:

• What alternative investments bring to wealth management client portfolios
• How he holds honest conversations with clients worried about the impact of recent financial events on the market, including for private real estate
• Where private equity lenders fit into capital markets given the problems facing banks 
• Where do tax advantage structures fit when assessing real estate investment  opportunities
• And more

Resources:

• Listen to the latest episodes of Common Area

Connect With Patrick McGowan:

• LinkedIn: Patrick McGowan
• Sanctuary Wealth

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• WMRE
• LinkedIn: David Bodamer
• LinkedIn: Informa

About Our Guest:

Patrick McGowan is a Managing Director and Head of Alternative Investments at Sanctuary Wealth. In this role, Mr. McGowan oversees a team responsible for all alternative investment matters including manager sourcing, due diligence, selection, and monitoring. He serves as a member of the Alternative Investment Committee.

Some real estate structures offer investors major tax benefits. Like-kind exchanges allow investors to roll capital gains from one real estate investment into a new one. DSTs allow 1031 exchangers to pool capital into a fund. Qualified Opportunity Zone funds  allow investors to defer capital gains from any previous investments. 

In this episode, David Bodamer speaks with Louis Rogers, founder and Co-CEO of Capital Square, tax-advantaged real estate. Louis outlines the different structures and where his firm sits within the marketplace.

Louis discusses:

• How 1031 exchange options evolved, including the creation of Delaware Statuary Trusts
• Which property types Louis is bullish on in the current climate
• How he advises investors and chooses the assets for the different structures Capital Square uses
• How real estate investments fit into estate planning
• And more

Resources:

• Listen to the latest episodes of Common Area

Connect With Louis Rogers:

• LinkedIn: Louis Rogers
• Capital Square

Connect With David Bodamer:

• david.bodamer@informa.com 
• WealthManagement.com
• WMRE
• LinkedIn: David Bodamer
• LinkedIn: Informa

About Our Guest:

Louis J. Rogers is founder and co-chief executive officer of Capital Square, where he oversees the firm’s Delaware statutory trust (DST) programs for investors seeking qualifying replacement property for Section 1031 tax-deferred exchanges and regular (non-exchange) investors.