We recently published our outlook for private markets in 2025, looking at some of the factors potentially impacting these assets over the next 12 months.

In this edition of LGIM Talks, we dive into some of the sub-sectors of private markets in a little more detail, looking at what the year ahead might have in store.

Joining us we have:

• Matteo Colombo, Head of Digital in Infrastructure, to assess the environment for digital infrastructure assets.
• Ali Farrell, Fund Manager and Simon Century, Head of Capital Investing, to chat all things affordable housing
• Chris Hopkins, Head of Venture Capital, to address the UK university spinout space

This podcast is hosted by Nick Jardine, content manager for private markets.

Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM blog for more insights. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.

For professional investors only. Capital at risk. For illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

Sources:

• Grand View Research, as of May 2024
• Green Street, as of October 2024
• CBRE, Q3 2024
• Hostinger Tutorials, AI statistics and trends: New research for 2025
• Legal & General internal research, as of September 2024
• Social housing lettings in England, tenants: April 2022 to March 2023 - GOV.UK
• 159,000 children homeless - Shelter England - Shelter England
• National Housing Federation - Building new homes
• 2

How have markets reacted to political turmoil in France and South Korea? Will central bankers in Europe and the US remain on the same rates path? And why can’t a team of 1,000 economists predict a recession with any degree of certainty?

This podcast is hosted by Harry Brooks, Content Manager.

All data is sourced from Eikon as at 10 December 2024 unless otherwise stated.

For professional investors only. Capital at risk.

Many of the themes at the heart of the US election are of immense importance to investors. As the presidential race enters its final stage, we discuss the key investment implications.

During the podcast, Sonja Laud, LGIM’s Chief Investment Officer, is joined by three colleagues from LGIM America: Jason Shoup, CIO and Co-Head of Global Fixed Income; Jason Becker, Head US Credit Strategy; and Anthony Woodside, Head of Multi-Sector Fixed Income & Investment Strategy. They cover:

• Our view that the risk of a “sweep” vote may be underpriced by markets
• The implications for fiscal and monetary policy under a Harris or Trump administration
• The outlook for US credit markets and EM fixed income under different outcomes
• Broader themes in common with elections elsewhere globally, not least the focus on immigration

In addition, our speakers offer their usual recommendations for extracurricular reading and viewing material.

The podcast was recorded on 23 September and was moderated by Max Julius, Head of Content.

For professional investors only. Capital at risk.

LGIM’s Head of Active Strategies Colin Reedie is one of our most experienced investors. In this episode he breaks down his storied career, from his early days flying with the RAF to his more recent role navigating the rapidly evolving investment landscape. 
This episode is hosted by Andrew Lowry.
For professional investors only. Capital at risk.

Sonja Laud, LGIM’s Chief Investment Officer, and her expert panel discuss the outlook for the global economy and key asset classes in 2023, in our first CIO call of the year.
Amid a still-challenging macro and market context, we offer answers to the most pressing questions for investors: How bad might things get? And what could signal a turnaround?
Sonja is joined by Colin Reedie, Head of Active Strategies, and Tim Drayson, Head of Economics.
The podcast was recorded as a live client webinar on 12 January and is hosted by Max Julius, Head of Content.
Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM Blog for more insights from our investment team. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.
For professional investors only. Capital at risk.

Where did Santa get to at the end of 2022? How will China’s economy fare in light of the easing of its COVID restrictions? And what was behind Japan’s recent move to abandon its yield curve control? Ben Bennett explains all in the first episode of Market Talk for 2023.

For professional investors only. Capital at risk.

To say real assets – most notably the areas of real estate equity and private credit – have endured a challenging year may be somewhat of an understatement. That said, starting yields for private credit going into 2023 equate to those not seen in years while, in real estate equity, a recovery in certain sectors of the market may be more of a possibility as we head into 2023. Join Bill Page, Head of Real Estate Markets Research and Lushan Sun, Private Credit Research Manager as they talk volatility, voids and valuations. 
This episode is hosted by Frances Watson, Content Manager.
All data is sourced from Bloomberg, MSCI as at December 2022 unless otherwise stated.
For professional investors only. Capital at risk.

Markets have been volatile in 2022, but how have thematic investments fared? And looking to 2023 and beyond, which thematic areas might take centre stage given technological developments, the geopolitical landscape and market forces? Join Aude Martin and Tobias Merfeld from LGIM’s ETF investment team for a wide-ranging conversation on thematic investment this year, next year and beyond.

This episode is hosted by Harry Brooks, Content Manager.

Sources:

·        Cyber security spending forecast for 2023: https://www.cybersecuritydive.com/news/security-spending-balloons/634365/#:~:text=Gartner%20predicts%20organizations%20will%20spend,%247.5%20billion%20in%202023%20spending.
·        Battery demand forecast: https://source.benchmarkminerals.com/article/200-billion-needed-to-meet-battery-cell-demand-by-2030
·        Renewable energy forecast: Bloomberg New Energy Finance, New Energy Outlook 2022
·        Cloud protection forecasts: https://www.cybersecuritydive.com/news/security-spending-balloons/634365/

For professional investors only. Capital at risk.

In our final CIO call of the year, Sonja Laud, LGIM’s Chief Investment Officer, discusses the key themes that have dominated 2022 for investors and surveys the market landscape in 2023.
Key topics covered include the economic outlook, energy security, central bank policy, thematic investing and the prospects for different asset classes. Sonja is joined by:

• Emiel van den Heiligenberg, Head of Asset Allocation
• Howie Li, Head of Index and ETFs
• Max Julius, Head of Content

At the end of the podcast, which was recorded on 7 December, our speakers also offer viewing and reading recommendations for the holidays.
Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM Blog for more insights from our investment team. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.
For professional investors only. Capital at risk.

Just how badly have asset classes performed in 2022? And where next for bonds, credit and equities given investors start 2023 with a decent yield cushion?  In view of the current tightness in the US labour market will the Fed be able to navigate a hard or soft landing? Join Ben Bennett, Head of Investment Strategy & Research for his whistlestop take on financial markets.
This episode is hosted by Frances Watson, Content Manager.
All data is sourced from Eikon as at end November 2022 unless otherwise stated.
For professional investors only. Capital at risk. 

In this episode Richard Romer-Lee, CEO at Square Mile Investment Consulting & Research, chats with James Crossley, Head of UK Wholesale Distribution at LGIM, about how the asset management industry has evolved during his City career, the role of ‘alternatives’ and why he is excited about responsible investing. Richard also reveals how he managed to appear on the popular ITV programme, Blind Date. 
For professional investors only. Capital at risk.

In this month’s episode, Sonja Laud, LGIM’s chief investment officer, discusses the key takeaways from the COP27 climate summit thus far. She also argues for forceful engagement with companies key to the energy transition, where possible, rather than blanket divestments.

Sonja is joined by Kurt Morriesen, Head of ESG Advisory, who attended the summit in Sharm El Sheikh, and Nick Stansbury, Head of Climate Solutions.
The episode is hosted by Max Julius, Head of Content, and was recorded on Tuesday, 15 November.

Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM Blog for more insights from our investment team. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.
 
For professional investors only. Capital at risk.

Lewis Pugh, the endurance swimmer and UN Patron of the Oceans, discusses his recent swim to raise awareness of the threat posed by climate change to coral reefs and biodiversity.
During the episode, Lewis makes a powerful case for protecting our oceans and reaching net-zero carbon emissions. He also describes the challenges he faced as he swam across the Red Sea – including oil tankers and sharks.
The podcast was recorded in London on Thursday, 3 November and is hosted by Andy McQuillan, Global Director of Marketing at LGIM.
Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM Blog for more insights from our investment team. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.
For professional investors only. Capital at risk.

What does it take to rise up the ranks of investment distribution? And how has the advent of hybrid working and the demise of corporate hospitality changed the business of selling funds?

In this episode, Ben Cherrington, LGIM’s Head of UK Wholesale, shares candid insights from more than two decades spent at some of the best-known asset managers, and explains why it’s a tougher business now than ever before.

This episode is hosted by Harry Brooks, Content Manager. 

Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

Despite credit rallying in the hope of a US policy pivot, the Federal Reserve has reaffirmed its intention to keep a lid on inflation at all costs. Whether they’ve managed to do that or not might just be evident in upcoming US CPI numbers. So, could we have reached peak US inflation? And what’s behind the volatility in the Hang Seng index? Ben Bennett, Head of Investment Strategy & Research explains all.
This episode is hosted by Frances Watson, Content Manager.
All data sourced from Eikon unless otherwise stated.
For professional investors only. Capital at risk.

In this episode Lars Kreckel, Global Equity Strategist, discusses the US Q3 earnings season and what it tells us about the state of the consumer and the wider economy.
This episode is hosted by Harry Brooks, Content Manager.
Nasdaq YTD total return figure cited from Refinitiv as at 02/11/2022.
For professional investors only. Capital at risk.

In this episode, Emiel van den Heiligenberg, Head of Asset Allocation, discusses why liquidity is so important for investors, where we are in the economic cycle and, this being the season of Halloween, whether investors are experiencing market tricks or treats as we enter the final months of 2022.
This episode is hosted by Frances Watson, Content Manager. Emiel’s blog can be accessed here.
For professional investors only. Capital at risk.

Having lagged behind other sectors in its uptake of technology, healthcare could now have reached a pivotal moment. From AI and natural language processing to genomics and robotics, technology holds potential to revolutionise how we diagnose and treat illness. In today’s podcast we examine the most promising developments in healthcare technology.
Speaker: Aude Martin, Senior ETF Investment Specialist, Index Funds
Host: Harry Brooks, European Content Manager, ETFs
(VC fund inflow figures taken from ROBO Global’s Jeramie Capron, speaking at LGIM’s 2022 Global Thematics Forum)
For professional investors only. Capital at risk.

Sonja Laud, LGIM’s chief investment officer, discusses how next month’s midterm elections might impact the US economic outlook and dollar assets more broadly. She also considers what UK bond market volatility tells us about the broader investment environment. Sonja is joined by:

• Jason Shoup, Deputy Head of US Fixed Income, LGIMA
• Tim Drayson, Head of Economics

The episode is hosted by Max Julius, Head of Content, and was recorded on Wednesday, 12 October.
Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM Blog for more insights from our investment team. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.
For professional investors only. Capital at risk.

Why is there renewed talk of a possible policy pivot from the US Federal Reserve? What should investors be focusing on heading into Q3 results season? And what are  10-year Treasury Inflation-Protected Securities telling us about the outlook for long-term inflation? Ben Bennett, Head of Investment Strategy & Research explains all.
This episode is hosted by Frances Watson, Content Manager.
For professional investors only. Capital at risk.

It’s been a turbulent two weeks for the British economy, with Chancellor Kwasi Kwarteng’s ‘mini-budget’ sending sterling plummeting, gilt yields soaring and prompting an intervention from the Bank of England that successfully brought yields down. As the dust settles, what conclusions can investors draw – and where next for UK fiscal and monetary policy? 
Andrew Lowry, European Content Manager at LGIM, sits down with Senior European Economist Hetal Mehta to take stock of a dramatic fortnight on the markets.
For professional investors only. Capital at risk.

Real yields are rising, the dollar continues to firm against all major currencies and the UK economy has been caught in the crosshairs. But how should investors navigate this latest bout of global market turbulence? And in the wake of the energy supply shock how should investors look at the world of renewable energy, particularly against the current inflationary backdrop? Join Ben Bennett, Head of Investment Strategy & Research, and Marija Simpraga, Infrastructure Strategist to hear more.
This episode was hosted by Frances Watson, Content Manager and was recorded on 28 September before the Bank of England’s decision to stabilise UK financial markets through gilt purchases.

For professional investors only. Capital at risk.

With the race to net zero in full swing we examine how index investors can pursue such an objective through understanding how to define net zero, why it is important to act today, the different options available and the importance of company engagement.
Join Stefan Bilby, Head of Index Distribution, as he chats to Fadi Zaher, Head of Index Solutions and Jeannette Andrews, Senior Global ESG manager.

In this episode, Stuart Murphy, Legal & General’s Co-Head of DC, and Al Miles, Legal & General’s Senior Solutions Strategy Manager, discuss the issues that mean women’s pension pots are half the size of men’s when they come to retire.
Is the gender pension gap just the inevitable consequence of the biological reality of pregnancy for women, or are there steps we could be all taking to mitigate the financial penalty of parenting that affects mothers more harshly than it does fathers?
Unless otherwise stated, the data quoted is sourced either from Legal & General’s retirement research into its 4.6 million members gathered throughout 2021, or from LGIM’s recent research into auto-enrolment, conducted externally by Ignition House and carried out in June 2022.
The episode is hosted by Heather Forse, DC Content Manager.
For professional investors only. Capital at risk.

What was behind last month’s ‘flash crash’ and last week’s smaller wobble? Does the dis-inversion of the US treasury yield curve signal recession? And what are markets telling us about the likely path of interest rates in the US, Europe and the UK?

This podcast is hosted by Harry Brooks, Content Manager.

All data is sourced from Eikon as at 10 September 2024 unless otherwise stated.

For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security.

Is the bear market rally in credit and equities officially over following the Jackson Hole meeting of central bankers? And what are the implications of higher gilt yields for UK investors? Ben Bennett, Head of Market Strategy and Research explains all.
This episode is hosted by Frances Watson, Content Manager.
For professional investors only. Capital at risk.

In our last episode of August, Sonja Laud, LGIM’s chief investment officer, discusses why the second half of 2022 has started on a decidedly more pleasant note than the first six months of the year, with a focus on earnings season and the prospects for fixed income and equities. Sonja is joined by:

• Colin Reedie, Head of Active Strategies
• Lars Kreckel, Global Equity Strategist

The episode is hosted by Max Julius, Head of Content, and was recorded on Thursday, 11 August.
Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM Blog for more insights from our investment team. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.
For professional investors only. Capital at risk.

In the last episode of Market Talk for the summer, Ben Bennett, Head of Investment Strategy and Research assesses implications for investors regarding the latest Chinese tensions with Taiwan, reasons behind the Bank of England gloom and states why the US inflation print, out this week, is one to watch.
This episode is hosted by Frances Watson, Content Manager.

In this episode we chat with Hetal Mehta, Senior European Economist, Emiel van den Heiligenberg, Head of Asset Allocation and Laura Brown, Head of Client Solutions to see how our investment experts will be spending their summer holidays, and what will be front of mind on their return? For a feel-good podcast, listen to #LGIM talks

This podcast was hosted by Frances Watson, Content Manager, and was recorded mid-July.

In this episode, Ben Bennett, Head of Investment Strategy & Research, looks at reasons behind the rally in bond and equity markets, options for central bankers in light of weaker economic activity and  developments in China’s property market.
This episode, hosted by Frances Watson, Content Manager, was recorded before the Fed’s decision on 27 July.

In this episode of Blog on the Pod: as the UK prepares for the Conservative Party to select its fourth leader since 2016, we explore the economic challenges facing the winner of the contest.
With the UK potentially facing choppy waters ahead, our Senior European Economist, Hetal Mehta, shares a broad overview of Britain’s prospects in the short and medium term.

This episode is hosted by Andrew Lowry, European Content Manager.

In this month’s episode, Sonja Laud, LGIM’s chief investment officer, discusses the investment outlook over the coming months, with a focus on the growth vs inflation narrative and emerging markets. Sonja is joined by:

• Uday Patnaik, Head of Emerging Market Debt
• Erik Lueth, Global Emerging Market Economist

The episode is hosted by Max Julius, Head of Content, and was recorded on Wednesday, 13 July. All data cited are sourced from Bloomberg, as at the time of recording, unless otherwise stated.
Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM Blog for more insights from our investment team. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.

In this episode, hear what attracted Bill to the world of property in the first place, as well as his views on the role of big cities, urban regeneration and the need for sustainable buildings. Bill also shares his insights into why, he believes, the younger generation can enjoy a rewarding career in the built environment.
This episode is hosted by Frances Watson, Content Manager.

Against a backdrop of a gruelling six months for investors, we take a deep-dive into the world of high yield and investment-grade bonds, a look at underlying corporate fundamentals, and what to expect ahead of the upcoming Q2 results.
Speakers are:
Ben Bennett, Head of Investment Strategy & Research Matt Rees, Head of Global Bond Strategies
This episode is hosted by Frances Watson, Content Manager.

In this month’s episode, Sonja Laud, LGIM’s chief investment officer, discusses the current bout of market volatility, with a focus on trading conditions, money markets and LDI strategies. Sonja is joined by:

• Ed Wicks, Head of Trading
• Guy Whitby-Smith, Head of Solutions Portfolio Management

The episode is hosted by Max Julius, Head of Content, and was recorded on Wednesday, 15 June.
Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM Blog for more insights from our investment team. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.

It’s been more than a year since Robert Waugh took over as the independent chair of the Legal & General Mastertrust’s board of trustees.

In our latest DC podcast, Robert and Kim Brown, Head of Mastertrust & IGC, review the highlights and challenges of his first year in post, the implications of a change of government – which had been elected just two weeks before their conversation – and Robert’s ambitions for the future.

Kim also finds out more about the man behind the role including Robert’s interests and what he’d recommend from his recent reading list.

For professional investors only. Capital at risk 

Why is the oil price firming and what are the repercussions for global growth? And how quickly will central bankers continue to tighten monetary policy? Ben Bennett, Head of Investment Strategy and Research reveals all.

In this episode Mike Adefuye, Senior Research Manager, Real Assets, paints a picture of a typical BtR apartment, analyses the risks and opportunities faced by investors and examines the sector’s role as a potential inflation hedge.
This episode is hosted by Frances Watson, Content Manager.

What’s behind the latest profit warnings from US retailers? How is bad news being received by investors? And what’s behind the recent dollar strength? Ben Bennett, Head of Strategy and Investment Research explains all.
This episode is hosted by Frances Watson, Content Manager.

In this month’s episode, Sonja Laud, LGIM’s Chief Investment Officer, discusses recession risk, where we are in the economic cycle and understanding the balance between energy security and the path to net zero. Sonja was joined by:
Mike Barrie, Director of Fund Management, Real Assets Shuen Chan, Head of ESG, Real Assets
This episode was hosted by Frances Watson, Content Manager and was recorded today.

Cyberattacks on critical national infrastructure are on the increase, and companies also face increasingly sophisticated threats to their data. In today’s podcast we examine who has the upper hand, and the new technologies that could turn the tide.

Speaker: Aude Martin, Senior ETF Investment Specialist, Index Funds
Host: Harry Brooks, European Content Manager, ETFs

Higher inflation, slower growth and tighter monetary conditions have led to increased talk of recession. But just how much recession risk is priced into markets? Ben Bennett, Head of Investment Strategy and Research explains all.
This episode is hosted by Frances Watson, Content Manager.

In this special podcast we highlight some of the issues in our 11th annual Active ownership report - from the real living wage and inequality, through to flood risk and the complexities of ESG more generally.

This episode, recorded in April, features:
Kurt Morriesen, Head of Investment Stewardship Amelia Tan, Head of Responsible Investing Strategy Shuen Chan, Head of ESG Real Assets Frances Watson, Content Manager

To read the report go to www.lgim.com/activeowner

Amid the turmoil of the year so far, what is the prevailing factor dominating DC savers’ pension preferences? In this podcast, we take a deep dive into the differences between UK and Irish scheme members when it comes to responsible investing.

Featuring:

• Stuart Murphy, Co-Head of DC
• Richard Kelly, Head of Client Business, Ireland
• Janette Weir, Owner and Director, Ignition House

And hosted by Eliza Grimond, Senior Content Manager.

In this episode of LGIM Talks, Hetal Mehta, Senior European Economist, analyses the reasons behind skyrocketing living costs, the policymakers’ response and whether or not the fall in real incomes will make recession in Europe inevitable.
This episode is hosted by Frances Watson, Content Manager.

In this month’s episode, Sonja Laud, LGIM’s chief investment officer, discussed the complex market environment facing investors, with a focus on inflation, earnings season and the long-term implications of the conflict in Ukraine. Sonja was joined by:

• Madeleine King, Head of Research and Engagement
• John Roe, Head of Multi-Asset funds

The episode was hosted by Max Julius, Head of Content, and was recorded today.
Follow us on LinkedIn and Twitter for our latest updates and discover the LGIM Blog for more insights from our investment team. Never miss another episode of LGIM Talks: hit subscribe in your Apple Podcasts, Spotify app or wherever you listen to podcasts.

With surplus extraction now a realistic proposition for many DB schemes, ‘run-on’ could be an increasingly popular endgame option.

In our latest DB podcast we continue our discussion of the endgame options available for DB pension schemes, and in particular, why the government’s review of the regulation around surplus extraction could potentially lead to increased desire among pension trustees to consider ‘running on’ their scheme.

And what do the terms ‘run-on’ and ‘surplus’ mean in the first place?

Mathew Webb, Legal & General’s Head of Endgame Solutions, explains all. 

For professional investors only. Capital at risk

In this special edition of Market Talk, we take a more in-depth look at the twin factors driving markets currently; growth and inflation. More specifically we look at GDP growth in China, the Fed’s aggressive monetary stance and investor implications of an inflationary environment at the portfolio level.
Speakers are: Ben Bennett, Head of Investment Strategy & Research John Roe, Head of Multi-Asset Funds
This episode is hosted by Frances Watson, Content Manager

Two years on from the first COVID lockdown, and in this podcast, we look at how the hotel sector has recovered since then, how it’s coping with current challenges in the form of rising labour and energy costs and what are the overall implications from an investor standpoint.
Speakers are: Matt Soffair, Research Manager for Hotels and Leisure Louise Burney, Senior Asset Manager for Operational Real Estate
This episode is hosted by Frances Watson, Content Manager.

In this latest edition of Market Talk, Ben Bennett, Head of Investment Strategy and Research explains the reasons behind China’s volatile stock market, why central banks need to raise interest rates and whether or not montetary tightening will be balanced by fiscal easing.
This episode is hosted by Frances Watson.