Global Investment Institute

D. E. Shaw Investment Management’s Laurent De Greef on U.S. equities in global benchmarks

Laurent De Greef, Senior Vice President, Head of Portfolio Strategy, D. E. Shaw Investment Management | Laurent discusses the drivers behind the relative size of the U.S. in global equity markets and shares a framework investors can apply for understanding risks in a global equity portfolio. Laurent explains the implications of the U.S. market being heavily concentrated in a few large names and what investors should think about when considering going underweight the U.S. equity markets, following a strong run over recent years. Listen to the full interview which covers: - What are the main areas of focus and the big questions you are working to answer in your current role as the Head of Portfolio Strategy? - Can you summarise the key takeaways from your analysis of relative U.S. size in global equity benchmarks? - What is your framework for thinking about the relative size of the U.S. equity market? - How might your framework be applied to understand risks in a global equity portfolio, particularly when considering going underweight the U.S.? - What are some implications of the U.S. market being heavily concentrated in a few large names? - I understand that the D. E. Shaw group regularly engages with important market questions. What are some other things you’re thinking about now? Disclaimer The full video and important disclaimers are available here [https://youtu.be/i43jgLZicTk?si=9MtagwmLuZG5bl3t]. The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made. International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability. All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein. Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording. All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Nuveen’s Willis Tsai on global equities and active management

Willis Tsai, Head of Global Equities, Nuveen | Willis shares how he thinks about portfolio construction across the diverse global equities opportunity set. He explains why now is a particularly compelling moment for active management and highlights what separates managers who succeed over the long term from those who don’t. Willis also discusses the most interesting ideas he is exploring today in pursuit of opportunities and how he is managing risk along the way. Listen to the full interview which covers: - Global equities represent the world's largest opportunity set. What makes this moment particularly compelling for active management? - U.S. tech has driven markets for years, but you highlight opportunities beyond the Magnificent Seven. Where are you finding the most interesting ideas today? - Global equities span developed and emerging markets, growth and value, large and small cap. How do you think about portfolio construction across such a diverse opportunity set? - Active management is notoriously difficult. What separates managers who succeed over the long term from those who don't? - Nuveen has invested in equities on behalf of teachers and nonprofit workers for over seventy years. How does that mission shape how you think about risk and responsibility Disclaimer The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made. International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability. All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein. Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording. All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Hamilton Lane’s Bryan Jenkins on private equity secondaries

Bryan Jenkins, Head of Portfolio Strategy & Research, Hamilton Lane | Bryan discusses the private equity secondaries market, the drivers of its explosive growth experienced in recent years and the main motivations why investors have been allocating to the asset class. He explains what investors should be looking for to identify best-in-class PE managers and highlights the most important risks and execution challenges in PE secondaries that investors need to be aware of. Listen to the full interview which covers: - How would you describe the private equity secondaries market today and what do you see as the main forces that have driven its explosive growth in recent years? - What are the main reasons motivating your investor base to allocate to PE secondaries? - PE continuation vehicles were seen with some trepidation as they emerged in volume over recent years. How has this sub segment of the market shifted since? - What characteristics should investors be looking for in PE managers that separate the best from the rest? - Looking ahead, what are the most important risks and execution challenges in PE secondaries? Disclaimer The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made. International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability. All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein. Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording. All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Ecofin at Redwheel’s Michel Sznajer on the electrification super-cycle

Michel Sznajer, Portfolio Manager, Ecofin at Redwheel | Michel discusses how investors can access emerging opportunities from the electrification theme and how investors can adapt their portfolio allocation to capitalise as the electrification theme accelerates. Michel also shares his perspectives on the role of renewables in a “Trump-led” world and explains how A.I. is changing the game for utility and infrastructure sectors. Listen to the full interview which covers: - How is A.I. changing the game for the utility/infrastructure sectors? - What role is there for renewables in a “Trump-led” world? - How can investors access the electrification theme at the portfolio level to capitalise on its growth? - How do you view the relative attractiveness of the utility/infrastructure/electricity sectors relative to the broader market? - How should investors adapt their portfolio allocation as the theme of electrification accelerates? Disclaimer The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made. International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability. All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein. Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording. All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Alantra’s Francisco de Juan on European small cap equities

Francisco de Juan, Managing Partner & EQMC Chief Investment Officer, Alantra EQMC Asset Management | Francisco discusses what makes European small caps an attractive hunting ground for investors. He explains the valuation gap that exists between European small caps relative to both, history and large cap peers and the role of M&A activity in accelerating returns within the asset class. He also shares his thoughts on the industry verticals within small caps that offer the highest potential for attractive returns. Listen to the full interview which covers: - What makes European small caps a structurally attractive hunting ground for investors? - What are your thoughts on the valuation gap between European small caps vs both history and their large cap peers? - In which industry verticals within the small cap space do you see the highest potential for attractive returns? - How does active ownership help accelerate value creation, and particularly in the small cap segment? - How does M&A activity (both buy- and sell-side) play a role in accelerating returns within small caps? Disclaimer The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made. International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability. All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein. Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording. All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.