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Alternative Angles
Fidelity
8 episodes
1 day ago
Your go-to source for the latest alternative investment insights from Fidelity. Hear from leading portfolio managers and researchers as they discuss current market trends and emerging alternative strategies to help you unlock new ways to drive portfolio returns. These seasoned investment professionals have all earned their stripes in their highly nuanced markets as investment managers and institutional investors, their knowledge and savvy are extremely valuable, and we want to share their perspectives with you.
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Business
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All content for Alternative Angles is the property of Fidelity and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
Your go-to source for the latest alternative investment insights from Fidelity. Hear from leading portfolio managers and researchers as they discuss current market trends and emerging alternative strategies to help you unlock new ways to drive portfolio returns. These seasoned investment professionals have all earned their stripes in their highly nuanced markets as investment managers and institutional investors, their knowledge and savvy are extremely valuable, and we want to share their perspectives with you.
Show more...
Business
Episodes (8/8)
Alternative Angles
Capturing alpha: A bridge between quantitative and fundamental disciplines

Listen in and learn about the systematic effort to harness Fidelity’s proprietary fundamental data, alternative data, and quantitative capabilities in new ways to produce pure alpha strategies for investors. Join Alternative Angles host Steve Rosen for a sit-down with Gilbert (Gil) Haddad, Fidelity’s chief investment officer of advanced strategies and research, as they dig into what makes alpha capture strategies tick. 

Among other insights, their conversation focuses on:

  • How to think about different types of alpha capture as a component of a broader portfolio.
  • Sorting through alpha capture signals, including alternative data, extracted from Fidelity’s decades of fundamental research and portfolio management to generate investment ideas.
  • Opportunities for data exploration and utilization–and the future of Fidelity’s alpha capture business.
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3 weeks ago
45 minutes 57 seconds

Alternative Angles
Uncovering opportunities in direct real estate

Investor preferences and strategies always matter, and in real estate that means getting the risk appetite right. In this episode of Alternative Angles, Ellen Hall, head of direct real estate at Fidelity, and David Kozlicki, global head & CIO of real estate, Unified Global Alternatives at UBS Asset Management, join host Steve Rosen to discuss the levels of risk and potential return in direct real estate investing, and the argument for owning the asset class as a component of a diversified portfolio. Ellen and David share a wealth of experience and knowledge, including:

  • How the return and volatility profiles of real estate stack up against other asset classes.
  • Commercial property investing strategies and the current institutional real estate landscape.
  • Opportunities and risks, and attractive property types and geographies.
  • Manager selection criteria and preferences.
  • Public market versus private market commercial real estate investing.
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4 months ago
43 minutes 9 seconds

Alternative Angles
Opportunistic and distressed debt investing: The strategies, stories, and intricacies

This episode of Alternative Angles visits the fascinating and nuanced world of opportunistic credit and distressed debt. Harley Lank, head of Fidelity’s High Income & Alternatives Division, Nate Van Duzer, Fidelity Managing Director, Special Situations, and Bill Wall, Fidelity Managing Director, Special Situations, join host Steve Rosen to discuss how they work closely with their team of analysts and traders to find inefficiencies and unlock potential in stressed and distressed credit. 

Topics include:

  • Case examples of successful complex restructurings. 
  • The totality of the investment process: identifying fulcrum opportunities, due diligence, and tactics employed to effectuate a favorable outcome for investors. 
  • Different types of liability management exercises (LMEs) and how they play into their strategies.
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6 months ago
49 minutes 17 seconds

Alternative Angles
Exploring options and options-based investing strategies

In this episode of Alternative Angles, host Steve Rosen, a former portfolio manager in Fidelity’s High Income & Alternative Investing division, talks equity options with Eric Granat, Fidelity portfolio manager and derivatives analyst. Eric has spent more than twenty years trading, analyzing, and investing in options and shares his insights on how he constructs options-based strategies to enhance portfolio performance and risk attributes.

 

Listen in as Eric and Steve dive into options-based investing strategies, including:

 

  • The attributes, benefits, and risks of put and call options and their use cases for investors.
  • How an investment portfolio appropriately built with an options-based overlay is a method to create a more stable return profile.
  • Eric’s rationale for why options-based strategies are worth considering as an alternative to the traditional 60/40 portfolio mix.
  • New developments in a dynamic options-based marketplace.
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7 months ago
33 minutes 27 seconds

Alternative Angles
Deconstructing Convertible Bond Arbitrage

In this episode of Alternative Angles, host Steve Rosen, a former portfolio manager in Fidelity’s High Income & Alternative Investing division, digs into convertible arbitrage. Along with guests Seth Gold, a portfolio manager in Fidelity’s Arbitrage and Hedging Solutions group, and Michael Youngworth, a director in Global Equity Derivative Research and the Head of Global Convertibles and Preferreds Strategy at Bank of America, Steve explores an investment discipline worth considering as a potential source of uncorrelated absolute return with low volatility.

Drop in as Seth and Michael trade insights on this relative value alternative investment strategy, including:

  • The traits of convertible bonds and why companies issue them
  • The universe of different players in the space–and the roles they play
  • Key components of a convertible bond arbitrage strategy and how it can be used to tap into idiosyncratic sources of alpha, and potentially take advantage of market volatility
  • Potential changes they see on the horizon–and areas of opportunity
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8 months ago
1 hour 2 minutes 50 seconds

Alternative Angles
Diving Into High Yield Private Real Estate Lending

In this latest episode of Alternative Angles, host Steve Rosen, a former Fidelity portfolio manager in Fidelity’s High Income & Alternative Investing division connects with Bill Maclay, a senior portfolio manager and key business builder of Fidelity’s high yield real estate debt investing platform.

Listen in as Steve and Bill, who co-managed portfolios and worked closely for more than two decades, dive into high yield and private real estate lending, including:

  • Trends in credit conditions and property market fundamentals.
  • Strategies Bill believes offer strong risk-adjusted returns, and his investing philosophy and approach.
  • The property type Bill is focused on right now. 
  • Why Bill prefers a mezzanine loan structure. 
  • Bill’s investment rationale and underwriting process for a loan his team closed on earlier this year.
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11 months ago
40 minutes 59 seconds

Alternative Angles
Pattern Breaking (and Following) in Venture Capital

The newest episode of Alternative Angles features a conversation that highlights the differences—and similarities—between pattern breakers and pattern followers in venture capital investments. Chris Pariseault, head of institutional portfolio managers at Fidelity, hosts Karin Fronczke, global head of private equity at Fidelity and Mike Maples, co-founding partner at Floodgate and author of Pattern Breakers.


Listen in as Maples, a seed investor, and Fronczke, a late-stage investor, share their views from opposite ends of the spectrum, including:

  • How to spot ideas that try to create a radically different future.
  • The strength in making binary choices in late-stage investments—why a company is either a “home run” or a “pass.”
  • Why simply being better than an incumbent isn’t good enough for start-ups.
  • Identifying management teams that can navigate the inevitable challenges that arise, and even pivot when necessary.
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11 months ago
46 minutes 12 seconds

Alternative Angles
Direct Lending

Chris Pariseault hosts the first episode of "Alternative Angles," a podcast series on alternative investments, featuring David Gaito of Fidelity Investments and Ariel Goldblatt of StepStone Group. They discuss the direct lending market, which is a $1.2 trillion segment of the $1.8 trillion private debt market. Direct lending involves private debt issued by small and mid-sized companies, often due to inaccessibility to public markets. The conversation highlights the importance of culture, the inefficiencies in the market, and the need for a disciplined approach to investment. They also discuss the challenges and opportunities in the current market environment, including the impact of rising interest rates and the importance of diversification. Here is a breakdown of this episode:

  • Introduction to the Direct Lending Market 
  • David Gaito's Journey into Middle Market Credit, an all-weather asset class
  • Ariel Goldblatt's Path to Direct Lending and the stability and resilience it brings to a portfolio
  • The Investment Culture at Fidelity and StepStone 
  • Selection and Evaluation of Direct Lending Managers 
  • David Gaito on Fidelity's Direct Lending Strategy 
  • Market Dynamics and Future Outlook 
  • Conclusions and Final Thoughts  
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1 year ago
46 minutes 35 seconds

Alternative Angles
Your go-to source for the latest alternative investment insights from Fidelity. Hear from leading portfolio managers and researchers as they discuss current market trends and emerging alternative strategies to help you unlock new ways to drive portfolio returns. These seasoned investment professionals have all earned their stripes in their highly nuanced markets as investment managers and institutional investors, their knowledge and savvy are extremely valuable, and we want to share their perspectives with you.