Six months on from “Liberation Day” and with tariffs still six times higher than at the start of the year, how has the global economy responded and what happens next? Initially billed as a way to rebuild supply chains, bring manufacturing back onshore, and reduce US dependence on imports, the reality has proven more complex. In this episode of The Quick Take, we speak to Anais Caldwell-Jones (Principal at LCP and member of our macroeconomic team) to explore how other major economies have responded to US tariffs, what is the impact on the macroeconomic picture, the market reaction so far, and what investors should be on the lookout in the near future.

Impact investing has rapidly moved up the policy agenda – with the Better Futures Fund, the Mansion House compact and renewed questions around fiduciary duty all signalling that finance can no longer ignore social outcomes. But what does it actually mean to invest for both financial return and societal benefit – and can those aims truly align rather than trade off?

For this episode of The Quick Take, we’re exploring one of the big questions investors are asking right now: What are the best alternative credit ideas when headline spreads are tight? Credit spreads are currently at historically low levels, making it harder for investors to be adequately compensated for risk. While many have turned to asset-backed securities for better yield (which we still like), there are other opportunities worth considering. In this episode, we speak with Nick Cooney, Partner at LCP and Head of Credit Research, about ways to earn yield within the credit space without taking on excessive risk.

Market valuations on major asset classes are at historically high levels. But does that mean we’ve reached the point where nothing is attractive? And if we’re at that point, how should we think about constructing an investment portfolio? Howard Marks is ideally placed to help our listeners grapple with these questions – he’s been investing since 1969 and at the helm of Oaktree Capital since it began in 1995.

Welcome to a brand new type of episode from us here at Investment Uncut. This is The Quick Take: our bitesize episodes where we discuss recent market events, topical issues and share our expert opinion on what long-term investors should be thinking about in response. For our inaugural episode, we’re diving into a pressing topic: the growing concentration in global equity markets – has this risk now become too big to ignore?

Would you put pharmaceuticals on your buy list today? The sector is under pressure: revenues from COVID products are collapsing, the US administration is pushing for lower drug prices, and major players are cutting jobs amid rising competition. Yet could this turbulence mark a compelling entry point for long-term investors? Kevin Patterson, US Access Solutions lead in LCP’s Health Analytics practice (based in our recently opened US office!), joins us to unpack what the current pain really means, who might win or lose, and where the most exciting opportunities lie.

In our last episode of Season 6, we speak to author and London Business School Professor Alex Edmans about his book “May contain lies”. We discuss Alex’s focus on bringing his research to practitioners so that it has real world impact, with writing books being one way to achieve this. May Contain Lies is about misinformation, which Alex first reached through his work on sustainable finance (the topic of his previous book Grow the Pie), but the issues are more widespread than this.

In this episode, we bring you the highlights from our Investment conference: Markets, MAGA and Megatrends. Covering topics such as: - Macro-economics, geopolitics and deglobalisation - Strategic asset allocation powered by demographics - How does USS, one of the UK’s largest pension funds integrates climate and demographics into its investment strategy - Investing in the energy transition We chat to guests and speakers to bring you the highlights of the conference, their key takeaways and new investment ideas.

In this episode of Investment Uncut, we speak to Duncan Johnson (Chief Executive at Northern Gritstone) to delve into the UK’s high growth science and technology ecosystem. We explore why the UK is a global leader in this space, the types of companies attracting investment, and how to assess these opportunities that are on the cutting edge of science for which markets may not exist yet!

If you’re trying to outperform the market, how do you actually decide where to invest? And what about areas like AI where the future is highly uncertain? And there’s risks too – how do you ensure you’re paying a fair price given the risks you’re exposed to? To answer these questions, we step into the mind of an equity manager. We’re talking to Alison Savas, Investment Director at Antipodes, to understand the steps they go through when deciding whether to buy, hold or sell a stock like Alphabet. For our Views from the Boardroom section, Jacob Shah and Peter Abrahams give a preview on a long-running debate they’ve been having: should investors go underweight to the US? Tune in and decide where you stand.

S6 Ep.20: Andy Howard - what could an ESG rollback in the US mean for European investors? by Lane Clark & Peacock

What is achieved in the first 100 days of presidency are often seen as an indication of a President’s success or failure. Trump’s first 100 days (2.0) ended on 29 April, and he had certainly been busy. In this episode we review what’s happened so far, but mainly we focus on what might happen next. We were delighted to interview PIMCO’s Head of Public Policy, Libby Cantrill, for this episode. Libby helped us characterise Trump’s actions (maximalist and well organised), how far the dollar might weaken (incremental, but without a broad referendum on the dollar’s reserve currency status) and the impact of Trump’s policy changes on climate change. We also touched on the tax bill (when not if) and to what extent Trump cares about market reactions. Important! This interview took place on 1 May. Events between then and the episode release on 7 May do not feature. For our Views from the Boardroom section, Jacob interviews Richard Tomlinson, CIO of LPPI. Richard touches on decision making in volatile times, how to think about time horizons and his views on protection strategies. If you are interested in finding out more about the topics in this episode, sign up to our Investment Conference happening on the 25th of June 2025: https://www.lcp.com/en/events/investment-conference

In this episode, we speak with Jenny Harbord, Head of Real Assets at LCP to explore the UK affordable housing market and why institutional investors are increasingly drawn to this sector. For our Views from the Boardroom section, Jacob speaks to Sarah Smart (Chair at TPR) to talk about the challenges and opportunities facing the pension scheme industry.

The cryptocurrency market has seen significant highs and lows over the years. In this episode, we break down the fundamentals of cryptocurrency, the current state of the crypto industry, factors driving its growth and volatility, and the increasing institutional adoption.

Recorded for the PLSA investment conference 2025. Today we cover day 3 of the conference, with interviews from: Professor Mike Berners-Lee - Climate Researcher and Author - The Future's Bright: What the Green Transition Means for Investors Karen Ward - Chief Market Strategist EMEA at JP Morgan Asset Management - The Global Economy: Stabilising Investments in Times of Instability Pav Sharma - UK ETF Distribution at JP Morgan Asset Management - Active ETFs: What’s All the Noise About? Zuhair Mohammed – Head of Investment at LCP – Reflections on the conference and key takeaways

Recorded for the PLSA investment conference 2025. Today we continue to cover day 2 of the conference, with interviews from: John Clements and Leandros Kalisperas – Partner at LCP and CIO and the British Business Bank respectively - How Asset Owners Can Engage Effectively with Fossil Fuel Companies Stephen Budge – Partner at LCP - Solved: The Challenges of Investing in Venture Capital Barnaby Low - Strategic Client Portfolio Manager at Charles Stanley - Going for Growth: Priorities for Trustees and Boards

Recorded for the PLSA investment conference 2025. Today we cover day 2 of the conference, with interviews from: Shalin Bhagwan - Chief Actuary at the Pension Protection Fund - Could DB Schemes Invest More in Productive Assets? James Coke - Head of Institutional UK Real Estate at Columbia Threadneedle - Unloved, Undervalued and Misunderstood: The Productive Finance Asset No-one is Talking About Paul Morton – CEO at G2M Group - Why the UK's Existing Housing Infrastructure is a Trillion-pound Opportunity Gregg McClymont – Executive Director at IFM Investors - Open For Business: Private Markets and UK Growth

We are building on the success of last year and are taking Investment Uncut on the road again, recording for the Pension and Lifetime Savings Association (PLSA) Investment Conference 2025 this week! If you’re attending the conference, we look forward to seeing you there. Today we cover day 1 of the conference, with interviews from: Laura Myers, Ed Bussey, David Rosenberg, Tim Dougall and Matthew Webb, and Ped Phrompechrut.

Australia’s superannuation system is often hailed as a global success story, but what can UK pension schemes learn from it? With growing regulatory pressures, consolidation trends, and a shifting investment landscape, are there lessons from down under that could help shape the future of UK pensions? In this episode, we speak with Michael Ambery of Standard Life to explore how Australia’s superfunds are structured, how they operate and what this means for how they invest.

What if the green transition – meant to save the planet – ends up making inequality worse? We often think of climate action as a universal good, but the reality is more complex. The shift to a low-carbon economy is set to create winners and losers, not just between industries, but within societies. So, who bears the cost? And how can institutional investors, ensure that tackling climate change doesn’t come at the expense of social cohesion? In this episode, we speak with Paul Rissman of Rights CoLab on his recent paper exploring how climate finance decisions can widen economic divides – and what can be done to mitigate this risk.