WellSaid – The Wellington Management Podcast

Thanks to powerful corporate, political, social, and demographic tailwinds, India’s market has been firing on all cylinders. Ahead of the 2024 national elections, equity portfolio manager Niraj Bhagwat gives an inside look at these drivers and the impressive changes he is seeing across the country. 2:00 Observations from recent trip to India 4:35 Strong corporate execution in India 6:35 Reasons for broad-based market rally 10:10 Navigating India’s high valuations 12:00 Macro drivers, domestic politics, and national elections 15:50 Geopolitical risks and opportunities for India 21:45 Assessing the market impacts of climate change 23:35 Niraj’s expectations for the next five years

Given the outsized effects of climate change on women and families, climate technology may be an avenue to better outcomes. Sector lead Molly Breiner joins host Thomas Mucha to break down the growing market and investment case for private climate tech. 2:00 Professional background 5:00 Climate, women, and agriculture 7:25 Founders and the gravity of climate change 10:00 Promising agriculture technologies 14:00 Benefits to women and families 18;50 Rise of female leaders in venture 20:20 ESG integration and women 21:50 Personal role models and mentors

As investors, policymakers, and companies race to capture the opportunities associated with artificial intelligence, they must first understand myriad ethical risks. ESG analyst Caroline Conway joins host Thomas Mucha to explore this important issue. 2:06 Professional background 4:05 Primary risks and resources for AI companies 8:00 Will AI regulation stifle innovation? 9:45 Intersection of AI and national security 14:00 How AI will impact financial services 15:58 Other industries under AI scrutiny 17:57 How Wellington helps companies navigate AI 20:20 Overarching concerns and hopes for AI

Portfolio manager Matt Witheiler joins host Thomas Mucha to discuss the outlook for private equity markets, from changing performance measures to the influence of AI. 2:00 Career arc 4:25 State of the venture capital market 8:30 Macro indicators that could affect private equity 10:00 Increasing importance of distributions-to-paid-in 12:30 How valuations affect investment approach 15:15 Opportunities arising from AI 18:40 Effect of AI policy and government spending on innovation 22:00 Best practices for venture capital investing 25:00 Example of how we source and evaluate deals

Veteran Fixed Income Portfolio Manager Campe Goodman offers his views on what investors can expect from credit markets in 2024. 1:50 Professional background 2:50 Research and investment approach 4:15 Genesis of credit-sector rotation 7:45 Collaborating with other fixed income investors 11:25 Historical analogues to today's markets 14:30 Current credit market opportunities and risks 18:20 Effects of climate change and geopolitics 22:30 Biggest career lessons

Portfolio managers Philip Fan and Ross Dilkes join host Thomas Mucha to share their latest views and projections for Asian equity and fixed income markets. 1:50 Career paths and personal experiences 4:50 Geopolitical tensions impact on Asian equities 7:20 Globalization impact on Asian fixed income markets 8:55 China’s economic challenges and positive path forward 11:20 Asian market sectors with highest potential 13:10 Opportunities in artificial intelligence 15:44 Chinese real estate and credit sectors 19:20 Value investing and long-termism in Asia 22:10 Market inefficiency and alpha generation 24:00 Biggest misperceptions about Asian markets

Head of private climate investing Greg Wasserman joins host Thomas Mucha to discuss his latest research on climate venture capital, including highlighting climate technology in the private market, the impact of today's geopolitical and policy environments, and much more. Key topics: 2:35 – The evolution of climate venture capital 6:45 – Private climate’s growing opportunity set 9:07 – What technologies are maturing versus mature? 10:25 – Leading-edge climate innovations 12:10 – Collaborating with industry and climate experts 15:25 – Climate change disrupting capital markets 17:45 – The US Inflation Reduction Act 20:15 – The intersection of climate and national security 23:30 – What’s driving climate entrepreneurs?

Multi asset strategist Nick Samouilhan joins host Thomas Mucha to discuss managing multi-asset portfolios in today's increasingly complex economic and geopolitical environment, including highlighting his latest research on income generation.

Frederik Groce, Deal Lead for Wellington Access Ventures (WAV), joins host Thomas Mucha to discuss the state of the early-stage venture capital market. Fred shares his latest insights on growth efficiency, outlines the challenges and opportunities for historically overlooked founders, and spotlights how WAV partners with portfolio companies. 2:00 – Fred’s path to early-stage investing 2:40 – Conscious capitalism 3:55 – Early-stage venture capital environment 5:25 – Challenges for underrepresented founders 6:30 – Partnering with early-stage founders 8:00 – Early-stage VC opportunities 9:35 – Leadership diversity 10:50 – Market inefficiency in venture capital 12:50 – Collaboration across asset classes 14:25 – The future of early-stage VC 16:20 – Personal observations

Head of Investment Research Mary Pryshlak joins host Thomas Mucha to discuss the evolution of research in the asset management industry amid shifting market, technological, and geopolitical environments. Key topics:

Director of ESG Research Carolina San Martin and Portfolio Manager Katsuhiro Iwai join host Thomas Mucha to discuss shareholder activism and today's evolving sustainable investing disclosure expectations, including new standards from the International Sustainability Standards Board. 2:10 What the new sustainability standards call for 5:15 Reforms and other changes in Japan 8:05 Impact of new disclosure standards in Japan 10:00 ESG integration and active ownership at Wellington 11:40 Investor engagement examples in Japan 14:00 How the US, Europe, and China may respond to the ISSB 17:00 Investor attraction to markets that embrace sustainability 18:20 ESG changes and Japanese culture 20:25 How to improve investment outcomes 22:30 Delivering stewardship alpha

Macro strategists Juhi Dhawan and Nick Wylenzek join host Thomas Mucha to explore how automation, shifting demographics, the onshoring of manufacturing, and other macro and geopolitical dynamics are impacting labor markets across the globe. Key topics 1:50 – Structurally tight labor markets 4:35 – How labor scarcity impacts policy 7:25 – Automation across sectors 8:55 – Worker retraining and policy solutions 11:55 – Strategic sectors 14:15 – Demographics and the Chinese economy 16:40 – European politics, immigration, and labor markets 18:55 – US immigration policy 21:25 – Long-term policy and investment implications

Impact investor Jason Goins joins host Thomas Mucha to discuss social and geopolitical crosscurrents and the expanding opportunity set for impact investors. Key topics: 2:00 – Education as an impact theme 4:40 – Systems effect, food security, and health care 7:25 – Geopolitical risk and the evolving impact universe 10:50 – Why impact investing is no longer a niche 12:00 – Risk management and a broadening opportunity set 13:45 – Long-term impact themes and widespread policy support 15:50 – Collaborating with traditional investors

Director of Climate Research Chris Goolgasian and Dr. Zach Zobel of Woodwell Climate Research Center return to WellSaid to share their latest insights on the biodiversity research and investing landscape. 1: 50 Economic reliance on ecosystem biodiversity 3:35 Connections between climate change and biodiversity 6:55 Working with Woodwell Climate Research Center 8:27 Defining biodiversity in financial terms 10:27 Economic impacts of species diversity loss 12:20 Critical importance of keystone species 18:45 Corporate and policy responses to biodiversity 21:10 Final thoughts

Two of Wellington's tech experts join host Thomas Mucha to discuss the rapidly evolving AI landscape and separate hype from reality, highlighting everything from the industries most likely to be impacted to AI's geopolitical implications. Key topics: 2:45 – What is generative AI? 5:00 – Artificial intelligence investment opportunities 7:05 – Potential long-term winners 10:00 – Surprising pace of AI adoption 10:55 – Leveraging AI in investment processes 12:25 – ESG and ethical concerns 14:00 – Geopolitics and the regulation of AI 22:45 – Economic implications 24:30 – Industry risks and opportunities 27:15 – What does generative AI mean for humanity?

Portfolio Manager Daire Dunne joins host Thomas Mucha to share his latest insights on thematic investing. Daire highlights the unique thematic opportunity in emerging markets; profiles key themes like financial inclusion and the energy transition; and explores the implications of today's geopolitical tensions. 2:15 – Defining themes versus trends 4:00 – The next generation of sector funds 7:50 – Thematic investing in emerging markets 9:25 – Identifying secular themes 12:15 – Key EM themes: Financial inclusion and the energy transition 16:20 – Geopolitical conflict, strategic sectors, and thematic investing 19:30 – Dispersion, volatility, and scenario planning 23:15 – Personal observations

Director of Climate Research Chris Goolgasian and Dr. Zach Zobel of Woodwell Climate Research Center join host Thomas Mucha to share their perspectives on the adaptation research and investing landscape. Key topics: 2:20 – Climate adaptation 4:15 – Rising heat risk 6:40 – Innovative adaptation technologies 8:45 – Water scarcity and a price on water 12:40 – Climate resilience 14:20 – The intersection of climate and geopolitical risk 18:10 – Collaboration with Woodwell Climate Research Center 20:10 – Reasons for optimism

Portfolio manager Alan Hsu joins host Thomas Mucha to share his latest insights on climate investing, highlighting the growth of favorable climate legislation, the concept of true positives versus false negatives, the critical role of climate science in investing, and much more. Key topics: 2:20 - Alan's path to climate investing 4:50 - The intersection of energy and technology 7:40 - The broad climate investing opportunity 9:50 - Favorable climate legislation 12:00 - True positives versus false negatives 16:00 - Collaborating with Woodwell and MIT 18:30 - Climate change and geopolitical risk 20:55 - New climate technologies 23:15 - An optimistic view

Co-heads of biotech private investments I-hung Shih and Nilesh Kumar join host Thomas Mucha to explore today's private biotech market, highlighting the state of deal flow, valuations, and innovation. Key topics: 1:30 – The impact of scientific training on biotech investing 6:30 – The state of the private biotech market 9:30 – Groundbreaking innovations 12:15 – Secular trends in biotech investing 13:45 – Biotech’s valuation reset 16:15 – Regulation and drug pricing 19:15 – Wellington's broader health care perspectives 20:55 – The intersection of geopolitics and biotech innovation 23:30 – Collaborating with Wellington’s public health care team 26:15 – ESG and bioethics

Fixed Income Portfolio Manager Brij Khurana joins host Thomas Mucha to discuss today's bank liquidity crisis, recession risk, and how a hard landing could impact markets. Episode recorded on 3/27. 2:20 – Investing in a banking crisis 4:40 – Recession risk 6:15 – Consumer confidence 7:20 – Potential length and severity of recession 8:40 – Implications of a profit recession 11:30 – Interest rate hikes 13:50 – The hard landing playbook 17:10 – Geopolitics, oil markets, and the US dollar