The CIO's Playbook with American Beacon Advisors

In this episode of the Dakota Live! Podcast, host Robert Morier sits down with Paul Cavazos, Senior Vice President and Chief Investment Officer at American Beacon Advisors.
Paul brings more than 25 years of experience managing institutional portfolios for major corporate plans—including Chrysler, Boeing, and DTE Energy—before joining American Beacon to lead their investment strategy, manager oversight, and OCIO business.
Paul shares how those years as an asset owner shaped the way he evaluates investment managers today: his emphasis on disciplined oversight, quarterly underwriting, long-term partnership, and understanding the “why” behind performance—good or bad.
He also discusses what he believes makes a truly effective sub-advisory relationship, and why transparency, consistency, and communication matter far more than flash.
Join us as we explore:
• How Paul approaches the CIO role across multiple vehicles—mutual funds, ETFs, CITs, and OCIO portfolios
• What thoughtful manager research looks like when you’re meeting every quarter, not once a year
• The tension between value and growth, and how he thinks about concentration risk today
• The growing role of private markets and how American Beacon evaluates new opportunity sets
• His views on global investing—from the U.S. to Europe to Asia—and what investors may be underestimating
• The leadership lessons, mentors, and soft skills that shaped his career
• The advice he gives young professionals on patience, preparation, and showing up fully
Paul’s perspective is both practical and generous—rooted in decades of real responsibility, committee work, governance, and decision-making under scrutiny.
It’s a wide-ranging conversation that brings clarity to how a seasoned CIO thinks about risk, alignment, manager selection, and the evolving landscape of institutional investing.