Insights Now

This episode delves into the dynamic world of hedge fund investing with Paul Zummo, Chief Investment Officer. Celebrating three decades of success, Paul and his team manage over $35 billion in hedge fund assets, catering to both institutional and high-net-worth clients. As the hedge fund landscape evolves, Paul shares insights into why volatility and abrupt policy changes are not just challenges but opportunities for hedge fund managers. With the potential for higher alpha on the horizon, Paul offers a unique perspective on the past, present and future of hedge fund investing. Watch the video version on YouTube. For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify Read more of JPMAAM’s Pearl Anniversary Insights: 30 "pearls" of wisdom from our last 30 years here.

David Lebovitz, a global strategist at J.P. Morgan Asset Management, shares his expertise on asset allocation amid shifting economic landscapes. He discusses the critical balance between strategic long-term planning and tactical short-term adjustments. The conversation dives into the U.S. high yield credit market, revealing how current valuations influence investment strategies. Lebovitz also emphasizes the significance of diversification tailored to specific goals, reflecting a shift from traditional portfolio models to more inclusive approaches.

J.P. Morgan's Private Bank offers expert guidance to assist affluent clients and their families in achieving their financial objectives. With a global oversight of more than $2.9 trillion in client assets, the bank boasts a legacy of over 200 years of operation. On today’s episode, Aaron Mulvihill is joined by Sitara Sundar, Head of Alternative Investment Strategy & Market Intelligence. She spearheads the development of perspectives within and across alternative investments for the bank. Her extensive experience within the organization includes leading the Equity Specialist team, where she provided strategic advice on managed equity portfolios for clients. Before this, Sitara supported J.P. Morgan’s Chief Financial Officer as part of a corporate economics and analytics team, where she was responsible for forecasting global macroeconomic data. At the onset of her career, she worked alongside the firm’s Chairman of Market & Investment Strategy, Michael Cembalest, contributing to the widely acclaimed "Eye on the Market" publication. Watch the video version on YouTube.  Resources: Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Research analysts play a pivotal role in fixed income markets, where active management is crucial due to the vast array of issuers and securities. The fixed income industry encompasses a diverse range of bond sectors, including rates, emerging market debt, municipals, high yield and securitized debt, each offering a unique set of complexities and opportunities for investors to explore. As economic policies evolve, fixed income research analysts navigate heightened volatility, especially in interest rates and credit spreads. Their insights underscore the importance of strategic analysis and investment in quality issuers and assets to effectively address these challenges.   In this episode, Gabriela Santos, Chief Market Strategist for the Americas, is joined by Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management. Together, they share expert perspectives on the evolving fixed income landscape and reflect on insights gathered from fixed income research analysts.   Watch the video version on YouTube.   Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify 

Commercial real estate has undergone one of the most dramatic shifts in decades. The pandemic upended demand for office space, accelerated the impact of e-commerce on retail and created both turmoil and opportunity across the market. However, commercial real estate is not a single market, it is a mosaic of asset types, geographies and risk profiles. On this episode, Aaron Mulvihill, Global Market Strategist, is joined by Thomas Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management. Thomas was previously the Chief Investment Strategist for J.P. Morgan Private Bank, advising high-net-worth clients. Prior to that, he held various research and policy positions at the Federal Reserve Bank of New York. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify  Read the On the Minds of Investors article, "What does a higher-for-longer interest rate policy mean for real estate?" written by Aaron Mulvihill and Thomas Kennedy.

Securitized products have emerged as a compelling investment option in 2025, offering higher yields and diversification benefits compared to other fixed income sectors. As economic uncertainties loom, these products provide investors with the opportunity to make targeted bets on specific market segments, such as the housing market or consumer health. The securitized debt market, integral to U.S. lending and economic activity, transforms illiquid assets into a range of securities across the risk spectrum, enhancing portfolio risk-adjusted returns. Despite its potential, the sector faces challenges, including rising interest rates and a persistent housing shortage, which require strategic investment in quality issuers and assets. In this episode of Insights Now, Gabriela Santos is joined by Sameer Riaz, Head of Securitized Research, to explore Sameer’s insights on the securitized products market and its role in modern investment strategies. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify   

High yield investments in the healthcare sector have been navigating a complex landscape in 2025. Healthcare remains a focal point for policy changes, impacting both equity and credit markets. The healthcare high yield space offers unique opportunities, with issuers often skewing toward provider-based companies like hospital operators and specialized pharmaceutical firms. These entities, while riskier due to revenue concentration, present compelling investment prospects. However, federal policy, particularly around Medicaid, poses significant risks. While tariffs have had limited impact due to domestic supply chains, potential Medicaid cuts could directly affect cash flows. On this episode of Insights Now, Gabriela Santos is joined by Matt Nelson, a credit research analyst covering healthcare and pharmaceuticals at J.P. Morgan Asset Management, to delve into the high yield market’s dynamics and the future of healthcare investments. Watch the video version on YouTube. Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify   

Andy Dacy, Head of the Global Transportation Group at J.P. Morgan Asset Management, draws from his 30+ years in the field to discuss current trade disruptions and their effects on transportation. He highlights how shipping patterns are adjusting due to geopolitical events and the potential revival of U.S. shipbuilding. Dacy offers insights into navigating investments amid volatility and the influence of U.S. tariff policies on global trade dynamics. Furthermore, he addresses challenges with the Jones Act and the opportunities available in the expansive transportation market.

Neene Jenkins, Head of Municipal Credit Research, sheds light on the evolving landscape of municipal bonds. She discusses their enticing tax-equivalent yields and how they stack up against Treasuries and corporate credit. Jenkins dives into the dynamics of the steepening yield curve, revealing opportunities despite challenges from federal policies. With consistently lower default rates compared to corporate bonds, the case for munis grows stronger, especially in times of economic uncertainty. She also emphasizes the need for strategic investments in infrastructure.

With economic uncertainty slowing exits and borrowing costs remaining high, investors are becoming more selective in their targets. Meanwhile, groundbreaking advancements in AI and other technologies are driving compelling growth stories, yet those not involved in the startup and growth phases risk missing out on significant value creation before these companies hit the stock market. On this episode, Aaron Mulvihill is joined by Paris Heymann, co-managing partner of Growth Equity Partners at J.P. Morgan Asset Management, who has an impressive career in venture and growth investing. They explore key themes affecting venture and growth investing, including how venture capital is adapting to longer holding periods, strategies for valuations and pricing in the current environment, the transformative impact of AI and the convergence of public and private markets. Watch the video version on YouTube.  Resources: Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify