Valuation expansion, not earnings growth, has driven most of the S&P 500’s gains since 2022. In this episode of Inside Active, hosts David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and BI’s Chief Equity Strategist Gina Martin Adams speak with David Giroux, chief investment officer of US equity at T. Rowe Price and a portfolio manager for the Capital Appreciation strategy. Giroux shares why internal rate of return projections guide his stock selection, the ...
Aug 06, 2025•30 min
In June, the equity risk premium was negative for the first time since the early 2000s, indicating that stocks appear expensive relative to bonds and could yield mixed returns going forward. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Michael Casper, US small-cap and sector strategist at BI, spoke with Wellington’s Don Kilbride and Peter Fisher, sub-advisers to Vanguard Dividend Growth (VDIGX) and V...
Jul 22, 2025•31 min
With European earnings growth projected to be low in 2025, investors are focusing on a potential recovery in 2026. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Laurent Douillet, senior equity strategist for BI, spoke with David Samra, founding partner of Artisan Partners’ International Value Group, about the similarities of value investing to two-for-one deals, with value investing providing both ups...
Jul 08, 2025•45 min
Despite a recent rally, European equities may be overly complacent about trade-war risks. In this episode of Inside Active, host David Cohne, mutual-fund and active-management analyst with Bloomberg Intelligence, along with co-host Laurent Douillet, BI’s senior equity strategist, spoke with Danielle Menichella, portfolio manager and senior research analyst at Sands Capital and sub-adviser to the Touchstone Sands Capital International Growth Equity Fund. They discussed why the firm employs a busi...
Jun 24, 2025•34 min
Bond ratings have been mainly neutral over the past couple of quarters, but it remains to be seen if tariffs have an impact in the coming six months. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Sam Geier, BI’s corporate credit strategist, spoke with Janet Rilling, head of the Plus Fixed Income team at Allspring Global Investments and a senior portfolio manager for the Core Plus Bond Fund (WIPIX...
Jun 10, 2025•30 min
After a turbulent couple of months with significant spread widening and subsequent tightening, corporate bonds may remain under threat through year-end. In this episode of Inside Active, Bloomberg Intelligence’s mutual fund and active management analyst David Cohne and corporate credit strategist Sam Geier talk with Vishal Khanduja, head of Morgan Stanley’s broad markets fixed income team and portfolio manager for Eaton Vance’s Total Return Bond Fund (EIBAX) and the Total Return Bond ETF (EVTR)....
May 27, 2025•30 min
Lower revenue growth for small-cap companies appears to be in store due to tariff turmoil, based on Bloomberg Intelligence’s fair value model on the Russell 2000. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with BI, along with co-host Michael Casper, BI’s US small cap and sector strategist, spoke with Sam Chamovitz and Morgen Peck, co-lead managers of the Fidelity Low-Priced Stock Fund (FLPSX) about their investment process, which focuses on the ...
May 14, 2025•32 min
Earnings expectations have shifted from the start of the year when analysts were forecasting 13% growth for large-cap stocks and are now predicting 9%. In this episode of Inside Active, host David Cohne, Bloomberg Intelligence mutual fund and active-management analyst, along with co-host Gina Martin Adams, BI’s chief equity strategist, spoke with Head of Mid-Cap & Large-Cap Equity at Madison Funds, Haruki Toyama, who’s also a portfolio manager for the firm’s Large Cap Fund (MNVAX) and Mid Ca...
Apr 29, 2025•32 min
In the financial sector, the six largest banks have been returning capital to shareholders in the form of larger buybacks over the past quarter and year, indicating confidence in the industry. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Michael Casper, US small-cap and sector strategist at Bloomberg Intelligence, spoke with Christopher Buchbinder, a portfolio manager at Capital Group, including the ...
Apr 16, 2025•21 min
Adding the profitability factor to the value factor can filter out value traps and help value stocks outperform the market, according to Bloomberg Intelligence. In this episode of the Inside Active podcast, host David Cohne, BI mutual fund and active management analyst, along with co-host Christopher Cain, BI’s US quantitative strategist, spoke with John Davi, founder, CEO and chief investment officer of Astoria Portfolio Advisors about the company’s systematically active ETFs, including the Ast...
Apr 02, 2025•36 min
The Bloomberg Intelligence small-cap BMVP multi-factor portfolio outperformed the Russell 2000 equal-weight index last year, with value, momentum, low volatility and profitability all working well in small caps. In this episode of Inside Active, host David Cohne, mutual-fund and active-management analyst with Bloomberg Intelligence, along with co-host Christopher Cain, BI’s US quantitative strategist, spoke with Joel Schneider, deputy head of portfolio management at Dimensional Fund Advisors abo...
Mar 18, 2025•45 min
With the number of mergers and acquisitions being positively linked to small-cap performance, this year will be one to watch after a particularly weak 2024. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Michael Casper, US small cap and sector strategist at BI, spoke with Bryan Wong, vice president at Osterweis and a portfolio manager for the Osterweis Opportunity Fund (OSTGX), about innovation and gro...
Mar 04, 2025•30 min
2025 will be a critical year for China, which needs to continue stimulating demand to stave off prolonged deflationary pressure. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Marvin Chen, senior Asia equity strategist for Bloomberg Intelligence, spoke with Jorry Nøddekær, lead portfolio manager for the Polar Capital Emerging Market Stars Fund (POLEX) about finding economic value added that is misprice...
Feb 18, 2025•47 min
The Russell 2000 ended the year on a sour note over unease about where interest rates could go. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host Michael Casper, US small-cap and sector strategist at BI, spoke with John Barr, managing director at Needham Funds and portfolio manager for the Needham Aggressive Growth Fund (NEAGX) about hidden quality compounders and why investing with a margin of safety is ...
Feb 04, 2025•31 min
In the latter half of 2024, the healthcare sector underperformed the rest of the European market due to uncertainty related to potential policies of the new Trump administration and mixed news on pharmaceutical companies. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Laurent Douillet, senior equity strategist for Bloomberg Intelligence, spoke with Colin McQueen, vice president of T. Rowe Price Group a...
Jan 21, 2025•40 min
The low volatility, momentum and quality factors are all up this year, with low volatility and momentum performing the best. In this episode of Inside Active, host David Cohne, Bloomberg Intelligence mutual fund and active management analyst, along with co-host and BI US quantitative strategist Christopher Cain, spoke with Andrew Slimmon, a managing director at Morgan Stanley Investment Management. They discussed factor exposures and why the investment process starts with a quantitative approach...
Jan 07, 2025•47 min
The Bloomberg Intelligence Fair Value Model is currently showing a 19.1x multiple on the S&P 500, which is lower than where we currently are, due to the Mag 7 driving a lot of the valuation premium in the index. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence and co-host Michael Casper, US small cap and sector strategist at BI, spoke with Christopher Davis, chairman and portfolio manager at Davis Advisors about the sig...
Dec 17, 2024•50 min
Recent quarterly results from Japanese companies came out better than expected, with quarterly year-over-year growth of around 26%. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Laurent Douillet, senior equity strategist for Bloomberg Intelligence, spoke with Graeme Forster, an international equity strategy and global equity strategy portfolio manager at Orbis Investment Management, about the importan...
Dec 10, 2024•40 min
Themes ranging from decentralized energy to nuclear to solar have found fresh footing this year due to secular growth trends such as the acceleration of electrification needs. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host Breanne Dougherty, head of thematic strategy at Bloomberg Intelligence, spoke with Jonathan Waghorn, a portfolio manager on the Guinness Global Energy and Guinness Sustainable Energy...
Dec 03, 2024•36 min
Out of the 31 global stocks found in four or more BI themes, the ones exposed to physical environment issues have outperformed tech stocks dramatically so far this year. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Breanne Dougherty, head of thematic strategy at BI, spoke with Albert Chu, a portfolio manager with the Man Group and manager for the American Beacon GLG Natural Resources ETF (MGNR). They...
Nov 26, 2024•38 min
After the results of the US election were announced, the Russell 2000 index broke out of its 2024 range and approached all-time highs. On this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Michael Casper, BI’s sector and small-cap strategist, spoke with David Green, a principal of Hotchkis & Wiley and a portfolio manager on the Small Cap Value (HWSIX) and Value Opportunities (HWAIX) funds. They discussed ...
Nov 18, 2024•33 min
Profitable companies tend to perform well among small caps, as evidenced by the Bloomberg MVP small-cap portfolio, which returned 11.9% annualized in a backtest run from 1999 to September 2024. On this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Michael Casper, sector and small-cap strategist, spoke with Mitch Zacks, CEO and principal portfolio manager of Zacks Investment Management about the significance o...
Nov 12, 2024•39 min
Buffer ETFs, which use options to limit losses and offer upside potential, have taken in around $10 billion in new flows this year as their popularity grows. On this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host James Seyffart, a BI ETF analyst, spoke with Burke Ashenden, director of capital markets at Innovator ETFs, about the rise of defined-outcome ETFs. They examine the unique features that set them apart...
Nov 05, 2024•32 min
Financial stocks could see better earnings growth this quarter than analysts’ consensus, according to Bloomberg Intelligence’s macro model. In this episode of the Inside Active podcast, host David Cohne, BI mutual fund and active management analyst, along with co-host Gina Martin Adams, BI’s chief equity strategist, speak with Bill Nygren, chief investment officer, US equity, at Harris Associates and portfolio manager at the firm’s Oakmark Funds. They discuss Nygren’s views on bringing a private...
Oct 29, 2024•39 min
The quality factor is ranked second on the BI Factor Scorecard as higher-quality companies are beating lower-quality ones against a backdrop of a more defensive market. On this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host and BI US quantitative strategist Christopher Cain, spoke with Tom Hancock, head of Focused Equity at GMO and portfolio manager for the GMO US Quality ETF (QLTY), about how the fund combine...
Oct 22, 2024•31 min
Since the US market can be profitable for European companies, any slowdown in the US economy could harm earnings in Europe, but also alleviate high valuations. On this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Laurent Douillet, senior equity strategist for Bloomberg Intelligence, spoke with Sarah Ketterer, Chief Executive Officer and Fundamental Portfolio Manager at Causeway Capital Management, including ...
Oct 15, 2024•33 min
Countries in Asia make up the top echelon of the BI Emerging Markets Scorecard, based on factors such as price performance, breadth and fundamentals. In this episode of Bloomberg Intelligence’s Inside Active podcast, host David Cohne, BI mutual fund and active management analyst, and co-host Marvin Chen, BI senior Asia equity strategist, speak with Sean Taylor, chief investment officer of Matthews Asia and portfolio manager for the Matthews Emerging Markets Equity Active ETF (MEM). They discuss ...
Oct 08, 2024•36 min
Capital deployment has been increasing as companies flush with cash ratchet up share buybacks and dividend payments. On this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host and BI sector and small-cap strategist Michael Casper, spoke with Integrity Viking Funds CEO Shannon Radke and Chief Investment Officer Michael Morey about the investment process behind the Integrity Dividend Harvest Fund (IDIVX). They discu...
Oct 01, 2024•32 min
With equities in a fundamental rotation and being shaken by economic surprises, the market may be searching for new sector leadership. On this episode of the Inside Active podcast, host David Cohne, mutual fund and active analyst with Bloomberg Intelligence, along with co-host Gina Martin Adams, BI’s chief equity strategist, spoke with JPMorgan Asset Management’s portfolio manager Felise Agranoff, co-portfolio manager for JPMorgan Active Growth ETF (JGRO) about investing in quality companies wit...
Sep 24, 2024•28 min
Wellington’s Andrew J. Shilling and Clark R. Shields, sub-advisers to the Vanguard U.S. Growth Fund, talk about investing in companies with secular growth and competitive advantages in this episode of Bloomberg Intelligence’s Inside Active podcast. Host David Cohne, BI mutual fund analyst, and co-host Gina Martin Adams, BI chief equity strategist, spoke with Shilling and Shields about how they approach valuations through time-frame arbitrage and what they look for in management teams. See omnyst...
Sep 17, 2024•43 min
