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 the firm’s focus on high quality companies at low valuations and its fundamental risk-rating system. They also spoke on the challenges and opportunities for small caps and why mergers and acquisitions may increase under the new administration.

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 &amp; Wiley and a portfolio manager on the Small Cap Value (HWSIX) and Value Opportunities (HWAIX) funds. They discussed the firm’s focus on high quality companies at low valuations and its fundamental risk-rating system. They also spoke on the challenges and opportunities for small caps and why mergers and acquisitions may increase under the new administration.

Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit plans. Bloomberg Intelligence strategy team uncover active opportunities and gleam insights from active managers and those who cover the industry.

Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit plans. Bloomberg Intelligence strategy team uncover active opportunities and gleam insights from active managers and those who cover the industry.

Inside Active by Bloomberg Intelligence

Hotchkis’ Green on High Quality at Low Valuations

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ebaafecc-33d8-4357-aa96-b22c013e6a7e/transcript

Rating agencies have been broadly positive, but their outlook is turning more cautious — especially in high yield — as geopolitical risks rise and spreads remain tight. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, along with co-host Sam Geier, corporate credit strategist at Bloomberg Intelligence, speak with David Sherman, founder and chief investment officer of CrossingBridge Advisors and a portfolio manager of the RiverPark Strategic Income Fund (RSIVX). Sherman explains why protecting return of capital matters more than chasing return on capital, how he applies a value-investing discipline to credit markets and where he’s finding opportunity in an expensive environment, including in the Nordic bond market. The conversation also explores the K-shaped divide in corporate credit fundamentals, the evolving distressed landscape and why liquidity premiums may be the most underappreciated risk in fixed income today. The podcast was recorded on March 3.

 

Rating agencies have been broadly positive, but their outlook is turning more cautious &mdash; especially in high yield &mdash; as geopolitical risks rise and spreads remain tight. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, along with co-host Sam Geier, corporate credit strategist at Bloomberg Intelligence, speak with David Sherman, founder and chief investment officer of CrossingBridge Advisors and a portfolio manager of the RiverPark Strategic Income Fund (RSIVX). Sherman explains why protecting return of capital matters more than chasing return on capital, how he applies a value-investing discipline to credit markets and where he&rsquo;s finding opportunity in an expensive environment, including in the Nordic bond market. The conversation also explores the K-shaped divide in corporate credit fundamentals, the evolving distressed landscape and why liquidity premiums may be the most underappreciated risk in fixed income today. The podcast was recorded on March 3.
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CrossingBridge’s Sherman on Return of Capital

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/97267cb6-a20c-4510-94a1-b41000feca57/transcript

In a market shaped by index concentration and short-term performance pressures, contrarian strategies are leaning into opportunities others may not have the patience or liquidity to own. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Murray Stahl, CEO, CIO and co-founder of Horizon Kinetics and a portfolio manager for the Paradigm Fund (WWNPX). They discuss the firm’s long-horizon contrarian philosophy, grounded in Stahl’s view that investors optimize for one-year grading periods, and its concept of an equity yield curve to explain why long-duration opportunities can be overlooked. The conversation also covers the fund’s willingness to let winners compound rather than trim positions, the tax considerations behind concentration, Stahl’s framework for Bitcoin exposure and why he views private investments as a natural extension of the strategy in an era of index dominance. The podcast was recorded on Feb. 18.

 

In a market shaped by index concentration and short-term performance pressures, contrarian strategies are leaning into opportunities others may not have the patience or liquidity to own. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Murray Stahl, CEO, CIO and co-founder of Horizon Kinetics and a portfolio manager for the Paradigm Fund (WWNPX). They discuss the firm&rsquo;s long-horizon contrarian philosophy, grounded in Stahl&rsquo;s view that investors optimize for one-year grading periods, and its concept of an equity yield curve to explain why long-duration opportunities can be overlooked. The conversation also covers the fund&rsquo;s willingness to let winners compound rather than trim positions, the tax considerations behind concentration, Stahl&rsquo;s framework for Bitcoin exposure and why he views private investments as a natural extension of the strategy in an era of index dominance. The podcast was recorded on Feb. 18.
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Horizon’s Stahl on Letting Winners Run

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7476b9ca-89fe-4458-8732-b40900e4a74b/transcript

Active ETFs, especially in fixed income, are surging as 10,000 Americans retire each day and demand grows for predictable, outcome-oriented income solutions for the trillions of dollars held in retirement accounts. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Dave Abner, head of global ETFs and funds at Northern Trust Asset Management. They discuss Northern Trust’s distributing ladder ETFs and the evolving opportunity set in municipal bond ETFs, while also examining why active ETFs are hitting a “hockey stick” growth moment. The conversation explores how automation and market-structure shifts may be reshaping traditional alpha opportunities in fixed income and what that means for risk-taking and portfolio construction. The podcast was recorded on Feb. 26.

Active ETFs, especially in fixed income, are surging as 10,000 Americans retire each day and demand grows for predictable, outcome-oriented income solutions for the trillions of dollars held in retirement accounts. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Dave Abner, head of global ETFs and funds at Northern Trust Asset Management. They discuss Northern Trust&rsquo;s distributing ladder ETFs and the evolving opportunity set in municipal bond ETFs, while also examining why active ETFs are hitting a &ldquo;hockey stick&rdquo; growth moment. The conversation explores how automation and market-structure shifts may be reshaping traditional alpha opportunities in fixed income and what that means for risk-taking and portfolio construction. The podcast was recorded on Feb. 26.

Northern Trust’s Abner on Distributing Ladders

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6d2026fd-f91c-4cca-bc93-b40200fe4d43/transcript

Hotchkis’ Green on High Quality at Low Valuations

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