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 and a portfolio manager of the International Value Equity Fund (TRIGX) about the significance of free cash flow generation. They also discussed the need to look at downside valuations and downside risk, why restructuring provides opportunities and why the headwinds facing value companies could be abating.

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. &nbsp;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 and a portfolio manager of the International Value Equity Fund (TRIGX) about the significance of free cash flow generation. They also discussed the need to look at downside valuations and downside risk, why restructuring provides opportunities and why the headwinds facing value companies could be abating.

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

T. Rowe Price’s McQueen on Free Cash Flow

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a3123b65-bb12-4de3-8809-b26c0159787f/transcript

Earnings in 3Q beat expectations, but momentum is fading, suggesting a high earnings bar for 2026 and potentially more market volatility. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Michael Casper, BI’s senior US equity strategist, speak with Justin White, portfolio manager of the T. Rowe Price All-Cap Opportunities Fund (PRWAX). They discuss White’s four-pillar investment process and how pattern recognition helps him identify durable growth or unrealistic expectations. They also explore what part of the market is overestimating long-term monopoly profits, where high valuations have become unattractive due to poor risk-reward and which areas could offer long-term outperformance through 2030. The podcast was recorded on Dec. 4.

 

Earnings in 3Q beat expectations, but momentum is fading, suggesting a high earnings bar for 2026 and potentially more market volatility. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host Michael Casper, BI&rsquo;s senior US equity strategist, speak with Justin White, portfolio manager of the T. Rowe Price All-Cap Opportunities Fund (PRWAX). They discuss White&rsquo;s four-pillar investment process and how pattern recognition helps him identify durable growth or unrealistic expectations. They also explore what part of the market is overestimating long-term monopoly profits, where high valuations have become unattractive due to poor risk-reward and which areas could offer long-term outperformance through 2030. The podcast was recorded on Dec. 4.
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T. Rowe Price’s White on Four-Pillar Investing

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/5fb1a85a-7bfe-47d1-b1b0-b3af0150e0c3/transcript

Earnings season was strong, with profits doubling forecasts and solid margins driving the bull market despite higher volatility. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host Christopher Cain, US quantitative strategist at BI, speak with Jerry Parker, founder and chairman of Chesapeake Capital and portfolio manager on funds including the Blueprint Chesapeake Multi-Asset Trend ETF (TFPN). They explore his “trend-following-plus-nothing” philosophy, which adheres to pure, uncompromised trend following without added strategies or smoothing. They also discussed why diversification is paramount, why stocks belong in commodity-trading-adviser portfolios and how the original turtle experiment could be adapted for today’s generation of traders. The podcast was recorded on Nov. 11.

Earnings season was strong, with profits doubling forecasts and solid margins driving the bull market despite higher volatility. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst with Bloomberg Intelligence, along with co-host Christopher Cain, US quantitative strategist at BI, speak with Jerry Parker, founder and chairman of Chesapeake Capital and portfolio manager on funds including the Blueprint Chesapeake Multi-Asset Trend ETF (TFPN). They explore his &ldquo;trend-following-plus-nothing&rdquo; philosophy, which adheres to pure, uncompromised trend following without added strategies or smoothing. They also discussed why diversification is paramount, why stocks belong in commodity-trading-adviser portfolios and how the original turtle experiment could be adapted for today&rsquo;s generation of traders. The podcast was recorded on Nov. 11.

Chesapeake’s Parker on Pure Trend Following

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/940e814e-c7f3-4d6a-af99-b39f0122acac/transcript

A potential shift in US monetary policy toward fiscal dominance — where government financing influences rates more than inflation control — could change the risk-return trade-off for CLO investors. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Reto Bachmann, BI’s chief structured finance strategist, spoke with Bill Sokol, director of product management at VanEck and Fran Rodilosso, head of fixed income ETF portfolio management and a portfolio manager on the VanEck CLO ETF (CLOI) and VanEck CLO AA-BB CLO ETF (CLOB), about why active management is essential when it comes to manager selection and loan-level analysis and how effective ETF management mitigates liquidity risk through diversified exposure across tranches. They also discussed why relative value remains attractive as CLO tranches yield more than corporates and other asset-backed securities. 
This podcast was recorded on Nov. 4. 

 

A potential shift in US monetary policy toward fiscal dominance &mdash; where government financing influences rates more than inflation control &mdash; could change the risk-return trade-off for CLO investors. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, along with co-host Reto Bachmann, BI&rsquo;s chief structured finance strategist, spoke with Bill Sokol, director of product management at VanEck and Fran Rodilosso, head of fixed income ETF portfolio management and a portfolio manager on the VanEck CLO ETF (CLOI) and VanEck CLO AA-BB CLO ETF (CLOB), about why active management is essential when it comes to manager selection and loan-level analysis and how effective ETF management mitigates liquidity risk through diversified exposure across tranches. They also discussed why relative value remains attractive as CLO tranches yield more than corporates and other asset-backed securities.&nbsp; This podcast was recorded on Nov. 4.&nbsp;
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VanEck’s Rodilosso & Sokol on Mitigating CLO Risk

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/4b7e3fa1-fe4e-4a5e-ae74-b392012db1bc/transcript

T. Rowe Price’s McQueen on Free Cash Flow

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