Insights Now

Alternative Realities: Allocate smarter with alternatives

With new developments like shifting flows in hedge funds and private credit and the growing impact of AI on data centers, investors are navigating a rapidly changing landscape. On this episode, Aaron Mulvihill, Global Market Strategist, is interviewed by Grant Papa, Research Analyst, to answer the top questions clients are asking about allocating smarter with alternatives.

Together, they dive into the outlook for private equity exits and explore how investment philosophies are evolving between traditional drawdown funds and evergreen structures. Tune in for timely insights into the risks and opportunities across alternative asset classes, including strategies for approaching real estate as rate cuts approach and understanding the true level of risk in private credit.

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

How can policy power portfolios?

As fiscal, trade, and regulatory policies take center stage, adapting asset allocation strategies has never been more important. This episode explores how today’s policy shifts—from fiscal stimulus and rising tariffs to accelerated deregulation—are shaping market opportunities and risks. Our Multi-Asset Solutions team examines the short- and long-term impacts of recent legislation, the evolving role of government in markets, and the distributional effects on both consumers and corporations. Gain perspective on how higher debt levels, changing demand for Treasuries, and sector-specific policy changes are influencing portfolio decisions, and why staying agile is key in a landscape defined by uncertainty and transition.

 

Join Gabriela Santos, Chief Market Strategist for the Americas, and Geng Ngarmboonanant, Research Analyst on the Multi-Asset Solutions team, as they break down the latest policy developments and share practical insights for navigating today’s complex investment environment.

 

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 

Alternative Realities: Pearls of investment wisdom

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.

Why is asset allocation so important?

As economic and policy environments shift, understanding how tactical and strategic asset allocation can adapt is crucial for financial advisors and investors alike. Balancing long-term views with short-term market movements, our Multi-Asset Solutions team highlights the opportunities presented by volatility and dislocation. Discover how credit markets, particularly U.S. high yield, are being tactically adjusted in response to current valuations, and learn why diversification remains a vital strategy.

Join Gabriela Santos, Chief Market Strategist for the Americas, and David Lebovitz, Research Analyst and member of the Fundamental research team to unpack the complexities of asset allocation, offering valuable insights for achieving long-term investment goals.

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 

Alternative Realities: Hidden opportunities in private markets

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

What bonds fixed income research strategies?

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 

Alternative Realities: Real estate’s new reality

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.

How secure is securitized debt?

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 

 

Taking a pulse on healthcare

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 

 

Alternative Realities: Shipping's geopolitical hedge

This year has seen significant disruption in trade, driven by tariffs and policy uncertainty. Countries and businesses are navigating these challenges in real time to keep the flow of trade moving smoothly. On this episode, Aaron Mulvihill is joined by Andy Dacy, Head of the Global Transportation Group at J.P. Morgan Asset Management. With over 30 years of experience in the transportation sector, Andy offers a wealth of knowledge and insight. Together, they explore how the current trade and tariff turmoil is impacting the transportation sector, the ways shipping patterns have adapted to geopolitical events worldwide, the potential for reviving shipbuilding in the United States, and the exciting opportunities that exist in transportation beyond shipping.

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