Selwyn Notelovitz

In times of political uncertainty and shifting SEC regulations, asset managers face unprecedented challenges. During the FT Live’s Future of Asset Management North America conference, Mike Tae, my colleague and Co-President of Investor Communications Solutions, shared valuable insights on navigating these complexities. I'm delighted to highlight Mike’s perspective on staying ahead in this regulatory landscape. See how Broadridge is helping asset managers tackle these challenges and stay informed on the latest regulatory news impacting the industry: http://spklr.io/6041vorT #FTFOAM #RegulatoryInsights #FinancialServices

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In this month’s First Eagle Alternative Credit update, Portfolio Manager and Senior Alternatives Strategist Larry Holzenthaler explains how repricing drove spread compression in 2024 and where the team is seeking relative value while keeping overall credit quality at fairly prudent levels. https://bit.ly/3DwAiiY

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My colleague and Fidelity portfolio manager, Bill Kennedy, shared his thoughts on an emerging sustainable investing theme: https://bit.ly/4hb05gb Bill’s thesis is that gas producers may see accelerated earnings growth, driven in part by tax credits from the 2022 Inflation Reduction Act for U.S. companies willing to reduce their carbon emissions. He’s keenly interested in companies that produce hydrogen; an alternative fuel that significantly reduces carbon emissions compared with the traditional fossil fuels used in heavy industry. Kennedy believes the magic lies in how they produce this hydrogen—using either electricity generated from renewable energy sources (green hydrogen) or natural gas with carbon sequestration (blue hydrogen). In doing so, Kennedy contends, these firms are cutting down on emissions by capturing carbon generated from an industrial activity.

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Securitized credit has consistently offered undervalued opportunities in this market cycle. Here, my colleague Kyra Fecteau, CFA shares how macro research and in-depth analysis of securitized sectors' varied market dynamics and collateral characteristics inform her construction of securitized allocations in diversified fixed income portfolios.

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Issuance of asset-backed securities (ABS) has boomed over the past year. Is this an expansion of the opportunity set, or an example of late-cycle behavior? Listen as @@TCW's Securitized team discuss the drivers of growth in issuance and which areas of the market they view as compelling: https://tcwgrp.com/1e3xxr

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Our latest Stewardship Report is out! This year's report (link in comments) includes 30-odd case studies covering a selection of what we consider to be of most interest to our members, regulators, peers and others. Highlights from this year's Report: ✅ Escalation in members' best interests: how Railpen seeks to use all the tools in the stewardship toolkit to achieve our objectives on material ESG issues ✅ Working with industry to advocate for continued investor protections: this covers our (ongoing) work both with the Investor Coalition for Equal Votes (ICEV) but also with several hundred billion £ of scheme AUM on recent proposals to roll back important shareholder rights in the UK ✅ Integration beyond listed equity: Railpen is a significant private markets and infrastructure investor - and there are some great case studies highlighting how we continue to deepen our approach ✅ Greater accessibility: this is necessarily a lengthy report, but this year - as well as our usual glossary - the Design and Comms team has worked hard to improve navigation so that readers who aren't ESG experts can more easily cut through the jargon and move between relevant case studies and sections As always, this has also required significant contributions from colleagues beyond the Sustainable Ownership team. However, we welcome the additional opportunity for formal reflection and to produce a report we are proud of. We also find the stewardship reports we receive from our managers to be the most useful firm-level reporting produced: we read these cover to cover and they always provide us with helpful information as to what is (and isn't) being done on our members' behalf. My ongoing thanks to the Financial Reporting Council for creating and upholding a Code that gives investors the space to discuss their idiosyncrasies and what worked (or didn't work), and thereby produce insightful reporting. My bottom-of-the-heart thanks to colleagues from Design, Communications, Fundamental Equity, Public Markets, Internal Audit, Client Secretariat, HR, Compliance, the DE&I Committee as well as the Trustee and many more for their ongoing commitment, enthusiasm and support both for this report and the work which underpins it: this would, as always, not have been possible without you. Michael Marshall Adam Gillett Jessica J Cassey David Vyravipillai Sophie Harris Thomas Ward Shane McCullagh, CFA Jasmine Porter Megan Williamson Becks Goodman Colin Mitchell Paul O'Donnell Laura Faber Claire Morrell Philip Wood MCMI Jonathan Clark Johanna Venis MCIPS Caroline Hopper James Herbert Stuart Mackintosh Fenella Cuthbert Josh Sarson

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When fundamental value creation becomes the largest driver of performance, investors may want to go where it’s always mattered most. Learn why we believe the U.S. middle market will continue to provide an attractive opportunity set versus large and mega cap managers in this new article. https://bit.ly/4cvujHe #PrivateEquity #MiddleMarket

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After April’s volatility, you won’t want to miss the latest Straight Talk. Join Brad Rutan and Equity Portfolio Manager Nevin Chitkara as they explore: - Current market environment - Importance of downside risk management - Understanding what you own bit.ly/3wkoflS.

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Looking for insights that could sharpen your investment strategy heading into 2025? Join PIMCO experts Libby Cantrill, Head of Public Policy and David Hammer, Head of Municipal Bond Portfolio Management at #SchwabIMPACT®️ on November 20 for an in-depth analysis of how U.S. presidential election results may affect policy, taxes, and municipal bonds.

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New opportunities are emerging across the credit spectrum as traditional funding sources retreat. From corporate credit to asset-based credit, Group CIO Dan Ivascyn explains how we’re identifying potentially attractive, resilient investments in the latest View From the Investment Committee → https://bit.ly/3UnoDbd

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