Inside Active by Bloomberg Intelligence

Episodes

• 
  GSAM’s Lake, Innovator’s Day on Active Outcomes 18.08.2026 32m

  As investors increasingly focus on managing risk, generating income and achieving specific portfolio outcomes, the definition of successful active management is expanding beyond simply outperforming a benchmark. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Bryon Lake, global co-head of third-party wealth and chief transformation officer at Goldman Sachs Asset Management, and Graham Day, partner and chief investment officer at Innovator from Goldman Sachs Asset Management, about how that shift is reshaping active strategies. They explore the growth of active and defined-outcome ETFs, why the traditional active-versus-passive debate may be giving way to a more solutions-oriented approach, and how derivatives can help investors customize risk, income and downside protection. They also discuss the importance of advisor education as product innovation accelerates, the role of technology and data in active management, and why fixed income could be the next major area of ETF innovation. Recorded Aug. 4.  See omnystudio.com/listener for privacy information.
• 
  Moerus’ Wadhwaney on Asset-Based Value Investing 11.08.2026 40m

  Value investing often means looking past near-term problems to determine whether a company is temporarily impaired or permanently damaged. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Amit Wadhwaney, co-founding partner of Moerus Capital Management and portfolio manager of the Moerus Worldwide Value Fund (MOWIX), about an asset-based approach to global deep-value investing. They discuss why Wadhwaney focuses on conservatively estimated asset values, balance-sheet strength and survivability rather than projected earnings, and how he distinguishes temporary adversity from permanent impairment. They explore how market dislocations across companies, industries and countries create opportunities, why being macro-aware differs from making macroeconomic forecasts, and how overlooked assets can drive returns. The conversation also examines why risk should be understood as permanent loss of business value rather than short-term market volatility. Recorded Aug. 4.See omnystudio.com/listener for privacy information.
• 
  Michael Ervolini on Separating Skill From Luck 05.08.2026 31m

  Selecting active managers has always been one of investing’s greatest challenges, in part because strong performance doesn’t always reflect repeatable skill. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Michael Ervolini, author of “Skill Versus Luck,” about why investors should rethink how they evaluate active managers. They discuss the limitations of traditional performance metrics, how decision-based analytics can help separate skill from luck, and why analyzing buying, selling and position-sizing decisions may offer deeper insight into manager ability. They also explore the role of investment process, behavioral biases, AI and whether better skill measurement can improve manager selection and alter the balance between active and passive investing. Recorded July 16.  See omnystudio.com/listener for privacy information.
• 
  Rainwater’s Shaposhnik on Predictable Businesses 30.07.2026 41m

  Investing often comes down to making forecasts about an uncertain future, but some businesses are inherently more predictable than others. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Joseph Shaposhnik, portfolio manager of the Rainwater Equity ETF (RW), about his philosophy of investing exclusively in businesses with durable, recurring-revenue models. They discuss why predictability can be a competitive advantage, how free cash flow and disciplined capital allocation drive long-term value creation, and what separates exceptional management teams from the rest. They also explore how Shaposhnik identifies recurring-revenue businesses across industries, why avoiding negative surprises is as important as finding winners, and where he sees opportunities as investors continue to concentrate capital in AI-related companies. Recorded July 16.  See omnystudio.com/listener for privacy information.
• 
   JPMorgan’s El-Asmar on Active ETF Growth in APAC 21.07.2026 36m

  Active ETFs have become one of the fastest-growing segments of the investment industry, but their evolution in Asia Pacific is unfolding very differently than in the US. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Rebecca Sin, a senior ETF analyst at BI, and Philippe El-Asmar, APAC head of ETFs at JPMorgan Asset Management, about what’s driving adoption across the region. They discuss why Taiwan has emerged as one of the industry’s biggest growth stories, how investor demand differs across markets and why regulations, distribution models and local preferences are shaping the active-ETF landscape. They also explore how institutions and retail investors are using active ETFs, the misconceptions that continue to slow adoption and what could define the next phase of growth across Asia-Pacific. Recorded July 13.See omnystudio.com/listener for privacy information.
• 
  Liberty Street’s Moss on Private Company Research 14.07.2026 22m

  As companies remain private longer, investors increasingly need new ways to access growth that once occurred in the public markets. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Kevin Moss, managing director at Liberty Street Funds and portfolio manager of the Private Shares Fund (PRIVX), about how active managers research, value and manage portfolios of late-stage private companies. They discuss the role of governance and management quality in investment decisions, how disciplined valuation frameworks help separate compelling investments from compelling stories, and why diversification, position sizing and liquidity planning are critical in private markets. They also explore the evolution of secondary markets, the growing push to expand retail access to private investments and the trends shaping the next generation of private-company investing. Recorded July 8.  See omnystudio.com/listener for privacy information.
• 
  NEOS’ Mathews on the Evolution of Option ETFs 07.07.2026 24m

  As option-based income ETFs move deeper into adviser portfolios, product design and implementation are becoming just as important as the income they seek to deliver. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Wes Mathews, senior managing director and head of investment strategy at NEOS Investments, about how the category has evolved from early covered-call strategies into more dynamic, tax-aware approaches. They discuss why investors have turned to options-based ETFs as an alternative source of income, how NEOS seeks to balance monthly distributions with equity participation, and why flexibility around option coverage, strike selection and volatility can matter across different market environments. They also explore the role of tax-loss harvesting and index options in after-tax outcomes, how advisers are using these funds across equities, fixed income and alternatives, and where options-based ETF strategies may expand next. Recorded June 23.See omnystudio.com/listener for privacy information.
• 
  Invesco’s Burrello on Option Income Trade-Offs 30.06.2026 27m

  Option-income ETFs have become one of the fastest-growing segments of the ETF market, but headline yields often obscure meaningful differences in portfolio construction, risk profile and objectives. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with John Burrello, senior portfolio manager for Invesco’s Global Strategies team, including the Invesco QQQ Income Advantage (QQA), about how investors should evaluate these funds beyond their headline yields. They discuss the trade-offs between income generation, equity participation and downside protection, why total return may matter more than distribution rate alone and how volatility can affect option-overlay strategies. They also explore the differences between systematic and passive approaches, the risks of chasing unusually high yields and why advisers may view these products more as equity replacements or complements than fixed-income substitutes. Recorded June 11.  See omnystudio.com/listener for privacy information.
• 
  Baron’s Matt Camuso on Bringing Active to ETFs 23.06.2026 25m

  The rapid growth of active ETFs is pushing traditional and boutique managers to adapt mutual-fund strategies into ETF wrappers without compromising their investment identity. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Matt Caumso, Head of ETF Solutions at Baron Capital about how boutique active managers can translate established mutual-fund strategies into the ETF wrapper. They discuss why Baron entered the ETF market, how mutual fund conversions can give active managers scale and continuity, and what liquidity, capacity and transparency mean for long-term, high-conviction strategies. They also explore the operational demands of launching ETFs, the importance of dedicated capital markets expertise, and how active ETFs can complement passive-heavy portfolios. See omnystudio.com/listener for privacy information.
• 
  Morgan Stanley’s Rogers on Consistent Growth 16.06.2026 35m

  Growth investing has faced no shortage of challenges over the past decade, from shifting interest-rate regimes and benchmark concentration, to the rise of AI and unprecedented flows into passive strategies. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Doug Rogers, managing director at Morgan Stanley and portfolio manager on funds including the Eaton Vance Growth Fund (ELCIX) and Eaton Vance Focused Growth Opportunities Fund (EIFGX) about what it takes to generate alpha as an active growth investor in today’s market. They discuss why Rogers focuses on companies capable of delivering consistent, sustainable growth, how his team identifies innovation-driven inflection points, and the role rigorous debate plays in building conviction and challenging investment assumptions. They also explore valuation discipline, risk management, the impact of passive investing on markets, and why separating signal from noise has become increasingly important for long-term investors. See omnystudio.com/listener for privacy information.
• 
  Allspring’s Wise on Passive Bond Fund Risks 09.06.2026 31m

  Over the past decade, passive investing has reshaped much of the investment landscape, but fixed income presents a different set of challenges and opportunities. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, spoke with Noah Wise, senior portfolio manager and head of global macro strategy for the Plus Fixed Income team at Allspring Global Investments about why active management may have a stronger case in bonds than in equities. They discuss how bond indexes are constructed, why passive investors can become increasingly exposed to the largest borrower and interest-rate risks and how the complexity of fixed-income markets creates opportunities for active managers. They also explore the role of central banks and other noneconomic buyers in shaping bond prices, and the importance of flexibility across duration, sectors and geographies. Recorded May 26.  See omnystudio.com/listener for privacy information.
• 
  Baillie Gifford’s Coutts, Burns Look Beyond US 02.06.2026 36m

  Europe and Japan’s earnings outlooks have improved, with double-digit growth expectations, though upgrades are concentrated in technology and energy, while inflation pressures could weigh on valuations. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Laurent Douillet, senior equity strategist at BI, speak with Tom Coutts and Lawrence Burns, portfolio managers at Baillie Gifford, and subadvisers on the Vanguard International Growth Fund (VWIGX). They discuss why investors should still look beyond the US for long-term growth opportunities and how Baillie Gifford identifies durable growth companies. The conversation also explores international beneficiaries of the AI boom, why Japan is becoming more attractive, and how to balance valuation discipline with backing exceptional businesses over the long run. Recorded May 21.  See omnystudio.com/listener for privacy information.
• 
  American Beacon’s Cavazos on Durable Managers 26.05.2026 27m

  As investors gain access to an expanding universe of active strategies and investment structures, distinguishing durable investment skill from short-term performance has become increasingly important. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, speaks with Paul Cavazos, chief investment officer at American Beacon Advisors, about what separates durable investment managers from those benefiting from favorable market environments. They discuss why philosophy, process and people matter more than recent returns, how quantitative and qualitative analysis complement each other in manager research, and why discipline and consistency often matter most during difficult market periods. The conversation also explores concentration risk, style drift, private markets and how manager oversight can help identify when an investment process begins to break down. Recorded May 21.  See omnystudio.com/listener for privacy information.
• 
  Massif Capital’s Thomson on Real-Asset Equities 19.05.2026 35m

  Shifting geopolitical risks, growing AI-driven power demand and consolidation across global energy markets are reshaping investment opportunities in oil, natural gas and real assets. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and Vincent Piazza, senior energy analyst at BI, speak with Will Thomson, founder and managing partner of Massif Capital LLC. They discuss investing across energy, mining and other liquid real assets, and why commodity-producing companies are often misunderstood as simple bets on commodity prices. The conversation also explores how Thomson combines bottom-up company research with macro views on commodities and geopolitics, and why management teams, project execution and overlooked “orphan periods” can create opportunities for active managers, as well as structural natural gas trends and the challenge of managing volatility in cyclical sectors. Recorded May 5.  See omnystudio.com/listener for privacy information.
• 
  State Street’s Paglia on Performance and Scale 12.05.2026 31m

  Over the past decade, expanded market access through ETFs and new structures has raised questions about capacity, outcomes and what it means for active management. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Anna Paglia, executive vice president and chief business officer for State Street Investment Management, about how the industry is moving beyond the traditional active-versus-passive debate as ETFs evolve into a vehicle for both. They explore how strong benchmarks and investor focus on returns are raising the bar for active managers, and how capacity and liquidity shape decisions around product structure. They also discuss the role of model portfolios in driving flows and the potential to expand access to private markets by improving transparency and liquidity. Recorded May 4.See omnystudio.com/listener for privacy information.
• 
  Alger’s Crawford on Finding Durable Growth 05.05.2026 32m

  Markets have recently been driven by a narrow set of AI-linked winners, but as these trends become widely recognized, the challenge is identifying what opportunities remain and what is already priced in. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Dr. Ankur Crawford, executive vice president and portfolio manager at Alger, including the Alger Focus Equity Fund (ALGRX) and Alger Concentrated Equity ETF (CNEQ), about how she identifies positive dynamic change across both disruptive growth companies and businesses undergoing reinvention. They explore how a longer-term investment horizon helps distinguish durable growth from hype, the role of deep research and pricing power in building conviction and how valuation shapes opportunities in AI. They also discuss concentrated portfolio construction, risk management and what differentiates being early from being wrong. Recorded April 21.  See omnystudio.com/listener for privacy information.
• 
  Avantis’ McInnis on Active vs. Passive Spectrum 28.04.2026 34m

  Over the past decade, passive investing has dominated flows and performance, but the rapid growth of ETFs and evolving market dynamics are blurring the line between active and passive. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Phil McInnis, chief investment strategist at Avantis Investors, about how investors should think about this shift. They explore why active and passive exist more on a spectrum rather than as binary opposites, how systematic, valuation-driven approaches aim to deliver consistent excess returns, and why costs and implementation remain critical to long-term outcomes. They also discuss the rise of active ETFs, how allocators build portfolios across strategies, and what would signal a durable shift back toward active management. Recorded April 15.See omnystudio.com/listener for privacy information.
• 
  BlackRock’s Jeff Shen on Systematic Edge and AI 22.04.2026 40m

  Despite geopolitical tensions, value has held up better than expected, while defensive strategies like low volatility and quality have failed to attract the typical safe-haven flows, suggesting markets are largely looking past the Iran war. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Christopher Cain, US quantitative strategist at BI, speak with Jeff Shen, co-chief investment officer and co-head of BlackRock’s Systematic Active Equities. They discuss the evolution of systematic active equity and how advances in data, AI and machine learning are reshaping alpha generation. The conversation also explores factor timing, expansion beyond traditional factors into alternative data and new signals, and how portfolio construction and risk management are driving more consistent and differentiated outcomes. Recorded March 31.  See omnystudio.com/listener for privacy information.
• 
  T. Rowe’s Rizzo on Finding Technology Winners 14.04.2026 40m

  Over the past decade, technology investing has been dominated by a handful of mega-cap companies, but AI is opening the door to a broader and potentially very different set of future winners. In this episode of Inside Active, host David Cohne, mutual fund and active-management analyst at Bloomberg Intelligence, speaks with Dominic Rizzo, portfolio manager of the T. Rowe Price Global Technology Equity Fund (PRGTX) and the T. Rowe Price Technology ETF (TTEQ), about his investment framework. They explore how Rizzo identifies linchpin technologies and improving fundamentals, and why active managers may be better positioned than passive strategies to uncover the next generation of tech winners. The conversation also covers valuation, portfolio concentration, AI’s effect on productivity and growth, and how private companies like OpenAI and Anthropic fit into the opportunity set. This episode was recorded March 30.  See omnystudio.com/listener for privacy information.
• 
  Tweedy, Browne’s Spears and Hill on Insider Value 07.04.2026 36m

  As value investing has lagged behind in a market led by a narrow group of large-cap growth stocks, insider buying has remained a closely watched signal, particularly during periods of volatility. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, spoke with John Spears and Jay Hill, managing directors with Tweedy, Browne and portfolio managers for the Insider + Value ETF (COPY) and International Insider + Value ETF (ICPY) about combining those ideas into a systematic investment approach. They discuss how they define value today, why insider buying can be a powerful signal, how they separate meaningful trades from noise and how they build portfolios designed to capture the strategy’s long-term results. This episode was recorded on March 24.See omnystudio.com/listener for privacy information.