Inside Active by Bloomberg Intelligence

Active fixed-income ETFs are entering a new phase of growth, driven by investor demand, structural advantages and expanding product breadth. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Jeff Johnson, head of Fixed Income Product at Vanguard, about the rapid rise of active bond ETFs and why fixed income remains a compelling space for active management. They discuss Vanguard’s expansion beyond its indexing roots, the appeal of ETFs for flexibility, liquidity and cost efficiency, and the key design challenges of active strategies in an ETF wrapper, including daily portfolio disclosure and scalability. The conversation also explores where flows are moving across short duration, core and higher-yielding strategies. Recorded March 19.  See omnystudio.com/listener for privacy information.

Active ETFs may be in a golden age, not just a hot streak, driven by product innovation, lower structural frictions, conversions and potential ETF share classes. In this episode of the Inside Active podcast, host David Cohne, a mutual fund and active management analyst at Bloomberg Intelligence, along with co-host Athanasios Psarofagis, an ETF analyst at BI, speak with Todd Sohn, chief ETF strategist at Strategas Securities. They discuss the current state of the active ETF market, including the breadth of flows across asset classes, the rise of outcome-oriented products and whether crowded areas like buffers and certain derivative-based strategies have become overhyped. They also examine which products helped redefine the category, where active ETFs are taking share and underappreciated areas of future growth such as small-cap, fixed income and alternatives. This episode was recorded on March 16.See omnystudio.com/listener for privacy information.

David Sherman, founder and CIO of CrossingBridge Advisors and manager of the RiverPark Strategic Income Fund, is a value-oriented credit investor. He explains why protecting return of capital comes before chasing yields. He applies bottom-up, cash-flow focused credit analysis. He highlights opportunities in Nordic bonds, warns about liquidity premiums and a K-shaped credit backdrop. He outlines short-duration and opportunistic positioning.

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.  See omnystudio.com/listener for privacy information.

Dave Abner, head of global ETFs and funds at Northern Trust Asset Management, is a seasoned ETF and fixed-income innovator. He discusses the rise of active ETFs and why distributing ladder ETFs were created. He explains how ladders return capital annually for spending goals, the shrinking alpha in fixed income from automation, and evolving muni bond opportunities.

The US remains central to AI leadership, but investors should expect broader, more global opportunities to emerge in 2026. In this episode of the Inside Active podcast, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, and co-host Breanne Dougherty, BI’s head of thematic strategy, speak with Sarbjit Nahal, a portfolio manager and analyst with the Global Thematic Equity team at Lazard Asset Management, which manages the Lazard Equity Megatrends ETF (THMZ). They discuss the role of thematic investing in capturing future wealth, how Lazard identifies megatrends, why megatrend investing is critical for navigating structural shifts and the importance of valuation discipline. The conversation also explores the growing significance of power and infrastructure in the age of AI, as well as rising interest in thematic investing among institutional investors and younger generations. The podcast was recorded on Feb. 9.See omnystudio.com/listener for privacy information.

True passive investing may not exist, as all investing ultimately involves active decisions. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, along with co-host James Seyffart, senior ETF analyst at BI, spoke with Michael Green, portfolio manager and chief strategist at Simplify Asset Management, about the implications of passive investing’s dominance and the challenges facing active managers. They discuss how large index-tracking product flows may be reducing market elasticity, distorting price discovery and contributing to systemic risks. The conversation also explores whether active strategies can adapt and find opportunities in an increasingly index-driven market. The podcast was recorded on Feb. 10.See omnystudio.com/listener for privacy information.

Christopher Tessin, founder and managing partner of Acuitas Investments and lead portfolio manager for a U.S. micro-cap fund. He explains Acuitas’ multi-manager approach and how they pick managers for idea generation. He argues micro caps offer the biggest information edge and discusses why quality and concentrated manager bets matter. He also outlines risk monitoring and potential macro catalysts for a micro-cap rally.

Actively managed municipal bond funds continue to attract strong investor interest, with active mutual funds taking in over $24 billion and active muni ETFs seeing over $22 billion in net flows last year. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Alex Petrone, head of fixed income and of distribution for the Americas at Rockefeller Capital Management, about the advantages of active management in the municipal bond market. They discuss why the steep municipal yield curve presents compelling investment opportunities, how active managers can exploit inefficiencies in a highly fragment market and why municipal bonds have historically shown resilience during economic downturns. The conversation also explores how technology is reshaping municipal credit research and portfolio construction. The podcast was recorded on Jan. 27.See omnystudio.com/listener for privacy information.

For JPMorgan’s income managers, discipline means delivering predictable outcomes through rigorous risk management rather than chasing headline yield. In this episode of Inside Active, host David Cohne, a mutual fund and active management analyst at Bloomberg Intelligence, and co-host Eric Balchunas, senior ETF analyst at BI, speak with Hamilton Reiner, managing director and CIO of the US Core Equity Team, and James McNerny, managing director and portfolio manager within the Global Liquidity business. They discuss the growing appeal of equity income strategies like the JPMorgan Equity Premium Income ETF (JEPI), why the fund is designed around predictable outcomes rather than maximizing yield and how index-level options allow JPMorgan to generate income without sacrificing stock selection. The conversation also explores why the JPMorgan Ultra-Short Income ETF (JPST) is positioned as a deliberate step beyond cash, how the team prioritizes liquidity and capital preservation and why tight controls on credit and spread risk matter in volatile markets. The podcast was recorded on Jan. 13.See omnystudio.com/listener for privacy information.