'perspectives' by escala by Escala

In this episode, Escala Head of Managed Funds, Stephen Dickinson, speaks with Richard Blackburn from CVC Capital Partners. Richard discusses CVC's origins and evolution into a leading global private equity firm, why Europe remains a particularly attractive market for private equity returns, and how CVC creates value through disciplined underwriting, active ownership and long-term value creation across its portfolio.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explains why today's geopolitical tensions signal a deeper structural shift – and what it means for markets, alliances, and investors.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explains how long-term investors are staying loose on the bars in response to the current oil shock. Plus, why managing today's risks is bringing back yesterday's solutions - from steering wheel locks to decades-old pipelines.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about today's tensions in the Middle East, why geopolitical volatility is often shorter than feared and what it means for US-China relations. Plus, why credit investing demands ruthless diversification.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about the release of Escala's The Agenda publication, what a shifting global order means for investors and how it is shaping the way Escala constructs portfolios.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about what could be Googles' DeepSeek moment – the launch of Gemini 3. If it is everything that ChatGPT isn't, what does this do to the promises made by OpenAI?

In this episode, Escala Investment Analyst, David Bruty talks to Doug Tynan, Chief Investment Officer of GCQ Funds Management. Doug discusses GCQ's investment philosophy and the team's focus on quality industries and companies, how trade policy and the artificial intelligence theme is expressed in their current portfolio, and how Uber will prosper in a changing environment as robotaxis continue to be rolled out around the world. 

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about gold and how it has become a hedge against distrust. When money becomes too political to believe in, investors turn to what can't be printed.

There are now more data centres being built in the US than office buildings. In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, looks at the political implications of data centre demand for energy.

In this episode, Escala Investment Analyst Holly Brenchley speaks with Roy Keenan, Co-Head of Fixed Income at Yarra Capital and Portfolio Manager of the Yarra Enhanced Income Fund, a core Australian credit strategy. Roy discusses the investment philosophy that underpins Yarra's approach, including its rigorous internal credit rating system, the importance of ESG and documentation analysis, as well as how the team captures attractive risk-adjusted returns within the changing Australian credit landscape.

In this episode, Escala Partners Investment Analyst David Bruty talks to Crispin Murray, Head of Equities at Pendal. Crispin talks to some of the key themes from August's reporting season in Australian equities, the heightened volatility that surrounded results and how this is providing opportunities for active managers such as Pendal, and the outlook for the year ahead.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, shares an important lesson when riding a motorcycle that can be applied to China's FOMO driven equity rally.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about the role private markets play in quietly innovating and why patient capital is so important. Public markets in contrast are getting noisier and more volatile. What is the role for both in a portfolio?

In this episode, Escala Chief Investment Officer, Tracey McNaughton, speaks with Lane MacDonald, Chief Investment Officer at SCS Financial a $40b US wealth manager and focus Financial Partner. Together, they discuss how the lines between public and private markets are blurring, prompting investors to rethink how they allocate capital, manage risk, and pursue returns between the two.

In this episode, Escala Investment Analyst Stephen Dickinson talks to Greg Hyland (Head of Capital Markets, Asia Pacific) and Hugh MacDonald (Head of Capital Advisors, Asia Pacific) from CBRE. Greg and Hugh discuss how CBRE currently view the macro landscape and the impacts on the commercial real estate sector, some of the underlying structural drivers in the sector and the outlook ahead.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, shares what she is telling clients about the current level of uncertainty particularly in relation to tariffs, taxes and changes in technology.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about the importance of trust – between governments, institutions, clients and their advisers and of course the rider and her bike. 

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, considers the question are we past peak US exceptionalism? If so, where are the alternative safe havens for investors.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, presents from New York where she discusses her observations from being on the ground. Following meetings with portfolio managers, economists, political strategists and financial advisers across four US states she discusses how President Trump's trade war is being perceived.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses how this market correction differs to anything in the past; what the Escala fund managers are saying about it; and why the investment environment will be different when the fog finally lifts.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses the seismic shift in German defence spending, why Greek banks are looking attractive and why the team are no longer happy to be overweight US equities.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses the seismic shift in German defence spending, why Greek banks are looking attractive and why the team are no longer happy to be overweight US equities.

In this episode, Escala Partners Investment Analyst Stephen Dickinson talks to Sam Edwards, Partner from Longreach Alternatives. Sam discusses the royalties landscape, why a diversified approach to royalty investing is important and the benefits of PG3s multi-sector approach to royalties.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses what a multi-polar world might look like, NATO's fragile state and how the world trade map is being re-drawn.

In this episode, Escala Partners Investment Analyst David Bruty talks to Justin O'Brien, Portfolio Manager of the Cooper Investors Brunswick Fund, an all-cap Australian equities fund. Justin discusses the investment philosophy that underpins Cooper Investors' approach to managing capital, the differentiated and unconstrained structure of the Brunswick Fund, along with a number of stock examples and the role they play within the portfolio.

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, interviews Mark Middleton, CEO of Icon Group. Mark discusses his journey as a founder of one of Australia's largest health organisations, his partnership with private equity and the importance of authenticity as a leadership quality.

Live on stage at our Agenda 2025 client event, Escala Partners CIO, Tracey McNaughton, is in discussion with Gerard Minack from Minack Advisers. Tracey and Gerard discuss prospects for Europe following the German election, implications of a peace deal between Ukraine and Russia, what the trade war means for growth and inflation and why Australia is so hard to love right now.

This week Escala Partners CIO, Tracey McNaughton, reflects on what has been a blistering start to the year. President Trump is setting records with the number of executive orders he creates; tariffs are creating uncertainty and DeepSeek is disrupting. It's enough to make your AI Agent's head spin.

In this episode, Escala Partners Investment Analyst Stephen Dickinson talks to Craig Balenzuela, Managing Director within Goldman Sachs Asset Management Alternatives and Private Markets Client Solution Group. Craig discusses the growth in the private credit landscape, the implications of the changing macro environment for private credit and why not all private credit is made equally.

In this episode, Investment Analyst Darragh Kennelly talks to James Tsinidis of Munro Partners to discuss the role of nuclear power in the energy transition and the growing demand for reliable baseload power especially from some of the worlds largest tech companies. They also discussed the benefits of nuclear power and the key components of the nuclear sector to consider.

This week Escala Partners CIO, Tracey McNaughton, reflects on playing the long game with Carol Geremia, President of MFS Investment Management. Passive investing has gone from 6 to 60% in the past 30 years. Investment horizons have fallen from 5 years to 5 months. What are the consequences for investors, fund managers and corporations alike? And what is the one thing a good leader must have?

This week Escala Partners CIO, Tracey McNaughton, discusses the implications of the US presidential election including the need for governments to open their wallets even more – 'spend baby spend'.

This week Escala Partners CIO, Tracey McNaughton, discusses the upcoming US presidential election, why the polls are often wrong, the bi-partisan support for nuclear energy, and why the bond and equity markets disagree on what a Trump presidency could mean.

In this episode, Escala Partners Investment Analyst Stephen Dickinson talks to Andrew Ballantyne, Head of Australasia Research for JLL. Andrew discusses how JLL is currently viewing the office sector, some of the underlying structural drivers in the sector and the outlook ahead.

This week Escala Partners CIO, Tracey McNaughton, discusses how the US central bank overdelivered on interest rate cuts last week and why the Reserve Bank in Australia is under-delivering.

This week Escala Partners CIO, Tracey McNaughton, discusses the high price Australians are paying to the government for managing our economy and why we should probably be asking for a refund.

Loose on the bars. That is what Escala Partners CIO, Tracey McNaughton, is telling clients as they navigate the recent bout of financial market volatility. And every revolution leaves past corporate champions behind. Who will be left behind in the AI revolution?

In this episode, Escala Partners CIO, Tracey McNaughton, looks at what is driving recent market volatility - an election correction; a tech-check; or just a Fed-ache. The countdown clock has begun - what are the key battleground states in the US election?

In this episode of The Fund Managers, Escala Investment Analyst, David Bruty, interviews Chris Prunty, Portfolio Manager of the QVG Opportunities Fund. Chris discusses the fund's recent participation in the highly-publicised initial public offering (IPO) of Guzman Y Gomez and the attractive characteristics of the company that provide the foundation for a strong runway of growth. The pair also discuss the outlook for small caps here in Australia following a recent rotation in the US that has been driven by the rising expectation of an easing in policy by the Fed.

In this episode, Escala Partners CIO, Tracey McNaughton, talks about the payoff with artificial intelligence and whether the dizzying amounts being spent on semiconductors and infrastructure will be worth it. And what role do private markets play in finding genuine use cases of AI?

In this episode, Investment Analyst Darragh Kennelly, talks to Jess Cairns of Alphinity Investment Management and Qinghua Lu of CSIRO to discuss their recently released research report on the implications of artificial intelligence use by companies and investors. They outline the framework for investors to use when assessing key threats and opportunities of AI usage and highlight some interesting responsible AI case studies of large multinationals.

In this episode, Escala Partners CIO, Tracey McNaughton, and Escala Adviser Ed Brooke reflect back on the past 100 episodes since the Perspectives podcast began during covid in 2020. The past four years had it all - lockdowns, recessions, recoveries, bank runs, bank collapses, wars, uprisings, innovations, bubbles that burst, bubbles that inflated, elections that surprised, elections that divided.

In this episode, Escala Partners CIO, Tracey McNaughton, talks about what she sees as the three main takeaways from the recent string of elections around the world. She and Ed talk about what Le Penn describes as the "return of nations", the rise of nationalism, and what it may mean for investors.

In this episode, Escala Partners CIO, Tracey McNaughton, talks about the connection between community, political stability, and the size of government. We are now in an age of big government. This has implications for economic growth, inflation, and central bank independence.

In this episode, Escala Partners CIO, Tracey McNaughton, talks about AI and its energy demand; Biden's tariff hike on China; and why we should be a little sceptical of the this weeks' Federal Budget.

In this episode, Escala Partners CIO, Tracey McNaughton, talks about riding the cycle – physically and metaphorically. In a world where there are so many distractions vying for investors' attention, how can investors "tape up their mirrors"?

In this episode, Investment Analyst Darragh Kennelly, talks to Nick Edgerton of Stewart Investors to discuss a key engagement initiative Stewart Investors have worked on since 2020 when they identified serious human rights risk that is often overlooked. Conflict minerals are vital materials for the semiconductor industry and are powering the green transition. The pair finally discuss recent examples of sustainable companies incorporating A.I. into their business practices.

Live on stage at our Agenda 2024 client event, Escala Partners CIO, Tracey McNaughton, is in discussion with Gerard Minack from Minack Advisers. Tracey and Gerard discuss interest rates, company earnings and the outlook for economic growth both domestically and overseas.

In this episode, Escala Partners CIO, Tracey McNaughton, talks about why our investment conviction level is the highest it has been since 2021 and how this has transformed into an overweight position in global over Australian equities. And why is OpenAI CEO Sam Altman investing in fusion?

In this episode, Escala Partners CIO, Tracey McNaughton, celebrates IWD with a conversation with Lorna Kapusta, Fidelity's Head of Women & Engagement. How can wealth managers help women achieve their financial goals and become more confident investors? How can the skills learned by a motorcycle rider help ease financial anxiety?

In this episode, Escala Partners CIO, Tracey McNaughton, makes the comparison to the 1990s tech boom and notes by comparison, the market is not that extended right now. AI is going deeper into the economy and broadening across more sectors of the equity market. The ingredients are there for the sustainability of this market rally.

In this episode, Escala Partners CIO, Tracey McNaughton, discusses the results coming out of the US earnings reporting season and why Facebook and Microsoft are in and Tesla and Apple are out of favour – this despite Apple having a cash pile equivalent in size to the Hungarian economy.

In this episode, Escala Partners CIO, Tracey McNaughton, discusses how events of 2023 give context to what is likely for 2024. And, how should investors respond to the heightened geopolitical risks that are so evident in this "war economy"?

In this episode, Investment Analyst, Darragh Kennelly, talks to Mike Harut and James Tsinidis of Munro Partners to discuss the main takeaways from the recent climate change conference in Dubai. They also discuss the outlook for companies focused on the many subsectors of climate change for the year ahead and get insights from James' recent trip to visit portfolio companies in the US.

In this episode, Escala Partners CIO, Tracey McNaughton, and advisor Ed Brooke are in conversation with Gerard Minack, independent member of the Escala investment committee.    

In this episode of The Fund Managers, CIO Investment Analyst, Darragh Kennelly, speaks to Seyonne Kang to learn more about Stepstone's Venture Capital platform and discuss the current landscape in VC markets and specifically look at secondary market opportunities for investors.

In this episode, Escala Partners CIO, Tracey McNaughton, discusses some of the investment themes that will drive markets in 2024 including whether the Magnificent 7 can continue to be magnificent.

In this episode, Escala Partners CIO, Tracey McNaughton, discusses the implications of investing in a world where governments and their debt burdens are getting bigger at the same time as consumer waistbands are getting smaller.

In this episode, Escala Partners CIO, Tracey McNaughton, talks about the economic conditions that are necessary (though maybe not sufficient) for geopolitical stability to return to the global economy.

In this episode, Escala Partners Investment Analyst, David Bruty, and CIO, Tracey McNaughton, talk to Rory Green from TS Lombard about China and artificial intelligence. This presentation will discuss questions such as what are the factors that will govern the development path of AI in China? How will the CCP control AI and its impact on society without dampening innovation and progress?

Toby Walsh is a professor and the Chief Scientist at UNSW's new AI Institute and has spent the past 40 years researching artificial intelligence. He is the author of several books on AI including "2062: The world that AI made". This presentation will discuss questions such as can we trust AI or will it increasingly deceive us? How can we ensure AI is harnessed as a force for good rather than for nefarious ends?

In this episode, Investment Analyst, Darragh Kennelly talks to Jessica Cairns of Alphinity Asset Management to discuss recent progress from Australian companies transitioning to net zero. We hear about some of the innovative ways companies are reducing their CO² emissions. Finally, the rise of A.I. will have many implications for ESG investing, the pair discuss some of the early work Alphinity have done around Responsible A.I. and the risks and opportunities it presents.

Toby Walsh is a professor and the Chief Scientist at UNSW's new AI Institute and has spent the past 40 years researching artificial intelligence. He is the author of several books on AI including "2062: The world that AI made". This presentation will discuss questions such as can we trust AI or will it increasingly deceive us? How can we ensure AI is harnessed as a force for good rather than for nefarious ends?

In this episode, Escala Partners CIO, Tracey McNaughton, talks about India's breakout moment and how investors can take advantage of it while being cognisant of the investment risks. The Australian earnings season reminds us of the diversity of impact that higher interest rates are having on different age groups in the economy.  

In this episode, Escala Partners CIO, Tracey McNaughton, talks about where the CIO team believe the biggest risk is currently for financial markets and why investors need to be more discerning in their asset allocations as a result.

In this episode of The Fund Managers, Escala Partners Investment Analyst Stephen Dickinson talks to Jan Mühlemann from PG3. Jan discusses the royalties finance sector, the growth and opportunities in the royalties universe, and the benefits an allocation to the royalty finance sector can provide.

In this episode of The Fund Managers, Escala Investment Analyst David Bruty interviews Sam Twidale, Portfolio Manager of the DNR Capital Australian Emerging Companies Fund. Sam explains the importance of applying a consistent quality framework to small cap investing, how the fund's concentrated and style-neutral approach has allowed it to outperform across changing investment environments, and the outlook for the sector following a challenging period for returns.

In this episode, Escala Partners CIO, Tracey McNaughton, gives a wrap-up of the US earnings season; why Biden may just be the most "America First" President in over 30 years; and why the Reserve Bank of Australia is likely now done with rate hikes.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on why the probability of a recession is higher in Australia than the US; what the greatest risk is for investors; and why royalties funds may get a boost from AI.

In this episode of The Fund Managers, Escala Partners Investment Analyst Stephen Dickinson talks to Mark Landau, Co-Founder and Co-Portfolio manager of L1 Capital. Mark discusses L1 Capital's investment approach and their focus on value and quality.

In this episode, Escala Partners CIO, Tracey McNaughton, discusses the challenges facing the Bank of England as it attempts to deal with its first wage-price spiral since the 1970s. It's the nightmare that haunts central bankers everywhere and is one reason why interest rates will remain higher for longer.  

In this episode of The Fund Managers, Escala Partners CIO Tracey McNaughton interviews Brad Kinkelaar, Portfolio Manager of the Barrow Hanley Global Investors Share Fund. Their conversation explores Barrow Hanley's unique approach to investing and their focus on capital preservation and deep value. We hope you enjoy the discussion.

In this episode, Escala Partners CIO, Tracey McNaughton, presents the case for why this rally in the US equity market could go further, at least in the near term. For disciplined investors, however, the advice from Charlie Munger should be heeded: "The big money is not in the buying and selling, but in the waiting".

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on why Japanese equities are so unique and why they are fast becoming so loved. Fund managers remain conservatively positioned except for AI-related technology stocks and the US Government is getting as close as it possibly can to running out of money. 

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the unhealthy state of the US equity market and why this should be of concern for investors. Reflecting this, institutional investors are currently the most risk averse since 2009 preferring to allocate to money market funds and bonds. Adding to the risk aversion is uncertainty over the US debt ceiling which once again threatens to send the US government into default next month.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the global housing supply shortage, its impact on the rental market and inflation and why the US housing market is so weirdly different to that in Australia or the UK. She also provides an update on the current earnings season in the US and why our emerging markets managers describe Abu Dhabi as "on fire".

In this episode, Investment Analyst, Darragh Kennelly talks to Hubert Aarts and Shahbano Soomro of Impax Asset Management about the US Inflation Reduction Act. They explore the key areas that the Bill focuses on and discuss its implications for companies across various industries.

In this episode of The Fund Managers, Escala Investment Analyst David Bruty talks to Rob Tucker, Portfolio Manager of the Chester High Conviction Fund. Rob explains Chester's differentiated approach to portfolio construction, why he maintains an allocation to gold equities through the investment cycle and how a structurally higher inflation environment has shaped Chester's current portfolio.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the tremors in the banking industry and its spread to Europe from the US. She discusses how the financial system came within a day of experiencing a Lehman moment that would have turned the tremor into a full-blown quake. The lessons learnt 15 years ago, have never been more important.    

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the collapse in Silicon Valley Bank, its causes and what it means for financial markets, monetary policy and investors and why Australian equities are a more attractive option relative to international equities.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how the structure of the labour market has changed in the past three years and how this is sending mixed signals to the market. Inflation is proving to be hard to kill and this has implications for where central banks go next with interest rates.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the latest interest rate decision taken by the Reserve Bank of Australia. She also discusses the challenging earnings season facing the US and offers some insight into what she is hearing from Escala's global fund managers on the ground.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the challenging year that was 2022. "There is not a single person alive who can remember a year that we have just had because we have never had a year like 2022". There is reason to be more optimistic for 2023 however – the rate hike cycle is close to the end, China is reopening, jobs are plentiful, wages are growing, consumers are spending, inflation is easing. So what's to worry about?

In this episode, Investment Analyst, Darragh Kennelly talks to Dawn Powell, Vice President, Responsible Investment at StepStone about the opportunities and challenges of ESG integration in private markets. They go on to discuss impact investing and the broad opportunity set for investors in this early stage space. Finally, the pair discuss what the outlook for ESG and impact investing in 2023 looks like.

In this episode, Escala Partners CIO, Tracey McNaughton, looks back on 2022 at the main events that will have a lasting impact on financial markets. She highlights a number of signposts to watch out for in 2023 and cautions against stepping into Chinese equities even after the latest easing of covid restrictions as return expectations there now come with higher risk.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the latest inflation report out of the US and what it may mean for international equity investors. International equity investors have long benefited by being currency unhedged. Is it time to make a change on the hedging front?

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how central banks are thinking about financial stability as an additional factor in their reaction function. Policymakers may be willing to sacrifice the economy to tame inflation, but are likely less willing to sacrifice financial stability. This means uncertainty remains. Investors would do well to observe, rather than predict, where to next.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how this has been one of the strangest, most difficult-to-predict economic cycles that we have ever been in. She recommends investors remain cautious for now despite new opportunities already presenting themselves. The rapid retreat of lower for longer interest rates is revealing hidden hazards and creating riptide events that have the potential to catch unsuspecting investors out.

In this episode of The Fund Managers, Escala Investment Analyst David Bruty talks to Patrick Teodorowski, Portfolio Manager of the Pendal Microcap Opportunities Fund. Patrick explains why investors should include an allocation to Australian microcap equities, why Pendal like to invest in founder-led businesses and the outlook for the sector following a period of heightened equity volatility.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the UK fiscal fiasco and how it sent a shockwave through the currency and bond market and nearly brought down the UK pension system. What role did the Bank of England play in setting us up for last weeks' meltdown and could it be repeated elsewhere?

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on recent central bank action in response to higher-than-expected inflation and the implications it has for the US dollar and for investors seeking income returns. She also discusses how private debt is helping fixed income investors rediscover the benefits of diversification.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on US Fed Chair Powell's "whatever it takes" speech noting it left no doubt – the pain of being too tough on inflation is not as great as the pain that would come from being too soft. Market optimism for rate cuts in 2023 have taken a step back as a result.

In this episode of The Fund Managers, the Escala CIO Tracey McNaughton interviews Peter Rutter, Head of Equities and Portfolio Manager for the Royal London Concentrated Global Share Fund. This conversation explores the unique approach to investing taken by the Royal London team and why their approach is considered the purest form of active management. We hope you enjoy the discussion.

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how clients should position for rising US-China tensions, where to spend your fund manager fee budget and has the inflation worm turned?

In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on how US consumers are adapting to the higher inflation environment. Earnings season is about half way done and while earnings expectations have been cut, more is likely as the economy slows further. Which is why the rally in markets last week should be treated cautiously.

In this episode, Escala Partners CIO, Tracey McNaughton, discusses the key takeaways from the US earnings reporting season and why it is that a low unemployment rate is a bad thing for the economy.

In the final instalment from an Escala Partners live ESG event, we get the insights from the panel on modern slavery and human rights issues and also hear the panellists responses to our audiences questions.

In this episode, Escala Partners CIO, Tracey McNaughton, explains the course correction by central banks around the world in responding to sticky inflation. Wages are coming under pressure as consumers raise their inflation expectations. Central bank credibility is on the line, the loss of which could be even more serious longer term than a correction in the market.

In the second instalment from an Escala Partners live ESG event, we get the insights from the panel on the engagement vs divestment debate and hear some examples of recent engagement initiatives each fund has undertaken.

In the first of a three-part series of recordings from an Escala Partners live ESG event, we get the perspectives of three experts from the asset management industry on what material ESG risk factors they look for in stock selection and also get their views on recent climate change progress.