The global economy’s return to normality in 2024 fuelled the continuation of the bull market that began in 2022, delivering a record year for many markets. At the start of the year, the average forecaster predicted just a 3% increase in the United States stock market – yet markets surged far beyond those expectations.

In this year-in-review podcast, we’ll unpack the key trends and insights. What worked for the Portfolios? What didn’t work as expected?

We also explore a range of other themes, including the rise of AI, the return of Bitcoin, and why we believe 2025 will mark New Zealand’s own return to economic normality – a positive development for local markets.

Hugh Hendry is an award-winning hedge fund manager, investment thought leader, and surfer. He founded Eclectica in 2005, a London-based global macro fund known for its high-conviction, contrarian approach. Shortly after launching Eclectica, Hugh gained recognition with impressive returns of 50% in its second year and over 30% in 2008 during the height of the Global Financial Crisis. Although Eclectica has since closed, Hugh remains an active and influential market commentator. Reflecting his commitment to creative freedom in investing, he once said, “I have always been a heretic and argued against the consensus. I have always been angry.” Join us for a lively discussion with Hugh as we explore today’s investment landscape, hear his views on the U.S. election, his skepticism toward mainstream economic policies, and his belief in the value of reading broadly as a source of inspiration for business and investing.

The suspense of the U.S. election, mounting government budget pressures, persistent inflation concerns in key economies, global power shifts, and new technologies are driving a complex, opportunity-rich environment for investors with longer time horizons. In this episode we explore this shifting environment with London-based James Grigor, Partner at Syzygy Investment Advisory and NZ Funds alumnus. Syzygy is a global macro asset management that serves sovereign wealth funds and family offices and is one of a select group of managers with which NZ Funds partners.

United States, European and Japanese share markets have delivered solid gains this year, defying global challenges. The United States economy is also showing remarkable resilience. But how can markets thrive in the face of so much uncertainty? Elections, geopolitical crises, weather events, high interest rates and inflation should all weigh on markets… shouldn’t they? Mark Brooks, Chief Investment Officer at NZ Funds, and Stephan Clark, Chief Client Officer, explain why markets often react before economic data catches up. They'll cover key topics like the upcoming US elections, surprisingly strong job creation in the US, China’s stimulus efforts, geopolitical risks, and changes in global interest rates - and what all of this means for the New Zealand economy.

With millions of Ukrainians displaced and amid constant missile attacks, former Tauranga mayor Tenby Powell took action by founding Kiwi Aid & Refugee Evacuation (Kiwi K.A.R.E.). He moved to Ukraine to deliver medical and humanitarian aid to ‘Red Zones’ near the frontline. Join us for a discussion with Tenby, calling in from Warsaw, as he shares how Kiwi K.A.R.E. was born, how his military and business experiences shaped its mission, the charity’s latest initiatives, and the most powerful moments from his time so far in Ukraine.

Banks and financial institutions are essential for driving economic growth. Without the right policy settings in place, economies slow. We spoke with Phil Doak, Partner at Mosaic, to explore the shifting landscape that banks, insurers and fund managers are navigating, along with the key regulatory initiatives the Government has underway.

After a volatile August, the US share market is reaching new highs. Closer to home, the NZX50 is below the peak of 2021, but the market is showing signs of recovery. Mark Brooks joins Stephan Clark to break down the major factors shaping markets.

The crypto world has come a long way since Bitcoin's inception. From the early hype of altcoins to the rise of decentralised finance, crypto is rapidly evolving, challenging concepts of money and finance. Today, crypto is increasingly mainstream with a growing list of traditional financial institutions offering crypto products, such as exchange-traded crypto funds approved by the US Securities and Exchange Commission.
One of the key players in this space is Binance. Founded in 2017, Binance quickly became a dominant force in the crypto industry, establishing itself as the world's largest cryptocurrency exchange and processing an impressive $76 billion in trades daily.
This week, we're excited to welcome Ben Rose, the General Manager for Binance in Australia and New Zealand. We'll be discussing Binance's role in the crypto market, the evolution of the sector, and Ben's insights on the future of crypto.