Podcast
The Monday Call
Hosted by New Zealand Funds Management Limited · EN
This is the Monday Call, brought to you by NZ Funds.
It’s about financial markets - where they are now, and where we think they’re headed.
It’s not just about share market movements or changes in bond prices.
It’s about new technologies and crypto assets.
It’s about decarbonisation, commodities, and how geopolitical events can change the direction of the global economy.
Every week, we talk to the innovators and commentators, the fund managers and headline makers, to gain insights into the new market realities.
It’s a global view of finance from a uniquely New Zealand perspective, keeping Kiwi investors and financial advisers up to date with the latest market news.
11episodes
Episodes
Newest firstAll episodes
Crude awakening | Energy resilience in a shifting world
3w ago00:46:25Tap to summarizeNew Zealand’s energy system is being tested and few are closer to the action than Alexa Preston, Chief Financial Officer of Channel Infrastructure NZ. Leading the finances of a key infrastructure business, Preston offers a front-row view of where energy security and long-term decisions meet the real economy.From its deepwater import terminal at Marsden Point to fuel networks that keep planes flying, trucks and tractors moving, and shelves stocked, Channel is a vital link in New Zealand’s supply chain. Most people barely notice the system - until conditions shift, prices react, and pressure builds.In a world shaped by geopolitical tension, supply shocks, and changing energy needs, resilient infrastructure has become a national priority. Assets once taken for granted are now central to debates about productivity, competitiveness, and how countries stay strong when conditions grow more volatile.Hosted by James Grigor and Stephan Clark, join Alexa Preston for a timely conversation on the infrastructure that keeps New Zealand moving. They explore why energy resilience matters more, how long-term planning supports national strength, and how today’s decisions will shape New Zealand’s future - when it matters most.
Transcribe →When interest rate forecasts collide | Tough calls, high stakes
Apr 1900:45:16Tap to summarizeJarrod Kerr, Chief Economist at Kiwibank, has stepped into the centre of a widening divide. In a debate now marked by sharply differing views on the path of the Official Cash Rate, Kerr has labelled calls for near-term hikes 'reckless' - cutting through the profession’s usual caution.At issue is more than timing. Some economists are signaling multiple rate increases this year, citing inflation risks from the Iran war and rising energy prices. Kerr takes a different view: this is a supply shock, not a demand surge - and tightening into it risks repeating past mistakes and damaging the economy.In this episode, Kerr sets out his case. Why does his outlook diverge from his peers? Are markets - and policymakers - misreading the inflation impulse? And how should the Reserve Bank of New Zealand respond as geopolitics and economics become more closely intertwined?Join hosts James Grigor and Stephan Clark for a conversation on New Zealand’s economic outlook, geopolitics and what happens when consensus begins to fray with one of the country’s most outspoken economists.
Transcribe →From the Pentagon to New Zealand | Hard truths for security resilience
Mar 2201:01:12Tap to summarizeTim Ewing-Jarvie, former Strategic Adviser to the Pentagon, offers a rare insight into global security. He served in the NZ Army in a variety of roles, including as Sniper and Reconnaissance Platoon Commander and Delta Company commander, with operational experience in Iraq, Afghanistan and the Greater Middle East. He now leads Horizon Lab, a strategic advisory providing actionable intelligence and decision support for companies navigating complex operating environments.Tim will discuss how nations and organisations can build resilience amid geopolitical shocks – from the 'weaponisation of trade' to managing conflict risks like those in Iran. How can New Zealand strengthen economic and military resilience? Are geopolitical factors overtaking commercial efficiency as the main driver of trade? And how can businesses adapt in response to international conflicts?Join James Grigor and Stephan Clark for a forward-looking conversation on national priorities, public–private collaboration, and strategies to enhance stability, trade, and long-term security at home and abroad.
Transcribe →Iran Attack Update | Oil Surges, Equities Resilient
Mar 800:45:28Tap to summarizeThe recent escalation in the Middle East delivered a sharp geopolitical shock. Coordinated United States-Israel strikes on Iranian military targets, followed by Iran’s missile retaliation, quickly raised tensions. For investors, the key question is not the headlines themselves, but whether the conflict meaningfully alters the outlook for global markets and long term returns.Markets reacted swiftly. Oil prices surged as shipping through the Strait of Hormuz - responsible for around 20% of global oil supply - was disrupted. The United States dollar strengthened as investors sought safety, while Treasury yields rose, an unusual move reflecting renewed inflation concerns. Equities proved resilient with airlines and transport lagging, and as energy and defensives outperformed.History suggests regional conflicts rarely derail corporate earnings – except when energy flows are severely and persistently disrupted. That is the critical judgment call now. Join Stephan Clark for part two on the conflict, as he speaks with Mark Brooks, Chief Investment Officer, to review recent developments and the opportunities ahead for well positioned portfolios.
Transcribe →Special Edition | Iran Attack
Mar 100:48:42Tap to summarizeHear how client portfolios are positioned for events in Iran. Headlines and markets move fast. Stay informed with this special edition of the Monday Call.With missiles striking near his Dubai apartment, Paul De Klerk, veteran NZ Investment Adviser, joins Stephan for on-the-ground insights. James Grigor, Investment Strategist, who served in the region with the NZDF, discusses portfolio positioning.
Transcribe →The 2026 Market Miracle: Why Patience Could Pay Big
Feb 2200:48:03Tap to summarizeLast year rewarded steadfast, diversified investors with solid returns. This year, the focus shifts to positioning for what’s next. Expectations are more grounded in reality, new sectors and regions are taking the lead and, in a world hooked on the next big headline, patience has quietly become a secret weapon.Although the news cycle will remain busy, the underlying picture is improving. Growth in the United States is broadening, China’s momentum is building, and AI is moving beyond hype into supporting a productivity leap. Right now, the groundwork is being laid for a more durable and rewarding phase in this market cycle.Join hosts James Grigor and Stephan Clark as they sit down with Michael Hanson, Senior Vice President of Research at Fisher Investments, for a straight-talking look at investing successfully in 2026. Based out of California, Fisher Investments manages over $600 billion globally and is one of a select group of managers NZ Funds partners with.
Transcribe →Bullet Trains and Bull Markets: Notes from the Goldman Sachs Global Macro Conference
Feb 800:51:04Tap to summarizeFor our first Monday Call of the year, we report back from the Goldman Sachs Global Macro Conference Asia Pacific, a closed-door, highly anticipated Hong Kong event alongside some of the world’s leading investors. Mark and James join Stephan to offer perspectives from this investor gathering and provide a rare window into the flows of global capital.Those on-the-ground insights highlight why China and Hong Kong are reasserting themselves on the world stage. High-speed rail, rapid AI adoption, and large-scale infrastructure and manufacturing are advancing at a breathtaking pace, in stark contrast to slower build-outs and policy gridlock in the United States. The coordination of government, capital and technology is reshaping how investors view the region.Together, Mark, James and Stephan will explore infrastructure, AI and financial markets – and why China may be misunderstood and underestimated as a destination for capital and returns. The discussion examines why global investors are increasingly paying attention to the region, and whether the term ‘emerging markets’ remains fair given its extraordinary scale and sophistication.
Transcribe →The year in markets | Signals, shifts and opportunities for 2026
Dec 700:53:01Tap to summarizeJoin us as we look back on the key themes that shaped markets in 2025, and the opportunities emerging for investors in 2026. 2025 has been defined by a world moving at different speeds: slowing growth in some regions, pockets of resilience in others, and meaningful divergence across interest rates, inflation, and equity performance.The AI and data-centre investment cycle has continued to accelerate, while the energy transition and demand for critical minerals have reshaped capital flows and sector leadership. Equity markets have become increasingly dispersed, and volatility across regions and sectors has reinforced the importance of active positioning and the ability to adjust exposures as conditions evolve.Here in New Zealand, after a challenging period for households and businesses, we are now seeing genuine green shoots in falling inflation, stabilising interest rates, improving confidence, and early signs of a turnaround in corporate earnings. These factors are expected to support the New Zealand share market into 2026, especially given attractive valuations and a historically strong dividend profile.Against this backdrop, why does NZ Funds continue to believe a flexible, active, multi-asset investment approach is essential? We will explore these themes and more in the final Monday Call of the year.
Transcribe →Cracking the interest rate code | A research-driven approach for smarter portfolios
Nov 2300:50:31Tap to summarizeInterest rates remain one of the most powerful forces shaping investment outcomes, and understanding the four phases of the interest-rate cycle (hiking, peak, cutting and the flat bottom) is key to navigating markets. Each phase affects share market performance and sector leadership in patterns that have repeated across multiple cycles.To help investors make the most of these opportunities, NZ Funds has developed the Interest Rate Investment Strategy (IRIS), a research-driven framework that guides sector positioning as the cycle moves. This week, we look at why the strategy was developed, how it is currently being implemented, and what it tells us about expected equity returns across New Zealand, Australia and the United States.In a world where interest-rate sensitivity creates both risks and opportunities, IRIS offers a clear, practical way to strengthen decision-making, build resilience, and stay positioned for what comes next. Join hosts James Grigor, Investment Strategist, Stephan Clark, Chief Client Officer, and special guest Charlie Astwick, Investment Analyst, as they share insights from NZ Funds’ latest research and discuss what the future path of interest rates may mean for investors.
Transcribe →The NZ Funds Knowledge Series | Equal Weighting and Downside Mitigation
Nov 1000:40:21Tap to summarizeThe way investors build share portfolios is changing. With markets increasingly driven by a handful of big companies and traditional diversification offering less protection, it’s time to rethink how portfolios are structured. NZ Funds’ latest research explores two areas that can make a real difference. How equal-weighted portfolios compare with capitalisation-weighted portfolios, and how tail-risk protection can help reduce drawdowns while lifting long-term returns.This week, we’ll look at the findings from NZ Funds’ recently published Equal vs Capitalisation-Weighting and Downside Mitigation (Universa) white paper. From how regular rebalancing and broader share exposure can improve returns, to how downside protection strategies like Universa can buffer major market falls, the research shows practical ways to build stronger, more resilient portfolios.In a world of concentration risk and sharp market moves, both approaches aim to give investors better long-term results - higher compounding and steadier returns. Join hosts James and Stephan, together with NZ Funds CIO Mark Brooks, as they explore what this means for the next generation of portfolio design.
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