Tag: Fixed Income
Wealth Management Invest: Building Diversified Portfolios with Nomura’s Milissa Hutchinson

Wealth Management Invest: Building Diversified Portfolios with Nomura’s Milissa Hutchinson

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David Bodamer speaks with Milissa Hutchinson, managing director and head of U.S. Wealth at Nomura Asset Management, about how financial advisors can approach diversification as they build portfolios for today’s evolving markets. Milissa shares Nomura’s perspective on diversification, explaining where the firm sees opportunities across emerging markets, small caps and innovation, including artificial intelligence-related growth beyond the largest U.S. technology companies.

Milissa also explores the income opportunities available across fixed income, including high-yield and municipal bonds, and explains where active management may play a role as markets broaden. In addition, she addresses recent concerns surrounding private credit, the importance of understanding liquidity and investment vehicles, and why viewing private credit within the context of a diversified portfolio can help advisors and investors better assess its role alongside public equities and fixed income.

Milissa discusses:

  • How diversification can support portfolio resilience while maintaining exposure to potential growth opportunities
  • Where emerging markets may offer exposure to AI growth through areas such as high-bandwidth memory and technology
  • Why small caps, quality growth, value and innovation can serve different roles within diversified equity portfolios
  • How current yields in high-yield and municipal bonds may offer income opportunities within investor portfolios
  • How financial advisors can evaluate private credit while considering diversification, liquidity and its role within the broader portfolio

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Wealth Management Invest: The Future of Semiliquid Funds with Brian Moriarty

Wealth Management Invest: The Future of Semiliquid Funds with Brian Moriarty

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In this episode of Wealth Management Invest, David Bodamer speaks with Brian Moriarty, principal on Morningstar’s Manager Research Team, about the latest trends shaping the semiliquid fund market. Brian shares insights from Morningstar’s latest research, explaining why investor flows are shifting away from private credit toward private equity and venture capital, while exploring how changing market conditions may affect future return expectations.

Brian also explains how leverage, redemption limits and portfolio liquidity influence the performance of semiliquid funds. In addition, he discusses the role of cash management, portfolio overlap across private credit strategies, evolving fee disclosures and Morningstar’s approach to evaluating these investments through its Medalist Ratings, giving investors a clearer framework for comparing semiliquid funds with public market alternatives.

Brian discusses:

  • Why investor flows are shifting from private credit toward private equity and venture capital funds
  • How leverage, redemption limits and valuation practices influence returns in semiliquid fund structures
  • The role of portfolio liquidity, cash retention and loan maturities in managing investor redemptions
  • How fee structures and incentive fee disclosures can affect comparisons across investment products
  • What Morningstar’s Medalist Ratings reveal about evaluating semiliquid funds versus public market investments

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