1 00:00:00,000 --> 00:00:02,680 Speaker 1: All right, let's get to the trade today. This as 2 00:00:02,720 --> 00:00:06,280 Speaker 1: demand for exchange traded products focused on European equities was 3 00:00:06,360 --> 00:00:09,240 Speaker 1: so strong last year in twenty twenty five that they 4 00:00:09,280 --> 00:00:12,440 Speaker 1: attracted a decade in a year of inflows. That's according 5 00:00:12,480 --> 00:00:16,040 Speaker 1: to Black Rocks Ursula Marcioni, head of Investment and Portfolio 6 00:00:16,120 --> 00:00:21,000 Speaker 1: Solutions for EMEA at the world's largest asset manager. She 7 00:00:21,120 --> 00:00:24,000 Speaker 1: caught up an interview with Bloomberg TV this morning over 8 00:00:24,040 --> 00:00:25,520 Speaker 1: with our European colleagues, check it. 9 00:00:25,440 --> 00:00:29,479 Speaker 2: Out from investors with historical own bias towards Europe that 10 00:00:29,600 --> 00:00:32,040 Speaker 2: has to be rectified. But then on the flip side, 11 00:00:32,040 --> 00:00:35,280 Speaker 2: from a more tactical perspective, there is this desire to 12 00:00:35,320 --> 00:00:39,160 Speaker 2: diversify and remain exposed to the AI trade and today 13 00:00:39,240 --> 00:00:41,360 Speaker 2: US but with some form of protection. 14 00:00:41,520 --> 00:00:44,479 Speaker 3: And so we've seen last year the great repatriation trade 15 00:00:44,520 --> 00:00:47,760 Speaker 3: with nearly ninety two billion of flows going back into 16 00:00:47,760 --> 00:00:51,600 Speaker 3: European equities ctps. If you compare it to the period 17 00:00:52,000 --> 00:00:56,320 Speaker 3: twenty fourteen to twenty twenty twenty four, that was ninety 18 00:00:56,320 --> 00:00:58,800 Speaker 3: four so it's basically a decade in a year. 19 00:00:59,200 --> 00:01:02,040 Speaker 4: It's pretty remarked a decade in a year. At CrOx 20 00:01:02,160 --> 00:01:05,880 Speaker 4: Ursula Marcioni, head of Investment Portfolio Solutions for E M E. A. 21 00:01:06,000 --> 00:01:08,000 Speaker 4: Let's get to the trade in today's trade and what 22 00:01:08,040 --> 00:01:11,039 Speaker 4: she's seeing on the Robinhood platform. Stephanie guild Is with 23 00:01:11,080 --> 00:01:15,120 Speaker 4: as chief investment officer at Robinhood Markets. Did that resonate 24 00:01:15,160 --> 00:01:17,200 Speaker 4: with what you're seeing on the robin Hood platform or 25 00:01:17,240 --> 00:01:20,160 Speaker 4: is that completely different than what you're seeing on the platform? 26 00:01:21,319 --> 00:01:24,319 Speaker 5: We yeah, we haven't actually seen a ton of international 27 00:01:24,360 --> 00:01:27,800 Speaker 5: take up, at least here in the US. You've seen 28 00:01:27,800 --> 00:01:30,880 Speaker 5: a little bit in the Chinese tech aspect, like in 29 00:01:30,959 --> 00:01:34,959 Speaker 5: names like Baba, but largely it's been a very US 30 00:01:35,080 --> 00:01:38,080 Speaker 5: focused you know, AI and and lots of other investing 31 00:01:38,120 --> 00:01:40,720 Speaker 5: themes focused over the last year. 32 00:01:41,280 --> 00:01:42,160 Speaker 4: Why do you think that is? 33 00:01:43,760 --> 00:01:47,200 Speaker 5: I think our customers take sort of a long term 34 00:01:47,280 --> 00:01:49,280 Speaker 5: view and they like to invest in things that they 35 00:01:49,600 --> 00:01:53,440 Speaker 5: know and understand really no different than you know, past generations. 36 00:01:53,520 --> 00:01:57,160 Speaker 5: And I think they feel that they know and understand 37 00:01:57,280 --> 00:02:00,400 Speaker 5: you know, tech and can understand kind of the long 38 00:02:00,520 --> 00:02:03,680 Speaker 5: term secular growth trends that can come from parts of 39 00:02:03,760 --> 00:02:06,920 Speaker 5: tech and are willing to take that risk, you know, 40 00:02:06,960 --> 00:02:09,160 Speaker 5: even if it's in the space like quantum computing, which 41 00:02:09,200 --> 00:02:13,160 Speaker 5: is still you know, in sort of discovery phase. 42 00:02:13,440 --> 00:02:15,160 Speaker 1: Do you think that has to do with some of 43 00:02:15,200 --> 00:02:17,640 Speaker 1: who are actually on your platform? In other words, the 44 00:02:17,639 --> 00:02:20,280 Speaker 1: demographics that I think, you know, I don't know. 45 00:02:20,600 --> 00:02:23,800 Speaker 4: Maybe they've only seen US equity DOWT perform, right, like exactly, 46 00:02:23,919 --> 00:02:26,520 Speaker 4: that's not the world that you lived in for much time. 47 00:02:26,600 --> 00:02:27,360 Speaker 1: Yeah, right, it. 48 00:02:27,400 --> 00:02:28,880 Speaker 5: Could be absolutely part of it. I mean, it's the 49 00:02:28,919 --> 00:02:31,480 Speaker 5: same kind of thing as like, you know, has the 50 00:02:31,600 --> 00:02:35,519 Speaker 5: generation ever seen value outperform growth exactly here in the US. 51 00:02:35,760 --> 00:02:38,680 Speaker 1: It's so funny that you say that. I on Friday 52 00:02:38,760 --> 00:02:41,040 Speaker 1: was at a big dinner and was talking with someone 53 00:02:41,080 --> 00:02:43,880 Speaker 1: who has started companies sell them now investing their own money, 54 00:02:44,240 --> 00:02:46,240 Speaker 1: and just talked about some of the big wealth managers 55 00:02:46,280 --> 00:02:49,120 Speaker 1: who come to him and say, you should be buying 56 00:02:49,160 --> 00:02:51,080 Speaker 1: the market, you know, and paying me a fee for 57 00:02:51,120 --> 00:02:52,400 Speaker 1: doing that, and so on and so forth. And he's like, 58 00:02:52,600 --> 00:02:54,960 Speaker 1: you know what, I haven't bought the market. I've actually 59 00:02:55,240 --> 00:02:58,320 Speaker 1: doubled down on those big tech names and have outperformed 60 00:02:58,360 --> 00:03:00,239 Speaker 1: the market. Even though if you think about the last 61 00:03:00,240 --> 00:03:02,880 Speaker 1: few years, people keep saying, oh, back off some of 62 00:03:02,880 --> 00:03:04,880 Speaker 1: these you know, it's time to diversify. You know what, 63 00:03:04,919 --> 00:03:06,920 Speaker 1: if you didn't you did really well, and especially if 64 00:03:06,960 --> 00:03:08,560 Speaker 1: you played on those MAGS seven names. 65 00:03:09,960 --> 00:03:12,560 Speaker 5: Yeah, I think I do think it's shifting now. Like 66 00:03:12,639 --> 00:03:16,320 Speaker 5: I'm sort of a student of looking at the market 67 00:03:16,360 --> 00:03:19,840 Speaker 5: and saying that once you had sort of a post 68 00:03:19,880 --> 00:03:22,600 Speaker 5: COVID world, I do think the fact that we have 69 00:03:22,680 --> 00:03:27,959 Speaker 5: interest rates has has shifted what is possible and can outperform, 70 00:03:28,720 --> 00:03:31,040 Speaker 5: and there is you know, COVID's kind of brought tech 71 00:03:31,160 --> 00:03:33,280 Speaker 5: right into front and center and the need for it. 72 00:03:33,360 --> 00:03:35,880 Speaker 5: But I think as more time goes on, and especially 73 00:03:35,920 --> 00:03:38,320 Speaker 5: with some of the incentives from the one Big Beautiful 74 00:03:38,320 --> 00:03:41,000 Speaker 5: Bill and other that I think it's possible that you 75 00:03:41,040 --> 00:03:44,440 Speaker 5: can start to see other things do well and. 76 00:03:44,440 --> 00:03:47,720 Speaker 1: Yet the net buys on your platform, right Meta, Microsoft, 77 00:03:47,720 --> 00:03:49,520 Speaker 1: I'm thinking about We're going to have a lot what 78 00:03:49,640 --> 00:03:53,960 Speaker 1: for the MAG seven reporting this week alone, including these 79 00:03:53,960 --> 00:03:57,920 Speaker 1: two names net cells and video AMD and core Weave, 80 00:03:57,920 --> 00:04:00,920 Speaker 1: which is interesting because core Weave rally in today's session, 81 00:04:00,960 --> 00:04:01,600 Speaker 1: but that's. 82 00:04:01,400 --> 00:04:05,320 Speaker 4: What you've seen they should in video investment, right. 83 00:04:05,440 --> 00:04:09,040 Speaker 5: Right, Yeah, And that's over the last week, so it 84 00:04:09,080 --> 00:04:11,840 Speaker 5: does shift. What was also interesting over the last week 85 00:04:12,520 --> 00:04:14,400 Speaker 5: is that I saw and you kind of saw this 86 00:04:14,920 --> 00:04:19,520 Speaker 5: news all across the X platform, but you saw below 87 00:04:19,600 --> 00:04:23,599 Speaker 5: those top names a number of software companies starting to 88 00:04:23,600 --> 00:04:26,919 Speaker 5: come into the net buy side, so taking advantage of 89 00:04:26,960 --> 00:04:30,600 Speaker 5: the pretty deep sell off in that space. And then 90 00:04:31,000 --> 00:04:33,200 Speaker 5: more recently, just like in the last day, we've seen 91 00:04:33,240 --> 00:04:35,560 Speaker 5: some Netflix buying as well. 92 00:04:36,160 --> 00:04:39,880 Speaker 4: Was that because of the Alex Hanold stunt over the weekend? 93 00:04:40,000 --> 00:04:42,120 Speaker 4: Just thirty seconds might be? 94 00:04:43,320 --> 00:04:45,359 Speaker 5: You know, obviously there's a lot of drama with Netflix 95 00:04:45,400 --> 00:04:45,720 Speaker 5: right now. 96 00:04:45,800 --> 00:04:48,200 Speaker 4: Yeah, there is. You know, that's been it's been beat 97 00:04:48,279 --> 00:04:50,880 Speaker 4: up ever since the announcement that they're going after Warner 98 00:04:50,920 --> 00:04:54,120 Speaker 4: Brothers Discovery's assets. So investors don't love it, but they 99 00:04:54,240 --> 00:04:57,000 Speaker 4: keep they keep studying with hey, we want those assets 100 00:04:57,000 --> 00:04:58,080 Speaker 4: and we'll pay for They still. 101 00:04:57,880 --> 00:05:00,000 Speaker 5: Have a solid business underneath. 102 00:05:00,160 --> 00:05:03,320 Speaker 4: It's pretty Yeah, that's a good point. It's Stephanie good. 103 00:05:03,520 --> 00:05:05,440 Speaker 4: Good to see you as always, appreciate your time. 104 00:05:05,480 --> 00:05:07,440 Speaker 1: Come back soon, Come back soon. Love talking with her. 105 00:05:07,520 --> 00:05:09,880 Speaker 1: She is Chief investment Officer over at robin Hood Markets.