Cleared for Take-off: The Aviation Finance Opportunity

In a world of constant headlines, how can investors separate signal from noise?

In this episode, Grover Burthey, Portfolio Manager and Vicki Gedge, Credit Research Analyst, discuss how sustainable investing has evolved and what that means for fixed income investors today. From This Episode: The conversation explores the shift from broad ESG frameworks and ratings towards a more pragmatic focus on business resilience, risk management and long-term value creation. Together, they discuss why active research and issuer engagement remain critical tools for investors, how bondholders approach sustainability differently from equity investors, and why understanding where a company is headed may be just as important as assessing where it stands today. They also examine the role of governance, emerging risks and opportunities, and key themes including AI, that are likely to shape the next phase of sustainable investing. Key Topics • The evolution of sustainable investing and the shift towards a more pragmatic approach • Why ESG scores and ratings are only one input into the investment process • The role of forward-looking research, fundamental analysis and issuer engagement in identifying investment opportunities • Why governance and management quality remain critical considerations for credit investors • How bondholders assess sustainability through the lens of risk, resilience and long-term value creation • The themes shaping the next phase of sustainable investing, including physical climate risk and AI. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Bond markets have been transformed by a generational reset in yields, creating a very different backdrop for investors than just a few years ago.

Active ETFs are gaining traction, but many misconceptions remain, especially in fixed income. In this episode of Fixing Your Interest, we explore how the ETF market is evolving and delve into active versus passive approaches to the bond market. We look at how ETFs work in practice, what’s driving their wider adoption, and why investors are increasingly looking beyond passive strategies. We also discuss what today’s market backdrop means for fixed income, and how investors can navigate complexity, fragmentation and shifting liquidity dynamics. From This Episode: In this episode, Tina Adatia, Head of Public Strategies EMEA at PIMCO, is joined by Martin Svorc, Portfolio Manager, and Jean Baptiste Faure, ETF Capital Markets Specialist. Together, they unpack how ETFs have evolved from predominantly passive equity tools into more flexible vehicles that can deliver active strategies, particularly in fixed income. The conversation covers how the ETF “wrapper” works, why liquidity in ETFs is often misunderstood, and how structural inefficiencies in bond markets can create opportunities for active managers. The discussion also reflects on the current fixed income environment, including attractive starting yields, global divergence, and the importance of diversification. Key topics include: • What an ETF is and why it should be seen as a wrapper, not a strategy • Why active management matters more in fixed income than equities • Structural inefficiencies in bond markets and how they create opportunities • The role of starting yields and why they look more attractive today • How ETFs can offer liquidity, sometimes even more efficiently than the underlying bonds • How the investor base is evolving, with growing retail adoption • Why diversification and selectivity matter in today’s uncertain environment

John Studzinski, PIMCO Vice Chairman, speaks with Libby Cantrill, PIMCO’s head of public policy, to get the view from Washington on the big topics of the moment. Together they explore what might come next in the Iran conflict, as well as its implications for the midterm elections and the US relationship with China. They also look at what lies ahead for the Federal Reserve and its chair-in-waiting Kevin Warsh. From this episode: In this episode, Libby Cantrill, Head of Public Policy at PIMCO, joins PIMCO Vice Chairman John Studzinski to explore the growing overlap between geopolitics, US domestic politics and financial markets. They discuss how the conflict with Iran is reshaping energy markets and supply chains, why elevated oil prices matter for voters as the US midterm elections approach, and how geopolitical shocks can translate into both inflation and growth risks. The conversation also examines what these dynamics mean for monetary policy, including the role of the Fed, the outlook for rate cuts, and how a new Fed chair should be interpreted by markets. Key topics include: • Why geopolitics is once again a major driver of market volatility • The energy shock from Iran and the implications for global supply chains • How gas prices feed into US domestic politics ahead of the midterms • What investors should understand about the Fed, its voting structure and leadership transition • The balance between inflation risks and downside risks to growth • How US-China relations are evolving amid a more distracted global environment Listen in for a discussion of why politics and markets are now deeply intertwined, and why geopolitical volatility may be here to stay as a persistent feature of the investment landscape.