Beyond the Benchmark by EFG
More than just your typical market analysis podcast, EFGAM'S CIO Moz Afzal goes Beyond the benchmark, delving into current topics and global trends with guests and experts from within EFG and further afield. The podcast is released fortnightly.
EP 153: EFG Outlook 2027: Navigating a world of change, risk and opportunity
What lies ahead for the global economy and financial markets in 2027?
In this special edition, EFG’s CIO Moz Afzal is joined by Deputy CIO Daniel Murray to explore the ten key themes we see shaping the outlook in 2027. Together they examine the economic, geopolitical and structural forces se to influence investment markets in the year ahead.
From the resilience of global growth and shifting interest rate expectations to the emergence of middle powers and the accelerating AI investment supercycle, they discuss what investors should have on their radar. The conversation also...
EP 152: Democracy, debt and data centres: Inside America’s volatile midterms
Could the US midterm election trigger the next big move in financial markets?
With control of Congress hanging in the balance, investors may face a pivotal moment. From the future of the AI boom to the outlook for banks, the election results could have far-reaching consequences for markets and portfolios.
EFG Deputy CIO Daniel Murray is joined by Dan Clifton, Partner at Baird Strategas, whose long career tracking Washington and Wall Street gives him a distinctive lens on today’s environment. Together they explore one of the most turbulent US political backdrops in mod...
EP 151: The new macro order: gold, deglobalisation and EM opportunities
As the global economic order becomes increasingly fragmented, investors are navigating a landscape shaped by deglobalisation and shifting geopolitical alignments. In this episode, Moz Afzal is joined by Thomas Roderick, Portfolio Manager at Trium Capital to explore how these structural forces are reshaping global markets.
Their conversation explores the growing economic divide between the US and China and why Thomas sees gold as a key expression of this longer-term shift. They also look beyond traditional emerging market exposures to consider where a changing political and economic landscape could be creating new opportunities.
Our host, Moz...
EP 150: The midterm playbook: Congress, data centres and the cost-of-living vote
As the US midterm elections come into view, Moz Afzal is joined by Clayton Allen, Practice Head for the United States at Eurasia Group, to unpack what really matters to Trump and voters. Clayton breaks down why Trump is likely to shrug off a Democratic House and pivot even further toward foreign policy. They also dig into the political backlash facing data centres, the state of US relations with China, Russia and Iran, and what Trump's obsession with legacy could mean for markets and policy.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
...
EP 149: Joining the party late – Europe’s bullish turn
After years of being the market’s perennial underdog, Europe is finally having a moment. In this episode Moz Afzal sits down with Gerry Fowler, Head of European Equity Strategy at UBS, to explore why sentiment on European equities has shifted and why this upgrade in tone looks structurally different from false dawns of the past.
Gerry walks through the bottom-up story reshaping the market – from AI capex “late cycle joiners” in cables, turbines and semis equipment to a broadening industrial recovery fueled by German fiscal stimulus. The pair also discuss why Spain and Italy have outperformed and the...
EP 148: Is the AI boom cracking? Inside July’s sell-off and beyond
Enterprise artificial intelligence demand is booming, semiconductors remain volatile, and July’s sharp sell-off has left investors asking whether the AI trade is cracking or simply resetting. Hosted by Moz Afzal, Global CIO at EFG, in conversation with Henry Walters, EFG Equity Analyst, this episode explores what drove the July wobble – from crowded positioning and leverage to rising rates and credit spreads – against a backdrop of robust tech earnings and surging AI capital expenditure. They also discuss the battle between open and closed AI models as well as the key risks that could shape where AI infrastructure spending goes next.<...
EP 147: Where technology ends and human intuition begins – onboard with Team Malizia
What happens when the models, forecasts and systems have done all they can – and it’s down to human judgment? Ocean racing skipper Boris Herrmann explains how he leads Team Malizia through some of the toughest races on the planet. While much of the race outcome is already determined through the preparation beforehand, intuition, trust and teamwork still play a vital role. Listen to this fascinating episode to hear what life is like in some of the most remote and demanding conditions.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Bo...
EP 146: Secondaries first: rethinking private market liquidity
In EFG’s Outlook 2026 publication, private equity secondaries were highlighted as a key opportunity within private markets. In this episode, CIO Moz Afzal is joined by Jake Elmhirst, Partner and Head of Private Wealth Secondaries Solutions at Coller Capital, to discuss why secondaries have become a core building block in client portfolios. They explore the current liquidity squeeze in private markets, how secondaries can offer diversification and potentially attractive risk‑adjusted returns, and why the growth of perpetual and semi‑liquid structures is changing how private wealth accesses private equity.
Our host, Moz Afzal:
https://bit.ly...
EP 145: EFG’s Mid-Year Outlook: what to know now and how to act
In this special Mid-Year edition Moz Afzal is joined by Deputy CIO Daniel Murray to revisit EFG’s 2026 Outlook, assessing what has played out so far – and what investors should be watching next. Together, they discuss why the US continues to lead global growth, “shark‑infested” bond markets, as well as the AI investment boom. They also share what this all means for portfolios today, highlighting where EFG still sees opportunity, where caution is warranted and how investors can position for the second half of the year and beyond.
Our host, Moz Afzal:
https://bit.ly/31XbkTR...
EP 144: Strongmen, sanctions and the Strait of Hormuz: Navigating today’s new geopolitical order
In this Future Leaders edition of the Beyond the Benchmark podcast (recorded as of early June 2026), Moz Afzal speaks with Nicholas Hopton, former UK ambassador to Iran, Qatar, Libya and Yemen and Chair of the Advisory Board at the Centre of Geopolitics, University of Cambridge. Drawing on 35 years of frontline diplomatic experience, Hopton explains how the Iran–US war, nuclear negotiations, and shifting alliances across the Gulf are reshaping the global order, energy markets and sanctions landscape – and what this means for investors navigating a more fragmented, “strongman” world.
Our host, Moz Afzal:
https://bit.ly/31Xbk...
EP 143: The SpaceX IPO and the New Space Economy
Alexandra Vidyuk, CEO and Founding Partner of Beyond Earth Ventures, sits down with Moz to explore how the SpaceX IPO marks a turning point in the commercialisation of space. Plummeting launch costs open the door to transformational new industries such as in-space pharmaceutical labs, orbital data centres and semiconductor crystal growth, and a new breed of founders are competing to reshape the sector.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Alexandra Vidyuk
https://bit.ly/4oiErdK
EFGAM:
https://www...
EP 142: Populism, higher rates and AI: How the market cycle is shaping up
What does the “market balance sheet” for US equities look like? Jason Trennert, Chairman and Chief Executive Officer of Strategas Research Partners, weighs up the key assets and liabilities for investors today, from powerful earnings growth and AI-driven productivity gains to the headwinds from inflation, higher rates and geopolitics.
Jason also explains why themes such as populism, deglobalisation and rising defence spending may keep underlying inflation and long-term interest rates higher than many investors expect – and what that could mean for assets. Plus, there is a look ahead to the coming wave of mega-cap initial public offerings, includ...
EP 141: The AI-Macro Nexus
Kicking off EFG’s Future Leaders series, Moz Afzal sits down with Jordi Visser, Head of AI Macro Nexus at Visser Labs. Together, they explore how AI is reshaping global markets, the challenges and opportunities for investors, and the rapid pace of technological change. Jordi also shares his unique perspective on the future of innovation and the evolving role of AI in economic disruption.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Jordi Visser
https://bit.ly/4cPzmnN
EFGAM:
https://ww...
EP 140: Moz down under part 2: Opportunities in New Zealand
Continuing his trip down under, Moz Afzal crossed over to Auckland to sit down with Andrew Kelleher, Director at Shaw and Partners New Zealand. Together they discuss the structure and outlook for the New Zealand economy, the behaviour of the Kiwi dollar, and the country’s long-term prospects. Andrew also explores the evolution of New Zealand’s investment services industry, as well as his unconventional path from archaeology into financial markets.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Andrew Kelleher
https://bit.ly/4enng7P
EP 139: Moz down under part 1: Australia deep dive
On his recent trip to Australia, Moz Afzal sat down with Martin Crabb, CIO of Shaw and Partners, for a deep dive into the Australian economy and markets. They discuss how the latest Middle East tensions and higher energy prices are feeding into Australian inflation and interest rates, what that means for the Reserve Bank’s hiking path, and the implications for the Aussie dollar and bond markets. They also explore the outlook for the ASX and why Australia’s long-term story of population growth, infrastructure demand and a powerful superannuation system still offers compelling opportunities for investors over the...
EP 138: Inflation fears, rate expectations and chair changes: Takeaways from the Fed meeting
Conflict in the Middle East, volatile energy prices and the state of its independence made for an interesting backdrop for the Federal Reserve meeting, even if it did not deliver any policy changes. Deputy CIO Daniel Murray is joined by EFG’s Chief Economist, Stefan Gerlach, in this short update episode to unpack the Fed’s latest meeting and inflation expectations. In addition, Stefan outlines the common challenges facing major central banks globally as they try to avoid a repeat of the 2021–22 inflation surge while navigating extreme uncertainty.
Our host, Daniel Murray:
https://bit.ly/3oBNnMm...
EP 137: The memory supercycle and what it means for Asia Pacific equities
From South Korea’s memory leaders to Taiwan’s artificial intelligence supply chain, we explore what’s really behind recent market moves in the Asia Pacific region. EFG portfolio manager Chris Chan discusses how the AI hardware cycle, shifting geopolitical risks as well as China’s two‑speed economy are shaping equity markets.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Chris Chan
https://bit.ly/4srozqg
EFGAM:
https://www.newcapital.com/
Important disclaimers
The value of investm...
EP 136: Brazil on the rise: what to know in 2026
The Brazilian equity market had a strong 2025 and momentum has so far carried over, but can it continue? Tiago Berriel, chief strategist at BTG Pactual joins us on the podcast to unpack what has driven Latin America’s largest economy and what lies ahead. Real rates, trade relations, election considerations and why Tiago is more positive on the economy than the Brazilian soccer team come in to focus.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Tiago Berriel
https://bit.ly/4rqCeOe
EF...
EP 135: The AI bubble and new frontiers in tech
Dominic Jacobson, Senior Equity Analyst in EFG Asset Management’s US Growth Equity team unpacks whether tech bubble fears are misplaced, and why compute power and energy availability may in fact be keeping excess in check. Also featured are geopolitical competition, open-source versus closed-source models and what could be the next big untapped opportunity in tech.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Dominic Jacobson
https://bit.ly/4taOiV2
EFGAM:
https://www.newcapital.com/
Important disclaimers
...
EP 134: Staying the Course: Strategy, Discipline and Compounding Growth with Giorgio Pradelli
In the second episode of this three-part series, EFG International CEO Giorgio Pradelli reflects on successful engagement with investors, long-term strategy, and the discipline required to deliver consistent, compounding growth in global wealth management. From the importance of setting the course to aligning 40 locations worldwide, Giorgio shares how clear vision, execution and people underpin EFG’s success.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Giorgio Pradelli, CEO EFG International
http://bit.ly/40q19WK
EFGAM:
https://www.newcapital.com/
...EP 133: 2025 in review
In this year-end episode of Beyond the Benchmark, Moz and Daniel unpack the defining forces of 2025 — from the return of Donald Trump and global tariff shocks to the Middle East conflict, shifting geopolitics, and surprisingly resilient markets. They conclude by outlining key scenarios for 2026, including why a soft landing remains the base case despite looming midterm volatility and policy uncertainty.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Daniel Murray:
https://bit.ly/3NBVBC2
EFGAM:
https://www.newcapital.com/
...
EP 132: Shock and awe: US politics and policy in 2026 with Dan Clifton
As the US enters midterm year, Dan Clifton returns to help navigate the political and economic crosscurrents impacting the world’s largest economy. Fiscal stimulus, election year market volatility, recession risks and the Fed’s strategy are all under the microscope in this episode of Beyond the Benchmark with Moz Afzal.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guests:
Dan Clifton, Head of Policy Research at Strategas
http://bit.ly/3iTUMIG
EFGAM:
https://www.newcapital.com/
Important disclaimers
EP 131: The art of wealth planning with Evgenia Goti
Evgenia Goti, Global Head of Wealth Planning at EFG joins Moz to shed light on both the technical and human considerations of structuring family wealth across generations. As the great wealth transfer gathers pace, she explains how families can preserve cohesion and avoid common pitfalls while building legacies.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Evgenia Goti
https://bit.ly/4pdITu9
EFGAM:
https://www.newcapital.com/
Important disclaimers
The value of investments and the income...
EP 130: Taking the pulse of the US economy - insights from Washington
What’s really on the mind of strategists and economists right now? In this special, bitesize update episode of Beyond the Benchmark, Daniel Murray, EFG’s Deputy CIO, delivers the key takeaways from his recent trip to the US, covering tariffs, valuations and the future of the Federal Reserve.
Our host, Sam Jochim:
https://bit.ly/4o0EYzr
Our guest:
Daniel Murray:
https://bit.ly/3NBVBC2
EFGAM:
https://www.newcapital.com/
Important disclaimers
The value of investments and the...
EP 129: Trade Wars, AI Tailwinds, and the Global Economic Mosaic with Torsten Slok
Torsten Slok, Chief Economist at Apollo Global unpacks the shifting macro landscape, from trade tensions and tariff impacts to the rapid industrial and AI revolutions reshaping markets. In focus are the contrasting inflation dynamics between the US and Europe, risks tied to AI valuations, and what investors should watch in the months ahead.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Torsten Slok
https://bit.ly/47W3U65
EFGAM:
https://www.newcapital.com/
Important disclaimers
The...
EP 128: Credit, debt cycles and bubbles with Michael Leithead
As the US economy eagerly awaits labour market data and whisperings of an AI bubble grow, Moz talks to Michael Leithead, Head of Fixed Income at EFGAM about the path ahead. In the spotlight are Fed rate cuts, the economic impacts of Artificial Intelligence and what some of the idiosyncratic risks are to be aware of in the current cycle.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Michael Leithead
https://bit.ly/47hK4AP
EFGAM:
https://www.newcapital.com/<...
EP 127: What the Market Cycle Clock is telling us with Jeff deGraaf
Renowned market technician Jeff deGraaf, Chairman and CEO of RenMac, helps explain what time it is on RenMac's Market Cycle Clock, and what it signals for equities. Alongside discussing sector opportunities, he also lays out the case for why he believes we’re in a broad-based global bull market, despite near term consolidation risks.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Jeff deGraaf, CMT, CFA, Chairman and Head of Technical Research at Renaissance Macro Research
https://www.renmac.com/jeff-degraaf/
EFGAM:
...EP 126: Fed rate cut reaction with GianLuigi Mandruzzato and Stefan Gerlach
In this special short episode of Beyond the Benchmark, GianLuigi and Stefan give their immediate reaction to the Fed's 17 September decision to cut interest rates by 25 basis points. While a true picture of market reaction is yet to be seen, Stefan highlights some of the learnings to be gleaned from the decision about how the FOMC is currently operating and what their longer term thinking is.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Stefan Gerlach, Chief Economist, EFG
https://bit.ly/3veyR4U
<...
EP 125: The US consumer in a tariff-laden economy with Chelsea Wiater
The US consumer remains a crucial pillar of the economy, but what happens when they face the combined pressures of high interest rates and trade tariffs? In this episode, Chelsea Wiater, Senior Portfolio Manager for New Capital’s US growth equity strategies, unpacks the evolving habits of American consumers. She explores the striking divergence between weak consumer sentiment and resilient spending, and highlights the industries finding success in this challenging environment.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Chelsea Wiater, Senior Portfolio Manager, New Capital
https://bi...
EP 124: Entering uncharted demographic territory with James Pomeroy
Collapsing birth rates are taking the world into uncharted territory, according to research done by James Pomeroy and HSBC. Shrinking populations from China to Europe will put unprecedented pressure on fiscal policy, but bright spots for investors still remain in the developing world.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
James Pomeroy, Global Economist at HSBC
https://bit.ly/38Y9plu
EFGAM:
https://www.newcapital.com/
Important disclaimers
The value of investments and the income...
EP 123: Leadership, vision, and judgement with EFG CEO Giorgio Pradelli
In the first of a special three-part series, Giorgio Pradelli, CEO of EFG International, joins Moz to discuss his personal and professional journey. From his early days in Torino, Italy, to leading one of Europe’s top private banks, Giorgio shares valuable insights on leadership, decision-making, building a strong company culture, and the importance of staying calm under pressure in today’s ever-changing business landscape.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Giorgio Pradelli, CEO EFG International
http://bit.ly/40q19WK
EF...
EP 122: Signs of promise for 2026, but potentially a bumpy ride
In the wake of the 'big, beautiful bill', Don Rissmiller shares his view that 2026 and beyond look positive for the US economy. However, there may be some turbulence in the final months of 2025 as tariff disruption and geopolitical pressures wash through the system.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Don Rissmiller, Partner and Chief Economist at Strategas
http://bit.ly/4oz4jlp
EFGAM:
https://www.newcapital.com/
Important disclaimers
The value of investments and t...
EP 121: Trump, Powell, and the future of central bank independence
Could Trump appoint a new Fed chairman before Powell’s term is due to end and what are the possible market implications? Stefan Gerlach joins Moz Afzal to explore the current central bank dynamics as well as the broader economic challenges facing the US, eurozone and UK and how feasible their growth ambitions are.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Stefan Gerlach, Chief Economist EFG
http://bit.ly/4o6ypfZ
EFGAM:
https://www.newcapital.com/
Important dis...
EP 120: Performing under pressure with professional golfer Shannon Tan
Shannon Tan, EFG Sports Ambassador and professional golfer on the Ladies European Tour joins Moz on the podcast this week. The 21 year old Singaporean golfer shares the story of her journey to professional golf, along with her strategies for maintaining focus and discipline while on tour, and how she copes with the pressure of playing against some of the best in the world.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Shannon Tan, EFG Sports Ambassador
http://bit.ly/4lCKQhk
EFGAM:
<...EP 119: The new era of rolling mini cycles in the market
Chris Senyek, Chief Investment Strategist at Wolfe Research goes into why he thinks the cyclical nature of the market has changed in the years since the 2008 financial crisis. As central banks grapple with sticky inflation and high debt to GDP ratios, we discuss the delicate balancing act between yields and interest rates and how they differ globally.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guest:
Chris Senyek, Chief Investment Strategist at Wolfe Research
https://bit.ly/3scDZml
EFGAM:
https://www...
EP 118: Tariff turmoil, Trump 2.0 and a big beautiful bill with Dan Clifton
Friend of the podcast Dan Clifton returns to Beyond the Benchmark to help make sense of the ongoing Trump tariff saga and his ‘big beautiful bill’. Trump’s economic trials and tribulations are also set against the backdrop of a radical shift in the way the US conducts foreign affairs, as signalled on his recent trip to Qatar in a speech which has been surprisingly overlooked by most.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guests:
Dan Clifton, Head of Policy Research at Strategas
http://bit.ly/3iTUMIG...
EP 117: Reimagining business through AI
José Pedro Almeida, Executive in Residence at INSEAD, explains how he helps governments, investors and businesses lead AI and digital transformations, with a particular focus on healthcare. From how to get CEO buy-in to the dos (and don’ts) of measuring success, Jose explains the human role in a GenAI enabled business.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guests:
José Pedro Almeida
https://bit.ly/43hdhdf
EFGAM:
https://www.newcapital.com/
Important disclaimers
The value of i...
EP 116: How Meta Manages Misinformation in a Rapidly Changing World
What role do global platforms such as Meta have in managing misinformation? What is the difference between misinformation and fake news, and what impact does it have on society? What lessons has Meta learnt from the challenging geopolitical environment of the past few years? Moz talks to Tom Bonsundy O’Bryan, Head of misinformation policy for EMEA at Meta to gain a fascinating insight into the world of combating misinformation at the world’s largest social media company.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guests:
Tom Bonsundy-O'Bryan
ht...
EP 115: The state of sustainable investing: crisis or opportunity?
The Trump administration has an infamously dim view on sustainability, but what does this really mean for the landscape of sustainable investing? Melanie Beyeler, Senior Portfolio Manager at New Capital, talks to Moz about why it’s not necessarily all bad news for the segment, and what sustainable investing opportunities may arise out of the new global dynamic.
Our host, Moz Afzal:
https://bit.ly/31XbkTR
Our guests:
Melanie Beyeler
https://bit.ly/4cuNGBK
EFGAM:
https://www.newcapital.com/
Important di...
EP 114: Inside the Mind of a CIO: Moz Afzal’s Investment Journey
In this special episode of Beyond the Benchmark, the tables are turned as EFG’s Global Chief Investment Officer, Moz Afzal, steps into the hot seat. Fresh off being named CIO of the Year at the 2025 WealthBriefing European Awards, Moz shares insights into his journey from junior analyst to managing $25 billion in assets. He discusses the key challenges he’s faced, the importance of leadership and integrity in asset management, and why embracing uncertainty is crucial for investment success.
Our host, Ben Woodford:
https://bit.ly/4hRe5KW
Our guest, Moz Afzal
htt...
