Welcome to another episode of Goldman Sachs exchanges, great investors.

I'm Betsy Gorton, a partner in Goldman Sachs External Investing Group and your host for today's episode.

Today I'm delighted to be speaking with Rob Lovelace,

who's been a portfolio manager at Capital Group,

one of the world's largest active investment managers, with $2.5 trillion in assets under management

for 38 years.

Rob manages portfolios at capital, but recently stepped down as Vice Chair and President

at the privately held firm.

I'm excited to talk with Rob today about the distinct investment process that Capital Group has

pioneered, how he's thinking about macro trends in today's environment and his lessons for leadership.

Rob, thank you for joining us.

Thank you very much, great to see you.

All right, so let's kick off and talk about capital groups.

Most mutual fund organizations really focus on individual investors, a lot of focus

on recent performance, developing public recognition around these investors.

Capital Group really does none of these things.

In fact, in many ways, sometimes avoids it.

Why is that?

I think it goes back many decades and it was a fluke of history as many great

inventions or discoveries are. It was around succession planning and we had one

portfolio manager that was going to leave the firm and they were trying to figure

out who the next successor should be.

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