Wellington Management
also referred to as: wellington · wellington management company
76 statements across 12 episodes · 31 bullish · 12 bearish · 11 people on the record · first statement Sep 3, 2018 by Sarah Williamson · said 294 times in 32 episodes since 2017 · across every show →
Mentions by year
brought up most by Ted Seides (175), Jean Hynes (57), Sarah Williamson (13), Sarah Samuels (10), Mark Sullivan (8), Wendy Cromwell (5), Roberto Ish (4), Michael Carmen (4)
tap a year for its mentions
2026 2 mentions in 2 episodes 1 per episode
2025 46 mentions in 1 episode
2024 56 mentions in 5 episodes 11 per episode
- Training Grounds: Wellington Management – Jean Hynes (EP.423)
- Succession - Sarah Samuels on Generational Transitions (EP.400)
- Jennifer Prosek – Nailing the Narrative (EP.396)
- Blythe Masters - Fintech Innovation at Motive Partners (EP.376)
- Jonathan Tepper - Buying Monopolies at Prevatt Capital (EP.375)
- every mention in 2024, scene by scene →
2023 21 mentions in 3 episodes 7 per episode
2022 25 mentions in 4 episodes 6 per episode
- Charley Ellis - Figuring Out Investing and Vanguard (Capital Allocators, EP.286)
- Sarah Samuels – Framework and Rigor at NEPC (Capital Allocators, EP.264)
- Charles Van Vleet – Thinking Differently with Pensions at Textron (Capital Allocators, EP. 283)
- Carla Harris – Pearls of Career Wisdom (Capital Allocators, EP.267)
- every mention in 2022, scene by scene →
2021 4 mentions in 1 episode
2020 64 mentions in 11 episodes 6 per episode
- Sustainable Investing 1: Wendy Cromwell – The $170 Trillion Opportunity (Capital Allocators, EP.139)
- Sustainable Investing 10: Hiro Mizuno – Changing the Game (Capital Allocators, EP.148)
- Sustainable Investing 9: Reuben Munger – Private Capital Perspective (Capital Allocators, EP.147)
- Sustainable Investing 8: Lauren Taylor Wolfe – Activist Perspective (Capital Allocators, EP.146)
- Sustainable Investing 7: Tony Davis – Hedge Fund Perspective at Inherent Group (Capital Allocators, EP.145)
- Sustainable Investing 6: Richard Lawrence - ESG Integration at Overlook (Capital Allocators, EP.144)
- Sustainable Investing 5: David Blood - Pioneering a Generation (Capital Allocators, EP.143)
- Sustainable Investing 4: Emanuel Citron – Sourcing Sustainable Managers (Capital Allocators, EP.142)
- 3 more episodes that year, every mention in 2020 →
2019 58 mentions in 3 episodes 19 per episode
2018 17 mentions in 1 episode
2017 1 mention in 1 episode
Everything said about Wellington Management, oldest first
Sep 3, 2018 positive
Williamson: Endowments prioritize total return over benchmark constraints compared to pensions
“What I found is that, as you know, they're very different investors than pension plans. They're not pension plans. They tend to be much longer term. They tend to be more interested in Total return than other issues like fitting things in boxes and some things …”
Sep 3, 2018 positive
Williamson: Wellington placed managers on regulatory watchlists for unexplained outperformance
“So one of the things we did at Wellington years ago, I was responsible for overseeing a number of portfolios that the OCC also was responsible for looking at. And they always, of course, wanted us to put things on the watch list if they had underperformed. And…”
Jan 14, 2019 negative
Jan 14, 2019 neutral
Hynes: Wellington tracks sector inflows and IPOs instead of competitor positioning
“I guess we don't spend a lot of time looking at how our competitors are positioned. We try to be extremely independent. But saying that, what we do look at is what are inflows into sector funds? How many IPOs are happening? What's the inflows into the passive …”
Jan 14, 2019 positive
Hynes: Healthcare investors need broad coverage to identify where change is happening
“The key then, which is what I really believe I learned over time, is learning how to focus. So having that breath, and then knowing where change is going to happen, and then Using your research abilities to really focus in on that change, and then get all the …”
Jan 14, 2019 positive
Hynes: Wellington is investing heavily in a new Investment Science group
“So one of our big areas of investment is in, we have a new group form or group coming together called investment science, and so that's a big area of investment for Wellington as a whole, and the goal of that group would be, when I think about all of those 55 …”
Jan 14, 2019
Jan 14, 2019
Jan 14, 2019 positive
Jan 14, 2019 positive
Hynes: Wellington is structured as a federation of 55 distinct investment boutiques
“And the unique thing about Wellington is that it's a federation of boutiques. So We have about 55 different boutiques across equities, fixed income, multi-asset, research platforms, quant, alt-risk premia, so those are our platforms, and it's part of the globa…”
Jan 14, 2019 neutral
Hynes: Vanguard's philosophy is low cost across active and passive, not just indexing
“If you listen to Vanguard and what their philosophy is, they're not a passive company. Their philosophy is to be a low cost, both on the active side and the passive side, and there's a place for both passive and a place for active.”
Jan 14, 2019
Jan 14, 2019 bullish
Hynes: Active therapeutic innovation areas have expanded from 15 to 40–50
“So if I look at over my career, there's probably been 15 areas of medicine in any rolling two or three-year period that was changing, and now there's probably 40 or 50 areas of medicine, so there's a lot more change happening in the sector than there has been …”
Jan 14, 2019 positive
Jan 14, 2019
Jan 14, 2019 bullish
Jan 14, 2019 positive
Jan 14, 2019 positive
Hynes: Investors must trim positions when valuations outpace timelines, even if liked
“Knowing at any point in time what that is worth. So there's a long time before this drug makes it to the market, and if it makes it to the market, it's going to be worth this, and sometimes it can get ahead of itself, so being very disciplined about scaling ba…”
Jan 14, 2019 positive
Hynes: Sizing thematic insights across multi-stock baskets reduces risk
“Personally love when I can have an insight and I can do it in four or five or six stocks. So I might be able to do it in a big company. If you go back over a decade, if implementing a bet on diabetes, you could do it with big companies, you could do it with sm…”
Dec 9, 2019 negative
Clickbait headlines are the fastest way to ruin a brand
“Clickbait effectively is a title that doesn't match
The content. It's a promise that's not delivered. And so when we title an article, it's gotta be aligned with the actual content that it's sitting over top of. There's no worse way to ruin your brand quickly …”
Jun 8, 2020 negative
Overlaying third-party ESG scores without fundamental integration fails long-term
“And the reason I think that's problematic is it's not intrinsic to the investment thesis to the investor himself or herself. And I just think that that whole process makes it less sustainable over time and less likely to generate good outcomes of any type over…”
Jun 8, 2020 neutral
Cromwell: Public markets lack a predefined universe of impact securities
“There's not a universe that's predefined of impact stocks that you can choose from or impact bonds that you can choose from. You have to identify those yourself. And the act of doing that means that you're looking at these companies in a different way than the…”
Jun 8, 2020 neutral
Physical climate risk is inherently hard to integrate into quant strategies
“Systematic investors are inherently empiricist. And so they're looking for evidence in backward looking data of value creation. Now, trying to apply physical climate risk and look for historical evidence of physical climate risk generating or attracting value …”
Jun 8, 2020 positive
Cromwell: Combining equity, credit, and ESG perspectives breaks scripted corporate roadshows
“Adding in this kind of differentiated perspective, ESG and credit and equity all at the same time, you just get to more of a dialogue. It's not a gotcha. It's just really trying to understand the company more holistically. And so we think there's a lot of powe…”
Jun 8, 2020 negative
Third-party ESG ratings will not converge like credit ratings
“And I think that that will remain over time. People sometimes wonder if they'll converge like the credit rating agencies have converged, but I don't think that's the case because they're fundamentally often measuring different things or placing emphasis on thi…”
Jun 8, 2020 neutral
Jun 8, 2020 positive
Data gaps in sustainable investing create exploitable inefficiencies
“And in many cases, because sustainable investment is rapidly evolving and changing and misunderstood, and the definitions aren't well known, and the data isn't great, we think that there's actually a lot of inefficiencies created in this rapid change that you …”
Jun 8, 2020 positive
Wellington operates without a CIO across 50-plus investment boutiques
“And importantly to our business model, we have this orientation of no CIO, which means we don't have a single decision maker that everyone is feeding the insights to. Instead, we have this concept of having a community of investment boutiques where we have 50 …”
Jun 8, 2020 bearish
Jun 8, 2020 positive
Portfolios can cut carbon 20-30% for 50 bps tracking risk
“You start to find that by making small changes, you can reduce your carbon footprint by 20 or 30% with a 50 basis point change in tracking risk. So it seems like a relatively small change in tracking risk or volatility versus some benchmark for a relatively bi…”
Jun 8, 2020 positive
Jun 8, 2020 negative
Cromwell: Exclusionary screening causes decision paralysis for asset owners
“So this concept of exclusions was a little bit limiting in terms of the number of people and the types of investors who could get involved because obviously many investors, asset owners, have a wide variety of beneficiaries that have had different experiences …”
Jun 8, 2020 negative
Jun 8, 2020 positive
Cromwell: Wellington partnered with Woods Hole on overlooked physical climate risks
“And so when we looked out, we saw a lot of people were focused on transition risk, which is incredibly important. And not very many people were focused on physical risk, and so we decided to spend a lot of time, attention, resources, partnering with a science …”
Jun 8, 2020 positive
Sustainable investment lenses yield insights to beat benchmarks
“What that means is that by looking through a sustainable investment lens, we think that we can add more value. We think this is a unique perspective that leads to differentiated insights. And so therefore it's non-concessionary and we can beat benchmarks by do…”
Jan 18, 2021 bullish
Scale and elite managers give Vanguard an advantage in zero-sum markets
“And to think that Wellington and Bailey Gifford and Harbor Vest are not at a competitive advantage to retail investors, people doing this on their own, smaller active management shops, and then you combine that relative talent with what I would call reasonable…”
Aug 1, 2022 positive
Dec 12, 2022 negative
Wellington merger failed because Jack Bogle demanded unilateral decision-making
“Then when he got to combine with Wellington and Thorndike, Doran, Payne, and Lewis to create the merger made in heaven, as he would have described it at the time. And within a couple of years, it just didn't work out because it was a culture clash of the worst…”
Dec 12, 2022 neutral
Jack Bogle started his career focused aggressively on traditional fund sales
“Jack was at the old fashioned mutual fund, balanced fund manager, Wellington management, and he was terrific at doing what was traditional in the trade at those days. Selling, selling, selling, selling. Most of the things that he would now be known for, he was…”
Jul 3, 2023
Daniel: Major asset managers had zero energy stocks in top 50 holdings
“We took all the large asset management complexes. I think Wellington. Wellington, Fidelity, Neuberger, you name, Capri, you name them, and say, okay, let's figure out where their largest energy exposure is and what number it is in their portfolio. They're taki…”
Aug 10, 2023 neutral
Aug 10, 2023
Aug 10, 2023
95% of late-stage growth outcomes hinge on idiosyncratic execution, not macro
“When I look at all of the mistakes that we've made in the last eight, nine years, and all the successes that we've had in that same period of time, 95% of the time, if not more, it's idiosyncratic, is did we get the fundamentals right on the companies that we …”
Aug 10, 2023 bullish
DraftKings went public because it exhausted all available private capital
“I remember saying to Jason Robbins that I think we've tapped into all we can tap into on the private side. And I think this is going to be a really interesting company on the public side. We have an incredibly large industry of Las Vegas casinos and Macau casi…”
Aug 10, 2023 neutral
Aug 10, 2023 neutral
Average software valuations retraced to six times sales by mid-2023
“What you saw since November of 21 to now is you've now retraced that entire move, and now the average software company is selling for six times sales, which is at the lower end of the range, and so now you're at a point that you can, again, underwrite to much …”
Aug 10, 2023
Wellington walked away from 2021 deals demanding term sheets within days
“It's amazing the number of deals that we had to pass on in 20, 21, because we get into the data room, and the company would say, like, hey, listen, we want term sheets by Thursday, and it was Monday. Well, we don't work that way. And so we're just going to hav…”
Aug 10, 2023
Aug 12, 2024 positive
Samuels: Wellington provides in-house executive coaching for senior leaders
“Wellington has a wonderful program where they are basically providing in-house executive coaching and a leadership program for managing directors and even some partners to learn about these skills, and other organizations support a coach.”
Dec 23, 2024 positive
Dec 23, 2024
Jean Hynes interviewed 30 healthcare and finance CEOs to prepare for role
“And so I did a series of about 30 interviews with CEOs of healthcare companies that I had known for a long time, and financial companies, and some of our clients, and as I started those, I got to ask the same question. What do you regret, and what did you thin…”
Dec 23, 2024
Hynes: Wellington evaluates staff annually using 360 feedback from 10-20 peers
“Every year we have a feedback mechanism where you will have anywhere from 10 or 20 people that you work with most closely provide feedback on you. Both qualitative feedback and quantitative feedback on your skill In your recommendations over the past year, but…”
Dec 23, 2024
Dec 23, 2024
Hynes: Wellington uses an oversight group to investigate alpha outliers
“We have an oversight group at the firm that looks across all of the investment platform and says, how is the whole investment platform? Are there any outliers? Are there outliers that are doing too well? Are there outliers that are doing not too well? And then…”
Dec 23, 2024
Dec 23, 2024 positive
Dec 23, 2024
Hynes: Wellington uses a nine-month review process to elect new partners
“It's a nine-month process, a very intense, robust process to get feedback from the partnership, to get feedback from our line management on who they would nominate for partners, and then the re-managing partners are responsible for nominating partners that wil…”
Dec 23, 2024 positive
Dec 23, 2024
Hynes: Wellington's $1.3T Platform Is Split Across Roughly 60 Teams
“So in our 1.3 trillion dollars, it really is approximately 60 teams across equities, across research sector teams, across fixed income, long short strategies, and now private strategies. Most are small teams of anywhere from two or three to up to 10 people tha…”
Dec 23, 2024 positive
Dec 23, 2024 bullish
Hynes: Long-Short Strategies Will Become a Bigger Part of Wellington's Business
“I think we have every right to be a much bigger player in long short. Investing. We have been in it for 30 years. We've spent quite a bit of time in the last five of investing in that business, and so I suspect that will become a bigger part of our business go…”
Dec 23, 2024
Dec 23, 2024 neutral
Dec 23, 2024 neutral
Dec 23, 2024 negative
Hynes: Lone-wolf investors do not belong at Wellington Management
“If someone wants to be a lone wolf and doesn't want to collaborate, they shouldn't be at Wellington. It's not the place for them. There are many very successful investors who probably are successful in their own right, but we wouldn't benefit from them and the…”
Dec 23, 2024 neutral
Hynes: Wellington investors launched hedge funds for strategy expression, not compensation
“I think we had interest in running hedge funds in longshore portfolios because we had just great investors who really understood their sectors. They were looking for avenues to express the whole sector. I don't think it was really because of the compensation. …”
Dec 23, 2024 bullish
Hynes: Market concentration will broaden, favoring active managers over index funds
“I think what will benefit active management is that Concentration broadens. I'm a big believer that those seven companies will be successful only if the benefits broaden to the economy around the world, and so I would suspect that you're in an environment in t…”
Jan 16, 2025
Isch: Wellington uses center book primarily for risk alignment, not alpha
“We haven't, for the most part, leaned into it as an alpha enhancing tool. There is that capability. We have the transparency, but the primary focus of it is absolutely to make sure that our risks are aligned where we believe the risk is intentional and that it…”
Jan 16, 2025 positive
Sullivan: Wellington manages aggregate portfolio risk rather than constraining individual managers
“If you think about a multi-strat hedge fund platform, I generally think there are two ways you can go about that. One is you specifically make sure that every component part you're going to use has been constrained such that it is as pure a form of alpha as yo…”
Jan 16, 2025 negative
Jan 16, 2025 bearish
Sullivan: Global trade, capital, and labor mobility are reversing in new regime
“We're of the viewer living through a regime change, and that many of the characteristics that characterize the last 30 years or so, things like free movement of capital, free movement of labor, increasing global trade, that actually all these things are likely…”
Jan 16, 2025 neutral
Jan 16, 2025 negative
Sullivan: Hedge fund industry tilts toward a mercenary P&L-driven model
“A lot of the hedge fund industry tilts more towards what I would describe as a more mercenary model and ties to most of the compensation models are specifically a hundred percent formulaic based on your piano and not much else.”
Jan 16, 2025
Isch: Wellington operates on the lower end of multi-strat leverage deployment
“If you look at the spectrum of what's out there, we're probably going to be on the lower end of the amount of leverage we deploy. We want to be on the client friendly side across multiple dimensions, one of which is liquidity. And we want to be able to stay in…”
Jan 16, 2025 neutral
Jan 16, 2025 positive
Sullivan: Hedge funds are the purest form of active management
“I think of it as the purest form of active management that exists in our industry. There's clarity of what you're trying to do. There was Indexes in long only that created inefficiencies and things that you had to do that weren't necessarily in pursuit of alph…”