Active ETFs and the Multi‑Manager Model with Kristof Gleich | Treussard Talks (E13)

2025-10-15

In this conversation, Harbor Capital Advisors President and CIO Kristof Gleich and I dig into how to find true skill in managers, why the ETF wrapper changed the game, and how to build more resilient portfolios in an inflation‑prone world. We connect the mechanics and psychology of investing to the decisions that restore clarity and control for sophisticated investors. You’ll hear us cover: How to separate signal from story in manager due diligence, including cultural “tells” and hard no’s

You’ll hear us cover:

How to separate signal from story in manager due diligence, including cultural “tells” and hard no’s
The multi‑manager model: partnering with specialist boutiques vs. building in‑house
Active ETFs 101: what changed in 2019, and why the wrapper can lower cost and improve tax outcomes if used well
Mechanics that matter and operational oversight as investor protection
Systematic vs. discretionary edges and how to assess each
Psychology traps: performance chasing, timing mistakes, and setting risk so “I didn’t sign up for this” shouldn’t happen
Why commodities may be underowned given today’s regime and what role they can play

Why this matters now: Many investors still judge strategies by headline returns or brand names, not by process quality, alignment, and measurable sources of edge. In a world of rolling inflation shocks and fiat‑currency stress, getting structure right — manager selection, vehicle choice, fee drag, and tax handling — compounds more than hot dots.

Disclaimer: The content of “Treussard Talks” is for informational and educational purposes only and should not be considered financial advice. The views expressed are those of the host and guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult with their own financial advisor before making any investment decisions. For full disclosures, visit treussard.com.

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