Alastair Unwin is a fund manager on Polar Capital’s Technology team. We discuss Alastair’s career as a technology investor, AI’s exponential curve of improvement and potential as a general purpose technology, as well as the issues that investors should consider as ever more capital is spent to realise AI’s promise. Show notes: [01:33] Alastair discusses how he got into investing [03:14] Lessons from Herald, Neptune and Polar [05:05] Heuristics for technology investing [07:29] AI scaling...

Sebastian Lyon and Charlotte Yonge co-manage Personal Assets Trust and Troy’s Multi-Asset strategy. We discuss the strategy’s evolution over the last 25 years, Troy’s equity-centric approach to multi-asset investing, and why creating a resilient portfolio is as relevant as ever in today’s world. Show notes: [01:34] Founding philosophy [04:21] Avoiding complexity [07:25] Reasons for not owning derivatives [08:45] Charlotte’s career [10:41] Becoming co-manager [12:35] How Sebastian ...

Seth Brennan is co-founder of Lincoln Peak Capital, which owns minority stakes in several asset management companies, including Troy. We discuss Lincoln Peak's long-term partnership model and the importance of autonomy and a strong alignment of interests as foundations for success. Show notes: [01:15] Seth discusses how he got into the industry [02:49] Joining Affiliated Managers Group [03:43] Lessons from AMG [06:37] Setting up Lincoln Peak [07:51] Starting a business in 2008 [10:01] The imp...

Matthew McLennan is co-head of First Eagle’s Global Value team and one of the portfolio managers of Global Value, a strategy that has delivered strong long-term compound returns. We discuss the importance of humility and patience, why resilience is emphasised throughout the portfolio, and how Global Value has survived and thrived across a broad range of market environments. Show notes: [01:24] How an unusual childhood informed Matt’s approach to investing [03:52] Succeeding Jean-M...

Gabrielle Boyle and George Viney co-manage Troy’s Global Equity strategy. We discuss why the market persistently underestimates the compounding power of rare and exceptional companies, the importance of recognising one’s biases and striving to learn and improve as investors, and why Gabrielle and George work so well together as a team. Show notes: [01:26] Why the market persistently underestimates the compounding power of rare and exceptional businesses [02:41] Companies don...

Dan Davidowitz is lead portfolio manager of Polen Capital’s Focus Growth strategy. We discuss Dan’s evolution as an investor, Polen’s investment guardrails, and other factors that have helped the strategy deliver exceptional returns over the last 35 years. Show notes: [01:16] Dan discusses how he pivoted from public health to investing [02:56] Thoughts on healthcare investing [04:30] Shifting from a deep value shop to Polen Capital [07:44] Keep things simple [10:01] Time arbitrage with ...

In this episode we speak to Robbie Robertson. Robbie is on the Board of Personal Assets Trust and spent a nearly 40-year career in the investment trust industry. We discuss the evolution of the investment trust industry, the advantages of a closed-end structure and the role Personal Assets Trust can play in a portfolio. Show notes: [01:28] A different world [03:17] Observations from a career in the investment trust industry [06:42] Characteristics of...

In this episode we speak to Jim Strang, Chairman of HGCapital Trust. The Trust has an outstanding track record investing in business-to-business software companies. We discuss the evolution in private markets over Jim’s career, the benefits of specialisation and the reasons behind Hg Capital’s success. Show notes: [01:15] Jim discusses his early career [02:12] HgCapital Trust’s history [03:41] The benefits of specialisation [05:56] The importance of controlling the capital struct...

Stuart Widdowson founded Odyssean Capital, is co-manager of the Odyssean Investment Trust, and has a wealth of experience investing in UK-listed smaller companies. We discuss the lessons Stuart has applied to public equity investing from his days in private equity, the rewards derived from investing in good quality companies that can be improved, and the overall state of the UK market. Show notes: [01:28] Stuart discusses his early career [04:12] Swapping private equity for public...

In this episode we speak to Oddbjørn Dybvad, co-founder of REQ Capital, an Oslo-based investment firm. Oddbjørn manages REQ’s Global Compounders and Nordic Compounders funds, which focus on acquisition-driven businesses. We discuss the entrepreneurial energy within these companies, why they are able to reinvest capital at attractive rates for a long period of time and how their diversified and decentralised nature makes them both resilient and adaptable. Show notes: [01:22] ...

Kiril Sokoloff founded 13D Research in 1983 and is a leading global investment strategist who has presciently called a number of major paradigm shifts over the last 40 years. We discuss Kiril’s career, why the current investment backdrop is so challenging and how the geopolitical landscape is evolving. Show notes: [01:23] Kiril talks about the start of his career [04:18] Getting the big picture right [07:48] The impact of algorithmic trading and passive investing on price discovery ...

Prashant Khemka has a strong track record managing capital in India and global emerging markets. He established Goldman Sachs Asset Management’s India franchise in 2006, was lead portfolio manager of Goldman’s India Equity and Global Emerging Market Equity strategies, and in 2017 founded White Oak Capital Management, where he has continued to deliver impressive returns. We discuss Prashant’s investment philosophy, how to build a high performing team, why investing is similar to elite sp...

Paul Major co-manages the Bellevue Healthcare Trust and has a wealth of experience of the healthcare industry. We discuss how healthcare has evolved, why existing healthcare systems are fundamentally challenged, and the approach Paul takes to investing in the industry as a result. Show notes: [01:15] Paul discusses how he got into finance [03:15] Bellevue [04:31] General lessons for healthcare investing [06:01] Delivering innovation and why R&D doesn’t scale [10:07] Focusing on the...

Blake Hutchins manages the Trojan Income Fund and is co-manager of the Troy Income & Growth Trust. We discuss the changing investment environment, why it could be good for high-quality, dividend-paying companies, and where Blake is finding value in the UK market today. Show notes: [1:16] Being deliberate and patient during tough times [3:30] Equity income investing in a different environment [6:50] Striking the right balance between yield and dividend growth [9:38] Why Blake doesn’...

Swetha Ramachandran manages GAM's luxury brand strategy and knows the luxury industry inside out. We discuss Swetha's definition of luxury, the pre-eminence of European brands, the rise of China and how the industry is evolving. [01:05] Swetha discusses her early career [03:01] Luxury is changing and widening [06:13] Defining luxury [07:53] Sizing the luxury market [09:10] Characteristics of a luxury shopper [10:59] The role of gaming and online in a...

Ben Rogoff is co-head of Polar Capital's Global Technology team. Having joined the industry just before the technology bubble of the late 1990's and early 2000's, Ben has a wealth of experience navigating different market cycles. We discuss the environment today, the similarities and differences with the TMT bubble and what it takes to be a successful tech investor. We also dive into Ben's investment themes, the benefits of being diversified and the importance of not missing...

Gerard Minack has a wealth of experience as a macro strategist and founded Minack Advisors in 2013. Gerard has been particularly prescient over the last 18 months, highlighting the probability of rising inflation and higher interest rates well before many others. We discuss how the pandemic changed Gerard's macro views, why he believes secular stagnation has come to an end and what implications that has for investors in the years ahead. Gerard also talks about why he believe...

Andrew Brenton co-founded Turtle Creek, a Toronto-based asset manager, in the late 1990s. Since its inception, Turtle Creek has delivered outstanding returns by investing in mid-sized companies in the US and Canada. We discuss Andrew's formative experiences and evolution from private to public market investor, as well as the team's focus on unique companies and exceptional operators. We also talk about the emphasis Turtle Creek place on continuous portfolio optimisation, and...

Richard de Lisle, founder of De Lisle Partners, has significantly outperformed US equity markets over the last 27 years by investing in US small-cap value stocks. We discuss what value investing means to Richard, his focus on themes and the advantages of taking a sociological perspective. We also explore the current environment, Richard’s investments in primary producers and why investing is the greatest game. Show notes: [1:05] Richard talks about how his father’s misfortune ins...

Katie Potts founded Herald Investment Management and has managed the Herald Investment Trust since 1994, generating strong returns by investing in smaller companies across the telecom, multimedia and technology sectors. We discuss Katie's evolution as an investor, the differences between the UK and US markets, and the importance of being a patient and long-term provider of primary capital. We also explore the benefits of meeting lots of companies and running winners in a dive...