In this episode of Fund Selectors, host Lucy Walker sits down with Ben Conway, CIO and Head of Fund Management at Hawksmoor.
Ben shares deep insights into Hawksmoor’s fund selection philosophy, including their unique approach to portfolio construction, the importance of absolute returns, and how they think about valuation through the lens of a fund’s own history.
The discussion covers the role of investment trusts, boutique managers, and why they avoid strategic and tactical asset allocation.
Ben also speaks candidly about the campaign to reform investment trust cost disclosures and the unintended consequences of regulation on fund buyers.
This wide-ranging conversation reveals what it truly means to build portfolios with discipline, curiosity, and a firm commitment to investor outcomes.
0:03 - Introduction by Lucy Walker
0:20 - Guest introduction: Ben Conway
2:22 - Hawksmoor’s bespoke fund research approach
3:59 - Rejecting strategic and tactical asset allocation
5:11 - Portfolio cheapness relative to its own history
6:42 - The importance of margin of safety
8:00 - Growth vs value and valuation dispersion
12:50 - The power of qualitative fund manager interviews
13:59 - The question every manager must answer: “Why now?”
17:28 - What good sales engagement looks like
21:05 - Portfolio construction and position sizing
24:55 - Common-sense mean variance optimisation
26:28 - Role of alternatives and fixed income
27:55 - Why Hawksmoor avoids strategy-based funds
30:02 - Ideal fund manager traits and boutique preferences
35:04 - Proportion of boutiques in Hawksmoor portfolios
39:02 - Turnover and portfolio changes through time
41:09 - Views on passive investing and the active/passive debate
45:09 - Investment trust cost disclosure campaign
52:58 - Statement of operating expenses initiative
55:00 - Concerns about inclusion of investment trusts in CCI regime
58:07 - Book recommendations and reflections on investment learning
1:00:11 - Behavioural bias: forming judgments too quickly
1:02:27 - Final question for next guest
In this episode of Fund Selectors, host Lucy Walker speaks with Shakhista Mukhamedova, Head of Global Manager Research Europe at RBC Brewin Dolphin. Shakhista shares insights from her unique career path, starting in structured products before moving into fixed income and alternatives. The discussion explores the evolution of fund research, the challenges of professionalising manager selection, and the importance of investment philosophy and behavioural analysis in fund research. Shakhista also reveals how her team distils complex information to identify high-conviction fund managers and why gut instinct can sometimes be as crucial as data. Plus, she shares her favourite book recommendations and discusses the behavioural biases fund selectors need to overcome.
Lucy
[0:03] – Introduction by Lucy Walker
[0:22] – Guest introduction: Shakhista Mukhamedova’s career path into fund research
[1:40] – How Shakhista became interested in markets and investing
[5:09] – Career journey at RBC Brewin Dolphin: from structured products to fund selection
[9:54] – Expanding into infrastructure, property, and alternatives
[13:02] – Leading a global manager research team: defining the team’s purpose
[17:02] – Evolution of manager research: from informal selection to professionalisation
[22:31] – The four pillars of fund research: people, philosophy, process, and performance
[23:45] – Why investment philosophy is often overlooked but crucial
[26:08] – The importance of understanding behavioural finance in fund research
[31:38] – When a fund “feels” wrong: the role of gut instinct in research
[37:01] – How Shakhista’s team collaborates across asset classes and investment solutions
[40:23] – Refining the due diligence questionnaire: from 50 pages to a distilled focus
[47:00] – Why Brewin Dolphin reduced its recommended fund list to high-conviction picks
[51:35] – Book recommendation
[57:22] – A past fund research mistake and lessons learned
[1:04:26] – Shakhista’s question for the next guest
In this episode of Fund Selectors, host Lucy Walker interviews Matt Piro, Global Head of Oversight and Manager Search at Vanguard. Known primarily for their passive strategies, Vanguard’s $750 billion in actively managed assets is a surprise to many. Matt shares insights into his team’s rigorous process for selecting external sub-advisers, the long-term philosophy underpinning their approach, and the challenges of navigating periods of underperformance. The conversation explores how Vanguard structures its manager research team, the role of deep analysis in evaluating managers, and the importance of balancing consistency and adaptability. A must-listen for those interested in active fund management and sub-advised strategies.
Timestamps:
In this episode of the Fund Selectors Podcast, host Lucy Walker interviews Hannah Evans, Head of Manager Research at Omnis Investments.
The conversation centres around fund idea generation, manager selection, and the processes Hannah’s team undertakes when overseeing £11 billion of assets across various mandates. Key themes include the meticulous approach to filtering managers, adapting processes to each search, and the importance of transparency from asset managers.
The episode highlights the challenges of balancing fund and manager oversight, navigating manager transitions, and Hannah’s focus on building long-term, sustainable relationships with managers.
Timestamps:
0:04 - Introduction by Lucy Walker
0:23 - Guest introduction: Hannah Evans
3:04 - Hannah’s journey into fund research
5:00 - Meeting with fund managers
7:00 - Managing Omnis’ funds
10:07 - The unpredictability of manager changes
12:24 - Conducting a recent manager search at Omnis
16:30 - Filtering down over 300 fund candidates
19:00 - The “RFP light” process for narrowing down managers
23:39 - Importance of consistent process and long-term conviction
30:06 - Identifying key person risk in fund managers
37:00 - Feedback to asset managers: honesty is key
49:05 - Closing remarks on fund selection
In this episode of Fund Selectors, host Lucy Walker interviews Ryan Hughes, Investments Director at AJ Bell.
The discussion covers Ryan’s 25-year career, from his early days in financial advice to building AJ Bell’s investment business from scratch.
Ryan shares insights into understanding liquidity, team dynamics in fund selection, and the role of culture in investment performance.
They also discuss the evolution of asset management and how firms must adapt to growing pressure on fees.
0:03 - Introduction by Lucy Walker
0:22 - Guest introduction: Ryan Hughes
1:10 - Ryan’s career journey: from financial advice to fund research
2:58 - Early lessons in financial advice and pensions
4:16 - The tech bubble and crash’s impact on Ryan’s career
5:53 - Continuous learning in the investment world
6:53 - Building AJ Bell’s investment business from scratch
10:14 - The challenge of starting with a blank slate at AJ Bell
13:03 - Importance of using passive investments with active only when there’s a strong case
14:45 - AJ Bell’s focus on passive and active allocations
15:56 - How AJ Bell works with both DIY investors and advisors
22:06 - Experience and track record as a key factor in selecting active managers
25:05 - The evolving importance of liquidity in fund selection
30:18 - Deep understanding of managers’ philosophy and processes
34:03 - How team dynamics affect investment decisions
37:00 - Red flags in fund management: cultural and organizational issues
44:46 - How active management can remain competitive
49:04 - The success of investment trusts in lowering fees
53:03 - Ryan’s recommended book: The Hour Between Dog and Wolf by John Coates
In this episode of Fund Selectors, host Lucy Walker interviews Carly Moorhouse, an award-winning fund research analyst at Quilter Cheviot.
The conversation explores Carly's approach to fund selection, highlighting her emphasis on trust, passion, and investment philosophy. Carly shares insights into the importance of meeting managers face-to-face, the unique strengths of boutique managers, and her experiences from global research trips.
They also discuss the value of personal instincts in fund selection and Carly's sociology background's influence on her career.
0:03 - Introduction by Lucy Walker
0:21 - Guest introduction: Carly Moorhouse
0:57 - Importance of trust in fund management
1:48 - Carly’s human approach to fund research
2:15 - Carly’s principles in fund selection
4:21 - Sticking to a philosophy in tough times
5:05 - Building and destroying trust
6:40 - Importance of face-to-face meetings
10:00 - Carly’s sociology background
13:21 - Attraction to boutique managers
15:27 - Insights from research trips
17:04 - Macro versus micro focus in different regions
20:57 - Recent trips to the US and Asia
26:00 - Growing up in Asia and its impact on her career
31:08 - Carly’s book recommendation
32:06 - Trusting gut instincts in fund selection
34:05 - Final question to next guest
In this episode of Fund Selectors, host Lucy Walker interviews Simon Evan-Cook, an experienced fund manager at Downing. The discussion delves into Simon’s investment philosophy, the challenges and opportunities in fund management, and traits that distinguish great fund managers from average ones. Simon discusses the importance of active management, the role of boutiques, and the significance of being true to your investment philosophy. They also touch on industry trends, career risks, and founder fee structures. Timestamps: 0:03 - Introduction by Lucy Walker 0:34 - Guest introduction: Simon Evan-Cook 2:16 - Simon’s investment philosophy 3:08 - Belief in active fund management 4:09 - Starting with a blank sheet at Downing 5:03 - Challenges and opportunities in fund management 6:21 - Identifying passionate fund managers 7:49 - Traits of exceptional fund managers: “Belicious” 10:54 - The importance of being true to one’s investment philosophy 13:00 - Evaluating fund managers’ flexibility and decision-making 17:03 - The impact of career risk on fund management decisions 19:38 - Advice for asset managers on handling career risk 23:30 - Simon’s approach to portfolio construction 24:57 - The role of diversification in Downing Fox portfolios 28:01 - The “Whiskey and Water” model 30:45 - Time in the market vs. timing the market 32:27 - Blending different investment styles 34:30 - Importance of bottom-up stock picking 36:09 - Understanding fund managers’ processes 38:00 - Team dynamics in fund management 41:03 - Curiosity in fund manager meetings 42:25 - Advice for asset managers presenting to fund selectors 44:50 - Fee structures and their impact 48:27 - Founders fees and long-term incentives 53:08 - Simon’s recommended book 55:30 - Importance of systems thinking 57:30 - Final question for the next guest
