Claim OwnershipThe Multi-Manager Podcast
Subscribed: 2Played: 20
Subscribe
© 2023
Description
Investment is a people business. The Multi-Manager team chat markets and more with some of the most talented managers around.
34 Episodes
Reverse
Management teams play a crucial role in business. In this podcast, Adam chats with Latitude IM's Managing Partner and portfolio manager Freddie Lait on the merits of analysing management incentives and behaviour, as well as their role in determining a company's fate. They go onto compare the tale of two retailers – US auto part retailer AutoZone, and UK stalwart Tesco – demonstrating how relatively simple businesses models can compound value and generate strong investment performance through time. Don't forget to subscribe if you like what you hear!
Investing is complex. How best to simplify it? NZS Capital are a Denver, Colorado, based investment boutique who use lessons from the natural world to frame their investment process. In this episode, Adam chats with Brinton Johns and Jon Bathgate on why it's important not to make too many predictions, but to focus on businesses who are adaptable and create more value than they take. And why NZS structure their own portfolios to major on business who exhibit resiliency and optionality.
It's not quite been 'Anarchy in the UK' but it has certainly been a challenging period for UK equity investors. In this month's podcast we chat to Ken Wotton and Cassie Herlihy from the Gresham House Public Equity team. Alongside a broader discussion of the UK market's fortunes we explore why M&A has been such a large feature of small cap investing and their listed investment trust – Strategic Equity Capital.
In the first podcast of the year, we look ahead to events and trends which could drive economies and financial markets. What if central banks ease monetary policy and what impact will politics have as half the world's population head to the polls? What if artificial intelligence takes all of our jobs and will Swansea City FC make the play-offs? Adam and Anthony chat all of the above and more with Charlene Malik and George Curtis from the fittingly named TwentyFour Asset Management. Don't forget to subscribe if you like what you hear!
In part two of our 'Open Minded to Closed Ended' miniseries, Adam chats with entrepreneur turned venture capital investor Tim Levene, CEO of Augmentum. Augmentum Fintech is a London listed Investment Trust targeting fast growing businesses many years before they're mature enough for public market listings or acquisition. At such an early stage these businesses are often loss-making – how best to decide between today's cash burners and help them become the future cash flow generators? With real examples, Adam and Tim explore how the team works alongside budding entrepreneurs, discuss how the large financial incumbents are likely acquirers of fintechs and highlight how, just like with well-known platform 'Interactive Investor', successful cash exits are important.
Welcome to our miniseries on closed ended funds (otherwise known as Investment Trusts). The sector has faced a torrid time in 2023, as interest rates rose, regulatory headwinds persisted, and UK equities remained hideously out of favour. In the series, we aim to highlight why accessing markets outside through listed Investment Trusts is additive for Multi-Manager portfolios, and shouldn't be just the privilege of private markets. First up, The Renewables Infrastructure Group, a trust dedicated to the generation of power from renewable sources for UK and Europe.
On the eve of the Rugby World Cup, Adam and Scott went up-and-under with Chris Fidyk of Pacific Asset Management on how to avoid the scrum of mega cap US equities. Having spent the past decade investing in the technology winners at a previous investment group, Chris recently launched on his own and now sees the opportunity set away from the largest stocks in the US market.
This month Adam and Paul are in conversation with David Mitchinson from Japan equity boutique Zennor Asset Management. Long known as the 'widow-maker' trade, buying Japanese assets has been a fool's errand for the past twenty years. Is there really something different about today's Japanese opportunity or will investors have Tamago on their faces once more?
With eyes focused on the Coronation festivities we take a timely look at UK equities. Paul and Adam chat with Artemis's Ed Legget – they discuss why the asset class has been out of favour for so long and ask whether it's a market of the past or home to overlooked diamonds.Don't forget to subscribe if you like what you hear!
In this month's podcast, Adam & Scott chat China equities with Man GLG's Andrew Swan. With state intervention, property woes and covid lockdowns now behind us, will equity markets run hard in the Chinese year of the rabbit?
We kick off 2023 with Strategas Research Partner's Ryan Grabinski. Discussing what lies in store for the year ahead we chat markets, inflation and crypto. We also revisit our predictions for 2022 – did we get the big themes right or were we way off track?
Adam and Scott sit down with John Teahan of Redwheel Value & Income Team. As large investors in energy, banks and commodities, John explains why he believes that owning and engaging with resource-intensive companies is more powerful than blanket divestment. We explore whether the oil majors can ever be trusted to help deliver the energy transition and how groups such as Redwheel hold their feet to the fire.
In this podcast, Adam and Kelly judge the recent UK bond market moves with Allianz pairing Mike Riddell and Guarav SaroliyaThe defence: Government pressures are a global phenomenon.The cross-examination: The UK Government (of the day!) pouring petrol on an already flaming bond marketThe verdict: Are government bonds now presenting a multi-year buying opportunity? Don't forget to subscribe if you like what you hear!
Could more renewable power capacity be the answer to soaring energy costs? Adam chats to Phil Kent and Max Gilbert of Gravis Capital Partners – a boutique asset manager specialising in long-term infrastructure-orientated investments. We explore the potential of the clean energy sector as both a solution to the energy crisis and as an investment opportunity.
Our recent (and much delayed) US research trip finished with a visit to New York and the offices of deep value specialist Pzena Investment. Adam and Scott chat to founder Richard Pzena about his approach to value investing – cheap doesn't necessarily mean value so how do Richard and his team differentiate between good and bad investments? Richard also discusses how his father inspired him into investing, although he may have been a bit too early in a now very hot investment area…
Inflation is a hot topic and real assets in vogue so in this month's podcast, Adam and Paul chat with Simon Lee of LXI REIT. They explore how the team try to protect against inflation through long dated index-linked property. Up for discussion include the likes of drive thru coffee and food retail outlets plus Life Science campuses and garden centres. If you're worried about the impact of inflation on your or your client's investment this episode's well worth a listen.
We explore income investing and innovation – two connected themes you may not ordinarily associate with Chinese equities. But Liontrust Asset Management's pairing of Storm Uru and James Dowey do - they explain why they expect China to be remain a hotbed of innovation and the exciting opportunities this dynamic will create. We also chat the Beijing Olympics with behind-the-scenes insight from Storm.
It's results day for Ryan Grabinski of Strategas Research Partners and our very own Anthony Willis as we score the accuracy of their 2021 predictions with the benefit of hindsight! Did either foresee how the world would deal with an ongoing pandemic? Did either flag bumper market returns in advance? As well as finding out who's top (and bottom!) of the class we cast our eyes forward at the prospects for 2022.We had a few technical difficulties in this recording... we hope you enjoy nonetheless!
This time round Adam and Kelly chat to Mark Holman of TwentyFour Asset Management – a fixed income boutique launched in 2008, during the global financial crisis. Not an auspicious starting point you may think but assets have grown from £50m to around £22bn. We talk about the way they approach fixed income investing, the business's growth and TwentyFour's place today as a boutique within Vontobel Asset Management.
Our Building a Boutique series continues as Adam and Catherine chat to Iván Martin of Madrid based Magallanes Value Investors. There's a surprising lack of boutiques across Europe and we explore why that may be. And was it Spain's era of global exploration that inspired Magallanes' name? We hear contrasting views and learn how Iván really takes his work home by applying value investing disciplines in all walks of life.
Comments
Download from Google Play
Download from App Store
United States