Thematic Investors

Accounting for roughly $45 trillion of global GDP, Asian markets offer hedge fund investors compelling opportunities shaped by US-China decoupling and regional corporate governance reforms. While AI dominates headlines, a look beneath the surface across Japan, China, South Korea, Taiwan, Vietnam, and India reveals far richer opportunities—making a disciplined regional playbook essential. In our latest Thematic Investors podcast, host Kieran Cavanna welcomes Andrew Nash-Webber, Managing Partner, Highwest Global Management. Nash shares his perspective on what makes this region unique for investors and outlines durable plays that can deliver strong portfolio tailwinds. Key highlights on this discussion include: What are some of the decoupling signposts between the US and China that have occurred in the last 20 years, and are there benefits that both companies and investors can benefit from through this decoupling? How is foreign direct investment impacting a country like Vietnam in relation to China? How will investors respond when it moves from frontier market status to emerging market status and is included in the MSCI and FTSE indices? For investment playbook development in this market, is it better to approach from an activism or engagement strategy? What are the differences? What are some of the other investment themes, outside of AI, that naturally fit the team at Highwest Global Management? How can hedge fund investors leverage corporate governance reforms in their favor across these regions? For markets like Singapore and India, what should investors understand about these emerging market themes, and what cases does Nash point to drive durable demand while keeping investment risk in check? What are the nuances between the three Chinese investment markets, and how can allocators make better liquidity plays? From Oregon to Asia, how does Nash balance the advantages and disadvantages of analyzing the Asian markets from such a distance? And more. Connect with Kieran Cavanna:  Old Farm Partners LinkedIn: Kieran Cavanna Connect with Andrew Nash-Webber: LinkedIn: Andrew Nash-Webber Website: Highwest Global Management About Andrew Nash-Webber: Andrew Nash-Webber is the Founder of Highwest Global Management, an investment firm focused on publicly traded companies across the Asia-Pacific region. He began his investment career in Hong Kong, where he spent 11 years with Ward Ferry Management, eventually serving as co-CIO before launching Highwest in 2019. His investment approach focuses on concentrated, long-term positions and themes including corporate governance reform, geopolitical shifts, healthcare, technology, industrials, and financial services across Asian markets. Source

The demand dynamic for US power growth is significantly accelerating, with spending on new generation assets – necessary to keep pace – nearing $350B over the next five years. This presents a tremendous opportunity for institutional investors focused on the total energy complex and its ripple effects across infrastructure, commodities, and more. From a policy standpoint, flexibility will be key to ensure build-outs, regulation reforms, and energy supply chains are all interconnected. In our latest episode of the Thematic Investors podcast, we welcome two experts who live and breathe the world of energy today, each with their own perspectives on investing, regulation, affordability, and reliability. Tune in for a thought-provoking conversation on what it will take to power American infrastructure and the target areas for investment in the near future: – Ravi Bellur, Founder and Portfolio Manager, Ripple Effect Asset Management. – Peter Lake, Senior Director of Power – National Energy Dominance Council, The White House. Key takeaways from this discussion include: – What are the initial estimates on new power generation that the US will require by 2030? – Back in June, Thematic Investors welcomed Roland Vetter, Portfolio Manager, Envestra Capital, who discussed the connection of energy across Europe. What will need to occur to connect US supply chains, regulatory reforms, and demand centers efficiently so that it’s not just business as usual and everyone involved recognizes the speed for power? – How can institutional investors like pensions and foundations avoid stranded or improperly hedged assets in this increased energy cycle? – How are hyperscalers involved, and what does that mean for contracting on existing electrical resources and how the investment cost eventually gets passed to the retail consumer? – What is the policy that the administration passed that is helping to fast-track data center connection in 60-90 days instead of 6-8 years? – How is the President’s Ratepayer Protection Pledge helping residential customers in states like Georgia and Alabama eliminate property taxes, while getting companies like Meta and Google to get projects built and increase their compute power? -What does obstructive regulation look like in the energy sector, and why is common sense making its way back to environmental impact statements? – Which emerging technologies are prioritized for delivering reliable affordable power to the new economy? – and much more.   Connect with Kieran Cavanna:  Old Farm Partners LinkedIn: Kieran Cavanna Connect with Ravi Bellur: LinkedIn: Ravi Bellur Website: Ripple Effect Asset Management Connect with Peter Lake: LinkedIn: Peter Lake Website: The White House About Ravi Bellur: Ravi Bellur is the Portfolio Manager and Founder of Ripple Effect Asset Management, a New York-based hedge fund focused on investment opportunities across energy, mobility, industrials, and infrastructure. Before launching Ripple Effect, he held investment roles at Goldman Sachs, BlackRock, and PointState Capital, where he developed extensive experience analyzing global energy markets and real asset investments. Ravi is known for connecting long-term trends across power generation, industrial growth, and emerging technologies to identify investment opportunities shaped by changes in the global economy. About Peter Lake: Chairman Lake currently leads power grid policy at the White House as Senior Director of Power at the National Energy Dominance Council. The advisory work at his consulting firm Cardinal Rose will be inactive during his time at the White House. As one of the few executives to serve as the highest-ranking government official in both power (PUCT/ERCOT) and water (TWDB) in a top ten global economy (Texas), Chairman Lake has led multiple organizations through some of the largest crises in recent American history. His decisive leadership under intense pressure and unrelenting media scrutiny delivered sensible solutions and systemic change previously regarded by many as impossible. By addressing some of the most complex problems in two of the economy’s most critical sectors, he has established a reputation as one of the world’s go-to agents of meaningful change. Source

The world is changing rapidly as it searches for new energy alternatives to meet the growing demand of data centers, electric vehicles and to reduce carbon emissions. Add in geopolitics around Ukraine and Iran, and the infrastructure of energy supply lines becomes less stable. Given this landscape, how can thematic investors optimize portfolio strategies to generate returns across both energy and infrastructure? In this episode of the Thematic Investors podcast, host Kieran Cavanna sits down with Roland Vetter, Portfolio Manager at Envestra Capital, to get the pulse of Europe’s energy transition and infrastructure landscape. How does this landscape compare and contrast with the Trump administration’s goals, and how deep does the level of interconnectiveness stretch across investment opportunities? Additional takeaways from this discussion cover:​ How Roland’s background in mechanical engineering and energy economics has led him through various market cycles and conditions and what he’s seeing in terms of Europe’s appetite for renewables, what makes investments in energy transition work, and overall trends in energy costs. Geopolitics and how Europe is changing their approach in dealing with Russia by leaning into renewables like wind, solar, and battery systems. How stable is the network for these renewables? When looking at investment plays under an energy transition theme, what else is Roland and his team uncovering to support their larger thematic investments? Is the interconnectiveness of Europe’s energy transition enough? Can energy demand be easily distributed across country lines, or do bottlenecks still require greater institutional investment? What are some of the misses that both the Trump administration and Germany have made in response to energy transition technologies? What does Roland believe could be a potential solution moving forward? What does the uranium trade look like today for institutional investors, and is there still a viable entry into this play? How does Roland and his team look at growth drivers, portfolio mix and new targets, and downside protection? And more Connect with Kieran Cavanna:  Old Farm Partners LinkedIn: Kieran Cavanna Connect with Roland Vetter: LinkedIn: Roland Vetter Website: Envestra Capital About Roland Vetter: Roland Vetter is a Portfolio Manager at Envestra Capital, where he manages a long-only investment strategy focused on energy transition and infrastructure opportunities. With a background in mechanical engineering and energy economics, Roland began his career at Siemens Energy before transitioning into finance through an MBA. He spent four years at Morgan Stanley on the sell side before moving into asset management, where he has navigated multiple market cycles across both long/short and long-only strategies. His combination of technical expertise and investment experience provides a unique perspective on the companies, technologies, and infrastructure driving the future of global energy markets. Source

The early days of hedge funds can be described as somewhat akin to the Wild West, characterized by limited information flow, higher volatility, and the risk of losing focus that could easily derail any performance gains made. Today, the industry is run more efficiently with improved information flows and regulatory oversight, which cuts down on the “nefarious characters” that have existed in the past.   In this latest episode of the Thematic Investors podcast, host Kieran Cavanna, welcomes George Fox, Principal & President, Titan Advisors, LLC, to discuss his career and how removing your ego and hubris from running a hedge fund business is a great first step toward success. Additional highlights from this discussion include: How did an early career in commodities lead to George building Titan Advisors? Why is focus key when creating a diversified portfolio that will become a volatility dampener versus a volatility enhancer? How does George and his team look at the “block and tackling” approach on risk and the stewardship of capital from allocators like pensions, sovereign wealth funds, hospital foundations, and insurance companies? Why do poor liquidity promises and allowing larger style drifts impact fund managers to such a large degree? Should hedge fund managers be more concerned with principles of how to run a business first? Does George agree with some of the emerging market theories that Rob Citrone expressed in the last episode of Thematic Investors? How the game of golf can be used to temper your expectations in running a hedge fund business. What prompted the launch of Esker Point Advisers and the team’s greater focus on commodities? And more. Titan Disclaimer: All views and opinions expressed in this podcast are unique, provided as of the date of this interview and do not necessarily reflect those Titan Advisors, LLC or its affiliates.  The statements and opinions contained herein may change at any time, based on market or other conditions. This podcast is for informational and educational purposes only and should not be relied upon as a basis for investment decisions.  This podcast is not intended to constitute investment advice; nor does it constitute an offer to sell or a solicitation of an offer to buy any security, investment product, or service. No recommendation or advise is being given as to whether any investment is suitable for a particular investor. This podcast may contain forward-looking statements.  There is no representation, warranty, guarantee, or other assurance whatsoever that any such forward-looking statements will prove to be accurate. Past performance is not indicative of future results. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding any investment decision. Connect with Kieran Cavanna:  Old Farm Partners LinkedIn: Kieran Cavanna Connect with George Fox: LinkedIn: George Fox Website: Titan Advisors About George Fox: George Fox has been investing in hedge funds for over 30 years and leads Titan Advisors as its President. He is responsible for Titan’s business development efforts and actively engages in the firm’s research and portfolio management process as a member of the Investment Committee. George entered the New York financial markets in 1984 as a floor trader at the Coffee, Sugar and Cocoa Exchange and at Commodity Exchange Inc., where he traded for his own account for seven years. In 1992, he created G. Fox & Co., a hedge fund advisory firm and the predecessor to Titan Advisors.  In December 2000, after years of commodities trading and advising investors on hedge fund allocations, George Fox launched Titan Advisors, LLC.  George graduated with a B.A. from Tulane University in 1981 and earned a law degree from the University of Richmond (VA) in 1984. Source

Many successful careers in institutional investing are forged early from a high degree of passion, curiosity, and discipline in the space. These traits accelerate your learning curve and help you build a network that keeps you competitive over the long term. For those investors specializing in emerging markets, you add a focus on politics and whether leaders in those markets can actually implement the policies underpinning your investment thesis. In this sector, favorable economics won’t always save the day if the politics turn south. In our first episode of the 2026 season, the Thematic Investors podcast welcomes Rob Citrone, Founder and Portfolio Manager, Discovery Capital Management, LLC, to discuss his 35 years in investing and how he continues to achieve a front row seat to emerging market trends. Key points in the podcast include: How important is a network of senior officials inside each emerging country to help further diagnose investment opportunities? How a morning golf game can change your perspective on technology investing and AI. Why do some cycles for emerging market investments (like Argentina) act like ‘movie remakes’, but during the remake allow for more proactive investments into better ‘actors’, ‘camera angles’, and more? What does Rob see when investing in Europe in both short and longer-term periods? Policies under President Trump, and Marco Rubio at the State Department, and how that will shape foreign policy and economics in the next three years in terms of GDP, future tariffs, and inflation. What has changed in the country of Nigeria, and why is it a ~6.5% performance winner towards Discovery’s fund? Rob’s future view on gold (will it hit 6,000), and what he sees from the US dollar, and other currencies. How Rob and his team look at volatility, efficiency of the markets, and diversification as it relates to regional asset classes, and why he believes the market is dumber than it’s ever been in history. And more. Connect with Kieran Cavanna:  Old Farm Partners LinkedIn: Kieran Cavanna Connect with Robert Citrone: LinkedIn: Robert Citrone Website: Discovery Capital Management About Robert Citrone: Robert Citrone is the Founder and Portfolio Manager of Discovery Capital, a global macro investment firm he launched in 1999. With more than three decades of experience, he has built a career focused on emerging and developed markets, combining political analysis, policy insight, and fundamental research across equities, currencies, rates, and credit. Prior to founding Discovery Capital, Robert worked at Fidelity Investments, where he helped establish its emerging markets fixed income and currency group, and previously spent time at Tiger Management. He is known for his global perspective, extensive on the ground experience, and long standing relationships with policymakers and market participants around the world. Source