Explore every episode of the podcast The Multi-Manager Podcast

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.

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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.

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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.

With world leaders set to gather in Glasgow for COP26, Adam chats with BMO’s Climate Strategist and former Downing Street adviser Vicki Bakhshi. Will governments commit to the actions necessary to tackle the climate crisis and limit global warming to 1.5 degrees? And what will be the implications of policies driving the transition to net zero on our lives in the coming years?

In the second installment of our ‘Building a Boutique’ mini-series, we catch up with Jim Robillard, founder of Spyglass Capital Management, a US Small and Mid-Cap investment firm based in California.Jim discusses his Day One ambitions for the firm as well as his decision to set the company up at a larger-than-most level from inception.We also chat Jim’s investment origins with some investors we are very familiar with, how his son came up with the firm name, and why he is as confident as ever that business disruption is here to stay.And if you like what you hear, listen back to previous podcasts and subscribe for more!

Welcome to the first in our 'Building a Boutique' mini-series! In these candid chats, we ask boutique founders their deepest secrets - motivations, mistakes and triumphs - and how each of these have helped to shape the successful businesses they run today.As multi-manager investors, we not only need to discover the best fund managers in the industry, but we need to learn about the conditions and environment that keeps these managers incentivised to perform. Often, we find these intangible qualities in small, privately or partner-owned businesses, known as boutiques.In our first episode, we catch up with Charles Montanaro and Cedric Durant des Aulnois on how their boutique, Montanaro Asset Management, was launched and how they built the business to manage £3.5bn of client assets.

This month, Kelly and Adam play 'Truth or Myth' with Omotunde Lawal and Kawtar Ed-Dahmani of Barings Emerging Market Debt team. Tune in for their perspectives on which stereotypes are fairy-tale and which are real challenges of fixed income investing in the emerging markets.

Time for something a bit different as Adam and Anthony chat with former US Ambassador to Germany, John Emerson.John formed part of the Obama-Biden administration, so is able to offer real insight into the aims and ambitions of President Biden's economic agenda, the USA's rapprochement to global organisations and why the Democrats may soon only get 'Mom and apple pie' through Congress. The conversation was a really exciting one for the two political nerds on the Multi-Manager People team and we think you'll enjoy the fascinating glimpses into West Wing goings on too.

In this month's podcast, Adam and Paul chat with Clive Beagles, manager of JO Hambro UK Equity Income fund. Find out why Clive believes the performance of the UK economy has been staggeringly good this year, the rotation from growth to value has barely started and, as a former professional sportsman, he is content playing in the local cricket 3rd XI.

This time round, Adam and Scott catch up with James Morton, manager of the CIM Dividend Income Fund. Based in Singapore, James’s portfolio contrasts markedly with those of many other Asian income managers – we discuss why. We also chat China’s dominant role in the region, James' experience from a long investment career and, if you're superstitious, why the Chinese Year of Ox may bode well for markets.

How do you find entrepreneurial spirit in a culture where commitment to a sole company is valued above all else? In this month's episode, Kelly and Adam discuss with Jonathan Dobson of Coupland Cardiff blossoming innovation in Japan, the buoyant IPO market and why Kelly eating pizza in Tokyo symbolises a Japanese society on the cusp of change.

Innovative at the time ‘Bowie Bonds’ eventually proved to be a duff note. In this podcast, Adam and Kelly talk to one of TwentyFour Asset Management’s fixed income ‘starmen’ Chris Bowie. We hear how TwentyFour’s ‘Observatory’ tool helps Chris and the team screen and rank ideas as well as consider factors like ESG. We also chat sugar-free diets and succumbing to temptation during lockdown!

While many retailers have been hit by customers clicking to add to their baskets, supermarket aisles remain full of shoppers filling their trolleys by hand. In this episode, Adam and Paul chat to Ben Green of Supermarket Income REIT – one of the UK’s largest buyers of grocery property. We explore the sector’s resilience in the face of online competition and a global pandemic, plus the opportunity it provides investors shopping for returns potential.

Big data is often lauded for its potential power in investment management. But what about alternative data and its role in analysing individual companies? In our latest podcast, Adam and Paul chat with Seb Jory of Tellworth Investments, exploring the edge data driven insights can give stock pickers.

Adam and Scott talk to Edgewood’s Alex Farman-Farmaian about his growth focused approach to investing in US equities. Insights include a fascinating anecdote around Jeff Bezos’s early expectations for his Amazon business.

This month, Adam catches up with fellow team member Anthony Willis to make sense of recent market gyrations and to discuss their expectations for the second half of the year. The podcast was recorded socially distanced from one another, from the comfort of their own homes.