Far From The Finishing Post
Far From The Finishing Post explores the ideas and practices of leading investors in an effort to continuously grow collective knowledge. This podcast is intended for UK listeners only and does not constitute investment advice. The views expressed do not necessarily reflect those of Troy Asset Management and may change without notice. Past performance is not a guide to future returns.
Episodes
James Davolos (Horizon Kinetics) - Elegant Equities for Higher Inflation
James Davolos is a portfolio manager at Horizon Kinetics, a US-based asset manager with a distinctive and long-term investment approach. We discuss James' evolution as an investor, how the investment and inflation backdrop is changing, and the merits of capital-light, real asset businesses.Show notes:[01:48] James discusses how he got into investing[04:18] The formative years[06:29] The impo
Alastair Unwin (Polar Capital) - Investing in an AI-first World
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
Sebastian Lyon & Charlotte Yonge (Troy) - Evolve to Preserve
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 deriva
Seth Brennan (Lincoln Peak Capital) - Partnership, Autonomy, Alignment
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] Le
Matthew McLennan (First Eagle) - Investing for Resilience
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
Gabrielle Boyle & George Viney (Troy) - Patient Improvement
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 underestimate
Dan Davidowitz (Polen Capital) - Compounding Made Simple
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
Robbie Robertson (Personal Assets Trust) - Trust Matters
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
Jim Strang (HgCapital Trust) - Building an Experience Curve in Business Software
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 b
Stuart Widdowson (Odyssean Capital) - Concentrating on UK Smaller Companies
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
Oddbjørn Dybvad (REQ Capital) - Acquisition-driven Compounders
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 d
Kiril Sokoloff (13D Research) - An Insidious Environment
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 righ
Prashant Khemka (White Oak) - A High-Performance Culture in Indian Equities
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 inve
Paul Major (Bellevue) - Innovations To Fix a Broken System
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 invest
Blake Hutchins (Troy) - The Sweet Spot for UK Equity Income
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[6:5
Swetha Ramachandran (GAM) - Luxury's Broadening Appeal
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] Characteristi
Ben Rogoff (Polar Capital) - The Importance Of Not Missing Out
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
Gerard Minack (Minack Advisors) - The End of Secular Stagnation
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 implicat
Andrew Brenton (Turtle Creek) - A Different Kind Of Value Investing
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.
Richard de Lisle (De Lisle Partners) - The Greatest Game
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
Katie Potts (Herald Investment Management) - An Evangelist For Smaller Companies
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.
Charlotte Yonge (Troy) - Keeping It Real
Charlotte Yonge manages the Trojan Ethical Fund and is assistant fund manager of the Trojan Fund and Personal Assets Trust. We discuss the risks of higher inflation and ways to preserve and grow the real value of investors' capital. We also explore ESG in a multi-asset context, and why Charlotte co-founded Girls Are INvestors (GAIN).Show notes:[0:59] Charlotte talks about how she got into t
Nick Train (Lindsell Train) - The Patient Optimist
Nick Train founded Lindsell Train, alongside Michael Lindsell, in 2000 and has generated outstanding returns by investing in a concentrated portfolio of exceptional companies. In a rich and varied discussion, Nick talks about the power of optimism, the rewards of being patient, and the value of semi-eternal brands in a rapidly changing world.Show notes:[1:13] Nick talks about how he got into the
Ashish Swarup (Aikya) - Soul In The Game
Ashish Swarup is an experienced emerging market investor and the founder of Aikya, a boutique focused on high-quality and durable companies managed by competent and trustworthy people. Ashish discusses some of the pitfalls of investing in emerging markets and why aligning oneself with trusted stewards, who have 'soul in the game', is a winning strategy for long-term investors.Show notes
James Harries (Troy) - Exercising Discipline For Global Dividend Growth
James Harries has a wealth of experience as a global income investor and manages the Trojan Global Income Fund and Securities Trust of Scotland. James talks about his journey from Royal Military Academy Sandhurst to a career in investing, how he has evolved as an investor and why income investing remains highly relevant in today's world.Show notes:[1:05] James talks about the start of his ca
Sanjay Ayer (WCM) - Think Different, Get Better
Sanjay Ayer is a portfolio manager at WCM Investment Management, a California-based asset manager investing in good quality companies with strong cultures and improving competitive moats. Sanjay talks about his evolution as an investor, how a good culture can reinforce a company's competitive advantage, and why it is so important for investors to learn from mistakes and compound knowledge to
Brinton Johns (NZS Capital) - Adapting To A Complex World
Brinton Johns is a co-founder of NZS Capital, a US-based investment boutique applying lessons from nature to invest in companies with the capacity to thrive in a complex adaptive world. As the future is inherently unpredictable, Brinton and his colleagues believe it is best to focus on adaptable and innovative businesses that create more value than they take, whilst structuring the portfolio to e
Gabrielle Boyle (Troy) - An Outsider's Advantage
In this episode of Far From The Finishing Post we speak to Gabrielle Boyle. Gabrielle heads up Troy's investment research and manages the Trojan Global Equity Fund and Electric & General Investment Fund. Gabrielle discusses her evolution as an investor and how being an outsider has helped her recognise and adapt to change to deliver strong compound returns. Show notes:[1:09] Gabrielle t
Gary Channon (Phoenix Asset Management) - Experiments In Value Investing
In this episode of Far From The Finishing Post we speak to Gary Channon. Gary founded Phoenix Asset Management in 1998 and is one of the UK's leading value investors. Gary discusses his early career as an investor and the development of Phoenix’s distinct investment philosophy and approach. He emphasises the importance of instilling a culture of continuous learning and improvement, as well as
Nick Martin (Polar Capital) - Insuring A Richer Future
In this episode of Far From The Finishing Post we speak to Nick Martin. Nick manages Polar Capital's Global Insurance strategy and has been investing in the insurance industry for 20 years. Nick does a great job of demystifying a complex industry and explaining why the best property & casualty insurers are strong and durable compounding machines. Show notes:[ 1:30] Nick talks about bec
Anthony Kingsley (Findlay Park) - Compounding With Purpose
In this episode of Far From The Finishing Post we speak to Anthony Kingsley. Anthony is Chief Investment Officer at Findlay Park and has a wealth of experience investing in the US. Anthony discusses a range of topics; his career as an investor, Findlay Park's evolved approach of investing in higher quality businesses, and an investment philosophy that emphasises the avoidance of steep losse
Peter Singlehurst (Baillie Gifford) - Structural Advantage In Private Markets
In this episode of Far From The Finishing Post we speak to Peter Singlehurst. Peter heads up Baillie Gifford's private companies team and manages the Schiehallion Fund, which invests in private businesses such as Stripe and Space X. Peter discusses Baillie Gifford's development investing in private companies and how a long-term and supportive approach aligns with the ambitions of some of
Blake Hutchins - Playing To Your Strengths For Sustainable Income Growth
In this episode of Far From The Finishing Post we speak to Blake Hutchins, co-portfolio manager of the Trojan Income Fund. Blake discusses his upbringing in a family of professional tennis players, drawing analogies between sport and investing, before diving deeper into his investment philosophy of owning good quality businesses that can sustain and grow dividends over the long term.Show notes:[1
Sebastian Lyon - Absolute Returns From A Plain Canvas
In the inaugural episode of Far From The Finishing Post we speak to Sebastian Lyon, founder and chief investment officer of Troy Asset Management. In our conversation, we discuss the formative experiences Sebastian had when he first joined the industry, the founding of Troy Asset Management and how his investment philosophy and approach has evolved over the arc of his career.Show notes:[1:01] -
