Algy's Investment Podcast

Is the UK equity market the most interesting place to invest right now? Jack Barrat explains how value investing has evolved, why the most uncomfortable trades often deliver the biggest returns, and how AI is quietly transforming the way active fund managers research companies.

Jack Barrat is Co-Manager of the Man GLG UK Income Fund at Man Group. He joined forces with Henry Dixon in 2013 and together they run a value-driven capital cycle strategy managing over £3.5 billion in assets, compounding at just over 10% per year post-fees across 13 years.

He explains:

▪️ Why value investing in 2026 looks nothing like it did in 1980

▪️ How buying airlines during Covid and banks at 0.5x book value generated returns of 100-200%

▪️ Why managing a long/short hedge fund makes you a better long-only investor

▪️ How AI is already changing the way professional fund managers analyse companies

▪️ Why Jack believes around three quarters of the portfolio has the potential to double from current levels

(00:00) Intro
(01:41) The Starbucks Meeting That Started It All
(03:44) Why Man GLG Gives Them Complete Freedom
(04:36) Compounding at 10% a Year for 13 Years
(07:44) The Toughest Year of Jack's Career
(08:53) Why Running Long/Short Makes You A Better Investor
(10:00) What Really Motivates Jack
(12:04) The Investing Framework Behind £3.5bn
(13:23) How to Spot a Value Trap
(14:31) The Trades That Returned 100–200%
(15:55) Where the Biggest Opportunities Are Today
(17:42) How AI Is Changing Fund Management
(26:06) Why the UK Is One of the Cheapest Markets
(27:49) Where the 4.5% Yield Comes From
(28:30) Why Share Buybacks Matter31:40 What Risk Really Means
(33:13) When This Strategy Struggles
(34:39) Building a High-Conviction Portfolio
(39:02) What Great Management Teams Look Like
(43:15) Finding Opportunities and Sizing Positions
(47:17) UK vs US Stocks: Which Is Better Value?(49:34) Why 75% of the Portfolio Could Double
(51:23) What Keeps Jack Awake at Night
(52:25) Three Books Every Investor Should Read
(54:27) Jack's Daily Routine
(57:07) Meet the Team
(59:24) Disclaimer

Recorded on: 27/04/2026

Are the best investors buying when everyone else is panicking? Anne-Christine Farstad breaks down how contrarian investors spot market overreactions, why volatility creates opportunity, and why valuation matters more than forecasting the future.

Anne-Christine Farstad is a Contrarian Equity Portfolio Manager at MFS Investment Management. She has spent over 20 years navigating market bubbles, crashes, the rise of passive investing, and global equity cycles.

She explains:
▪️Why market fear creates the best investment opportunities
▪️How to spot stocks already pricing in “Armageddon”
▪️Why volatility is a contrarian investor’s biggest advantage
▪️The danger of buying cheap stocks that stay cheap
▪️Why passive investing has changed markets forever

Recorded on: 18/03/2026

Evy Hambro is the Co-Lead Manager of the BlackRock World Mining Trust, one of the world’s leading natural resources funds, delivering over 27x returns since inception. He has spent decades analysing global commodity markets, central bank behaviour, and mining equities.

He explains:
▪️Why gold is no longer a “barbarous relic” but a critical financial asset
▪️The real reason governments can’t stop printing money
▪️How central banks are quietly accumulating gold at record levels
▪️Why AI could drive the next commodities supercycle
▪️The biggest mistake investors make when buying gold

Chapters:
0:00 Intro
1:55 Why Gold Has Always Been Money
2:57 What's Really Driving the Gold Price
4:18 The £15,000 Gold Bar Story
7:40 Gordon Brown's Catastrophic Gold Sale
10:58 Is Gold a True Inflation Hedge?
13:14 How to Buy Gold Without Getting It Wrong
19:17 Is This the Start of a New Commodity Cycle?21:30 Why Central Banks Are Buying Gold Again
27:55 Why Mining Stocks Are So Volatile
35:17 Inside the BlackRock Mining Trust
38:20 What Makes a Great Mining Company
42:46 The Stock That Went Up 8x in Months
47:12 How Profitable Are Mining Companies Right Now
50:43 Would BlackRock Invest in Politically Unstable Countries?
53:20 Evy's Biggest Investing Mistakes
56:03 How AI Is Transforming Mining
1:00:34 Are Gold Companies Over-Earning?
1:08:57 The Dinner Party Indicator

Follow Evy on LinkedIn - https://www.linkedin.com/in/evy-h-5399b4b5/

Recorded on: 02/03/2026

This content is intended for UK investors only. This podcast is for informational purposes only and does not constitute financial advice. Capital is at risk.

Pete Davies, Head of Developed Markets Strategy at Lansdowne Partners, explains why this decade could look nothing like the last. From rising public-sector risk to the return of tangible assets and a new AI investment cycle.

We cover:

​The macro shift investors aren’t positioned for: re-industrialisation, capex, and de-globalisation
​Why banks - not tech - may offer lower risk today
​The AI thesis most investors misunderstand (and who actually profits)
​Steel, energy, and “real assets” making a comeback
​How elite fund managers think about risk, concentration, and mistakes• Stocks with potential to double
​Would he buy Starlink if it IPO’d?

00:00 Intro
02:27 The Big Macro Shift Investors Aren’t Positioned For
03:59 De-globalisation, Political Risk & The New Market Regime
06:28 The Hidden Danger of Investment “Style Boxes”
08:53 Why Active Management May Beat the Index This Decade
11:44 Inside the Portfolio: Why So Much Capital Is in Banks
14:22 Banks vs Tech: Where Is Risk Really Lower?19:34 The AI Investment Thesis Most Investors Miss
21:01 Picks, Shovels & Who Actually Profits From AI
24:15 Robotics, Physical Intelligence & The Next Wave
28:42 Defence Spending, Geopolitics & Aerospace Winners
38:45 Tariffs, Trade Wars & Protecting Local Assets
45:20 Gold, Energy & Nuclear: Positioning for Resource Scarcity
1:04:22 Housing, Construction & the Case for “Real Assets”
1:11:45 How Elite Fund Managers Think About Risk
1:15:30 Investment Mistakes & What They Teach You
1:19:33 AI vs The Human Brain: What Machines Still Can’t Do
1:20:51 Stocks That Could Double (And Where Upside Lives)
1:22:02 Adapting After 30+ Years in Markets
1:24:00 Would He Buy Starlink?
1:26:32 Final Takeaways for Investors

This episode was recorded on 12th January 2026

This episode was recorded on 10th September 2025.
My guest, John Chatfeild-Roberts is a veteran UK fund manager at Jupiter Asset Management and former Chief Investment Officer of the firm. With over three decades of investment experience, he is best known for his work on the Jupiter Merlin multi-manager investment team, where he focuses on fund selection, portfolio construction, and long-term capital preservation.
In this exceptional podcast episode, I sit down with John Chatfeild-Roberts, who has spent 30 years building one of the most successful fund-of-funds businesses in the UK - managing over £6 billion for more than 200,000 investors through the Jupiter Merlin portfolios.

KEY TOPICS COVERED:

Investment Philosophy & Strategy:
- How to identify outstanding fund managers before everyone else
- The "right people, right time, right quantities" approach to investing- Why patience is the ultimate competitive advantage in investing
- Active vs passive investing: when each makes sense

Risk Management & Portfolio Construction:
- Why most people buy at the top and sell at the bottom (and how to avoid it)
- The liquidity lessons that shaped 30 years of investing
- Concentrated portfolios: Why they own just 13-14 funds with top 5 holdings at 60%
- How they navigated the 2008 financial crisis (by positioning in 2006-2007)

Inflation Protection:
- Why inflation has compounded at 4.5% annually since 1981
- The two main real assets that protect purchasing power-
Gold allocation strategies (peaked at 12-13% during GFC)
- How £2,388 season ticket became £12,896 in 34 years

Fund Manager Selection:
- What makes an outstanding fund manager (love of the game, competitiveness, patience)
- Why manager selection beats geographical asset allocation
- The importance of neurodiversity in investment teams
- How to avoid groupthink in decision-making

TIMESTAMPS:00:00 - Introduction02:23 - Growing up and early life challenges04:07 - Transition from army to fund management05:21 - What is a fund of funds?10:41 - Investment philosophy explained18:41 - Best fund manager selection (Findlay Park - 23x returns)24:01 - Portfolio construction strategy27:04 - Crisis management and the importance of quality holdings29:45 - Most stressful periods (COVID, GFC)33:33 - Best investment calls (China/commodities insight)35:14 - Can investors time the market?40:08 - Inflation concerns and protection strategies48:39 - Why fund of funds has a bright future50:09 - Book recommendations for young investors

Important Disclaimer & Recording Date Notice:
This episode was recorded on 10th September 2025. The views, opinions, market commentary, and portfolio positioning expressed by the guest reflect information and circumstances at the time of recording only and may have changed since that date.Any references to specific assets, asset allocations, or portfolio weightings (including, but not limited to, gold) are provided for general discussion purposes only and do not represent current holdings or ongoing investment strategy. Portfolio positions may change at any time and without notice.All content on Algy’s Investment Podcast is provided for general information and educational purposes only and does not constitute financial, investment, legal, or other professional advice, nor should it be relied upon as such. Nothing in this episode is intended as a recommendation, endorsement, or solicitation to buy, sell, or hold any investment or financial product.Listeners should not make investment decisions based solely on the content of this episode and should seek independent professional advice tailored to their individual circumstances.Guests and presenters may have held, may currently hold, or may in the future hold positions in investments discussed. Neither the podcast nor its guests accept any liability for actions taken based on this content.