Algy's Investment Podcast

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 senseReal-World Performance:- The fund manager who turned $10 into $233 (23x return over 27 years)- Managing a 34% position in a single fund - when high conviction pays off- How they achieved 2.5x benchmark performance over 30 years- Market inflection points that generated exceptional returnsRisk 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 yearsFund 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-makingPractical Insights:- Tax advantages of fund-of-funds investing in the UK- Why capital gains tax changes make this structure more valuable- Book recommendations for aspiring investors- The role of luck vs skill in investment successTIMESTAMPS: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 investorsQUOTABLE MOMENTS:"The truth is that most people buy at the top and sell at the bottom""Risk is not knowing what you're doing""If you're wrong 49% of the time you're probably a hero. If you're wrong 51% of the time you're a disaster""Shares make a real return of about 4% over and above inflation - that's what you need"BOOK RECOMMENDATIONS MENTIONED:- The Intelligent Investor - Benjamin Graham- The Stock Market - John Littlewood- The Great Crash - JK Galbraith- The Big Short - Michael Lewis- The Little Book of Behavioral Investing - James MontierJohn Chatfeild Roberts served as Chief Investment Officer at Jupiter from 2010-2015 and founded the Jupiter Merlin portfolios, which have maintained an exceptional track record over three decades. His insights on manager selection, market timing, and risk management are invaluable for investors at any level.Subscribe for more in-depth conversations with legendary investors and fund managers!

William de Gale, is Co-Founder and Lead Portfolio Manager at BlueBox Asset Management, where he manages the BlueBox Global Technology Fund. He brings over 20 years of experience in global technology investing, including more than a decade at BlackRock running its offshore global technology strategy with top-decile performance. William specialises in identifying high-conviction, high-growth technology companies with the potential to deliver strong long-term returns.Our guest challenges conventional wisdom about technology investing, explaining why they avoid the typical pitfalls of chasing disruptors, obsessing over revenue growth, and concentrating portfolios in mega-cap stocks. Instead, they focus on profitable "enablers" in the $10-250 billion market cap sweet spot, maintaining a remarkably low 30% annual turnover while generating strong returns.Key topics covered:1. Why semiconductors represent 40% of the portfolio and the rationale behind this weighting2. The case for cloud software platforms as mispriced opportunities in the AI era3. How all S&P 500 earnings growth since 2007 has come from technology companies4. Outstanding CEOs including Satya Nadella (Microsoft), Lisa Su (AMD), and Marcos Galperin (Mercado Libre)5. The fund's 24% return over the past year and what drove performance6. Why Adobe could be the next big opportunity despite market skepticism7. The importance of embracing volatility versus trying to avoid risk8. Why investors need at least a two-year time horizon in technologyThis episode offers valuable insights for anyone interested in technology investing, active fund management, and understanding where value is truly being created in today's tech landscape.Chapters:
00:00:00 - What Makes This Investment Strategy Unique
00:04:31 - The Investment Team Structure
00:07:53 - Portfolio Construction Deep Dive
00:09:09 - Software Exposure and AI Misunderstanding
00:10:06 - Growth Expectations Across Holdings
00:10:47 - Three Outstanding CEOs
00:17:27 - Portfolio Concentration vs Passive ETFs
00:19:28 - Portfolio Turnover in Practice
00:20:11 - Technology's Earnings Dominance 00:22:04 - Performance Attribution Review
00:24:40 - Avoiding Company Bankruptcies
00:25:23 - Best and Worst Decisions This Year
00:26:16 - Mispriced Valuations: The Cloud Software Opportunity
00:28:32 - Required Time Horizon for Investors
00:30:15 - Outperforming Without Tech
00:31:33 - Stock Tip: Adobe for 2026
00:33:31 - Closing RemarksLinks & Resources:BlueBox Asset ManagementWebsite: https://www.blueboxfunds.com/ LinkedIn: https://www.linkedin.com/company/bluebox-asset-management/?originalSubdomain=uk William de GaleLinkedIn: https://www.linkedin.com/in/william-de-gale-fca-cfa-a2692258/?originalSubdomain=uk Investment Disclaimer: This podcast is for educational and informational purposes only. It is not investment advice. Always do your own research and consult with a qualified financial advisor before making investment decisions.Subscribe for more investor insights and interviews with top Fund Managers.

William de Gale, is Co-Founder and Lead Portfolio Manager at BlueBox Asset Management, where he manages the BlueBox Global Technology Fund. He brings over 20 years of experience in global technology investing, including more than a decade at BlackRock running its offshore global technology strategy with top-decile performance. William specialises in identifying high-conviction, high-growth technology companies with the potential to deliver strong long-term returns.
In this deep-dive conversation, William reveals:- Why the AI boom ISN'T a bubble (yet) - and the warning signs to watch for- The difference between Google and ChatGPT that most people miss- Why chip manufacturers represent 40% of his portfolio- His contrarian bet: Why Adobe and software platforms will be AI's biggest winners- The "picks and shovels" strategy that consistently outperforms disruptors- Why Nvidia's ecosystem is powerful but not unbeatable- His surprise top stock pick for 2026 (it's not what you think)William explains why companies selling the infrastructure (TSMC, ASML, Lam Research) consistently outperform the headline-grabbing disruptors, and why the market is wrong about AI's impact on software platforms.
Chapters:
00:00 - Intro 02:00 - Military to Finance Journey03:29 - Google vs ChatGPT06:13 - Who Owns OpenAI?07:24 - AI Energy Use08:10 - What Are GPUs?10:05 - AI Data Centers13:19 - AI Investment Scale14:07 - Safety & Guardrails15:17 - Big Spenders in AI18:11 - Artificial General Intelligence19:32 - AI Bubble Risk?22:18 - AI & Human Knowledge23:37 - What's Next After AI?24:13 - Tech Returns: 15% Growth26:02 - TSMC Leadership27:47 - Nvidia Explained28:33 - Nvidia vs Apple Ecosystem31:29 - Picks & Shovels Stocks
Links & Resources:BlueBox Asset ManagementWebsite: https://www.blueboxfunds.com/LinkedIn: https://www.linkedin.com/company/bluebox-asset-management/?originalSubdomain=ukWilliam de GaleLinkedIn: https://www.linkedin.com/in/william-de-gale-fca-cfa-a2692258/?originalSubdomain=ukInvestment Disclaimer: This podcast is for educational and informational purposes only. It is not investment advice. Always do your own research and consult with a qualified financial advisor before making investment decisions.

In this episode, I sit down with Freddie Lait, founder of Latitude Investment Management, who went from studying mathematics at Oxford to working at Goldman Sachs and Rothschild, before taking the ultimate leap - selling his house to start his own fund management business in 2016.Today, Freddie manages a £1 billion portfolio with a disciplined, long-term investment philosophy that has generated exceptional returns. In this conversation, we dive deep into:Key Topics Covered:
Why Freddie sold his house to start his fund (and the financial risk involved)
The investment philosophy behind Latitude's success
How to construct a portfolio for long-term wealth creation
Why earnings growth and dividends matter more than valuation multiples
The 6.5% free cash flow yield strategy explained
How 75% of his portfolio is positioned for inflation
Portfolio management vs. stock analysis - which matters more?
Why patience is the rarest commodity in investing
The 10-year rule for judging fund managers
Building a team of exceptional analysts
Managing a concentrated portfolio of 24 global stocks
The difference between investing before and after COVID
His 30-year vision for the fund
About Freddie Lait:Freddie is the founder and CIO of Latitude Investment Management, launched in 2016. With 16 years of fund management experience, including roles at Goldman Sachs Asset Management and Rothschild, Freddie has built a reputation for disciplined, long-term value creation. His fund focuses on global equities with strong earnings growth, solid free cash flow, and inflation-resistant characteristics.00:00 - Introduction to Freddie Lait02:00 - When Did Fund Management Become Your Career?04:51 - What Is Financial Modeling?06:22 - The Scary Decision to Start Your Own Fund10:01 - Investment Philosophy Behind Latitude Investment Management13:45 - Why Patience Is a Rare Commodity in Investing18:30 - Finding High-Quality Companies with Strong Returns23:15 - The Importance of Free Cash Flow in Stock Selection28:40 - Portfolio Construction: Concentration vs. Diversification33:20 - Managing Risk in a 24-Stock Portfolio38:50 - Sector Preferences and What to Avoid42:30 - Understanding Free Cash Flow Yield (6.5% Strategy)47:15 - Inflation Protection: 75% of Portfolio Positively Linked52:40 - Technology Adoption and Portfolio Transformation56:20 - Google and the Magnificent Seven Discussion1:01:30 - The 80/20 Rule in Portfolio Management1:04:45 - Building and Leading an Investment Team1:09:20 - Personal Weaknesses: Being Too Logical1:12:50 - The 10,000 Hour Rule and 16 Years of Experience1:16:40 - What Time Period Should Fund Managers Be Judged Over?1:21:30 - Current Fund Size: £1 Billion and Growing1:24:15 - Managing Cash Inflows Operationally1:26:45 - Final Thoughts and Closing RemarksSubscribe for more conversations with successful investors, entrepreneurs, and product leaders!#investing #fundmanagement #portfoliomanagement #stocks #finance #stockmarket #wealth #wealthbuilding

In this episode, I sit down with Freddie Lait, founder of Latitude Investment Management, who went from studying mathematics at Oxford to working at Goldman Sachs and Rothschild, before taking the ultimate leap - selling his house to start his own fund management business in 2016.Today, Freddie manages a £1 billion portfolio with a disciplined, long-term investment philosophy that has generated exceptional returns. In this conversation, we dive deep into:Key Topics Covered:
Why Freddie sold his house to start his fund (and the financial risk involved)
The investment philosophy behind Latitude's success
How to construct a portfolio for long-term wealth creation
Why earnings growth and dividends matter more than valuation multiples
The 6.5% free cash flow yield strategy explained
How 75% of his portfolio is positioned for inflation
Portfolio management vs. stock analysis - which matters more?
Why patience is the rarest commodity in investing
The 10-year rule for judging fund managers
Building a team of exceptional analysts
Managing a concentrated portfolio of 24 global stocks
The difference between investing before and after COVID
His 30-year vision for the fund
About Freddie Lait:Freddie is the founder and CIO of Latitude Investment Management, launched in 2016. With 16 years of fund management experience, including roles at Goldman Sachs Asset Management and Rothschild, Freddie has built a reputation for disciplined, long-term value creation. His fund focuses on global equities with strong earnings growth, solid free cash flow, and inflation-resistant characteristics.