The Asset Allocator Podcast

Typically, fiscal and monetary policy is counter cyclical but in recent years this appears to have changed, most prominently in the US fiscal policy. This is complicating monetary policy and the task of running portfolios.This week David Thorpe and Joseph Wilkins are joined by Peter Dalgliesh, chief investment officer at Parmenion, to discuss how this is affecting his portfolios and how it is affecting the value and growth styles of investing.They also discuss seeking downside protection, valuations and whether US markets have reached some sort of new normal.The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.To receive the Asset Allocator email in your inbox for free, sign up here.

In 2011 the Federal Reserve stopped issuing 30-year bonds to "twist" the maturity profile and reduce the nominal value of US debt.This week we're joined by Henry Cobbe, the founder and head of research at Elston Consulting, who has recently written a white paper calling for a British version of what became known as "operation twist".David Thorpe and Joseph Wilkins discuss how he thinks retail investors can be incentivised to "step in where pension schemes are stepping out".They also discuss the rising price of gold and the current state of the ESG portfolio management market, based on Henry's consulting work with financial advice firms.The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.To receive the Asset Allocator email in your inbox for free, sign up here.

At times it might seem like Donald Trump's campaign slogan was actually "make markets volatile again". If so, he seems to have succeeded.This week David Thorpe and Joseph Wilkins are joined by Nathan Sweeney, chief investment officer of multi-asset solutions at Marlborough.They discuss navigating Donald Trump's role in the markets, why he's been adding to the US and Japan and the search for protection from volatility.The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.To receive the Asset Allocator email in your inbox for free, sign up here.

Comparing the performance of model portfolio solutions can sometimes be a challenge, given the difference risk levels and approaches across the market.This week David Thorpe and Joseph Wilkins discuss the trials and tribulations of achieving this, given Arc's recent decision to launch a performance index.They also discuss SDR labelling regulations and the FCA's decision to pause these for portfolio managers, and the recent recovery of a poor performing fund.The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.To receive the Asset Allocator email in your inbox for free, sign up here.

There are many ways to skin a cat, and even more ways to run a model portfolio service.This week Ash Weston, head of MPS at 8AM Global, joined David Thorpe and Joseph Wilkins to offer his take on some of the issues facing MPS providers.They discuss the pros and cons of investment committees, risk-variable portfolios and the tight margins in the multi-manager space.The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.To receive the Asset Allocator email in your inbox for free, sign up here.

Markets have been in a tetchy state ever since Donald Trump announced he was launching a trade war with the entire planet (or maybe not as it later turned out).This week David Thorpe and Joseph Wilkins are joined by Julien Dauchez, head of portfolio consulting at Natixis, to discuss whether it's possible to diversify away from the noise during a particularly volatile period.They also discuss why markets are particularly sensitive to geopolitical risk at the moment and whether Treasuries are still the safe haven asset we all thought they were.The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.To receive the Asset Allocator email in your inbox for free, sign up here.

Donald Trump's policy decisions continue to reverberate through markets as he decides whether or not to fire Fed chair Jerome Powell.This week David Thorpe and Joseph Wilkins are joined by Eleanor Ingilby, head of high net worth clients at Atomos, to discuss her thoughts on the US market, managing volatility and why she recently upped her exposure to the UK equity market. They also discuss her fixed income exposure and balancing yield with capital appreciation for income investing clients.The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.To receive the Asset Allocator email in your inbox for free, sign up here.

Earlier this month US president Donald Trump announced a series of 'reciprocal' tariffs on most countries in the world. This had the effect of tanking markets across the globe.This week Dave Baxter, Joseph Wilkins and David Thorpe have a chat about the fall out of 'liberation day' and which funds rode out the turmoil better than others.They also discuss whether consumer confidence is the real danger DFMs should keep their eyes on during 2025 and they discuss the outlook for fixed income.The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.To receive the Asset Allocator email in your inbox for free, sign up here.

Tacit Investment Management has one of the highest exposures to high-yield bonds of all the portfolio managers we cover.This week we are joined by Kypros Charalambous, investment director at Tacit, to find out they pivoted to high-yield bonds since 2022 and the role it plays in their portfolios.He also explains why Tacit prefers a smaller number of holdings and a more concentrated portfolio, and his fund manager red flags.The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.To receive the Asset Allocator email in your inbox for free, sign up here.