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.

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.