In this episode of Fund Selectors, host Lucy Walker sits down with Ben Conway, CIO and Head of Fund Management at Hawksmoor.

Ben shares deep insights into Hawksmoor’s fund selection philosophy, including their unique approach to portfolio construction, the importance of absolute returns, and how they think about valuation through the lens of a fund’s own history.

The discussion covers the role of investment trusts, boutique managers, and why they avoid strategic and tactical asset allocation.

Ben also speaks candidly about the campaign to reform investment trust cost disclosures and the unintended consequences of regulation on fund buyers.

This wide-ranging conversation reveals what it truly means to build portfolios with discipline, curiosity, and a firm commitment to investor outcomes.

0:03 - Introduction by Lucy Walker

0:20 - Guest introduction: Ben Conway

2:22 - Hawksmoor’s bespoke fund research approach

3:59 - Rejecting strategic and tactical asset allocation

5:11 - Portfolio cheapness relative to its own history

6:42 - The importance of margin of safety

8:00 - Growth vs value and valuation dispersion

12:50 - The power of qualitative fund manager interviews

13:59 - The question every manager must answer: “Why now?”

17:28 - What good sales engagement looks like

21:05 - Portfolio construction and position sizing

24:55 - Common-sense mean variance optimisation

26:28 - Role of alternatives and fixed income

27:55 - Why Hawksmoor avoids strategy-based funds

30:02 - Ideal fund manager traits and boutique preferences

35:04 - Proportion of boutiques in Hawksmoor portfolios

39:02 - Turnover and portfolio changes through time

41:09 - Views on passive investing and the active/passive debate

45:09 - Investment trust cost disclosure campaign

52:58 - Statement of operating expenses initiative

55:00 - Concerns about inclusion of investment trusts in CCI regime

58:07 - Book recommendations and reflections on investment learning

1:00:11 - Behavioural bias: forming judgments too quickly

1:02:27 - Final question for next guest

In this episode of Fund Selectors, host Lucy Walker speaks with Shakhista Mukhamedova, Head of Global Manager Research Europe at RBC Brewin Dolphin. Shakhista shares insights from her unique career path, starting in structured products before moving into fixed income and alternatives. The discussion explores the evolution of fund research, the challenges of professionalising manager selection, and the importance of investment philosophy and behavioural analysis in fund research. Shakhista also reveals how her team distils complex information to identify high-conviction fund managers and why gut instinct can sometimes be as crucial as data. Plus, she shares her favourite book recommendations and discusses the behavioural biases fund selectors need to overcome.

10:15

Lucy

[0:03] – Introduction by Lucy Walker
[0:22] – Guest introduction: Shakhista Mukhamedova’s career path into fund research
[1:40] – How Shakhista became interested in markets and investing
[5:09] – Career journey at RBC Brewin Dolphin: from structured products to fund selection
[9:54] – Expanding into infrastructure, property, and alternatives
[13:02] – Leading a global manager research team: defining the team’s purpose
[17:02] – Evolution of manager research: from informal selection to professionalisation
[22:31] – The four pillars of fund research: people, philosophy, process, and performance
[23:45] – Why investment philosophy is often overlooked but crucial
[26:08] – The importance of understanding behavioural finance in fund research
[31:38] – When a fund “feels” wrong: the role of gut instinct in research
[37:01] – How Shakhista’s team collaborates across asset classes and investment solutions
[40:23] – Refining the due diligence questionnaire: from 50 pages to a distilled focus
[47:00] – Why Brewin Dolphin reduced its recommended fund list to high-conviction picks
[51:35] – Book recommendation
[57:22] – A past fund research mistake and lessons learned
[1:04:26] – Shakhista’s question for the next guest

In this episode of Fund Selectors, host Lucy Walker interviews Matt Piro, Global Head of Oversight and Manager Search at Vanguard. Known primarily for their passive strategies, Vanguard’s $750 billion in actively managed assets is a surprise to many. Matt shares insights into his team’s rigorous process for selecting external sub-advisers, the long-term philosophy underpinning their approach, and the challenges of navigating periods of underperformance. The conversation explores how Vanguard structures its manager research team, the role of deep analysis in evaluating managers, and the importance of balancing consistency and adaptability. A must-listen for those interested in active fund management and sub-advised strategies.

Timestamps:

In this episode of the Fund Selectors Podcast, host Lucy Walker interviews Hannah Evans, Head of Manager Research at Omnis Investments.

The conversation centres around fund idea generation, manager selection, and the processes Hannah’s team undertakes when overseeing £11 billion of assets across various mandates. Key themes include the meticulous approach to filtering managers, adapting processes to each search, and the importance of transparency from asset managers.

The episode highlights the challenges of balancing fund and manager oversight, navigating manager transitions, and Hannah’s focus on building long-term, sustainable relationships with managers.

Timestamps:

0:04 - Introduction by Lucy Walker

0:23 - Guest introduction: Hannah Evans

3:04 - Hannah’s journey into fund research

5:00 - Meeting with fund managers

7:00 - Managing Omnis’ funds

10:07 - The unpredictability of manager changes

12:24 - Conducting a recent manager search at Omnis

16:30 - Filtering down over 300 fund candidates

19:00 - The “RFP light” process for narrowing down managers

23:39 - Importance of consistent process and long-term conviction

30:06 - Identifying key person risk in fund managers

37:00 - Feedback to asset managers: honesty is key

49:05 - Closing remarks on fund selection

In this episode of Fund Selectors, host Lucy Walker interviews Ryan Hughes, Investments Director at AJ Bell.

The discussion covers Ryan’s 25-year career, from his early days in financial advice to building AJ Bell’s investment business from scratch.

Ryan shares insights into understanding liquidity, team dynamics in fund selection, and the role of culture in investment performance.

They also discuss the evolution of asset management and how firms must adapt to growing pressure on fees.

0:03 - Introduction by Lucy Walker
0:22 - Guest introduction: Ryan Hughes
1:10 - Ryan’s career journey: from financial advice to fund research
2:58 - Early lessons in financial advice and pensions
4:16 - The tech bubble and crash’s impact on Ryan’s career
5:53 - Continuous learning in the investment world
6:53 - Building AJ Bell’s investment business from scratch
10:14 - The challenge of starting with a blank slate at AJ Bell
13:03 - Importance of using passive investments with active only when there’s a strong case
14:45 - AJ Bell’s focus on passive and active allocations
15:56 - How AJ Bell works with both DIY investors and advisors
22:06 - Experience and track record as a key factor in selecting active managers
25:05 - The evolving importance of liquidity in fund selection
30:18 - Deep understanding of managers’ philosophy and processes
34:03 - How team dynamics affect investment decisions
37:00 - Red flags in fund management: cultural and organizational issues
44:46 - How active management can remain competitive
49:04 - The success of investment trusts in lowering fees
53:03 - Ryan’s recommended book: The Hour Between Dog and Wolf by John Coates

In this episode of Fund Selectors, host Lucy Walker interviews Carly Moorhouse, an award-winning fund research analyst at Quilter Cheviot.

The conversation explores Carly's approach to fund selection, highlighting her emphasis on trust, passion, and investment philosophy. Carly shares insights into the importance of meeting managers face-to-face, the unique strengths of boutique managers, and her experiences from global research trips.

They also discuss the value of personal instincts in fund selection and Carly's sociology background's influence on her career.

0:03 - Introduction by Lucy Walker

0:21 - Guest introduction: Carly Moorhouse

0:57 - Importance of trust in fund management

1:48 - Carly’s human approach to fund research

2:15 - Carly’s principles in fund selection

4:21 - Sticking to a philosophy in tough times

5:05 - Building and destroying trust

6:40 - Importance of face-to-face meetings

10:00 - Carly’s sociology background

13:21 - Attraction to boutique managers

15:27 - Insights from research trips

17:04 - Macro versus micro focus in different regions

20:57 - Recent trips to the US and Asia

26:00 - Growing up in Asia and its impact on her career

31:08 - Carly’s book recommendation

32:06 - Trusting gut instincts in fund selection

34:05 - Final question to next guest

In this episode of Fund Selectors, host Lucy Walker interviews Simon Evan-Cook, an experienced fund manager at Downing.