In this episode of Trust Issues, we speak to David Cornell, investment director at Marylebone Partners, which is now a part of Brown Advisory and manages Majedie Investments (MAJE).

David explains MAJE’s liquid endowment strategy, talks us through the kinds of investments it owns and how it selects them, before discussing where the team is seeing value today and why he thinks that owning the haystack is no longer the most sensible investment strategy.

00:00 Introduction

01:18 What Marylebone Partners does and how it manages its clients’ money

02:57 What is a liquid endowment strategy?

06:16 The investment assets that make up MAJE’s portfolio

09:18 Examples of the kinds of external strategies MAJE invests in

12:05 MAJE’s public equities and special investment sleeves

15:58 How MAJE chooses the managers in which it invests

18:45 Why investors could consider MAJE for a slice of their portfolio

21:56 Potential reasons MAJE’s discount has narrowed

24:43 Where are MAJE’s managers seeing value in markets recently?

26:26 Further information

26:46 Risk warning

Please note that this podcast was recorded on 1 May 2026.