In this interview, Hugo explains why he established Newcore 13 years ago, explaining its purpose and approach. He outlines why the specific opportunities afforded by investing in UK social infrastructure offers the potential of strong returns, allied to prudent capital management. 

Hugo discusses the demand drivers, as the appetite for education, healthcare, waste management and even crematoria continues to grow (in line with rising populations & public sector spending).

He describes the dislocations in supply, and the headwinds faced by many operating in the real estate and infrastructure space, who employed too much leverage and are struggling to adjust to an environment of higher rates.

Hugo then describes how “virtual-resistant” real estate is vital as the internet continues to change consumption trends, why investing with a strong eye is good to governance & sustainability, and their guiding principles (underscored by their B-Corp status).

MMP Newsletter | MMP LinkedIn | Contact Newcore

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DISCLAIMER

Litigation finance is a small but growing industry, proving to be an attractive opportunity for investors looking for a new uncorrelated alternative asset class.

Over the past five years, the UK litigation finance market has doubled (up from £1 billion in 2017).

Given this growth, it’s not surprising that private equity and venture capital investors are increasingly interested in the space.

To understand more, we were pleased to be joined by Robert Rothkopf, Managing Partner of Balance Legal Capital. He set up the firm in mid-2015 and is supported by litigation titans like Lord David Gold and Ian Terry.

The firm is pioneering the development of the industry in the UK and internationally, being ranked by Chambers and Partners 2021 in both the UK and APAC regions. Balance Legal Capital is also listed in this year’s Legal 500 as a key player in UK litigation funding.

It is also a proud member and supporter of the Association of Litigation Funders (ALF). The ALF is an independent body that has been charged by the Ministry of Justice with delivering self regulation of litigation funding in England and Wales.

Please enjoy and listen to our insightful discussion above to learn more about this fascinating sector, and discover where opportunities may lie.

Sign up to our Newsletter | Follow us on LinkedIn | Contact Balance Legal Capital

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In 2017 Brian founded and continues to serve as Chairman and CEO of TechMet, a permanent capital vehicle investing in a portfolio of technology metal projects.

TechMet acquires and manages projects that produce, process and recycle the key strategic technology metals that go into batteries, electric vehicles and renewable energy systems; cobalt, lithium, nickel, tin, tungsten, rare earth metals and vanadium.

He explains how the world is undergoing a seismic transformation in how it produces and uses energy. A part of this is a mobility revolution with the mass adoption of electric vehicles.

These radical shifts represent ‘once-in-a-century’ investment opportunities and will re-shape not just whole industries, but also the geopolitical landscape.

The West has been late to recognize the significant advancements made by the Chinese in this area over the last 20 years, and it now needs to play a tough game of catch-up.

A key to success will be the ability to secure the supply of its building blocks – the technology metals.

Sign up to our Newsletter |  Follow us on LinkedIn | Contact Team TechMet

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Today, this Oxford University spin-out, Oxford PV, is reshaping the world of solar, helping to make it more affordable, more mainstream and accelerating the energy transition.

We welcome Prof Henry Snaith, Co-Founder and the Binks Professor of Renewable Energy in the Physics Department of the University of Oxford, Dr Chris Case, Chief Technology Officer, and David Ward, CEO.

They explain how and why Oxford PV has developed a low-cost, highly efficient solar photovoltaic technology which integrates with standard silicon solar cells to dramatically improve their performance. 

In turn, they elaborate on the evolution of Oxford PV from laboratory to spin-out. They examine the science, the patents, the roll out, the manufacturing and path to profitability and why silicon has reached its scientific limits.

In an illuminating interview they share why this might be the most significant invention within renewable energy and why they are so excited about the future.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Connect with Oxford PV

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In this Curated podcast, we meet with the Co-Founders and CEO of OrganOx, an Oxford University spin-out that is quickly penetrating the world of medtech. Its success has led it to be at the forefront of changing the way donor organs are preserved in the critical time between donation and transplantation.

Amazing as it may seem, methods of preserving organs have changed little in the last 30 years, however OrganOx has spent over a decade developing a radically different approach, such that observers have referred to it as a “Lifeline for livers”, and a “dream machine”, with further potential applications.

Peter Friend, Professor of Transplantation at Oxford University, and Constantin Coussios, Professor of Biomedical Engineering at Oxford University, both co-founders, explain their work in combining a reappraisal of the medical challenge with the engineering approach undertaken to find a solution for a very real unmet medical need.

They are joined by Craig Marshall, CEO of OrganOx (previously MD of the Siemens magnet technology business), who explains why FDA approval launches the company onto a new plane, as well as other potentially compelling opportunities for the company. He discusses the journey from invention to monetisation, the revenue inflection point ahead, the market opportunity, board composition, and the excitement they share about the future.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Connect with OrganOx

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In this episode, we welcome back Partners Capital, and in a three way conversation, we explore the Asian investment opportunity set.

The conversation brings together Arjun Raghavan, CEO of Partners Capital, Adam Watson, Partner and Co-Head of Asia Pacific, and to understand the perspective of a seasoned investor and allocator, Harvey Toor, CIO of Singapore Management University (SMU). SMU is a current client of Partners Capital and seed investor in one of its pooled investment portfolios.

Arjun refers back to his comments a year ago of “2 mega trends, which are clear, but this is going to be a bumpy rise, sustainable investing & flow of assets into Asia” and sets the case for the structural opportunities of investing in Asia, but also to reflect on current institutional (under) weights.

Harvey Toor describes the objective of the endowment he oversees, and explains how their investment approach has been constructed along the lines of the Yale Endowment Model. He highlights top-down considerations and why they invested with Partners Capital, given the need for resources, expertise, multi-assets and ‘boots on the ground’.

Adam Watson defines both the geographical spread and the pool of potential investments, which include not only equity and debt, but important allocations to alternatives and private markets. This allows for a discussion on how venture, real estate and hedge funds also offer access to the heterogeneous opportunities across the region (which encompasses 60% of the world’s population).

Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn | Connect with Partners Capital here

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Ruffer contend that positive absolute returns “will not be achievable for most long only investors in the coming market cycle”. To articulate why they believe this, Matt Smith, Partner and Investment Director, explains Ruffer’s origins, before describing the investment process, their view of “the changed investment climate”, the tools and assets they are using in this environment and how portfolios are positioned.

In describing themselves as “an alternative to alternatives”, Matt explains how they run a global macro, absolute return strategy, without a benchmark, and how they discuss return expectations with clients and review their returns.

The conversation covers the sticky nature of the inflation they see persisting, the dangers of hidden leverage and why a structural market in bonds and equities may characterise the investment landscape for a while. All this whilst seeking positive returns “come rain or shine”

Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn | Connect with Ruffer

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Podcast recorded: November 2022

Ruffer performance to 31 Dec %

2018 -5.8 | 2019 7.0 | 2020 16.7 | 2021 8.2 | 2022 5.7

Source: Ruffer

All mentions of Ruffer performance refer to Ruffer’s representative portfolio, which shows the performance of an unconstrained, segregated portfolio of £1 million set up in 1995, and follows Ruffer’s investment approach.

Past performance is not a guide to future performance. The value of investments and the income derived therefrom can decrease as well as increase and you may not get back the full amount originally invested. Ruffer performance is shown after deduction of all fees and management charges, and on the basis of income being reinvested. The value of overseas investments will be influenced by the rate of exchange. For further information on Ruffer’s performance, please see the Performance page on Ruffer’s website at ruffer.co.uk.

The views expressed in this podcast are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument, including interests in any of Ruffer’s funds. The information contained in the podcast is fact based and does not constitute investment research, investment advice or a personal recommendation, and should not be used as the basis for any investment decision. This podcast does not take account of any potential investor’s investment objectives, particular needs or financial situation. This podcast reflects Ruffer’s opinions at the date of publication only, the opinions are subject to change without notice and Ruffer shall bear no responsibility for the opinions offered.

Ruffer LLP is authorised and regulated by the Financial Conduct Authority in the UK and is registered as an investment adviser with the US Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.

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Today in this Money Maze Podcast Curated edition we travel to Canada, to understand Sagard, with its Chairman and CEO, Paul Desmarais III.

Sagard is an intriguing alternative asset management business, that is striking in both the freshness of its approach and clarity of its ambitions.

In this conversation, Paul explains Sagard’s genesis and vision. He then describes their core investment activities, investment process, and disciplines, as well as their thoughtful approach to issues relating to ESG and sustainability.

He then elaborates on their priorities and growth opportunities by geography and theme, the importance of “the network”, and Canada’s advantages for both inward and external flow of opportunities.

Paul finally explains why innovation and entrepreneurship are core values in the organisation and how culture is an essential underpinning of their approach to business.

Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn | Connect with Sagard here

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Whilst this series is produced with the professional investor in mind, episodes are not intended to address your particular requirements.

We recommend that this resource be utilised in conjunction with your wider portfolio research and expert advice.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn

 

In this episode, with Tamer Ozmen, CEO of Mintus, we have the opportunity to discuss Mintus’s approach to investing in the art market, through their FCA authorised fractionalisation platform.

Tamer describes his earlier experience with Priceline, Orange, and then as CEO of Microsoft Turkey, and how those formative lessons led to the genesis of Mintus. 

He describes art as an asset class, its long-term drivers and behaviours, supply and demand changes, as well as the growth in demand for private assets. He also speaks about the technology itself, which allows for fractionalisation, and creating the marketplace to combine buyers and sellers.

Tamer describes the investment process that leads to the selection of artists and their paintings, the disciplines and requirements around valuation, as well as the steps to ensure authentication and quality.

Finally, he describes the significance of key board members like Tad Smith, Brett Gorvy and Martin Slendebroek, who bring gravitas and decades of art insights to this exciting venture.

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