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 senseReal-World Performance:- The fund manager who turned $10 into $233 (23x return over 27 years)- Managing a 34% position in a single fund - when high conviction pays off- How they achieved 2.5x benchmark performance over 30 years- Market inflection points that generated exceptional returnsRisk 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 yearsFund 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-makingPractical Insights:- Tax advantages of fund-of-funds investing in the UK- Why capital gains tax changes make this structure more valuable- Book recommendations for aspiring investors- The role of luck vs skill in investment successTIMESTAMPS: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 investorsQUOTABLE MOMENTS:"The truth is that most people buy at the top and sell at the bottom""Risk is not knowing what you're doing""If you're wrong 49% of the time you're probably a hero. If you're wrong 51% of the time you're a disaster""Shares make a real return of about 4% over and above inflation - that's what you need"BOOK RECOMMENDATIONS MENTIONED:- The Intelligent Investor - Benjamin Graham- The Stock Market - John Littlewood- The Great Crash - JK Galbraith- The Big Short - Michael Lewis- The Little Book of Behavioral Investing - James MontierJohn Chatfeild Roberts served as Chief Investment Officer at Jupiter from 2010-2015 and founded the Jupiter Merlin portfolios, which have maintained an exceptional track record over three decades. His insights on manager selection, market timing, and risk management are invaluable for investors at any level.Subscribe for more in-depth conversations with legendary investors and fund managers!

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.

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.

In this deep-dive conversation, William reveals:- Why the AI boom ISN'T a bubble (yet) - and the warning signs to watch for- The difference between Google and ChatGPT that most people miss- Why chip manufacturers represent 40% of his portfolio- His contrarian bet: Why Adobe and software platforms will be AI's biggest winners- The "picks and shovels" strategy that consistently outperforms disruptors- Why Nvidia's ecosystem is powerful but not unbeatable- His surprise top stock pick for 2026 (it's not what you think)William explains why companies selling the infrastructure (TSMC, ASML, Lam Research) consistently outperform the headline-grabbing disruptors, and why the market is wrong about AI's impact on software platforms.

Chapters:

00:00 - Intro 02:00 - Military to Finance Journey03:29 - Google vs ChatGPT06:13 - Who Owns OpenAI?07:24 - AI Energy Use08:10 - What Are GPUs?10:05 - AI Data Centers13:19 - AI Investment Scale14:07 - Safety & Guardrails15:17 - Big Spenders in AI18:11 - Artificial General Intelligence19:32 - AI Bubble Risk?22:18 - AI & Human Knowledge23:37 - What's Next After AI?24:13 - Tech Returns: 15% Growth26:02 - TSMC Leadership27:47 - Nvidia Explained28:33 - Nvidia vs Apple Ecosystem31:29 - Picks & Shovels Stocks

Links & Resources:BlueBox Asset ManagementWebsite: https://www.blueboxfunds.com/LinkedIn: https://www.linkedin.com/company/bluebox-asset-management/?originalSubdomain=ukWilliam de GaleLinkedIn: https://www.linkedin.com/in/william-de-gale-fca-cfa-a2692258/?originalSubdomain=ukInvestment 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.

In this episode of Algy’s Investment Podcast, we sit down with Glen Finegan of Skerryvore Asset Management, a seasoned investor with decades of experience managing global emerging market portfolios. Together, we dive deep into the realities of investing beyond the US and Europe, exploring the risks, opportunities, and governance challenges that define emerging markets today.

We discuss:

1. What defines an emerging market and why they matter for global investors.
2. The biggest opportunities in India, Taiwan, and Mexico — and how domestic consumption drives long-term growth.
3. How to assess risk, governance, and trust in management teams when investing in volatile regions.
4. Why many state-owned enterprises in China, Brazil, and Russia fail investors — and how to avoid these traps.
5. The role of currencies, inflation, and political risk in shaping investment outcomes.
6. Insights into China’s tech market, Taiwan Semiconductor (TSMC), and India’s growing middle class.
7. The importance of absolute return investing vs. chasing benchmarks.
8. Lessons from history — from the Mexican crisis to the Asian crisis and the global financial crisis — and how emerging markets bounced back.
9. Why governance, integrity, and sustainable business models are the true differentiators in long-term success.

Glen also shares Skerryvore’s investment philosophy, built on four key pillars:

1. Strong governance and alignment with minority shareholders.
2.Businesses with durable pricing power and compounding ability.
3.Resilient balance sheets.
4. Companies behaving sustainably for long-term growth.
Whether you’re an institutional investor, a financial professional, or simply curious about the future of global investing, this episode provides a rare inside look into how top investors identify high-quality companies in some of the world’s most complex and fast-growing economies.

Alastair Irvine has been the Investment Director on the Jupiter Merlin Team for over a decade. He is highly respected by professional investors for his clear-cut insights and no-nonsense take on global events. He’ll be a regular guest on Algy’s Investment Podcast.

In this episode, he breaks down:

1. The current state of the UK economy

2. Has the UK Prime Minister lost control of his party?

3. The war in Ukraine

4. Why has the U.S. bombed Iranian nuclear development sites

5. Trade wars and the role of the U.S. dollar

⏱️ Timestamps:

00:00 Intro

01:11 The Skill of Managing Risk

03:25 Rachel Reeves Budget Challenge

10:24 Starmer's Benefits Reform Bill

11:49 What Drives Economic Growth?

13:12 The Office for Budget Responsibility Forecasts

14:55 Will the IMF Bail Out the UK?

18:30 The Effect of Wealth Taxes

22:02 Are UK Equities Cheap?

23:58 Who Else Could Govern the UK?

27:07 Nuclear Energy in the UK

30:06 Trump in Ukraine

32:34 Trump's Impact on Global Stability

37:05 The Bombing of Iran

39:16 Where is the World Most Dangerous Today?

43:19 What are Global Bond Markets Indicating Today?

47:13 Is Trump Trying to Weaken the US Dollar?

49:43 Where are the Jupiter Merlin Team Investing?

Algy's guest this episode is Avinash Vazirani, Investment Manager, Investment Manager of the Indian Equities Strategy at Jupiter Asset Management.

Before joining Jupiter, Avinash was Managing Partner of Peninsular Capital Partners LLP, which he founded in 2005. Prior to this, he was CIO (South Asia and Africa) of BNP Paribas Asset Management. He was also CEO of GEM Dolphin Investment Managers from 1994 until its sale in 1997. He began his investment career in 1994.

Algy's guest in this episode is Kiril Sokoloff, who is Chairman and founder of 13D Research & Strategy.