Monday
AM: The week begins with the usual early start: check in on markets, scan overnight news and gauge sentiment. Markets have been much more volatile recently, driven by short-term noise around the conflict in the Middle East, so it’s important to filter through the headlines and focus on what actually matters at a company level.
I run through performance attribution ahead of our Monday sales meeting, pulling together a clear picture of what’s been driving returns over the past week and where we stand relative to the benchmark.
PM: Next, I turn to the portfolio and review updates from company management relating to the war. The conflict continues to create uncertainty, but our approach hasn’t changed: we focus on the impact of company fundamentals, rather than speculating on geopolitical outcomes. It’s tempting to react to every headline, but we believe maintaining the long-term focus is what ultimately serves investors best.
Tuesday
AM: I spend the morning running screens to prioritise ideas within our investment universe. It’s a systematic way to surface the most interesting opportunities and ensure we don’t miss anything. The screens rank companies on a blend of quality, valuation, and momentum metrics, and from there, we can decide where to focus our deeper research.
PM: I sit down with a junior colleague to go through some financial modelling they’ve been working on. Helping someone develop their analytical skills and understanding is one of the more rewarding parts of the job. We review the assumptions behind their model, debate different scenarios that might unfold, and discuss how to present the output clearly. These sessions stimulate further thoughts on topics to explore next.
Wednesday
AM: A deep dive into the Indian market this morning. Valuations have come down meaningfully over recent months, which, on the face of it, makes the opportunity more interesting. However, we need to balance that against additional risks stemming from the Middle East conflict. Several consumer names feature in our universe, and we need to factor in the potential for higher input costs, and for household budgets to be squeezed by higher energy costs feeding through to inflation.
PM: We’ve been having inflows into the fund recently, so the capital needs to be put to work. I size the trades and send the orders across to the dealing desk. The details of a corporate action land on my desk: one of our portfolio companies is doing a modest capital raise. I spend the morning assessing the terms of the deal – the discount, the dilution, and the intended use of proceeds – to decide whether we want to participate. I also speak with our operations team to ensure they have everything they need on their end. These situations require quick but careful analysis.
In the evening, I head out for a fund manager dinner with peers – a group of us who originally met while travelling to the Berkshire Hathaway shareholder meeting in Omaha. It’s always a great evening: good food, good conversation, and plenty of debate about markets. Inevitably, the evening descends into a discussion about UK politics!
Thursday
AM: I review notes from an industry contact who attended an AI conference earlier in the week. It’s a good way to keep on top of developments in technology without having to be there in person, and to understand the implications that are directly relevant to us as investment managers. The pace of change is remarkable – I find it fascinating how model updates are continually unlocking new capabilities.
PM: I review content for the marketing team, including an emerging markets white paper that will also be turned into a video piece. It’s important to get the tone right: rigorous enough to reflect our investment thinking, but accessible enough to engage a broader audience.
That evening, I fly to Vienna for an Austrian fund selectors’ event, which is a great opportunity to talk with investors further afield and gauge how different regions view the current landscape.
Friday
AM: I have an engaging conversation with a journalist from a local industry publication just after breakfast, where I discuss intra-regional trade in Asia, China’s growing prowess in R&D for advanced industries, the concentration of names in the MSCI Emerging Markets index, and how the Guinness Emerging Markets Equity Income fund contrasts with this.
PM: I host a workshop for the event, where I continue to discuss developing opportunities in emerging markets and how the fund provides diversification relative to the MSCI Emerging Markets benchmark.
I attend a dinner with other participants, where we had a wide-ranging discussion on, among other things, meditation and fire walking (neither of which I am accomplished in!).
Weekend
The weekend is spent back home with the family. There is the usual ferrying the kids to their weekend clubs; while waiting, fortunately, I get the chance to read a good book.
