Monday
Most people hate Monday mornings, but honestly, I cannot wait to get going for the week. Assuming you have reset yourself properly over the prior weekend, each one is an excellent opportunity to come at things with a fresh mind and with renewed vigour.
Early morning starts are effectively a pre-requisite in this business, and I like to be at my desk as early as I can. This means 6am if I am working from home (like today), or just before 7am if I am in the office.
That first hour before most people are online is the most important of the day in many ways. There is a rare period of quiet, and it gives you time to process overnight news and strategise for what is to come.
There is little competition for attention among the headlines today: all the focus is on the US-Iranian peace deal. This one looks far more promising than some of the other false dawns, and there will be important ramifications for portfolio positioning and performance. Once our set of morning calls is out of the way, I begin to look at potential trades for the portfolio and hold calls with the analysts to determine our course of action.
Tuesday
Today is a marketing day, and that means getting on the road to go and meet with various clients. As a portfolio manager (PM), I spend a fair amount of my life travelling to various places, and it is a hugely important part of the job.
An old boss of mine once told me he felt it was necessary for PMs to be engaged in sales and marketing efforts for around 20% of their time in order to create and sustain a successful franchise.
It’s advice I have always taken to heart; as a fund manager, it is simply imperative to get out and meet your investors, and if you don’t, you miss out on one of the fundamental experiences of being a PM.
Spending 100% of your day staring at Bloomberg is not the most efficient use of time, and gaining perspective and understanding from different sources is vital. The schedule can sometimes be arduous, and the longer trips take up a fair amount of your personal time too (it really helps to have an understanding family in this regard), but whether they are hard or easy, the meetings are always worthwhile.
Today, the ask is to go to East Anglia, so not too demanding, but it matters not whether it is Suffolk or Santiago, the approach remains the same: connect with the client and remain accountable to your investor base.
Wednesday
I’m making my first trip to the office this week today, which is later than I’d like in typical circumstances, but that is simply how the schedule falls. The rain held off, so I am taking the bike, which instantly improves the commute time (around 35 minutes from SW London to the City), but also improves the experience immeasurably.
We have a daily meeting framework that ensures there is a degree of consistency to the workflow, but outside of that, we are reacting to the demands of the market.
Primary is still very active in high yield on both sides of the Atlantic, so I need to ensure I connect with the analysts on any deals that are soon to price. It’s good to see them in person, as well as various other colleagues from around the business.
Aegon AM (AAM) is a very international organisation and there are often visitors from abroad; today we have Lard Friese (Aegon Group CEO in the office). Being in our London office also ensures I can get good connectivity with our sell-side counterparties, and I am meeting one of our main trading relationships for a quick coffee.
Thursday
Another day in the office, but the routine is slightly different once again. Today I meet with a journalist who is the financial correspondent of a well-known national newspaper. Maintaining relationships with journalists is perhaps one of the more underappreciated parts of a PM’s job, but these meetings are an excellent opportunity to have a two-way exchange of information.
In the afternoon, I have a meeting with an important client, and this is followed by our monthly credit call where PMs from across AAM discuss developments in their respective markets. We are lucky to have a substantial global team at AAM, and this reach is extremely beneficial to the high-yield investment process. In the evening, I attend an industry awards event in the West End. Although we did not win, the fund picked up the runner-up spot, and even making the shortlist is a fine achievement of which the team can be rightly proud.
Friday
Friday is generally spent working from home if possible, and this week is no exception. Mark (co-manager Mark Benbow) and I have a call scheduled every Friday morning to spend time going through various aspects of the fund and plotting our course of action.
It’s important to reflect on the events of the week and to determine whether we are correctly positioned in terms of our risk exposures. I manage to get a trip to the gym in too, which is something I am hugely passionate about. Exercise is obviously beneficial for many reasons, but you’d be surprised how many good ideas come to you while working out.
Saturday and Sunday
Weekends are strictly for spending time with the family, and this is a hugely important part of the week, especially if I have been away for work. Generally our time will be spent in London and participating in various sports or activities with the children, but this weekend we spent the time with relatives in the West Country. I’m from Bristol so it is always nice to get a chance to go back and visit.
