In this episode, we speak to Martin Lau and Ziqi Deng of FSSA investment managers to find out. We discuss the impact of AI advances on future earnings, whether monetary policy changes are a material development and China’s anti-involution policy.

Are we at a watershed moment in UK PLC’s attitude towards pensions? Will pension schemes start to be seen as an asset, instead of a liability to be managed? In this Quick Take episode, we’re joined by LCP Partners Steve Hodder and David Fairs to discuss a first-of-its-kind transaction, where Aberdeen Group has taken over as sponsoring employer of the £1.2bn Stagecoach Group Pension Scheme (a DB pension scheme). In particular, we discuss what happened, motives of the different stakeholders (Aberdeen, Stagecoach, and perhaps most importantly, members) and what this might mean more broadly for both regulation and UK PLC behaviour.

The illiquidity premium (the extra return investors seek for locking up capital in private markets) has long been a cornerstone of alternative investing. But with rising interest rates, massive inflows into private markets, and evolving macro conditions, how reliable is this premium today, and how should investors think about capturing it? In this episode of Investment Uncut, we speak to Tony Davidow (Senior Alternative Investment Strategist at the Franklin Templeton Institute), a leading expert in private markets and alternative investments, to explore the nature of the illiquidity premium. We discuss how it has evolved over the past decade, the risks and rewards across private equity, credit, and real assets, and what investors should watch for over the next 5–10 years.

What happens when investors suddenly find themselves holding far more illiquid assets than they ever planned? Join us as we speak to James Fermont (Partner and senior member of LCP’s Illiquid Asset Solutions Group) to explore how to unlock value in secondary market transactions. From liquidity workarounds to broker-led sales, online platforms and direct deals, we examine the practical routes to exit illiquids, how to judge value in an opaque market, and why pricing isn’t always the only metric that matters. For anyone navigating today’s secondary market – whether selling under time pressure or looking to buy quality assets at a discount – this conversation offers a clear, grounded guide through a fast-evolving landscape.

Commodity markets (from oil and gas to metals and agriculture) have been on a rollercoaster in recent years, driven by shifting inflation dynamics, geopolitics, and changing investor sentiment. With so much flux, can commodities still serve as an effective diversifier in a global portfolio? In this episode of investment uncut, we speak to Chris Watling, CEO and Chief Market Strategist at Longview Economics, to unpack where we are in the commodity cycle, whether talk of a new “supercycle” is justified, and how investors should approach commodities today. We discuss misconceptions, the impact of global tensions on trade flows, and where the biggest opportunities and risks may lie over the next few years.

The UK Autumn Budget 2025 – one of the most highly anticipated Budgets in recent history. Speculation has been building (even the government getting involved) around tax changes, and of course the “will they won’t they” on breaking the manifesto. In this episode of The Quick Take, we unpick what could happen and what that might mean, ahead of the day itself. And who better to help, but former pensions minister and LCP Partner, Sir Steve Webb! Steve helps us understand the way government might be thinking about the tricky decisions ahead, what’s different this time, and what else we should look out for, aside from big tax headlines.

Climate change has been an increasingly hot topic (pun intended) in recent years, yet its direction isn’t always clear. Different world leaders take different stances and at times there is an unclear balance between the actions of governments, regulators and investor groups. Chris Dodwell, Head of Policy and Advocacy at Impax Asset Management, helps us understand what to expect from COP30*, but more importantly how we can expect real world change to play out, and who plays the most critical role in this fight. He gives us reasons for optimism, highlights key innovations and explains why tackling climate change naturally aligns with broader business planning. *COP30 is the 30th annual climate conference (“Conference of the Parties”), where world leaders get together to discuss ambitions, commitments and plans to tackle climate change in the future.

Six months on from “Liberation Day” and with tariffs still six times higher than at the start of the year, how has the global economy responded and what happens next? Initially billed as a way to rebuild supply chains, bring manufacturing back onshore, and reduce US dependence on imports, the reality has proven more complex. In this episode of The Quick Take, we speak to Anais Caldwell-Jones (Principal at LCP and member of our macroeconomic team) to explore how other major economies have responded to US tariffs, what is the impact on the macroeconomic picture, the market reaction so far, and what investors should be on the lookout in the near future.

Impact investing has rapidly moved up the policy agenda – with the Better Futures Fund, the Mansion House compact and renewed questions around fiduciary duty all signalling that finance can no longer ignore social outcomes. But what does it actually mean to invest for both financial return and societal benefit – and can those aims truly align rather than trade off?

For this episode of The Quick Take, we’re exploring one of the big questions investors are asking right now: What are the best alternative credit ideas when headline spreads are tight? Credit spreads are currently at historically low levels, making it harder for investors to be adequately compensated for risk. While many have turned to asset-backed securities for better yield (which we still like), there are other opportunities worth considering. In this episode, we speak with Nick Cooney, Partner at LCP and Head of Credit Research, about ways to earn yield within the credit space without taking on excessive risk.

Market valuations on major asset classes are at historically high levels. But does that mean we’ve reached the point where nothing is attractive? And if we’re at that point, how should we think about constructing an investment portfolio? Howard Marks is ideally placed to help our listeners grapple with these questions – he’s been investing since 1969 and at the helm of Oaktree Capital since it began in 1995.

Welcome to a brand new type of episode from us here at Investment Uncut. This is The Quick Take: our bitesize episodes where we discuss recent market events, topical issues and share our expert opinion on what long-term investors should be thinking about in response. For our inaugural episode, we’re diving into a pressing topic: the growing concentration in global equity markets – has this risk now become too big to ignore?

Would you put pharmaceuticals on your buy list today? The sector is under pressure: revenues from COVID products are collapsing, the US administration is pushing for lower drug prices, and major players are cutting jobs amid rising competition. Yet could this turbulence mark a compelling entry point for long-term investors? Kevin Patterson, US Access Solutions lead in LCP’s Health Analytics practice (based in our recently opened US office!), joins us to unpack what the current pain really means, who might win or lose, and where the most exciting opportunities lie.

In our last episode of Season 6, we speak to author and London Business School Professor Alex Edmans about his book “May contain lies”. We discuss Alex’s focus on bringing his research to practitioners so that it has real world impact, with writing books being one way to achieve this. May Contain Lies is about misinformation, which Alex first reached through his work on sustainable finance (the topic of his previous book Grow the Pie), but the issues are more widespread than this.

In this episode, we bring you the highlights from our Investment conference: Markets, MAGA and Megatrends. Covering topics such as: - Macro-economics, geopolitics and deglobalisation - Strategic asset allocation powered by demographics - How does USS, one of the UK’s largest pension funds integrates climate and demographics into its investment strategy - Investing in the energy transition We chat to guests and speakers to bring you the highlights of the conference, their key takeaways and new investment ideas.

In this episode of Investment Uncut, we speak to Duncan Johnson (Chief Executive at Northern Gritstone) to delve into the UK’s high growth science and technology ecosystem. We explore why the UK is a global leader in this space, the types of companies attracting investment, and how to assess these opportunities that are on the cutting edge of science for which markets may not exist yet!

If you’re trying to outperform the market, how do you actually decide where to invest? And what about areas like AI where the future is highly uncertain? And there’s risks too – how do you ensure you’re paying a fair price given the risks you’re exposed to? To answer these questions, we step into the mind of an equity manager. We’re talking to Alison Savas, Investment Director at Antipodes, to understand the steps they go through when deciding whether to buy, hold or sell a stock like Alphabet. For our Views from the Boardroom section, Jacob Shah and Peter Abrahams give a preview on a long-running debate they’ve been having: should investors go underweight to the US? Tune in and decide where you stand.

S6 Ep.20: Andy Howard - what could an ESG rollback in the US mean for European investors? by Lane Clark & Peacock

What is achieved in the first 100 days of presidency are often seen as an indication of a President’s success or failure. Trump’s first 100 days (2.0) ended on 29 April, and he had certainly been busy. In this episode we review what’s happened so far, but mainly we focus on what might happen next. We were delighted to interview PIMCO’s Head of Public Policy, Libby Cantrill, for this episode. Libby helped us characterise Trump’s actions (maximalist and well organised), how far the dollar might weaken (incremental, but without a broad referendum on the dollar’s reserve currency status) and the impact of Trump’s policy changes on climate change. We also touched on the tax bill (when not if) and to what extent Trump cares about market reactions. Important! This interview took place on 1 May. Events between then and the episode release on 7 May do not feature. For our Views from the Boardroom section, Jacob interviews Richard Tomlinson, CIO of LPPI. Richard touches on decision making in volatile times, how to think about time horizons and his views on protection strategies. If you are interested in finding out more about the topics in this episode, sign up to our Investment Conference happening on the 25th of June 2025: https://www.lcp.com/en/events/investment-conference

In this episode, we speak with Jenny Harbord, Head of Real Assets at LCP to explore the UK affordable housing market and why institutional investors are increasingly drawn to this sector. For our Views from the Boardroom section, Jacob speaks to Sarah Smart (Chair at TPR) to talk about the challenges and opportunities facing the pension scheme industry.