The Value Perspective

The Value Perspective with Chetan Ghosh

Welcome to Allocator’s Edge, a Value Perspective podcast mini-series where we will be engaging in conversations with some of the world’s top capital allocators. In this everchanging landscape of heightened inflation and interest rates, we aim to unravel how and why capital allocators make the decisions that they do. Join us as we explore the nuances between healthcare foundations, examining the impact of inflation on endowments and the strategic choices between share buybacks and dividends for pension schemes. In this miniseries we aim to shed light on the inner workings of capital allocation, helping both investment teams and listeners gain a better understanding of mandates, global interplay and the intricate dance between strategy and reality. New episodes of the Allocator’s Edge will be released on alternating Thursdays.

In this episode we are joined by Chetan Ghosh. Chetan joined Schroders in 2022 as part of the Outsourced Chief Investment Officer (OCIO) Solutions team. You may recall our discussion on OCIO from our recent episode with Jim Dunn in the US. Today we’ll chat with Chetan about what that role looks like in the UK, including his aim to be the provider of choice for OCIO and Fiduciary Management Services. Before joining Schroders, Chetan was the CIO of Centrica’s pension scheme arrangements and the firm’s CIO for 12 years. There, his role covered investment strategy considerations, asset class and manager research, and liaison with investment advisors. Previous to Centrica, Chetan developed a fiduciary management offering at an asset manager, following his start as a pensions actuary. In this episode, Juan and Chetan sat down to discuss what is an OCIO; the challenges of the UK pension industry and all of its different schemes; caps on fees; runs to passives and the newest entrant on the scene – alternatives; how the gilts crisis impacts the industry and finally the impact of inflation.

The Value Perspective with Kathryn Porter

In this episode in the Value Perspective ESG mini-series we’re joined by Kathryn Porter, founder of the consultant firm Watt-Logic. Kathryn started her career in the finance and energy sectors with a focus on structured products and new business development. She founded Watt-Logic in 2016 to advise energy companies across the EU and UK on how to best capture the commercial opportunities of the energy transition. She noted how traditional market frameworks in the sector are being rapidly replaced which enables new sources of income and threatens business models. In her spare time Kathryn is a trustee of the Kid’s Cookery School, an amazing charity that teaches cooking and nutrition skills to children across the UK and the Royal Choral Society, one of the leading amateur choirs in the country. In this episode, we discuss: the current landscape of the UK energy market and its main challenges; her views about wind and how her thoughts have changed over time; challenges to the UK grid when absorbing renewables; where UK energy policy stands today relative to the challenges faced by the energy transition debate; and finally, why she believes nuclear is the right strategy to move forward. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

The Value Perspective with Jim Dunn

In this episode of Allocator’s Edge on the Value Perspective we’re joined by Jim Dunn. Jim is the CEO of Verger Capital Management and has been with the firm since 2014. Prior to this Jim was Vice-President and Chief Investment Officer at Wake Forest University, responsible for investment of the University’s endowment, working capital and life income assets.  Verger caught our eye because they are an outsourced chief investment officer (OCIO) that exclusively serves non-profits including educational institutions, non-profit healthcare and community and cultural foundations. Verger was created by Jim at the Wake Forest University Office of Investments as a spin-off OCIO to serve other endowments and their client base has continued to grow ever since. We sat down with Jim to discuss: Verger’s fascinating history; how inflation impacts endowment economics; their 3P mantra – Protect, Perform and Provide; asset allocation based on reverse optimisation; his thoughts on volatility and liquidity inside an endowment mandate; and finally, how do you make sure you have the right decision-making environment. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

The Value Perspective with Jim Royal

In this episode, we revisit a favourite pet topic of ours on the Value Perspective, special situation investments, especially those that are driven by human biases. Our guest this week is Jim Royal, author of The Zen of Thrift Conversions. In our conversation we focus on decision making in a particularly niche field in America - thrift banks, which are also known as mutualised bank conversions. We discuss: what thrifts are and what types of thrift there are; what human biases are at play in this arena; what motivates the management of a mutualised bank to convert to a public company; what is the alignment between insiders and outsiders in the IPO process; why are thrifts attractive compared to other financial services companies; and finally, the case for buying into second step thrift conversion. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

The Value Perspective with Mark Walker

Welcome to a milestone episode for the Value Perspective podcast, marking our 100^th episode. To help us celebrate, we’re delighted to be joined by Mark Walker for the latest instalment in our Allocator’s Edge mini-series, where we talk with some of the world’s top capital allocators. Mark is the CIO of Coal Pension Trustees Services (CPT), responsible for the £22bn of investments of the Mineworkers Pension Scheme and the British Coal Staff Superannuation Scheme. Prior to joining CPT, Mark was Managing Director and Global Chief Investment Officer of the Univest Company, Unilever’s internal investment group. The Univest Company oversees the investments of Unilever’s pension plans in over 40 countries. Mark joined Unilever from Mercer where he was a Partner and head of the London Investment Consulting Unit. In his busy schedule, Mark somehow finds time to act as an adviser to Arkadiko Partners and is a non-executive director at People’s Investment. He is also a member of the 300 Club and a Fellow of the Institute of Actuaries. Mark joined us to discuss: his career so far;  the history of CPT; the difference between working as a consultant and being the CIO of a large pension plan; the differing structures of CPT and Unilever’s pension plans; how he measures an investment’s performance; the importance of communication with shareholders; the difference in asset allocation between a text book and the real world; his views on climate change and the energy transition; and finally, his thoughts on Active vs Passive. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

 

The Value Perspective with Gary Sernovitz

This week we joined by Gary Sernovitz a Managing Director at Lime Rock, an oil and gas focused private equity firm, and the author of the Counting House, a novel about investment management. Gary started his career as an oil equity research analyst at Goldman Sachs before making the transition to the buy side. We’re delighted to have Gary on the podcast as we believe he is the first fiction writer that we have had on. His latest novel shines a light on what the university endowment world is like, how it operates, its different cultures, motivations and characters. While researching the novel, Gary spoke with Verger CEO Jim Dunn a future guest on the Value Perspective. In the episode, we discuss: Gary’s career journey; the research behind his novel; how an investor can differentiate themselves; the personalities and politics between decision makers; absolute returns vs relative; and finally, the ethical dilemmas faced by modern CIOs. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

 

The Value Perspective with Dan Mikulskis 2.0

Welcome to Allocator’s Edge, a Value Perspective podcast mini-series where we will be engaging in conversations with some of the world’s top capital allocators. In an environment of heightened inflation and interest rates, we aim to unravel how and why capital allocators make the decisions that they do. The series will shed light on the inner workings of capital allocation to help listeners gain a better understanding of mandates and the intricate dance between strategy and reality. New episodes of the Allocator’s Edge will be released on alternating Thursdays.

In this episode we are joined by a previous Value Perspective guest, Dan Mikulskis. This time he joins us as the CIO of People's Partnership, provider of The People's Pension. Last time he appeared as a consultant at LCP. In his new role, Dan leads the investment team that oversees the investments of the members of the People’s Pension with an AUM currently sitting at £21 billion. We discuss: Dan’s transition from a consultant at LCP to his role as CIO of the People’s Pension; the main challenges faced by the UK pensions industry today; the differences between theory and reality when it comes to capital allocation; how Dan’s decision making framework has changed and how he is thinking about a world with higher inflation and higher interest rates; and finally, how Dan is thinking about risk and the probabilistic nature of investing. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

The Value Perspective with Merryn Somerset Webb

This week we welcome Merryn Somerset Webb to the Value Perspective podcast. Merryn is a columnist at Bloomberg and a host of their podcast Merryn Talks Money. Previously to Bloomberg she was the Editor in Chief at MoneyWeek following brokerage stints at SBC Warburg in Tokyo and BNP Paribas in London. She is also the bestselling author of two books on personal investing. Sean Peche returns to co-host the episode with Juan Torres-Rodriguez. They sat down to discuss Merryn’s thoughts on value investing over the last decade; the awakening of nuclear energy and the backstage politics of the nuclear industry in the UK; low fees and the debate of passive vs active; Merryn’s thoughts on pension life styling and its risks; and finally what Merryn would do if she was in charge of the London Stock Exchange and the Treasury. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

The Value Perspective with Peter Ward and Eilert Hinrichs from L.E.K. Consulting

Welcome to Allocator’s Edge, a Value Perspective podcast mini-series where we will be engaging in conversations with some of the world’s top capital allocators. In an environment of heightened inflation and interest rates, we aim to unravel how and why capital allocators make the decisions that they do. The series will shed light on the inner workings of capital allocation to help listeners gain a better understanding of mandates and the intricate dance between strategy and reality. New episodes of the Allocator’s Edge will be released on alternating Thursdays.

In this episode we look at some of the challenges currently facing the pensions industry in the UK and Europe. We’re joined by Peter Ward and Eilert Hinrichs from L.E.K. Consulting. L.E.K. Consulting is a world-class strategy consulting firm with over 40 years’ experience advising companies. Its expertise includes corporate strategy, M&A, operations, and organisational performance. Both Peter and Eilert have over twenty years’ experience in advising investors and leaders in the financial services sector. In this episode we cover: what the landscape for the defined benefit (DB) and defined contribution (DC) industry looks like in the UK; whether Peter and Eilert think DB in the UK is dead; how Insurance is participating in the de-risking of the DB space; Peter and Eilert’s outlook for Europe; and finally the findings and implications of a survey on the cost of ESG amongst different age groups in the UK. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

 

The Value Perspective with Doomberg 2.0

In this instalment of our ESG series we welcome back a previous guest, Doomberg. We sat down with the green chicken to discuss what has happened in the eighteen months since we last had them on the show: why they moved to Substack and decided to leave X, formerly known as Twitter; changes in perceptions and narratives relating to ESG; the resurgence of nuclear and why it has a strong momentum this time; oil’s current and immediate future; AI’s role in the energy transition; and finally some comments on the geopolitical landscape. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.