Robert Clarkson-Short

The UK’s Long-Term Asset Fund (LTAF) marks a significant milestone in the country’s investment landscape and in the broader democratisation of private markets. Much like the EU’s ELTIF framework, the UK LTAF is designed to enable retail investors to participate alongside institutional investors in long-term illiquid assets such as private equity, infrastructure and real estate – while still maintaining robust investor protections that ensure a secure investment experience for retail participants. Keen to learn more? Our new LTAF guide provides a solid introduction to: 🔹The regulatory foundations and operational requirements of the LTAF 🔹How fund managers and investors can navigate the opportunities and responsibilities of launching or investing in an LTAF 🔹How we can support fund managers launching and operating LTAFs Watch the video below for key details, or click here to read our guide in full: https://ow.ly/JHxC30sR59q #oneiqeq #ltaf #privatemarkets #alternativeinvestments #retailisation

١

📈 📊 This week's Charted Territory examines the realities facing the 60/40 portfolio, provided by Kurt Knowlson, Senior Portfolio Manager in our Capital Opportunities Group. The driving forces behind the strategy have in recent years come under pressure. With the traditional diversification of the 60/40 portfolio eroding, investors may need to rethink allocations. This is a pivotal moment highlighting the value of active management in navigating market dynamics. Swipe through to learn more 👇 #Bonds #Equities #Investing Capital at risk.

٢٣

Have UK investors been given a second bite at the cherry to reduce US equity exposure in portfolios? - Kind of. Whilst US equities have rebounded since the "Tariff Tantrum", the return differential this year for US equities versus the rest of the world is 12.5% (in favour of ROW). With the dollar making up around 7.5% of that under performance for UK investors. Down another 1% or so again today. I think what this year has shown us, is that nothing is a sure bet - and that includes US equities. Sometimes one needs that jolt when the trend has been so strong for so long. Things everyone had confidence in 12 months ago: - The dollar - US not defaulting on its debt - Google dominating search for ever - Relative political stability - Tech stocks being invincible All that has been upended this year. The reality is, operating with a cap weighted approach to equity investing at this juncture, comes with the reliance on US equities doing most of the heavy lifting and placing most of clients £ into $ (which is not their base currency). My own view is that it is hard to know whether one country, currency, sector or style will do well going forward. Investing in a global index at the moment, relies on the US, dollars, momentum and the growth investment style continuing to deliver. I strongly believe in diversification of equity exposure - to give investors the best chance of achieving their 9/10% annualised return, over the long-term; and also avoiding decade long ice ages of returns that could come with over concentration. Don't be caught with your pants down on US equity exposure.

٥٧

‏٣٠‏ ‏تعليق‏

The sale of Schroders is a sad moment for UK asset management. A strong brand and arguably the poster child of British asset management. But anyone surprised by this news may be underestimating just how tough the environment has become for traditional asset management, particularly those in the "squeezed middle". Scale used to be considered to be 500bln in assets under management. Today, even $1trln isn't enough. The new benchmark is considered to be a staggering $1.5trln+ in AUM. So why has the bar moved so dramatically? ✖️ Persistent underperformance (after fees, few active managers consistently outperform their benchmark or passive rivals) ✖️ Growth in low-cost passive investing ✖️ Rising regulatory and ESG-related costs ✖️ Relentless fee compression (income) ✖️ Product proliferation and complexity ➡️ Has resulted in high cost-to-income ratios and structurally low margins across the industry. And none of this is going away. 1️⃣ Active management is expensive 2️⃣ Fee compression will continue 3️⃣ Clients increasingly want partnerships, customisation, demonstrable value-added services 4️⃣ Manager diversification is giving way to manager concentration and deeper long-term relationships 5️⃣ And asset management remains over saturated 6️⃣ Some asset managers are cutting costs at the expense of value creation So how do traditional managers survive and thrive? ✔️ Radical client centricity: focus on client outcomes and value creation across the entire value chain ✔️ Honest self-assessment: do you really have an information advantage and investment edge, and pertinently, can you deliver alpha after fees ✔️ Disruptive technology: use AI and data intelligently to reduce the cost of active management and for new sources of alpha ✔️ Strategic choices: partnerships, acquisitions, and bravely exit sub-scale parts of the business. Blunt cost cutting becomes self-defeating if it undermines the value capabilities clients are paying for This isn't about defending legacy, but embracing a sustainable and competitive model. #assetmanagement #AI #activemanagement #schroders #nuveen #solutionsnotproducts

٣٢٥

‏١١‏ ‏تعليق‏

It was great to join Chris Jeffery, Chris Teschmacher, CFA and Sarka Halas on the latest L&G Talks podcast, where we discuss how we manage geopolitical risks and uncertainty in portfolios, in particular when headlines are loud! We also talk about how to avoid falling into the trap of reckless prudence by over- hedging. And how to deal with the feeling of Regret that can often be triggered when invested in a divesified strategy. You can listen to the podcast here: https://lnkd.in/eCGJHjP4 Or watch the video here: https://lnkd.in/e8vXbUh7 Marketing communication. For professional investors only. Capital at risk.

٣٢

As always, the "CLO Investor Podcast" with Shiloh Bates is a pleasure. This episode with Amir Vardi, Head of Structured Credit at UBS Asset Management, who has more than 20 years experience with the asset class. They discuss the differing dynamics between CLO debt and CLO equity, modelling assumptions and BSL vs middle market CLOs (among other things). Worth a listen. Link: https://lnkd.in/dPcYMf2J #clos #structuredcredit #leveragedfinance

٣٠

Great to speak with Steve Johnson at the Financial Times on the growing opportunity set in private markets. Over the past decade, we have seen a clear shift with companies staying private for longer, fundamentally changing where value is created. Many of today’s most recognisable businesses, from SpaceX to ByteDance to Anthropic, remain private during their highest growth phases. That said, accessing private markets is not just about availability. It is about timing, selectivity, and understanding the unique challenges around valuation, liquidity, and portfolio construction. As more value creation happens before companies reach public markets, the ability to navigate these dynamics is becoming increasingly important. The opportunity is clear, but so is the complexity. https://lnkd.in/egM8gvEc

٥٥

‏٤‏ ‏تعليق‏

We capture contrarian alpha from UK equities. We do this by using fundamental analysis coupled with catalyst-driven mean reversion investments. The result is a concentrated and directional portfolio of hidden quality longs and forensic accounting shorts. Read more about our investment approach here: https://lnkd.in/e__w4vzs #UKEquities #ContrarianInvesting

٨

We’re always keen to highlight the hidden costs of indexing. It was great, therefore, to see this topic discussed at Dimensional’s first Analyst Roundtable of 2026, which brought together rising stars in the field of fund research. There were three key themes that stood out: - The active decisions that go into the creation and maintenance of indexes; - The opportunity costs associated with infrequent index rebalancing; - The growth in low tracking-error solutions that seek outperformance at low cost. Led by Mamdouh Medhat, PhD, the session was a valuable opportunity for analysts to explore these ideas in depth and to build relationships with others in the first phase of their career. #DimensionalEvents

٤٨

Amid signs of revival and shifting global dynamics, a look at the compelling opportunities across high yield, local currency, and corporate emerging market bonds. Read more: https://ow.ly/L28C50Wlrap Investment involves risk. #AberdeenInvestments #EM

٨

Strangely, it seems that the LinkedIn algo resulted in me missing seeing this FVC | Future Value Consultants post re UK retail #structuredproducts, from three weeks ago. Judging by the lack of likes from other peers around the sector, I guess it may have escaped their notice too? It's a good, important post, from research firm FVC, highlighting both short and long term data regarding UK retail structured products, and in particular auto call / kick out products. I'm pleased to repost it for my contacts to see. It provides yet more data helping evidence the efficacy of UK retail structured products, and the potential merits and benefits of including then in diversified portfolios. The data evidencing the efficacy of the sector clearly supports objective consideration of UK retail structured products - and it has been growing year by year, with Lowes Financial Manaement and StructuredProductReview annual reviews (and various other output too) since 2013/2014. It's good to see FVC / Structured Edge now picking up that baton and providing sector-wide reports like this. Hopefully more to come! Time for more professional advisers to open themselves up to the facts and evidence? After all, without data, you're just a person with an opinion!

٦

🔑 The 'Seven Ps' are key to fund manager selection says our Head of Multi-asset Manager Research, Cameron Falconer, MBA, CFA. A principle central to our strategy, his approach involves a deep understanding of fund managers, focusing on their interactions and underlying weaknesses rather than just their performance metrics. Learn more in Citywire 👇 https://bit.ly/48arICd #FundManagerSelection #AssetManagement

٤٦

Schroders expands MPS offering with blended service and seven portfolios. Schroder Investment Solutions (SIS) has launched a blended model portfolio service (MPS) alongside seven portfolios within its Active Model Portfolio range. Philip Chandler. Jamie Fowler. Check out Cristian Angeloni’s latest article 👇 https://incm.pub/48xBxKT #investment #wealthmanagement #assetmanagement #finance

٣

Paper "estimates equity tail risk premia by decomposing the squared VIX into four components: tail risk premium, realised tail, variance risk premium, and realised variance." https://lnkd.in/exZTaVvU

٢١

‏١‏ ‏تعليق واحد‏

In our #GenerationTrader series, Natasha Lauder of Schroders tells us how her career as a multi-asset trader evolved, from a background in physics which built her coding skills, into a data insights and analytics team. Her experience in technology and consultancy provided great experience in supporting trading through technology and analytics, leading to a start in FX trading. Understanding of the market and data allowed her to understand rates and emerging market credit. Significant differences in FX versus rates markets has further expanded her skills, applying her understanding of how data and applications can support different styles of trading.

٢

Are Fund of Funds schemes a part of your portfolio? Read our thoughts on the same in EquiZen's analysis of mutual fund assets and flows in November 2025. https://lnkd.in/gKseQYUs

١١

The way investors think about active management is changing. Enjoyed reading Richard Oldfield’s latest piece at Schroders — where he argues that the old active vs passive framing no longer fits the world we’re investing in. ▸Investors today aren’t asking “active or passive?” ▸They’re asking “how do I build resilience?” For years, broad indices like the S&P 500 or MSCI ACWI were the default route into global markets. Today, advances in AI, data, and portfolio construction mean exposures can be built around specific risks, themes, or client objectives. At Copley, our Active Fund Intelligence (AFI) framework captures these shifts over time — at the macro level, to show how active capital is collectively positioned, and at the micro level, to help clients identify the strategies that deliver true differentiation. https://lnkd.in/g8Me8aXU

٢١

‏٢‏ ‏تعليق‏