Asset Allocator — Listen to the Podcast

Asset Allocator

#46 in Investing · 🇵🇰 #200 in Business · 🇵🇰

About the show

Every week the Asset Allocator Podcast discusses the big issues in UK fund selection, the major investment trends of the moment, and exclusive data on how wealth managers are positioning their portfolios. They'll be joined by guests from across the profession to unpick some of these trends. Asset Allocator is a news and analysis service tailored to the needs of UK wealth managers, fund selectors and discretionary fund managers. Our proprietary fund and asset allocation data, compiled using information provided by the UK’s leading DFMs, provide unique insights into the issues that drive investment decisions. To sign up to the free newsletter, click here. Hosted on Acast. See acast.com/privacy for more information.

Newest episodes

UK's improved economic outlook encourages Julius Baer to up its UK allocation

Nov 12, 2026 24 min

Julius Baer has moved from underweight to neutral on UK equities, but does that mean the investment case for Britain is improving? In this episode of the Asset Allocator podcast, Thomas Watts, MPS portfolio manager at Julius Baer, joins Aamina Zafar and David Thorpe to discuss the firm's latest asset allocation decisions and the opportunities and risks facing global investors. Watts explains why the composition of the FTSE 100 makes UK equities an attractive diversifier against US technology stocks, even as concerns persist over UK inflation, interest rates and economic growth. The trio also examines whether the US stock market rally can broaden beyond the Magnificent Seven, how investors can manage exposure to the AI trade, and why Julius Baer is increasing allocations to Europe and emerging markets. Elsewhere, Watts discusses the case for emerging market debt, the role of active and passive investment strategies, and why commodities remain an important hedge against inflation. Listen for insights into portfolio construction, global equity markets, fixed income and investment diversification. Timestamps 00:00 - Why Julius Baer has increased its UK equity allocation 04:40 - US equities and the economic outlook 09:06 - Diversifying beyond US equities and AI 10:12 - Is emerging market diversification becoming harder? 13:11 - Government bonds, investment grade and duration 14:26 - Can commodities protect portfolios against inflation? The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

How to think about alternative assets in portfolios

Nov 5, 2026 12 min

Are you more exposed to AI stocks than you realise? As the AI trade comes under pressure and bond markets experience renewed volatility, investors could be taking on risks they never intended. Eleanor Ingilby, head of high net worth and senior portfolio manager at Atomos, joins Asset Allocator to explain why global ETFs can leave investors heavily exposed to artificial intelligence and the Magnificent Seven, and how to build a more diversified investment portfolio. Speaking to David Thorpe and Tara O'Connor, Ingilby explores the opportunities emerging from rising government bond yields, the role of alternative investments and why catastrophe bonds are attracting attention as a source of income and portfolio diversification. From fixed income and alternative assets to AI valuations and long-term investment strategy, this episode examines how wealth managers and financial advisers can navigate today's market uncertainty. 00:00 - Market volatility and investment opportunities 02:37 - Why portfolio diversification matters 05:04 - Catastrophe bonds: An alternative source of income\ 06:47 - AI stocks, the Magnificent Seven and diversification 08:40 - Building defensive portfolios in volatile markets The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Beyond the Magnificent Seven: Where Aberdeen is investing next

Oct 29, 2026 16 min

With bond yields rising, inflation remaining stubborn and US stock markets increasingly dominated by a handful of technology giants, are investors rethinking how they build portfolios? Eric Louw, senior investment manager at Aberdeen, joins Asset Allocator to explain why the firm has been reducing exposure to riskier assets, increasing allocations to government and investment-grade corporate bonds, and finding new opportunities in infrastructure and global equities. Speaking to Aamina Zafar and David Thorpe, Louw discusses whether higher bond yields are here to stay, why shorter-duration bonds currently appeal to Aberdeen, and how infrastructure investments can provide diversification and protection against inflation. The conversation also explores the risks of relying too heavily on the Magnificent Seven and the AI investment boom, alongside opportunities in UK and European small-cap stocks, Japanese equities and emerging markets. Louw also shares the investment lessons of the past five years and explains why disciplined portfolio construction could be more valuable than attempting to predict the next market shock. Timestamps 00:00 - Introduction: Aberdeen's asset allocation strategy 02:17 - How infrastructure performs when bond yields rise 06:13 - Short-term vs long-term bonds: Managing duration risk 08:43 - Looking beyond US equities and the Magnificent Seven 10:08 - Opportunities in Asia and emerging markets 13:25 - Why genuine portfolio diversification matters The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

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All episodes

UK's improved economic outlook encourages Julius Baer to up its UK allocation

Nov 12, 2026 24 min

How to think about alternative assets in portfolios

Nov 5, 2026 12 min

Beyond the Magnificent Seven: Where Aberdeen is investing next

Oct 29, 2026 16 min

Royal London's Trevor Greetham says commodities a reliable safe haven if there's an equity downturn in 2027

Oct 22, 2026 16 min

Commodities should serve as a reliable safe haven in the event of an equity downturn next year according to Trevor Greetham, head of multi-asset at Royal London Asset Management, who shared his prediction when he joined this week’s Asset Allocator podcast. Joining Aamina Zafar and David Thorpe, Greetham draws parallels between today's economic environment and the stagflation of the 1970s, explaining why geopolitical tensions, energy prices and commodity shortages could make inflation a persistent challenge for investors. He also questions whether the surge in US corporate earnings, fuelled partly by artificial intelligence investment, data centres and semiconductor spending, is sustainable. With US equity valuations elevated, Greetham makes the case for overlooked opportunities in UK and European stocks, describing the UK stock market as a potentially attractive, inflation-resilient investment. The conversation also explores the changing outlook for government bonds, UK gilt yields and inflation-linked gilts, alongside the role of commodities and gold in protecting multi-asset portfolios. Timestamps: 00:00 - Trevor Greetham on investing and inflation 03:09 - Central banks, interest rates and inflation hedges 04:27 - Where is the value in global equities? 06:29 - UK stocks, commodities and inflation resilience 09:45 - The risks of US stock market concentration 14:04 - How to invest in commodities using ETFs and indices The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Are rising bond yields a threat to stock markets?

Oct 15, 2026 17 min

Government bond yields are approaching five per cent, raising a crucial question for investors: could higher interest rates threaten global stock markets, or are bonds becoming a more attractive investment than equities? In this episode of the Asset Allocator podcast, Simoney Kyriakou is joined by Joe Little, global chief strategist at HSBC Asset Management, to discuss the outlook for bond markets, interest rates, inflation and global equities as investors adjust to a higher-for-longer interest rate environment. With US Treasury yields and UK gilt yields rising, Little examines what's driving the global bond sell-off, why inflation-adjusted yields matter and whether government bonds now offer a compelling alternative to stock market investing. The conversation explores the risks higher bond yields pose to equity valuations, why strong corporate earnings continue to support US and European stocks, and what a sustained rise in borrowing costs could mean for investment portfolios. They also discuss the resilience of the US dollar amid geopolitical uncertainty, the implications for emerging markets including China, India and Brazil, and whether the Federal Reserve, Bank of England and European Central Bank have enough room to respond to inflation without damaging economic growth. Little also explains why central banks may deliver fewer interest rate rises than markets currently expect and how that could create opportunities for bond and equity investors. Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management Timestamps: 00:00 - Why bond yields are rising 05:47 - Can higher bond yields hurt stock markets? 08:54 - Why the US dollar remains strong 13:03 - Are central banks running out of options? 16:17 - Have markets priced in too many rate hikes? The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on A...

How to build a defensive portfolio as bond yields rise

Oct 8, 2026 17 min

How should investors build a diversified portfolio when bond yields are rising, inflation remains a risk and the AI boom is reshaping global equity markets? In this episode of the Asset Allocator podcast, Aamina Zafar and David Thorpe are joined by Darius McDermott, managing director of Chelsea Financial Services, to discuss how investors can position portfolios for today's market environment. McDermott explains why higher bond yields can affect equities as well as fixed income, and why traditional geographic diversification may no longer work quite as expected as AI-related stocks become increasingly important across the US, Asia and emerging markets. The conversation explores how investors can diversify beyond the dominant AI theme, including opportunities in UK equities, infrastructure, energy, water and waste, global insurance, private equity and defence. They also discuss what a more defensive portfolio could look like, from short-duration bonds and gilts to cash, gold and lower-beta equities, and why understanding correlations between different assets becomes particularly important during periods of market stress. Plus, McDermott explains why Chelsea Financial Services reduced its exposure to longer-duration gilts and US Treasuries and why higher yields could now make parts of the gilt market increasingly attractive again. 00:00 - How higher bond yields affect equities 04:01 - How to diversify beyond the AI trade 05:53 - How to build a defensive portfolio 08:43 - Can alternatives replace bonds and equities? 12:51 - How Chelsea Financial Services changed their play The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Macro factors 'more difficult' to forecast in today's environment, says Keyridge boss

Oct 1, 2026 32 min

Forecasting macro factors are much more difficult than they were in the past. That’s the view of Jordan Sriharan who joined this week’s Asset Allocator podcast this week. The senior fund manager for multi asset at Keyridge Asset Management warned that predicting the macro environment has become significantly more difficult due to shifting government policies and increased volatility compared to the post-financial crisis era. Speaking with Aamina Zafar and David Thorpe, the trio examine why inflation and interest rates could remain structurally higher, and what that means for asset allocation, portfolio diversification and risk management. Sriharan explains why shorter-duration corporate bonds are becoming increasingly important in fixed-income portfolios, whether long-duration government bonds can still provide protection during market downturns, and where high-yield bonds and emerging market debt fit into portfolios. Timestamps 00:00 - Macro factors more difficult to gauge 03:06 - From efficient supply chains to economic resilience 10:21 - Does the 60/40 portfolio still work? 19:49 - Why emerging market debt looks attractive 22:34 - AI, Big Tech and the outlook for US equities 29:59 - The investment case for UK equities The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

‘Riskiest’ parts of portfolio investments are performing the best

Sep 24, 2026 20 min

Higher bond yields are transforming the investment case for fixed income. But with inflation remaining elevated, interest-rate expectations shifting and markets volatile, where are the best opportunities for investors? In this episode of the Asset Allocator podcast, Amina Zafar and David Thorpe are joined by Fahad Hassan, chief investment officer at Albemarle Street Partners, to discuss how investors should approach bonds, equities and portfolio construction in a higher-for-longer interest-rate environment. They examine why shorter-duration government bonds could offer attractive yields without the volatility of longer-dated debt, whether government bonds can still act as a safe haven, and where corporate bonds and high-yield debt fit into portfolios. The conversation also explores what persistent inflation could mean for interest rates and markets, the risks facing the US and European economies, and why strong corporate earnings have continued to support equities despite market turbulence. Timestamps 00:00 - Higher bond yields and new fixed income opportunities 05:14 – Is higher-for-longer inflation here to stay? 11:02 – Could an inflation shock become a growth shock? 15:51 – Are there any safe-haven assets left? The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Are we in for an even bigger inflation shock?

Sep 17, 2026 16 min

Fears over a lack of de-escalation in Iran and reservations about whether AI companies can continue their trajectory have led to bond market volatility and worryingly persistent inflation. But amid the tumult, stocks and emerging markets have remained surprisingly resilient. Joe Little, chief strategist for HSBC Asset Management, sits down with FT Adviser's Simoney Kyriakou to discuss why stocks and EMs have remained impervious to the volatility in the bond markets. Joe and Simoney discuss what's happening with tech stocks and in the AI space and look at why European stocks have remained on pace with US stocks, despite subdued GDP growth. Is Europe emerging as the 'anti-bubble' market? Meanwhile, a falling dollar and rising EM currencies oxygenates the asset class, easing financial conditions and encouraging investors to allocate to EM. Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management https://www.assetmanagement.hsbc.co.uk/en/intermediary/investment-views/investment-insights?cid=HBEU:NKJ:BRDFT2026:V0:AMG:L15:FT:XTR:0:XAW:16:0526:001:PODFTUKV61 The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Tech stocks could ‘suffer’ and face a ‘difficult’ time if bond yields continue to rise

Sep 10, 2026 25 min

Are bonds becoming attractive again? Can the AI trade continue to drive equity markets? And with concerns over government debt, inflation and geopolitical risk mounting, where can investors still find a safe haven? Janet Mui, head of market analysis at RBC Brewin Dolphin, joins the Asset Allocator podcast to discuss the outlook for government bonds, equities, artificial intelligence and gold. Mui explains why elevated government bond yields could persist, why RBC Brewin Dolphin currently prefers government bonds to corporate credit, and what the return of the “bond vigilantes” could mean for governments running large fiscal deficits. The discussion also turns to equity markets and the AI investment boom. With technology valuations elevated and huge sums being spent on AI infrastructure, Mui considers whether the AI trade can continue to deliver — and why small-cap stocks, the UK and Europe could offer investors ways to diversify their exposure. Timestamps 00:00 - Bond Market Dynamics 05:02 - Equity Markets and AI 09:53 - The impact of AI on markets 19:58 - Safe Havens & Hedging The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

‘Stay away from UK equities’: where Bentley Reid’s CIO sees opportunities

Sep 3, 2026 14 min

UK equities may look cheap, but are they cheap for a reason? Paul O’Neill, chief investment officer at Bentley Reid, joins the Asset Allocator podcast to explain why global investors should “stay away” from the UK market for now – despite seeing genuine valuation opportunities for individual investors and fund managers. With investment flows remaining negative, the UK market shrinking and small and mid-cap equities facing challenges around liquidity and volatility, O’Neill examines what would need to change before the UK becomes a more compelling allocation for global portfolios. He also discusses how the UK’s declining weight in global equity benchmarks has changed the way asset allocators approach the market, and why even a significant overweight to UK stocks can have a surprisingly small impact on a global portfolio. Elsewhere, the conversation explores the investment outlook beyond equities, including what higher bond yields mean for portfolio construction and the growing role of alternative investments. Timestamps 00:00 - Podcast Intro & Market Overview 03:18 - Bonds, Rates & Equity Strategy 06:14 - UK Equity Opportunities 08:23 - Alternative Investments & Bonds The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

How should investors position portfolios as geopolitical tensions reshape markets?

Jul 30, 2026 18 min

In this episode of Asset Allocator, Patrick O'Donnell, chief investment strategist at Omnis, explains why the ongoing conflict in the Middle East could have long-lasting consequences for global markets, inflation and economic growth. He discusses the knock-on effects across commodities and supply chains, from energy markets to materials critical for semiconductor production, and explains why rising diesel prices reinforce Omnis' defensive positioning towards cyclical equities. Patrick also shares where he's finding opportunities in fixed income, why active fund management remains central to Omnis' investment approach, and how policymakers could struggle to balance higher inflation with weaker growth. Just to note, this is Asset Allocator's last podcast for the summer. We'll return at the beginning of September - see you soon! Timestamps 00:00 - Intro and macro overview 04:21 - Inflation & Fixed Income Dynamics 07:27 - Market Adjustments & Global Outlook 13:23 - Investment Strategies & Risk The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Why gold isn't acting like gold and why the AI boom might become a bubble

Jul 23, 2026 19 min

Gold is falling when investors expect it to rise. AI stocks are wobbling. So where should investors look next? FT Adviser Editor-in-Chief Simoney Kyriakou is joined by Joe Little, Chief Strategist at HSBC Asset Management, to unpack the biggest investment questions facing markets. Watch or listen to previous episodes of Asset Allocator here. They discuss why gold has become more volatile, whether AI valuations are entering bubble territory, how geopolitics and central banks are influencing markets, and why opportunities may be emerging beyond US technology stocks. Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management Timestamps 00:00 - Gold Market Analysis 05:09 - Macroeconomic Outlook & Market Trends 11:00 - Technology, Growth & Valuation Concerns 18:19 - Income Opportunities & Diversification The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

The momentum behind the AI trade may be breaking down

Jul 16, 2026 27 min

Recent activity suggests markets are reconsidering their approach to AI-themed companies, but what's going on exactly? To answer, David Combs, head of multi-asset at Rathbones Asset Management joins Aamina Zafar and David Thorpe on Asset Allocator. David gives his opinions on the best ways for investors to access the AI revolution right now, as well as looking at how to navigate the increasingly jittery market as bad news, questions of future profitability and much more has many trying to second-guess where the AI trend is going. Alongside AI, the trio also discuss the US interest rate story. The lingering conflict in the Strait of Hormuz and approaching mid-terms may mean change is coming but what can investors expect? And in the UK, more political change means more uncertainty. But is it perhaps a good time to invest in UK government bonds? David gives his opinion on what the gilts market looks like right now. Timestamps 00:00 - Is the AI investing landscape shifting? 10:41 - AI and big tech investing risks 12:49 - Will the US raise interest rates this year? 17:24 - Investment Strategies & Diversification 22:06 - The UK gilts outlook The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

How to build more resilient portfolios

Jul 9, 2026 23 min

With fresh opportunities emerging across equities, fixed income, and alternative assets, where should investors be focusing? That's the question Asset Allocator's Aamina Zafar and David Thorpe put to Ed Cole, equity strategist at Man Group. Ed discusses diversification and how inflation may hit portfolios this year, with the things that asset managers need to be aware of when building their portfolio. He also explains his thoughts on fixed income and what a defensive equity allocation currently looks like. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Is Passive Investing still passive?

Jul 2, 2026 24 min

Why do professional investors increasingly avoid the phrase "passive investing"? Dan Caps, portfolio manager at Evelyn Partners, argues that modern index investing is anything but passive. From factor exposures and asset allocation to tactical implementation and disciplined rebalancing, today's portfolios are far more nuanced than many investors realise. In this episode of Asset Allocator, we explore how index investing has evolved, where managers can still add value and why the future may belong to portfolios that blend active and index approaches. Timestamps 00:00 - Introduction and what do we call index investing? 06:17 - Asset Allocation & Market Performance 10:33 - Rebalancing & Market Volatility 15:25 - Client Cost & Index Solutions 20:03 - Index Concentration Risks The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Two shocks, one boom, and an investment multiverse

Jun 25, 2026 15 min

AI boom or bubble? Emerging markets comeback? And what do geopolitical shocks mean for investors in 2026? In this episode of the Asset Allocator podcast, FT Adviser editor Simoney Kyriakou sits down with Joe Little, Chief Strategist at HSBC Asset Management, to unpack the forces reshaping global markets. From geopolitical tensions and commodity volatility to China's manufacturing resurgence and the AI investment frenzy, Joe discusses whether AI stocks are entering bubble territory, why inflation may remain "spiky", and why investors may need to look beyond developed markets for future returns. Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management Timestamps 00:00 - Update on markets 00:30 - Economic Shocks & Inflation 04:42 - The AI Boom: Market Impact 09:27 - Emerging & Frontier Markets The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Lessons of history not always useful in active vs passive debate

Jun 18, 2026 26 min

Is passive investing making markets more concentrated? Will today's AI winners still exist in a decade? And why might cash be one of the most misunderstood assets in investing? In this episode of Asset Allocator, Nathan Sweeney, chief investment officer for multi-asset at Marlborough, joins Amina Zafar and David Thorpe to discuss how investing is changing in an era of artificial intelligence, social media and information overload. Nathan explains why the active versus passive debate remains relevant, why market concentration may not be the threat many investors believe it is, and why access to information is no longer an advantage for fund managers. He also discusses the rise of AI, the challenge of separating signal from noise, the impact of social media on investor behaviour, and why many investors misunderstand risk, inflation and the role of cash in a portfolio. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Currency hedging the key to protecting clients income

Jun 11, 2026 31 min

Financial advisers must hedge against currency risk if they want to truly protect their client’s income, explains Jason Da Silva, the director of global investment strategy at Arbuthnot Latham. Discussing the relevance of the dollar’s weakness for UK advisers and their clients, Da Silva highlighted the importance of currency management in both equity and fixed income portfolios. Also on this episode of Asset Allocator, why sticky inflation remains the biggest investment risk, whether the US dollar retains dominance and what IPOs and today's credit markets are signalling about risk appetite. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Emerging and developed market government bonds have "swapped places"

Jun 4, 2026 27 min

Bond and equity markets are sending very different signals. While stocks continue to rally on optimism around earnings and AI-driven growth, bond investors are grappling with inflation risks, geopolitical tensions and mounting government debt. In this episode of the Asset Allocator Podcast, Aamina Zafar and David Thorpe are joined by Henry Cobbe, head of research at Elston Consulting, to discuss whether investors need to rethink traditional portfolio construction. The conversation explores whether the classic 60/40 portfolio still works, why government bonds may no longer provide the diversification investors expect, and where income opportunities can be found in today’s markets. Cobbe also explains how inflation, energy shocks and geopolitical events are reshaping asset allocation decisions, and why investors may need to look beyond conventional approaches to build resilient portfolios. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Is 3% the new 2% when it comes to the UK’s inflation target?

May 28, 2026 18 min

On this week's Asset Allocator, Simoney Kyriakou is joined by Joe Little, chief strategist at HSBC Asset Management, to discuss the diverging opinion between economists and investors over the repercussions of the Iran conflict and what the closure and blockade of the Strait of Hormuz means for the global economy. Are investors simply ignoring the mood music? Alongside the Middle East conflict, Little and Kyriakou also discuss the mega trend that is refusing to give up: AI. Many have predicted a fundamental change to the way we live and work, while others say it is the dotcom bubble 2.0 – is the truth somewhere in the middle? Little also lays out what the high gilt yields means for your clients. Asset Allocator has made some changes; each week you can still get the same analysis and insight into asset management and asset managers, but you can now choose whether to listen or watch our episodes. Watch on Asset Allocator, Spotify or YouTube by following the links. Timestamps: 00:00 - Why are economists and investors diverging on Iran? 04:51 - UK gilt market & inflation challenges 09:55 - Pension surpluses & gilt opportunities 12:05 - AI hype & global growth outlook Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Achieving diversification in an age of uncertainty

May 21, 2026 22 min

There is still a free lunch in diversification, but investors just need to look a bit harder for it and reframe what that means, says David Aujila, multi-asset fund manager at Invesco. Aujla discusses what true diversification looks like with funds reporter Aamina Zafar and contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Why income portfolios remain relevant in 2026

May 14, 2026 23 min

James Mee, co‑head of multi‑asset and director at W1M, joins funds reporter Aamina Zafar and contributing editor David Thorpe to discuss the latest developments in markets, and why income portfolios remain key to his firm's offering. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Why active fund management still has a role to play in portfolios

May 7, 2026 20 min

Cranley Macfarlane, head of bespoke private clients and deputy chief investment officer at Church House Investment Management, discusses how client needs are shifting, the use of in-house funds, and whether active management still has a meaningful role to play as passive investing continues to gain momentum, with funds correspondent Aamina Zafar and contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Diversification is not a free lunch for investors

Apr 30, 2026 21 min

Industry veteran Dan Kemp, founder of Portfolio Thinking, discusses the challenges of diversification on the latest edition of the Asset Allocator podcast. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Inflation protection a major priority for Pictet’s multi-asset boss

Apr 23, 2026 20 min

Focused fixed income portfolios and European nominal bonds are important building blocks of Pictet’s investment strategy to beat inflation, says Shaniel Ramjee, co-head of multi-asset investments at Pictet Asset Management, who dives into the parts of the fixed income and equity markets he regards as attractive right now with Aamina Zafar, funds reporter, and David Thorpe, contributing editor at Asset Allocator. Ramjee also discusses corporate earrings in the US, as well as the market’s rapidly changing view on inflation as tensions between the US and Iran continue to unfold. He also delves deeper into the picks and shovels angle of backing infrastructure behind AI and defence. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Quilter WealthSelect boss: What 20 years in the MPS market has taught me

Apr 16, 2026 31 min

Stuart Clark, who jointly runs the WealthSelect range of model portfolios at Quilter, discusses markets and the lessons he has learned along the way with funds reporter Aamina Zafar and contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

RBC Brewin Dolphin: We have moved away from the 60/40 portfolio

Apr 9, 2026 16 min

David Hood, head of investment solutions at RBC Brewin Dolphin, discusses the traditional asset allocation approach and how his firm tries to do it differently, with contributing editor David Thorpe, and funds correspondent Aamina Zafar. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Why Isio have no government bonds in their MPS

Apr 2, 2026 21 min

At a time when most investors are chasing the next shiny thing, Isio portfolio manager Daniel Nielsen is dusting off an old classic and bringing asset-backed securities back into the conversation, with Asset Allocator's contributing editor David Thorpe, and editor of FT Adviser Simoney Kyriakou. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Why there are no safe havens left

Mar 26, 2026 18 min

David Coombs, head of multi-asset at Rathbones, discusses the ongoing market turbulence and the search for safe havens with Asset Allocator contributing editor David Thorpe and FT Adviser chief reporter Tara O'Connor. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

How Fidelity think about risk in their new MPS

Mar 19, 2026 33 min

Caroline Shaw, who jointly runs the new model portfolio range at Fidelity, discusses how she hopes to stand out in a crowded market, and how she thinks about risk management at a time of elevated volatility in markets, with FT Adviser editor Simoney Kyriakou and Asset Allocator contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Govt bonds ‘still the best safe haven and store of capital’

Mar 12, 2026 16 min

James Klempster, Liontrust's deputy head of multi-asset, discusses portfolio construction at a time of severe market strife with FT Adviser's Tara O'Connor and Asset Allocator's contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

What 7IM means by rules-based investing

Mar 5, 2026 17 min

Shanti Kelemen, co-CIO of 7IM, discusses how her firm uses rules-based investing when creating portfolios and how those rules evolve in different market conditions. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Volatility means active management now increasingly attractive in US

Feb 26, 2026 20 min

Alex Harvey, senior portfolio manager at Momentum Global Investment Management, discusses the changing nature of allocations to US equities, his views on gold and alternative assets, and more, in the latest edition of the Asset Allocator podcast. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Why One Four Nine Group has cut its equity exposure by 5%

Feb 24, 2026 17 min

Bevan Blair, chief investment officer at One Four Nine Group discusses his recent decision to reduce the equity exposure across all client portfolios, why gold is not an investible asset class, and what he is looking for in an equity fund manager. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Is active management making a comeback?

Feb 12, 2026 17 min

Andrew Spence, founder of Aspen Advisers, discusses the perils of concentration risk in equity portfolios and the options for achieving diversification, with chief reporter Joseph Wilkins and contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

How Canaccord Wealth are allocating to profit from dollar weakness

Feb 5, 2026 16 min

Richard Champion, co-chief investment officer at Canaccord Wealth, joins Asset Allocator contributing editor David Thorpe and chief reporter Joseph Wilkins to discuss the firm's exposure to assets that can protect in a world of currency debasement and dollar weakness. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Assets to own to protect against a Trump-induced market shock

Jan 29, 2026 18 min

Peter McLean, head of multi-asset portfolio solutions at Stonehage Fleming, discusses the options for investors looking for diversification in an era of frequent market shocks, with Asset Allocator chief reporter Joseph Wilkins and contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

How to diversify US equity exposure in the age of Trump

Jan 21, 2026 21 min

The latest guest on the Asset Allocator podcast is Ben Yaearsley of Fairview Consulting, who joined Contributing editor David Thorpe and chief reporter Joseph Wilkins to discuss diversification within the US market, the outook for fixed income, and his views on the merits of alternative assets. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

The biggest question impacting portfolios in 2026

Jan 8, 2026 19 min

Supply shocks from the adoption of AI and as a result of increasingly isolationist trade policies mean markets could be at risk from heightened inflation and volatility, and create uncertainty around the correlations between bonds and equities. That is the view of Sophie Huynh, portfolio manager and strategist at BNP Paribas Asset Management; our first guest of the new year on the Asset Allocator podcast, discussing markets with chief reporter Jospeh Wilkins and contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Resilience needed to attract clients to sustainable funds

Dec 11, 2025 22 min

EQ Investors' head of impact investing Damien Lardoux discusses the evolution of the sustainable investment market with Asset Allocator. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Ability to pass on tariff costs becoming limited for US companies

Dec 4, 2025 20 min

US businesses have to date been able to protect their margins and pass on any costs as a result of tariffs, but data indicates this could be coming to an end, according to Peter Dalgliesh, chief investment officer at Parmenion. Speaking with Asset Allocator, Dalgliesh discusses his outlook for markets and inflation amid opaque data sources; his outlook for global equities and fixed income in the year ahead; and his perspective on how to think about risk in the current climate. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Why JM Finn expects muted bond market response to Budget

Nov 25, 2025 16 min

On the latest edition of the Asset Allocator podcast, Jon Cunliffe of JM Finn discusses the implications of the forthcoming UK Budget and how he sees wider markets, with Asset Allocator chief reporter Joseph Wilkins and contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

US market is diversification target for EBI

Nov 20, 2025 19 min

Jonathan Griffiths, head of investment at EBI, joins the Asset Allocator podcast to discuss his firm's new fund-of-fund range, how he thinks about the role of gold in portfolios, diversification, and where he can find value in markets right now. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

UK equity funds Evelyn Partners are sticking with

Nov 13, 2025 22 min

Despite Evelyn Partners generally reducing exposure to UK equities, fund manager James Burns said he retains his “highest conviction” positions and revealed which funds escaped the cut. Speaking with Asset Allocator chief reporter Joseph Wilkins and contributing editor David Thorpe, Burns explained the evolution of his UK equity allocation, and also discussed his exposure to emerging markets, the US, and fixed income positions. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Diversification in an age of uncertainty

Nov 12, 2025 26 min

The level and nature of risk in markets means diversification must happen within asset classes, not just between them, according to Richard Philbin, an asset allocator at Hawksmoor. Speaking with Asset Allocator podcast hosts Joseph Wilkins and David Thorpe, Philbin says one of the ways he is responding to present market conditions is moving down the market cap scale. Find out more, listen to the full podcast by clicking on the link above. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Why Tatton are underweight US equities and overweight Japan

Oct 30, 2025 22 min

Olivia Geldenhuys, head of investment specialists at Tatton, discusses the firm's equity exposure in the latest episode of the Asset Allocator podcast, hosted by chief reporter Jospeh Wilkins, with contributing editor David Thorpe. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Why reducing Japanese equity exposure now is sensible portfolio management

Oct 23, 2025 22 min

Premier Miton's Chris Robinson joined Asset Allocator chief reporter Joseph Wilkins and contributing editor David Thorpe to discuss equity markets, and revealed that he has recently taken profits on a number of markets. Robinson discussed his outlook on Japan and the US in particular. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

Resurgence of strategic bond funds "not surprising"

Oct 9, 2025 19 min

On the latest edition of the Asset Allocator podcast, chief reporter Joseph Wilkins and contributing editor David Thorpe are joined by David Aujla, multi-asset investor at Invesco, to discuss the latest market trends. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

How the Schroders multi-asset team is reacting to dollar weakness

Oct 2, 2025 16 min

This week Tara Fitzpatrick, multi-asset portfolio manager at Schroders, joins funds correspondent Joseph Wilkins and contributing editor David Thorpe to discuss how her team have reacted to the relative weakness of the dollar in 2025. The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter. Hosted on Acast. See acast.com/privacy for more information.

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UK's improved economic outlook encourages Julius Baer to up its UK allocation

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Podcast details

Created by: Asset Allocator
Status: Active
Latest episode: Nov 12, 2026
Episodes: 185
Release period: Weekly
Avg. episode length: 22 min
Explicit: No
Language: English

Links

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