Diversification vs. “Diworsification”: How Many Stocks Is Enough? — with Damian Bird (Polen Capital, EM Growth)

Retirement Is Changing: Inflation, Longevity and the Future of Retirement Planning with Emma Mogford

Retirement is changing. People are living longer, defined benefit pensions are becoming less common, and more responsibility is shifting to individuals to create sustainable retirement incomes. In this episode of the Money Wise UK Podcast, I am joined by Emma Mogford, Portfolio Manager at Premier Miton Investors [https://www.premiermiton.com/], to explore what retirement may look like over the next 10–20 years. We discuss: • Why retirement should still be viewed as something positive to look forward to • The challenges of inflation and longevity in retirement planning • Why retirement risk is different from accumulation risk • The growing importance of behavioural coaching and financial advice • How retirement income strategies are evolving • Natural income versus selling units in retirement • Sequencing risk and why timing matters when drawing an income • The role of technology, AI and targeted support in closing the advice gap • How demographics, inflation and changing economic trends may shape future retirement outcomes Throughout the conversation, Emma shares her thoughts on why confidence, flexibility and sustainability may become just as important as investment returns when planning for retirement. Whether you are approaching retirement, already retired, or work within financial planning, this episode offers valuable insights into one of the biggest shifts facing investors today. The information discussed in this podcast is for educational purposes only and should not be considered personal financial advice.

Rethinking Markets with Gervais Williams – The Case for UK Small Caps and Income Investing

In this episode, George Ladds is joined by Gervais Williams, veteran fund manager, author, and long-standing advocate for UK equities. Gervais shares his journey from engineering into investment management and reflects on over three decades of navigating market cycles. We discuss: * Why today’s markets differ from past cycles – and the risks of assuming “buy the dip” always works * The retreat of globalisation, the rise of nationalism, and what this means for investors * Why equity income and cash-generative businesses could define the next 20 years * The overlooked potential of UK small and micro-caps (including AIM) * How active management can help avoid “zombie companies” and uncover future winners Gervais also reflects on conviction, resilience, and why diversification across industries and company sizes is critical in a more uncertain world. 👉 A thoughtful and candid conversation on building resilient portfolios and rediscovering opportunities in the UK market. Book: The Retreat of Globalisation [https://www.amazon.co.uk/Retreat-Globalisation-Gervais-Williams/dp/0857195751] Premier Miton [https://www.premiermiton.com/] Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

Unlocking UK Growth with Benji Dawes, Premier Miton UK Growth Fund

In this episode, George Ladds sits down with Benji Dawes, co-manager of the Premier Miton UK Growth Fund [https://www.premiermiton.com/], to explore why UK equities, particularly small and mid-caps, may offer one of the most compelling opportunities for long-term investors. Benji shares his unique journey from studying anthropology to becoming a fund manager, explains the fund’s three investment pillars —quality, valuation, and growth —and discusses how his holistic perspective helps him assess businesses in context. We dive into: * Why UK companies remain undervalued despite strong fundamentals * The importance of understanding management teams and incentives * How small & mid-caps can generate alpha over time * Real examples from holdings such as Cranswick, Wise, and M&S * What makes London a hub for AI and fintech innovation Benji also reflects on the importance of process, partnership, and keeping an open mind as an investor. 👉 Tune in for an honest, insightful look at UK equities and where opportunities lie today. Book: The Opposable Mind - Roger L Martin [https://rogerlmartin.com/lets-read/the-opposable-mind] Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

Inside Orbis: Active Thinking, Fee Alignment, and Building a Culture That Lasts

In this episode of the Money Wise UK Podcast [https://www.money-wise.uk/], host George Ladds speaks with Matthew Spencer of Orbis Investments [https://www.orbis.com/uk/intermediaries/home] — one of the most distinctive voices in the world of multi-asset investing. Matthew shares his journey from aspiring sports coach in South Africa to becoming part of Orbis’ global investment team, reflecting on early mentors, work ethic, and the lessons learned along the way. Together, they explore: * The people and books that shaped Matthew’s approach to investing * Coaching the Bermuda National Hockey Team — and what it taught him about leadership * The origins of Orbis Investments and its founder Allan Gray’s philosophy [https://allangrayorbis.org/] * Why Orbis uses a performance-based fee model — and how it aligns incentives with clients * Active vs. Passive investing: why both have a place, but concentration risk matters * The real story behind Orbis’ exposure to gold and how they manage “competition for capital” * How Orbis maintains culture, discipline, and accountability through its “investment academy” * The power of compounding, and why the industry needs to talk more about the benefits of investing, not just the risks It’s an honest and energising discussion about investment philosophy, culture, and long-term thinking — reminding us that success is deliberate, alignment matters, and patient capital still has a place in a fast-changing world. Listen now to hear how Orbis is doing things differently — and what investors and advisers can learn from its approach to purpose-driven active management. Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

Diversification vs. “Diworsification”: How Many Stocks Is Enough? — with Damian Bird (Polen Capital, EM Growth)

How far should you diversify before you dilute returns? In this episode, George sits down with Damian Bird, Portfolio Manager for Polen Capital’s Emerging Markets Growt [https://www.polencapital.com/emerging-markets-growth-team]h [https://www.polencapital.com/emerging-markets-growth-team] strategy, to challenge conventional wisdom on diversification, active vs. passive in EM, and where the most exciting compounding businesses live today. Damian revisits the classic Evans & Archer (1968) research on portfolio size, explains why 15–20 names can cap volatility—and why professional portfolios still settle around 30–35 due to real-world correlations. We dig into why emerging markets today host several of the world’s best businesses (think semis, EVs, fintech, and the AI supply chain), why index exposure often buys you the “average EM company,” and why selective, quality-biased active may make more sense right now. We also cover governance nuances country by country, when Polen’s “sleep-easier” approach can underperform (speculative manias), and why allocations anchored at 70% US / 5% EM might be ripe for a rethink. You’ll learn: * The point where diversification becomes over-diversification * Why EM stock quality dispersion makes active selection powerful * How valuation, currency, and earnings growth set up EM’s risk/reward today * Practical governance red flags (SOEs, chaebols, related-party risks) * Polen’s four pillars: best businesses, concentrated, long-term, willing to be different Chapters * 00:03 Intro & why diversification needs a rethink * 03:07 Humility in investing: the “do nothing” lesson from 2008–09 * 06:17 Low turnover and making only meaningful changes * 09:43 How many stocks do you need? (Evans & Archer; EM reality) * 13:06 Correlations & why ~30–35 holdings often hit the sweet spot * 16:03 Why not just buy the index? Active vs. passive in EM * 19:25 EM vs. developed markets: where the great businesses are now * 23:06 Case studies: semis, EVs, e-commerce, fintech, AI supply chain * 26:36 Valuations, policy, and the EM macro setup * 30:09 Earnings growth vs. multiple compression: what it means for returns * 33:42 Governance & minority protection: what to avoid (and why) * 36:45 Dividends, buybacks, and improving EM corporate behaviour * 40:07 Rethinking the US-heavy global allocation * 43:42 Early signs: EM momentum and flows * 47:15 Damian’s path (and why he loves EM) * 50:13 On-the-ground change: Singapore, India, Poland, Vietnam * 53:33 When Polen underperforms (and why) * 56:37 Team, Somerset Capital transition & one-fund focus * 59:42 Book pick: The Outsiders (capital allocation) * 1:03:05 One-minute pitch: why EM now * 1:06:20 Wrap-up Guest: Damian Bird, Portfolio Manager, Polen Capital [https://www.polencapital.com/] — Emerging Markets Growth Host: George Ladds, Money Wise UK® [https://www.money-wise.uk/] Links mentioned: * Polen Capital (EM Growth) [https://www.polencapital.com/emerging-markets-growth-team] * Book: The Outsiders — William N. Thorndike [https://www.amazon.co.uk/Outsiders-Unconventional-Radically-Rational-Blueprint/dp/1422162672/ref=sr_1_1?adgrpid=52778846066&dib=eyJ2IjoiMSJ9.aNvRDgcCafTZJodP3ry-QuZgPN-18egIJkXsDGGeSZcmTWee8VFF1pH-E1mMs5swBcfGsbHJszXigwh-AjELPuYRYGWIrh0rHf6Qr6fTF7zrL_n5HJ5UCh5HUAI2GQOl.cacSuXz2GbmcmTGcMpT4kqoonX4dOU-p-QCV-XfBjNE&dib_tag=se&gad_source=1&hvadid=259068380592&hvdev=c&hvexpln=0&hvlocphy=9213067&hvnetw=g&hvocijid=15616213758934199073--&hvqmt=e&hvrand=15616213758934199073&hvtargid=kwd-309889577690&hydadcr=24461_1816157&keywords=the+outsiders+william+n+thorndike&mcid=8f2659c44a893cf681b12d28f85b8816&qid=1759331980&sr=8-1] If this episode helped you rethink diversification or EM allocations, follow, rate, and share the show. Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.