Is the UK equity market the most interesting place to invest right now? Jack Barrat explains how value investing has evolved, why the most uncomfortable trades often deliver the biggest returns, and how AI is quietly transforming the way active fund managers research companies.

Jack Barrat is Co-Manager of the Man GLG UK Income Fund at Man Group. He joined forces with Henry Dixon in 2013 and together they run a value-driven capital cycle strategy managing over £3.5 billion in assets, compounding at just over 10% per year post-fees across 13 years.

He explains:

▪️ Why value investing in 2026 looks nothing like it did in 1980

▪️ How buying airlines during Covid and banks at 0.5x book value generated returns of 100-200%

▪️ Why managing a long/short hedge fund makes you a better long-only investor

▪️ How AI is already changing the way professional fund managers analyse companies

▪️ Why Jack believes around three quarters of the portfolio has the potential to double from current levels

(00:00) Intro

(01:41) The Starbucks Meeting That Started It All

(03:44) Why Man GLG Gives Them Complete Freedom

(04:36) Compounding at 10% a Year for 13 Years

(07:44) The Toughest Year of Jack's Career

(08:53) Why Running Long/Short Makes You A Better Investor

(10:00) What Really Motivates Jack

(12:04) The Investing Framework Behind £3.5bn

(13:23) How to Spot a Value Trap

(14:31) The Trades That Returned 100–200%

(15:55) Where the Biggest Opportunities Are Today

(17:42) How AI Is Changing Fund Management

(26:06) Why the UK Is One of the Cheapest Markets

(27:49) Where the 4.5% Yield Comes From

(28:30) Why Share Buybacks Matter31:40 What Risk Really Means

(33:13) When This Strategy Struggles

(34:39) Building a High-Conviction Portfolio

(39:02) What Great Management Teams Look Like

(43:15) Finding Opportunities and Sizing Positions

(47:17) UK vs US Stocks: Which Is Better Value?(49:34) Why 75% of the Portfolio Could Double

(51:23) What Keeps Jack Awake at Night

(52:25) Three Books Every Investor Should Read

(54:27) Jack's Daily Routine

(57:07) Meet the Team

(59:24) Disclaimer

Recorded on: 27/04/2026