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

Are the best investors buying when everyone else is panicking? Anne-Christine Farstad breaks down how contrarian investors spot market overreactions, why volatility creates opportunity, and why valuation matters more than forecasting the future.

Anne-Christine Farstad is a Contrarian Equity Portfolio Manager at MFS Investment Management. She has spent over 20 years navigating market bubbles, crashes, the rise of passive investing, and global equity cycles.

She explains:

▪️Why market fear creates the best investment opportunities

▪️How to spot stocks already pricing in “Armageddon”

▪️Why volatility is a contrarian investor’s biggest advantage

▪️The danger of buying cheap stocks that stay cheap

▪️Why passive investing has changed markets forever

Recorded on: 18/03/2026

Evy Hambro is the Co-Lead Manager of the BlackRock World Mining Trust, one of the world’s leading natural resources funds, delivering over 27x returns since inception. He has spent decades analysing global commodity markets, central bank behaviour, and mining equities.

He explains:

▪️Why gold is no longer a “barbarous relic” but a critical financial asset

▪️The real reason governments can’t stop printing money

▪️How central banks are quietly accumulating gold at record levels

▪️Why AI could drive the next commodities supercycle

▪️The biggest mistake investors make when buying gold

Chapters:

0:00 Intro

1:55 Why Gold Has Always Been Money

2:57 What's Really Driving the Gold Price

4:18 The £15,000 Gold Bar Story

7:40 Gordon Brown's Catastrophic Gold Sale

10:58 Is Gold a True Inflation Hedge?

13:14 How to Buy Gold Without Getting It Wrong

19:17 Is This the Start of a New Commodity Cycle?21:30 Why Central Banks Are Buying Gold Again

27:55 Why Mining Stocks Are So Volatile

35:17 Inside the BlackRock Mining Trust

38:20 What Makes a Great Mining Company

42:46 The Stock That Went Up 8x in Months

47:12 How Profitable Are Mining Companies Right Now

50:43 Would BlackRock Invest in Politically Unstable Countries?

53:20 Evy's Biggest Investing Mistakes

56:03 How AI Is Transforming Mining

1:00:34 Are Gold Companies Over-Earning?

1:08:57 The Dinner Party Indicator

Follow Evy on LinkedIn - https://www.linkedin.com/in/evy-h-5399b4b5/

Recorded on: 02/03/2026

This content is intended for UK investors only. This podcast is for informational purposes only and does not constitute financial advice. Capital is at risk.