Luke Dixon

We’re thrilled to share that the IFSL Blackfinch NextGen Infrastructure Fund has been recognised in Morningstar's latest report for August 2024. It ranked as the #1 best performing equity infrastructure fund and overall, the 5th best-performing fund in the UK out of 3,039 funds across all asset classes. Thank you to both Blackfinch Group and Marlborough teams for their ongoing support. At Blackfinch, we are choosing to do something different than our infrastructure sector peers, so there is no reason to expect results that align with the indices. At times we may underperform, and at times we may outperform, but at all times we will do our best to think and act independently. Over longer periods, we believe we will be rewarded for taking an unconventional approach to infrastructure investing and separating ourselves from the herd. We continue to believe that the companies we hold (such as the publicly disclosed positions GFL Environmental Inc., Clean Harbors, Grenergy Renovables, TransAlta, Macquarie Technology Group, Rai Way S.p.A., American Healthcare REIT) have better business models, more properly incentivised management partners, and greater future earnings potential than the average infrastructure company. Our strategy centres on buying high quality specialist infrastructure companies prioritising capital appreciation over income, supported by ‘next generation’ growth themes – such as the energy transition, digitalisation and sustainable urbanisation – that are trading at reasonable valuations and led by well-incentivised management teams. If our analysis is sound, with time we should benefit from the dual forces of improving business fundamentals and improving sentiment, which could help the fund achieve its return objective. Disclaimer: Capital at risk. Past performance not indicative of future results. This post does not constitute any form of solicitation to buy or sell units in the fund or the companies mentioned. For UK investors only. 

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@Liz Perenick, Head of Portfolio Management for Private Placements, was excited to join a panel on key industry trends at this year's Private Placements Global Forum: Europe. The conference featured industry leaders covering a comprehensive agenda of today's major topics in private placements, including market updates, issuer perspectives, and much more. #insuranceassetmanagementstrategygroup #insuranceassetmanagement

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While institutional investors have made good progress incorporating DE&I principles into their own organisations and into interactions with consultants and asset managers, our independent Impact Lens report uncovers a surprising discrepancy. ‘Navigating diversity, equity & inclusion – an asset owner perspective’, sponsored by Jupiter Asset Management, shows a marked lack of engagement on DE&I in investors’ underlying portfolio companies. #Diversity #Inclusion #PensionsforPurpose https://ow.ly/mEuG50RpULL

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A terrific conversation with Qiao Ma and a key takeout for advisers - select global growth small and mid cap stocks still have a long runway of earnings and share price growth ahead, notably those that will benefit from structural change #podcast

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Delighted to discuss with Christian Mayes Portfolio Advisers Limited on why we like global small caps. An asset class that has been in the shadows of the mega caps (especially Magnificent 7) for some time, but where valuations are attractive and underlying operations on the cusp of improvement as peak interest rates are past and cyclical activity shows signs of potential recovery. https://lnkd.in/dxe32Czy #SmallCap #CyclicalRecovery #Diversification For professional investors only

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We need more joy at work - combination of harmony, impact and acknowledgment. Institutional investing is a team sport where "Success sparks joy. Joy fuels further success". I believe in this. Interesting read via Harvard Business Review #leadership #hbr

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I was delighted to contribute a piece to Business Post on the growing challenge of balancing rising bond yields with increasing fiscal pressures around the world, particularly in the US. Since the 2022 UK budget, many investors have been asking whether other economies might face a "Liz Truss moment," where bond markets spiral due to fiscal mismanagement. A key focus in the US will be Trump’s choice for Treasury Secretary and whether tax cuts are offset by spending cuts. Additionally, the potential for supply-side measures to spur economic growth will be critical in determining fiscal sustainability and bond market stability. However, not only must significant new investment be financed, but by some estimates, about $70 trillion in existing public and private sector debt needs to be refinanced annually. This suggests that ongoing liquidity provision from central banks will likely continue to be a key feature of the macro landscape going forward. 📰 You can read the full article below: #debt #globalmacro https://lnkd.in/gke5nbK2

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I often refer to select specific investment options as “assets and earnings” plays where one gains exposure to tangible assets and growing profits at the same time. Whitbread (in the FTSE 100) ticks this box for me. The shares have retreated significantly from previous highs and thus have not been part of the increased buoyancy we have witnessed in the blue chip index in the recent past. This is Premier Inns in disguise with most of the business in the UK. Capital growth potential with a growing dividend not to mention always a possibly of takeover interest, an interesting opportunity perhaps. This is not investment advice and everyone must do their own research in determining suitability.

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Jacobi recently hosted a breakfast event in London on the rapid growth of model portfolios with a good mix of DFMs and institutional asset managers represented. We summarise the themes discussed in this paper - ongoing implementation pains, continued fee compression and finding new ways to differentiate in a hotly contested space were key talking points. Shout out to our panel participants including Francis Chua (Legal & General Investment Management (LGIM), George Jecks (WTW) and Catherine Makin (FE fundinfo / Investments)... plus Chris Barnett for the feisty moderation. #modelportfolios #assetmanagement #investmentmanagement https://lnkd.in/e34rjsc9

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Hello everyone. Hope your week has started well. I just wanted to highlight some excellent reporting from Jamie Colvin in Citywire - see article in first link below. Tom Poynton has also had the ingenious idea to create a "forum" to garner an understanding of retail investors' understanding of the many issues facing the investment companies sector (the link is in the article). Our campaign has often highlighted how new well-intended Consumer Duty regulations have turbo-charged the negative impact of IC "cost" disclosures. Recent attention has rightly been given to one aspect of this turbo-charging: retail platforms wrongly interpreting "value" and "cost" and not only misinforming consumers, but now banning them from investing in investment companies based on utterly floored logic. Do these platforms have the expertise to be making these judgements? Where they do not and they outsource, has there been proper due diligence on third parties used to make assessments of value? https://lnkd.in/eA4SHXjW We will not rest. Have a good week. Ben https://lnkd.in/eh9G9NWM

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The UK is the second largest institutionally investible real estate market in the world but just 2% of Residential assets are owned by institutional investors. This great piece by Michael Adefuye explains why we remain convictional on the enduring attractiveness of the sector over the long term

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In this episode of the Global Thinking Podcast, host Robert Duncan, is joined by Keith Dicker, Founder and Chief Investment Officer at IceCap Asset Management Limited, for an engaging discussion on the ever-evolving global financial landscape. Keith offers thought-provoking perspectives from his extensive career, exploring the nuances of global investment strategies, the value of professional relationships, and the pivotal role of risk management in navigating uncertain times. Together, Rob and Keith delve into the ripple effects of rising long-term interest rates, the increasing strain of government debt, and how these challenges might pave the way for future opportunities. Keith sheds light on the interplay between inflation and energy markets, providing a fresh take on how central bank policies influence today’s investment climate and why staying attuned to currency trends is critical for success. Listen to the full episode: https://lnkd.in/gs56aEnT #Forstrong #Finance #Podcast #EmergingMarkets #FinancialEducation #Investing #Economy

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How to Effectively Engage with Family Offices https://lnkd.in/eZ6RNYKu #familyoffices #seedcapital #esg #investing #diversityandinclusion #hedgefunds #privateequity #emergingmanagers

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Senior Investment Director Rob Long, my colleague here at CA, highlights three reasons why co-investments can present significant value in the current market, along with key strategies for success in this complex area of investing. See his insights here: https://ow.ly/msfB50T9CZK

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Momentous #UKelections, but does the outcome really matter that much to investors? One week after assessing the #Frenchelections results, Paul Skinner and macro strategist John Butler discuss why there is more to this #labourlandslide than meets the eye and explore its potentially significant investment implications. #GeneralElection2024 #UKelections #weeklymarketupdate Learn more: https://lnkd.in/gc9GtZ9K

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In the Strategy Snapshot this week, Daniel Cassidy and I break down the drivers behind the market volatility, explain our current investment outlook, and share guidance for positioning during these volatile conditions. Listen to the podcast for all the details. #shareubs https://lnkd.in/e6tdDHdA

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Natural capital research 📋 A new report highlights the growing appetite for #naturalcapital investments in institutional portfolios, with half of UK asset owners saying they already invest in natural capital or will do so within the next 18 months. Key findings include: 🌱 50% of UK asset owners are either already investing in natural capital or will do so within the next 18 months 🌧️ 73% of UK asset owners would invest in natural capital to support climate adaptation 📈 59% would allocate up to 3% of assets to natural capital The research, commissioned by Gresham House and carried out by the research division of @mallowstreet, a community for the #institutionalinvestment industry, shows strong backing for the asset class, as investors become increasingly aware of natural capital’s potential to deliver resilient, impactful returns. #forestry #sustainableagriculture #biodiversity https://lnkd.in/enxn9Mqb Ally (Albena) Georgieva Stuart Breyer

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