Richard Tomlinson joins Alan Dunne for a conversation shaped by experience, not theory. As CIO of LPPI, Richard is responsible for £27 billion in pension assets - but what stands out here is the clarity with which he navigates complexity. From the fading utility of labels like “illiquidity premium” and “hedge fund” to the trade-offs between cost, alignment, and control, this episode is about building portfolios that work in the real world - not just in a model. They explore inflation’s structural drivers, the quiet rise of fiscal dominance, and why some of the industry’s most comfortable assumptions no longer hold. It’s not about being contrarian - it’s about being clear-eyed.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Alan on Twitter.
Follow Richard on LinkedIn.
Episode TimeStamps:
02:14 - Introduction to Richard Tomlinson
07:07 - What makes Tomlinson and LPPI stand out from their peers?
11:52 - Who are LPPI's clients?
13:26 - The investment philosophy behind LPPI's work
18:06 - How LPPI's allocators work together
19:05 - Getting the allocation right
21:29 - Are they worried about the decline of equities?
23:37 - Tomlinson perspective on global macro
26:55 - Public vs private markets
29:05 - Their approach to allocating domestically
31:15 - How their allocation is distributed
33:51 - Is there a place for multi strategies at LPPI?
36:01 - Balancing growth strategies with risk
39:13 - How much would they allocate to alternatives?
41:22 - Their framework for thinking about risk
43:59 - How they approach commodities in their strategy
45:39 - How much focus do they put on ESG?
48:15 - The challenges of high fees in the hedge fund space
50:36 - Is it best to keep managers in-house or external?
53:41 - How they create a strong team of managers
55:37 - The right way of evaluating success and performance
58:41 - Advice for others investors
01:00:19 - The structural themes and trends that are likely to continue
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
