Merlin investment philosophy: people, timing, conviction

My guest, John Chatfeild-Roberts is a veteran UK fund manager at Jupiter Asset Management and former Chief Investment Officer of the firm. With over three decades of investment experience, he is best known for his work on the Jupiter Merlin multi-manager investment team, where he focuses on fund selection, portfolio construction, and long-term capital preservation.In this exceptional podcast episode, I sit down with John Chatfeild-Roberts, who has spent 30 years building one of the most successful fund-of-funds businesses in the UK - managing over £6 billion for more than 200,000 investors through the Jupiter Merlin portfolios.KEY TOPICS COVERED:Investment Philosophy & Strategy:- How to identify outstanding fund managers before everyone else- The "right people, right time, right quantities" approach to investing- Why patience is the ultimate competitive advantage in investing- Active vs passive investing: when each makes senseRisk Management & Portfolio Construction:- Why most people buy at the top and sell at the bottom (and how to avoid it)- The liquidity lessons that shaped 30 years of investing- Concentrated portfolios: Why they own just 13-14 funds with top 5 holdings at 60%- How they navigated the 2008 financial crisis (by positioning in 2006-2007)Inflation Protection:- Why inflation has compounded at 4.5% annually since 1981- The two main real assets that protect purchasing power- Gold allocation strategies (peaked at 12-13% during GFC)- How £2,388 season ticket became £12,896 in 34 yearsFund Manager Selection:- What makes an outstanding fund manager (love of the game, competitiveness, patience)- Why manager selection beats geographical asset allocation- The importance of neurodiversity in investment teams- How to avoid groupthink in decision-makingTIMESTAMPS:00:00 - Introduction02:23 - Growing up and early life challenges04:07 - Transition from army to fund management05:21 - What is a fund of funds?10:41 - Investment philosophy explained18:41 - Best fund manager selection (Findlay Park - 23x returns)24:01 - Portfolio construction strategy27:04 - Crisis management and the importance of quality holdings29:45 - Most stressful periods (COVID, GFC)33:33 - Best investment calls (China/commodities insight)35:14 - Can investors time the market?40:08 - Inflation concerns and protection strategies48:39 - Why fund of funds has a bright future50:09 - Book recommendations for young investors

Important Disclaimer & Recording Date Notice:This episode was recorded on 10th September 2025. The views, opinions, market commentary, and portfolio positioning expressed by the guest reflect information and circumstances at the time of recording only and may have changed since that date.Any references to specific assets, asset allocations, or portfolio weightings (including, but not limited to, gold) are provided for general discussion purposes only and do not represent current holdings or ongoing investment strategy. Portfolio positions may change at any time and without notice.All content on Algy’s Investment Podcast is provided for general information and educational purposes only and does not constitute financial, investment, legal, or other professional advice, nor should it be relied upon as such. Nothing in this episode is intended as a recommendation, endorsement, or solicitation to buy, sell, or hold any investment or financial product.Listeners should not make investment decisions based solely on the content of this episode and should seek independent professional advice tailored to their individual circumstances.Guests and presenters may have held, may currently hold, or may in the future hold positions in investments discussed. Neither the podcast nor its guests accept any liability for actions taken based on this content.