Welcome to Allocator’s Edge, a Value Perspective podcast mini-series where we will be engaging in conversations with some of the world’s top capital allocators. In an environment of heightened inflation and interest rates, we aim to unravel how and why capital allocators make the decisions that they do. The series will shed light on the inner workings of capital allocation to help listeners gain a better understanding of mandates and the intricate dance between strategy and reality. New episodes of the Allocator’s Edge will be released on alternating Thursdays.

In this episode we are joined by a previous Value Perspective guest, Dan Mikulskis. This time he joins us as the CIO of People's Partnership, provider of The People's Pension. Last time he appeared as a consultant at LCP. In his new role, Dan leads the investment team that oversees the investments of the members of the People’s Pension with an AUM currently sitting at £21 billion. We discuss: Dan’s transition from a consultant at LCP to his role as CIO of the People’s Pension; the main challenges faced by the UK pensions industry today; the differences between theory and reality when it comes to capital allocation; how Dan’s decision making framework has changed and how he is thinking about a world with higher inflation and higher interest rates; and finally, how Dan is thinking about risk and the probabilistic nature of investing. Enjoy!

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