Thematic Investors

When comparing emerging market equity investments to their credit investment counterparts, the scales quickly tip to favor credit investments by offering investors 150-200 basis points in real growth. The story on emerging market credit investments remains robust, but how does that growth translate across different regional markets? This is what we’re going to find out in the latest episode of the Thematic Investors podcast. Kieran Cavanna, host of the Thematic Investors Podcast and CIO of Old Farm Partners, sits down with Genna Lozovsky, Founder & Managing Partner at Sandglass Capital Management. See where the passion for emerging markets originated from as Genna shares his background and insights from Russia, Argentina, South Africa, Greece, and more. The podcast discussion will also target:  Why a ‘fiscal bazooka’ that appeared in Europe and the US during COVID didn’t touch emerging markets in the same way. For those involved in emerging market credit strategies, what makes Argentina so attractive to investors, and how will President Trump’s policies impact future growth? What made Ukraine such an interesting credit bet in the early days of the war, and what are Genna’s thoughts on opportunities for credit following a future ceasefire? What are Genna’s thoughts on the current tariff policy, and how does that compare with the last 20 years of free trade and winning across some of the major countries? What is the ‘day of reckoning’ in emerging market credit opportunities, and how does it differ from credit investments made on the equity side? As US policy shifts, how will China fill in some of the financing gaps, taking a larger role in the credit markets? What can we see from voices across the Middle East and Turkey?  And more. Connect with Genna Lozovsky: LinkedIn: Genna Lozovsky LinkedIn: Sandglass Capital Management Sandglass Capital Management Connect with Kieran Cavanna:  Old Farm Partners LinkedIn: Kieran Cavanna Source

In the world of institutional investing, many trailblazers didn’t start in finance. This field boasts talents from backgrounds, including musicians, philosophers, and even physicists. Take Val Zlatev, for instance. Originally a physicist, his journey took a thrilling turn during a Chicago event when he visited the commodities exchange. Upon looking down at the trading floor he saw enthusiasm and energy that he imagined could be larger and more exciting than the amount of energy in physics for the last 500 years. He was hooked. In this latest episode of the Thematic Investors podcast, Val Zlatev, Portfolio Manager and Partner, Analog Century Management sits down with host Kieran Cavanna to discuss hard technology and agentic AI investing. This discussion focuses on the core belief that as a thematic investor, you develop a conviction and ultimately decide whether you can create capital from your thesis. Key discussion points include: How to recognize, and formulate a solid investing strategy on what you know and understand about the markets. What exactly is the true potential of AI, how are chain-of-thought models evolving, and how likely is it that we will experience a terminator moment in the future. What makes models like DeepSeek so unique, and what Val sees in their evolution and how Elon Musk and Meta might be involved. Is the investment industry right to panic in their assessment of scaling laws being broken and AI reaching a peak? What does Val believe about broad cyclical trends and what may or may not be coming from Silicon Valley. What is the state of play in China as it relates to hard technology and cutting-edge semiconductors. And more. Previous Episode of Interest: Thematic Investors: Scott Bessent a Global Macro Veteran on the Path Ahead Connect with Kieran Cavanna:  LinkedIn: Kieran Cavanna Old Farm Partners Kieran Cavanna is the Co-Founder and CIO of Old Farm Partners. Old Farm is a hedge fund allocation firm focusing on small and mid-sized hedge funds, as well as co-investment opportunities with $600m under management.  Prior to Old Farm, Mr. Cavanna worked at Soros Fund Management where he served as the Head of the External Manager Selection team. Mr. Cavanna and his team performed due diligence on and allocated to a select group of hedge funds that deployed a wide variety of hedge fund strategies.  Prior to Soros, Kieran was a Partner and the Head of Research at Titan Advisors, a $5b fund-of-hedge funds. In total, Mr. Cavanna has been allocating to hedge funds for 18 years. Mr. Cavanna started his financial career at KPMG Consulting as Senior Analyst. Mr. Cavanna graduated from the University of Richmond with a BA and received an MBA from Vanderbilt University. Connect with Val Zlatev: LinkedIn: Val Zlatev Analog Century Management Please note, the information covered and posted represents the views and opinions of the guest, and does not necessarily represent the views or opinions of Vidrio Financial and or our host, Kieran Cavanna. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding investment planning. Source

Long-short investors seriously targeting the energy sector need to adjust their nets and focus on placing bets on everything from coal, oil, natural gas, uranium, and other relevant sectors. This investment style isn’t about making massive directional wagers like a CTA fund; instead, it’s about leveraging macro trends to balance risks and seize opportunities in this dynamic market. Join host Kieran Cavanna as he sits down with Arvind Sanger, founder and managing partner, Geosphere Capital Management. Arvind explores his background, how he became interested in alternative energy sources, and where there are real demonstrable money-making opportunities to be made in today’s market. Key insights that Arvind shares with our audience include: How a macro-overlay strategy helps manage risk and exposure for portfolios. How his sensible energy transition thesis looked at real energy transition goals, removing the popular belief, that fossil fuels would disappear if investors stopped targeting these opportunities. What is most important in US power and how policy regulations and current deal-making strategies might be pushing out green energy in favor of AI and data center investments. The use of small modular reactors (SMRs) to help energy transition goals when considering nuclear applications. Why coal is still a good strategy for long-short investors and why demand is still not at a peak level. What he thinks about Scott Bessent’s 3-3-3 plan in the oil and gas sector. (You can listen to more of Scott’s interview with Kieran here). And more. Connect with Arvind Sanger Geosphere Capital Management Arvind Sanger is the founder and managing partner of Geosphere Capital Management, a global long-short equity hedge fund focused on natural resources and industrial companies worldwide. A former portfolio manager at SAC Capital where he managed a team of six investment professionals in New York and Singapore, Arvind’s career also includes 15 years as a top-ranked sell-side oil services and equipment analyst at a number of firms, including Deutsche Bank, DLJ and Kidder Peabody. Arvind graduated with a BTech from the Indian Institute of Technology, Bombay, and received his MBA from Tulane University. He is a member of the Business School Council at The A.B. Freeman School of Business at Tulane University and is a former chairman of Pratham USA. Connect with Kieran Cavanna:  Old Farm Partners Kieran Cavanna is the Co-Founder and CIO of Old Farm Partners. Old Farm is a hedge fund allocation firm focusing on small and mid-sized hedge funds, as well as co-investment opportunities with $600m under management.  Prior to Old Farm, Mr. Cavanna worked at Soros Fund Management where he served as the Head of the External Manager Selection team. Mr. Cavanna and his team performed due diligence on and allocated to a select group of hedge funds that deployed a wide variety of hedge fund strategies.  Prior to Soros, Kieran was a Partner and the Head of Research at Titan Advisors, a $5b fund-of-hedge funds. In total, Mr. Cavanna has been allocating to hedge funds for 18 years. Mr. Cavanna started his financial career at KPMG Consulting as Senior Analyst. Mr. Cavanna graduated from the University of Richmond with a BA and received an MBA from Vanderbilt University. Please note, the information covered and posted represents the views and opinions of the guest, and does not necessarily represent the views or opinions of Vidrio Financial and or our host, Kieran Cavanna. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding investment planning. Source

Exploring the depths of distressed investing can occasionally uncover undeniable proof that the asset is far from lifeless, revealing a scenario much more promising than the market price once suggested. All it takes is a catalyst to turn a dead investment into an opportunity with huge asymmetric returns. In the latest episode of the Thematic Investors podcast, host, Kieran Cavanna, Chief Investment Officer and Co-Founder, Old Farm Partners sits down with the ‘dynamic duo’ of PlusTick Management LLC – Tommy Hill, Managing Partner and Portfolio Manager, and Adrian Keevil, Managing Partner and Portfolio Manager.  Tommy and Adrian discuss:  investment risk taking and what it truly mean to be a distressed investor when you’ve beaten the MSCI World benchmark. their distressed flags that they target to highlight a potential investment opportunity and why they’re constantly swinging the bat to hit winners out of the park while insulating them from any larger losses. how investing in one distressed investment (regardless of oil, gas, AI, datacenters, telecom, etc) could lead to many other investments that have been overlooked, yet hold an opportunity for stronger upswings. the application of models to aid their thesis in distressed opportunities and how to understand the business, key stakeholders, outstanding litigation cases, and more. what is stakeholder theory and how it can help predict what a distressed opportunity will look like in the future. why they largely ignored early investing advice from past mentors, stating ‘nothing with wheels’, and how it played out with American and US Air. And more All opinions expressed by Tommy Hill, Managing Partner, and Senior Portfolio Manager, and Adrian Keevil, Managing Partner, of PlusTick Management, LCC in this podcast (the “Podcast”) are solely their own opinions and do not necessarily reflect the opinion of PlusTick Management, LLC. This Podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of PlusTick Management, LLC may maintain positions in the securities discussed in this Podcast. This is not an offer to sell, nor a solicitation of an offer to buy, any security in any fund managed by PlusTick Management, LLC. The statements and opinions contained herein may change at any time, based on market or other conditions.  This Podcast includes forward-looking statements, including projections of future economic conditions, and information that is provided for illustrative purposes.  PlusTick Management, LLC does not make any representation, warranty, guarantee, or other assurance whatsoever that any of such forward-looking statements will prove to be accurate.   Connect with Tommy Hill and Adrian Keevil: LinkedIn: Tommy Hill LinkedIn: Adrian Keevil  PLUSTICK Partners Connect with Kieran Cavanna:  Old Farm Partners LinkedIn: Kieran Cavanna Source

In this latest episode of Thematic Investors Podcast, host Kieran Cavanna, Chief Investment Officer and Co-Founder, Old Farm Partners is joined by Will Homan-Russell, Chief Investment Officer, WMC Capital. Will brings his expertise on global shipping investment plays and how various market forces can impact the future of this industry.  Each year, there are around 70,000 vessels carrying 12.5 billion tons of goods by sea. These staggering numbers are broken down into carrying containers (between 15-20%) filled with cars and finished products, while the remaining transports carry commodities (80-85%) to keep the world running. These sectors come with specific supply and demand dynamics based on utilization levels, which can be a signal to institutional investors to get involved. Additional key points that are highlighted in this podcast include:  discover the remarkable evolution of the shipping industry over the past half-century and uncover the key supply and demand dynamics that empower investors to accurately forecast utilization trends and performance. with current geopolitical tensions running high globally, how does the shipping industry navigate these shocks to the system, and how can allocators take advantage of these investment opportunities? an exploration of the dynamic nature of the shipping industry, where the ebb and flow of demand drive the need for new builds and replacements. Dive into the transformative impact of cutting-edge emission regulations on vessel design, and what the new carbon intensity index standards will be as the industry moves forward. as the International Maritime Organization mandates a 40% reduction in shipping’s carbon intensity by 2030 and a shift to carbon neutrality by 2050, what groundbreaking innovations will rise to the challenge? Possibilities include retractable sails, advanced rotors, and cutting-edge propulsion technologies like green ammonia or methanol. what factors have led to the decline of shipbuilding in the US and UK, and where are the innovative hubs of production emerging globally today? And more Connect with Will Homan-Russell: LinkedIn: Will Homan-Russell WMC Capital Connect with Kieran Cavanna:  Old Farm Partners LinkedIn: Kieran Cavanna Source

Gavin Baker, CIO & Managing Partner, discusses technology investments inspired by history and literature. Topics include AI bubbles, data center investments, risks of startups vs. industry giants like Google, Meta, and Microsoft, and the impact of AI on application software. The podcast also explores how science fiction and fantasy influence investing, exceptional talent in engineering, and the challenges and advancements in the tech industry.

Global macro veteran Scott Bessent shares insights on interpreting data, global financial markets, and investment strategies. From his career journey to Soros Fund Management to navigating economic landscapes in Japan, China, and the US, Scott discusses the importance of diverse perspectives in investing. Dive into discussions on tech, finance, geopolitics, and the upcoming US election's financial implications. Plus, learn about hiring decisions and the value of hard work in the investment industry.

James Davolos, Portfolio Manager at Horizon Kin, talks about tackling high inflationary markets and the changing investment playbook. He discusses being a bottom-up investor using unconventional data collection techniques, the concept of 'immaculate disinflation,' and the benefits of AI for investors. Davolos also shares insights on the evolution of financial exchanges and the firm's unique investment strategies in real assets.

When looking at European investments how will the UK, France, Germany, Spain, and Italy align on energy transition, innovative technology growth, financial services, and more? How can institutional investors capture this market when comparing them against more attractive U.S. opportunities? In our latest episode of the Thematic Investors podcast, host, Kieran Cavanna, speaks with Stuart Mitchell, Managing Partner | CIO and Investment Manager, S.W. Mitchell Capital LLP. Learn more about Stuart’s background that took him from studying medieval history through the values of detaching emotions from investing, an appreciation of analytical research, and managing over $2bn AUM of European equity assets.  Stuart discusses:  His background in investing and how he shed the bureaucracy, controls, procedures, and politics of large organizations and created his own investment firm. How the UK market differs in valuations, sectors, and discounts when compared to America and why this isn’t explained by profitability or growth rates. The fanatic move to electric vehicles and other forms of energy in light of oil demand going up in the short term just to keep supply and production at stable levels. Why is Europe having a Hamiltonian moment? What investments will be prioritized by a joining of European states in terms of infrastructure, energy, defense, and more?  How are investment opportunities in defense positioned across the UK and will it ever go above 2% in GDP? If extra spending does occur (due to geopolitical events) why would America get the investment? Why are alternative investments (from BP, Chevron, Exxon, and others) in wind, solar, and hydrogen simply not covering their costs of capital and are predicted to lose money over the long term. European banks appear stronger than those in the US when reviewed for capitalization, leveraged ratios, liquidity, and more.   how culture plays a role in hiring people at S.W. Capital, from year-long internships to individual specialized areas of expertise. And more! Please note that the information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial and or our host, Kieran Cavanna. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding investment planning. Connect with Kieran Cavanna:  Old Farm Partners LinkedIn: Kieran Cavanna Connect with Stuart Mitchell: LinkedIn: Stuart Mitchell S.W. Mitchell Capital LLP About Stuart Mitchell: Stuart is the Managing Partner and CIO of S. W. Mitchell Capital and the Investment Manager of the SWMC European Fund, as well as a number of managed accounts. Prior to founding SWMC in 2005, Stuart was a Principal, Director, and Head of Specialist Equities at J O Hambro Investment Management (JOHIM, now Waverton Investment Management). At JOHIM he set up and managed the Charlemagne Fund, a long/short European fund, and the JOHIM European Fund, a long-only European fund. The JOHIM European Fund rose by 133%, from inception in December 1998 until March 2005, compared with 8% for the benchmark index. It was rated number one within its sector by Micropal as well as awarded three stars by Standard & Poor’s. Upon leaving university in 1987, Stuart joined Morgan Grenfell Asset Management (MGAM) and soon afterward assumed responsibility for managing the continental European equity assets for MGAM’s British pension fund clients. Stuart was appointed a Director of MGAM in 1996. He subsequently took on the role of Head of European Equities and was responsible for $27 billion of equity assets. Whilst at MGAM he managed the Morgan Grenfell European Fund, which rose by 123% from January 1990 to June 1996, compared with 85% for the benchmark index. It was awarded first place in its sector in the Micropal Five Year Awards in 1996. Stuart was born in Scotland and educated at the University of St. Andrews, where he read Medieval History. He is also a graduate of the Owner/President Management program at the Harvard Business School. Stuart speaks English and French. Source

Alan Bezoza, telecom investor at DigitalBridge, discusses telecom sector evolution, cloud wars, AI-driven power demands, and strategic investments by tech giants like Google and Amazon. He explores the future of telecom, chips, and AI, highlighting the balance of power requirements and the advantages of residing in Denver for telecom investing.