Our exploration of the world’s super allocators would be incomplete without touching down in France, who have a lesser known but still significant SWF.   In this conversation, Nicolas Dufourcq, at the helm of the fund since its creation in 2013, explains its genesis, evolution and ambitions. He discusses its principal activities and purpose to drive financing, innovation and “doing its utmost to galvanize the French economy”. He describes the emergence of a strong entrepreneurial culture in France, how innovation can help power growth, the re-industrialization of the French economy and the ways in which it is seeking to be “the one stop shop for entrepreneurs”. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, which manages over $1.2 trillion in assets (as of 31/12/22), making it the second largest SWF globally. Norway’s great wealth is in large part courtesy of its oil riches, discovered in 1969. With great vision, the Government’s response to the discovery was the decision to create a separate, segregated fund, away from politicians’ grasp, to serve Norway’s current and future citizens. Nicolai describes his education and early investing experiences at Cazenove and Egerton, before starting the extremely successful hedge fund AKO. He talks about his education, refreshed throughout his career, and his decision to become the CEO of Norway’s SWF, otherwise known as Pension Fund Global. He talks about his immense delight in being appointed CEO, and how the investment strategy is evolving under his stewardship. He also speaks about his wish to use risk in a slightly more productive way, how private assets are assessed and incorporated going forward, and how deep forensic analysis such as that undertaken in the case of Wirecard will lead them to exclude companies that might otherwise be owned as part of their ownership of 9,000 globally.The conversation encompasses a discussion about the lofty valuations exhibited within ESG assets, the stocks excluded from their investment portfolio and shown on the website, and the tension between divesting and remaining a shareholder of companies in transition. Nicolai then explains why techniques drawn from behavioural analysis can help them assess the risks embedded within potential investments; the resilience that can be learned from top athletes, the dangers of inflation returning and the long term challenges facing investors and the world more generally. Finally he offers some pithy Norwegian advice on cooking, sailing, endurance, charity and why introverts are such an under-utilised asset. Episode originally released in June 2021.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

 As we continue exploring the world’s “super-allocators”, we’re learning how different they are in approach and dispersed in investment decisions. In this episode we examine these questions through the prism of one of the largest US public pension plans, The New York State Common Retirement Fund, with over $250 billion in assets and more than one million members (as of 31/03/22). Anastasia explains her switch, after several years, from sell-side to buy-side, and from private to public. She discusses why the Fund is widely regarded as one of the nation's best-managed and best-funded pension plans, their objectives, restrictions and where and how they prefer active over passive. She describes the infrastructure component, real assets, PE and overseas investing as well as why emerging managers are considered an important element in their portfolio construction.  Finally, she acknowledges the limitations that come with managing such a large pool of capital in terms of mobility when compared to an endowment, but equally explains their reach, reputation and results. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

 In this episode we travel to Canada as we continue our journey around the world to discuss investment approaches with the leading figures at some of the world’s top institutional allocators, dubbed the “super allocators”.   OTPP, well known for its investments from international airports to apple orchards in the US, commercial property globally, autonomous vehicles in Asia, and even Elon Musk’s Space X, has shown that size need not be the enemy of agility and risk comes in a variety of forms.  Jo Taylor discusses his time with 3i which educated him in venture capital and growth investing. He discusses delegating investment decisions, their appetite to be less constrained than many and their geographic and asset priorities, along with why they have, at times, made big asset allocation switches.  In a candid and wide-ranging discussion, culture, communication and ESG are all woven into this rich and varied exchange. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.   

In 2002, the Australian Federal Treasurer, Peter Costello, commissioned the Australian Treasury to look at the long-term issues facing the nation and how adequately current generations were preparing for future ones. The message was bleak; “Australia’s ageing population would put immense stress on public finances, especially on health and aged care spending, over the next four decades”. To help address this, the Future Fund was created, and it now looks after six public asset funds (totalling AUD $243.5bn of AUM, as of 31/12/22). So in the second episode of our Super Allocator Miniseries, Ben Samild, Deputy CIO of Future Fund, explains its mission and strategy, including Future Fund’s mandate to achieve CPI + 4-5% returns per annum. He explains the “total portfolio approach”, why they locate portfolio managers close to another, their approach to external manager selection, and why in the words of their former CEO that “too many institutional investors arbitrarily filled pre-determined asset class buckets with too many average quality assets in the name of diversification…risk management at its worst!“ From commodities to FX, from concentration to ESG issues, this is a compelling conversation that crosses borders and asset classes, challenging some conventional thinking.  Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this miniseries we are interviewing a group of the largest institutional investors (the ‘super allocators’), to understand how these immense pools of capital think about the assets they invest in, shifting asset allocations, passive versus active, public versus private, and steering through turbulent waters.  This first conversation is with CalSTRS, the $300+ billion California State Teachers’ Retirement System. It is the largest educator-only pension fund in the world and the second largest pension fund in the United States. In this episode, the fund’s CIO Christopher Ailman discusses its evolution and the key considerations undertaken during his tenure. He makes the case for predominantly passive equity allocations, the approach to fixed income and benchmark considerations. He also covers infrastructure and its key role (given their long term horizons), PE allocation, and why VC does not fit their size and style. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

‘Over the past decade, about 80 cents of every dollar that has gone into the US investment industry has ended up at Vanguard, State Street, and BlackRock. As a result, the combined stake in S&P 500 companies held by the Big Three has quadrupled, from about 5 percent in 1998 to north of 20 percent today.' These are the opening lines to the book, Trillions, by Robin Wigglesworth, Editor of FT Alphaville and a friend of the show. Today, we further unpack the world of ETFs to understand their evolution, and how they are becoming a much broader wrapper for a multitude of strategies. Salim explains how CIOs, allocators, and individuals use their products to build portfolios and gain exposure to themes, strategies and markets. Salim then dispels some of the myths of fixed income investing, before explaining how investors can use technology to vote whilst also owning passive vehicles, and how savers in Europe are changing their habits. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

 For much of life, the world of banking might seem both impenetrable and dull yet there are times, when it vaults to being centre stage, at which point it typically ushers in fear, loathing and even panic.  In light of the current traumas, rescues and uncertainties, we were very fortunate to have Huw Van Steenis, the internationally respected banks analyst and strategist join the show for a timely discussion on what might lie ahead.  Huw reflects on lessons from history, on the differing regulatory regimes in Europe and the US, on crypto, stress tests, and liquidity versus solvency. He then discusses his thoughts on future changes, the influence of the mega banks, before discussing climate and the energy transition in light of his work on Nicolai Tangen’s climate advisory board.  Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn  The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches,  LiveTrade and  Mintus.

‘I drink my Champagne when I’m happy and when I’m sad. Sometimes I drink it when I’m alone. When I have company I consider it obligatory. I trifle with it when I’m not hungry and drink it when I am. Otherwise I never touch it – unless I’m thirsty!‘  This famous quote can be attributed to Madam Lady Bollinger in a 1961 interview with the Daily Mail. In this episode we explore the world of Champagne with Groupe Bollinger’s CEO & Chairman, whose family have been central to the sustained success of both the brand and product since 1869. In a rare public interview, he discusses the firm’s history, associations with James Bond and key markets. He also covers vintage and non-vintage, Ayala (its sister brand), climate impact, expansion into Burgundy, the Loire and Oregon, and the opportunity to become closer to consumers via technology. He then discusses their investment in Bordeaux Index and their LiveTrade platform, why Rosé is not a fad and the optimal temperature to serve champagne! The Money Maze Podcast is kindly sponsored by  LiveTrade, Bordeaux Index’s award-winning fine wine trading platform. Groupe Bollinger currently has a minority stake in  Bordeaux Index, and  increased its investment into the firm in May 2022. The Money Maze Podcast is also sponsored  Schroders, Bremont Watches and Mintus.

Through direct, entertaining & insightful interviews with masters of the real life money maze, we hope to learn about different approaches to allocating capital, making business decisions and navigating the pitfalls that line the paths to prosperity.  Each episode, with invite leading figures from the investment management and finance sector onto the show, who share their investment insights and career tips with our community. We're driven by a commitment to opening up the industry, which can often be shrouded in the fog of jargon and apparent complexity.  To provide listeners with a wider perspective, we also occasionally feature guests from the arts or wider business world. The interviews is available completely free on all major podcast apps, on YouTube and via www.moneymazepodcast.com If you have any questions or guest ideas, feel free to email us at info@moneymazepodcast.com. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.