The Fiftyfaces Podcast

James Fletcher is the founder of Ethos Investment Management, based in Salt Lake City. He has over 19 years of investing in Emerging Market and was previously Director and Senior Portfolio Manager of the $1billion EM Small and Mid-cap fund at APG Asset Management. Our conversation starts with the seeds that started James’s passion for Emerging Markets – an extended stay in Brazil, where he learned to speak Portuguese and was entirely immersed in the brands and consumer culture of the dynamic country. This led to a hunger to uncover what is less well known about regions under the Emerging Markets umbrella, and we dive in to this – including the unique, research driven, approach that the team takes at Ethos. We also refer to the origins of the name – it defines both their approach to investment management and portfolio construction as well as the ethos of the companies they invest in – companies committed to their mission, with honesty and integrity.We move then another passion – James is also the founder of Young Investors Society (www.yis.org). Young Investors Society has become a leading global Financial Literacy organization teaching financial literacy and long-term investment skills to high-school students in over 1,000 high-schools across the world. We hear about lives changed and the impact felt by giving an opportunity to thousands of young people and about the power of lighting the spark for investing. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Karey Barker  is Founder and Managing Director of Cross Creek, a late-stage venture capital firm headquartered in Salt Lake City, Utah.  She has over 25 years of broad public and private investment experience and holds a number of Board roles, including ARUP Laboratories. Our conversation walks through Karey's career which saw the unusual move from analysis of public equities into venture capital investing, and we hear why they are more similar than we might think. We move then to the current opportunity set in venture investing - particularly at the late stage of venture investing (within 1-2 years of going public) which is the expertise of Cross Creek. Karey discusses some of the sectors where she sees the most compelling opportunity sets, including areas likely to impact the consumer, some of which have been overlooked in the current market hype.We end with a reflection on lessons learned and the industry as it is today, from an LP and allocator perspective. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its client

Jose Manuel Silva is Chief Investment Officer and Managing Parter at LarrainVial Asset Management in Santiago.  He has worked in finance for most of his career.  Our conversation picks up on the excellent podcast that Jose Manuel recorded with Merryn Talks Money of Bloomberg (linked here), which is where I first came across his firm, and we build on those topics starting first with his background and path into investment management. Before moving to the opportunity set in Latin American markets today, we trace the evolution of the Chilean market as a backdrop to Jose Manuel’s career, and note the growth (from scratch) of an institutional investment landscape, a disciplined fiscal framework and an maturing trade network. We dive then into the current economic outlook for the region, noting the improved monetization of natural resources and the diversification of trading partners, diluting reliance on single trading partners and impact from the current tariff regime. Touching on other topics we discuss the maturing of the institutional investor landscape, the stock market picks in the region. Why we made this? Latin America is a diverse collection of countries each with their own distinct dynamics and risks, and is often bucketed with other Emerging Markets. We wanted to speak to embedded experts to reveal distinct aspects of these markets that may challenge the conventional wisdom.  Why we think you will find it interesting? Jose Manuel Silva has in-depth on-the-ground experience in Latin American financial markets and knowledge spanning their evolution and outlook. He notes dynamics that we often overlook as external onlookers, and his insights can help to enrich our perspectives on the region.This is a replay of the first episode of our Latin American Voices series. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Fernando Bonardi is currently working as a family office advisor from his base in Buenos Aires. He formerly was head of BNY Mellon Investment Management in Santiago, Chile for 17 years, and prior to that held a series of financial roles. With a career that has spanned decades, Fernando has worked through many different cycles in Argentinian market history, and we discuss the evolution of his career adaptations he had to make – such as relocating to work from Chile for a number of years, when the bank he was working with pulled out of Argentina. We then explore the current climate in Argentina, and reflect on the adjustments that the population has had to make. We discuss persistent inflation and other economic crises, and how this led to a breach of trust and drove savings overseas. We examine the psychological impact of a lack of trust and ongoing uncertainty, and ask whether it instills a resilience, agility and an ability to move quickly in a population.Turning then to the current election cycle, Fernando lays the groundwork for some cautious optimism, but recognizes that the situation is and continues to be fluid.We recorded this podcast prior to the September 8 elections in Buenos Aires which delivered a blow to President Milei’s party.

Joanne Donnelly is the CEO at the London Pensions Fund Authority, a role she has held since April of this year. She was previously Head of Pensions at the Local Government Association and prior to that worked in HM Treasury, the NHS and the UK Home Office.  Our conversation takes us from the big picture, starting with international law, which was Joanne’s original specialist area, to the local level, her current focus, and there were many fascinating stops in between. We hear about various roles in public agencies, and how this shaped her approach to governance and ultimately service. We hear about the paramount importance of communication early and often and how this forges the link with ultimate beneficiaries. Why we made this? Joanne is an emerging leader in the dynamic world of public pensions, which is particularly in focus in the UK today. Why we think you will like it? It is rare to find a leader who sets the standard in the challenging area of public pension funds. Joanne is one of these leaders, and we can learn a lot from her insights on governance, communication and transparency.  With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Lauren Juliff is Climate and Sustainability Product Lead and Head of UK Institutional at Storebrand Asset Management UK. Her educational background is in science and she has a MSc in Climate Change: Environment, Science and Policy. We start our conversation with Lauren’s background and a passion for dance that she has carried throughout her life. We mention this as a reminder to take time to nurture health, and joy, even in the small moments. Moving then to her professional career we discuss the evolution of climate and sustainability products, and how she was motivated to pursue a post graduate degree in the area of climate change policy. We discuss then how this enriched her approach to product development and solution building and look at the outlook for this and similar strategies.  Why we made this? Lauren is a passionate industry member with a unique blend of an academic background in Climate Change, Environment, Science and Policy as well as an understanding as to how sustainability products are fashioned and delivered.  Why we think you may like it? A growing body of investors is interested in climate and sustainability products, and this podcast provides insights on product positioning, the evolving nature of client demand  With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Jose Manuel Silva, who is Chief Investment Officer and Managing Parter at LarrainVial Asset Management in Santiago.  He has worked in finance for most of his career.  Our conversation picks up on the excellent podcast that Jose Manuel recorded with Merryn Talks Money of Bloomberg (linked here), which is where I first came across his firm, and we build on those topics starting first with his background and path into investment management. Before moving to the opportunity set in Latin American markets today, we trace the evolution of the Chilean market as a backdrop to Jose Manuel’s career, and note the growth (from scratch) of an institutional investment landscape, a disciplined fiscal framework and an maturing trade network. We dive then into the current economic outlook for the region, noting the improved monetization of natural resources and the diversification of trading partners, diluting reliance on single trading partners and impact from the current tariff regime. Touching on other topics we discuss the maturing of the institutional investor landscape, the stock market picks in the region. Why we made this? Latin America is a diverse collection of countries each with their own distinct dynamics and risks, and is often bucketed with other Emerging Markets. We wanted to speak to embedded experts to reveal distinct aspects of these markets that may challenge the conventional wisdom.  Why we think you will find it interesting? Jose Manuel Silva has in-depth on-the-ground experience in Latin American financial markets and knowledge spanning their evolution and outlook. He notes dynamics that we often overlook as external onlookers, and his insights can help to enrich our perspectives on the region. 

Jon Salstrom is Executive Director and Chief Investment Officer at the Cincinnati Retirement System, a role he has held for almost two years. He previously worked in a series of consulting and financial analyst roles. Our conversation starts by tracing his earlier career path, and particularly his roles in consulting which set him up well for the current role with the City of Cincinnati. We dive in then to what shifts he noticed in himself, and in his backdrop, when he made the move to public service, and explore the best practice in governance that is key to making progress and protecting capital in this area. Moving to mission and purpose we discuss the fund’s asset mix, key priorities as well as size and funding level, and the overarching sense of purpose that guides him and his team. "Strength in Unity" is the motto of the City of Cincinnati.  Why we made this? US public defined benefit funds are a key component of the US institutional landscape. Sitting at the intersection of politics and finance, these funds may have to wrestle with funding, cash flow and stakeholder issues that are complex, while often operating with lean teams. Jon Salstrom is a relatively new leader in this space, and we wanted to capture his perspectives and approach as an allocator in Cincinnati. Why you may find this useful? The discussion provides insight into what is top of mind for a  public fund allocator today, as well as an charming description of a shift from the private sector to embracing public sector mission and purpose. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

I am delighted to launch this bonus series featuring leading financial thinkers in Latin America with this podcast with Nicolás Dujovne, recorded live in Buenos Aires in late August. Nicolás is an Argentine economist and former Minister of the Treasury between 2017 and 2019 under the administration of Mauricio Macri. He has had a long career in financial markets, primarily as an economist, and since 2020 has been a partner of Tenac Asset Management, which recently won best Emerging Markets Macro Fund over two years as awarded by the Hedge Fund Journal.  Our conversation traces Nicolás's early interest in photography, and how this shaped his sense of perspective in his chose career as an economist. We dive in to his core beliefs as an economist and some of the "truths" that his experience in living and working through economic crises has taught him about the importance of fiscal discipline.We trace the evolution of the economic backdrop throughout his career, moving in to his time in the Treasury and his assessment of the current state of reforms being implemented under President Milei. With elections looming in September much remains to be seen, but we discuss potential paths and hopes for the future. Finally we turn to his current role at Tenac Asset Management, and examine some of the macro drivers in markets today and the level of difficulty in navigating them. This special series focused on South America will be released occasionally on a Friday. We welcome feedback, guest suggestions and more. 

Nadia Cobalovic is Senior Vice President at Northern Trust and Global Head of Omnium Services, where she oversees teams encompassing Middle Office Operations, Back Office Administration and Data Delivery. She also contributes to business growth, strategic initiatives and new initiatives. Our conversation starts with her early career aspirations to be a war correspondent and later, to work in U.S. government agencies. Delays and bottlenecks ultimately led to a forced—but serendipitous—pivot into financial services. What began as a temporary role at Citadel became the start of a dynamic 25+ year journey, one that now finds her leading Omnium Services at Northern Trust—still alongside some of the same colleagues who have been part of her career from the very beginning.We speak then about the evolving world of hedge fund services and how AI, cyber security concerns and changing investor and fund needs are shaping it. Moving to career reflections we discuss the importance of giving credit where it is due – sometimes to oneself, and the joys that working for a supportive team – and together – for over 25 years can bring. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.