Executive Summary
John Chatfeild-Roberts delivered a masterclass in fund-of-funds management, revealing how Jupiter's Merlin portfolios achieved 2.5x benchmark returns over 30 years through concentrated active management. His team manages £6 billion across just 28 funds, with top holdings reaching 34.5% weightings—a stark contrast to diversification orthodoxy. The most compelling insight centers on manager selection over geographic allocation: Chatfeild-Roberts' best pick, Findlay Park, returned 23x from 1998 lau...
Key Investment Opportunity
Active Fund Management Validation
Fund-of-funds approach with concentrated active manager selection demonstrates sustainable alpha generation against passive indexing narrative
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