Value Invest London

Speakers - Thursday 25th May 2017

Nick Train

Nick Train – Lindsell Train

Nick Train co-founded Lindsell Train Limited in 2000. He is the portfolio manager for UK equity portfolios and jointly manages Global portfolios. Nick has over 30 years’ experience in investment management. Before founding Lindsell Train he was head of Global Equities at M&G Investment Management, having joined there in 1998 as a director. Previously he spent 17 years (1981 – 1998) at GT Management which he left soon after its acquisition by Invesco. At his resignation he was a director of GT Management (London), Investment Director of GT Unit Managers and Chief Investment Officer for Pan-Europe. Nick has a BA honours degree in Modern History from Queen’s College, Oxford.

Nick Kirrage

Nick Kirrage – Schroders

Specialist value investor Nick Kirrage is co-head of the Global Value team at Schroders, who manage over £12bn of clients’ assets. Along with co-manager Kevin Murphy he runs the Schroder UK Income, Schroder UK Recovery and Schroder ISF Global Recovery Funds. Nick started his investment career in 2001 within Schroders’ Pan European research team, having previously been an analyst responsible for Transport, Metals, Mining, Aerospace and Defence sectors. He is a CFA Charterholder and holds a degree in Aeronautical Engineering from Bristol University. Nick is a regular contributor on ‘The Value Perspective’ – a specialist resource dedicated to value investing in UK equities.






Ronald Chan

Ronald Chan – Chartwell Capital
Finding a Spark in Japan

Ronald W. Chan founded Chartwell Capital in 2007, and serves as Chief Investment Officer and joint Portfolio Manager. He has authored two books: Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett’s Top Business Leaders in 2010 and The Value Investors: Lessons from the World’s Top Fund Managers in 2012. Both books have been translated into several languages, including Chinese, Japanese, Thai, and Portuguese.


Ben Preston

Ben Preston – Orbis Investments

Ben is one of five key stock pickers for the Global Equity Fund at Orbis Investments, which he joined in the summer of 2000 just as the TMT bubble of the late 1990s was beginning to unwind. Orbis is a contrarian manager, using a disciplined research process to identify shares trading well below their long term intrinsic value, usually because of some temporary setback. Ben initially began researching stocks in the consumer sector but has gradually expanded his coverage and now leads the Global Sector team, in which industry specialists research stock market opportunities globally. Ben graduated with a First Class degree in Mathematical Sciences from the University of Oxford in 1998 and had a brief stint as an analyst at an M&A boutique before joining Orbis. He is a CFA charterholder.


Alex Wright

Alex Wright – Fidelity International

Alex Wright has honed his distinctive contrarian value investment approach over a career spanning more than 15 years with Fidelity International. He joined the company in 2001 as a research analyst, covering a number of UK and European equity sectors across the market capitalisation spectrum in the years to follow. He has managed the Fidelity Special Situations Fund since January 2014 and has been portfolio manager of the Fidelity UK Smaller Companies Fund since its launch in February 2008. He has also been responsible for managing Fidelity Special Values PLC since September 2012. Alex has a BSc in Economics from Warwick University, where he graduated with First Class Honours, and he is also a CFA Charterholder.

Stuart Roden

Stuart Roden – Lansdowne Partners

Stuart Roden is Chairman of the Firm, a member of the Management Committee and is involved with the management of the Developed Markets funds. Prior to joining Lansdowne in 2001, Stuart was a Managing Director of Merrill Lynch Investment Managers (MLIM). Stuart started his career in the City in 1984, joining SG Warburg & Co. Stuart is chairman of UP-Unlocking Potential, the non-executive chairman of the investment committee of Marylebone Partners LLP, chairman of the Jewish Care and Oxford Centre of Jewish and Hebrew Studies investment committees. Stuart received a first class honours degree in Economics (BSc) from the London School of Economics.

Francisco García Paramés

Francisco García Paramés – Cobas Asset Management

Francisco was born in Spain in 1963. After obtaining his MBA at IESE (in 1989), he joined Bestinver, and following 2 years as an analyst of Spanish stocks, he began to manage portfolios and funds. His career as an investment manager can be readily summarized by examining the yield obtained by his Spanish equity funds: 15.7% per annum in the period January 1993 – September 2014, equivalent to an accumulated increase of 2,279.2%, compared to 410% obtained by the reference index (IGBM, Madrid Stock Market General Index). In 1997, he also began to manage an International portfolio, achieving leading positions in the market of foreign funds sold in Spain, with an accumulated yield from January 1998 to September 2014 of 437.5% (10.58% Annual Average Return) versus 2.9% obtained by the reference index, the MSCI World Index. Mr. Paramés has set up his own firm, Cobas Asset Management, where as Founder and Chairman he is managing different funds and mandates under his unique value investment process. He leads an investment team of 7 analysts and 2 portfolio managers.


Steve Romick

Steve Romick – FPA Funds

Mr. Romick is a Managing Partner of FPA LLC, a Los Angeles-based investment manager with approximately $30 billion under management in equity, fixed income, and alternative strategies. Mr. Romick is a value investor and has managed the $17 billion FPA Crescent Fund since its 1993 inception. This Fund seeks to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital. FPA Crescent has provided the best risk-adjusted returns of all allocation mutual funds (with assets over $1 billion) that invest in equities and have been managed by the same party since its inception according to Morningstar. As of March 31, 2017, the FPA Crescent Fund carries a Morningstar 5-star rating.  Mr. Romick was awarded Morningstar’s U.S. Allocation Fund Manager of the Year (2013) and was a nominee for Morningstar’s Domestic Manager of the Decade Award (2009) and Morningstar’s U.S. Allocation/Alternatives Fund Manager of the Year Award (2016). Mr. Romick earned a BS in Education from Northwestern University and is a CFA Charterholder.

Gary Channon

Gary Channon – Phoenix Asset Management

Gary Channon co-founded Phoenix Asset Management Partners in 1998 and has managed the Phoenix UK Fund since its launch in May the same year. Since inception, the Fund has returned gross performance of 727% (versus the benchmark’s total return of 142%), an annualised return of 12% (versus the benchmark annualising at 4.9%)*. The investment philosophy at Phoenix is strongly inspired by Warren Buffett and Phil Fisher: long-term, value-based and focused. In terms of investment research, Phoenix considers its own primary fieldwork to be a major contributor to the effectiveness of the research effort. Typically, this includes assessing product quality via mystery shopping and undertaking competitor analysis in order to understand the purchasing decision of the marginal customer. Prior to Phoenix, Gary was co-Head of Equity and Equity Derivatives Trading at Nomura International, and before that he was at Goldman Sachs within Global Equity Derivative Products Training.

Joe Bauernfreund

Joe Bauernfreund – Asset Value Investors

Joe is Chief Executive Officer and Chief Investment Officer of AVI. He began his career working for a real estate investment firm for 6 years, before completing a Masters of Finance at the London Business School. Joe joined AVI in 2002 as an analyst, with a specific focus on European holding companies. In 2013 he became co-portfolio manager on AVI’s global equity accounts, including the British Empire Trust (“the Trust”). In October 2015, he was named sole portfolio manager of the Trust. In October 2016, he became Chief Executive Officer of AVI.

Django Davidson

Django Davidson – Hosking Partners

Django Davidson is a Portfolio Manager and a Founding Partner of Hosking Partners. After leaving the University of Oxford, where he studied Geography, Django joined Deutsche Bank, becoming a Director aged 27. At Deutsche, one of his clients instructed him to read the entire back catalogue of Berkshire Hathaway and Buffett Partnership letters, crystallising his value investing mind-set and instigating a move to the buy side. Initially a Partner at TCI-backed financials-fund Algebris, he moved to help Jeremy Hosking set up Hosking Partners in 2013. Hosking Partners is a behavioural global equity manager, which now has assets under management in excess of $7bn.

Charles Heenan

Charles Heenan – Kennox Asset Management

Charles co-manages the Kennox Strategic Value Fund with Geoff Legg. He has 25 years’ experience in global stock markets. Charles began his career with Brockhouse & Cooper in Montreal, Canada, becoming a CFA charter holder in 1995. In 1997, Charles joined the Emerging Markets and Asia Pac Ex Japan team at First State Investments (called Stewart Ivory at the time) and worked as a key member of this team before leaving to start a focused, independent, global value investment management company – Kennox.

Kevin Murphy

Kevin Murphy – Schroders

Kevin Murphy is co-head of the Global Value team at Schroders, who manage over £9bn of clients’ assets. He is a specialist value investor in UK equities, and along with Nick Kirrage, manages the Schroder UK Income, Schroder UK Recovery and Schroder ISF Global Recovery Funds. Kevin started his investment career with Schroders in 2000, joining the UK Equity fund management team, having previously been a sector analyst for Pan European Construction and Building Materials. He holds a degree in Economics from Manchester University and is a CFA Charterholder. Both Nick and Kevin are commentators on ‘The Value Perspective’ – a specialist resource dedicated to value investing in UK equities

Filip Weintraub

Filip Weintraub – Skagen Funds

Filip Weintraub is the Lead Portfolio Manager for the global equity fund SKAGEN Focus. He achieved tremendous success at SKAGEN as the Lead Portfolio Manager for the SKAGEN Global fund from 2001 to 2010. In 2010 he co-funded Labrusca Family Office before returning to SKAGEN in 2014. He has a BA in Economics & Global Studies and is a Chartered Financial Analyst.

Rhys Summerton

Rhys Summerton – Milkwood Capital

Rhys Summerton has 17 years of investment industry experience and was previously the Global Head of Emerging Markets research at Citi. In this role, Rhys provided ideas to some of the world’s most well-known value investors and he also began to build up and compound what would become a substantial personal seed investment for his eventual own fund. Rhys created the Milkwood Fund in 2013 as an independent, contrarian asset manager. The Milkwood Fund is global, long-biased and highly concentrated, with some activism and advisory taking place in smaller names. Around 30% of Milkwood’s capital is Rhys’ own money, with the remainder coming mainly from other fund managers (including some well-known ones), analysts, and family offices with a proven patient and counter–cyclical mindset.


Jon Boyar

Jonathan Boyar – Boyar Value Group

Jonathan is currently a principal at Boyar Asset Management, a New York value-based money management firm that was established in 1983 and currently manages approximately $200 million dollars. In addition, Mr. Boyar is President of Boyar’s Intrinsic Value Research, a research boutique established in 1975 that specializes in uncovering intrinsically undervalued U.S. based equities. Jonathan has been interviewed or quoted in such publications as Barron’s, Forbes, The New York Times, Value Investor Insight,, and Welling on Wall Street. Jonathan graduated from Cornell University with a B.S. in Applied Economics and Business Management and started his investment career at GAMCO Investors. In 2004 Jonathan received a Dean’s Merit Scholarship from Cardozo School of Law and after graduating from law school worked as a litigator at the nationally recognized medical malpractice defense law firm of Martin Clearwater & Bell.

Richard Oldfield

Richard Oldfield – Oldfield Partners (Moderator)

Richard Oldfield is Executive Chairman of Oldfield Partners, which he founded in 2005, after 9 years as Chief Executive of a family investment office. Prior to this, he was director of Mercury Asset Management plc, which he joined in 1977. He became Chairman of the Oxford University investment committee and Oxford University Endowment Management Ltd in January 2007, was Chairman of Keystone Investment Trust plc from 2001 to 2010 and is a director of Witan Investment Trust plc. He is the author of “Simple But Not Easy”, a “slightly autobiographical and heavily biased” book about investing

Michael Keller

Michael Keller – Brown Brothers Harriman 

Michael Keller has been a co-manager of BBH Core Select since June 2008 and also serves as an analyst covering technology and business services. Michael joined BBH in 2005 and became a Partner of the firm in 2015. Prior to joining BBH, he was a senior equity analyst for KeyBanc Capital Markets covering technology and business services. Michael earned a BSE from Princeton University and is a CFA charterholder.

Anthony Bolton

Anthony Bolton – Fidelity (Moderator)

From December 1979 until end of 2007, Anthony Bolton ran the Fidelity Special Situations Fund. Over this 28 year period the fund achieved a remarkable annualised return of 19.5%, outperforming the market by 6% per annum while the funds under management grew from c.£2m to £6.5bn before the fund was split. He also ran European funds and two investment trusts. He gave up active fund management at the end of 2007, returning in 2010 to launch the Fidelity China Special Situations Investment Trust which he ran for 4 years while being based in Hong Kong. Anthony retired in 2014 but remains a director and senior adviser at Fidelity International. He is the author of “Investing Against the Tide: Lessons from a Life Running Money”.

David Shapiro

David Shapiro – Sustainable Growth Advisers (Moderator)

David is a Client Portfolio Manager at Sustainable Growth Advisers and has been a Moderator of both the London and New York Conferences since they began in 2012 and 2018 respectively. Previously, he was the Portfolio Manager for the Global Equity Focus Fund at Willis Towers Watson and for Alliance Trust, a quoted Investment Trust listed on the London Stock Exchange. Alongside his portfolio management responsibilities David provided regular research input to a number of clients. Prior to Willis Towers Watson David was Deputy CIO at Stamford Associates where he was responsible for devising and implementing investment strategies for a range of its largest investment clients. Prior to Stamford Associates, David established Greentrees Partners LLP as a joint venture with Collins Stewart before which he gained broad investment experience as a UK equity portfolio manager with UBS Global Asset Management (formerly Phillips and Drew) from 1998 and then as a UK equity portfolio manager with Morley Fund Management from 2003. In total David has 30 years of portfolio management and investment analyst experience. David is a member of the Chartered Institute for Securities and Investment (CISI)

Join us for the LVIC on 5th November

Sign-up for Value Investor Digest

* These fields are required. We will not share your contact details with anyone.

  • “It’s very much the Rolls-Royce of the investor conference market”
    Paul Scott, Stockopedia
  • “The people in that room were a more powerful cadre of the powerhouse of investment than has been gathered for a very long time”
    Jonathan Ruffer, Ruffer LLP
  • “It’s kind of like Glastonbury isn’t it, for the Value Investing community”
    Nick Train, Lindsell Train
  • “What I like about it is that it is a practitioners conference and it’s an opportunity to come and hear from your peers about the work that they are doing and how they see value investing”
    Hassan Elmasry, Independent Franchise Partners
  • “I think people really look forward to it and enjoy it. There’s a good bunch of people here who have travelled a reasonable way – the speaker after me was from Hong Kong and there’s a big Canadian crew and a big US crew – people come from around the world to see this”
    Nate Dalton, Affiliated Managers Group
  • “If somebody’s already been through that process of seeing what the conference is about and then is willing to pay their money for the effort of coming here, that’s a great filtering process.”
    Gary Channon, Phoenix Asset Management
  • “The conference has become a part of the furniture of the London scene. You can discover that is what lies inside you – that you are innately a value investor.”
    Richard Oldfield, Oldfield Partners
  • “I do speak at a fair number of conferences to investor bases, this one is really quite a good list – some very, very good investors present and some very interesting speakers”
    Jon Moulton, Better Capital
  • “Definitely worth it and I know a number of people who have ‘ummed and arred’ about coming along and I’m sure that they will be regretting that they didn’t come today – and it’s only going to get better as far as I can see”
    Tim Green, Private Investor
  • “Having sat through the whole day as I wanted to come and hear all of the speakers – I’ve been really impressed by the quality”
    Anthony Bolton, Fidelity
  • “I’ve got a bunch of business cards to add to my collection and some folks I’ve been looking forward to meeting, plus some firms I didn’t even know existed but sound really interesting and I’m looking forward to building on that relationship base”
    Mason Morfit, ValueAct Capital
  • “You couldn’t find that anywhere else really, where you’re speaking to the principals who have been voted on to the Board [of Microsoft] to effect change”
    David Shapiro, Willis Towers Watson
  • “What I was impressed with is, because the subject is very similar, value investing, they found a variety of ways of attacking the same subject. I was also very impressed, having done this in another location, of seeing them stay on target time-wise so that it moves along at a great pace and I think the audience is greatly rewarded by that discipline”
    Don Yacktman, Yacktman Asset Management
  • “Very well organised and it was a treat for investors like us to hear some great speakers”
    Roli Saxena, Drona Capital
  • “I came last year and I liked it so much that I have been looking forward to today ever since”
    Dominique Levy, Sonian Capital
  • “We’e got a very sophisticated audience who are used to value investing – I think this is a good audience”
    David Samra, Artisan Partners
  • “The profile of the speakers is one of the main reasons that I came”
    Niels Borgen, Private Investor
  • “When you look at the ideas speakers have put forward in previous years and how they have performed over the last few years, they’ve done very well – if that performance continues it would be quite remarkable. It does show that you can pick up some good ideas at a conference of this sort”
    Jonathan Mills, Metropolis Capital
  • “I came last year as well and I thought that it was the most outstanding event that I have been to”
    Leon Boros, Equity Strategies