Value Invest London

Speakers – Thursday 24th May 2018

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.






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.


Will Thorndike

William N. Thorndike – Housatonic Partners

Mr. Thorndike is Founder and Managing Director of Housatonic Partners, a leading middle market private equity firm with offices in Boston and San Francisco. Mr. Thorndike is currently a Director of Carillon Assisted Living, LLC; Lincoln Peak Holdings, LLC; QMC International, LLC; and ZircoData, Ltd. He is Chairman of the Board of CNX Resources Corp. (CNX). Mr. Thorndike is also currently a Trustee of WGBH in Boston and College of the Atlantic in Bar Harbor, ME. He is the author of The Outsiders, which has been translated into ten languages.

Tim Martin

Tim MartinJ D Wetherspoon

Tim Martin is the Chairman of JD Wetherspoon Plc. He was born in 1955 and after attending Nottingham University he founded the first Wetherspoon pub in 1979 at the age of 24. Wetherspoon floated on the London Stock Market in 1992 with 44 pubs and today it has a total of 888 pubs. Tim is married with four children plus four grandchildren.


Michael Sherwood

Michael Sherwood – Goldman Sachs

Michael is a senior director of The Goldman Sachs Group, Inc. He retired in 2016 as vice chairman of the firm and co-chief executive officer of Goldman Sachs International, roles he assumed in 2008 and 2005, respectively. Michael also had responsibility for coordinating the firm’s business and activities in Growth Markets, serving as chair of the Growth Markets Executive Group from 2013 to 2016. In addition, he was a member of the firm’s Management Committee and co-chair of the European Management Committee. Michael first joined Goldman Sachs in 1986 and became a partner in 1994. He was head of the Fixed Income, Currency and Commodities Division in Europe before becoming global co-head of the Securities Division in 2003. Michael is a member of the Westminster Abbey Campaign Development Board, a sponsor of the Harefield Academy, Chairman of Greenhouse Sports, and a trustee of Grenada Schools and the Serpentine Galleries. Michael earned a BA from the University of Manchester in 1986.


As Chairman of Greenhouse Sports, which is the conference charitable benefactor for 2018, Michael will be speaking to delegates about their work and will also be holding a Q&A session with delegates.


Mark Asquith

Mark Asquith – Somerset Capital Management

Mark Asquith is a partner of Somerset Capital Management LLP and the lead manager of both the Global EM Small Cap and EM Small Mid Cap strategies.  Mark began his career at Lloyd George Management in 2001 where he specialised in Latin American equities. He then helped set up Somerset, a Global Emerging Markets equity specialist, in 2007. He has been lead manager of the EM Small Cap strategy following its inception in August 2008, and took over the management of the Small Mid cap strategy in January 2018. Prior to starting his career at Lloyd George, Mark attended St Andrews University, where he read English, graduating with a first class degree.

Stephen Mitchell

Stephen Mitchell – Foyston, Gordon & Payne

Stephen joined FGP in 2016 to manage the firm’s global and international equity mandates. He is a member of FGP’s Investment Committee. Prior to joining FGP, he spent 23 years at Burgundy Asset Management Ltd., where he managed a range of foreign equity strategies. Between 2008 and 2016, he managed the firm’s global and U.S. large cap equity portfolios. Under Stephen’s leadership, Burgundy was awarded Institutional Investor magazine’s 2016 U.S. Investment Management Award for Global Value Equity. He is a graduate of the University of Western Ontario (Honours BA) and is a CFA charterholder. Stephen has been involved with the Oakville Hospital Foundation since 1994 and was a member of its Board of Directors between 2006 and 2011.

Stephen Anness

Stephen Anness – Invesco Perpetual

Based in Henley-on-Thames, Stephen is lead manager for Invesco Perpetual’s global opportunities strategy. He specialises in managing concentrated global equity portfolios. Stephen has been a key part of the idea generation and stock selection process in global equity portfolios since 2009. He took over responsibility for the global opportunities strategy on 1 January 2013. Stephen began his investment career with Invesco Perpetual’s UK Equities team, joining the company in July 2002 as a trainee analyst. Having come through the investment team ranks, Stephen started managing UK equity portfolios in September 2004 and took on management of his first UK fund in 2008, before moving to the global equities team at the end of 2012. Stephen holds a BSc in Economics, the Securities Institute Diploma, the Investment Management Certificate from the CFA Society of the UK and has studied Corporate Finance at The London Business School.


Alvaro Guzmán de Lázaro Mateos

Alvaro Guzmán de Lázaro – azValor Asset Management

Alvaro Guzmán de Lázaro is Chief Investment Officer and Partner of Spanish boutique azValor AM, which he joined from Spain’s Bestinver in 2014. Guzmán, 42, began his career in 1994 as an auditor for Arthur Andersen (Madrid), and spent some time in Paris with Bankers Trust,.In 1997 he moved to Frankfurt to join Value Management, a ground-breaking investment firm founded by a former associate of the legendary US investor Peter Lynch. As a stock analyst, Guzmán studied and applied the investing style of Lynch and other Value proponents such as Ben Graham, Philip Fisher and Warren Buffett. In 2001, Guzmán led his highly-regarded team to Banesto Bolsa, where he became the lead analyst and head of the research department. In March 2003, he joined Bestinver, leaving the firm in 2014 to help establish azValor, Guzmán speaks Spanish, French, English and German. He has been Professor of fundamental analysis at the Spanish Institute of Financial Analysts (IEAF) and at the IEB (Stock Exchange Study Institute) since 1999, and became a Chartered Financial Analyst (CFA, AIMR) in 2001. He also has an MA in European Business Studies and a law degree from Spain’s National University of Distance Education (UNED).

Nigel Waller

Nigel Waller – Oldfield Partners

Nigel is one of the founding partners of OP. He was previously at MLIM for 13 years. He was a director and portfolio manager on the global team. At MLIM he was also a member of the emerging markets and European teams in London and, from 1997 to 1999, the Asia team in Singapore. He graduated from City University. He is Chief Investment Officer. He co-manages the global equity portfolios and contributes to the overall investment selection.

Dawid Krige

Dawid Krige – Cederberg Capital

Dawid has over 15 years’ experience investing in Chinese equities. He co-founded Cederberg Capital in 2011. From 2005 to 2011 he was with Mondrian Investment Partners where he was a partner, portfolio manager and China specialist. From 2002 to 2004, Dawid was an investment analyst with RMB MultiManagers (a division of FirstRand Ltd) focusing on Asian equity strategies. Dawid has a Masters in Finance from London Business School, where he participated in the Value Investing Program, and a B. Com. Honours degree (cum laude) from Stellenbosch University. He obtained the CFA charter in 2004.

Andrew Goodwin

Andrew Goodwin – Oldfield Partners

Andrew joined OP in March 2013. He had previously been employed by SVG Capital in London for seven years managing mainly European equity portfolios. Before joining SVG, he held portfolio management positions at Sovereign Asset Management, American Express Asset Management and Phillips & Drew Fund Management. He graduated from Cambridge University. He co-manages the global equity portfolios and contributes to the overall investment selection.

Vitaliy Katsenelson

Vitaliy Katsenelson – IMA

Vitaliy Katsenelson, CFA is CEO of IMA – a value investing firm in Denver. He received both his BS and MS degrees in finance from the University of Colorado at Denver. His two books, Active Value Investing and The Little Book of Sideways Markets, were published by John Wiley & Sons and have been translated into seven languages. His articles have appeared in Barron’s, Financial Times, Forbes, The Globe & Mail among others. Vitaliy has close to 20 years of investment experience and has taught a graduate investment class at the University of Colorado at Denver. Mr. Katsenelson is a CFA charterholder and has served on the board of the CFA Society of Colorado. Forbes magazine called him “the new Benjamin Graham”.

Bryan Pilsworth

Bryan Pilsworth – Foyston, Gordon & Payne

Bryan joined FGP in 2007 as a senior analyst covering the Telecom and Financial sectors and became FGP’s Small Cap Canadian Equity portfolio manager in 2012. In addition to his role as President, Bryan is co-manager of FGP’s Canadian equity mandates. He is also a member of FGP’s Board of Directors, Executive Committee, and Investment Committee. Bryan graduated from the Richard Ivey School of Business at the University of Western Ontario (MBA) and from Carleton University (BComm).  He was on the Dean’s Honour List at both universities.  Bryan is also a CFA charterholder.

Jonathan Boyar

Jonathan Boyar – Boyar Value Group

Jonathan Boyar is President of Boyar’s Intrinsic Value Research, an independent research boutique established in 1975 that counts some of the world’s largest sovereign wealth funds, hedge funds, mutual funds and family offices as subscribers. He is also a Principal of BoyarAsset Management, which has been managing money utilizing a value oriented strategy since 1983. Jonathan has been interviewed by Barron’s, Welling on Wall Street and GuruFocus. He spoke at the 2017 London Value Investor Conference, the 2017 GuruFocus Value Conference and the 2017 International Value Investing Conference. He is also a contributor to the latest edition of Harriman’s Book of Investing Rules: The Do’s & Don’ts of the World’s Best Investors.

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.

Fernando Bernad Marrase

Fernando Bernad Marrase – azValor Asset Management

Fernando Bernad is a founding partner of azValor AM and is now also a portfolio manager for the Spanish investment boutique. His early career started with internships at Price Waterhouse (Madrid, 1994), BBVA (Madrid, 1996), and DG Bank (Frankfurt, 1997). The following year he joined Value Management in Frankfurt where he worked in the asset manager’s research unit alongside Álvaro Guzmán, gaining in-depth knowledge of the theory and strategy of Value nvesting, He developed his career in the Spanish private equity sector as an Associate at BNP Paribas Leveraged Finance and then joined the analysis team at Banesto as a cyclical analyst (steel and oil sectors). He went on to lead the Analysts team at Spanish broker Interdin. In 2005 he joined the private banking Vetusta Group as investment director, leading a team which achieved average annual returns of around 30% on equities. He joined Spain’s Bestinver in February 2007, only leaving the firm in 2014 at the same time as his colleague Alvaro Guzmán de Lázaro, to set up azValor Asset Management. Bernad has a Bachelor in Business Administration (Summa cum Laude), awarded jointly by ICADE, Madrid and Northeastern University, Boston, and is a CFA charter holder. He is fluent in English and reads French.

Adrian Warner

Adrian Warner – Avenir Capital

Adrian Warner is the Managing Director and Chief Investment Officer of Avenir Capital and is responsible for the portfolio management of the Avenir Global Fund. Prior to founding Avenir Capital, Adrian worked in private equity investment in Australia and the United States with an investment record spanning over 20 years. Immediately prior to establishing Avenir, Adrian was Managing Director and part-owner of Catalyst Investment Managers Pty Ltd, a mid-market Australian private equity firm with approximately $900m funds under management as at December 2009. Before joining Catalyst, Adrian was Managing Director at CVC Asia Pacific Ltd, one of the leading private equity groups in Asia with approximately US$2.75 billion funds under management as at December 2006 and part of the CVC Capital Partners Group. Adrian has also worked at Pacific Equity Partners Pty Ltd, the largest Australian-based private equity firm and also at AEA Investors Inc., one of the longest standing private equity groups in the United States. Adrian was also a management consultant at Bain & Company and has worked in Australia, the United States and Asia. Adrian holds a Master of Business Administration (MBA) from Harvard Business School and a Bachelor of Commerce (First Class Honours) from the University of New South Wales.

Mark Pearson

Mark Pearson – Arcus Investmen

Mark Pearson, ACA, CFA, co-founded Arcus Investment in 1998. Prior to founding Arcus, Mark was a director and portfolio manager responsible for Japanese equities at Buchanan Partners Limited in London from 1992 to 1998. From 1990 to 1992 Mark was General Manager of Japanese equity fund management in Kleinwort Benson Investment Management in Tokyo. From 1986 to 1989, Mark was an investment analyst at Kleinwort Benson Securities in Tokyo, and from 1981 to 1986, at Coopers & Lybrand, London as a Chartered Accountant. Mark graduated from Emmanuel College (University of Cambridge) with MA in Economics in 1981. Mark lives in Hong Kong.

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

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)

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