In this episode, George Ladds is joined by Gervais Williams, veteran fund manager, author, and long-standing advocate for UK equities. Gervais shares his journey from engineering into investment management and reflects on over three decades of navigating market cycles.

We discuss:

• Why today’s markets differ from past cycles – and the risks of assuming “buy the dip” always works

• The retreat of globalisation, the rise of nationalism, and what this means for investors

• Why equity income and cash-generative businesses could define the next 20 years

• The overlooked potential of UK small and micro-caps (including AIM)

• How active management can help avoid “zombie companies” and uncover future winners

Gervais also reflects on conviction, resilience, and why diversification across industries and company sizes is critical in a more uncertain world.

👉 A thoughtful and candid conversation on building resilient portfolios and rediscovering opportunities in the UK market.

Book: The Retreat of Globalisation

Premier Miton

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

In this episode, George Ladds sits down with Benji Dawes, co-manager of the Premier Miton UK Growth Fund, to explore why UK equities, particularly small and mid-caps, may offer one of the most compelling opportunities for long-term investors.

Benji shares his unique journey from studying anthropology to becoming a fund manager, explains the fund’s three investment pillars —quality, valuation, and growth —and discusses how his holistic perspective helps him assess businesses in context.

We dive into:

• Why UK companies remain undervalued despite strong fundamentals

• The importance of understanding management teams and incentives

• How small & mid-caps can generate alpha over time

• Real examples from holdings such as Cranswick, Wise, and M&S

• What makes London a hub for AI and fintech innovation

Benji also reflects on the importance of process, partnership, and keeping an open mind as an investor.

👉 Tune in for an honest, insightful look at UK equities and where opportunities lie today.

Book: The Opposable Mind - Roger L Martin

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

In this episode of the Money Wise UK Podcast, host George Ladds speaks with Matthew Spencer of Orbis Investments — one of the most distinctive voices in the world of multi-asset investing.

Matthew shares his journey from aspiring sports coach in South Africa to becoming part of Orbis’ global investment team, reflecting on early mentors, work ethic, and the lessons learned along the way.

Together, they explore:

• The people and books that shaped Matthew’s approach to investing

• Coaching the Bermuda National Hockey Team — and what it taught him about leadership

• The origins of Orbis Investments and its founder Allan Gray’s philosophy

• Why Orbis uses a performance-based fee model — and how it aligns incentives with clients

• Active vs. Passive investing: why both have a place, but concentration risk matters

• The real story behind Orbis’ exposure to gold and how they manage “competition for capital”

• How Orbis maintains culture, discipline, and accountability through its “investment academy”

• The power of compounding, and why the industry needs to talk more about the benefits of investing, not just the risks

It’s an honest and energising discussion about investment philosophy, culture, and long-term thinking — reminding us that success is deliberate, alignment matters, and patient capital still has a place in a fast-changing world.

Listen now to hear how Orbis is doing things differently — and what investors and advisers can learn from its approach to purpose-driven active management.

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.