In this episode, we question the limits of modern portfolio theory with Jon Lukomnik, co-author of Moving Beyond Modern Portfolio Theory and credited by Forbes as a pioneer of modern corporate governance.  We challenge a cornerstone of finance and whether it is fit for purpose in today’s complex and interconnected world. 

S6 Ep.4: Moving beyond modern portfolio theory with Jon Lukomnik

Would you put pharmaceuticals on your buy list today? The sector is under pressure: revenues from COVID products are collapsing, the US administration is pushing for lower drug prices, and major players are cutting jobs amid rising competition. 

Yet could this turbulence mark a compelling entry point for long-term investors? Kevin Patterson, US Access Solutions lead in LCP’s Health Analytics practice (based in our recently opened US office!), joins us to unpack what the current pain really means, who might win or lose, and where the most exciting opportunities lie. 

S7 Ep.1: Kevin Patterson: Are pharma’s short-term pains a long-term opportunity?

Welcome to a brand new type of episode from us here at Investment Uncut. This is The Quick Take: our bitesize episodes where we discuss recent market events, topical issues and share our expert opinion on what long-term investors should be thinking about in response. 

For our inaugural episode, we’re diving into a pressing topic: the growing concentration in global equity markets – has this risk now become too big to ignore?

S7 Ep. 2: The quick take on equity market concentration

This week we talk to LCP principal Cecilia Cheuk about the latest developments in the Irish market. We discuss:

•	Overview of the Irish market.
•	What are the latest initiatives from the Irish Government and the CBI?
•	What has been the impact on the Irish market post Brexit?
•	How are firms tackling climate change and making the most of AI?

S6 Ep. 6 - Latest developments in the Irish market

Market valuations on major asset classes are at historically high levels. But does that mean we’ve reached the point where nothing is attractive? And if we’re at that point, how should we think about constructing an investment portfolio? 

Howard Marks is ideally placed to help our listeners grapple with these questions – he’s been investing since 1969 and at the helm of Oaktree Capital since it began in 1995.

S7 Ep.3: Howard Marks: what do you buy when (almost) nothing looks attractive?

For this episode of The Quick Take, we’re exploring one of the big questions investors are asking right now: What are the best alternative credit ideas when headline spreads are tight? Credit spreads are currently at historically low levels, making it harder for investors to be adequately compensated for risk. While many have turned to asset-backed securities for better yield (which we still like), there are other opportunities worth considering. 

In this episode, we speak with Nick Cooney, Partner at LCP and Head of Credit Research, about ways to earn yield within the credit space without taking on excessive risk.

S7 Ep.4: The quick take on alternative credit ideas

This week we talk to Gerry Quirk, Partner at Bryan Cave Leighton Paisner, about Part VII transfers. We discuss:

•	How do Part VII transfers work and who are the key stakeholders?
•	What are the different motivations for firms to do a Part VII and how have these changed over time?
•	What are the latest trends in Part VII transfers?
•	What process is used in other countries?

S6 Ep. 8 - Deep dive into Part VII transfers

Mary Spencer, Steve Webb and Helen Shackelford are joined by Dan Mikulskis, Chief Investment Officer at People’s Partnership, for a live episode recorded at the Pensions UK 2025 conference in Manchester.

At the start of the event, Dan shares what he’s hoping to see – from real momentum on value for money to clearer thinking on UK investment and adequacy. We then catch up again at the end of the conference to hear what stood out, what surprised him, and how the debates evolved.

Pensions UK 2025: Dan Mikulskis

Impact investing has rapidly moved up the policy agenda – with the Better Futures Fund, the Mansion House compact and renewed questions around fiduciary duty all signalling that finance can no longer ignore social outcomes. But what does it actually mean to invest for both financial return and societal benefit – and can those aims truly align rather than trade off? 

S7 Ep.5: Jeremy Rogers - can you really do well by doing good?

Recorded live at Pensions UK 2025, Mary Spencer and David Fairs speak to David Russell from the Transition Pathway Initiative (TPI) about how pension funds can turn climate disclosure into meaningful action.

David explains how TPI evolved from its Paris Agreement roots and why real progress depends on collaboration between asset owners, managers and policymakers. He also shares his perspective on managing transition risk, why adaptation can no longer be ignored, and how smaller funds can engage effectively through partnerships.


Pensions UK 2025: David Russell

Recorded live on day two of Pensions UK 2025, Mary Spencer and Steve Webb speak with Tegs Harding, professional trustee and Head of Sustainability at IGG, about pension adequacy, CDC scheme design, and what fairness means across generations.

She also reflects on the growing focus on adaptation and the tension between decarbonisation targets and economic reality.

Pensions UK 2025: Tegs Harding

Investment Uncut is a podcast about investing. In each episode, hosts Mary Spencer, Laetitia Anstee-Parry and Jacob Shah are joined by guests to cut through the noise in the world of investing, bringing clarity to your investment decisions. LCP’s investment team advise large institutional investors including pension funds with billions of pounds of assets under management. 

Look out for new episodes every other Wednesday.

S6 Ep.4: Moving beyond modern portfolio theory with Jon Lukomnik

Investment Uncut

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