Kunal Hindocha, CFA

It's not difficult to fix the UK... The chart below show the ONS's latest data on the total UK net worth, at the end of June, over £13 trillion. Private and Public. After liabilities. Bloody strong! In comparison annual GDP is £2.8 trillion. Public sector debt, as we know a similar amount. Most of this net worth is in the private sector, which is very robust and under-levered. All the Government and UK Institutions (regulators, managers, unions, courts, inquiries etc..) need to do is get a bit out of the way and let the private sector do its thing, and exploit it's entrepreneurialism, very strong balance sheet and cash reserves to deliver. And getting out the way means Government spending as a % of GDP to fall, tax reforms to be focused on incentivising the private sector to grow and the public sector to be more productive, and any UK institution (public and private) that regulates, or taxes, or legislates, or supervises to be incentivised to reduce the friction of what they do by 25% (i.e. surgeons in the NHS to have 25% less paperwork). Vamos! It's not rocket science.

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We're proud to announce a key milestone in the first close of our Digital Infrastructure Fund and associated co-investments, with total commitments at first close of c.€600m, including a cornerstone investment from L&G*. Infrastructure, across both debt and equity, is a key tenet of our expanding Private Markets platform and a global investment opportunity. As early investors in digital infrastructure, we've built strategic partnerships and deployed capital into assets that are essential to economic resilience and long-term productivity. https://lnkd.in/g643H8JT For professional clients and qualified investors only. Capital at risk. *Source: L&G internal data as at 8th Sept 2025.

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Active management was never meant to be easy. We can’t all outperform and behavioural traps lie around every corner. Tactical asset allocation, in particular, is often set up to fail, with a small number of big decisions, made infrequently by a committee of senior people with limited individual accountability. I wrote a short piece on how - and how not - to design a top down investment process. Credits to C. Northcote Parkinson and Daniel Kahneman. Who votes we break for lunch? https://lnkd.in/eRMRq-PU

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In my recent piece for The Telegraph, I explored the shifting narrative for UK Plc from vulnerability to opportunism. For months, the rhetoric has been that UK equities are undervalued, trading at persistent discounts to net asset value, vulnerable to overseas takeovers or looking for greener pastures overseas. These concerns haven't vanished overnight, but it feels like the script is changing. You only have to look at recent transactions in the market to see this. In a short run, we've had the Assura plc–Primary Health Properties PLC (PHP) and Unite Students-Empiric Student Property plc agreed mergers. Not to mention Coats' acquisition of US-based insole maker Ortholite, and Hammerson's purchase of the remaining stake in the Bullring shopping centre in Birmingham. These are all shining examples of strategic M&A deals, backed by long-term, supportive shareholders - and crucially, they keep capital in the UK. Add in £60bn of buybacks and a surge of US investment into UK equities, and it feels like the momentum is slowly building. So, it begs the question: where are our pension funds? Their huge underweighting to UK equities remains a structural flaw, and while the Mansion House Accord is a step forward, we can't underestimate the role of domestic institutional capital in maintaining - and building - this momentum. And we should also rethink ISAs. Currently, we're using taxpayers’ money to subsidise the interest earned on cash saved in ISAs, and yet they consistently deliver poorer returns relative to the market. For cash ISA’s why not redirect the same tax break to ease the burden of mortgage interest payments? It would support the housing market and benefit both the current and future generations. While the issues in the UK market are by no means resolved, after a long period of drift, it feels like our listed companies are starting to get their mojo back. The tide hasn't fully turned, but the current is shifting. Read the full article here: https://lnkd.in/drhsPFug #London #UKEquities #CapitalMarkets #Investment

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