In this episode of Fund Selectors, host Lucy Walker interviews Simon Evan-Cook, an experienced fund manager at Downing. The discussion delves into Simon’s investment philosophy, the challenges and opportunities in fund management, and traits that distinguish great fund managers from average ones. Simon discusses the importance of active management, the role of boutiques, and the significance of being true to your investment philosophy. They also touch on industry trends, career risks, and founder fee structures. Timestamps: 0:03 - Introduction by Lucy Walker 0:34 - Guest introduction: Simon Evan-Cook 2:16 - Simon’s investment philosophy 3:08 - Belief in active fund management 4:09 - Starting with a blank sheet at Downing 5:03 - Challenges and opportunities in fund management 6:21 - Identifying passionate fund managers 7:49 - Traits of exceptional fund managers: “Belicious” 10:54 - The importance of being true to one’s investment philosophy 13:00 - Evaluating fund managers’ flexibility and decision-making 17:03 - The impact of career risk on fund management decisions 19:38 - Advice for asset managers on handling career risk 23:30 - Simon’s approach to portfolio construction 24:57 - The role of diversification in Downing Fox portfolios 28:01 - The “Whiskey and Water” model 30:45 - Time in the market vs. timing the market 32:27 - Blending different investment styles 34:30 - Importance of bottom-up stock picking 36:09 - Understanding fund managers’ processes 38:00 - Team dynamics in fund management 41:03 - Curiosity in fund manager meetings 42:25 - Advice for asset managers presenting to fund selectors 44:50 - Fee structures and their impact 48:27 - Founders fees and long-term incentives 53:08 - Simon’s recommended book 55:30 - Importance of systems thinking 57:30 - Final question for the next guest