In a world where virtual meetings have become the norm when doing research on global funds, it’s tempting to believe that technology can replace face-to-face engagements. For us, being in the room with our global managers is not a luxury, it’s a critical part of our investment process. Our recent research trip to the United Kingdom reinforced why these in-person interactions matter not only for manager identification and selection, but also for providing perspective and challenging biases.  

When we meet a manager in their own environment, we gain insights that no video call can replicate. It’s not just about hearing their investment thesis; it’s about observing how decisions are made, how teams interact, and how culture influences behaviour. These interactions allow us to engage not only with portfolio managers but also with risk teams, human resource teams, operations, and investment professionals across mandates and different roles.  

This context feeds directly into our decision-making. It helps us assess whether a manager’s process is robust, whether their culture supports collaboration, and whether their operational capability can withstand stress. These are factors that ultimately influence our conviction and allocation decisions.

Why presence delivers deeper insights - The best way to describe the difference between virtual and in-person engagement is through travel itself. Watching a travel documentary about Edinburgh might give you a sense of its history and charm, but it is no comparison to standing in the city and feeling its presence. During our visit, the Edinburgh Castle dominated the skyline, a constant reminder of the city’s heritage. Whether you were walking through the New Town or crossing Princes Street, the castle was always there anchoring the city’s identity. That sense of dominance and perspective is something you can only appreciate when you’re there.

And here’s the thing about travel documentaries: the weather is always perfect. You see the city bathed in golden light, the streets bustling with energy. But reality is different. When you’re there, you experience the city unfiltered, the drizzle, the wind, the unexpected quiet moments.  

In the same way, visiting a manager’s office gives us perspective that no virtual meeting can. It provides insights into culture, collaboration, and decision-making that directly influence our investment conviction.  

When managers visit our offices, we often get the best version of them: polished presentations, curated talking points. When we visit them, we see the full picture. Walking through their offices tells you a lot about how teams are positioned, whether portfolio managers have private offices but also maintain desks in open areas to encourage collaboration, or whether teams have isolated themselves in different corners of the building. These details reveal how they balance focus with interaction, independence with teamwork. Something no video call or a visit to our office can replicate.

Just as standing beneath Edinburgh Castle gives you a sense of permanence you can’t get from a photo, being in a manager’s office reveals cultural and operational strengths that influence our conviction in their ability to deliver on our investment objectives.