Beating the benchmark is the holy grail of active management — but it’s notoriously difficult and rare. Still, against the odds, a handful of portfolio managers do outperform the index, even if only fleetingly. We explore the tactics funds use to gain an edge.

And in today’s Dumb Question of the Week: What is the ‘Information Ratio’?

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Thank you to Trading 212 for sponsoring this episode.

Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:

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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.

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Simply use coupon code SAVE75 before July 1st, 2025. Gain access to premium content, and remember, you can cancel anytime and still retain access to our Beginner's bundle of courses. pensioncraft.com/investor-education/membership

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Disclaimer

This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.

Copyright 2023 Many Happy Returns

The US is gearing up to turn a trade war into a capital war. Trump’s signature fiscal bill proposes retaliatory levies on investors from countries the US deems to have “unfair” tax regimes.

But what exactly counts as an “unfair” tax? How likely is this to become law? And what could it mean for investors holding US assets or doing business in America?

And in today’s Dumb Question of the Week: What is capital flight?

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Thank you to Trading 212 for sponsoring this episode.

Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:

Sponsored Link. Terms apply - trading212.com/join/RAMIN

When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.

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Get in touch

📧 mhr@pensioncraft.com

🎧 many-happy-returns.captivate.fm

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Join PensionCraft

🌐 Become a member at pensioncraft.com

▶️ Subscribe on YouTube

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Disclaimer

This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.

Copyright 2023 Many Happy Returns

Big changes could be coming to ISAs — the tax-free savings wrapper used by 22 million Brits.

Chancellor Rachel Reeves is preparing a major review of the ISA market, aiming to nudge savers away from cash and into stocks and shares. Could we soon see a cap on cash ISAs? And if so, how might that reshape the way millions of us save and invest?

And in today’s Dumb Question of the Week: What is the ‘cost of capital’?

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Thanks to Raisin UK for supporting this episode.

Raisin UK is a free, easy-to-use platform where you can access savings accounts from over 40 FSCS-protected banks and building societies — all in one place.

What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link raisin.co.uk/pensioncraft

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Try PensionCraft’s Premium Membership and get 75% off your first month.

Simply use coupon code SAVE75 before July 1st, 2025. Gain access to premium content, and remember, you can cancel anytime and still retain access to our Beginner's bundle of courses. pensioncraft.com/investor-education/membership

---

Get in touch

📧 mhr@pensioncraft.com

🎧 many-happy-returns.captivate.fm

---

Join PensionCraft

🌐 Become a member at pensioncraft.com

▶️ Subscribe on YouTube

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Disclaimer

This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.

Copyright 2023 Many Happy Returns