ALO34: Building an Asset Owner Mindset in Modern Pension Investing ft. Dan Mikulskis
Top Traders Unplugged
What true partnership looks like in practice
Dan contrasts one-off strategist calls with ongoing, timely manager communications tuned to People's needs.
In this episode, Alan Dunne speaks with Dan Mikulskis, CIO of People’s Partnership, about the evolution of large pension funds and what it means to think like an asset owner. Managing over £40 billion for millions of members, Dan explains how scale changes the way portfolios are constructed, managers are selected, and partnerships are built. The conversation explores the balance between passive and active strategies, diversification beyond equities, and the growing role of private markets. Dan also shares insights on governance, investment philosophy, and why humility is essential when making asset allocation decisions in complex global markets.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Alan on Twitter.
Follow Dan on LinkedIn.
Episode TimeStamps:
01:33 - Introduction to the global macro series
02:18 - Introducing Dan Mikulskis and his background
03:38 - From actuarial science to investment consulting
05:45 - The history and growth of People’s Partnership
08:18 - Auto-enrolment and the rise of large UK pension schemes
11:12 - What it means to operate as an asset owner
13:24 - Building the investment team and ownership model
18:34 - Scale advantages in manager relationships and partnerships
23:24 - How large asset owners select external managers
28:58 - Balancing core partnerships and specialist managers
34:25 - Macro insights and quarterly investment forums
37:34 - Portfolio construction and diversified growth strategies
43:19 - Concentration risk and global equity allocations
50:44 - Factor investing and style diversification
53:30 - The role of hedge funds and alternative strategies
56:08 - Total portfolio approach in pension investing
58:56 - Measuring performance and evaluating investment teams
01:03:18 - Career advice for future CIOs
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
The AI-powered Podcast Player
