ALO34: Building an Asset Owner Mindset in Modern Pension Investing ft. Dan Mikulskis
Top Traders Unplugged
Currency hedging and the dollar debate
Dan discusses dollar's risk-off role, regime dependency, and choosing partial hedging ranges rather than extremes.
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.
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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
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