Markets Happy Hour Podcast - Aug 13, 2026 - Earning Their Keep - with special guest Simon Evan-Cook

In this week's Markets Happy Hour Podcast I am joined by Simon Evan-Cook, a Multi-Asset Fund Manager at Downing Fund Managers who writes the Fund of Funds Insider column for Citywire. He was previously a AAA-rated fund manager, winning multiple investment awards, including four prestigious ‘Fund Manager of the Year’ titles. Today we reflect on a week that has revealed much about a few split screens that we are seeing in markets. On the inflation side there is the split between inflation expectations, which have been low, the headline numbers which are still subdued and the rising commodity prices including oil. There is a split screen around market volatility too - relatively low overall market volatility, that has seemed to be muted on the overall market side, while it has been accentuated within individual sectors - e.g. semiconductors have been 5x as volatile as the general market. Besides reflecting on economic vibes, particularly as they relate to the UK and the dependence on real estate and housing prices, we also discuss the importance of the recent Yen intervention and what it reveals about the global market system, as well as the outlook for Japan. Moving to broader portfolio construction, Simon admits his preference for equities and how he approaches portfolio construction. He is watching from the sidelines on private credit, and we discuss how some of the muddy waters surrounding that sector have been showing in the trading price of these companies. Their defaults may be subdued but their watchlists tell another story.