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Growth: We invest in elite growth companies aligned with the next decade of progress.
“I skate to where the puck is going to be, not where it has been.” — Wayne Gretzky
Data Driven: Our investment process is rooted in data and AI, not subjective human opinions.
“I believe that the biggest problem that humanity faces is an ego sensitivity to finding out whether one is right or wrong… Algorithms are like recipes for making decisions.” – Ray Dalio
Play to Win: We are not here to track an index. We do not diversify arbitrarily or “trim” success. We back companies that play to win because we believe elite performance should be rewarded, not penalized.
“I bought these stocks because I believed they were elite; it would not be logical to punish them now for proving it.” — John Maynard Keynes
The Industrial Revolution, beginning at Cromford Mill in 1771, was about the mechanization of muscle. It replaced the physical limitations of the human arm with the tireless output of the machine. The Ai era represents the second half of that journey: the mechanization of the mind.
By converting human cognitive tasks into digital workflows, we are transitioning from a world where growth is constrained by headcount to a world where growth is constrained only by compute.
For centuries, labor has been the single largest component of the global economy. With roughly $55 trillion spent annually on human capital today, there is a massive TAM for Agentic Ai as a direct substitute for human labor.
“ It’ll be 10 times bigger than the Industrial Revolution – and maybe 10 times faster.”
– Demis Hassabis on our Ai future
Mark Sheppard explains M&L’s Investment Philosophy on the Zeus Podcast with Nick Searle:
Manchester & London Q1 2026 Investor Presentation:
Mark Sheppard in the Hotseat with QuotedData:
Manchester & London Wins Best Global Equities trust at the 2025 Citywire Investment Trust Awards:
Mark Sheppard Wins AAA Citywire Rating:
Mark is a qualified chartered accountant (Deloitte) and has previously worked at ABN Amro Hoare Govett.
Mark has a degree from the Economics department of the University of Exeter and a BSc (Honours) Computing & IT degree from the Open University.
Richard is a CFA ® charterholder and has previously worked at EIC.
Richard has a degree from the Economics department of the University of Manchester and a BSc (Honours) Computing & IT degree from the Open University.
Brett (former solicitor – Nabarro Nathanson) is Head of Governance and Risk Oversight. Brett also sits on the Investment Committee.
He has degrees from the London School of Economics and University of the Witwatersrand (SA).
Orlando holds an MEng in Biomedical Engineering from Imperial College London and is a CFA® Exam Level III Candidate.
MLCM does not have any representatives that are not listed on this page, please be aware of possible scams.
Our central investment thesis is that we believe in the increasing economic power of the Machine in the two century long battle for supremacy between Man & Machine
‘M&L Capital Management Limited (“MLCM”) is authorised and regulated by the Financial Conduct Authority under firm reference number 672181.
MLCM is registered in England & Wales under number 04089418, with its registered address at 12a Princes Gate Mews, London, SW7 2PS.
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Note: Whilst Manchester & London Investment Trust (“MNL”) is available for investment by any investor on the London Stock Exchange platform, M & L Capital Management is only the marketing agent for MNL in the UK.
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