WE ARE M & L CAPITAL MANAGEMENT

MEET OUR TEAM

  • MARK SHEPPARD

    Mark is an qualified chartered accountant (Deloitte) and has previously worked at ABN Amro Hoare Govett.

    He has a degree from the Economics department of the University of Exeter and has passed all the modules of the first year of a BSc (Honours) Computing & IT degree at the Open University.

  • RICHARD MORGAN

    Richard is a CFA ® charterholder and has previously worked at EIC. He has a degree from the Economics department of the University of Manchester and has passed all the modules of the first year of a BSc (Honours) Computing & IT degree at the Open University with distinction.

  • BRETT MILLER

    Brett (qualified as a solicitor (Nabarro Nathanson)) is Head of Governance and Risk Oversight. Brett also sits on the Investment Committee.

    He has degrees from Witwatersrand and the London School of Economics.

  • NUMAAN AHMED

    Numaan has previously worked at HSBC Global Asset Management (UK) Ltd and HSBC Alternative Investments Limited in the Global Risk function.

    He has a MSci degree in Medicinal Chemistry and a PhD in Computational Chemistry, both from University College London.

OUR INVESTMENT JOURNEY


The shift from Man to Machine

The Industrial Revolution started in the North of England in the early 1800’s where the first step was taken by the Machine in its long trek to gain supremacy over Man. Further chapters of progression have included the automated factory, telecommunications, computers, mobile computers, advanced sensors, robotics and software. At each step Man has reaped the rewards of productivity gains whilst the Machine has gained power.

The returns of stock market indices focused on technology have outperformed the traditional equity markets in each discrete decade performance. This has not happened by accident as companies that invest in R&D build competitive strengths that lead to superior operating margins, dominant return on invested capital ratios and excessive cash flow. Once software is built its marginal cost on incremental sale is extremely low which makes its marginal profit extraordinarily high. Combine this software with the platform/network effect and such companies can drive an exponential growth in returns. The superiority of these exponential financial metrics are underestimated by many market commentators who misunderstand how quickly the growth of such companies can generate excess economic value and market dominance.


Today we approach the position where the Machine is usurping and disrupting the dominance of Man. Many may not like this Brave New World but history has shown that hindering the tide of progress is pointless and economically destructive. Join our journey and accept and harness the great economic gains of the continuing empowerment of the Machine.

To Long the Future: Please consider the two Investment Funds that we portfolio manage.

‘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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