Why top DFMs would rather miss rallies than lose clients
Thu Jan 29 2026
In this episode of Money, Markets, and Masterminds, Analytics Multi-Manager CIO Daniel Schoeman argues that the real test of a fund manager comes during periods of stress and underperformance, when philosophy, process and decision-making discipline are exposed. He explains why diversified portfolios are intentionally designed to avoid extreme drawdowns, even if that means lagging peers in strong markets, and why consistency matters more than topping performance tables over a single year.
Listen for Schoeman’s views on why underperformance can be a signal rather than a red flag, how DFMs think about drawdowns and diversification, and why portfolios should be designed for client behaviour as much as for markets.
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In this episode of Money, Markets, and Masterminds, Analytics Multi-Manager CIO Daniel Schoeman argues that the real test of a fund manager comes during periods of stress and underperformance, when philosophy, process and decision-making discipline are exposed. He explains why diversified portfolios are intentionally designed to avoid extreme drawdowns, even if that means lagging peers in strong markets, and why consistency matters more than topping performance tables over a single year. Listen for Schoeman’s views on why underperformance can be a signal rather than a red flag, how DFMs think about drawdowns and diversification, and why portfolios should be designed for client behaviour as much as for markets.