Manny Pohl

EC Pohl & Co Pty Ltd has acquired UK investment management firm, Sanford DeLand Asset Management (SDL), effective 1 November 2025. SDL will operate as a wholly owned autonomous business with longstanding SDL co-managers, Eric Burns, David Beggs and Chloe Smith, remaining responsible for managing the SDL UK Buffettology and Free Spirit Funds. EC Pohl & Co’s executive chair and CIO, Dr Manny Pohl AM, will become chairman of SDL and Scott Barrett will become CFO of SDL.

Commenting on the acquisition, Dr Pohl said: “This acquisition of a licensed firm in the UK strengthens EC Pohl & Co’s global presence. In addition, we saw a strong alignment in investment approach and cultural values in SDL and the current team supported by Eric, David and Chloe has a solid and proven track record of delivering exceptional returns for investors since inception”.

EC Pohl & Co is a family office with investments in a number of companies providing financial services. Individually managed, share portfolio services are provided to sophisticated investors by its wholly owned subsidiary EC Pohl & Co Private Wealth and its other associate, ECP Asset Management, offers investment management services to large institutional investors in Australia and to those globally via its ECP Global Growth Fund.  ECP Asset Management and SDL will continue to operate as independent stand-alone entities.

Global Masters Fund Limited is one of three listed investment companies in which EC Pohl & Co has an interest and it has 55 per cent of its portfolio in Berkshire Hathaway.

Sanford DeLand was founded in 2010 by Keith Ashworth-Lord with a focus on UK equities. It currently has $700 million in AUM, across two funds. The SDL UK Buffettology Fund is directly inspired by the investment principles of Warren Buffett, the chairman and CEO of Berkshire Hathaway. These principles are often referred to as “Buffettology^® “, a term popularised by Mary Buffett (Warren Buffett’s former daughter-in-law) and David Clark in their book “Buffettology”.

Buffettology^® is synonymous with the Business Perspective Investing approach that Buffett has championed and includes:

• Understanding the business thoroughly before investing (“circle of competence”)
• Investing in high-quality businesses with strong competitive advantages (economic moats)
• Focusing on long-term value, not short-term market movements
• Buying at a sensible price, often using discounted cash flow and other intrinsic valuation models

The acquisition has the support of Mary Buffett and David Clark who said: “Besides being a true gentleman, Manny Pohl is one of the great quality investors of the Anglosphere. Manny has been a follower of Warren Buffett and a Berkshire Hathaway shareholder for a very long time. We are both absolutely thrilled he is now connected with the UK Buffettology Fund as a permanent member of our Buffettology family.”

EC Pohl & Co will support SDL in its next growth stage by providing it with operational resources and a broader reach without disruption to the team or the funds. SDL’s founder and CIO, Keith Ashworth-Lord, will remain with the business until next year to ensure a seamless transition before his planned retirement.

“Having known Manny Pohl for some time I’m very confident EC Pohl & Co is the right long-term steward of Sanford DeLand. The most important aspect for me is alignment on investment philosophy and ensuring the SDL investment team maintains decision making autonomy while gaining the backing of a larger, supportive parent company.

“Investment continuity is key for us as we start the transition to ensure no disruption for investors in the Buffettology and Free Spirit Funds,” said Keith Ashworth-Lord, CIO of Sanford DeLand Asset Management.

“We are looking forward to working with the Sanford DeLand team and extend our sincere thanks to Keith and our warmest wishes as he prepares for retirement next year,” said Dr Pohl.

This acquisition follows EC Pohl & Co’s acquisition of an equity stake in the UK listed investment trust, Athelney Trust Plc, in 2022.

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Mr Warton joined ECP in 2021 as principle, investments. Prior to ECP, he spent seven years at First Sentier Investors in a number of investment roles, including as a member of the Emerging Companies team in Sydney and the Global Infrastructure team in London.

ECP Asset Management founder, Dr Manny Pohl, says Mr Warton’s promotion reflects his excellent track record and commitment to delivering positive outcomes for clients.

“Justin has been an integral member of the team since he joined, and has made a significant contribution to ECP. Justin’s promotion to partner recognises that he has been a key driver of the business and will continue to be a part of the firm’s long-term success,” says Dr Pohl.

The ECP Global Growth Fund has recently been added to the HUB24 platform giving investors greater access to opportunities in global companies. It also celebrated its 5-year track record this month.

“The ECP Global Growth Fund’s investment strategy is grounded in the belief that the underlying economics of a business drive long-term investment returns. The portfolio is constructed from high quality franchises, with a sustainable competitive advantage and aims to deliver superior long-term performance,” says Dr Pohl.

“Our portfolio represents a collection of exceptional businesses operating across a range of industries and geographies, as well as up-and-down the market cap spectrum,” says Mr Warton.

“Pleasingly, over the course of the Fund’s life, we have demonstrated particular ability to deliver outperformance through the identification of high quality franchises in the smaller, off-benchmark, and more under-covered parts of the market, and have grown with them as shareholders. Cross-border money movement platform Wise PLC (AIM:WISE), tabletop gaming manufacturer Games Workshop (LSE:GAW), and digital advertising platform AppLovin Corp (NASDAQ:APP) are standout examples of this,” he says.

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Sandi Orleow

Sandi Orleow has joined the board of ECP Asset Management, effective 1 March 2025. She joins Angela Obree as the second non-executive director of the company.

Ms Orleow has over three decades of experience in financial services, asset management, superannuation, member associations and business transformation, both locally and globally.

Dr Manny Pohl, founder of ECP Asset Management, says Ms Orleow brings a wealth of industry experience and knowledge to the board.

“Sandi is an accomplished non-executive director in the funds management industry. Her experience across multiple geographies and demonstrated success in leveraging established processes into new markets will be valuable to ECP as we enter our next phase of growth, both locally and offshore.”

Ms Orleow has served and currently serves on a range of boards and committees across government entities, private and listed companies, superannuation and member-based organisations. These include Pengana International Equities Ltd (ASX: PIA), Sydney Financial Forum, Active Super, ACT Treasury and chairs the Australian CFA Diversity Council.

“Sandi has a passion for innovation, diversity and inclusion. Her involvement and active engagement with professional associations including CEW (Chief Executive Women), WOB (Women on Boards), the EY Director Program Alumni and the CFA Society speaks volumes on her commitment to fostering environments that integrate new ideas into traditional businesses.

“We are looking forward to having Sandi on our board and utilising her expertise to further grow and enhance our business,” said Dr Pohl.

Ms Orleow qualified as a Chartered Accountant, is a CFA Charter holder, an AICD graduate, and a Banking + Finance Oath Signatory.

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In addition, ECP has appointed Lauren Rigby as a junior analyst, effective 10 October 2022.

Miller joins ECP from PM Capital where she spent 8 years as an investment analyst covering global equity companies. Prior to this, she was a research analyst at Perpetual Limited. She holds a bachelor of commerce in economics and finance from the University of Sydney.

In her role, Miller will be responsible for identifying and researching companies suitable for responsible long-term sustainable investment and considering their inclusion in a concentrated portfolio of high quality companies alongside the ECP investment team.

Chairman and chief investment officer at ECP Asset Management, Dr. Manny Pohl, said that Miller’s skill set will enhance the investment thinking and decision-making in their investment team.

“Annabelle brings with her a wealth of knowledge of global companies and international markets, spanning more than 10 years.

“Her experience with in-depth analysis of global companies across a range of sectors will be very valuable to us.

“Having Annabelle and Lauren on board is part of our ongoing strategy of building out a solid diverse investment team at ECP,” say Dr. Pohl.

Mentored by the ECP Partners, Rigby will be joining the ECP Analyst Pathway Program which focuses on providing foundational knowledge across investment markets, business strategy, forensic accounting, corporate finance, economics, and the investment process.

Prior to joining ECP, Rigby was an investment associate at MA Financial Group, and a broker liaison officer and associate mortgage expert at Lendi.

Rigby completed a bachelor of business in accounting and finance from the University of Technology Sydney.

Miller and Rigby both join ECP at a time of accelerated growth for the firm, said Dr. Pohl.

“Both Annabelle and Lauren will play an important role in building out the resources of the firm. They have diverse backgrounds and will contribute meaningfully to our investment capabilities,” says Dr. Pohl.

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Manny Pohl

The past few decades were a golden era for most traditional asset classes. Interest rates steadily declined, and economies expanded paving the way for globalisation and technology innovation. Fiscal and monetary policy enabled continuous growth and expansion, resulting in a stellar run for equities for the past 20 years.

But as the saying goes, all good things must come to an end. Global macro-environmental events including the pandemic and the Ukraine-Russian conflict disrupted this unprecedented run. The pandemic drove supply constraints, which worsened once the Ukrainian-Russian conflict erupted.

The world we now live in is a world shaped by supply. The current inflationary environment is driven by supply-related issues as opposed to excessive demand.

But for investors, the market’s tendency to overreact to short-term events presents a unique opportunity. Investors focused on resilient and high-quality companies that can continue to grow and thrive through these macro-environment events, can gain a degree of comfort amidst market uncertainty, and maximise their chance of robust returns over the long-term.

Impact of macro-economic events

As active investors, awareness around these macro events and understanding the impact they may have on a business’s fundamentals is important, however in our experience, it isn’t always useful in analysing a company’s long-term potential or its operational performance.

The chart below illustrates the impact these events have had on the level of the ASX All-Ordinaries Accumulation Index over the past twelve months.

Some of these events had a degree of forewarning, while others were true black-swan events. While market cycles go through periods of excesses and corrections, it is helpful to put this recent volatility into context. The ASX All Ordinaries Index, which has averaged +3.8% per annum over the past 24 years, finished down -11.1% in FY22, rebounding +6.3% in July. It’s important to note that there has never been a calendar year where the return has been within 10% of the average.

Identifying companies in a market of uncertainty

Being able to identify companies with potential, especially those in the growth stage of their life cycle, is a challenge but key to growing long-term investment wealth. The difficulty lies in being able to separate the narratives from the numbers and isolate the truly exceptional companies from the rest. Investments with a Sustainable Competitive Advantage (SCA) will be well-placed to withstand short-term headwinds, looking at these events as opportunities to maintain, or acquire more market share, ultimately identifying new areas for growth.

For example, CSL Limited (ASX: CSL) continued to invest in plasma capacity despite being impacted by pandemic-related supply reductions. Over time CSL demonstrated its ability to identify new growth opportunities, despite the market situation, and invested in the Chronic Kidney Disease franchise Vifor Pharma.

Similarly, PWR Holdings Ltd (ASX: PWH) doubled down on its bespoke thermal cooling solutions seeing revenues double over the past five years. Through continued investment in technology and capabilities, the company has expanded market applications in their Emerging Technologies division which is expected to grow five-fold over the next few years.

What’s on the horizon?

Market uncertainty continues, sectoral reallocation is still normalising and the transition to net zero carbon emissions is accelerating. Unprecedented macro-environmental factors continue to play a decisive role in business outlooks.

As investors, we examine company financials and growth plans carefully, allowing us to identify quality stocks that are resilient through these challenging macro events, and that will continue to prosper long-term.

Being part of such a connected world means that events that occur on the other side of the globe will spread and eventually impact other markets.

Investing during such times requires a holistic approach. Businesses dynamic capabilities need to be recognised as these empower them to survive and thrive throughout these events.

Taking advantage of the current market uncertainty is not for the faint-hearted investor. The material derates of equity valuations and the expected ongoing volatility presents opportunity for those focused on resilient and high-quality companies.

By Dr Manny Pohl, founder and chairman

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Disclaimer:

The article has been prepared by ECP Asset Management Pty Ltd (ECP). ECP is a funds management firm based in Sydney, Australia. For further information, visit www.ecpam.com.

This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for financial advice. ECP and the Chairman own shares in CSL Limited, and PWR Holdings Ltd. ABN 26 158 827 582, AFSL 421704, CAR 44198.

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In this role, Ms Teh will focus on partnering with clients to deliver ECP’s investment capabilities.

Ms Teh’s appointment comes as ECP Asset Management brings its institutional distribution in-house with the recent appointment of Lachlan Hodgkinson in a similar position. Ms Teh will work closely with Mr Hodgkinson in developing and executing ECP’s distribution strategy.

Ms Teh’s financial services career spans more than 17 years. She joins ECP from Franklin Templeton, where she was head of investment and consultant relations. In this role, she managed relationships with key client groups and was responsible for developing and executing on Franklin Templeton’s business strategy.

Prior to this, Ms Teh held senior strategy and distribution roles at Colonial First State and was also an investment consultant at Willis Towers Watson.

Founder and chairman at ECP Asset Management, Dr Manny Pohl, said Ms Teh has an impressive track record of maintaining and building solid client relationships.

“Amy brings deep industry knowledge and experience to ECP, and will play a crucial role in working with clients across a number of channels.”

“Amy joins the firm at a pivotal time in ECP’s development, as demand for and interest in our investment strategies experiences strong growth.

“Our new distribution team will be well placed to capitalise on this interest, as we make further inroads into the local market,” said Dr Pohl.

Ms Teh holds a Bachelor of Commerce and a Bachelor of Law from the University of Melbourne and is a Chartered Financial Analyst (CFA).

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It brings the number of investment team members to eight, following the appointment of Mr Justin Warton in early July.

Mr Breen joins from Hyperion Asset Management where he spent five years in analyst roles specialising in global equities investing.  He started his career in 2010 at Marsh Pty Ltd as an analyst in energy & utility risk and has also worked at ERM Power Limited. He holds a Master of Applied Finance from Kaplan Professional and a Diploma of Financial Markets, Energy Markets, from the Australian Financial Markets Association.

ECP Asset Management is a high conviction quality-growth Australian equities fund manager established in 2012 by Dr Manny Pohl AM.

Dr Pohl says Mr Breen’s experience in managing highly concentrated global ‘quality growth’ equity portfolios will stand him in good stead at ECP and bring an extra level of expertise to the team.

“The firm has been experiencing strong growth in recent months as investors seek out asset managers who offer exposure to high quality investment opportunities.

“Our long term approach to investing is increasingly attractive to investors who recognise that resilience and quality are key to investment success, regardless of market cycles or short term trends.

“ECP takes a disciplined and active approach to investing which allows us to identify high quality growing companies, and capture their potential on behalf of our investors,” Dr Pohl said.

The ECP Growth Companies Fund seeks to deliver long term outperformance by investing in high-quality growth businesses that have the ability to generate predictable, above-average economic returns over the long-term.

Since inception^[1], it has returned 14.93 percent per annum, compared to 10.6 percent for the benchmark^[2].

The Fund is available through BT Panorama, BT Wrap, Hub24, Powerwrap, HUB24, Netwealth, Praemium and WealthO2. Last year it received a recommended rating from Lonsec and from Zenith in its debut ratings.

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[1]  Inception of the ECP Growth Companies Fund (Unit Trust) for performance calculation purposes is 31 July 2012 (based on ECPAM All Cap Strategy Returns).
[2] S&P/ASX 300 Accumulation Index

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ECP Asset Management is a high conviction quality-growth Australian equities fund manager established in 2012 by Dr Manny Pohl AM.

Mr Warton joins from First Sentier Investors where he was an investment analyst in the emerging companies team, responsible for small cap technology and consumer research and coverage.  He has also worked in London for two years with First State Investments in the European infrastructure team. Mr Warton holds a Bachelor of Commerce from the University of New South Wales, majoring in finance, international business and philosophy.

Dr Pohl says that Mr Warton’s experience in emerging companies, coupled with his investment style and way of thinking, make him a welcome addition to the team.

“At ECP we are strong believers in sharing knowledge among the investment team, with no one individual having a monopoly on information or a louder voice than others. Justin will be an excellent fit for the team.

“His appointment comes at a time when we are experiencing strong growth in the business, with the current economic environment very favourable for our flagship ECP Growth Companies Fund.

“Justin’s track record in emerging companies, as well as his overseas experience, will further enhance the breadth and depth of the team’s capabilities,” he said.

The ECP Growth Companies Fund seeks to deliver long term outperformance by investing in high-quality growth businesses that have the ability to generate predictable, above-average economic returns over the long-term.

Since inception^[1], it has returned 14.93 percent per annum, compared to 10.6 percent for the benchmark^[2].

The Fund is available through BT Panorama, BT Wrap, Hub24, Powerwrap, HUB24, Netwealth, Praemium and WealthO2. Last year it received a recommended rating from Lonsec and from Zenith in its debut ratings.

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[1] Inception of the ECP Growth Companies Fund (Unit Trust) for performance calculation purposes is 31 July 2012 (based on ECPAM All Cap Strategy Returns).
[2] S&P/ASX 300 Accumulation Index

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Manny Pohl

Regardless of underlying market movements, it is important for investors to keep focused on their overall investment strategy, and ensure their managed funds remain true to label, says Dr Manny Pohl, CEO of ECP Asset Management.

“In markets such as these, an increasing problem is that of ‘style drift’, where fund managers drift away from their stated investment style and parameters in order to find better returns for their investors.

“For example, a growth manager sees that growth assets are getting hammered, so they try to buy some value stocks to recoup that loss. While this style drift may create a short-term benefit, the long-term consequences can be significant, and it is a time when investors should be concerned.

“It is a short-term fix that could become problematic over the longer term.

“Likewise, investors shouldn’t ditch a particular strategy or investment style based only on the previous year’s performance. The decision – both to invest in the first place, and to subsequently exit the investments – should be more considered and rational than that.”

Dr Pohl says that this may be easier said than done, but rigorous discipline and research are key.

“For many investors, the most recent performance figures are the primary source of information about their investments, and it can be difficult to remember the long term investment strategy when a fund manager’s performance is lagging its peers.

“But it is important to look at the reasons behind this, and fully understand the basis for any underperformance.

“Take 2016 for example. It was a very unusual year for growth style managers, with all the usual sources of risk in many portfolios experiencing negative payoff. Stock selection, sector allocation, style and market beta all contributed negatively to active return. This type of positive correlation in any calendar year is highly unusual.

“But this kind of outcome is unlikely to be repeated, so making investment decisions today based on last year’s performance is not going to produce the expected – or desired – result.”

On average, the market undervalues extremely high quality, capital efficient organic growth businesses, and the market tends to over-emphasise temporary themes and short-term factors, Dr Pohl says.

“In this environment, investors – whether institutions, superannuation funds or retail – mustn’t let short-term performance distract from their original long term goals. And money managers must resist the urge to change their strategy, and stay true to label.

“Managers have to be clear about their investment parameters and what they have promised investors, and they have to stick to them, in the best interests of their investors.

“After all, timing markets is difficult and market upticks can happen suddenly.

“Ditching growth stocks based on a previous year’s performance means that investors may miss out of the benefits of the eventual upturn in this sector.

“There will be times when the best money managers in the world – as judged by various market metrics – nevertheless get absolutely battered in markets. So investors need to consider more than just past performance when choosing a manager.

“Equally, they need to consider more than past performance when making the decision to ditch a manager. Someone who invests in a fund manager because they are outperforming the market, but then ditches the manager when they underperform, will miss out on the upturn when the market conditions change and the manager is in a position to outperform again.

“Staying the course, of course, means ensuring you are with the right manager in the first place.

“If you are invested in a fund manager and the fund is putting in poor performance, it is important to consider the underlying reasons for the poor short term performance. If it is economic impacts outside of the managers’ control – such as the United Kingdom deciding the leave the European Union, or the people of the United States voting for President Trump – further evaluation is necessary.

“If the manager is still investing in the way that was promised, and is still on track for the long term returns expected – investors should think carefully about exiting,” Dr Pohl says.

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Mr Byrnes joins ECPAM after eight years with Bell Potter Securities, where his most recent position was as an institutional equities research analyst. His appointment follows a period of rapid growth for the firm.

“ECPAM has now been awarded three Australian equities mandates since it was established three years ago, and its Australian equity and small cap LICs are all top quartile performers,” Dr Pohl said.

“With three institutional mandates from wholesale superannuation funds, the company has decided to soft close the ECPAM Ex50 fund although capacity remains in the ECPAM ALL Cap fund.

“We consider our clients as partners and as such we decided to be conservative and close the Ex50 fund, to be in a position to continue accepting flows from these institutions and maintain appropriate liquidity.”

There has been substantial interest in the ECPAM investment strategy from institutional investors for a number of reasons, including the current performance and Dr Pohl’s previous success with building an investment management process and business at Hyperion Asset Management.

“The capital preservation characteristic of the strategy – which was particularly apparent during the GFC – is attractive, as is the bottom up, benchmark agnostic, high conviction focused investment approach to quality, growth companies,” Dr Pohl said.

ECPAM has approximately $600m in assets under management and ratings from the major asset consultants.

In his new role as investment analyst, Sam Byrnes joins the current investment team based in Sydney. Dr Pohl said Mr Byrnes’s experience as an equities research analyst and particularly in small and mid-cap companies makes him a good fit for the firm and the ECPAM approach to portfolio management.

“Sam’s experience in equities sell-side research means he is well placed to help implement ECP’s bottom up investment philosophy.

“As a bottom up stock picker, Sam’s skills in identifying quality, growth companies with solid fundamentals are well developed.”

Mr Byrnes is a Chartered Financial Analyst and has a Bachelor of Commerce (Accounting & Finance) from the University of Wollongong.

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