Last week I decided to revisit a few mountains that I had not climbed in nearly 40 years. Mountains that made a huge impression on my teenage life as challenges that had to be overcome by any means possible. Mainly due to peer pressure in a school or cadet group but also due to my own ambition to get the job done and that sense of achievement. These mountains were Scafell Pike, Scafell and Helvellyn. The 3 tallest peaks in England and to be found in the beautiful Lake District, which must rank as one of the most amazingly beautiful places that I have ever been to. Not everyone’s cup of tea but for sheer classic english rural beauty, then you would be hard pushed to find a more stunning scenery. And before anyone starts on about the beauty of the Brecons, the Dales, the Peak District, the Highlands, then of course they are beautiful but different.

Whilst walking the various boulder strewn slopes and scary ridges I was constantly in wonder of the beauty as well as the drama of where I was. The same goes for our industry, well certainly the drama against the beauty! I also was amazed at the general kinship of fellow walkers and climbers that I met on my travels. Some were doing the same climbs over the various days and it was nice to renew the aquaintance on another slope a day later to discuss the challenges, the weather, the clothing some people wore on a mountain and other trivial aspects of life on a mountainside. And like the drama I reflected on the friendships in the industry that we all have, the mutual respect for our different roles be it front office or back office, client facing or hidden on a bank of researchers making sure the decisions made stand up to scrutiny. All roles play a part, much like a strong rugby team with different skills, sizes and speed.

But I also reflected on the changing landscape of these relationships as we move in the new dynamic, which some say reflects the development of  AI, whilst I feel it reflects a deeper issue that as a society we are seeing more and more; that of superficiality. One of the latest Apple software upgrades tells you how much screen time you have had in the last 24 hours. Sadly it doesn’t tell you how many interactions you have had with a human being, 1-2-1 or with a group. These are invaluable times for all of us not just from a social point but also social skills, understanding people and yourself but also something that is very relevant in todays society, that of mental health.

Now I am no therapist or have any special knowledge but like many parents I became more and more worried about my children’s teenage years in particular when the Xbox took over their lives. Thankfully we managed to create an environment that allowed our children to get out more…..mainly sport! But in our industry we are seeing more and more investment decisions that never involve an interaction with Fund Managers but reams of paper reports, due diligence notes and behavioural aspects which prove one thing or another. Can this be a good thing? Time will tell and I am sure some investment guru will comment on this! However I am not too sure as business should be done on relationship as well. A sense of knowledge and comfort that comes from meeting the person or persons involved in the product you are buying. That’s not to say proper due diligence should not be done by the analysts/wealth managers looking at investing but let us not lose sight of the business relationships we should be developing. If we sit in isolation then we learn nothing but hard facts and not the softer elements that help us make the decisions. I have worked with many Fund Managers over the years who never meet the management of the companies they invest in or if they do they pay scant regard to the words. However they will wander around the factory and observe the production lines for example and talk to staff to get a feel for what is really going on. Hard facts are there for everyone but to help differentiate then the softer aspects help.

So let’s embrace human nature and talk more. Ironically as I sit here typing this I recall a recent conversation internally when I asked that people pick up the phone to each other rather than email as I was getting mullered with the cc on every email that was being sent across the offices. We seem to have moved to a culture where email is the preferred form of communication whereas most of us would rather have a call, a discussion or just an ear with someone for 5 minutes. It must be hell for some fund analysts who get hundreds of pitch emails each day. Sales guys, pick up the phone, you might just get through…….then again, you might just make a friend.

Happy chatting…..

gemini investment management london-1024

Stuart Alexander


In other news...


You must submit your agreement before access to the site can be granted


This website is directed at institutional clients and individuals who have taken appropriate professional advice, who possess the necessary experience, knowledge and expertise to make their investment decisions and properly assess the risk that it incurs.

Gemini Capital Management (Ireland) Limited, trading as GemCap, is a limited liability company registered under the registered number 579677 under Irish law pursuant to the Companies Act 2014 which is regulated by the Central Bank of Ireland, reference number C155302. Its principal office is at Ground Floor, 118 Rock Rd, Booterstown, Co. Dublin, A94 V0Y7 and its registered office is at 1 WML, Windmill Lane, Dublin 2, D02 F206.

GemCap acts as management company and global distributor to GemCap Investment Funds (Ireland) plc.

GemCap Investment Funds (Ireland) plc is an umbrella fund with segregated liability between sub-funds incorporated as an investment company with variable capital registered under the registered number 485081 under Irish law pursuant to the Companies Act 2014 and authorised by the Central Bank of Ireland, reference number C67292, pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) ), having its registered office at 1 WML, Windmill Lane, Dublin 2, D02 F206(“the Fund”) .

The contents of this site have been prepared solely for information purposes and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. GemCap and the Fund does not give or make any guarantee, representation, warranty or other promise or confirmation (whether express or implied) as to its accuracy or completeness.


Risk Warnings

Please remember that the value of investments and the income from them can fluctuate (this may partly be the result of exchange rate fluctuations) and you may not get back the full amount invested. Past performance may not a reliable guide to future performance. A comprehensive list of risk factors is detailed in the Prospectus and the key investor information document (“KIID”) and an investment should not be contemplated until the risks are fully considered. The Prospectus and KIID can be viewed at www.geminicapital.ie

GemCap does not provide financial, investment, tax or any other professional advice in any way and none of the information on this site should be construed as such. None of the information contained on this site constitutes an offer to buy or sell or a solicitation, recommendation, invitation by or on behalf of GemCap to buy or sell any security, product, service or investment. Any opinions expressed on this site do not constitute investment advice and independent advice should be sought where appropriate. The view and/or opinions expressed by GemCap through this or any other platform, may be subject to change.

The shares in the Fund have not been and will not be registered under the US Securities Act of 1933 (the “1933 Act”) as amended or the securities laws of any of the states of the United States. The Shares may not be offered, sold, transferred, pledged or delivered, directly or indirectly, in or into the United States or to or for the account or benefit of any US Person except pursuant to an exemption from, or in a transaction not subject to the registration requirements of the 1933 Act and any applicable state laws, nor in any jurisdiction in which the Fund is not authorised to be publicly sold. The Fund is available only in jurisdictions where their promotion and sale are permitted.

The information contained on the website may not be redistributed directly or indirectly to any citizen or resident of the United States or any other jurisdiction where its distribution may be restricted by law. It is the responsibility of persons accessing the website to ensure compliance with the above.

Disclaimer for Investors in Switzerland

The Fund and its sub-funds, Calamos Global Convertible Fund and Third Avenue Real Estate Value Fund has been approved by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”) for offering to Swiss non-qualified investors.

This website may contain advertising.

In Switzerland, the representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is Banque Cantonale Vaudoise, Place St.-François 14, CH-1003 Lausanne.

Swiss investors may obtain free of charge from the representative in Switzerland, the relevant fund documents, namely the prospectus, the key investor information documents, the articles of association, as well as the annual and semi-annual reports.


Past performance results are no indication of future results. Issuance and redemption commissions are not included in the performance figures. Performance results referring to a period of less than twelve months (year-to-date-performance, start of investment fund within the last twelve months) are no reliable indicator for future results due to the short comparison period.


Additional information for Qualified Investors in Switzerland:

The below-mentioned investment funds, which are also disclosed on this website, are neither registered with FINMA nor under contract for representation to Swiss investors. These investment funds may not be distributed neither to Swiss non-qualified and qualified investors nor exclusively to Swiss qualified investors:


GemCap Investment Funds (Ireland) Plc

Atlantic House Defined Returns Fund

Atlantic House Global Defined Returns Fund

Atlantic House Total Return Fund

Atlantic House US Enhanced Equity Fund

Causeway Defined Growth Fund

GSI Global Sustainable Value Fund

GSI Global Sustainable Focused Value Fund

London & Capital Global Balanced Fixed Income Fund

London & Capital Global Conservative Fixed Income Fund

London & Capital Global Defensive Equity Fund (this Fund has terminated and accordingly, Shares in this Fund are no longer available for investment)

London & Capital Global Growth Fund

London & Capital Global Growth Fixed Income Fund

London & Capital Global Star Equity Fund

London & Capital Global Balanced Fund

Principal Asset Allocation Fund

Semper Total Return Fund

TEAM International Equity Fund




This GemCap website and material contained herein (including information from third parties) is provided ‘as is’, without any representation or endorsement made and without warranty of any kind whether express or implied, including, but not limited to, the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security, completeness and accuracy.

By entering this site, you acknowledge and agree that the use of this site is at your own risk and to the extent permissible by applicable law, in no circumstances, including (but not limited to) negligence, shall GemCap be liable for any direct, indirect, incidental, special, consequential, or punitive damages, losses, costs or expenses nor for any loss of profit that results from the use of, or inability to use this site or any material on any site linked to this site (including but not limited to any viruses or any other errors or defects or failures in computer transmissions or network communications) even if we have been advised of the possibility of such damage. In addition, no liability can be accepted by GemCap in respect of any changes made to the content of this site by unauthorised third parties. All express or implied warranties or representations are excluded to the fullest extent permissible by law. We do not warrant that this site does not infringe any intellectual property rights of third parties.

No data transmission over the internet can be guaranteed as totally secure. Whilst GemCap strives to protect such information and every effort has been made to implement security protocols, in line with relevant legislation to ensure safe processing and storage of any data transmitted, we do not guarantee and cannot ensure the security of any information which you transmit to us. Accordingly, any information which you transmit to us is transmitted at your own risk.

The GemCap website is not a substitute for independent professional advice and users should obtain any appropriate professional advice relevant to their particular circumstances.

The information on this site is issued by GemCap.



If you use the internet quite a bit, there’s a good chance you’ve heard of cookies.

But what are they?

Also known as HTML cookies, tracking cookies or magic cookies, these tiny files are automatically downloaded by your computer when you’re browsing online. Don’t worry – they’re perfectly safe. But we’d still like to take a moment to explain what cookies do, which ones we use and how to remove them – if you really want to.

Are Cookies Safe?

Yes, cookies are safe. The information they collect is completely anonymous. We never, ever, collect personal information using cookies. What’s more, cookies are not harmful to your computer, they take up minimal space and they can be removed with just a few clicks.

GemCap’s Cookie Functionality

  • Cookies provide enhanced functionality and speed to our site
  • These cookies help us to recognise your computer when you visit Gemini-Capital.ie and enable us to improve your visits to our website
  • Cookies assist us in identifying what kind of visitor/user you are, for us to provide you with the most relevant content

How Can I Remove Cookies?

Most computers are set to download cookies automatically, so if you’re happy with everything you’ve read, simply carry on as you were. However, if you’re at all concerned about having cookies on your computer, deleting them is simple.

Show me how to remove cookies

Likewise, you can also change your computer settings so that it won’t download any more cookies.

Show me how to change my cookie settings

The information on this site is issued by Gemini Capital Management (Ireland) Ltd, which is registered in Ireland No. 579677. The registered address for the company is 1 WML, Windmill Lane, Dublin 2, D02 F206, Ireland.