Many of the discussions which are held about portfolios at the moment centre around macro questions.

This week David Thorpe and Joseph Wilkins are joined by Ernst Knacke, head of investment research at Shard Capital, to discuss what he views as the greatest threat facing portfolios in the current environment and how he is safeguarding against it.

They also discuss his use of alternatives such as managed futures and gold, and his plans to launch his MPS proposition on platform later this year.

The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.

It is available on Spotify, Apple Podcasts, Google Podcasts, Acast and most other major podcast platforms.