This week Dave Baxter, funds editor of the Investors' Chronicle, and David Thorpe, contributing editor of FTAdviser, are joined by John Husselbee, head of multi-asset at Liontrust.

They discuss the danger of fund managers "changing their spots" by adapting their investment style to fit the changing macroeconomic environment, John explains why the portfolios he runs have a higher exposure to European equities than other DFMs, and they explore why the argument for using active management in regions such as the US has been weakened in recent months.

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

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