Spencer has increased his exposure to the UK market recently. He added Experian, a UK-headquartered data and tech company. Another area is construction with investments in Balfour Beatty, the UK’s largest construction and infrastructure provider. Spencer is also still invested in Rolls Royce. He has been invested in defence for example BAE Systems but trimmed that recently.

In line with Merchants Trust, he has also added to oil companies such as UK-listed energy firm Shell. “We are supportive of the move towards green energy but firms are still expensive and fossil fuels are still needed. We think natural gas is a good transition, and Shell has clearly tapped into that,” Spencer said.