The manager of managers portfolios are managed by Richard Oldfield and Eu-Gene Toh. The portfolios invest with between 6 and 18 managers, eclectically and opportunistically, with the aim of achieving a high return, rather than of controlling volatility. The portfolio emphasises managers with an investment philosophy similar to that of OP, often in different areas of speciality, sometimes narrow ones such as gold mining shares. When selecting managers, we believe that small is beautiful and that alignment of interests is key.