19th June 2026
Goalkeeper:
Jordan Pickford – L&G All Stocks Index Linked Gilts. The asset class retains its place from 2 years ago, but we have abandoned an actively-managed fund in favour of this lower-priced tracker. Not sure how to crowbar that into the analogy – but Dan’s commentary from 2 years still stands: “you hope you don’t need him but comes good when called upon and the rest of the team isn’t performing well. Can be a bit erratic (volatile) at times, but over the long-term makes good saves and generates a positive real return”.
Defence:
Reece James – HICL Infrastructure. When fit is reliable and capable of the odd goal or assist too. HICL has put various “injuries” (Affinity Water issues, TRIG combination) behind it and is now going from strength to strength with a progressive covered dividend.
Marc Guehi – Aegon European ABS. Very much the profile we like at centre back: low risk, solid and delivering returns a cut above more vanilla bonds with similar credit risk.
John Stones – Man Sterling Corporate Bond. Always seems to deliver, and a great football brain. Probably in everyone’s starting XI, and we’re keeping an eye on signs of aging, but can’t argue with the class on show. I’ve moved him back to defence – Dan had this fund in defensive midfield 2 years ago.
Nico O’Reilly – Cordiant Digital Infrastructure. Excellent past 2 seasons and had to be on the team sheet. Multiple levers for returns across key subsectors and geographies to benefit from the AI-capex build-out and demand for data / comms generally. Like O’Reilly, this trust has it all. Could easily play in any of the 5 midfield positions too.
Defensive midfield:
Declan Rice – WisdomTree Core Physical Gold – retains the place from 2 years ago, when Dan said, “always there when you need it during tough times. Can go unnoticed for long periods before stepping in with a last-ditch tackle or burst forward to remind of its class.” I don’t think you can say that of gold bullion 2 years on! It’s a genuine return driver and certainly hasn’t gone unnoticed recently! Rice’s ability to deliver from corners, score from set pieces and set-up attacks, means the analogy still works, and in this team, Rice is going to play a more advanced role than his midfield partner.
Elliot Anderson – Neuberger Berman Commodities – a recent addition to the team, bringing balance and affording the likes of Rice and O’Reilly licence to advance up the pitch.
Attacking midfield:
Anthony Gordon – Odyssean Investment Trust. I wonder if Stuart Widdowson has secretly been learning a foreign language and is about to jump ship to manage a bigger fund on foreign soil? (See here before anyone takes this too literally!!). In any case, we expect big things of this trust – a cheap asset class, a talented stock picker wrapped in the ideal vehicle.
Jude Bellingham – Konwave Gold Equity. If Jude plays well, so will England. The sort of player that can win us the world cup. Konwave is capable of stellar returns given the combination of a very talented manager and a very cheap asset class. However, like Jude himself, can be volatile and go through periods of poor performance, so you need to construct the team around him / it accordingly.
Bukayo Saka – Pacific North of South EM Income. Capable of winning games on his own and could well be a key part of any potential English success, although can go missing for short periods. An excellent, if volatile, all-cap strategy that has benefited from both smaller company exposure and more recently from the memory craze in Asian large caps.
Striker:
Harry Kane – Polar Capital Global Insurance. No change to Dan’s words from two years ago: always in the team, oozes class. Excellent long term track record though can look pedestrian at times but always likely to add to the goals tally. Can carry the team when others are underperforming.
Manager:
Thomas Tuchel – The HFM team. Picks players on form not reputation, prepared to drop big names for the common good. Plenty of experience and will hopefully deliver on his own high expectations.
Ben Conway – Head of Fund Management
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