Ben Lewis

My main responsibility is helping to ensure that Mercer’s DC investment solutions deliver strong long-term performance, for the full range of members. That means thinking carefully about strategic asset allocation, default design, fund governance, and how to balance long-term outcomes with real-world implementation.

Don’t fall in love with the story. It’s easy to get excited about a great investment narrative, but the real test is whether the manager can deliver consistently through different market conditions, with a clear and repeatable process.

Confusing confidence with conviction. Allocators can sometimes be tempted to chase the latest hot idea, overcomplicate the portfolio, or make too many changes in response to short-term noise. In my experience, the best outcomes usually come from being clear on objectives, disciplined in process, and patient enough to let the portfolio do its job.

Getting access to the right asset classes matters enormously, as is the case in public markets. Investors need to think really carefully about the mix between private equity, infrastructure equity, real estate and private debt, particularly for younger members where the emphasis is on long-term returns.

I like venture capital because it gives investors access to some of the most innovative and fast-growing businesses in the market, often at an earlier stage than public markets can offer. In the right setting, it can be a powerful source of long-term growth and diversification, and it plays an important role in supporting innovation and economic development. The key, as ever, is making sure it’s used appropriately within the overall portfolio and sized in a way that reflects its illiquidity and risk.

The biggest lesson is that simplicity, discipline, and humility matter more than most people think. Markets have a habit of humbling those who believe they’ve found a permanent edge. The best investors I’ve come across tend to be rigorous, curious, and comfortable admitting that uncertainty is part of the job.