Skip to main content
UK - Financial Adviser
Select Region Select User Type
  • Global
    • Home
  • UK Investors
    • Financial Adviser
    • Private Investor
  • International Investors
    • Private Investor
    • Professional Investor
  • Fund Centre
    • Our Funds
      • Equities
        • Rathbone Global Opportunities Fund
        • Rathbone Greenbank Global Sustainability Fund
        • Rathbone Income Fund Fund
        • Rathbone UK Opportunities Fund
      • Fixed Income
        • Rathbone Ethical bond Fund
        • Rathbone High Quality Bond Fund
        • Rathbone Strategic Bond Fund
        • Rathbone Greenbank Global Sustainable Bond Fund
      • Multi-Asset
        • Rathbone Greenbank Multi-Asset Portfolios
        • Rathbone MULTI-ASSET PORTFOLIOS
      • Sustainable
        • Rathbone Greenbank Global Sustainable Bond Fund
        • Rathbone Greenbank Global Sustainability Fund
        • Rathbone Greenbank Multi-Asset Portfolios
    • Literature Library
    • Consumer Duty
    • Prices and Performance
    • Glossary of Terms and FAQs
  • Strategies
    • Equities
    • Fixed Income
    • Multi-Asset
    • Sustainable
  • Our Clients
    • Private Investor
    • Financial Adviser
    • International Private Investor
    • International Financial Adviser
  • Rathbones
  • Global Home
  • Insights
    • Fund Insights
    • In the know blog
    • Review of the week
    • The Sharpe End podcast
  • About us
    • About us
    • Our People
    • Awards
    • Media centre
    • Responsible Investing at Rathbones
  • Contact
Home Home

Search

  • Fund Centre
    • Our Funds
      • Equities
        • Rathbone Global Opportunities Fund
        • Rathbone Greenbank Global Sustainability Fund
        • Rathbone Income Fund Fund
        • Rathbone UK Opportunities Fund
      • Fixed Income
        • Rathbone Ethical bond Fund
        • Rathbone High Quality Bond Fund
        • Rathbone Strategic Bond Fund
        • Rathbone Greenbank Global Sustainable Bond Fund
      • Multi-Asset
        • Rathbone Greenbank Multi-Asset Portfolios
        • Rathbone MULTI-ASSET PORTFOLIOS
      • Sustainable
        • Rathbone Greenbank Global Sustainable Bond Fund
        • Rathbone Greenbank Global Sustainability Fund
        • Rathbone Greenbank Multi-Asset Portfolios
    • Literature Library
    • Consumer Duty
    • Prices and Performance
    • Glossary of Terms and FAQs
  • Strategies
    • Equities
    • Fixed Income
    • Multi-Asset
    • Sustainable
  • Our Clients
    • Private Investor
    • Financial Adviser
    • International Private Investor
    • International Financial Adviser
  • Rathbones
  • Global Home
  • Insights
    • Fund Insights
    • In the know blog
    • Review of the week
    • The Sharpe End podcast
  • About us
    • About us
    • Our People
    • Awards
    • Media centre
    • Responsible Investing at Rathbones
  • Contact
Home

Search

Can less be more?

Rathbone Income Fund Manager Carl Stick argues that relentlessly busy bees aren’t always as productive as they seem. Might the answer be to do fewer things better?

By Carl Stick 13 June 2024

There are still three long weeks to go until the UK heads to the polls on 4 July. One of the more wearying aspects of electioneering is the daily deluge of headline-grabbing policy initiatives intended to sway swing voters. An awful lot of spaghetti is being flung at the wall in the hope some sticks. 

Call me cynical, but much of this pre-election noise feels like what American author and academic Cal Newport identifies as “pseudo-productivity” - busyness for busyness’ sake. If you’re frenetically doing something (almost anything), you’re not slacking and that’s useful, right? 

Busy doing nothing…

Newport argues that visible activity is a very crude proxy for meaningful accomplishment. He’s a computer science professor so he’s particularly focused on what he calls the “hyperactive hive mind” of the tech world and other ‘knowledge’ industries that depend heavily on their workforces’ brain power to generate revenues. 

He believes we’re pretty hopeless at defining what productivity means when it comes to tech workers toiling away at their laptops. If you manufacture widgets, you can measure productivity by counting how many get made in each shift. It’s much harder to gauge the output of a gazillion tech worker bees endlessly buzzing away at their email inboxes and chat channels. 

In his blog, Newport notes that Manchester United’s new part-owner Sir Jim Ratcliffe recently decided to end the club’s flexible work-from-home on Fridays policy. Why? Because he’d found that when he’d allowed staff at one of his other companies to work at home on Fridays, their email traffic dropped by 20% that day. 

Newport argues that email number-crunching simply isn’t an effective way to measure useful effort. Indeed, in his latest book Slow Productivity: The Lost Art of Accomplishment Without Burnout, he claims that email traffic is just the kind of pseudo-productivity that looks like we’re getting a lot done but in fact diverts and distracts us from actual accomplishments. 

He suggests a three-step solution that might lead to less worker overload on the one hand and getting more and better work done collectively on the other: do fewer things; work at a natural pace; and obsess over quality.

Of course, Newport’s slow productivity philosophy is targeted most at specific people and environments, notably knowledge workers in hybrid offices. But the principles he advocates do have relevance for broader business and investment themes. 

Why bigger isn’t necessarily better

As we explain in our latest webinar, there are powerful arguments to suggest that for many businesses less really can mean more. The era of 1980s-style mega-conglomerates is way behind us, but too often companies still argue the case for diversification away from their core expertise. It’s easy to assume that doing less as a company implies slacking. But those businesses that try to juggle multiple conflicting goals and priorities can risk losing their focus and, over time, that may drain their competitive edge. 

In the end, what really matters is tangible results and longevity. Sometimes, the best course of action might actually be to get smaller… 

Consumer goods giant Unilever is doing just that. It’s announced plans to jettison its ice cream division to focus on 30 of its so-called ‘Power Brands’ (household names like Hellman’s, Dove and Cif) that account for about 75% of group turnover. Unilever isn’t just seeking a leaner organisational footprint, it’s also determined to deliver its mega-brands better. 

Indeed, Unilever’s new CEO Hein Schumacher sounded straight out of the Slow Productivity playbook when he recently committed to doing “fewer things, better, and with greater impact”. Schumacher thinks these goals are best served by steering well clear of a “constant churn of new news that doesn’t really shift the dial.” Unilever’s new Growth Action Plan is in its infancy and the consumer space is highly competitive, but we’re enthusiastic about the changes afoot.

In the pharmaceutical industry, businesses like GSK and Novartis have also decided to get smaller and to sharpen their focus on fewer key areas. Both have seen step-changes in their profitability as a result. 

In the utilities sector, SSE and National Grid are at a different stage of the ‘less is more’ journey. The former sold its retail energy supply business several years ago when it decided to concentrate on building out vital next-generation grid infrastructure. That’s enabled it to develop into a business whose core focus is electricity infrastructure and is investing a whopping £10 million a day as it does so. National Grid is currently raising funds to facilitate its updated £60bn five-year investment plan in transmission grid assets both here in the UK and over the pond in the US, while simultaneously planning to divest itself of non-core assets.

In their different ways, all these businesses show that the more you care about the quality of the things you can do best, the more pseudo-productivity doesn’t seem worth it. Maybe all our noisy politicians could learn something here? 

Most popular blogs

29 February 2024

Nvidia: from pastime to new paradigm

A business created to make computer game graphics more beautiful stumbled into driving AI, one of the most important technologies of the 21st century. Rathbone Greenbank Global Sustainability Fund manager David Harrison explains what all the fuss is about.

Find out more

5 mins

4 December 2024

Why active management has a place in 2025 and beyond

The rise of passive investment is storing up risks that many investors may not realise they are taking. James Crossley, our head of Rathbones Asset Management distribution, makes the case for active managers.

Find out more

3 mins

9 January 2024

2024: The Year. Maybe?

Our head of multi-asset investments David Coombs starts the new year making a three-point turn with a dump truck of salt. Behold, we have his predictions.

Find out more

3 mins

18 January 2024

Ceasing to worship at the altar of stock-pickers

Back in secondary school, our head of multi-asset investments David Coombs was a champion stock-picker. Although, he had help from his teacher’s direct line to the market – which taught him markets tend to be unfair.

Find out more

4 mins

In The KNOW blog

Read the latest news and views from our fund managers

Blog posts

Subscribe to the In The KNOW blog

You can unsubscribe at any time. For details on how we handle your data, visit our Privacy policy.

CAPTCHA

Let's Talk

Ready to start a conversation? Please complete our enquiry form, we look forward to speaking with you

Enquire
  • Important Information
    • Brexit Statement
    • Important information
    • UK Modern Slavery Act
    • Accessibility
    • Privacy
    • Cookies
    • Cookie preferences
    • Complaints
  • Important Information
    • Consumer Duty
    • Voting disclosure
    • Assessment of value reports
    • TCFD Reports
    • SDR Consumer-Facing Disclosures
    • Financial Ombudsman Service
    • Financial Services Compensation Scheme
    • Glossary of terms and FAQs
    • MIFIDPRU8
Address

Rathbones Asset Management
30 Gresham Street
London
EC2V 7QN

Rathbones Asset Management Limited is authorised and regulated by the Financial Conduct Authority and a member of the Investment Association. A member of the Rathbone Group. Registered Office 30 Gresham Street, London EC2V 7QN. Registered in England No 02376568.

© 2025 Rathbones Group Plc
Incorporated and registered in England and Wales. Registered number 01000403

Follow us
LinkedIn
City Hive Logo
ACT Logo

Rathbones Asset Management is delighted to be an early signatory of the ACT Framework created by City Hive

Diversity Project Logo

Rathbones Asset Management is a member of The Diversity Project

The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.