FundCalibre - Investing on the go: Recent Episodes
FundCalibre
Investing on the go gives you direct access to the people who manage your ISA and pensions savings. Our hosts will be interviewing finance professionals on everything from their successes and failures to current ideas and insights. At meetings, before events and even if we bump into them on the street, we'll grab five minutes with these experts to discuss how your own personal finances could be impacted by topics such as US elections, the move from petrol to electric vehicles, the growth in artificial intelligence and robots, and so much more. Our ultimate goal is to bring to life the world of investments and uncover new and exciting opportunities, all while inspiring you to invest and giving you the confidence and knowledge to make the right decisions. To do this we often ask the managers why they are invested in individual companies. This is for illustration only and should not be taken as a recommendation to buy or sell that stock. The fund manager may or may not still own these companies at the time of your listening. For more investment research visit us at www.fundcalibre.com and follow us on twitter and facebook @FundCalibre
Capital preservation can be just as important as income when investing in bonds. Our interview with Jerry Wharton, manager of IFSL Church House Investment Grade Fixed Interest, examines how a defensive investment-grade bond strategy seeks to preserve capital while providing dependable income for clients. The discussion covers the importance of credit quality, short duration and avoiding the temptation to chase yield through lower-quality or excessively long-dated bonds. It also explores volatility in the gilt market, attractive new sterling issuance and growing concerns around debt issued by major US technology companies. Finally, the conversation considers the difficult outlook for UK inflation and interest rates, before explaining why current sterling investment-grade bonds may offer an appealing combination of income and capital upside for cautious investors today.
What’s covered in this episode
- Capital preservation in bond portfolios
- Income without chasing yield
- Why credit quality matters
- The fund’s AAA allocation
- Managing interest-rate sensitivity
- Lessons from the 2022 bond sell-off
- Volatility in long-dated gilts
- Government borrowing concerns
- Attractive sterling bond issuance
- Heathrow’s recent bond
- Hyperscaler debt risks
- The danger of century bonds
- AI spending and corporate liabilities
- UK inflation pressures
- The outlook for interest rates
- Income and redemption upside
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
European equities have long appealed to income investors, but the opportunity is becoming broader than dividends alone. Stuart Brown, co-manager of the BlackRock Continental European Income fund, joins us to discuss improving earnings and dividend growth across industrials, banks and utilities, alongside the structural themes supporting them, including electrification, energy security and supply-chain investment. The discussion also examines regional portfolio positioning, the resilience of European companies amid geopolitical disruption, and selective opportunities in defence. Finally, it considers why share buybacks, improving business fundamentals and more shareholder-friendly capital allocation could strengthen Europe’s total return potential.
What’s covered in this episode:
- Europe’s evolving income opportunity
- Sustainable dividend growth
- Opportunities within industrials
- Electrification and energy security
- Regional portfolio positioning
- France beyond domestic politics
- Southern European banks
- Falling rates and bank earnings
- AI adoption in financial services
- Infrastructure-like utilities
- Defence spending and valuations
- Managing geopolitical risk
- Supply-chain investment
- The growth of share buybacks
- Europe’s changing total return story
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Artificial intelligence has fuelled exceptional market performance, but it has also created opportunities in overlooked areas of the global equity market. In this episode, Sam Witherow, co-manager of the JPM Global Equity Income fund, discusses why high-quality companies have lagged despite strong fundamentals, how dividend investing can still capture technology-led growth and where the most attractive opportunities lie outside the AI winners. The interview covers US equities, semiconductor leaders, financials, healthcare and medtech, before looking at market valuations, geopolitical risks and the outlook for global equities.
What’s covered in this episode:
- AI and market euphoria
- Quality versus momentum
- Dividend growth investing
- US market outlook
- Technology opportunities
- TSMC and AI infrastructure
- The AI "layer cake"
- Financial sector opportunities
- Banks versus exchanges
- Healthcare and medtech
- Market valuations
- Broadening earnings growth
- Building resilient portfolios
- Global equity outlook
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Geopolitical tensions, inflation fears and shifting interest rate expectations have created a challenging backdrop for bond investors. Dickie Hodges, manager of the Nomura Global Dynamic Bond fund, discusses why these periods can also create attractive opportunities, how rising yields have transformed the outlook for fixed income, and why today’s market looks very different from a decade ago. The conversation covers credit spreads, emerging market debt, financial bonds and the importance of maintaining liquidity. We also explore how hedging strategies are used to reduce portfolio risk without sacrificing return potential, before finishing with an outlook for the remainder of 2026 and where the most compelling opportunities currently lie.
What’s covered in this episode:
- Geopolitics and bond markets
- Why higher yields matter again
- Oil prices and inflation outlook
- Interest rate expectations
- Credit spreads explained
- Investment grade versus high yield
- Financial bonds
- Emerging market debt opportunities
- Why South Africa stands out
- Liquidity in fixed income
- Hedging explained simply
- Insurance for portfolios
- Return outlook for 2026
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this episode, we explore the structural changes reshaping global markets and why politics is only part of the story. The discussion examines how deglobalisation, higher interest rates and renewed focus on energy, defence and industrial policy are changing investment opportunities. Alec Cutler, manager of the Orbis Global Balanced and Global Cautious funds, looks beyond the headline AI winners to the companies enabling the technology revolution, he also shares why the energy transition could remain inflationary, and explores opportunities in emerging markets and fixed income. Finally, we examine how a valuation-driven investment approach helps build resilient portfolios capable of navigating changing market environments and shifting investor sentiment.
What’s covered in this episode:
- Beyond the Trump headlines
- Populism and structural change
- Deglobalisation and reshoring
- The "Pyramid of Needs" for nations
- Energy security and infrastructure
- AI's overlooked enablers
- Why natural gas still matters
- Greenflation explained
- Building all-weather portfolios
- Emerging market opportunities
- Brazil vs the US
- Government bond opportunities
- Inflation-linked bonds (TIPS)
- US market complacency
- The return of value investing
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This episode focuses on Japan’s changing market dynamics and why investor sentiment appears to be shifting after decades of stagnation. Richard Kaye, manager of the Comgest Growth Japan fund, discusses the return of domestic confidence, renewed consumer and corporate activity, and the growing role of institutional capital in supporting equities. We also explore Japan’s position within global technology and AI supply chains, highlighting its continued leadership in semiconductors, robotics, and industrial automation. Finally, we look at broader structural themes, including demographic change, labour market reform, and Japan’s integration into wider Asian growth. Together, these forces are reshaping the long-term opportunity set for investors in Japan.
What’s covered in this episode:
- Japan’s shifting investor sentiment
- End of “lost decades” narrative
- Role of new political leadership
- Inflation, energy and macro backdrop
- Style rotation: value vs growth
- Return of growth investing in Japan
- Yen depreciation and market impact
- Japan’s role in global AI supply chains
- Semiconductor and tech leadership
- Robotics and industrial automation
- Structural demographic challenges
- Labour shortages and immigration policy
- Corporate adaptation and reform
- Rise of domestic institutional investors
- Long-term implications for global portfolios
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this special 400th episode, we take a broad look at global markets at the halfway point of the year. The discussion between Darius McDermott and Juliet Schooling Latter covers easing geopolitical tensions, inflation dynamics, and the continued influence of AI on equity returns. We explore the broadening of market performance beyond the US, with strength in Asia and emerging markets, alongside challenges in India and a mixed picture in the UK. The episode also examines central bank policy, M&A activity, and structural shifts shaping regional opportunities. Overall, it highlights how diversification and selectivity remain critical in navigating an increasingly complex and fast-moving investment backdrop.
What’s covered in this episode:
- 400th episode milestone reflections
- Market volatility and geopolitical tensions
- Iran conflict and oil price impact
- Inflation drivers: demand vs supply
- Central bank policy outlook
- Broadening global equity returns
- AI trade and market concentration
- US vs Asia vs emerging markets performance
- Japan’s corporate reform and growth story
- India’s underperformance and drivers
- UK and European equity markets
- M&A activity in UK equities
- Smaller companies valuation opportunity
- Energy, commodities and sector trends
- Central bank divergence across regions
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Infrastructure is no longer just about dependable income and downside protection. Peter Meany, manager of the First Sentier Global Listed Infrastructure fund, explains how the asset class is benefiting from powerful structural growth drivers, including AI-driven electricity demand, digital infrastructure expansion and the reshoring of manufacturing in the US. He also discusses why regulated utilities are seeing some of their strongest growth in decades, where opportunities are emerging across railroads and airports, and why infrastructure may be unfairly labelled as merely a bond proxy. Finally, we examine valuations, the role of emerging markets, and why today’s combination of income, growth and attractive pricing makes listed infrastructure particularly compelling.
What’s covered in this episode:
- Why infrastructure matters in portfolios
- Defensive returns and downside protection
- AI-driven electricity demand
- Data centre growth
- US regulated utilities
- Manufacturing reshoring
- Railroad recovery
- Airport opportunities
- Infrastructure vs bonds
- Inflation protection
- Real yield risks
- Emerging market opportunities
- Current sector valuations
- Political and regulatory risks
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This episode explores the current state of Chinese equity markets, focusing on shifting sentiment, policy developments, and the widening divergence between sectors. Dale Nicholls, manager of the Fidelity China Special Situations Trust, highlights how domestic regulation, energy price pressures, and global AI investment trends are reshaping opportunities for investors. We also cover tariffs, earnings revisions, property stabilisation and the potential for improving consumer demand driven by wealth effects and policy support. It also examines sector rotation, AI-driven capital expenditure, and opportunities in property, healthcare, and industrials, alongside the role of valuation, offshore expansion, and long-term capital return trends in shaping market performance and overall investment outlook implications for investors.
What’s covered in this episode:
- China equity sentiment shift
- AI-driven capital expenditure winners
- Sector divergence across market
- Tariffs and earnings outlook
- Property market stabilisation
- Industrial, healthcare and consumer themes
- A-shares vs H-shares dynamics
- Offshore expansion and margins
- Capital returns and buybacks
- Stock picking vs macro themes
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Innovation is often associated with headline-grabbing tech giants, but this episode reveals a far broader opportunity set across global markets. Graeme Bencke and Mikhail Zverev, co-managers of the WS Amati Global Innovation fund, introduce the fund’s disciplined framework that categorises companies as pioneers, enablers and adopters of technological change, and explain how each play a distinct role in capturing innovation-driven growth. The managers also explain how they identify “innovation frontiers” where change is already being adopted rather than speculative future trends. From AI infrastructure and semiconductors to life sciences, defence, and industrial automation, the conversation highlights how structural change is creating investable opportunities across sectors, while emphasising valuation discipline, profitability and real-world business quality over hype.
What’s covered in this episode:
- Innovation beyond traditional tech investing
- The fund’s pioneer, enabler, adopter framework explained
- How innovation creates investable inefficiencies
- Why valuation and profitability still matter
- “Innovation frontier” definition and selection process
- AI ecosystem opportunities beyond mega-caps
- Semiconductors, photonics and AI infrastructure
- Defence tech and geopolitical-driven innovation
- Life sciences, diagnostics, and biotech tools
- Industrial automation and machine vision trends
- RFID and real-world “Internet of Things” applications
- Overhyped vs under-appreciated innovation areas
- Medium-sized companies as growth sweet spots
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Markets are often driven less by logic and more by emotion, and that pattern hasn’t changed despite decades of evolution in investing tools and technology. Nick Clay, manager of the TM Redwheel Global Equity Income fund, joins us this week to explore how cycles of greed and fear continue to shape market behaviour, and why volatility is returning after years of unusually stable conditions. We discuss inflation, AI-driven disruption, shifting definitions of quality and why valuation discipline matters more in today’s environment. The interview also challenges the idea of “quality at any price” and highlights the importance of income, compounding and long-term thinking in a world where investor expectations can change quickly.
What’s covered in this episode:
- Market cycles and repeating investor behaviour
- Emotional drivers: fear, greed, and volatility
- Post-2008 “low volatility” regime and its unwind
- Inflation, liquidity, and changing market expectations
- AI disruption and valuation reassessment
- Sell discipline and valuation frameworks
- Case study: Cisco and rerating risk
- What “reliable income” means today
- Dividend growth vs inflation
- US exceptionalism and market rotation
- Quality investing vs “quality at any price”
- AI adoption, disruption, and long-term uncertainty
- Importance of compounding income on returns
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
With geopolitical tensions rising and inflation concerns returning, bond markets are facing another major test. Rhys Davies, manager of Invesco Bond Income Plus (BIPS), joins us to discuss why high yield bonds have remained surprisingly resilient, how spreads are behaving and whether markets are becoming too complacent about risk. The conversation also explores portfolio positioning in uncertain conditions, the importance of diversification and why shorter-duration bonds are helping manage volatility.
What’s covered in this episode:
- High yield bond resilience
- Geopolitics and market volatility
- Inflation and interest rate risks
- Credit spreads explained
- Portfolio positioning in uncertain markets
- Why duration matters
- Satellite infrastructure opportunities
- Insurance bond issuance
- Managing downside risk
- Diversification in bond portfolios
- Credit default swaps explained
- Income generation in volatile markets
- Misconceptions around high yield bonds
- Attractive yields in niche areas
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In a volatile and often unpredictable market, finding reliable returns is becoming increasingly challenging. This episode explores a defensive, multi-asset approach with SVS RM Defensive Capital manager Dr Niall O’Connor. This fund looks beyond traditional equities and bonds, focusing instead on overlooked, under-researched opportunities. From high-yield bonds and discounted investment trusts to commodities and frontier markets, the interview highlights how diversification is evolving. It also examines why traditional hedges may no longer behave as expected, the risks posed by inflation, and where genuine opportunities still exist. With a strong emphasis on valuation discipline and identifying neglected assets, this episode offers a fresh perspective on building resilience in today’s investment landscape.
What’s covered in this episode:
- Alternative assets beyond traditional markets
- Investing in overlooked, under-researched opportunities
- Navigating volatility in bonds and equities
- Capital preservation vs growth vs diversifiers
- High-yield bonds and income strategies
- Discounted investment trusts and valuation opportunities
- Biotech, private equity, and “unloved” sectors
- Commodities and uranium exposure
- Why traditional hedges may be failing
- Inflation risks and consumer pressure
- Market polarisation and AI-driven enthusiasm
- Frontier markets and global opportunities
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This episode explores the changing investment landscape in Japan and why it may be entering a new era of growth. With deflation ending, wages rising and corporate governance improving, companies are being pushed to deploy capital more efficiently. We’re joined by Alison Henry, investment specialist in Japanese equities from Baillie Gifford, this week who highlights opportunities in mid-cap innovators, the growing influence of artificial intelligence and Japan’s leadership in robotics and automation. We also examine how companies are adapting to technological disruption and the role of global volatility in portfolio decisions, focusing on the Baillie Gifford Japanese fund, as an example. Despite lingering misconceptions, Japan is presented as a market offering compelling valuations, strong earnings growth and significant long-term potential for investors willing to look beyond outdated narratives.
What’s covered in this episode:
- The end of deflation in Japan
- Rising wages and consumption
- Ongoing corporate governance reforms
- Why cash hoarding culture is shifting
- The valuation gap vs US and Europe
- Mid-cap growth opportunities
- Innovation and disruptive companies
- AI adoption in Japan
- Robotics and automation leadership
- Demographics driving technology uptake
- Baillie Gifford Japanese fund’s exposure to AI themes
- SoftBank and AI ecosystem
- Managing geopolitical volatility
- Popular misconceptions about Japan
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This interview examines how escalating geopolitical tensions are influencing the UK equity market and investor sentiment. Rising energy prices and disrupted supply chains are expected to feed through into inflation and interest rates, creating headwinds for more cyclical areas of the market. Alex Wright, manager of Fidelity Special Values Trust, explores how the portfolio is being adjusted in response, including changes to exposure across sectors such as defence and oil. We also consider the challenges of navigating markets where traditional defensive assets have already performed strongly and highlight where value opportunities are emerging, particularly within mid and small-cap stocks despite the near-term uncertainty.
What’s covered in this episode:
- Geopolitical uncertainty and market impact
- Energy prices and inflation outlook
- Portfolio positioning in volatile markets
- Reducing equity exposure and increasing cash
- Commodities: coal vs copper exposure
- Challenges with traditional defensive sectors
- Defence stocks and valuation concerns
- Oil majors and long-term outlook
- Mid and small-cap opportunities
- AI-driven market dislocations and value investing
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Today’s guest, Richard Sennitt, manages three Elite Rated funds: Schroder Asian Alpha Plus, Schroder Asian Income and Schroder Oriental Income Trust. He shares his approach to navigating investment opportunities across Asia. The interview explores the impact of AI on semiconductor manufacturing and tech enablers, the growth potential in financials and insurers and the evolving dividend culture in markets like Singapore, Korea and China. Richard shares his approach to balancing income generation with capital growth, emphasising natural dividend streams over chasing yields. He also discusses portfolio construction, sector rotation and managing long-term risk amid macroeconomic uncertainty.
What’s covered in this episode:
- AI’s structural growth in Asia
- Semiconductor opportunities
- Impact of macro events like oil prices
- Financials and insurers as long-term growth sectors
- Dividend culture in Singapore, Korea and China
- Balancing income generation with capital growth
- Defensive areas of the market
- Portfolio construction and value tilt vs growth tilt
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Take a deep dive into European equity investing, focusing on how a disciplined blend of quality, valuation and momentum can drive consistent long-term returns. Alexander Fitzalan Howard, manager of JPMorgan European Growth and Income Trust, explores how earnings revisions act as a key signal for stock performance, alongside insights into sector opportunities such as banks, infrastructure and smaller companies. We also examine the impact of macro developments, including increased European fiscal spending and geopolitical uncertainty.
What’s covered in this episode:
- Quality, value, momentum framework
- Earnings revisions as a key signal
- Portfolio diversification and risk control
- European fiscal stimulus impact
- Defence and infrastructure opportunities
- Small- and mid-cap exposure
- European banks outlook
- Valuation dispersion across Europe
- Managing benchmark risk
- Geopolitics and market volatility
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this special bonus episode, recorded amid heightened market volatility, Darius and Juliet explore how escalating geopolitical tensions are reshaping the investment landscape. With energy markets at the centre, we explain why disruptions in the Middle East matter so much for global supply, inflation and interest rates. The discussion also covers why traditional defensive assets like gold have struggled, what alternatives investors can consider and how portfolios might be positioned in uncertain times. Finally, we assess whether recent market weakness presents long-term opportunities, highlighting regions, sectors and strategies that could benefit once stability returns.
What’s covered in this episode:
- Middle East conflict and global energy supply
- Oil price volatility and inflation risk
- Impact on global equity markets
- Interest rate uncertainty and central bank response
- Why gold hasn’t behaved as expected
- Defensive assets: cash, bonds, absolute return
- Portfolio positioning in volatile markets
- Using ISA allowances in uncertain times
- Long-term opportunities in Asia and emerging markets
- Growth vs value in a shifting environment
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This interview explores how investors can generate consistent and growing income without sacrificing long-term capital growth. Paul Flood, manager of BNY Mellon Multi-Asset Income fund, discusses the evolving importance of income in retirement planning and how a multi-asset approach can provide diversification across equities, bonds and alternatives. We examine how shifting market conditions, including inflation, interest rates and changing valuations, influence asset allocation decisions. The interview also highlights opportunities in real assets, property and infrastructure, alongside a more value-focused approach to equities. Finally, we look at how themes, fundamentals, ESG considerations and valuation discipline combine to identify attractive investment opportunities in today’s complex market environment.
What’s covered in this episode:
- Income vs capital: striking the balance
- Why stable income matters more than ever
- Retirement income challenges explained
- Avoiding the “reach for yield” trap
- Asset allocation in changing markets
- Bonds vs alternatives: shifting opportunities
- Real assets and inflation protection
- Discounts and sentiment in investment trusts
- Property: where value is re-emerging
- Renewable infrastructure opportunities
- Value tilt in equity income investing
- AI impact on sectors and stock selection
- Thematic investing approach explained
- Valuations and global market opportunities
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Asia and global emerging markets delivered strong returns in 2025, but the big question is whether the rally can continue. We’re joined by Patrick Garvin, the client portfolio manager for the Invesco Asian and Invesco Global Emerging Markets fund. This episode explores the key forces shaping the outlook for the region, including earnings growth driven by the AI cycle, the impact of a weaker US dollar and changing policy dynamics in China. The conversation also examines risks such as geopolitics (please note: this interview took place on 24 February before the US attack on Iran), the Chinese property downturn and supply chain shifts. Finally, the discussion highlights where investors are currently finding the most compelling opportunities across emerging markets, from technology and commodities to undervalued consumer businesses, and why active stock selection may become increasingly important in the year ahead.
What’s covered in this episode:
- Asia and EM performance in 2025
- Earnings growth vs valuation re-rating
- AI-driven tech cycle
- Weaker US dollar tailwinds
- China property cycle outlook
- Chinese consumer recovery potential
- Geopolitics and Taiwan risk
- Attractive EM markets and valuations
- India: strong story, expensive market
- Asian tech hardware dominance
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This episode discusses how a diversified monthly income portfolio is constructed to deliver a consistent income stream alongside capital growth. In our interview with Vincent McEntegart, co-manager of the Aegon Diversified Monthly Income fund, we find out why a 5% income target was chosen, how income is sourced across equities, bonds, alternatives and currencies and how the portfolio has adapted as interest rates have risen. We also discuss the role of duration management, portfolio diversification, currency hedging and disciplined rebalancing in protecting investors through market volatility, particularly for those in or approaching decumulation.
What’s covered in this episode:
- Why target a 5% monthly income
- Income vs capital growth trade-offs
- Building a diversified income portfolio
- Equities, bonds, alternatives and currency income
- How higher interest rates changed the strategy
- Managing duration and interest rate risk
- Using currency to enhance yield
- Protecting capital during market drawdowns
- Income investing in the decumulation phase
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This interview explores the case for Asian equities amid changing market conditions. David Perrett, manager of the M&G Asian fund, joins us as we discuss why Asia remains compelling for long-term investors and how much recent performance reflects fundamentals versus sentiment. We also look at China’s evolving opportunity set, the importance of bottom-up stock selection, valuation-driven country positioning and the growing role of domestic consumption across the region. We finish with what investors should realistically expect from Asian equity exposure over a full market cycle.
What’s covered in this episode:
- Why Asia still looks attractive long term
- Fundamentals vs sentiment in recent performance
- China’s post-property reset opportunity set
- Bottom-up stock picking
- Currency competitiveness across Asia
- Domestic consumption
- The rising middle class in Asia
- Valuation-driven country overweights…
- And where the fund is underweight
- Managing volatility in Asian equity portfolios
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Marcel Stotzel shares how his team manages the Fidelity European Trustwith a focus on quality, downside protection and sustainable dividend growth. We cover the recent merger with the Henderson European Trust, the benefits of scale and liquidity and how high-quality companies are navigated amid market rotations and higher rates. Marcel also discusses the evolving European investment landscape, domestic opportunities and why they have selective exposure to AI.
What’s covered in this episode:
- The trust’s risk-aware approach
- Dividend growth as a performance driver
- Three benefits of the Henderson European Trust merger
- Navigating market rotations and high rates
- Current opportunities in domestic Europe
- Building a balanced portfolio
- Selective exposure to the AI theme
- Leveraging global research networks
- Insights on valuation and long-term growth
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Gold and silver are more than commodities, they’re a long-term hedge, portfolio diversifier and reflection of economic policy according to today’s guest. Ned Naylor-Leyland, manager of the Jupiter Gold & Silver fund, dives into the dynamics driving gold and silver markets today. He explains the recent market swings caused by margin trading, Fed policy signals and investor enthusiasm. We also cover how physical ownership mitigates counterparty risk and why mining companies present a compelling investment opportunity. Ned also highlights silver’s critical industrial uses and explains why gold and silver remain essential portfolio assets for the long term.
What’s covered in this episode:
- Recent gold and silver market swings
- Impact of Fed announcements and central bank policy
- Leverage and volatility explained
- Physical gold vs ETFs vs paper silver
- Why mining companies are undervalued
- Silver’s industrial uses
- Counterparty risk and de-risking strategies
- Long-term portfolio allocation for precious metals
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Frontier markets, those countries outside both developed and emerging markets, offer investors access to dynamic companies and compelling growth potential. T. Rowe Price Frontier Markets Equity fund manager Johannes Loefstrand tells us what defines frontier markets, why they can provide both low volatility and high returns. He also shares the advantages of active investing in these regions, the key sectors, impact of geopolitical shifts and how global investors can benefit from market inefficiencies. One thing is clear, from Vietnam to Morocco, frontier markets provide opportunities for portfolio diversification and long-term growth.
What’s covered in this episode:
- Definition of frontier markets
- Key countries and sectors to watch
- Growth vs. risk in frontier markets
- Diversification and low correlation benefits
- Active vs. passive investing strategies
- Hidden gems and high dividend opportunities
- Impact of geopolitical shifts
- Currency and market volatility considerations
- Long-term drivers of frontier market returns
- Portfolio allocation insights
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This interview takes a fresh look at Asia’s investment landscape, challenging some of the most common misconceptions about the region. Our in-depth discussion with Qian Zhang, investment specialist on the Baillie Gifford Pacific fund, explores why economic growth has not always translated into market returns, and how shifting macro headwinds, currency dynamics, and sentiment towards China are changing the outlook. We also dive further into domestic demand, innovation and structural trends such as AI, advanced manufacturing and supply chain repositioning are creating new opportunities.
What’s covered in this episode:
- Why Asia underperformed — and what’s changing
- Strong dollar and China sentiment headwinds
- Domestic demand vs global trade fears
- The “opportunity gap” in Asian equities
- AI hardware and Asian choke points
- Advanced manufacturing leadership
- Rising domestic brands and consumption
- Supply chain repositioning winners
- Vietnam and off-index opportunities
- Growth styles: duration, pace, surprise
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Discover how global dividend investing has evolved in a world of shifting inflation, volatile markets and concentrated index leadership. Stuart Rhodes, manager of the M&G Global Dividend fund, focuses on identifying companies capable of delivering sustainable dividend growth through strong cash generation, disciplined reinvestment and sensible valuations. We discuss a wide variety of topics this week, including the balance between yield and growth, geographic opportunities across global markets, the role of technology in an income portfolio and how currency movements affect returns. We also explore risks to income, the recent underperformance of quality investing and why valuation discipline may become increasingly important as market leadership begins to broaden.
What’s covered in this episode:
- Dividend growth vs headline yield
- Cash flow and reinvestment discipline
- Inflation and real income protection
- Global opportunity set
- US valuations: myth vs reality
- Mid-cap vs mega-cap exposure
- Technology’s role in income portfolios
- Currency impact on dividends
- Quality investing under pressure
- Why valuation discipline matters
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Technology investing goes far beyond hardware and consumer gadgets. This episode explores how the sector has evolved, focusing on the underlying “technology DNA” that now runs through industries from finance to healthcare. Jeremy Gleeson, manager of the Allianz Global Hi-Tech Growth fund, covers enterprise and consumer spending trends, the realities of AI investment and returns and the less glamorous but essential infrastructure powering innovation. We examine opportunities beyond the dominant mega-cap names, including mid-cap and Asian technology leaders, cybersecurity, networking and data infrastructure.
What’s covered in this episode:
- What defines a “technology” company today
- Technology DNA vs traditional labels
- Enterprise vs consumer tech spending
- AI investment: promise and pitfalls
- Second-order AI beneficiaries
- Life beyond the mega-cap tech giants
- Mid-cap and Asian tech opportunities
- Cybersecurity as essential infrastructure
- Valuations and bubble fears
- The next frontier: space technology
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In our first episode of 2026, we reflect on a year that challenged many investor assumptions. Despite geopolitical conflict, trade tensions and inflation concerns, markets delivered resilient and often surprising returns. Darius McDermott and Juliet Schooling Latter discuss the broadening of performance beyond the US, the role of valuations and renewed interest in emerging markets and China. We also examine the resurgence of gold and commodities, the evolving role of real assets and whether AI remains a powerful growth story or a potential source of risk. We conclude with practical thoughts on diversification and investor behaviour for the year ahead.
What’s covered in this episode:
- Why markets stayed resilient
- The surprise winners of last year
- Broadening beyond US dominance
- Valuations and investor complacency
- Emerging markets back in focus
- China’s evolving growth story
- Gold, silver and real assets explained
- AI hype vs earnings reality
- Diversification mistakes to avoid
- What investors should do more — and less — of
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
After a difficult period for infrastructure assets, 2025 has marked a more supportive environment. Will Argent, manager of the TM Gravis UK Infrastructure Income fund, examines what’s driving the recovery, from interest rate cuts and M&A activity to government infrastructure plans and regulatory developments. We discuss the role of renewables, utilities, digital and social infrastructure, and how diversification helps smooth returns across market cycles. He also explores how infrastructure income compares with equities and bonds, the importance of inflation linkage and what investors can realistically expect from the asset class looking ahead to 2026 and beyond.
What’s covered in this episode:
- Infrastructure performance in 2025
- Interest rates and stubborn gilt yields
- Regulatory risks and renewables
- M&A activity in listed infrastructure
- The UK government’s 10-year infrastructure plan
- Energy, water and grid investment
- Income vs capital growth balance
- Infrastructure vs equities and bonds
- Inflation-linked income streams
- Outlook for the asset class in 2026
More about this fund: TM Gravis UK Infrastructure Income is a unique fund that invests in a combination of UK-listed investment trusts, direct equities and bonds. This fund is an interesting option for income investors looking to diversify their portfolios. The fund’s high income and relatively low volatility make it particularly attractive.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Small-caps have historically outperformed over the long term, but recent years have been dominated by large-cap momentum and narrow market leadership. Nish Patel, manager of the Global Smaller Companies Trust, discusses why the backdrop may now be shifting. We cover how smaller companies can deliver faster earnings growth, the importance of focusing on quality to reduce fragility and why valuations are at levels that have historically signalled new cycles in small-cap performance. Nish also breaks down the Trust’s three key investment categories, highlights opportunities in industrials and long-cycle commodities, and explains why Japan is currently the most exciting hunting ground for new ideas.
What’s covered in this episode:
- Faster growth potential in global small-caps
- Why quality filters help reduce fragility
- Valuations at cycle turning levels
- Interest rate cuts as a tailwind
- Economic broadening beyond tech
- Industrial sector opportunities
- Three investment categories: compounders, quality cyclicals, long-cycle assets
- Japan’s corporate reform boom
- Why US valuations limit ideas
- Rising M&A interest in high quality small-caps
More about this fund: The Global Smaller Companies Trust invests in smaller companies from around the world. Manager Nish Patel believes that these businesses experience superior growth over the long term compared with larger companies. His goal is to go where other equity researchers won’t, in order to find hidden gems at attractive prices.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This special episode dives into the market reaction to the latest UK Budget with Carl Stick and Alan Dobbie, co-managers of Rathbone Income fund. They discuss initial relief, fiscal headroom, and the weeks of uncertainty that froze corporate decision-making. We explore whether the UK remains a compelling market, how overseas investors are responding and why large-cap and mid-cap valuations still look attractive. The conversation covers inflation, interest rates, sector opportunities, buybacks, and how tax changes may influence companies and investors. A timely and insightful breakdown of what the Budget means for UK PLC and long-term equity investors.
What’s covered in this episode:
- Budget reaction: relief vs frustration
- UK fiscal outlook and market confidence
- Impact on businesses and investment decisions
- UK equity valuations vs US
- Overseas money returning to UK
- Large-cap income appeal
- Mid-cap opportunities post-Budget
- Sectors benefiting from falling rates
- Housebuilders and demand recovery
- Buybacks across large and mid-caps
- Tax changes and investor behaviour
- Long-term case for reallocating to the UK
More about this fund: Rathbone Income is a multi-cap UK equity income fund, which gives investors exposure to a concentrated portfolio of companies with high quality and visible earnings. It invests predominantly in UK equities (80% or more), while up to 20% of the total may be held in cash and overseas equities.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Emerging markets have rebounded strongly despite global uncertainty. John Citron, co-manager of JPMorgan Emerging Markets Trust, shares what’s behind that strength: from currency cycles and interest rate shifts to transformative themes like AI, semiconductors, and infrastructure. John shares insights into how disciplined, quality-focused investing and low portfolio turnover can unlock compounding returns across regions such as China, India, and Latin America. This episode also explores valuation discipline, long-term forecasting and how volatility can create opportunities.
What’s covered in this episode:
- Why the US dollar matters so much for emerging markets
- The shift from a strong to weaker dollar cycle
- How AI and semiconductors are reshaping Asia’s tech landscape
- India’s growth story across infrastructure, finance and consumers
- China’s recovery and governance challenges
- The philosophy of long-term quality investing
- Using a five-year expected return framework
- Mercado Libre’s evolution beyond e-commerce
- How volatility creates buying opportunities
- Why compounding quality wins over time
More about this fund: JPMorgan Emerging Markets Trust takes an active approach to investing in emerging markets, with the managers looking at the growth of companies rather than specific countries. Backed by one of the largest emerging market research teams, the trust has delivered excellent returns for more than two decades, emphatically demonstrating the team’s long-term approach to stock picking.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
With the appointment of Japan’s first female prime minister and inflation returning after decades of deflation, the country is entering a new era. Baillie Gifford’s Thomas Patchett joins us to discuss how corporate reform, automation, and AI are creating exciting long-term opportunities in Japan’s market. From tightening labour conditions and surging share buybacks, to the rise of companies like SoftBank, Shimano, and Nintendo, Thomas explains why Japan’s transformation is about more than politics, it’s about innovation, efficiency, and renewed profitability.
Please note this interview was recorded prior to Sanae Takaichi’s official election and the subsequent highs of the Japanese stock market.
What’s covered in this episode:
- Japan’s new political leadership and market reaction
- Inflation’s surprising benefits for corporate Japan
- Share buybacks and stronger balance sheets
- AI, automation, and robotics driving growth
- Why corporate reform is far from over
- SoftBank, Nintendo, and Shimano case studies
- How demographics may boost productivity
- Where Baillie Gifford sees Japan’s next opportunities
More about this fund: One of the oldest Japan funds in the sector, Baillie Gifford Japanese Fund has delivered outstanding returns in the most difficult market conditions. The fund is managed by a large team, based in Edinburgh, and invests in growing Japanese businesses that deliver consistently strong returns to shareholders.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
We sit down with Stephen Snowden, manager of the Artemis Corporate Bond fund, to unpack the state of the bond market. He explores key concepts such as credit spreads, duration, and the relationship between corporate and government bonds, while examining how inflation and fiscal pressures are shaping yields today. The conversation also touches on how shorter bond maturities and improving corporate balance sheets have changed the credit landscape. With thoughtful analysis and practical examples, this interview helps investors understand how to navigate a “tight spread” environment and where potential opportunities may still exist within corporate bonds.
What’s covered in this episode:
- What a credit spread really means – and why it matters for bond investors
- How corporate bond yields compare to government gilts
- Why today’s tight spreads might not be as expensive as they appear
- The impact of shorter bond maturities on risk and returns
- How corporate and household balance sheets have strengthened since the financial crisis
- The relationship between credit spreads and equity market valuations
- How fund managers manage duration – and what that means for interest rate risk
- Why long-dated gilt yields have risen despite rate cuts
- How global government debt levels are influencing bond markets
- Why real yields are now looking more attractive for long-term investors
- What to expect from corporate bond returns over the next 12 months
- Why fixed income remains a compelling alternative to cash in a cooling inflation environment
More about this fund: The Artemis Corporate Bond fund invests in investment grade corporate bonds, with some ability to allocate across the wider fixed income market. Stephen takes a long-term strategic and thematic view, but will also take advantage of short-term opportunities when they present themselves. Stephen and the team combine strong analysis of both the wider macroeconomic picture, and close examination of the fundamentals of corporate bonds, to produce a portfolio designed to weather any economic climate.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Discover the dynamic world of technology with Allianz Technology Trust’s lead manager, Mike Seidenberg. From navigating mega-cap dominance and tariff concerns to uncovering opportunities in AI and cybersecurity, he shares how his team balances risk, valuation, and long-term conviction. Listeners gain insights into the global nature of the tech sector, the evolving impact of artificial intelligence, and why disciplined portfolio management remains key in an ever-changing market.
What’s covered in this episode:
- How the trust handles Nvidia and other giants without overloading risk
- Early impacts of US-China tariffs and global events on tech earnings
- Why international markets matter
- Re-entering into China with key holdings like Alibaba and Tencent
- Why artificial intelligence is a true secular opportunity
- Cybersecurity insights and consolidation
- Why cyber spend is non-negotiable.
- How the trust balances high-growth, GARP, and value plays in an expensive tech market
- The trust’s current tilt
- Navigating tech’s pricey landscape
More about this fund: This trust seeks long-term capital growth by scouring the globe to build a diversified portfolio of technology stocks. The management team focuses on themes that are addressing major growth trends that can replace existing technology or change how products and services are being made available to consumers. The result is a high-conviction portfolio of 40-70 names.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The UK stock market is often dismissed as stagnant, but as Simon Murphy, manager of the VT Tyndall Unconstrained UK Income fund explains, that perception doesn’t tell the full story. In conversation with Darius McDermott, Simon discusses the surprising strength of the FTSE, the undervalued potential of mid and small-cap companies, and why he believes the UK economy is far more resilient than many assume. They also look ahead to the upcoming Budget, potential tax changes, and what all this could mean for investors. With insights on valuations, domestic opportunities, and industrial recovery themes, this is a must-listen for anyone rethinking their UK investment outlook.
What’s covered in this episode:
- Why the FTSE is quietly outperforming global markets in 2025
- The gap between perception and reality
- What’s really holding back mid and small-cap stocks?
- …and why that might change
- Why the UK economy is more resilient than the headlines suggest
- How strong corporate and consumer balance sheets are supporting growth
- What to expect from the upcoming UK Budget
- The case for optimism
- Why fear in the market could create opportunity
- Key themes driving Simon’s fund
- Examples of companies thriving despite economic uncertainty
- Why sentiment may shift and which investors could benefit first
More about this fund: VT Tyndall Unconstrained UK Income is a high conviction, highly differentiated mid-cap focused UK income fund. This fund offers something different, with its combination of premium yield and dividend growth stocks and we applaud the fund's low active management charge.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Vince Childers, manager of the Cohen & Steers Diversified Real Assets fund, joins us to discuss all things real assets and examines their strategic importance in modern portfolios. He explains the four key categories — global real estate, infrastructure, commodities, and resource equities — and how they respond to inflation shocks and market surprises. We discuss a range of topics from valuation trends, long-term performance and the influence of AI to practical considerations like liquidity and portfolio construction. This interview is a great listen for investors looking to navigate market volatility while enhancing risk-adjusted returns.
What’s covered in this episode:
- What real assets are and why they matter now
- Four key real asset categories
- How real assets respond to inflation shocks and surprises
- Current valuations and opportunities
- Diversification benefits vs. traditional stocks and bonds
- Tactical vs. long-term allocation strategies
- Performance highlights
- Accessibility and liquidity compared with private property funds
- Impact of AI and mega-trends on real asset investing
- The era of scarcity: supply constraints and investment implications
More about this fund: Cohen & Steers Diversified Real Assets fund combines attractive returns with a degree of inflation protection. The investment process will take into account a large number of factors that can affect markets and create a portfolio of real assets, such as real estate, natural resources and infrastructure.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Markets in 2025 have been anything but predictable, with geopolitical shifts, tariffs, and surprising regional performances keeping investors alert. In this quarterly market update, Darius and Juliet unpack the latest global investment trends and surprises from Q3. They discuss the shifting performance between regions, with Europe and Latin America outpacing the US, while China’s rally sparks debate on sustainability. Tariffs, inflation, and political uncertainty remain at the forefront, influencing investor sentiment and sector positioning. Fixed income markets are analysed in light of sticky inflation and unusual bond dynamics. Finally, looking ahead, both highlight where investors may find value, the importance of diversification, and strategies for navigating an uncertain final quarter of 2025.
What’s covered in this episode:
- Surprises from Q3 market performance
- Why 2025 has defied expectations
- The shift from US dominance
- The continued impact of tariffs
- Explaining the strength of European and Latin American equities
- China’s rebound
- Signs of complacency in global markets
- Opportunities and risks in healthcare
- The outlook for smaller companies
- Fixed income insights: short-duration bonds, spreads and government debt concerns
- Portfolio takeaways for the final quarter of the year
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this episode, we explore how European companies are responding to global headwinds, from tariffs and political unrest to slowing demand. Despite headlines often painting a bleak picture, many niche businesses are thriving by tapping into structural growth drivers. David Walton, manager of the IFSL Marlborough European Special Situations fund, discusses the resilience of smaller and micro-cap companies, highlighting standout performers in luxury jewellery and power tools, and considers how disciplined patience and off-the-beaten-track investing can deliver strong results.
What’s covered in this episode:
- How uncertainty is impacting European companies differently
- Why smaller companies are beginning to outperform
- The importance of sector selection
- Finding sub-sectors with unique growth drivers
- Examples of standout holdings within the fund
- Uncovering hidden value in overlooked businesses
- The role of meeting management teams and hands-on research
- How to manage underperforming holdings
- Current risks and opportunities in European equities
- Why negative headlines can create attractive entry points
More about the fund:
IFSL Marlborough European Special Situations fund offers access to much smaller companies than many of its peers. These businesses are often overlooked and hence have the potential to outperform. We consider the team an expert in small-cap investing, having built a stellar track record in this space, and the manager of this fund has been very successful at mitigating the risks that are typically associated with smaller companies.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This episode unpacks how overlooked companies and unloved markets can offer attractive returns, why technical analysis and timing matter, and the risks of following the crowd into overcrowded trades. Sean Peche, manager of the Ranmore Global Equity fund, tells us how market cycles, crises, and hype—from the Magnificent 7 to artificial intelligence—can present both risks and opportunities for patient investors. With real-world examples, analogies, and lessons learned across 17 years of investing, this interview provides practical insight into how disciplined, contrarian thinking can help protect capital and compound wealth over the long term.
What’s covered in this episode:
- An introduction to Ranmore Global Equity
- What value means at Ranmore
- How the team uses momentum and technical factors in their process
- The disconnect in markets
- Capturing the downside of markets
- The fund’s buy and sell discipline
- Where is Ranmore finding value today?
- Utilising mid and small-caps in the portfolio
- The investment case for Gregg’s
- Why AI is overhyped
- What £100 invested at launch is worth now
More about the fund: A true global value fund which has delivered in many different market environments, Ranmore Global Equity is significantly differentiated from the market and its peers and may be a useful diversifier in portfolios. The fund has a mixture of holdings across the market-cap spectrum. Unlike other value strategies, momentum and technical factors are important parts of the investment process.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Sue Norfolk, manager of the Schroder Income Growth Trust, shares how UK companies are adapting their capital distribution strategies with a shift towards share buybacks and stable dividend growth. We also cover the evolving landscape of domestic versus international opportunities, sector-specific insights into financials, consumer discretionary, and industrials, and how geopolitical tensions are factored into portfolio decisions. Finally, we examine the fund’s bottom-up stock selection approach, recent adjustments in holdings like AstraZeneca, GSK, and Burberry, and the current valuation-driven opportunities in the market.
What’s covered in this episode:
- Schroder Income Growth’s dividend hero status
- Dividends, share buybacks or social dividends?
- How volatility is factored into the portfolio
- Staying focused on bottom-up stock picking
- The impact of US politics on the trust
- Right and wrong tariff calls
- The attractive nature of UK mid-caps
- A closer look at financials and customer discretionary
- Making calls on defence and industrials
- Why this manager favours AstraZeneca over GSK
- Doubling down on Burberry
- Why UK equity is still attractive today
More about the trust: Launched in 1995, the Schroder Income Growth Trust’s principal aim is to provide real growth of income in excess of the rate of inflation. It invests mainly in the shares of UK larger and medium-sized companies, although it can also invest some of the portfolio in the shares of firms listed abroad.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this episode, we delve into the strategy behind the Murray International Trust, which has achieved 20 consecutive years of dividend growth. Co-manager Sam Fitzpatrick explains the fund’s evolving geographic allocation, reduced UK exposure, and increasing opportunities in US and emerging markets. We discuss standout performers in technology, challenges in Latin America, and how currency movements impact returns. With a bottom-up, company-first approach, the portfolio balances higher-yielding defensive names with lower-yielding growth opportunities. Sam also touches on fixed income trends, geopolitical uncertainty, and how strategic flexibility is key to navigating today’s volatile economic environment while preserving income growth.
What’s covered in this episode:
- The evolution of allocation to the UK
- Balancing growth with yield
- The trust’s biggest contribution to the portfolio
- The largest detractor from the portfolio
- …And why the managers are still backing it
- The role of currency on the portfolio
- The appeal of Latin America and emerging markets
- The surprisingly best long-term contributor to the portfolio
- Developed market vs emerging market companies
- Why the fixed income element is decreasing
- How tariffs have impacted the portfolio
More about the fund: This is a genuinely international portfolio. Aberdeen is well known for its global equity research capabilities and the managers make full use of the resources available to them. Overall, their style has meant that returns have been very strong in some years and weaker in others, but the trust has delivered in the long run. As a result, Murray International may suit investors who have a long-term investment horizon and are looking for income and growth from global markets.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The past quarter saw markets rattle and rebound in quick succession, sparked by dramatic tariff announcements and unexpected reactions from both equities and bonds. In our next quarterly instalment with Darius McDermott and Juliet Schooling Latter, we explore the causes and implications of this volatility, whether US exceptionalism is losing its shine, and how investors are reacting to shifting global dynamics. We also discuss renewed interest in European and Latin American markets, the resilience of global small-caps, and why diversification could be making a comeback.
What’s covered in this episode:
- What triggered recent market volatility?
- Trump’s tariffs and US bond markets
- Can US exceptionalism continue?
- What the weak dollar means for the future
- Are we seeing a regional rotation in markets?
- Strong performance in Europe and Latin America
- The appeal of emerging markets
- Are we seeing a turn in UK small-cap sentiment?
- What’s changed the outlook for UK companies?
- What should investors expect in terms of rate cuts?
- Is inflation coming down?
- Risks and opportunities for the second half of the year
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Explore the world of non-life insurance - an often overlooked but essential part of global markets - with Nick Martin, manager of the long-standing Polar Capital Global Insurance fund. This interview covers how the sector provides much-needed defensiveness in volatile times, its low correlation to broader equity markets, and why its fundamentals are improving. From AI and climate risk to the concept of “float” and underwriting discipline, Nick explains why now might be a particularly attractive time to consider insurance investments, especially for those seeking resilience and consistency in uncertain economic conditions.
What’s covered in this episode:
- What area of insurance this fund covers
- Performance of the sector and fund over the past 10 years
- If it’s good enough for Warren Buffett…
- Insurance’s correlation to more traditional asset classes
- How AI is influencing the insurance sector
- How technology aids in understanding risk
- Looking beyond the CEO and CFO when researching a company
- Why insurance is the original data business
- Why climate risk is a challenge to the industry
- Is insurance a “safe” investment?
- The benefits of insurance in uncertain and volatile times
- Why is now a good time for the sector?
More about the fund: Everything around us is insured, regardless of economic boom or bust, which provides this fund with very good defensive characteristics. Polar Capital Global Insurance is designed to provide exposure to non-life insurance companies, a specialist and often undervalued sector. The fund has been co-managed by Nick Martin since 2008 and he took on full responsibilities in 2016. The fund’s consistent track record offers a good return profile for portfolio diversification.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
UK smaller companies have been unloved for years, but the tide might be turning. In this interview with Scott McKenzie, co-manager of the WS Amati UK Listed Smaller Companies fund, we discuss why the asset class has struggled, the early signs of improvement, and what could drive a long-term recovery. We explore volatility, valuations, the impact of government policies like the Mansion House Accord, and the outlook for AIM-listed stocks. With market sentiment shifting and opportunities re-emerging, now might be the time to revisit UK small-caps.
What’s covered in this episode:
- Why should investors be optimistic today?
- How Trump’s tariffs impacted the fund
- Are more fund flows coming in?
- The Mansion House Accord
- Is the end of US exceptionalism good for UK companies?
- The challenges and future of the AIM market
- Cheap valuations equal more opportunity
- The impact of non-UK investors in this space
- Outlook for the next 12 months
More about the fund: An unconstrained portfolio, seeking structural UK growth businesses that can grow faster than the economy, WS Amati UK Listed Smaller Companies has a very solid investment framework which has consistently worked for 20 years. The fund is managed by a team of exceptionally experienced managers and few smaller companies funds can boast this level of resource.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
With mounting US debt and stretched valuations, investors are starting to look beyond American markets. This episode dives into the appeal of Asian equities, particularly in regions with strong balance sheets, growing consumer bases, and undervalued companies. Edmund Harriss, co-manager of the Guinness Asian Equity Income fund, explores the economic fundamentals underpinning Asia’s growth, from resilient currencies and orthodox monetary policies to emerging tech leadership in areas like AI and renewables. He also highlights dividend-paying companies that offer stability and long-term income potential.
What’s covered in this episode:
- What does the rising US deficit mean?
- How does the growing deficit impact Asian markets?
- How does a weak dollar affect Asian economies?
- Can Asia pick up the mantle from the US?
- The best opportunities in the region
- What’s been driving performance?
- Gaining tech exposure in Asian equities
- Why China is at the forefront of technology
- The case for long-term allocation to Asian equities
- The outlook for Asian equities
More about the fund: Guinness Asian Equity Income fund invests in companies across the whole Asia Pacific region, including Australia. The portfolio is concentrated at just 36 equally-weighted stocks, and has a one-in, one-out policy, looking for a combination of capital and dividend growth. We like their approach of focusing on companies that can sustainably grow their dividend into the future and the fact that the portfolio looks very different from the benchmark and their peers.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Gold has broken out to new highs, but have investors truly taken notice? Jupiter Gold & Silver manager Ned Naylor-Leyland explores the evolving role of precious metals in modern portfolios, examining why central banks are buying gold while many investors remain on the sidelines. This episode covers the performance gap between physical assets and mining equities, the bullish case for silver, and why traditional safe havens like U.S. Treasuries may be losing their shine.
What’s covered in this episode:
- Is now the time to take profits from gold?
- Why everyone should have an allocation to physical gold
- Why gold miners have lagged gold prices
- Physical gold or gold miners?
- Where can the gold price go from here?
- The impact of Trump, tariffs and the US dollar
- The need for more people to allocate to gold
- The relationship between gold and silver
- Can silver still perform?
More about the fund: We like this fund’s dynamism and the manager’s willingness to alter its positioning to best suit current market conditions. Most funds in its peer group are unable to own physical bullion, making this a very different proposition. The fund's ability to hold up to 70% in silver also offers the potential for higher returns, albeit whilst increasing the risk profile.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
With fixed income markets facing heightened volatility, this episode dives into how strategic bond fund managers are navigating uncertainty through flexibility and precision. Colin Finlayson, co-manager of the Aegon Strategic Bond fund, highlights the importance of managing duration risk, anticipating yield curve movements, and selecting corporate bonds based on bottom-up fundamentals. We also touch on the implications of tariffs, inflationary pressures, and fiscal policy on bond markets.
What’s covered in this episode:
- The three drivers of outperformance
- Is there room to take more duration risk?
- Opportunities in corporate bonds
- The challenging outlook for high yield
- Inflation considerations in the US, Europe and UK
- Initial reactions to tariffs and today’s view
- The importance of flexibility in the fund
More about the fund: The Aegon Strategic Bond fund has a very broad and flexible remit. It invests globally and is a true strategic bond fund that can change its positioning very quickly when necessary. The managers combine longer-term strategic positions with short-term ideas.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
We explore how valuation-driven investment strategies are navigating today’s turbulent global markets. Bertrand Cliquet, co-manager on the Lazard Global Equity Franchise fund, explains why the portfolio has a significant underweight to the US, the impact of geopolitical uncertainty, and how tariffs are reshaping global economic dynamics. The interview covers their disciplined approach to stock selection, the importance of predictability in earnings, and how behavioural biases are mitigated through a rigorous peer-review process. We also explore current regional opportunities, with Europe and the UK providing fertile ground for value investors.
What’s covered in this episode:
- Why the fund is underweight US
- Continued uncertainty in the US market
- Taking into account tariffs
- Investing for a realistic but conservative scenario
- The fund’s “peer review” process
- Why the fund holds only 25 stocks today
- Where value opportunities lie today
- How tariffs have impacted the portfolio so far
- Avoiding behavioural traps
- What does “franchise” mean in the context of this fund?
- Does macro come into stock selection?
More about the fund: The Lazard Global Equity Franchise fund has a very similar philosophy to some of the most successful funds in its sector, but with a very different resultant portfolio. The fund is also differentiated by the managers' systematic approach to portfolio construction, which means that behavioural biases should be removed.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Ajay Tyagi, manager of the UTI India Dynamic Equity fund, takes a deep dive into the changing dynamics of the Indian economy and equity market. He discusses how India’s growing middle class is driving consumption, which sectors offer long-term potential, and how global trade tensions are influencing market positioning. We also cover the outlook for small and mid-cap stocks and what rising per-capita income means for future growth.
What’s covered in this episode:
- What has been the impact of Trump’s tariffs on India?
- What’s your initial reaction?
- Will tariffs impact holdings in the portfolio?
- What’s the outlook for India’s middle class?
- The IMF’s lowered growth forecast
- The long-term appeal of the food services industry
- What do valuations look like today?
- Where are the small and mid-cap opportunities?
- Benefits of being a local asset manager
- Why the manager expects the government to do more
- Growth in the speciality chemical sector
More about the fund: UTI India Dynamic Equity fund invests across the market-cap spectrum of Indian companies. The investment process is based on quality, growth, and valuation, and the team conducts thorough on-the-ground research to identify and monitor companies with a high potential for significant market outperformance.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Commodities have always been cyclical, but today’s mining sector is facing a unique blend of macroeconomic volatility, geopolitical tension, and structural change. In this episode, we hear from Evy Hambro and Olivia Markham, co-managers of the BlackRock World Mining Trust, as they discuss current disruptions like tariffs and trade rerouting, the surprising disconnect between commodity and equity prices, and the rising importance of critical materials like copper and uranium. We also unpack how unquoted investments, royalty strategies, and income diversification are helping to future-proof the portfolio.
What’s covered in this episode:
- Initial reactions to Liberation Day and what it means for the portfolio
- The breakdown in commodity prices and share prices of the companies that produce them
- The gold price continues to soar
- Increasing exposure to gold equities
- How you could have underperformed with a gold equity ETF
- The long-term appeal of copper
- What types of companies make up the unquoted part of the portfolio?
- The dividend track record of the trust
- How important is China to the commodities outlook?
- What infrastructure spending in Europe means for the sector
- A renaissance in uranium
- Do you expect M&A activity to continue to grow?
More about the fund: BlackRock World Mining is a specialist trust offering exposure to mining and metals companies globally. Managed by one of the most experienced teams in the market, this trust is ideally positioned to tap into a number of global tailwinds set to benefit the mining sector. The trust has significant flexibility to invest across various metals and mining companies, including unquoted companies.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Dividend investing remains a popular strategy, but what makes a great dividend stock? Nick Clay, manager of the TM Redwheel Global Equity Income fund, explains the key characteristics of strong dividend-paying companies, the sectors offering the best opportunities, and the macroeconomic factors influencing global equity income investing. We also discuss the role of dividends in different market cycles and what investors should consider when building a diversified portfolio.
What’s covered in this episode:
- Why the fund is significantly underweight the US
- Are we heading towards the end of capitalism?
- Why a buy-and-sell discipline is so important when markets go to extremes
- Selling out of Qualcomm and TSMC
- And buying into LVMH
- It’s not doom and gloom in luxury names, or China
- Are we headed for a prolonged period of inflation?
- Why inflation isn’t high enough
- Three reasons to add income today
- Why the Mag 7 won’t protect you during market volatility
More about the fund: Nick Clay is a highly experienced manager and the investment strategy on the TM Redwheel Global Equity Income fund is well proven. It has a true contrarian nature backed up by a logical and disciplined philosophy. This leads to an attractively-yielding income fund (every holding must yield at least 25% more than the broader market at the point of purchase) that also allows for capital return from a concentrated portfolio.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this quarterly market update, Darius McDermott and Juliet Schooling Latter analyse the latest investment trends shaping 2025. From the dominance of tech and US markets to the resurgence of China and the struggles of smaller companies, we cover the key themes impacting global investors. With valuations stretched in some regions and opportunities emerging in others, is it time to diversify? We debate the outlook for the Magnificent 7, the impact of Trump’s reelection, and whether UK and US smaller companies are poised for a turnaround.
What’s covered in this episode:
- The winners of 2024
- Can US dominance continue?
- Will the Mag 7 be the winners of 2025?
- Why investors should look beyond US markets
- UK Smaller Companies continues to be attractive
- The debated pros and cons of China
- The long-term story remains strong in India
- Why are smaller companies underperforming globally?
- Market volatility caused by Trump — and the impact
- What can investors expect from the Bank of England in 2025?
- Fixed income should be in everyone’s portfolio
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
UK equities have long been overlooked, but things may be changing. In this episode, we sit down with Jeremy Smith, manager of the CT UK Equity Income fund, to discuss why international investors are rediscovering value in the UK market, which sectors are thriving, and the role of mergers and acquisitions in reshaping the investment landscape. We also explore the challenge of sustaining dividend income, the impact of economic trends, and whether the UK could be on the brink of a consumer boom.
What’s covered in this episode:
- What’s bringing international investors back to the UK?
- The fund’s overweight to industrials
- Why the fund is underweight commodity-linked sectors
- A contrarian view on the banking sector
- The uptick in M&A activity and what it means for the fund
- Searching for reliable income
- Why we could be on the brink of a consumer boom
- What makes mid-caps so attractive
More about the fund: CT UK Equity Income is managed by the highly experienced Jeremy Smith. He looks for unloved companies listed on the London Stock Exchange, with the ability to sustainably grow their dividends. The fund is unconstrained and has a ‘contrarian value’ bias. Jeremy looks for hidden gems and businesses with long-term potential.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Infrastructure investing goes far beyond toll roads and airports. Shane Hurst, co-manager of the FTF ClearBridge Global Infrastructure Income fund, shares how the essential assets powering our daily lives—from regulated water utilities in the UK to the electric grids supporting AI growth in the US - can provide powerful returns. He covers how global listed infrastructure can provide exposure to powerful themes like energy transition, reshoring and AI.
What’s covered in this episode:
- What are the objectives of this fund?
- How do you define infrastructure?
- What makes a water company so appealing?
- How water utilities differ in UK versus US
- Why electrics are the fund’s largest exposure
- Could electric companies play a bigger part in the portfolio going forward?
- Three airports that stand out amongst the rest
- Adding exposure to pipelines
- Can the fund invest in emerging markets?
- Why Trump isn’t a headwind for infrastructure
- The positive and negative impacts of Trump on the sector
- How AI infrastructure could benefit this fund
- The risks involved in the sector
- Three themes to consider for the long term
More about the fund: This fund has an excellent yield, great performance and is managed by an experienced team. The fund has delivered for investors since its launch and you would be hard pressed to find a more experienced team of infrastructure specialists. We particularly like the fund's track record of dividend growth on top of an already generous yield.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Mark Ellis, manager of the Nutshell Growth fund, shares his fascinating journey to becoming a fund manager with a unique quantitative process at the heart of this fund. The fund blends quality growth, and momentum factors, constantly evolving with twice-monthly reviews to ensure the portfolio holds the world’s best opportunities. Mark explains why trading more frequently doesn’t necessarily lead to higher costs and how his background as a trader gives the fund a crucial edge in capturing alpha. A must-listen for any growth investor.
What’s covered in this episode:
- The manager’s professional background
- Momentum in the FTSE 350
- The fund’s unique quant process
- Why the manager starts with a blank slate twice a month
- Why trading leading to high costs is a misconception
- When this fund will underperform
- Current trends in the market
- Why they’ve added Novo Nordisk and Nvidia
- Searching for those hidden gems in mid and small-caps
- Are US markets overvalued?
More about the fund: This is an innovative and original fund. Nutshell Growth is a high-conviction, concentrated, pragmatic fund investing in exceptional growth companies. What makes this fund different is the heavy quantitative input which guides the manager. It is firmly on our radar as an exciting future prospect.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this episode, we explore how recent AI-fuelled tech dominance may be giving way to a broader market rally. Simon Nichols, manager of the BNY Mellon Multi-Asset Balanced fund, explains how they’re diversifying into industrials, healthcare, and consumer sectors, and how geopolitical factors, including the recent US election, have influenced positioning. We also discuss the evolving bond market, where higher yields are creating new opportunities.
What’s covered in this episode:
- Where does the global equity market stand today?
- How do global valuations look today?
- Is the manager diversifying away from technology?
- Taking advantage of opportunities in China and healthcare
- The fund’s exposure to UK companies
- Does a Trump presidency change the fund’s positioning?
- An element of broadening out of technology
- The fund’s bond exposure
- The potential impact of Trump and Doge on bond markets
- Is the manager focusing on “growth”?
- How inflation is factored into the portfolio
- Balanced as balanced could be?
More about the fund: Manager Simon Nichols has created a rock-solid global multi-asset vehicle which uses themes to target the forces driving global change in markets. He does this by investing in what he calls “future-facing business models” which have the ability to tap into megatrends in their respective industries. The fund predominantly invests in global equities, but also has an allocation to bonds.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Alex Araujo, manager of the M&G Global Listed Infrastructure fund, shares why infrastructure should be a key component of an investor's portfolio. We explore the different types of infrastructure in the fund —economic, social, and evolving — and how they provide essential services while offering stable cash flows and long-term growth. Alex shares insights on the impact of rising interest rates, the energy transition, digital infrastructure’s rapid expansion and the geopolitical factors influencing the sector.
What’s covered in this episode:
- Why should investors consider infrastructure?
- The different types of infrastructure assets
- Inflation protection as a key driver
- Targeting a combination of income and growth
- What is “social” infrastructure?
- Why digital infrastructure is more than just AI
- The impact of geopolitics on these assets
- Why the fund has gold exposure
- The outlook for global infrastructure
More about the fund: M&G Global Listed Infrastructure looks for a balance of growth and income from three key areas of the sector: economic, social and ‘evolving’ infrastructure. This means investments can include anything from utilities and toll roads to health, education and civil buildings, as well as mobile towers, data centres, payment companies and royalties.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Peter Michaelis, manager of the Liontrust Sustainable Future Managed fund, has over 20 years experience in sustainable responsible investment. He shares the evolution of sustainable investing, including challenges in recent years, and why the future remains bright. This fund has over 20 underlying themes, of which we cover a handful, including resource efficiency, circular economy, healthcare innovation and digital security, complete with valuable company examples throughout. We finish with a broader look at sustainability and the potential impact of politics and Trump 2.0.
What’s covered in this episode:
- An introduction to the Liontrust Sustainable Future Managed fund
- Long term performance of the strategy
- Why the fund underperformed recently
- How sustainable investing has evolved
- The three megatrends in the portfolio
- Better resource efficiency and circular use of materials
- Investing for greater resilience and safety
- Promoting a circular economy
- Two companies combating fast fashion
- “We’re looking for the digital camera to Kodak”
- Two recent additions to the portfolio
- Opportunities in the mid-cap area of the market
- Why Trump isn’t all bad for sustainability
More about the fund: Liontrust Sustainable Future Managed aims to deliver capital growth over the long term through its own sustainable process and by investing in a combination of global equities, bonds and cash. The managers use a thematic approach to identify the key structural growth trends that will shape the global economy of the future, across a 40-60 stock portfolio.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This episode discusses the dynamics of fixed income investing, with Stuart Edwards, manager of the Invesco Tactical Bond fund, explaining how a tactical approach can help navigate volatile markets. He explains the fund’s flexible strategy, covering interest rate positioning, corporate bond opportunities, and emerging markets. We also break down the importance of a top-down macroeconomic perspective, combined with bottom-up credit analysis. With insights into how recent rate cuts and inflation trends impact bond markets, this discussion sheds light on where the risks and opportunities lie.
What’s covered in this episode:
- The three key components of the Invesco Tactical Bond fund
- How allocation has changed over the past year
- What combining macro awareness and stock selection means in practice
- How the manager builds the fund
- Why the UK is a fascinating space for investors
- The fund’s exposure to UK interest rates
- The key opportunities in the UK market
- Will UK inflation remain sticky in 2025?
- The Trump 2.0 effect on bond markets
- How the fund allocates to emerging markets
- The appeal of Mexican and Brazilian debt
- What is duration?
- How the fund’s duration exposure has changed over the the past year
- Where are the best opportunities today?
More about the fund: The Invesco Tactical Bond fund is the most flexible fund in Invesco’s fixed income range. It is designed to capitalise on all the resources within the team and invest across the whole fixed income opportunity set. The managers use an active style whereby risk can be continually adjusted according to market conditions and the level of return on offer.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The path to net zero is far from certain. While climate-focused investments are growing at an unprecedented rate, global emissions continue to rise. Deirdre Cooper, manager of the Ninety One Global Environment fund, joins us as we discuss the latest trends in decarbonisation, the influence of political shifts on clean energy, and the role of major players like China in driving investment. We also examine how regulation, interest rates, and market sentiment impact the sector’s performance, shedding light on the opportunities and risks shaping climate investing in the years ahead.
What’s covered in this episode:
- Are we seeing improvement on climate targets?
- The possibility of a Minsky moment
- How will a Trump administration impact climate spending?
- The changes to the Inflation Reduction Act
- Performance on the clean team sector
- Why is China seeing such significant growth?
- Where are the current risks in this sector?
- Why has consumer behaviour been slow to change?
- Does change in sentiment create more opportunities for investment?
- Three opportunities today
More about the fund: Launched in December 2019, Ninety One Global Environment is a global equities fund that includes emerging markets, but which has a unique approach of only investing in companies that are contributing to the decarbonisation of the world economy. The portfolio has complete conviction, with just 20-40 holdings, and will have limited crossover with peers or its benchmark. Managers Deirdre and Graeme try to make the overall portfolio style neutral, with the stock selection set to be the primary driver of returns.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Alexandra Jackson, manager of the Rathbone UK Opportunities fund, shares insights on two fascinating UK companies — Bloomsbury Publishing and Games Workshop. Despite market challenges, these companies have successfully capitalised on their niche markets through strategic growth and innovation. From Bloomsbury's ability to thrive in the digital era to Games Workshop's cult-like following and global expansion, learn what makes these businesses resilient and attractive to investors.
What’s covered in this episode:
- The appeal of Bloomsbury Publishing
- How BookTok is driving growth
- Should investors be worried about TikTok in the US
- The niche drivers behind Games Workshop
- The promotion of Games Workshop to FTSE 100
- Why good management is important
- Putting the long-term interests of shareholders first
- The flexibility to run your winners
- Structural issues in the UK market
- Opportunities on the AIM market
- Software reseller: Bytes Technology and Softcat
- Holding belief in UK equities
- Keeping the fire alive for UK equities
- The simple reason to buy UK equities today
More about the fund: The Rathbone UK Opportunities fund is a flexible fund targeting quality growth businesses, looking to take advantage of cheap UK valuations. The fund combines structural winners with a strong core of high-quality compounders with a final portfolio of around 50 to 60 holdings, with a bias to mid-cap stocks.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
As our expected lifespans increase, so does the complexity of long-term financial planning. In this episode, we explore how societal shifts, like extended careers and aging demographics, influence our financial goals. Carl Stick, co-manager of the Rathbone Income fund, gives his insights into the vital role of dividends, the importance of compounding, and how companies are embracing older workers. Carl and Darius also discuss the evolving opportunities in sectors like healthcare and pharmaceuticals, where innovation meets the challenges of longevity. Whether you're planning for retirement or considering the future impact of aging populations, this episode offers a timely perspective to help you navigate your financial planning.
What’s covered in this episode:
- The impact of increasing longevity on investing goals
- How aging workforces affect global economies, pension schemes, and healthcare systems
- Companies actively recruiting older workers
- Companies offering apprenticeships for those over 50
- The importance of finding purpose in later-life work
- The role of dividends in long-term investment growth and income flexibility
- Why it’s never too late to start investing
- The influence of demographic shifts in Japan and China on workforce dynamics
- A focus on industries like pharmaceuticals and healthcare
- Key investment themes linked to longevity
More about the fund: The Rathbone Income fund gives investors exposure to a concentrated portfolio of companies with high quality and visible earnings. The managers are unconstrained in terms of sector weightings and are able to fully express their market views with the portfolio positioning. The fund usually consists of between 30 and 50 holdings. It invests predominantly in UK equities (80% or more), while up to 20% of the total may be held in cash and overseas equities.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Nish Patel, manager of the Global Smaller Companies Trust, shares insights into current valuations, the impact of recent interest rate cuts, and how M&A and share buybacks are shaping the small-cap space. Nish shares how his focus on quality businesses with sustainable competitive advantages can offer both growth and reduced risk. We also discuss portfolio changes, including leveraging in-house expertise and reducing holdings to focus on high-conviction ideas.
What’s covered in this episode:
- The valuations of smaller companies today
- What catalysts are needed for a small-cap recovery?
- A double discount at play
- Growth companies with lower risk
- Change of management to the trust
- How the team has evolved
- The three types of businesses in the portfolio
- The trust’s long-standing dividend growth
- The attraction of small-caps
More about the fund: This trust invests in smaller companies from around the world. Fund manager Nish Patel believes that these businesses experience superior growth over the long term compared with larger companies. His goal is to go where other equity researchers won’t, in order to find hidden gems at attractive prices. The firm's small-cap specialists have a well-disciplined investment process and the trust has a strong track record of beating the market. Having recently celebrated its 130th anniversary, the trust is one of the oldest in the market – it has also successfully produced 50 years’ worth of dividend growth for investors.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This episode discusses why high yield bonds, often labeled as ‘junk bonds,’ can be an attractive investment and how today's market is different from previous decades. Jack Holmes, co-manager of the Artemis Global High Yield Bond fund, shares their strategy of focusing on European and UK markets and prioritising higher quality bonds, like BB and B ratings, while avoiding riskier CCCs. Additionally, learn why shorter-dated bonds are favoured in the current yield environment and how inefficiencies in the high yield space create opportunities for active management.
What’s covered in this episode:
- What is high yield?
- Setting the scene for the high yield market
- Europe over US exposure
- Why CCC isn’t appealing
- The inefficiencies of the high yield market
- What active management adds for investors
- How the fund uses currency in the portfolio
- What does it mean when a high yield bond is ‘called’?
- Adding value through market mispricing
- What does rate cutting mean for high yield?
- Why this manager is optimistic about next year
- Backing cyclical or non-cyclical for 2025?
More about the fund: The Artemis Global High Yield Bond fund is a high-conviction fixed income portfolio investing in 60-100 high yield issuers across the globe. Managers David Ennett and Jack Holmes look to increase the value of shareholder investments through a combination of both income and capital growth. To do this they focus on the under-researched, inefficiently-priced opportunities further down the high yield spectrum, while their global approach looks to unlock opportunities and insights that regionally-focused peers may miss.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Hamish Maxwell, investment specialist on Scottish Mortgage Investment Trust, offers listeners a comprehensive look into the current state of the global markets. The discussion highlights the trust's core strategies for navigating volatility and adapting portfolios for resilience. Hamish shares insights into sector rotations, geopolitical impacts, and emerging market opportunities that are critical for investors looking to invest over the long term.
What’s covered in this episode:
- What defines an ‘exceptional growth company’?
- Why a long-term time horizon is key
- What “edge” does Scottish Mortgage have on the market?
- The importance of human behaviour
- How can investors find value in AI?
- The three phases of AI investment
- Nvidia’s growth story, today and tomorrow
- Diversification within the AI sector
- The role of private companies in the portfolio
- Does the IPO market look healthy?
- How the trust is positioned to “invest in progress”
More about the fund: Oddly enough, Scottish Mortgage Investment Trust has no particular focus on Scottish investments and nothing to do with mortgages. Its name stems from its long history, which dates to 1909. These days, the trust typically holds between 50 and 100 companies worldwide, united by their strong growth prospects. The managers have a patient buy-and-hold approach and aim to maximise total returns – i.e. both income and capital growth – for shareholders over the long term. This fund typically has low turnover.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
A special bonus episode looking at post-election analysis. We unpack the implications of the projected Trump win and the potential for a Republican clean sweep of the House and Senate. Justin Streeter, manager on the Comgest Growth America fund, joins us to discuss potential shifts in tax policies, corporate regulations, and market volatility. We explore which sectors might benefit from this political climate, the potential inflationary effects, the future of the tech giants, and how consumer confidence and spending trends may shape the economy moving forward.
What’s covered in this episode:
- What does a “red sweep” mean for equity markets?
- Will a Trump presidency lead to further inflation?
- Potential corporate tax policy changes
- Expecting uncertainty from a further Trump presidency
- Decreased consumer spending in an election year
- The implications for the Magnificent Seven
- Trump’s conflict of interest with Elon Musk
- Will large companies see leniency?
- The wider impact for global equities
- The long-term themes still at play in US, regardless of the election
More about the fund: Comgest Growth America is an unconstrained, highly concentrated portfolio of between 25-35 companies. This quality growth strategy endeavours to find the highest-quality companies that meet their stringent ESG criteria across the US. This fund benefits from a very clear process and experienced management team that have helped guide the fund to outstanding performance throughout their tenures.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Ajay Tyagi, manager of the UTI India Dynamic Equity fund, focuses on India’s economic growth, market trends, and demographic advantages. He highlights the impact of India’s young, increasingly affluent population on sectors like consumer goods, tech, and financial services. We also discuss how despite high valuations, India’s steady growth trajectory and quality-focused investment opportunities remain appealing to long-term investors. Ajay mentions key sectors to watch, the "China Plus One" strategy in manufacturing, and why India’s politics are advantageous for business.
What’s covered in this episode:
- The boringly steady economy
- Why India’s valuations are high compared to their history
- …and wider emerging markets
- Finding value in an expensive market
- What sectors typically make up “value” in India?
- The fund’s market cap agnostic approach
- Why the chemical sector looks appealing today
- How the China Plus One policy has impacted India
- The effect of steady politics in India
- Economic growth is a function of three things
- What does 2025 look like for India?
- Which sector is the manager “supper bullish” on?
More about the fund: UTI India Dynamic Equity invests in a mix of large, mid and small-cap Indian companies. The investment process is based on quality, growth, and valuation, and the team conducts thorough on-the-ground research to identify and monitor companies with a high potential for significant market outperformance.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Craig Rippe and Jordan Sriharan, co-managers of the WS Canlife Diversified Monthly Income fund, reveal how they aim to provide a stable, inflation-adjusted income stream while keeping volatility low. We cover the team’s approach to navigating market changes, selecting stocks, and managing interest rate risks. The interview also highlights how tech companies, REITs, and renewable sectors contribute to the portfolio.
What’s covered in this episode:
- A fund designed for retirement
- Diversification within the portfolio
- Why the fund targets a minimum 4% monthly income
- The role the wider team at Canada Life plays
- The managers’ current view on the bond market
- Changes to the fund’s fixed income allocation
- How the team finds income opportunities in the technology sector
- Is big tech expensive versus its history?
- Will the fund change its income target?
- Why REITs look attractive today
- The appeal of National Grid
- A closer look at the fund’s allocation to financials
- The investment case for Broadcom
More about the fund: A diversified portfolio of income-generating assets, including global company shares, international government and corporate bonds, as well as property. This fund aims for a yield of a least 4%, while targeting a minimum monthly income to the investor. The fund is part of a wider range of multi-asset solutions focused on matching investment returns to a defined level of risk.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This interview explores the shifting market environment, with a focus on how rising interest rates have created opportunities for stock pickers. Luke Newman, co-manager of the Janus Henderson Absolute Return fund, shares his insights on why today’s higher-rate environment benefits active managers and how it contrasts with the past decade of ultra-low rates. We touch on the behavioural changes among corporate leaders, the importance of stock fundamentals, and the role of tactical and core portfolios in managing risk and returns.
What’s covered in this episode:
- What is this fund trying to achieve?
- The two main issues in markets today
- Are you worried we’re returning into a lower interest rate environment?
- How does the long/short book change with interest rates?
- Why is now an ideal stock picking scenario?
- The diversion between long and short opportunities today
- Insights into the US consumer
- Being long obesity drugs and short hamburgers
More about the fund: Janus Henderson Absolute Return is a long/short equity fund with a UK bias, that aims to deliver a positive absolute return over rolling 12-month periods. The managers look to identify stocks that will either exceed or fall short of analysts' expectations and construct a portfolio of both long (profit when the share price goes up) and short (profit when the share price goes down) positions. There are limits on the overall market exposure, which serves to reduce the volatility of the fund.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Ben Peters, co-manager of the IFSL Evenlode Global Income fund, explains the fund’s focus on total returns and growing income streams. He shares how certain sectors, including consumer goods, healthcare, and information technology, provide resilient investment opportunities. We also touch on the effects of geopolitics and the long-term potential of artificial intelligence. The interview finishes with Ben’s views on navigating market volatility, maintaining conviction during underperformance, and finding hidden value in high-quality companies.
What’s covered in this episode:
- What makes the IFSL Evenlode Global Income fund different from its peers?
- Views on market volatility
- How geopolitics come into play
- The appeal of the consumer goods sector
- Why healthcare is a good “defensive” option
- A Microsoft case study
- The investment potential of artificial intelligence
- Investing through a difficult period
- Staying true to fundamentals
- Outlook for global equity income in 2025
More about the fund: IFSL Evenlode Global Income fund aims to emulate the success of the IFSL Evenlode Income fund, while benefiting from a wider global remit. The managers are not afraid to be radically different from their benchmark, which we applaud, along with their long-term focus. We also like the fund’s objective to grow the dividend in the future.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Darius McDermott and Juliet Schooling Latter join us once again for our quarterly market update. They cover the most recent developments in global markets, with a special focus on the Federal Reserve’s interest rate cuts and their influence on both the US and UK economies. We hear two differing opinions on China’s rebound and insights into what the future might hold for UK equities and global small-caps. The episode wraps up with a preview of potential risks heading into 2025, including the US election and geopolitical tensions.
What’s covered in this episode:
- Interest rate cuts and the “Goldilocks" scenario
- How US policy impacts global currencies
- Why we need to reframe what “normal” interest rates are
- UK monetary policy
- Is Juliet still optimistic about the UK?
- What the autumn budget could mean for investors
- Darius vs Juliet: two differing opinions on China
- Increased enthusiasm for technology
- Positivity for markets in 2025
- Why there’s still volatility ahead
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Bob Kaynor, manager of the Schroder US Mid Cap fund, outlines some exciting opportunities in the US mid-cap market, currently trading at historically significant valuation discounts. We discuss how these companies, the “heartbeat of the US economy,” stand poised for potential growth, driven by earnings acceleration and favourable fiscal policies. We also touch on the recent Fed interest rate cuts, their effect on market behaviour, and how mid-cap stocks could benefit.
What’s covered in this episode:
- Current valuations in US small and mid-caps
- “History rhymes, it does not repeat”
- The start of the Fed rate-cutting cycle
- How rate cuts impact mid-cap companies
- The catalyst for mid-caps to turnaround
- Why mid-caps are the “heartbeat” of the US economy
- What does a Harris or Trump win mean for mid-caps?
- The diversity within the fund
- The appeal of insurance and telecoms
More about the fund:
Run out of New York by Bob Kaynor, Schroder US Mid Cap has a focus on small and medium-sized companies, with a diversified set of return drivers, in order to dampen the risk of the overall portfolio. The investment process is underpinned by in-depth company analysis, which has led to superior stock selection over time.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
We discuss sustainable investing with two key figures from CCLA: James Corah, head of sustainability, and Charlotte Ryland, head of investments and manager of Elite Radar CCLA Better World Global Equity. They explain their unique approach, which balances achieving robust financial returns with driving significant societal change. We explore their engagement strategies with large corporations (including Amazon), including those not typically associated with sustainability, to push for improvements in areas like better labour standards and mental health. The discussion also touches on how innovation, particularly in technology and healthcare, plays a role in their investment decisions.
What’s covered in this episode:
- The investment philosophy at CCLA
- What sets the CCLA Better World Global Equity fund apart from its peers?
- The firms engagement with Amazon on labour standards
- Why investors need to understand companies aren’t perfect
- Sustainable investing beyond climate change
- Looking at underserved topics such as mental health
- How engagement is the driving force
- Why you need to accept the bad to drive improvements
- Opportunities in healthcare
- Is artificial intelligence a theme in the fund?
- How companies can use AI to expand their offerings
- Will mega-cap stocks continue to drive performance?
- Technology businesses beyond the Magnificent Seven
- A “good” portfolio driving change
More about the fund:
This fund’s benchmark-agnostic, responsible approach of investing in quality businesses, at attractive prices, has proven to be a very successful one since its launch in 2022, with the CCLA Better World Global Equity providing strong returns with lower volatility than its peers. This fund should be a strong consideration for anyone looking for a global fund with an ethical focus.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Polina Kurdyavko, co-manager of the BlueBay Emerging Market Unconstrained Bond fund, provides an excellent in-depth look at emerging market (EM) debt, offering insights into why current valuations in hard currency sovereign debt are among the most attractive in decades. We discuss factors contributing to strong growth in key emerging markets, from Brazil to India, and how local currencies are poised for outperformance. The conversation also touches on global dynamics, such as geopolitical risks, the outlook for a weaker U.S. dollar, and how frontier markets have recovered after recent restructuring.
What’s covered in this episode:
- Why investors should add EM debt to their portfolio
- How does a weaker dollar impact the asset class?
- The countries benefiting from geopolitical risks
- What the US election means for currency
- Should investors be worried about Elon Musk’s dispute with Brazil’s supreme court?
- Why the China slowdown narrative isn’t quite right
- What currencies look most appealing today?
- How the fund uses shorts, including an example
More about the fund:
The BlueBay Emerging Market Unconstrained Bond fund is a truly active fund, managed by an exceptionally experienced and well-resourced team. The fund is set up to deliver alpha and historically it has done just that, indicating it has an extremely consistent process. This is a difficult asset class which requires expert understanding across multiple geographies. The team behind this fund have this expertise and it is one of the most impressive we’ve seen in this space.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this episode, we’re focusing on the Capital Group New Perspective strategy which has consistently outperformed global equity markets over its 50+ year history. Investment director, Steve Smith, explains how the strategy’s structural flexibility and focus on multinational companies have driven its success across various market environments. We explore current market views, including inflation, economic growth, and the emerging trends that are shaping the future of global equity markets. Additionally, we cover the strategy's unique approach to balancing innovation with stability, making it a reliable core investment for long-term portfolios.
What’s covered in this episode:
- Introduction to the New Perspective fund
- What differentiates the fund in the IA Global sector?
- Identifying global champions before the markets
- The unique management structure of the fund
- Implications of economic growth inflation and interest rates
- Outlook for global equities
- Entering a new period of economic regime
- Positioning the fund today
- What areas of healthcare are most attractive?
- What is the industrial renaissance? How does it fit into the fund?
- Is this strategy still relevant today?
- Where does New Perspective fit in a portfolio?
More about the fund:
This is the flagship global equities strategy of Capital Group and is now available as a UK-domiciled OEIC. It has a track record of 50 years, investing in some of the world’s largest multinational firms that are able to benefit from transformational changes in the global economy. The fund has a unique multiple-manager structure, with each of the nine named managers running their ‘sleeve’ in their own way. Their best ideas are blended together for a diversified portfolio.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
We explore a differentiated strategy, Federated Hermes Asia ex Japan Equity, focusing on undervalued opportunities across various market sectors. Investment director, James Cook, shares insights into contrarian investing, explaining how their approach differs by embracing both high and low-quality companies, depending on value. We discuss significant market dynamics in China and South Korea, touching on the potential catalysts for growth, the impact of geopolitical tensions, and the evolving corporate governance landscape.
What’s covered in this episode:
- What makes Federated Hermes Asia ex Japan Equity different?
- The fund’s contrarian approach to the region
- Is China the ultimate contrarian play?
- The potential catalyst for China
- Increased buyback and dividend support in China
- What makes South Korea so attractive today?
- Is corporate governance at a turning point in Korea?
- AI-exposure in the fund
- Can you find value investments in India?
- What are the regional “bright spots” for investors?
More about the fund:Federated Hermes Asia ex Japan Equity is a concentrated fund investing in emerging markets within the Asia ex-Japan region. Its manager, Jonathan Pines, is willing to buy all types of companies if the price is right. He actively invests in stocks that are currently out of favour but which he believes are likely to perform better in the future. Jonathan Pines is a highly experienced manager and has spent well over a decade working on this fund. The process has historically worked very well, with the fund delivering excellent long-term performance.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Evy Hambro, co-manager of the BlackRock World Mining Trust, shares his strategies behind investing in the commodity sector, emphasising the critical roles of metals like copper and gold in today's economy. The interview explores how supply constraints, demand fluctuations, and macroeconomic trends impact investment decisions alongside key themes such as digital transformation, AI, and the energy transition. Evy provides insights into the balance between profitability and risk, and offers a forward-looking perspective on opportunities in the mining sector.
What’s covered in this episode:
- What does this trust invest in?
- Balancing the supply and demand of metals
- Where are we in the investment cycle?
- What’s your view on gold?
- What’s driving the copper market?
- How is artificial intelligence linked to metal demand?
- What themes are going through the portfolio today?
- The role of metals in the energy transition
- Does inflation impact these companies and metals?
- Why the manager’s view on gold has changed
- Where are the best opportunities today?
More about the fund:Managed by one of the most experienced teams in the market, the BlackRock World Mining Trust is ideally positioned to tap into a number of global tailwinds set to benefit the mining sector. The trust has significant flexibility to invest across various metals and mining companies, including unquoted companies. The trust also offers an alternative – and attractive – source of income to investors. The result is a conviction-led approach to investing in the mining sector, as opposed to focusing on the short-term direction of commodity prices.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Explore the current state of the Japanese market and its future potential with Richard Kaye, co-manager of the Comgest Growth Japan fund, who discusses how recent currency volatility is shaping investor sentiment and what lies ahead for Japan's economy. We highlight the undervalued opportunities that exist within Japan, including hidden gems in sectors like technology and renewable energy. The episode also touches on corporate reforms, foreign investment, and the role of domestic investors in Japan's evolving landscape. With a fresh perspective on growth opportunities and market dynamics, this episode offers a comprehensive look at why Japan may be the market to watch.
What’s covered in this episode:
- Why Japan has been making headlines
- More volatility to come?
- Why investors need to wake up and smell the coffee
- Looking for “biggest growth at the lowest price”
- Have growth companies seen a de-rating?
- The company benefiting from renewables and airline traffic
- “Cosmetic” versus “real” reform in Japan
- What Japan has to offer to investors
More about the fund:
Comgest Growth Japan is a concentrated portfolio of only 30-40 high quality long-term growth companies that are either head-quartered, or carrying out their predominant activities, in Japan. Each holding has been bought with a three to five-year outlook. The managers believe that Japan is full of under-researched companies with great capital discipline, barriers to entry and growth. Their mission is to find them.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Mark Benbow, co-manager of the Aegon High Yield Bond fund, explains the evolving high yield bond market in this episode. Mark delves into the history and growth of the asset class, current market conditions, and the dual lenses through which investors can evaluate high yield opportunities. The discussion also covers how high yield bonds perform in volatile environments, where the best opportunities lie, and how these bonds can play a vital role in a diversified portfolio, particularly in the context of today's rising interest rates.
What’s covered in this episode:
- History of high yield bonds
- Where high yield sits today
- The impact of interest rates on this area of the market
- Why good companies don’t always make good bonds
- Was high yield impacted by the volatility in markets in early August?
- Why volatility isn’t something to be feared
- How central banks impact bond inefficiencies
- Why all-in yield is more important than spreads at the moment
- How the fund is yielding 8% today
- The best opportunities in the market today
- Why the managers are watching unemployment rates
- The role of high yield in an investor's portfolio
More about the fund:
Aegon High Yield Bond is an unconstrained, high-conviction, global high yield bond fund. Their approach is bottom-up focused, with an emphasis on deep, fundamental credit analysis. They complement this by a structured top-down process that governs overall risk. Their flexible mandate allows them to maximise their opportunity set by avoiding unwanted constraints imposed by a benchmark.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this episode, we look at the unique strategies behind the recently launched Schroder Global Multi-Asset Cautious Portfolio, with co-manager Philip Chandler. We explore how the fund maintains an exceptionally low cost of 22 basis points while leveraging dynamic asset allocation and a broad array of investment tools. Philip provides an insightful analysis of the current economic landscape, discussing the impacts of inflation, geopolitical turmoil, and the evolving role of equities and bonds in a balanced portfolio. He also outlines the innovative approaches Schroders takes in portfolio construction and the benefits of internal management and proprietary tools in achieving optimal returns for clients.
What’s covered in this episode:
- Cost efficiency in portfolio management
- Benefits of in-house tools and economies of scale at Schroders
- Importance of adapting to economic changes
- Challenges with the traditional 60/40 portfolio
- Impact of inflation and geopolitical risks
- Three-stage process for building a diversified portfolio
- Advantages of real-time access to managers
- Examples of using ETFs in the portfolio
- Managing client exceptions with risk-mapped portfolios
- Current positions amidst current market volatility
- Evaluating the potential for soft versus hard economic landings
More about the fund:
The Schroder Global Multi-Asset Cautious Portfolio aims to provide capital growth and income by investing in a diversified range of assets and markets worldwide, with a target average volatility (a measure of how much the fund's returns may vary over a year) over a rolling five-year period of 4% per annum. The fund adopts a fettered approach by using Schroder’s own fundamental and systemic active solutions, alongside some passive positions, to build a cost-efficient portfolio for investors.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Discover the complexities of Japan’s investment landscape with Karen See, co-manager of the Baillie Gifford Japanese Income Growth fund, as we discuss the market's oscillation between growth and value stocks, the impact of the weakening yen, and the Tokyo Stock Exchange’s recent corporate governance reforms. Karen offers insightful commentary on the implications for her fund and highlights the emerging opportunities in Japan’s evolving market, from automation and robotics to the accelerating digitalisation trend.
What’s covered in this episode:
- The rotation from value and growth in Japan
- The impact of the weak yen
- How corporate reforms impact wider markets
- What a weak yen means for corporates and investors
- How corporate reforms are influencing the financial sector
- Continued appeal of SoftBank
- When share buybacks are a bad idea
- Management changes in Japanese companies
- How dividend payouts have evolved in Japan
- The importance of growing dividends
- Why 50% in manufacturing is misleading
- The growing demand for automation
- The slow trend to digitalisation and digital payments
- How Covid has accelerated cultural change
- What the next 18 months could have in store for investors
More about the fund:
Launched in July 2016, Baillie Gifford Japanese Income Growth aims to benefit from the improving corporate governance in Japan, as more and more businesses move towards a progressive dividend-paying policy. The managers apply the same well-tested growth investing philosophy and process used by their other Elite Rated funds, combined with a focus on companies with the best dividend growth opportunities.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Richard ‘Dickie’ Hodges, manager of the Nomura Global Dynamic Bond fund, gives his predictions on UK, US and European inflation and potential interest rate cuts. He emphasises the current opportunities and strategies for generating positive returns in the fund, highlighting deeply subordinated bank debt (AT1s) as one of the best-performing asset classes. He also outlines a hedging strategy to protect against a potential hard landing and political uncertainties, which helps mitigate risks without significantly reducing income. We finish with Dickie’s views for the second half of 2024.
What’s covered in this episode:
- What’s your view on inflation and rates?
- How does that impact government bonds?
- Three potential scenarios for economies
- The true flexibly of this fund
- Appeal of South Africa local currency bonds
- Where do opportunities lay today?
- What might we expect for the second half of 2024?
More about the fund:
Nomura Global Dynamic Bond fund is an unconstrained strategic bond fund, with a focus on total returns. The manager invests in the entire range of bond sectors including government bonds, corporate bonds, emerging market bonds and inflation-linked bonds. We believe this fund offers an excellent option for all market conditions in terms of both yield and capital return.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Rhys Davies, manager of the newly Elite Rated Invesco Bond Income Plus Limited (BIPS), discusses the origins, goals, and strategies of BIPS. Rhys explains how BIPS focuses on generating high income primarily from the high-yield bond market and highlights the advantages of a closed-ended vehicle for this strategy. We also cover the nuances of subordinated bonds and corporate hybrids, the diversification and sectoral spread of the portfolio, and how the trust leverages opportunities in the high-yield bond market, especially during inflationary times.
What’s covered in this episode:
- The origins of the Invesco Bond Income Plus Limited
- What the trust aims to achieve for shareholders
- The advantages of a closed-ended strategy
- Opportunities in smaller more illiquid areas of the market
- What are subordinated bonds?
- …and why are they attractive?
- What is a bank CoCo?
- The importance of cashflow
- Why a “stressed” bond could be appealing
- The importance of diversification in the portfolio
- Finding investments in the riskiest part of the market
- How the trust uses gearing to maximise returns
- Portfolio positioning today
- What is BIPS dividend target?
More about the fund:
Invesco Bond Income Plus Limited (BIPS) aims to provide capital growth and a high income by investing predominantly in high-yielding fixed income securities. Rhys and his team can invest across the fixed income spectrum, but tend to focus specifically on the high yield market in Europe and the UK. The team have demonstrated their ability to manage risk through diversification, while also paying a consistent level of dividend for a number of years.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Georges Lequime, co-manager of the WS Amati Strategic Metals fund, gives an update on the current trends in the strategic metals market, particularly focusing on gold and silver. We also look at the broader metals market, emphasising the lengthy lead times for mining projects and the sector's need for capital investment. Georges tells us why he’s predicting a strong future for metals, and lithium's growing importance in energy storage and electric vehicles.
What’s covered in this episode:
- Gold equities versus the gold spot
- Valuation in gold miners
- Today’s opportunities in silver miners
- What’s more exciting: silver or gold?
- The role of metals in the shift to decarbonisation
- The impact of lead time in the mining sector
- Increased demand for lithium
- M&A activity within the portfolio
- What do precious metals add to a portfolio?
- How do metals perform in a rate cutting environment?
- Why site visits are an essential part of the job
More about the fund:WS Amati Strategic Metals is a great portfolio diversifier that taps into unique investment opportunities, including the transition to a lower-carbon world. The fund benefits from having co-managers with both strong technical and industry knowledge, and who use their global network of CEOs, brokers, commodity traders, mining engineers and geologists to unearth the best opportunities in the sector.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In our latest market update, Darius McDermott and Juliet Schooling Latter start with a review of the notable boost in UK smaller companies, which have outperformed global equities. The conversation also covers the poor performance of fixed income sectors, Latin America's continued struggles and India's robust market driven by IPO booms. Global elections, geopolitical tensions and their impact on markets are examined, with a particular focus on the ongoing conflicts and their implications for investors. The update concludes with insights on the upcoming UK elections and a forward-looking outlook for the second half of 2024, emphasising the importance of interest rate trends and potential investment opportunities in undervalued markets.
What’s covered in this episode:
- Are UK smaller companies turning a corner?
- The underperformance of fixed income and what’s needed for a rebound
- Will we see rate cuts this year?
- Is Latin America uninvestable?
- Can we expect further growth in India?
- Do elections really matter to markets?
- What does a new UK government mean for markets?
- What does a new UK government mean for UK savers and investors?
- The impact of US elections on the healthcare sector
- How do geopolitical tensions influence investment decisions?
- What’s your outlook for the second half of 2024?
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Zehrid ‘Zed’ Osmani, manager of the Martin Currie Global Portfolio Trust, elaborates on his three-step investment process that ensures only the most promising companies make it into the portfolio, before diving into the significant themes driving this strategy, including demographic changes, future technology, and resource scarcity. Additionally, Zed provides insights into the valuations of industry giants Nvidia and Mastercard, and touches on the implications of interest rate changes on quality growth companies.
What’s covered in this episode:
- Three-step process to building a high-conviction portfolio
- The trust’s valuation framework
- The three megatrends targeted in this trust
- The benefit of thematic investing
- Targeting seismic thematic shifts, for example, an aging population
- Why the market is underestimating the AI opportunity
- The cross-section of AI and the stated megatrends
- The “techno-industrial revolution”
- The investment case for Atlas Copco
- How to evaluate a company like NVIDIA
- The investment case for long-term holding Mastercard
- Do macro changes influence underlying holdings?
More about the fund:
Zed has shown himself to be an excellent manager of high-conviction strategies. This trust has the ability to tap into a series of long-term themes – such as the rise of electric vehicles, growth of the emerging market middle class and the onset of artificial intelligence - which have the potential to deliver strong outperformance for investors. The highly-driven research approach has proven to be extremely successful over the longer term across a range of portfolios.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Michele Ward shares the secrets behind the impressive performance of the T. Rowe Price US Smaller Companies Equity fund, which has outperformed its benchmark over 1, 3, 5, and 10 years. We explore the fund's philosophy of investing in high-quality companies, letting winners run, and maintaining a balanced approach between growth and value. We also discuss the impact of interest rates on small-cap companies and highlight some unique and diverse investments within the portfolio.
What’s covered in this episode:
- The secret to continued outperformance
- The ability to “run winners”
- …and how that’s impacted the portfolio
- The company that went from $4.5 billion to $30 billion
- Value or growth: where do opportunities lay today?
- Why small-caps are due to come back into favour
- The impact of interest rates
- Do smaller companies have more debt?
- Case study: Manhattan Associates
- Why hybrids are more attractive in the US
More about the fund:
T. Rowe Price US Smaller Companies Equity has a flexible approach looking for both growth and value opportunities in the small and mid-cap space, to build a diverse portfolio of the best ideas from the vast analyst resource at his disposal. The manager will allow his winners to run as long as he still believes there is a return opportunity. As such, the portfolio is likely to have more of a mid-cap bias than its peers. This approach has borne fruit, with considerable performance coming from stock selection.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Dr. Ian Mortimer, manager of the Guinness Global Innovators fund, discusses the fund’s focus on investing in quality growth companies that are exposed to long-term secular growth themes, rather than early-stage startups. He outlines the fund's nine core themes and explains why a significant part of their strategy involves semiconductor companies, which play a crucial role across various themes. He further explains their balanced approach to managing holdings, emphasising long-term investments and systematic trimming of large positions, like Nvidia, to manage risk.
What’s covered in this episode:
- How do you define “innovation”
- What themes are in the portfolio?
- The powerful impact of semiconductors
- Are we in a semiconductor super cycle?
- Why the managers are trimming their Nvidia exposure
- Is AI a benefit to investors?
- Is Nvidia’s earning growth healthy?
- Opportunities in healthcare innovation
- Two recent additions to the portfolio
More about the fund:The Guinness Global Innovators fund focuses on innovative and disruptive companies and has identified nine key innovation themes. These themes are advanced healthcare; artificial intelligence and big data; clean energy and sustainability; cloud computing; internet, media and entertainment; mobile technology and the internet of things; next generation consumer; payments and FinTech; robotics and automation. The fund will naturally have a heavy bias in favour of the growth style of investing.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this episode, we explore the intricacies of the Elite Rated Morgan Stanley Global Brands fund. Candida de Silva, portfolio specialist on the fund, provides insights into their strategy of holding high-quality companies with defendable, visible future earnings, emphasising the long-term ownership of these businesses. We discuss the selection of companies, their competitive advantages, and how they adapt to evolving market dynamics while maintaining robust growth.
What’s covered in this episode:
- “We don't rent stocks, we own businesses for the long term”
- How the portfolio evolves over time
- The growing popularity of healthcare in the portfolio
- Is anti-globalisation and re-shoring a threat to global brands?
- How have companies managed inflation?
More about the fund:
The investment team behind Morgan Stanley Global Brands have a mantra: ‘don’t lose money’, which will possibly be as comforting to investors as the familiar names that can be found in the portfolio. The fund is a very concentrated portfolio of high-quality global companies, with features such as strong network benefits and brands, or licenses and permits that can provide an advantage over competitors. They will also look for companies benefiting from economies of scale and leading market distribution.
Disclaimer:The fund mentioned herein is available to UK investors only. All investments involve risk, including the loss of principle. Full details and risks associated with the fund can be found in the fund’s Prospectus at www.morganstanleyfunds.co.uk. The fund is available through your Investment Adviser and applications for shares in the fund should not be made without first consulting the current Prospectus, Key Investor Information Document ("KIID"), Annual Report and Semi Annual Report (“Offering Documents”), or other documents available in your local jurisdiction. This content has been prepared solely for informational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Alec Cutler, manager of the Orbis Global Balanced fund, discusses the shifting market environment, often referred to as the "four horsemen of the stock apocalypse," and how he navigates through these turbulent times. He provides insights into his contrarian investment approach, thriving in the current murky conditions to identify and capitalise on undervalued opportunities. Explore Alec's perspectives on global markets, specific investment opportunities in the UK and Japan, and the broader implications of trends such as AI and ESG investing.
What’s covered in this episode:
- Why “the sun is setting on Venus”
- Thriving in a murky environment
- A contrarian view on UK and Japan
- Patience is key for fund managers and clients
- What are the “four horseman of the stock apocalypse”
- Is gold still a contrarian investment?
- The portfolios idiosyncratic investment
- The backbone of AI (spoiler: it’s not Nvidia)
- Why DRAM is important to AI
- Is ESG investing failing?
More about the fund:
Orbis Global Balanced scours the world for the best investment opportunities across a number of asset classes including equities, fixed income and commodities. Manager Alec Cutler believes one of the key advantages of the portfolio is the ability to focus on best ideas and making them “fight for capital”, with every holding needing to be an active contributor to the fund.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Tom Walker, manager of the Schroder Digital Infrastructure fund, explore the burgeoning sector of digital infrastructure in this episode. He discusses how advancements, particularly in artificial intelligence (AI), have significantly amplified the demand for digital infrastructure. He also outlines the portfolio's composition, emphasising data centres, mobile towers, and fibre networks. Despite challenges like rising interest rates and material costs, Tom highlights that the sector's long-term outlook remains strong due to increasing global connectivity needs sharing two specific stocks that are well-positioned to benefit.
What’s covered in this episode:
- What’s the outlook for digital infrastructure?
- How has AI increased demand for the sector?
- The importance of data centres in an AI world
- Do high interest rates create a challenge for the sector?
- What type of companies is the portfolio exposed to?
- Digital infrastructure in emerging markets
- The significance of smartphones
- Two examples of underlying holdings in the portfolio
More about the fund:
Schroder Digital Infrastructure seeks to take advantage of the necessity for a sustainable transition to a digital economy. Managed by Tom Walker and Hugo Machin, the fund invests in around 40 companies across both developed and emerging economies. The managers have over 20 years’ experience investing in digital infrastructure with this fund ideally positioned to tap into the post Covid-world and the exponential growth in the sector needed to provide future global economic growth.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Mithran Sudhir, client portfolio manager of the Goldman Sachs India Equity Portfolio fund, explores the potential implications of Prime Minister Modi’s anticipated third term on Indian equities. We discuss the ongoing reforms in India's dynamic market, including the 'Make in India' initiative aimed at boosting the manufacturing sector and attracting foreign investment. This episode provides a comprehensive overview of the current state and future outlook of Indian equities, offering valuable insights for investors, while also addressing concerns about market valuations
What’s covered in this episode:
- How do the Indian elections impact markets?
- What would a Prime Minister Modi win mean?
- What is the ‘Make in India’ programme?
- The increase in manufacturing in the country
- Increased opportunities in consumer discretionary and industrials
- Is the Indian stock market overvalued?
- The appeal of financials in India
- The digitalisation and formalisation of the Indian economy
- Why online payments boost the governments balance sheet
- The return of the retail investor in India
- Why almost half the portfolio is in SMID companies
More about the fund:
Goldman Sachs India Equity Portfolio's objective is to capture the growth potential of the Indian economy. It is focused on investing in sound businesses of all sizes. Company meetings are a crucial part of the process, and the team's ability to meet companies on the ground in India differentiates it from many in its peer group.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
David Stevenson, co-manager of the WS Amati UK Listed Smaller Companies fund, discusses the current market dynamics and the outlook for UK smaller companies, despite a challenging two-year period marked by receding investor appetite and outflows from small-cap funds. David argues now is a unique entry point for UK smaller company investing, buoyed by recent improvements in relative performance and the potential benefits of lower interest rates. We also cover the surge in M&A activity and share buybacks, underscoring the attractiveness of UK companies for both domestic and international investors.
What’s covered in this episode:
- How have UK companies fared of late?
- How do interest rates impact smaller companies?
- Why now is an attractive time for investors
- How prevalent has M&A Activity been?
- The rise of share buybacks in the UK
- Getting the domestic investor back into UK equities
- Two exciting funds today: Alpha Group and Trainline
- Are their concerns over liquidity in the fund?
- Should investors be optimistic on the UK?
More about the fund:
An unconstrained portfolio, seeking structural UK growth businesses that can grow faster than the economy, this fund is managed by a highly experienced team of small cap specialists. The portfolio of 65-70 companies focuses on structural growth businesses, which the managers’ believe can add value in the under-researched small and mid-cap part of the market.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Discover the world of artificial intelligence (AI) with Chris Ford, manager of Sanlam Global Artificial Intelligence. With AI dominating conversations globally, Chris sheds light on its evolution and current state. He reflects on the unprecedented advancements in natural language processing and generation, epitomised by technologies like ChatGPT, and the pivotal role they play in reshaping various industries. He also provides insights into the investment landscape, highlighting the diverse range of companies harnessing AI and the importance of valuation discipline.
What’s covered in this episode:
- How AI has evolved over the past decade
- The launch of ChatGPT
- What’s the current state of AI today?
- Three ways to invest into the AI story
- Are their barriers to entry in AI solutions?
- Indirect plays into the AI theme for an investor
- How sectors like travel and agriculture are influenced by AI
- The significance of AI in the healthcare sector
- The impact on drug discovery
- What should we expect with the new ChatGPT version?
- Is AI the next Dotcom bubble?
- Why having a value discipline is so important
- What’s the next stage of AI?
More about the fund:
Sanlam Global Artificial Intelligence fund ‘eats its own cooking’, using an artificial intelligence system to help find companies whose business models are aligned to benefit from this growing theme. The fund is unconstrained in that it can invest in businesses of almost any size and in more than just technology stalwarts; around half of the portfolio can be found in the healthcare and consumer and industrial-related sectors.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
David Coombs, manager of Rathbone Strategic Growth Portfolio, explains the funds LED (liquidity, equity risk and diversifiers) framework and gives an overview of all areas of the portfolio today and the fund’s positioning. From dissecting geopolitical influences to analysing sectors like defence, MedTech, and retail, David provides valuable insights into the thought process behind managing a diversified multi-asset portfolio in today’s market.
What’s covered in this episode:
- What is the LED framework?
- What’s your view on inflation at the moment?
- How has the fund’s positioning changed to combat persistent inflation?
- When should investors expect rate cuts?
- Why government bonds over corporate bonds
- The return of the 60/40 portfolio
- How does geopolitics influence the fund?
- Why the fund has its lowest weighting to UK equities since launch
- The growing importance of MedTech
- Why defence companies look attractive
- The appeal of Next and Costco
- What type of holdings make up the ‘diversifiers’ bucket?
More about the fund:
The Rathbone Strategic Growth Portfolio focuses not only on returns, but also on risk and correlation. Manager David Coombs uses a disciplined asset-allocation framework, and a forward-looking assessment of correlation, risk and return, as the cornerstone of the investment process. Asset classes are then divided into three distinct categories – liquidity (those that can be bought and sold easily), equity risk and diversified.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The IFSL Wise Multi-Asset Growth fund has weathered various market storms since launch 20 years ago. We explore the challenges of navigating volatile markets, particularly amidst events like Brexit and the Covid-19 pandemic, with co-manager Vincent Ropers. Despite the noise, he finds solace in the abundance of value opportunities for patient investors, highlighting sectors like investment trusts, private equity, biotechnology, and UK equities in this interview.
What’s covered in this episode:
- How market noise impacts fund management
- Balancing investment sentiment with investment decisions
- The benefits of investment trusts
- Recent challenges within the investment trust sector
- How the fund utilises private equity in the portfolio
- The difference between private equity and venture capital
- The appeal of the biotechnology sector
- Opportunities in the UK equity market
- Why the manager stays clear of US equity funds
- Recent exposure to commodities
- Playing the theme of decarbonisation in the fund
- The significance of value strategies
- The key to consistent long-term performance
More about the fund:
This fund sits in the Investment Association Flexible sector, which means the manager is afforded a significant degree of discretion over asset allocation and is allowed to invest up to 100% in equities. We like the team’s straightforward process and focus on managers with a simple, yet disciplined investment process. The focus on high-quality funds, coupled with strong exposure to investment trusts, offers a valid alternative in the IA Flexible sector.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Darius McDermott and Juliet Schooling Latter are back for a comprehensive quarterly market update. Reflecting on the first quarter of 2024, they delve into various regions and sectors that experienced notable highs. We also discuss the potential for economic recovery in Europe, China's struggle to regain momentum post-Covid and speculation surrounding interest rate cuts by the Federal Reserve.
What’s covered in this episode:
- All-time highs for the S&P 500
- Should investors continue to back technology?
- The US inverted yield curve (and what it means)
- What’s driving success in Japan
- What a weak yen means for returns
- Outlook on Japanese equities
- Can the gold price continue to soar?
- Does Europe look better from here?
- Will we see a recovery in China?
- Bond markets today
- What does it mean, if or when the Fed cuts rates?
- Has the outlook for 2024 changed after Q1?
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Manager of Jupiter Gold & Silver, Ned Naylor-Leyland, looks into the current dynamics affecting the gold market amidst conflicting factors like geopolitical tensions and interest rates. He provides insights into the intricate nature of gold pricing across different currencies, the recent breakout in the gold price including the flow dynamics in the market. Throughout the episode, Ned offers nuanced perspectives on investment strategies and market behaviour, underlining the importance of diversification and strategic positioning in precious metals portfolios.
What’s covered in this episode:
- What’s the current positioning for gold?
- How does geopolitics influence the price of gold?
- Can the price of gold go higher?
- How rate cuts influence the price of gold
- The case for owning physical gold in a portfolio
- Increased buying in China
- The implications of seizing Russian FX reserves
- How the Chinese New Year impacted gold
- The importance of the breakthrough price of $2,150/oz
- The importance of gold miners
- An update on silver and how it relates to gold
- Will the price of silver be more consistent in the future?
More about the fund:A truly unique fund, Jupiter Gold & Silver invests in both physical gold and silver bullion, as well as gold and silver mining companies. Manager Ned Naylor-Leyland is a passionate advocate for his asset class and believes investors should strongly consider some gold and silver exposure for their portfolios.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Maneesh Bajaj, manager of the Brown Advisory US Flexible Equity fund, shares insights into the fund's philosophy and flexible approach, attributing its long term success. We cover a whistle stop tour of US headlines including the Magnificent Seven, including both Microsoft and Alphabet, the growing role of artificial intelligence across industries, a US election year and two significant sectors for the portfolio: financials and healthcare.
What’s covered in this episode:
- The fund’s outperformance over 1, 5 and 10 years
- The concentration of the US market
- The long term investment case for Microsoft
- The investment appeal of Alphabet
- Managing the growth of artificial intelligence in the portfolio
- Is AI the next dotcom bubble?
- The fund’s largest weighting: financials
- Growing opportunities in healthcare
- What an election year means for the fund
More about the fund:
This fund has been run by Maneesh Bajaj since 2017. Its strategy is unconstrained, meaning Maneesh is free to select companies from across the market-cap spectrum. This has enabled the fund to become one of the few to regularly outperform the S&P 500 over long periods of time. Supported by a strong team of analysts, the Brown Advisory US Flexible Equity fund has delivered good returns in both up and down markets. A strong candidate for those looking for a core US equity fund.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In a special “Spring Budget” feature we’re joined by four fund managers and our very own research director, Juliet Schooling Latter, to take a closer look at UK equities. We discuss what the British ISA could mean for the UK market but, most importantly, what else still needs to be done to improve sentiment and encourage global investors to return. The managers also share where they’re finding the best opportunities in today's significantly devalued environment.
Our fund manager guests (in order of appearance) include Matthew Tonge, co-manager of Liontrust Special Situations, UK Smaller Companies and UK Micro Cap; Hugh Sergeant, manager of ES R&M UK Recovery; Richard Hallett manager of IFSL Marlborough Multi-Cap Growth; and Scott McKenize, manager of WS Amati UK Listed Smaller Companies.
What’s covered in this episode:
- What is the British ISA?
- Will it be a meaningful change for investors?
- Should pensions be mandated to hold UK equities?
- How Brexit continues to impact market sentiment
- Why now is a good time to back UK equities
- What type of companies make up the UK stock market?
- UK equities are all about risk/reward
- Where to find opportunities today
- The value opportunities on offer
- What other actions should the government take?
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Ben James, investment specialist director on Baillie Gifford American, gives insights into why the U.S. remains a prime location for growth investors, highlighting its innovation, deep talent pool, and unique cultural optimism. A significant portion of the podcast is dedicated to the transformative power of Artificial Intelligence (AI) in the investment landscape. Ben shares the team's perspective on AI as a new technology paradigm, its potential implications, and the specific companies in their portfolio benefiting from this disruptive force. The discussion spans AI applications in various sectors, from healthcare to cloud computing, providing listeners with a comprehensive view of its multifaceted influence.
What’s covered in this episode:
- Why the US is a great place for growth investors
- Is growth on the rebound?
- Will growth investing continue?
- How does the team approach AI in the fund
- Why AI is important for growth investors
- “The battle cry of a generation”
- AI: should investors be worried or excited?
- How companies such as Duolingo are embracing AI technology
- The sub themes of artificial intelligence
- What impact does AI have on healthcare?
- Opportunities within the healthcare sector for the fund
More about the fund:
This fund is one of the purest examples of the Baillie Gifford growth philosophy. The team are looking for the high-performance outliers - those firms that can return at least 150% - and will hold them for the long term to allow them to generate this return. These stocks will tap into the trends of the future, such as the continued rise of online retail, the evolution of transportation and innovative healthcare.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Will Argent, investment advisor to the VT Gravis Clean Energy Income fund, explores the distinctive features that set this fund apart and provides insights into the resilience of renewable energy assets through economic cycles. We also discuss the challenges faced by energy storage and battery trusts, the compelling valuations in the current market and how power prices influence opportunities and the fund's role in delivering a regular income for investors.
What’s covered in this episode:
- How the fund differs from others in the IA Infrastructure sector
- Why investment trusts suffered recently
- Will we see a bounce back in 2024?
- How renewable energy assts preform through the economic cycle
- Why battery storage companies underperformed
- Are valuations improving for battery storage companies?
- Valuations for the wider investment universe
- Do power prices influence the opportunity in these areas
- How does the fund generate a reliable income
- How the fund fits in a wider portfolio
More about the fund:
The VT Gravis Clean Energy Income fund taps into the expertise of the Gravis group to create a portfolio of renewable energy and energy-efficiency related projects, that are benefiting from the secular move to more sustainable energy demands. It looks to generate an attractive income, alongside modest capital growth, from a spread of different projects that should deliver defensive, uncorrelated performance.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This episode focuses on the UK market, highlighting the current generational opportunity and overall optimism despite recent challenges. Simon Murphy, manager of the VT Tyndall Unconstrained UK Income fund, shares insights into the fund's emphasis on mid-cap investments, citing attractive valuations resulting from years of negative sentiment. Simon also discusses the challenges faced during his takeover of the fund in February 2020 and concludes with reflections on the UK market, addressing perceptions versus reality and potential catalysts for positive market movement.
What’s covered in this episode:
- The fund’s recent name change
- Why mid-caps make up the primary focus of the portfolio
- The valuation opportunity in the UK market
- Stock example: WHSmith
- A few FTSE 100 holdings within the fund
- The yield target for the fund
- The opportunities for dividend growth
- Taking over a fund as Covid hit markets
- The significance of a medium term view
- Dividend recovery post-pandemic
- The continued impact of the Brexit vote for UK equities
- Recognising fundamental problems in UK markets
- Where this fund sits in a wider portfolio for investors
More about the fund:
The VT Tyndall Unconstrained UK Income fund is a differentiated mid-cap-focused UK income option, offering a unique blend of dividend yield, growth potential, and diversification for investors. We applaud the fund's high active share and low active management charge. The fund has started well despite a difficult period for mid-cap stocks. We will be watching the fund closely in the future.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Dave Dudding, manager of the CT Global Focus fund, discusses the S&P 500 reaching 5,000 for the first time and various aspects of the current economic landscape, such as supply chain dynamics, inflation, and the impact of artificial intelligence (AI) on the market. Dave shares insights into specific holdings in the portfolio, including Nvidia, Microsoft, and companies in the pharmaceutical and energy transition sectors. The conversation also covers the opportunities and challenges presented by AI, the growth potential of Asian consumers, and the fund's stance on China and India.
What’s covered in this episode:
- What does the S&P 500 hitting 5,000 mean for the market?
- …and for investors?
- Are supply chain issues and inflation still dominating company meetings?
- The impact of near-shoring and re-shoring
- The persistence of wage inflation and the impact
- The dominance of AI and technology
- How high can Nvidia go?
- Why Microsoft continues to be an exciting company
- The rise of the Asian consumer
More about the fund:
CT Global Focus is a concentrated, high conviction portfolio of best ideas. David Dudding has always had a very clear philosophy and process which he has executed very successfully throughout his career. Since taking on this fund in 2018, David has continued in this success, delivering excellent performance.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The VT Downing Unique Opportunities fund has a focus on small and mid-cap companies. Manager Rosemary Banyard covers the challenges faced by smaller companies, changing sentiment, and political influences on the AIM market during this interview. We also explore the impact of M&A activities on the fund's portfolio and turnover. We finish with a case study illustrating the concept of long-term compounding success and the fund's criteria for investing in companies with sustainable moats.
What’s covered in this episode:
- What portion of the fund is currently in small and mid-caps?
- Is sentiment improving for UK small-caps?
- Will smaller companies see a rebound in 2024?
- What is the AIM market?
- M&A activity in the portfolio
- Can M&A activity continue for the year ahead
- Turnover in the fund last year
- The fund’s long-term compounding focus
- The company whose share has gone up six-fold
- What’s are sustainable and competitive moats?
- Case study into A.G. Barr and their “moats”
- Case study into GlobalData and partial selloff
More about the fund:
Launched in 2020, the VT Downing Unique Opportunities fund is managed by experienced professional Rosemary Banyard who has over 30 years of industry expertise. Rosemary seeks companies with sustained competitive advantages, low debt, and strong management. The portfolio is highly concentrated, comprising of just 25-40 names.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Chris St John, manager of the AXA Framlington UK Mid Cap fund, walks us through the FTSE 250, providing insights into its composition, changes, and dynamics of the mid cap index. We cover the diversity within the index, sectoral makeup and international exposure and well as the potential for M&A activities in 2024. Chris explains why the FTSE 250 is more sensitive to UK economic factors like interest rates and employment levels versus the FTSE 100 and addresses the performance disparities between the two indices.
What’s covered in this episode:
- What type of companies make up the FTSE 250?
- What differences are their between FTSE 100 and FTSE 250 companies?
- Is the FTSE 250 international?
- What opportunities are currently available in the FTSE 250?
- The importance of price when investing in a company
- How companies look at a corporate level
- The ability to “run winners”
- Will UK companies continue to be targets for M&A this year?
- What sector is particularly attractive
- Is the technology sector growing in the UK?
More about the fund:
AXA Framlington UK Mid Cap fund is unashamedly growth-orientated. While it naturally focuses on medium-sized companies, its manager will be pragmatic about including select opportunities from the smaller companies space, as well as letting mid-cap holdings grow. This flexibility to invest in the FTSE 100 and small cap space lets him run winners and invest early in strong growth stories.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Richard Kaye, manager of Comgest Growth Japan, covers a range of topics relevant to investors today, beginning with insights into ongoing reforms at the Tokyo Stock Exchange, emphasising the need for genuine change driven from within companies.The discussion then shifts to the inflation outlook for 2024, the irregularity of the yen's situation and what these two things mean for foreign investors. Richard explains why the fund has roughly 20% in semiconductors and concludes with reflections on the Nikkei's success, foreseeing continued momentum into 2024.
What’s covered in this episode:
- What are the Tokyo Stock Exchange reforms?
- …and what do they mean for investors?
- Japan’s inflation story and why tides may be turning
- What does the weak yen mean for foreign investors?
- Why is the weak yen irregular?
- The funds exposure to semiconductors
- Why semiconductor companies are more than just artificial intelligence
- Can momentum in Japan continue into 2024?
- How quality growth companies are positioned
More about the fund:
Comgest Growth Japan is a concentrated portfolio of only 30-40 high quality long-term growth companies that are either head-quartered, or carrying out their predominant activities, in Japan. The managers believe that Japan is full of under-researched companies with great capital discipline, barriers to entry and growth. Their mission is to find them.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
James Mee, co-head of multi-asset strategies and manager of the Waverton Multi-Asset Income fund, dives into the current economic landscape, exploring the likelihood of a recession and the factors influencing global markets. Giving an update on fund positioning and allocation across equities, fixed income, and alternative investments we touch on technology, Europe, inflation, interest rates and real assets in the portfolio. Out discussion concludes with a discussion on the role of cash in the current environment and the impact of de-globalisation on investment decisions.
What’s covered in this episode:
- How likely is recession this year?
- What are the push and pull factors on markets?
- How the fund is allocating to equities
- Did fixed income drive performance in Q4 2023?
- How the fund is positioned within fixed income
- What are “real assets”?
- How real assets are currently reflected in the portfolio
- How changing inflation impacts the fund
- Why cash is an asset class in this environment
- How de-globalisation and re-shoring could benefit the fund
More about the fund:
The Waverton Multi-Asset Income fund leverages the broader capabilities of Waverton Investment Management to construct a diversified portfolio encompassing direct equities, fixed income, and alternative strategies. The team prioritises risk management as the core of its investment approach, with a focus on safeguarding capital during periods of market weakness.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Darius McDermott and Juliet Schooling Latter return for a comprehensive quarterly market update reflecting on key moments from the last year, particularly focusing on the dominant themes of inflation, interest rates, and technology. Darius and Juliet share insights on the unexpected resilience of markets amid interest rate hikes and discuss notable events from the collapse of SVB and Credit Suisse to the surge in the "Magnificent Seven” stocks.
Looking forward to 2024, we examine potential investment opportunities and discuss whether the momentum in AI-related sectors, especially technology, will continue. They share their perspectives on global regions such as India and China, offering insights into the challenges and opportunities each presents for investors. We also touch on the potential impact of upcoming elections worldwide in 2024.
We discuss investment strategies for different time horizons, including long-term views on UK smaller companies and fixed-income investments while addressing the unique considerations for Junior ISAs. We wrap with Darius and Juliet sharing their financial resolutions for the year ahead.
What’s covered in this episode:
- 2023 reflections: the highs and lows
- The emergence of AI and ChatGPT in 2023
- The success of Indian equities in 2023
- India versus China
- Why Latin America was top of performance charts
- Can the success of technology (and AI) continue into 2024?
- What concerns do they have about China today?
- What’s your outlook for 2024?
- 2024: the year of the election …and what it means for investors
- Where to invest £10,000 today
- …and if their strategies would change when investing in a Junior ISA
- Juliet shares her financial resolution for 2024
- …and Darius resolves to not make any financial projections
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Fixed income yields are at a “once in a generation opportunity” according to Alex Pelteshki, co-manager of Aegon Strategic Bond. Alex provides us with a comprehensive overview on the peaking of rates and yields, emphasising the impact of already tight monetary policies across major markets. Alex also highlights the fund's flexible approach, focusing on opportunities in government bonds and the high yield market. The interview concludes with the question of recession in 2024, offering a nuanced perspective on the economic conditions in Europe and the UK and how the fund is positioned as a response.
What’s covered in this episode:
- Have interest rates peaked?
- Will rates fall in 2024 — considering UK, US and Europe
- Are government bonds still offering value?
- Which part of the market is particularly interesting
- The area of the market offering once in a generation opportunities
- The attractive of investment grade bonds
- Why a quarter of the portfolio is in high yield bonds
- Should investors prefer short or longer-dated bonds?
- Are we facing a recession in 2024?
More about the fund:
Aegon Strategic Bond fund has a very broad and flexible remit. It invests globally and is a true strategic bond fund that can change its positioning very quickly when necessary. The managers combine longer-term strategic positions with short-term ideas.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Simon Nichols, manager of BNY Mellon Multi-Asset Balanced, explains why he believes the world’s leading technology firms can continue to deliver strong performance heading into 2024. Simon also explains the fund’s thematic approach, and how it helps identify companies tapping into major themes, like de-globalisation and aging populations, to micro-themes like advancements in semiconductor technology.
Simon also highlights his preference for government bonds and explains how uncertainties surrounding interest rates, economic growth, and inflation impact his economic outlook going into 2024 – and where he believes there will be opportunities.
What’s covered in this episode:
- Introduction to the BNY Mellon Multi-Asset Balanced fund
- The objectives of the fund
- The wide resources of the Newton team
- Long-term themes (and micro-themes) in the fund
- His preference for larger companies
- Why he prefers a specific type of value company
- Why bonds and equities might move in different directions to each other
- His use of government bonds in the portfolio
- Will technology continue to outperform?
- Nvidia investment story
- Opportunities in 2024
More about the fund:
Leveraging the extensive resources at Newton, manager Simon Nichols has established a robust strategy that employs thematic investing to address the transformative factors shaping global markets. He focuses on "future-facing business models" capable of harnessing megatrends within their industries. While the fund primarily allocates to global equities, it also includes a portion dedicated to bonds.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Dr. Paul Jourdan, CEO of Amati Global Investors, explores the unique ESGH approach employed by Amati, shedding light on the importance of adding the "H" for Human Rights to ESG, emphasising its significance as a separate category of investment risk. Drawing on experiences over 25 years, he discusses the blind spots in the investment community regarding human rights abuses in supply chains and their far-reaching consequences.
To mark Human Rights Day on the 10th of December, the discussion delves into the profound impact of human rights, particularly in international trading of commodities like oil and gas. Paul highlights the oversight in neglecting human rights considerations in these critical sectors, pointing out real-world implications, such as the funding of geopolitical conflicts through resource purchases.
Overall, this interview provides a comprehensive overview of Amati's ESGH approach, offering investors a deeper understanding of responsible and ethical investment practices in the ever-evolving landscape of financial markets. It’s not an interview to be missed.
What’s covered in this episode:
- Why Human Rights should be explicitly added to ESG frameworks
- Where the Human Rights framework came from
- How do you balance ESG investing with oil and gas investing?
- The risk analysis of ESGH
- The “yes or no” criteria for Human Rights exclusions
- Applying ESGH to natural resource investing
- The ‘natural resources curse’
- Why we still need oil and gas for net zero targets
- Different types of ESGH analysis undertaken
- The difficulty of analysing supply chains and the example of Boohoo
- Are we over-focused on climate change reporting?
- Why carbon emissions aren’t the most important ESGH factor
- The difficulty of analysing modern slavery in a company
- Investigating and digging deeper to find potential controversies
- How “ESG mania in 2021” created unrealistic thinking
- Examples of how the ESGH framework applies to engagement and stock selection
More about Amati Global Investors:Amati is a specialist fund management boutique based in Scotland. The Elite Rated WS Amati UK Listed Smaller Companies fund has a very solid investment framework, which has consistently worked for 20 years, under Dr. Paul Jourdan’s management. The Elite Radar WS Amati Strategic Metals fund was launched in March 2021, with the company also running a number of other specialist strategies.
Read more about Amati Global Investors ESG Considerations
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
This episode covers the interesting dynamics of the past year, including varying economic forecasts, the impact of hiking cycles, and the phases of higher yields in developed markets. Eva Sun-Wai, fund manager on the M&G Global Macro Bond fund, provides insights into the three phases of higher yields, touches on the unique features of the US mortgage market and shares her views on the "higher for longer" narrative, expressing a slightly more cautious stance and anticipating a potential hard landing or recession.
The conversation also examines the portfolio's positioning, touching on themes such as de-risking, duration management, and specific views on the Japanese market. Looking ahead to 2024, the discussion highlights the significance of fiscal positions, government debt levels, and the delicate balance between fiscal and monetary policies. Eva shares her perspectives on the challenges and dynamics that may unfold in the fiscal versus monetary landscape.
What’s covered in this episode:
- Three phases of higher yields in developed markets
- Why the managers are positioned for a ‘hard landing’
- The differences in the US mortgage market
- Opportunities in the UK and European bond market
- What they expect to see in markets for 2024
- Where the managers have de-risked the portfolio
- Government or corporate bonds?
- Six-month US government bond vs S&P 500
- The main themes in the portfolio today
- Eva’s recent visit to Tokyo to the Ministry of Finance in Japan
- The fiscal versus monetary dynamic
More about the fund:
M&G Global Macro Bond is a ‘go-anywhere’ bond fund: the team can invest in any bond issued by governments and companies absolutely anywhere in the world. They can also invest in any currency, creating a portfolio that should benefit from both long-term trends and short-term tactical investments.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Alexandra Jackson, manager of Rathbone UK Opportunities, discusses the challenges faced by the UK equities market, examining the impact of global events, rising bond yields, and third-quarter results on investor sentiment. Alexandra provides a nuanced perspective on the housing market, particularly focusing on Rightmove's resilience amid competition. Alexandra shares her views on the UK's economic fundamentals, valuations, and why investors should keep a keen eye on the market in 2024.
What’s covered in this episode:
- Poor performance of the FTSE 250 in October
- Do high interest costs affect holdings?
- The importance of cash on a company’s balance sheet
- Why companies are being more cautious
- The mixed view of UK investor sentiment
- Outflows in UK equities
- The investment case for Rightmove
- Why Rightmove is “unassailable”
- Clinical trial company Ergomed and their private equity bid
- Should investors back UK equities in 2024?
More about the fund:
Rathbone UK Opportunities is a truly active and nimble multi-cap fund with a clear bias in favour of quality growth. Structural winners are balanced out with a strong core of high-quality compounders. The final portfolio consists of around 50 to 60 holdings, with a bias to mid-cap stocks.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Dillon Lancaster, co-manager of the TwentyFour Dynamic Bond fund, talks us through the current push and pull factors in the bond market, focusing on the team's strategic moves in response to the central banks' aggressive rate hikes over the past 18 months. We discuss why the team has been favouring government and investment grade bonds, their views on the likelihood of a recession and use of European AT1s and European CLOs in the portfolio. We also discuss the likelihood of recession in 2024 and whether defaults are set to rise.
What’s covered in this episode:
- The attraction of government bonds
- Concerns over fiscal deficits in the US
- Why the fund is moving to investment grade bonds
- Will we see a recession in 2024?
- Are defaults expected to increase next year?
- Will US student loan repayments impact the consumer
- Why a quarter of the fund is in US Treasuries
- How the fund is using European AT1s
- The preference for European banks over US banks
- What is a CLO?
- The funds exposure to European CLOs
- The current yield on the TwentyFour Dynamic Bond fund
More about the fund:
TwentyFour Dynamic Bond has a very flexible approach in order to take advantage of changes in market conditions. It may invest across the whole range of fixed interest assets. The income produced is usually one of the highest in the sector, but will fluctuate as investments and market conditions change. This fund differs from most strategic bond funds due to a consistent weighting to asset-backed securities, an area in which the team specialises.
Additional resources:
- What are AT1 bonds, and how do they work?
- Everything you need to know about CLOs
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Bob Kaynor, manager of the Schroder US Mid Cap fund, digs deeper into the US economy. We touch on the ‘Magnificent Seven’ and how they shed light on a wider issue: can the level of concentration in the S&P 500 continue? Or is the AI bubble set to bust? We navigate through the unique challenges posed by student debt, higher interest rates, the US consumer, the employment cycle and the potential impact of upcoming global elections on the market. Bob rounds out the episode by giving his insights into the small- and mid-cap area of the market offering a glimpse into the fund’s bottom-up approach.
What’s covered in this episode:
- The dominance of the ‘Magnificent Seven’ stocks
- Can market concentration in the US continue?
- The sustainability of high valuations in tech and AI
- Will the AI bubble burst?
- Will student debt repayments impact the US consumer?
- The ability of the US consumer to drive economic growth long term
- The impact of the employment cycle and labour hoarding
- The influence of global elections on the economy and stock market
- Why insurance companies look appealing today
- The prospects for small- and mid-cap investments in 2024
More about the fund:
Managed by Bob Kaynor in New York, this fund focuses on small- and mid-cap US companies, aiming to outperform the Russell 2500 Total Return Lagged index over three to five years. The fund's success is attributed to meticulous stock-level analysis, emphasising stock selection over sector allocation. Bob's hands-on approach, supported by a seasoned analyst team, distinguishes the fund.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Murray Income manager Charles Luke highlights a trio of reasons why the UK market looks compelling at present, while also discussing the importance of focusing on quality companies when there is so much noise. We delve deeper into some of the companies in his portfolio, including a genetics company working on virus resistant pigs and a familiar FTSE 250 name that is set to benefit from an Amazon film and TV series. We also discuss the benefits of a strategy combining quality and income and why having some international exposure is important for the trust.
What’s covered in this episode:
- The international makeup of UK companies
- Attractiveness of UK valuations
- Dividend cover in the UK
- 50 years of dividend growth for the trust
- The importance of focusing on companies over noise
- M&A activity in the trust
- The potential of Games Workshop
- Genetics company Genus and virus resistant pigs
- How the trust uses international companies in the portfolio
- Why “quality income” now
More about the trust:
Backed by a strong UK equities team, Murray Income Trust is all about building a portfolio of 30-70 high quality companies which deliver a resilient income, as well as offering strong capital growth prospects. The trust is conservatively managed and targets resilient companies which can thrive in any economic scenario. The result is a dependable, diversified and differentiated trust, which has delivered consistently strong performance at a time when it has been challenging for UK equities.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Samantha Gleave, co-manager of Liontrust European Dynamic, discusses the fund's investment process, including how a company can qualify for its 'cashflow champions' watch list. The interview also touches on the importance of the macroeconomic environment, concerns related to energy prices, the impact of recession in Germany and why the fund is tilting towards value. She concludes with a balanced outlook on European equities, while also highlighting opportunities at the stock level in names likes Novo Nordisk, Inditex and Partners Group.
What’s covered in this episode:
- What is the Cashflow Solutions process?
- Why the fund is tilting towards value
- Are there concerns about Europe’s gas supply this year?
- Will Germany bounce back from recession quickly?
- Does the team prefer one country over the other in Europe?
- The strong momentum of Inditex
- The investment case for private equity business Partners Group
- Outlook for European equities in 2024
- The importance of positive stock news, highlighting Novo Nordisk
More about the fund:
The Liontrust European Dynamic fund is a concentrated portfolio with 30-40 holdings, emphasising robust cash flows as the primary driver of returns from European companies. Its exceptional long-term performance is attributed to a collaborative, rigorous process and a flexible investment style that can pivot between value and growth based on market opportunities.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Dr. Niall O’Connor, manager of SVS Brooks Macdonald Defensive Capital, gives a comprehensive overview of the financial landscape for investors, including the role of inflation, interest rates, asset valuations across various markets and, ultimately, where there may be opportunities. We delve into the dynamics of investment trusts - including the substantial discounts some are trading at - with Niall highlighting the potential for mergers and acquisitions in this space. We finish with Niall giving his outlook for 2024 and the polarised nature of a potential recession in the UK.
What’s covered in this episode:
- Will the Bank of England raise target inflation to 4%
- Have interest rates peaked
- The lag in monetary policy
- How UK mortgages will be impacted in 2024
- The discounts available on investment trusts
- M&A activity in the UK, starting with Round Hill Music
- Will US private equity investors start buying out UK investment trusts?
- The appeal of student accommodation and how it differs from commercial property
- Why government bonds are actually offering negative real rates
- The appeal of short dated index-linked gilts
- How the managers targets yield in the fund
- Why recession will be very polarised in the UK …and some may not even feel it
- UK and US valuations as we head into 2024
More about the fund:
Long-term capital growth and protection is the objective of this defensive, multi-asset fund. A key feature is that investments often do not require market growth to provide a positive total return and are supported by having significant underlying asset cover. Niall uses the range of tools available to him to dial up or dial down the fund’s sensitivity to market movements, which results in an intelligent investment mix that will see investors through a range of market conditions.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Sophia Li, manager of FSSA Japan Focus, joins us to discuss the driving forces behind the strong performance of the Japanese stock market in 2023. We delve into the influence of foreign investors - particularly Warren Buffet - on the Japanese market and whether their growing confidence should serve a positive indicator for long-term investors. We discuss the consequences of Japan's aging population on the economy and how the impact of this varies for different companies. Sophia also shares insights on the adoption of cashless payments in Japan, as well as its strengths in robotics, automation, and AI and how they contribute to investment opportunities in the market.
What’s covered in this episode:
- What are the drivers behind the strong performance of the Japanese economy
- What foreign investment into the region means for Japanese companies
- The influence of Warren Buffet on Japanese equities
- Is there an increase in dividends in the region?
- The growing adoption of a cashless system
- The demographic headwind in Japan
- Why an aging population is an opportunity
- The fund’s exposure to automation, robotics and artificial intelligence
- The stylistic nature of the Japanese market
- What could make growth and quality come back into favour
More about the fund:
Launched in 2015, the FSSA Japan Focus fund is a high-conviction portfolio driven by a unique philosophy and process that disregards benchmark constraints. Its success in other Asian markets has now extended to Japanese equities, making it a strong core choice for investors seeking exposure to this region. Backed by an experienced team, the fund focuses on quality and predominantly invests in large and medium-sized Japanese companies.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Darius McDermott and Juliet Schooling Latter return to discuss the fallout from an incredibly busy third quarter of 2023. The duo discuss whether interest rates have peaked, how inflation is evolving, and why the uncertainty in markets leaves them open to a number of very different economic scenarios. They also touch upon recent political developments, such as the UK's shift on net-zero goals, and how these changes might affect investors.
We explore the performance of various investment sectors, such as Indian equities, commodities, and high-yield bonds, as well as the struggles faced by infrastructure, index-linked gilts, and European smaller companies. Finally, Darius and Juliet speculate on what investors should watch for in the final part of the year, including possible government measures to stimulate the UK stock market.
What’s covered in this episode:
Have interest rates peaked?
What interest rate rises means for fixed income
Why equity markets are currently volatile
Is decarbonisation still an investment mega trend?
Why sustainable products have underperformed
Why have Indian equities performed strongly in Q3?
The volatility of commodity investments
The challenges facing infrastructure as an asset class?
The negative correlation between index linked gilts and rising rates
Is there still an argument for UK smaller companies?
What should UK investors expect from the Autumn Budget?
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this interview, Richard Parfect, co-manager of the VT Momentum Diversified Income fund, gives an overview of where he believes the opportunities in the market lie today, highlighting high yield, emerging market debt and specialist assets. We then shift to a broader discussion around inflation and how that impacts the fund’s inflation target of CPI plus 5%. Finally, the conversation touches on a critical issue within the investment trust industry – the inclusion of investment company costs in the reported costs of funds. Richard expresses concerns about this practice, as it can create an uneven playing field for fund comparisons and lead to misleading cost figures. He stresses the need for transparency and common-sense adjustments in cost reporting to ensure investors can make better informed decisions.
What’s covered in this episode:
- The largest holdings in the VT Momentum Diversified Income fund
- How high yield and emerging market debt can be defensive
- Why the fund is leaning towards fixed income
- The importance of specialist assets, including an airline leasing company
- The role of gold in the portfolio
- The fund’s inflation target of CPI plus 5%
- Managing expectations around inflation
- Synthetic costs on investment trusts
- Why trust costs could be misleading to investors
More about the fund:The aim of the VT Momentum Diversified Income fund is to consistently generate a substantial income stream while also aiming to safeguard the long-term real value of capital. The fund managers adopt a value-focused investment style and have the flexibility to allocate across various asset classes, including both UK and international equities, fixed income, real estate, and specialist investments.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Will Lough, manager of R&M Global Sustainable Opportunities, tells us more about the newly launched fund. We touch on the coexistence of value investing and sustainability, emphasising the importance of defining these concepts broadly rather than in narrow terms. Will explains how sustainability is evaluated through three pillars: people, innovation, and the environment, with varying importance depending on the business model. In the second half of the interview we cover global smaller companies and Japanese equities as a current focus for the fund, highlighting two examples: Nikon and Baker Hughes.
What’s covered in this episode:
- An overview of the R&M Global Sustainable Opportunities fund
- Why the fund has a bias towards smaller companies
- How value investing and sustainability can work hand in hand
- The three pillars of sustainability in the fund
- The importance of valuations when looking at companies
- The types of companies the fund excludes
- Why the manager is taking a more contrarian position
- The appeal of global smaller companies today
- Why the fund has a growing interest in Japanese equities
- How the fund has been engaging with Japanese companies for positive change
- The investment case for Nikon
- The sustainability case for energy company Baker Hughes
More about the fund:
R&M Global Sustainable Opportunities is a high conviction, value-orientated fund, that invests in companies of all sizes. It offers a real alternative to the average global sustainable fund, which usually comes with a large-cap growth style tilt. The fund’s favoured area is finding undervalued quality businesses. Its key sustainability objective is aligning with net zero by 2050.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The world's population is projected to become more urbanised, with 68% living in cities by 2050, according to our guests Kate Hewitt and Harriet Topham, ESG and Impact specialists at Montanaro Asset Management. We dive into this theme of the built environment, changing demographics and urbanisation's impact on investments. Harriet illustrates the point with examples from the Montanaro Better World fund such as Marshalls, Bentley Systems, and Sdiptech. The discussion ends with the importance of achieving net zero targets by 2050 and Montanaro's role in the sustainability journey of smaller companies.
What’s covered in this episode:
- What is impact investing?
- How is ESG embedded at Montanaro?
- The six themes within the Montanaro Better World fund
- The UN’s Sustainable Development Goals
- How changes in demographics and urbanisation require sustainable solutions
- What is the built environment?
- Three companies contributing to sustainable urban development
- What are digital twins?
- The importance of achieving net zero targets
- The difference between science-based targets and non-science-based targets
- Why engagement with companies is crucial
- How Montanaro provides guidance to firms just starting out on the path toward sustainability
More about the fund:
The Montanaro Better World fund is a global equities fund that focuses on identifying medium and small-sized businesses. These businesses are selected based on their products or services, which have a positive impact on the world. The fund employs a straightforward positive impact screening process, which aligns well with its overall strategy.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this special bonus episode to mark ‘International Podcast Day’, the focus is on a unique FundCalibre event - fund manager speed dating. Seven journalists had the opportunity to interview seven fund managers in a fast-paced setting, delving into their views and investment philosophies. The team at FundCalibre also took the opportunity to find out more about the managers and this episode features highlights offering insights into how they found their way into the industry all the way through to their words of wisdom for the next generation of investors. This episode provides a glimpse into the personal and professional lives of fund managers, revealing their diverse backgrounds, philosophies, and the valuable lessons they've learned throughout their careers.
What’s covered in this episode:
- Discover whose grandmother had a seat on the New York Stock Exchange
- Which fund manager almost designed F1 engines?
- Who started out as a software developer
- The qualities that make a good fund manager
- Our guests’ investment approaches boiled down into just three words
- The traumatic moments that stick out in a career
- The research success story
- The power of sustainable investing
- The 30-minute investment decision
- Advice from our guests for those beginning their investment journey
The funds featured in this episode:
This episode featured seven managers, in order of appearance, here are the managers and their funds:
- Alec Cutler, manager of the Orbis Global Balanced
- Charles Luke, manager of Murray Income Trust
- Tom Lemaigre, co-manager of Janus Henderson European Select Opportunities
- Peter Michaelis, co-manager of both Liontrust Sustainable Future Managed and Liontrust Sustainable Future Global Growth funds
- Paul Flood, manager of BNY Mellon Multi-Asset Income
- Praveen Kumar, manager of Baillie Gifford Shin Nippon Trust
- Charlotte Ryland, manager of the CCLA Better Worlds Global Equity. Please note: the fund is a newly Elite Radar product and will be available on our website shortly.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
We touch on the UK stock market’s up and downs with Alessandro Dicorrado, co-manager of the Ninety One UK Special Situations fund, who questions whether recent performance has been driven by sentiment or the overall challenges faced by UK companies today. Alessandro emphasises the team's focus on contrarian investing as we look closer at the fund’s composition.
This interview also covers “sin stocks” such as tobacco and oil companies, with Alessandro arguing that these industries are in transition towards sustainability and decarbonisation, rather than being inherently unethical. Alessandro gives an overview as to how the team approaches these companies through engagement and highlights holdings working on decarbonisation and electrification.
What’s covered in this episode:
- What factors have influenced the UK stock market’s up and downs
- The types of companies held in this fund
- The manager’s valuation approach to stock selection
- Why “sin stocks” is an unfair label
- How these so-called “sin stocks” are transitioning
- Looking for companies with strong ESG strategies in place
- Why Rolls-Royce is well positioned for the future
- How Rolls-Royce is working towards decarbonisation
- The transition towards electrification
- Why the manager is bullish on the auto suppliers sector
- How the manager monitors long-term themes
- Being patient and waiting for opportunities in more popular themes
- Insurance as an artificial intelligence investment
More about the fund:
The investment process for Ninety One UK Special Situations fund is best described as contrarian, meaning the team seeks to exploit the ‘herd’ mentality of capital markets by investing in UK companies that are both unloved and undervalued. The team begins its search for new ideas by looking at shares whose prices have fallen substantially from their peak – or which have gone nowhere for some time. The managers will then undertake detailed fundamental analysis, sifting out the genuinely troubled businesses from those which have been misunderstood by the market.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
David Dudding, manager of the CT Global Focus fund, and newly appointed co-manager Alex Lee, share the fund’s investment philosophy of focusing on company-specific factors, competitive advantages, and long-term growth potential. We also consider global economic trends and thematic investment opportunities such as decarbonisation and energy efficiency. David and Alex also discuss the fund’s holdings in Apple, Pepsi, CRH, and current opportunities in both Japan and emerging markets.
What’s covered in this episode:
- Current sentiment in the global economy, region by region
- Concerns about government stimulus in China
- Trends in machinery and industrials
- Why semiconductor companies have faced challenges recently
- The fund’s approach to stock selection
- The characteristics the managers are looking for in companies
- The investment case for Apple
- The competitive advantages of CRH
- PepsiCo: pricing power and snacks
- Why Japanese companies are looking more attractive
- Opportunities in emerging markets, highlighting Indian banks
- Growing importance of energy efficiency
More about the fund:
The CT Global Focus fund is a concentrated, high conviction portfolio of best ideas. The fund looks to invest in businesses that demonstrate both exceptional quality and a strong return on investment, with the potential for sustainable long-term growth. Although is truly global fund, the managers only explore opportunities in emerging markets when they meet strict quality criteria.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
We start our interview with Tom Lemaigre, co-manager of Janus Henderson European Selected Opportunities, by getting an update on the fund’s future given the retirement of veteran manager, John Bennett. Tom emphasises that the investment process and core tenets will remain unchanged despite the change of leadership.
Tom also covers the current economic environment in Europe, including the challenges for companies and why their long-term investment approach allows them to take advantage of short-term market reactions. The interview delves into the fund’s portfolio, which is aligned with long-term thematic trends such as deglobalisation, onshoring, electrification, energy efficiency, automation, and digitalisation. Tom provides examples of these themes and finishes with two travel and transport holdings, Airbus and Safran.
What’s covered in this episode:
- What the retirement of John Bennett, in August 2024, means for the fund
- The key philosophy of the fund
- Why European companies are global in nature
- The impact of an anticipated recession on companies
- How the managers can take advantage of negative sentiment
- The impact of de-stocking on companies
- The attraction of UPM-Kymmene and…
- How it has evolved over the last decade into a more sustainable company
- The long-term themes running through the portfolio
- What friend-shoring means for company supply chains
- Stimulus coming out of Europe
- Why travel feels like a defensive play
More about the fund:
The Janus Henderson European Selected Opportunities fund is an all-weather portfolio. The emphasis is on finding mega and large-cap global leaders based in Europe, which have free cash flow and lower leverage. The managers are long-term investors and look to take advantage of short-term overreactions in the market.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Delve into Japan's economic landscape and its place in the world with Sam Perry, manager of the Pictet Japanese Equity Selection fund. Sam gives a critical examination of the perception of deglobalisation and its impact on Asia and Japan, before shifting to Japan's unique economic environment and newfound – and welcome - inflation. We also consider how Japan's recent economic stimulus and policies have shifted the narrative, with increased investment opportunities and economic growth, the “inefficiency” and misconceptions of the Japanese equity market and the long-term prospects for the car industry in Japan.
What’s covered in this episode:
- Why the globalisation genie is already out of the bottle
- How US/China tensions influence Japanese companies
- Why iPhones will never be built in the US
- The reshuffling of supply chains and what that means for Japanese companies
- What a pair of Jeans can tell us about the cost of labour
- A brief history of Japanese banks and inflation rates
- Why inflation in Japan is so different from the US or UK today
- Can outperformance in Japan continue?
- How Japanese companies are coping with rising costs
- Is the Japanese market the most inefficient equity market?
- Why under-researched Japan provides opportunities for active managers
- Why the Pictet Japanese Equity Selection fund doesn’t have a style bias
- The opportunity in car manufacturers today
- The strength in Toyota’s battery technology
More about the fund:
The Pictet Japanese Equity Selection strategy is a focused approach that commits to long-term investments in large and mid-sized enterprises. Employing a blend of market evaluation and in-depth company analysis, the fund manager identifies Japanese firms that actively endorse strong environmental and governance standards while presenting promising growth potential at an attractive valuation.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The VT Downing Unique Opportunities fund recently celebrated its third anniversary. With its life so far having been dominated by tumultuous global events such as the pandemic, the invasion of Ukraine, and rising inflation, manager Rosemary Banyard joins us to discuss how she navigated these challenges and managed to outperform in spite of them.
The fund has a focus on small and mid-cap companies, which have faced headwinds in recent years. Rosemary explains this in more detail and shares her experience with M&A activities. We conclude the interview by discussing current market sentiment towards the UK and consider the concerns and the factors that may make now an attractive entry point for investors.
What’s covered in this episode:
- Overcoming the challenges of launching a fund during Covid
- The fund’s focus on small and mid-cap companies
- The fund’s performance compared with its peers
- Why the fund doesn’t invest in banks or oil and gas companies
- The importance of long term compounding
- Top performer in the fund: Games Workshop
- How prevalent M&A activity has been
- Two companies in the fund that have had bids
- When it’s hard to ignore the macro “noise”
- Views on the UK market’s undervaluation
More about the fund:
Launched in 2020, the VT Downing Unique Opportunities fund is managed by experienced professional Rosemary Banyard who has over 30 years of industry expertise. Rosemary seeks companies with sustained competitive advantages, low debt, and strong management. The portfolio is highly concentrated, comprising of just 25-40 names.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The Rathbone Greenbank Global Sustainability fund marked its 5th anniversary in July. Manager David Harrison joins us to discuss how sustainable investing has changed over the past five years and predicts what is yet to come in the sector. We consider both the circular economy and artificial intelligence as emerging trends, but also delve into healthcare - a current opportunity within the fund. We also discuss the surprising resilience of the US and UK economies amidst market volatility and David also emphasises the importance of keeping a balanced approach in the fund.
What’s covered in this episode:
- Why the US and UK economies appear resilient…
- And whether that resilience can continue in today’s markets
- The challenges facing companies today
- Why the manager is keeping the fund balanced
- The importance of regular management meetings
- How the investment universe of the fund has grown over the past five years
- Why the fund doesn’t include nuclear energy and defense companies
- The quality of businesses within the sustainable sector
- The types of healthcare companies in the fund
- The balancing act of healthcare innovation and rising drug prices from a sustainability point of view
- Two themes that could be the future of sustainability
- The growth and significance of the circular economy
- How artificial intelligence could penetrate the sustainable sector
More about the fund:
Rathbone Greenbank Global Sustainability fund is a high conviction, multi-cap fund but will have a bias towards mid-caps. The fund has a negative screen, actively avoiding businesses involved in unethical or unsustainable practices, such as those involved in alcohol, animal welfare violations, armaments, human rights violations, oil & gas extraction, nuclear power, pornography, tobacco and gambling. Additionally, each holding will also have to have at least one positive environmental, social or governance attribute.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Uzo Ekwue, co-manager of the Schroder British Opportunities Trust, gives an update on performance, the investment strategy and the current 30% discount to the market. Uzo emphasises the trust’s focus on both private and public assets, particularly in the mid and small-cap space, and tells us why they see a mispricing of private assets due to market sentiment. We touch on examples within the portfolio, illustrating the range of size, mergers and acquisitions in the UK and ultimately the exciting opportunity for investors to be a part of the strong growth potential of the trust’s underlying assets.
What’s covered in this episode:
- What caused the trust to trade at a discount of around 30%
- How negative market sentiment influenced the share price
- The trust’s mispricing, in particular private assets, explained
- What is needed to change sentiment around the UK?
- The evolution of the trust’s exposure to private assets
- What is a “beat and raise” phase for markets
- The focus on small and mid-caps, with examples of Bytes Technology and Judges Scientific
- M&A activity in the UK
- Why now is a good entry point into UK equities
More about the trust:
The Schroder British Opportunities trust (SBOT) aims to take advantage of the less popular reputation of UK equities, through investing in both private and public assets. The managers focus on companies that have faced difficult situations. The trust's portfolio includes 30 to 50 smaller and medium-sized businesses, both public and private, that need more investment. We think this trust is in a good position to benefit from the attractive prices of UK stocks and to help strong UK companies that face tough challenges.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Managed by Mike Riddell, the positioning of Allianz Strategic Bond fund is driven by the team’s view on the prevailing economic environment. In this interview, Mike outlines why he believes understanding the global economic direction and identifying mismatches between market pricing and actual risk, is so important for bond investors.
He explains that while markets are currently pricing in minimal risk of recession, his fund remains flexible, employing tactics such as investing in government and corporate bonds, taking inflation views, and even investing in currencies. He also discusses potential risks, such as geopolitical events and China's economic challenges, which could have substantial implications for the global economy. Throughout the interview, Mike highlights the need for patience, the importance of understanding interest rate dynamics, and the fund's conviction in its stance, even if short-term losses occur.
What’s covered in this episode:
- The objectives of the Allianz Strategic Bond fund
- The market mispricing a recession
- Why the manager is shorting corporate bonds
- Why the manager is bullish on government bonds
- What’s causing frustration for the manager today
- The manager’s view on last year’s underperformance
- The different scenarios that could cause a recessionary crisis
- The known, unknown of China — and what that means for investors
- Why news from China could potentially destabilise the global economy
- Ultimately, interest rates remain the main risk for a recession
More about the fund:
Managed by Mike Riddell, the Allianz Strategic Bond fund adopts a distinctive approach influenced by the team's macroeconomic outlook. Mike believes most strategic bond funds masquerade as high yield bond funds and, as a result, have a high correlation with equities. This fund is very different and is all about looking at the bigger picture.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Francesco Conte and Sara Bellenda, co-managers of the new Elite Radar JPM Climate Change Solutions fund, explain to us how an internally developed AI tool helps them to scan thousands of companies to find the most likely contributors in creating a more sustainable world.
The managers discuss the importance of identifying technology and innovation early, highlighting both hydrogen and carbon capture technology as two examples. While heat waves and rising ocean temperatures both serve as alarming indicators of climate change, the interview also discusses the importance of adaptation and proactive solutions. Ultimately, the fund's approach to investing in companies driving innovative solutions is to address these challenges and contribute to a more sustainable future. We also discuss a number of other underlying themes behind the fund.
What’s covered in this episode:
- The aim of the JPM Climate Change Solutions fund
- How the managers use AI to narrow down their investment universe
- The use of AI and human input to generate the fund’s key themes
- Does the fund only target decarbonisation?
- The companies investing in sustainable water
- The importance of good technology in precision agriculture
- Investment opportunities in sustainable construction and net zero buildings
- Improving the modern methods of construction
- Why saving money is a greater driver than cutting back on CO2 emissions
- The adoption of new technology in these sectors
- Why exposure to a theme may not be 100%
- Finding companies at the forefront of technology
- What is carbon capture technology?
- How consumers can adapt to a changing world
More about the fund:
The JPM Climate Change Solutions fund focuses on investing in companies actively developing solutions to combat climate change. Operating as a high-conviction thematic portfolio, this fund isn't bound by index limitations. Its primary objectives revolve around addressing key themes such as renewables & electrification, sustainable transportation, viable food & water practices, eco-friendly construction and recycling & re-utilisation.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
David Ennett, co-manager of the Artemis Global High Yield Bond fund explains why the sector has now matured giving investors greater scope to invest in higher quality bonds in this portion of the market. He emphasises the importance of actively choosing which segments of the market to invest in and explains why high yield bonds are appealing in an inflationary environment.
The interview also delves into the fund's investment approach, including its preference for BB and B-rated securities, as well as its focus on developed markets like the UK and the US. David also shares the rationale behind a few unique holdings, such as Crocs, and why they make a better investment than fashion choice. Regarding the market outlook, David believes the second half of the year may continue to be influenced by inflation and uncertainty, but there's growing acceptance that the downside may not be as pronounced as feared. David also discusses his 3-5 year outlook for the high yield bond market.
What’s covered in this episode:
- What type of companies make up the high yield market
- Does high yield become risker in an inflationary environment
- Where does the Artemis Global High Yield Bond fund invest
- Why the UK bond market is so appealing
- The investment case for Crocs
- Uncovering hidden gems in the market
- How do high yield bond funds fit in a wider portfolio
- The correlation between equities and high yield bonds
- Moving on from inflation denial and what that means for the second half of 2023
- The medium-term outlook for high yield bonds
More about the fund:The Artemis Global High Yield Bond fund is a high conviction fixed income portfolio investing in 60-100 high yield issuers across the globe. Managers David Ennett and Jack Holmes, aim to make the money invested by shareholders grow in two ways: by earning regular income and by increasing the overall value of the investments. They do this by looking for opportunities in parts of the bond market that other investors don't pay as much attention to.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Praveen Kumar, manager of the Baillie Gifford Shin Nippon investment trust, tells us about the welcome return and impact of ‘mild inflation’ to a country that has had more than two decades of deflation. He details the subsequent shift in mindset for domestic investors and how this is boosting the domestic equity markets. Praveen then gives us his views on the growth prospects for Japan - boosted by advances in the application of AI - and the impact of this on the fund’s own holdings.
What’s covered in this episode:
- The impact of inflation on Japanese spenders - and savers
- The surprising behaviour that Japan and Germany have in common
- How the domestic investment market is benefitting from the inflationary environment
- What the lack of correlation between economic growth and stock market returns means for investors
- Geopolitical tensions and the positive implications for the Japanese economy
- Why regulation and global comparison are attracting foreign investment into Japan
- How Japan’s current demographics are influencing AI take-up
- How the AI industry in Japan is different to elsewhere
- AI in the cosmetics and construction sector
More about the trust:The Baillie Gifford Shin Nippon trust aims to provide long-term capital growth by investing in smaller companies listed on the Japanese stock market. Shin Nippon means ‘new Japan’ and this trust focuses on emerging or disrupted sectors, where the manager sees innovative growth opportunities. The team is prepared to bide its time while these companies reach their full potential and, while the trust can be highly volatile, patient investors have been richly rewarded.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Alec Cutler, manager of the newly award Elite Rated Orbis Global Balanced fund, joins us today to provide a brief introduction to the fund's philosophy, the unique charging structure of the fund and its approach to targeting long-term returns, before turning to macro events. Self-proclaimed contrarian investor, Alec, highlights the importance of patience and being comfortable with being alone and potentially being wrong - or early - in investment decisions.
We shift to the ever-present topic of inflation, with Alec expressing skepticism about the Federal Reserve's ability to control it and highlighting several current — and historical — inflationary pressures. Regarding the outlook for a recession, Alec explains that, as a contrarian investor, he looks for opportunities in areas that have been battered in the market, telling us more about where he’s currently finding opportunities.
In the second half of the interview, the conversation focuses on the bond market, gold, geopolitical concerns, and the unique charging structure of the fund. Alec emphasises the attractiveness of gold and its role in the portfolio, arguing that gold is the original cryptocurrency because it was "issued by God." We shift to de-globalisation and Alec elaborates on why he believes we’re seeing a “resumption of the Cold War” with a growing divide between the East and the West — and how ESG issues are playing a role.
What’s covered in this episode:
- Introduction to the Orbis Global Balanced fund and philosophy
- The asset allocation and philosophy of the fund
- Four past contrarian examples in technology, including Microsoft and Apple
- Why the Fed hasn’t got anything right
- Why 2% inflation doesn’t make any sense
- How historical data influences today’s inflation
- How defense spending, technology and anchoring all influence inflation
- What is ‘Greenflation’ and how it’s impacting the economy
- The appeal of the US, Japan, and Korea
- Why the fund is underweight the US
- The attractive nature of TIPS — Treasury Inflation Protected Securities
- Why gold is the crypto issued by God
- The importance of managing currency risk
- The reintroduction of bifurcation and the “Cold War”
- The impact of ESG on the East/West divide
- The unique charging structure of the fund
More about the fund:Orbis Global Balanced scours the world for the best investment opportunities across a number of asset classes including equities, fixed income and commodities. Manager Alec Cutler believes one of the key advantages of the portfolio is the ability to focus on best ideas and making them “fight for capital”, with every holding needing to be an active contributor to the fund.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Stephanie Bothwell, co-manager of the BlackRock European Absolute Alpha fund, joins us today to discuss the current economic and market conditions in Europe. While macro narratives such as inflation and interest rates have influenced the market, there is now more dispersion between stocks and within sectors, creating a supportive environment for bottom-up stock selection. Stephanie highlights two long positions in the fund: Novo Nordisk, driven by innovation in diabetes and obesity therapies, and Royal Unibrew, a Danish drinks company which announced a deal just this week, providing a platform for organic growth.
What’s covered in this episode:
- The dispersion between European markets
- Characteristics of a good long position in the portfolio
- The investment case for Novo Nordisk: highlighting diabetes and obesity
- The investment case for Royal Unibrew
- Characteristics of the short positions in the fund
- What sectors are currently providing a good opportunity for shorting
- How the fund factors in higher interest rates and inflation in stock selection
- Why investors should consider the fund in their portfolio
More about the fund:
The BlackRock European Absolute Alpha fund has a fully flexible investment approach aiming to generate positive returns irrespective of market conditions. The fund's primary objectives are capital preservation and maintaining low levels of volatility. Instead of relying on complex derivatives, the fund employs a combination of long and short equity positions.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Darius McDermott and Juliet Schooling Latter offer their opinions on the artificial intelligence craze - whether it’s here to stay and how companies can embrace AI going forward. On the subject of inflation, they acknowledge its persistence and the challenges it presents, and consider whether cash could be an attractive asset class today. Darius and Juliet also give their views on how investors should react to a change of management on a fund and why investors shouldn’t try to “time the market” but rather consider “buying the dips” for long term investments.
What’s covered in this episode:
- Is artificial intelligence a fad or is it here to stay?
- Why AI will cause disruption and potentially benefit economic growth
- Should you invest in cash or corporate bonds?
- The appeal of short duration bonds
- Buying experiences not goods
- How everyone got inflation wrong
- What should you do when a fund manager retires?
- What makes technology the stand-out winner of the first half of 2023
- Europe and Japan leading the pack
- Why government bonds have performed so poorly in 2023
- Geopolitical concerns driving underperformance in China
- Is the UK going into a recession?
- The outlook for the second half of 2023
The advantage of investing in a pooled fund of Real Estate Investment Trusts (REITs) is that investors don't need extensive knowledge about the underlying assets. Active managers such as Rogier Quirijns, co-manager of the Cohen & Steers European Real Estate Securities fund, handle the selection of properties and the broadening sectors within real estate, such as office spaces, retail, data centres, and self-storage, on your behalf.
Rogier discusses the negative impact of inflation overshooting and the subsequent increase in interest rates, which primarily affected the listed real estate market. However, he also mentions that inflation can be a benefit by increasing rental income. He then turns to the defensive nature of the sector when discussing recession. We finish with the opportunities for investing in undervalued assets, such as German residential properties.
What’s covered in this episode:
- What is a REIT?
- What are the advantages of REITs?
- How the sector has broadened out into new sub-sectors
- What caused the challenging period of real estate assets in 2022
- How inflation can benefit real estate
- The defensive characteristics of real estate
- Potential catalysts for the asset class
- The strong pricing power in self-storage
- Opportunities in German residential properties
- The impact of higher interest rates on mortgages
More about this fund:This fund employs a proven and reliable approach that enables its well-resourced team to navigate the market, aiming to provide consistent returns that surpass the overall market performance. The European real estate market is influenced by a multitude of factors, but the expertise and resources of Rogier and the team empower them to analyse all available information and construct a risk-conscious portfolio.
City of London Investment Trust manager Job Curtis discusses the current state of the UK economy and provides a more optimistic perspective. While he believes inflation will eventually decline, it may take time to return to previous levels. Job discusses the global exposure of his holdings and the negative perception of the UK market on the global stage. He also reveals what he says is the “hidden secret of stock markets”. The interview finishes with Job highlighting the reliability of the trust to grow its dividends and how companies in the portfolio have managed rising inflation and interest rates.
What’s covered in this episode:
- Pessimism surrounding the UK economy
- How wage, food and energy prices influence inflation
- Why the UK stock market is not the same as the UK economy
- How UK equities offer investors potential growth
- The international exposure of the trust
- Why the UK market continues to trade on a discount
- Examples of M&A activity in the portfolio
- The importance of income in a portfolio, no matter your age
- How perceived inflation impacts markets
- Why the manager takes a cautious approach
- How the trust is currently positioned
- The sectors with the largest allocation today
More about this fund:The City of London Investment Trust focuses on generating both income and capital growth through its investments primarily in larger UK companies that have international reach. For 56 consecutive years, it has consistently raised its dividend payment. The trust has a conservative approach, which has resulted in consistent and reliable returns over an extended period.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Anjli Shah, manager of the abrdn SICAV I Global Mid-Cap Equity fund, demonstrates the effectiveness of the fund’s ability to run small-cap winners and buy future large-caps early. Anjli acknowledges the challenges faced in 2022, due to a combination of style rotation in global markets and mid-cap growth being affected by higher inflation and interest rate expectations.
This episode also focuses on three holdings: Cadence, a US company specialising in computational software for semiconductor design, Moncler, an Italian luxury brand known for its outerwear, and small-cap graduate, Insulet, a US manufacturer of tubeless insulin pumps. Anjli explains the growth drivers and positive attributes of each company. She also emphasises the importance of meeting management teams and assessing their strategies, vision, and alignment of interests.
What’s covered in this episode:
- The success of the fund following the third anniversary since inception
- How global style rotation impacted global mid-caps
- The potential for mid-caps to bounce back quickly
- Why semiconductors are important to the AI story
- The momentum behind Italian luxury brand Moncler
- The importance of meeting management before investing
- How the ‘Matrix’ is used for portfolio idea generation
- The potential for Asian and emerging markets to perform well
- Small-cap ‘graduate’ Insulet, a manufacturer of tubeless insulin pumps
More about this fund:
The abrdn SICAV I Global Mid-Cap Equity fund uses the resources of abrdn's thriving small and mid-cap desk, focusing on companies that fall within the "next 15%" range in terms of market capitalisation beyond smaller firms. The fund's approach centres around abrdn's robust screening tool called ‘The Matrix' and consists of approximately 40-80 companies.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Ian Mortimer, co-manager of the Guinness Global Innovators fund, shares how the fund identifies and profits from innovative and disruptive companies, emphasising the importance of sustainable growth and the need to avoid getting caught up in the hype. We also cover the benefits and risks associated with Artificial Intelligence, the Metaverse, and the payments and FinTech sector. Ian provides examples of companies within these various themes and discusses the long-term outlook for investing in innovative companies, highlighting the challenges faced in the past 18 months.
What’s covered in this episode:
- How investors can make money from innovative companies
- How markets reacted to ChatGPT
- The performance of artificial intelligence stocks versus the benchmark
- The potential benefits of artificial intelligence
- Why investors shouldn’t necessarily buy into the whole AI story
- The recent profitability of Meta
- Why the Metaverse looks attractive
- How demographics have influenced the FinTech market
- How AI could influence financial data
- Innovation doesn’t necessarily mean the smallest companies
- How interest rates impacted innovative companies
- The positive outlook for quality growth
More about the fund:The Guinness Global Innovators fund focuses on innovative and disruptive companies and has identified nine key innovation themes. These themes are advanced healthcare; artificial intelligence and big data; clean energy and sustainability; cloud computing; internet, media and entertainment; mobile technology and the internet of things; next generation consumer; payments and FinTech; robotics and automation. The fund will naturally have a heavy bias in favour of the growth style of investing.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
James Mee, co-head of multi-asset strategies and manager of the Waverton Multi-Asset Income fund, provides a comprehensive overview of the wide range of opportunities available to multi-asset investors. James delves into Waverton's unique approach to risk management, emphasising that it goes beyond just volatility and encompasses factors like inflation and potential permanent capital loss. He explores the effective strategies employed during uncertain periods, including the use of hedging within the fund to mitigate these risks.
The latter part of the episode focuses on the critical topic of inflation and its long-term implications. James analyses various factors such as China's working population, the influence of digitalisation, and the impact of artificial intelligence. To illustrate these concepts, James finishes by sharing two examples from the fund's portfolio: the Chicago Mercantile Exchange and PRS REIT.
What’s covered in this episode:
- How the Waverton Multi-Asset team defines risk
- How the manager manages risk in the fund
- Why investing directly in equities and not funds gives more control over risk
- How the manager protects capital during periods of market volatility
- The use of hedging in the fund
- The manger’s view on inflation in the UK
- The inflationary impact of de-globalisation
- How the decreasing working population influences inflation
- The disinflationary force of digitalisation
- Will artificial intelligence cause a disinflationary impact in years to come?
- Chicago Mercantile Exchange: what it is and why it looks attractive today
- Why the fund is adding to property
- The fund’s increased exposure to investment grade fixed income
- How to invest for the long-term during market uncertainty
More about the fund:
The Waverton Multi-Asset Income fund leverages the broader capabilities of Waverton Investment Management to construct a diversified portfolio encompassing direct equities, fixed income, and alternative strategies. The team prioritises risk management as the core of its investment approach, with a focus on safeguarding capital during periods of market weakness.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Joining us today is Guido Dacie-Lombardo, co-manager of the LF Montanaro UK Income fund, to delve into the UK market and shed light on the extensive resources at Montanaro's disposal. Given the fund's specific focus on small and medium-sized businesses, Guido shares his insights on UK small caps and highlights the expertise of the Montanaro team in producing their own high-quality research. Our discussion covers various topics, including M&A activity, as well as both special and ordinary dividends within the fund's portfolio. Guido concludes by elaborating on the fund's strong ESG credentials, the company’s commitment to achieving Net Zero, and a notable top holding, Games Workshop.
What’s covered in this episode:
- Why small caps been out of favour in the UK…
- …yet continue to be a good place for long term investors
- The types of companies the LF Montanaro UK Income fund invests in
- Why the fund doesn’t invest in large FTSE 100 companies
- Why the manager describes the AIM market as a lobster pot market
- The analyst team at Montanaro
- Will M&A activity continue in the UK?
- Company takeovers in the past 12 months
- How the fund’s dividends are holding up this year
- Why the manager is taking a cautious approach to 2023
- The focus on Net Zero targets over the past 18 months
- What is a B Corporation?
- How Montanaro is planning to remove 100% of all historical emissions since the company was founded
- The success of the Warhammer franchise from Games Workshop
- How a potential deal with Amazon could be big for Games Workshop in the future
More about the fund:
The LF Montanaro UK Income fund stands out from typical UK equity income funds as it specifically targets small and medium-sized businesses. Additionally, each holding provides either dividend yield or the potential for dividend growth. The fund's proven track record, driven by its well-defined approach and emphasis on thorough research, has consistently delivered positive results over an extended period of time.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
A ‘go anywhere, do anything’ fund, new Elite Radar Invesco Tactical Bond fund is the most flexible offering in Invesco’s fixed income range. Manager Stuart Edwards joins us to discuss the magical world of fixed income, explaining why bonds have suddenly become much more exciting for investors. Stuart also explains some often-used terms such as ‘duration’ and the impact it can have on returns. He also reveals the areas where he is finding the best opportunities and tells us how he started his career as a UK economist forecasting data. With such a background, it would have been remiss of us if we then hadn’t asked him his views on the UK economy and inflation over the next 12 months – listen to hear what he predicts.
What’s covered in this episode:
- Why the last 12-18 months have been tricky for bonds
- The type of bonds this fund can invest in
- How valuations in the bond market have changed
- An explanation of ‘duration’ and how it can influence the returns from bonds
- Why 2023 is a transition year between inflation risks and growth risks
- How the fund is positioned today
- Where in emerging markets the manage is finding opportunities
- The manager’s background as a UK economist forecasting data
- The manager’s view on the UK economy today
- Why the manager is downbeat on the UK’s economic prospects going into 2024
- The intricacies of inflation and its tricky path downwards going forward
More about the fund:The new Elite Radar Invesco Tactical Bond is the most flexible fund in Invesco’s fixed income range. It is designed to capitalise on all the resources within the team and invest across the whole fixed-income opportunity set. The managers use an active style whereby risk can be continually adjusted according to market conditions and the level of return on offer.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Despite challenging market conditions, the newly Elite Rated BNY Mellon Multi-Asset Income fund has managed to provide a consistent income by employing a diversified investment approach across various asset classes. Manager Paul Flood, joins us to discuss a wide range of topics including how the fund incorporates both macro and micro themes such as big government, decarbonisation and globalisation. Paul also explains the attractiveness of the bond market and the “rebirth” of the 60/40 portfolio (which traditionally consists of 60% equities and 40% bonds). Given concerns about potential inflationary pressures, Paul also explains the shift toward inflation-linked alternatives and renewable energy assets. We finish with important lessons in diversification and the true power of compounding.
What’s covered in this episode:
- How the fund has managed to deliver consistent income in difficult markets
- How macro and micro themes help construct the portfolio
- Why a thematic lens helps diversify the portfolio
- A look into the fund’s “natural capital” theme and sub themes clean energy and decarbonisation
- How upgrades can help limit carbon emissions
- The deflationary effects of globalisation
- The effects of de-globalisation
- An overview of the Newton team
- Why bonds are more attractive today
- The “rebirth” of the 60/40 investment portfolio
- Why the team is focusing on inflation-linked alternatives
- How renewable energy assets can be “bond like” investments
- Will we see deflation at the end of 2023?
- The importance of building a portfolio that can withstand any market condition
- Believing in the power of compounding when investing for the long term
More about the fund:
The BNY Mellon Multi-Asset Income fund aims to generate a consistent income and potential capital growth over a long-term period of five years or more. It achieves this objective by investing in a diversified portfolio of equities, bonds, and alternative assets. As part of a broader multi-asset range, the fund leverages the expertise of Newton's 130 investment professionals, enabling it to invest globally across various geographic and economic sectors.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Singapore-based manager Jochen Breuer talks us through the key objectives of the Fidelity Asian Dividend fund — and it’s not just about producing an income. Jochen explains the types of companies held in this concentrated portfolio, why they tend to outperform in falling markets and the prospects for dividend growth in Asia. We consider two examples, firstly the technology sector through the lens of Samsung and secondly, the financial sector using Singapore Exchange as an illustrative as to why the manager favours non-bank financial companies.
What’s covered in this episode:
- The three targeted outcomes of this fund
- Why the Fidelity Asian Dividend fund tends to outperform in falling markets
- The types of companies held in the portfolio
- Why technology can be both a cyclical and defensive
- The investment case for Samsung
- The manager’s preference for insurance companies over banks
- Why you need to be selective about investing in banks in Asia
- How long-term holding Singapore Exchange could benefit from rising interest rates
- How the reopening of China impacts the portfolio
- The prospects for dividend growth in Asia
More about the fund:The Fidelity Asian Dividend fund consists of between 30-50 holdings and pays a decent yield of around 30-40% more than the wider market, offering the opportunity for capital and dividend growth. While the manager favours high quality companies, he will not invest in them at any price and this value-aware mindset, coupled with the yield target, gives the fund a value tilt.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Europe has had a number of challenges in recent years when faced with serious threats, whether from Brexit, the pandemic or now the Russia-Ukraine war and its consequences for global energy supplies. Despite these headwinds, Zehrid Osmani, manager of FTF Martin Currie European Unconstrained, remains positive on sentiment in Europe. Zehrid discusses the uncertainty around inflation, but also how the reopening of China has been beneficial to European companies. Zehrid tells us more about a few themes running through the portfolio in robotics, automation, artificial intelligence and the metaverse. We wrap up with the investment case for three holdings: ASML, Ferrari and Moncler.
What’s covered in this episode:
- Uncertainty about inflation and monetary policy in Europe
- Why Europe is already showing signs of stagflation
- How Chinese economic momentum impacts European economies
- The risks posed by higher inflation and increased volatility
- The geopolitical risks impacting Europe
- The drive towards robotics, automation and artificial intelligence
- Opportunities in the Metaverse and quantum computing
- Why companies with dominant market positions are key for an inflationary environment
- The structural growth opportunity in semiconductors …and investing in ASML
- The pricing power of Ferrari
- The growing appeal of Moncler – and the TikTok campaigns attracting billions of views
More about the fund:
FTF Martin Currie European Unconstrained fund is a high conviction portfolio of medium and large European equities, with no constraints on regional or country allocations. Manager Zehrid Osmani takes a long-term approach and he believes that markets undervalue the compounding characteristics of quality growth companies. He aims to identify these companies and hold them for the long term to enable them to generate excess returns with lower risk.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The Aegon Diversified Monthly Income fund has the flexibility to pursue the most attractive income opportunities that its managers can find around the world. Co-manager Vincent McEntegart tells us more about the current opportunities for income seekers, focusing primarily on the fund’s rotation towards the bond market. Vincent tells us why the fund has been reducing banking exposure, infrastructure and real estate, in favour of investment grade and high yield bonds, and finishes by explaining how they are making money from the Brazilian currency.
What’s covered in this episode:
- How the fund has maintained a yield of 5% for investors
- Why investment grade bonds are a bigger part of the portfolio today
- Why the fund has been reducing banking exposure
- Bank equities versus bank bonds
- Why the fund has reduced global equity exposure
- Why property markets are struggling…and where the fund is investing instead
- How markets are influencing the portfolio’s stance
- How the fund manages currency risk
- Why currency is like the share price of your economy
More about the fund:
The Aegon Diversified Monthly Income fund targets a yield of around 5% per cent year, which is paid monthly to investors. This is a truly diversified, multi-asset fund, with a mixture of bond, equity, property and alternative exposure. The fund is well-resourced and well supported by a 12-strong multi-asset team and other specialist asset-class teams across the group.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The Investing on go podcast was launched four years ago today and in that time we’re conducted over 250 interviews, had over 75,000 listens, not to mention a global pandemic, inflation, recession and a banking crisis. Needless to say the last four years have been a bumpy road with the podcast coming along for the ride. Darius McDermott, Juliet Schooling Latter and Sam Slator mark the occasion by looking back over the last four years and looking ahead at what’s to come from markets.
What’s covered in this episode:
- What’s the outlook for markets today?
- The most telegraphed recession in history
- Which style will prevail in 2023
- Why dividends will play a bigger role in portfolios going forward
- Why commodities are different today than a decade ago
- What makes bonds attractive for investors today
- Why property investments often reflect the state of the wider economy
- Where our contrarian are backing this year
- Darius and Juliet highlight their favourite episodes over the past four years
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Climate finance is an area that continues to see growth and, for the first time, in 2022 the world spent more on this area than on the investment in the fossil fuel ecosystem according to today’s guest. Deirdre Cooper, co-manager of the Ninety One Global Environment fund, joins us this week to talk about the growing opportunities in climate finance and how legislation from various countries impacts global efforts. Deirdre explains the unique investment process of the fund and how they go about reporting on the carbon avoided and the supply chain of their companies. Deirdre also goes into detail on the different struggles — and accomplishments — of European, Chinese and US economies when tackling climate change.
What’s covered in this episode:
- How to find products and services that avoid carbon
- The growing investment into climate finance
- To achieve net zero, climate finance needs to top $6 trillion
- How the fund works with the Carbon Disclosure Project to report on carbon avoided
- The carbon footprint of a utilities company versus a software company
- Why European companies will struggle to reduce their carbon footprint this year
- Growing acceleration in China’s EV markets
- The impact of the Inflation Reduction Act on decarbonisation globally
- Energy efficiency in Europe without Russian gas
- What higher inflation means for the 2050 net zero target
- What the cost-of-living crisis means for an individual’s carbon footprint
- Why the US has surpassed Europe in climate policy
- Why the Inflation Reduction Act will be a key debate point in the next US presidential election
More about the fund:
The Ninety One Global Environment fund is a genuinely unique fund investing in companies that are contributing to the decarbonisation of the world economy. ESG factors are put first and foremost in the construction of this highly concentrated portfolio, with just 20-40 holdings. The fund will have limited crossover with peers and its benchmark given its unique strategy, and it is set to benefit from the massive tailwind of the some $2.4 trillion of annual spend required to meet global temperature goals.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
With approximately 41,000 companies listed worldwide, how’s an investor to choose? And once invested, how do you keep your emotions in check? In this interview, Bertrand Cliquet, co-manager of Lazard Global Equity Franchise fund, tells us how this fund’s emphasis on good economic franchises filters that list down to an eclectic mix of just 26 stocks. Bertrand also explains how the process uses a behavioural analysis filter and why the team sticks with a conservative approach to combat inflation and volatility in the markets.
What’s covered in this episode:
- The characteristics that make an ‘economic franchise’
- Three examples of companies with an economic franchise
- The investment case for Tapestry, the owner of Kate Spade, Coach and Stuart Weitzman
- How a change in management at Tapestry influenced profits
- How the team narrows down its investable universe to just 220 names
- Why emotion is the big enemy of investors
- The team’s conservative approach to inflation and recession
- Why heightened volatility has provided more opportunities
- Recent rotations in the portfolio
- Why Covid forced the managers to go back to the fundamentals of medical equipment company Medtronic
- Does looming inflation affect the long-term positioning of the portfolio?
- Why the fund avoids big value sectors such as banks, commodities and oil and gas
More about the fund:The Lazard Global Equity Franchise fund can invest in any business around the world, but because the managers are looking for industry leaders, there is a natural bias towards larger-sized companies. Run by a four-strong team, the managers’ systematic approach to portfolio construction means that behavioural biases should be removed, offering an attractive opportunity in the global equities sector.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
With over 30 years’ experience of investing in the Asia region, Jason Pidcock, manager of the Jupiter Asian Income fund, takes us deep into the heart of his fund’s territory. He explains why he’s comfortable with a zero-weighting to China and perhaps surprises some listeners with the news that the Australian stock market has been the best equity market in the world since 1900. Jason gives us the reasons behind Australia’s success, then discusses the opportunities in India – particularly for dividend growth – and goes on to explain why the fund invests only in large caps. He ends with some stock examples and the benefits that an Asian income fund can offer investors.
What’s covered in this episode:
- Why the manager does not invest in China
- Investment opportunities outside of China
- How Australia has a history of dodging recession
- Looking for dividend growth in India
- The fund’s largest – and best-performing– holding in India
- Why the manager only invests in larger companies
- Why even the biggest market cap size is no barrier to further growth
- Why market share and a company’s margins are true investment indicators
- When the fund’s investable universe massively expanded
- How an Australian financials business has built a global presence
- The three ways investors can benefit from investing in Asia
More about this fund:
Well-known Asian income manager Jason Pidcock combs the breadth of the Asia Pacific market in search of large companies with reliable dividends that can deliver both income and growth for investors. Jupiter Asian Income fund aims to capitalise on the opportunities of today, as well as the potential of tomorrow, and is not afraid to hold much more or less of certain countries than its benchmark in pursuit of this aim.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Abby Glennie, manager of the abrdn UK Mid Cap Equity fund, joins us to celebrate our 250th episode by talking all things FTSE 250 - the UK’s 250 mid-sized companies. Abby and Darius discuss the types of companies listed in the FTSE 250 and their attractive qualities for long term investors. Abby also tells us that more mid-sized companies can be found in the AIM index and gives a number of examples to illustrate the long-term growth potential of mid-cap stocks and the fund’s ability to “run its winners” - including familiar names like Hollywood Bowl and Greggs.
What’s covered in this episode:
- The type of companies listed in the FTSE 250
- Why some companies listed on the AIM market could qualify as mid-cap
- The growth potential of FTSE 250 companies
- FTSE 250 performance compared to the FTSE 100
- What makes mid-caps attractive for active investors
- Five long-term holdings in the portfolio, including familiar names Hollywood Bowl and Greggs
- How the ‘Matrix’ aids in stock selection and portfolio construction
- The fund’s two quality factors: Key and Z-scores
- The investment case for gaming company Keyword Studios
- Why people got the gaming sector wrong during Covid
- The hidden strength’s that could drive Greggs’ future growth
More about this fund:
The abrdn UK Mid Cap Equity is a high conviction strategy which invests in medium-sized companies for the long term. It focuses on businesses when they are well established, but still have a long runway of growth potential. Manager Abby Glennie has delivered excellent performance across a number of strategies. This fund is no exception. Her process leans on abrdn’’s screening tool, ‘The Matrix’, and is backed up with rigorous fundamental research and regular company meetings.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Alexandra Jackson, manager of Rathbone UK Opportunities fund, gives her views on the Silicon Valley Bank failure and why rising interest rates are felt more by start-ups than quality companies. According to Alexandra, the UK is trading on a 40% discount to global equities, so now could be a good time to invest. She discusses the wide range of opportunities to be had, ranging from gaming to infrastructure.
What’s covered in this episode:
- What happened with Silicon Valley Bank… and should we be worried?
- Are higher interest rates going to negativity effect mid and smaller sized UK companies?
- Why the banking strain is more felt by start-up companies than quality companies
- Why now is the time for stock picking
- UK equities are 40% cheaper than global equities
- How the manager constructs a portfolio for a potential recession
- Why politics have been one of the biggest positive surprises recently
- The difference between investing in the FTSE 250 and AIM listed companies
- How UK companies can benefit from US infrastructure spending
- Why now is a good time to be investing in UK equities
More about the fund:
The Rathbone UK Opportunities fund is a truly active and nimble multi-cap fund with a clear bias in favour of quality growth. The manager will invest in small caps all the way through to mega caps although her sweet spot is usually in the mid-cap part of the market. The fund’s heavy mid cap and quality growth bias means it is likely to deliver very different performance to the UK market.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Darius McDermott and Juliet Schooling Latter offer their opinions on market volatility brought on by a potential banking crisis. They discuss the issues around the failures of both Silicon Valley Bank and Credit Suisse and how a lack of investor confidence could potentially see these issues spread further. Closer to home, we discuss the FTSE 100 and recent changes to the Lifetime Allowance for pensions following the Spring Budget. Both Darius and Juliet conclude by offering their views on technology, healthcare, commodities and India and tells us where they’re looking to invest their ISA allowance this year.
What's covered in this episode:
- Why the FTSE 100 reached an all-time high
- …yet remains relatively inexpensive
- Is a banking crisis coming?
- What caused the problems for Silicon Valley Bank?
- How a lack of confidence could cause contagion in other banks
- What happened with Credit Suisse?
- Why AT1 bonds suddenly became a cause for concern
- Changes to the Lifetime Allowance for pensions
- How pension regulation has become a “political football”
- The long-term prospects for the technology sector
- Why European equities have performed well so far this year
- Should investors still be confident about corporate bonds?
- Recent under-performers: India, healthcare and commodities
- Where the experts are investing their ISA allowance this year
The first quarter of 2023 has been a busy one with lots of events for investors to digest. From a banking crisis to changes to the pensions allowance and the FTSE 100 reaching an all-time-high, it’s been an interesting three months. In their regular quarterly update, Darius and Juliet discuss these issues and dissect the best and worst-performing sectors in Q1.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
The Invesco Global Focus fund has a refreshingly simple approach: understand the structural trends which are changing the world and then invest in the best companies which are benefitting from these trends. John Delano, co-manager on the fund, explains how the managers’ go about identifying these themes, the importance of scale and monetisation and gives examples in cloud computing and medical devices to illustrate his point. Current lead manager on the fund, Randall Dishman, is retiring in June 2023 and John tells listeners what they can expect when he takes over.
What’s covered in this episode:
- How the managers identify structural themes in the world
- Understanding the monetisation of themes and how they can be scaled
- Monetising the aging population theme
- Why medical technology companies are undervalued
- The businesses that help develop the drugs as opposed to discovering the drugs
- Why industry publications add value to healthcare research
- How long the managers usually hold a stock
- Why allocation to China has increased in the short-term
- What investors can expect when John becomes lead manager in summer 2023
More about the fund:
The Invesco Global Focus fund is a high conviction, concentrated fund of around 35 stocks, which invests in structural growth winners. The managers have a no-nonsense philosophy and investment process — buy companies which are winning and then let them compound over time. Current trends the fund considers include the rise of e-commerce, digital payments, cloud computing, network security software, life sciences tools, mobile technologies, social media and digital customer service.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Mike Tyson spoke from experience when he said “everyone has a plan until they get punched in the mouth”. 2022 was a punch in the mouth to investors everywhere and resulted in emotional volatility in markets according to Steven Andrew, manager of M&G Episode Income. Steven talks us about investor optimism — and pessimism — across a range of assets, notably UK equities and emerging market bonds. We also consider how human behaviour influences pricing behaviour and market data, ultimately causing continued emotional uncertainty as we head further into 2023.
What’s covered in this episode:
- Why investor optimism was high at the start of 2023
- Have investors moved to a period of complacency?
- Is doom and gloom a rational reaction to the UK market?
- Less structural appetite for UK equities on the global market
- Why Europe is currently “flavour of the month” for investors
- Investor behaviour and the banking sector — and how it compares to 15 years ago
- The manager’s views on Japanese equities
- Two reasons why the M&G Episode Income doesn’t currently hold any property
- Why take the risk in emerging market and high yield bonds today?
- Being prepared to act amid volatility
- Why market — and human — shock has caused errors in market pricing data
- Emotional uncertainty driving markets forward
- Why price behaviour is all about understanding the nature of the world
More about the fund:
The M&G Episode Income fund invests directly in individual stocks and bonds, while property exposure is gained by investing in property funds. The name “Episode” refers to those periods of time when investors’ emotions cause them to act irrationally. The manager uses behavioural finance to find pockets of value and invest against the herd, rather than following it.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
George Curtis, portfolio manager and member of the Multi-Sector Bond team at TwentyFour Asset Management, presents a broad overview of bond markets as we stand today. He covers all areas from high yield to government bonds and gives insights as to why the TwentyFour Dynamic Bond fund has been reducing exposure to both emerging market bonds and the high yield bond market, as well as the growing significance for ESG considerations within fixed income.
What’s covered in this episode:
- Why 2022 was one of the worst years on record for global bond markets
- Three scenarios for global markets in 2023
- Why we should expect continued volatility for fixed income
- What investors can expect from high yield markets
- Why the team continues to reduce exposure to high yield bonds
- How a recessionary environment influences high yield bonds
- The attractions of European high yield over US high yield
- Why investment grade bonds are more attractive than they’ve been previously
- The team’s preference for financial bonds such as banks within the investment grade space
- The extra benefits of government bonds, particularly US Treasuries
- The difficulty of navigating ESG in emerging market bonds
- How ESG considerations influence a bond’s interest rate
More about TwentyFour Asset Management:TwentyFour Asset Management is an independent fixed income firm, founded in 2008 by a group of leading specialists. It offers highly transparent products that benefit from a rigorous detail-orientated investment approach to achieve superior risk-adjusted returns. The TwentyFour Absolute Return Credit, TwentyFour Corporate Bond and TwentyFour Dynamic Bond fund are all Elite Rated by FundCalibre.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In just two years, 60% of all the wealth in the UK will be in female hands. So now is not the time to be quiet about money matters! Gillian Hepburn, Head of UK Intermediary Solutions at Schroders has been researching the transfer of wealth for a number of years and joins us to discuss this in more detail. From pensions problems to divorce disasters Gillian outlines some of the issues women may face with their future finances and gives practical solutions as to how to invest an inheritance.
What’s covered in this episode:
- Why 60% of all the wealth will be female hands by 2025
- The first steps for women who inherit a large sum of money
- Why women should invest rather than save
- How to avoid scams
- Why women are more likely to pass on wealth during their lifetime
- Living longer and the impact on our savings
- The importance of engaging with your finances as soon as possible
- What money resources are available for women
- If women are risk averse or just more risk aware
- How money coaches can help you talk about your finances
More about the transfer of wealth to women:
When discussing wealth transfer, the tendency is to focus on the transfer to the next generation. However, the initial transfer of wealth is likely to start within the baby boomer generation from husband to the surviving widow. Traditionally non- or low-earning spouses could be able to inherit a fortune, so what do they need to know about finances? Younger, more affluent women are also getting more financially savvy. And, with more women becoming the family breadwinners, all these changes represent a critical inflection point for the financial-services industry.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Linden Thomson, manager of the AXA Framlington Biotech fund, gives an introduction to biotech, one of the fastest growing subsets of the healthcare industry. Linden explains the difference between pharmaceuticals and biotech, and outlines the themes driving the sector, including drug innovations in the area of HIV/AIDS and cystic fibrosis. She also covers the influence of US politics and geopolitical tensions in China on the sector and how the fund can often bring defensive aspects to an investor’s portfolio.
What’s covered in this episode:
- The difference between biotechnology and pharmaceuticals
- Four themes driving the sector: drug innovation, lifestyle diseases, disease prevention and geographical expansion
- How US politics influence drug prices
- What the Inflation Reduction Act means for the wider healthcare sector
- How the Inflation Reduction Act influences biopharma companies
- When will biotech underperform the market?
- The defensive aspects of the biotechnology sector
- Why the innovative nature of the sector makes it ripe for M&A activity
More about the fund:
The AXA Framlington Biotech fund is a high conviction strategy which looks to tap into what is now one of the fastest growing subsets of the healthcare sector. The fund invests directly in companies that are helping us live longer by bringing new drugs to market to tackle the likes of cancer, heart disease and obesity. This sector requires a specialist, focused team with skills, experience, and a network to keep up with the changes that are taking place and that is exactly what manager Linden Thomson and her team offer.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Barings Europe Select Trust co-manager Will Cuss talks about all things Europe in this week’s podcast. He gives us a brief overview of inflation in the Eurozone and comments on some big moves in the commodities market. Will also discusses how the energy availability risk looks set to decrease with a combination of a new energy source – Middle East gas – coming onstream, alongside growing investment in renewable energy sources. He describes the USPs the team looks for in buying opportunities and tells us how corporate engagement informs and helps to identify companies that can do well in any sort of economic backdrop. Will concludes by highlighting why GTT, Gerresheimer and Accelleron have made it into the portfolio.
What’s covered in this episode:
- An overview of the European economy including commodity prices
- How two new proposed energy supply sources will ease current pressures
- How the team identifies companies that will do well in any economic environment
- How risk is defined and buying opportunities in a volatile markets
- The reasoning behind exiting holding Thule Group AB and why the team is sticking with Elis SA
- The impact of near-shoring and/or fringe-shoring and reworking energy supply lines
- How and why Gerresheimer AG is back in the portfolio
- Why Accelleron Industries AG looks like being a long, strong hold
More about the fund:Barings Europe Select Trust invests in small and medium-sized companies and is run on what is known as a GARP (Growth at a Reasonable Price) basis. The four-strong management team has a detailed and thorough process, looking at both the growth and quality aspects of a company before making a bespoke valuation for each holding based on a five year outlook.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Rasmus Nemmoe, manager of the FSSA Global Emerging Markets Focus fund, talks to us about the outlook for emerging markets and the factors in play today that have influenced past performance. He explains which companies are bucking the trend and gives examples from the portfolio including South African and India banks and the Mexican Starbucks operator. Rasmus also explains how the fund has evolved since the pandemic and how it has managed to outperform despite market conditions.
What’s covered in this episode:
- Why emerging markets have disappointed in the past decade
- Which companies have influenced the emerging market index
- Whether the outlook for global emerging markets improving
- How a private bank in South Africa is bucking trends
- What makes a Mexican Starbucks operator a good investment
- How the fund has managed to outperform despite market conditions
- How the fund has changed since the pandemic
- Three major themes in emerging markets: demographics, urbanisation and digitalisation
- Two of the fund’s largest holdings: HDFC Bank and JD.com
- The manager’s on-the-ground opinion of China’s post-pandemic recovery
More about this fund:FSSA Global Emerging Markets Focus fund invests in 40-45 large and medium-sized companies in emerging markets. Manager Rasmus Nemmoe has an absolute return mindset, and each holding is a quality company that can show sustained and predictable growth over the long term. The fund has a strong environmental, social and governance ethos without labeling itself as such.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Baillie Gifford’s Ben James talks to us about US equities and the Baillie Gifford American fund in this week’s podcast. He tells how sticking to the fund’s philosophy and process in challenging markets helped them ‘avoid making knee-jerk reactions to the noise and the sentiment in the market’. He also discusses the US economy and the outlook for its businesses, before going on to tell us the team’s investment case for the likes of Tesla, Netflix, and concludes by telling us about 3 stocks they’re currently finding exciting and why.
What's covered in this episode:
- Thoughts on inflation in the US economy
- Why the fund’s holdings reflect a longer, 5-10-year timeframe
- What the characteristics of ‘resilient’ stocks are
- How and why the team maintained its ‘growth’ investment style despite challenging headwinds
- Why investors should hold US large caps in their portfolios
- Active vs passive investing and how the fund differs from the S&P 500
- Which companies are driving and exploiting structural change
- How healthcare’s acyclicality benefits the portfolio
- Why companies designated as disruptors and engines of growth have a place in the portfolio
- A deep dive on Tesla and Netflix
- Which 3 less well-known companies are exciting the team at the moment
More about this fund:
This US equity fund is one of the purest examples of the Baillie Gifford growth philosophy. It is run by a team of four co-managers who focus on the small number of companies that create exceptional returns. They are looking for the high-performance outliers - those firms that can return at least 150% - and will hold them for the long-term to allow them to generate this return. The average holding period is over 5 years, with many stocks having been held for much longer. The managers will also have conviction in these names, with the largest ten holdings usually accounting for over 50% of the portfolio. These stocks will tap into the trends of the future, such as the continued rise of online retail, the evolution of transportation, innovative healthcare and the ongoing digitisation of the economy and the shift to the cloud.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Alex Wright, manager of the Fidelity Special Values investment trust, explains to us how the UK’s largest 100 companies can be trading cheaply, even though the index has hit an all-time-high. He discusses the different areas of the UK stock market and tells us why he thinks banks are the most exciting sector for investors today. Alex also discusses the importance of dividends and tells us why he prefers a couple of European companies over their UK peers.
What’s covered in this episode:
- Does the FTSE 100 reaching an all-time high mean it’s too expensive now?
- What’s more attractive? Small, mid, or large cap stocks?
- Limiting share price falls in a tough environment
- Why the manager is increasing exposure to banks and financials
- Why banks such as NatWest look interesting
- How recession impacts the banking sector
- What type of company could help recession proof your portfolio
- How dividends are important for total returns
- When the manager considers oversees companies versus their UK counterparts
- How the demand for gas has impacted holding OMV
More about this trust:
Launched in 1994, Fidelity Special Values aims to achieve capital growth by investing primarily in unloved UK companies and waiting for them to come back into favour. Each holding must meet two strict criteria. The first is the preservation of investors’ capital: the managers aim to do this by choosing companies with exceptionally cheap valuations or an asset, such as intellectual property or inventory, which has the potential to limit share price falls. Secondly, they look for companies where there is a catalyst for significant earnings growth.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Paul Marriage, co-manager of the TM Tellworth UK Smaller Companies fund, explains why 2022 was “pants” for the UK smaller companies sector, both in terms of performance and from an M&A perspective. Yet Paul is optimistic for the sector in 2023 and is already seeing bids come through for M&A and beginnings of a healthy IPO market. We finish the interview with two examples from the portfolio, a company that manufactures radiators and one that makes gift wrap.
What’s covered in this episode:
- What made 2022 such a bad year for UK smaller companies
- What happened in October 2022 to trigger a rebound for the sector
- Why the FTSE 100 so strong last year
- Why there was less M&A activity in 2022
- M&A prospects for smaller companies in 2023
- Why a healthy IPO market is good for the economy
- The importance of face-to-face meetings when looking for new investments
- Why people still need radiators and how holding Stelrad Group can benefit
- How a Welsh coal-mining town became known for gift wrap…
- And how a wrapping paper company was a good bet at Christmas time
More about this fund:TM Tellworth UK Smaller Companies is a true smaller companies fund of approximately 50 holdings, run by two very experienced and highly regarded managers, Paul Marriage and John Warren. The fund has a solid investment process, with an emphasis on businesses with £100m to £500m market cap. It doesn't invest in micro-caps or mid-caps like some peers.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Sid Chand Lall, manager of the IFSL Marlborough Multi Cap Income fund, talks to us about finding income opportunities in the UK's smaller – but growing – companies. He describes how he finds profitable companies and explains how dividends can help offset the erosion caused by inflation. Sid also highlights one smaller company and two medium-sized ones in the portfolio: Ricardo Plc, Paragon Banking Group and Drax Group.
What’s covered in this episode:
- Understanding the Investment Association’s “yield test”
- How the manager finds profitable companies for the portfolio
- How dividends can help offset the impact of inflation
- Why investors should consider UK equity income over UK gilts
- Why the fund tends to be overweight small and medium companies
- Why UK mid-caps outperform when the dollar weakens
- Sid highlights one smaller company holding…
- Ricardo a global engineering, environmental and strategic consultancy, based in West Sussex
- And two mid-cap holdings:
- Paragon Banking Group, a financier of buy-to-let mortgages and
- Drax Group, the UK’s biggest biomass generator.
More about this fund:
The team behind IFSL Marlborough Multi Cap Income fund are specialists in UK smaller companies investing, so this multi-cap fund offers something radically different to the majority of large-cap, FTSE 100-focused, UK equity income funds. It aims to combine fast and sustainable dividend growth with capital appreciation. The fund uses a blend of ‘value’ and ‘growth’ holdings to meet its yield objective.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Richard Sennitt, manager of Schroder Asian Income fund, explains both the structural and cyclical reasons for recent Chinese equity underperformance, including the shift away from the zero-Covid policy. He tells us what impact this has had on the fund’s positioning going into 2023 and explains more about why he’s underweight not only China but also India, instead looking towards South Korea, Taiwan, and Singapore for investment opportunities.
What’s covered in this episode:
- Why Chinese equities have underperformed the last 12 months
- The policies affecting Chinese markets
- How the swift move away from the zero-Covid policy has changed investor sentiment in China
- The income opportunities in China vs Hong Kong
- Value or growth: considering style in fund construction
- Why the manager remains underweight in India
- Why investors should add Asian equities to a portfolio
- Long-term opportunities in South Korea, Taiwan, and Singapore
- Why some commercial property and telco’s look attractive
More about this fund:Schroder Asian Income fund aims to provide an income, with potential for capital growth, primarily through investment in the shares of Asian companies that offer attractive yields and growing dividend payments. The emphasis of the fund will be investment in the Asia Pacific excluding Japan region (including Australia and New Zealand).
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
One day in September 2022 “we were the only active buyer of UK duration in the world” says manager Duncan MacInnes. He, and LF Ruffer Diversified Return co-manager Ian Rees, added to UK gilts three days after the Truss-Kwarteng debacle and some assets more than doubled in a short period of time. In this interview, the pair tell us about this and other investments that helped the fund become one of the few to manage a positive return in 2022. They also explain why they think the next decade will be very different to the last 40 years and will see inflation average 3-4% rather than the 2% we are used to, and why this means investors need to rethink the way that they build their portfolios.
What’s covered in this episode:
- How the fund produced positive returns in 2022
- Why the pair were the only active buyers of UK gilts one day last September
- The addition of commodities to the portfolio
- Why the next 10 years will be different from the last 40
- Why inflation will remain much higher than we have been used to
- Why cash could once again be king
- How they use 100 years of data to help for their views and asset allocation
- How the managers will go about finding uncorrelated assets in 2023
- Why inflation volatility and investing for inflation aren’t the same thing
More about this fund:
Managed by Duncan MacInnes and Ian Rees, the LF Ruffer Diversified Return fund aims not to lose any money on any 12-month rolling basis – with a specific focus on providing genuine portfolio protection in times of market stress. The vehicle is global and completely unconstrained, allowing the managers to invest across various asset classes, including equities, fixed income, currencies, and derivatives – backed by a large desk of both macroeconomic and stock selection specialists.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Renewable energy has been around for some time, but with an energy crisis in the UK and Europe, David Harrison, manager of Rathbone Greenbank Global Sustainability fund, tells how its adoption is being accelerated due to both concerns about climate change and because of economics. In this interview, David considers four types of sustainable infrastructure (physical, energy, transport and water) giving examples of companies he holds and really bringing this theme to life.
What’s covered in this episode:
- The relationship between the energy crisis and climate change
- The acceleration of long-term investment in electric vehicles and infrastructure
- Examples of two companies working to make infrastructure less carbon intensive
- Why we’re still on the early side of transport infrastructure sustainability
- The significance of water infrastructure and…
- How two US listed companies are leading the way
- The fund’s exposure to the circular economy and…
- Next generation drug discovery in the healthcare sector
More about this fund:
Rathbone Greenbank Global Sustainability fund is a high conviction, multi-cap fund but will have a bias towards mid-caps. The fund has a negative screen, actively avoiding businesses involved in unethical or unsustainable practices, such as those involved in alcohol, animal welfare violations, armaments, human rights violations, oil & gas extraction, nuclear power, pornography, tobacco and gambling. Additionally, each holding will also have to have at least one positive environmental, social or governance attribute.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Darius McDermott and Juliet Schooling Latter offer their opinions on how we got to where we are today and where we should be looking in 2023. The list of topics they cover is extensive including inflation, bonds, emerging markets (with India as the star of the show) and continuing volatility for the equity markets. They then look at the interesting question of where they would invest £10,000 today, and furthermore, the differing investment approaches needed whether investing for growth or income in 2023.
What’s covered in this episode:-
- Key moments of 2022 and the impact on the markets
- Why 2022 was a tough year for investors
- Index-linked gilts, inflation-linked bonds, Trussnomics and an unloved UK
- The surprising resilience of India
- Why 2022 was an odd year for equities
- Why bonds have now become an interesting asset class - again
- Is it too early to invest in China again?
- The implications of ‘the most expected recession ever’
- What kind of recession is the world heading into?
- How each would invest on behalf of an elderly relative …
- … and how each would invest their children’s Junior ISAs
More about the episode:-
The end of the year brings a review of what Darius McDermott tells us has been a tough year for investors, where the name of the game was trying to lose less than anyone else. Both Darius and Juliet Schooling Latter offer their views on the current state of play, they discuss how the well-flagged recession might play out and its impact on the UK specifically, and conclude by offering their investment strategies for investing £10,000 for income and growth, unusually agreeing with each other.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Simon Moon and Alex Game, managers of the Unicorn UK Smaller Companies fund, review a tough year for their sector but are confident in still being able to find opportunities by buying into under-priced, high-quality assets. Both managers identify smaller companies as being able to react and adapt quicker to changing fiscal environments than their larger comparators, so they believe that smaller companies will be well-positioned in light of recovery, which may be just around the corner, according to the general feeling in recent meetings with company management teams.
They tell us more about the interesting results of their research into 60 years of inflation data, how reshoring is affecting the sector, and how engineering companies in the portfolio will be able to weather any recessionary factors. The managers finish by commenting on several high-quality structural growth companies which they recently acquired using their disciplined relative value approach.
What's covered in this episode:
- Why 2022 has been tough for UK smaller companies
- Why smaller companies are in a better position than after the global financial crisis
- Which opportunities exist amidst depreciating sterling and volatile markets
- How smaller companies adapt faster and are more agile than larger comparators
- How inflation data from over the last 60 years suggests a good future for smaller companies
- A look at which catalysts will boost this sector’s performance
- The impact that reshoring is having on the sector and the wider UK economy
- Why industrial engineering companies are better able to withstand a recession
- Which growth companies they have recently added to the fund, and why
- How they buy new holdings using the fund's disciplined investment approach
More about the fund:Unicorn UK Smaller Companies is a small, flexible fund with a solid investment process and a highly competent team. This is a very high conviction UK smaller companies fund with around 40 holdings. Its manager focuses on company fundamentals and aims to make long-term investments, while avoiding low quality, cash-burning businesses.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The Trust may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Matthew Brett, manager of the Baillie Gifford Japanese fund and Baillie Gifford Japan Trust, talks to us about the Japanese economy reopening and how the weak yen is impacting business. He talks about inflation finally occurring in the country and questions whether the Bank of Japan’s policy will change when the current governor’s term comes to an end. Matthew tells us that he is excited about the opportunities opening up and discusses some recent purchase and the increased gearing on the Trust. He also explains why the portfolios no longer hold car manufacturers and he wraps up by telling us that the Trust’s dividend could increase by as much as 50% this year.
What's covered in this episode:
- Where Japan is in terms of the economy reopening
- How inflation is a good thing in Japan
- Whether the weak yen is damaging to the economy or a positive
- Where the manager has been finding opportunities
- If Nintendo is a buy or a sell
- Why the portfolios no longer hold any car manufacturers
- What has caused the trust’s discount to close in recent weeks
- How the trust is growing its dividend
More about the fund:One of the oldest Japan funds in the sector, Baillie Gifford Japanese fund has delivered outstanding returns in the most difficult market conditions. The Baillie Gifford Japan Trust aims to provide capital growth by investing primarily in Japanese small and medium-sized companies, which offer exceptional growth opportunities with sustainable business models. Both are run by Matthew Brett and the well-resourced Japan team based in Edinburgh.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The Trust may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Steven Smith, Investment Director for the Elite Rated Capital Group New Perspective fund, talks to us about how the fund’s original investment ethos - determined nearly 50 years ago - has evolved, and continues to evolve in today’s markets. He discusses how globalisation has changed their investment perspective, how growth stocks are being evaluated on slightly tweaked criteria to match the expectations of a recessionary market, and how a greater breadth of equity market leadership is good for active stock pickers.
He also tells us about the benefits of having the fund’s investment analysts actively managing part of the portfolio, about how the long-term experience of the portfolio managers stands them in good stead for a wide range of varying investment cycles and markets, and concludes with a detailed analysis of 5 key factors that are driving the fund’s positioning today.
What's covered in this episode:
- Is globalisation dead?
- The evolution of the term ‘trade’, from physically traded goods to intangible data flows
- How the fund is reacting to a less binary investment environment
- Repositioning the fund to capture the next cycle
- Growth stocks - and volatility - in a new investment environment
- How the fund’s 50-year track record stands it in good stead for the next 50
- How having investment analysts brings a greater depth of experience to stock-picking
- Watching for a deeper recession, driven by earnings decline in the US
- Outlook for 2023
More about the fund:This is the flagship global equities strategy of Capital Group. It has a track record of almost 50 years, investing in some of the world’s largest multinational firms that are able to benefit from transformational changes in the global economy. The fund has a unique multiple manager structure, with each of the nine named managers running their ‘sleeve’ in their own way. Their best ideas are blended together for a diversified portfolio.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Richard Woolnough, veteran manager of three Elite Rated products, the M&G Corporate Bond, M&G Strategic Corporate Bond and the M&G Optimal Income fund, talks to us about some new acronyms in asset allocation. He tells us how equities can boost a bond fund’s returns, explains the wider impact of quantitative easing and quantitative tightening, and he finishes by commenting on whether he’s more bullish or bearish for 2023.
What's covered in this episode:
- Why it’s been an active year for the value investor
- Why TINA has been replaced by TIAA
- How interest rates have made bonds a more attractive investment
- How equities can help to optimise returns in a bond fund
- The impact of a 12-18mth lag from interest rate policy feeding into the real economy
- The impact of quantitative tightening
- What might happen to inflation in 2023
- Whether the manager is bullish or bearish for the next 12 months
More about the fund:
M&G is perhaps the biggest name in the UK bond space, and M&G Optimal Income is its flagship offering. This 'go-anywhere' fund has a flexible mandate, which enables the manager to shift the interest rate exposure and to invest across the fixed income spectrum. The fund can, and often does, invest in some equities, and also derivatives.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Chris Kinder, manager of the CT UK Extended Alpha fund, talks to us about being a bottom-up stock picker and finding ‘rain in the desert’; he notes that even in the most trying of financial markets, there will always be certain pockets of growth and performance that fund managers should be able to find. He comments in detail about the benefits that London Stock Exchange Group (LSEG), Aveva, SSE, and Diageo all bring to his portfolio, and – although not a thematic investor – he notes three themes in particular wherein he foresees many opportunities. He finishes by commenting on what happens next, if we have hit peak inflation and rate rises; is it time to revisit a defensive growth strategy again?
More about this episode:-
- Thoughts on previous volatile market conditions and subsequent stabilisation
- Identifying mispriced opportunities
- The themes of energy transition, onshoring and luxury goods
- Are UK stocks losing favour on the global stage?
- How traditional owners of UK companies are giving way to a new cohort
- Realised and unrealised potential in London Stock Exchange Group, Aveva, and SSE
- Whitbread’s competitive advantage in the current environment
- Feeling a lot more constructive about the longs and the shorts!
More about the fund:-
CT UK Extended Alpha invests primarily in large UK companies, but with an unusual approach. As the name suggests, the manager aims to extend investors’ potential returns by buying stocks he expects to do well and also looking to make money on stocks he expects to do badly (shorting). So far, this strategy has proven very successful and the fund has impressively beaten its peers and the UK stock market under the manager’s tenure.
Our opinion:-
This fund offers something genuinely different to its UK equity peers, with the possibility to profit from both rising and falling share prices. This increases the potential for higher returns, but also the fund’s reliance on the manager’s stock picking skills. We think Chris is a very strong manager and he has a robust and sensible process. Those wanting large-cap exposure with a twist could do well to consider this fund.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Will Argent, investment adviser to the VT Gravis Clean Energy Income fund, tells us how the clean energy space has evolved in the last 5 years since the fund’s inception, and how the investment opportunities have equally grown. He gives his opinion on the impact of the recent windfall tax in the UK and, mindful of the National Grid’s warnings about challenging times ahead, comments on energy storage solutions, as well as alternative power sources such as nuclear, hydroelectricity, biomass and geothermal.
More about this episode:-
- The growth of renewables in the last 5 years
- The adjustments the industry has made with the recent windfall tax in mind
- The investment potential in the growth of energy storage solutions
- Investment in energy storage closed-end investment companies
- Nuclear energy and responsible investment
- Different renewable options overseas
- The simple theory behind producing and storing hydroelectricity
- The development of biomass and geothermal technologies
More about the fund:-
The VT Gravis Clean Energy Income fund taps into the expertise of the Gravis group to create a portfolio of renewable energy and energy-efficiency related projects, that are benefiting from the secular move to more sustainable energy demands. It looks to generate an attractive income, alongside modest capital growth, from a spread of different projects that should deliver defensive, uncorrelated performance.
Our opinion:-
Renewable energy is undergoing mass adoption – a trend which this fund taps into directly. It aims to capture a blended portfolio of the best listed vehicles across the developed market and give an anchor to portfolios through defensiveness and steady income. Gravis is an expert in this region and has a long-standing history of investing in this space, giving investors confidence in the long-term ability of the fund to deliver attractive, compound returns.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Jeremy Gleeson, manager of AXA Framlington Global Technology, comments on the performance of tech stocks this year and tells us that, despite some high-profile disappointments, there have been a number of good earnings surprises in the sector.
He talks about Facebook’s problems, the possible demise of Twitter, and gives us some insight into current favoured holdings within the portfolio. He finishes by suggesting some interesting gadgets to add to your Christmas list!
More about this episode:
- 3 reasons why tech has had a difficult year
- Why tech has gone from above average growth to challenging growth but…
- ...why it’s not all doom and gloom for the sector
- Facebook vs Twitter
- New opportunities in semiconductors and cybersecurity
- Building resilience through software subscriptions
- Gadgets for Christmas!
More about the fund:
AXA Framlington Global Technology is an unconstrained fund that invests in technology companies from around the world. Its lack of benchmark constraints means it is free to invest in 'new technology' rather than 'old commodity' companies. Jeremy Gleeson has successfully run this fund since 2007 and has been specialising in technology since 1998.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this in-depth interview, Eduardo Figuieredo, the manager for the abrdn Latin American Equity fund, talks to us about all things Latin America. He comments on the impact of the recent elections in Brazil, as well as its rejuvenated commitment to environmental issues; the additional positive effect of the ‘check and balance’ that the newly elected, two-tier Congress and Senate will have on the financial markets. Discussing politics in Mexico, the manager also covers resilience and growth in the Mexican consumer space and its manufacturing base, as US companies look to bring supply chains closer to home.
More about this episode:
- The impact of the recent elections on the stock market
- The importance of the ‘check and balance’ role of Congress and Senate
- Which sectors will benefit from revived commitment to environmental issues
- Repositioning Brazil as a major player on the world stage in renewables
- The direction for state-owned companies
- The general impact of politics on stock-picking opportunities in Latin America
- Mexico’s ‘pockets of growth’
- The knock-on effect of disrupted supply chains in Asia, to Mexico’s benefit
- Near-shoring and the rejuvenation of Mexico as a manufacturing base
- How the exposure to commodities is a good source of dollars
- The commodity and banking sectors in Latin America
- Why investors should consider investing in Latin America
More about the fund:
abrdn Latin American Equity fund is managed by abrdn’s renowned emerging markets team, whose primary investment concern is whether companies demonstrate outstanding quality characteristics, such as strong management and balance sheets. This is followed by a value approach – targeting stocks which appear to trade for less than they should do. The strategy has had considerable success across the region.
Bill Chater, investment specialist for the Baillie Gifford Global Discovery fund, gives us an in-depth perspective on the fund’s investment style and why the long-term approach delivers results. He comments on the core fundamentals the team looks for in its stock picks, touches on the current market conditions and the impact on the fund, and why the potential within healthcare is so exciting, with names like Alnylam and Oxford Nanopore. He finishes by offering more details on Ocado’s big deal in the US and on the automation technology that makes it a compelling addition to the fund’s basket.
More about this episode:
- Current market conditions and the impact on the fund
- The fund’s core mission
- Micro-economic vs macro-economic factors
- How individual company analysis is more appropriate to the team than sector or geographical considerations
- How they are building the portfolio’s resilience
- The Chinese holdings in the fund
- The potential for healthcare technology
- Ocado’s potential in the US, with the move towards increased automation
More about the fund:
Renowned for the quality of its in-house research, Baillie Gifford brought its smaller companies’ teams together in 2011 to form the Global Discovery team. This fund consists of what the team believe to be the most innovative and fast-growing smaller companies in the world. It has a strong growth bias and is aggressive in nature.
Kevin Murphy, co-manager of Schroder Income, tells us why stock markets are irrational and growth is like, "sirens pulling you onto the rocks," in this week's interview. Kevin also shares why the managers have been trimming their exposure to oil and gas and the banking sectors in favour of consumer retail names. We wrap up with the million pound question: value or growth?
More about this episode:
- Emotions and extrapolation in financial markets
- Why profits are indeed important
- How focussing on the numbers can ensure strong, long-term returns
- High interest rates and capital growth and risk profiles
- Why the outlook for value remains bright
- How selling decisions are reached and finding the next opportunity
- Cheap buys vs cheaper buys
More about the fund:
Schroder Income is a deep value driven fund, investing in companies valued at less than their true worth and waiting for a correction. It has little correlation with other income funds, tending to avoid the big income producers in favour of more niche names, where both capital and income have the potential grow significantly. It is a UK equity fund that seeks to balance dividend yield with dividend growth and balance sheet safety to achieve a growing income. This approach is not without risk and performance can be volatile.
Maneesh Bajaj, manager of the Elite Rated Brown Advisory US Flexible Equity fund, talks about his fund, the outlook for US markets in 2023 and the fund’s approach to investing. He comments on several of the fund’s holdings, including Berkshire Hathaway and why that conglomerate’s culture of corporate responsibility and attitude towards its shareholders makes it an important, long-term holding for the fund. He also reveals why he believes there’s still mileage in the FAANG tech stocks and why Netflix has come good.
More about this episode:
- The state of the US economy today
- The problem of persistent inflation
- Challenges for the Federal Reserve
- The outlook for the US tech sector
- The fund’s bottom-up investment approach
- Why Berkshire Hathaway is a long-term holding
- How Netflix’s future initiatives have made it a bargain buy
More about the fund:
Brown Advisory US Flexible Equity fund was launched in the UK in 2014, and a retail share class in 2016. However, a parallel version has been managed by the same team for more than 20 years in the United States. The fund has been run by Maneesh Bajaj since 2017. Its strategy is unconstrained, meaning Maneesh is free to select companies from across the market cap spectrum. This has enabled the fund to become of the few to consistently outperform the S&P 500 over long periods of time.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Matthew Page, co-manager of the Guinness Global Equity Income fund, talks to us about how company dividends are holding up this year. He also covers the fund’s investment process, how it differs from others, how the team makes its buying and selling decisions, and the effect recent decisions have had on the geographic weighting of the portfolio. Matthew also comments on the perennial 'bonds v equities' debate, looks at how some consumer staples’ companies are defying economic norms, and wraps up by telling us why British American Tobacco is out, and Coca-Cola is in.
More about this episode:
- Positive dividend news despite the difficult macro environment
- Companies that are defying standard economics
- The investment process that seeks long-term, sustainable and growing dividends
- Why the managers don't invest in utilities, energy, telcos
- Well-protected dividends in the US
- Protecting income streams from inflation
- The fund’s ‘one in, one out’ approach to buying and selling
More about the fund:
This core global income fund typically consists of around 35 equal-weighted stocks, which means that investments are very different from the benchmark index. The managers focus on how well and consistently a company can use money to generate returns. They also have substantial freedom to entirely avoid countries and sectors they don’t like. The one-in, one-out philosophy means the fund stays up to date with the managers’ best ideas.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Jason Borbora-Sheen, manager of the Elite Rated Ninety One Global Income Opportunities fund, takes a broad look across global asset classes in this far-reaching episode. He gives us his current and future outlooks for both the bond and equity markets, and how these have shaped the portfolio. He also comments on how the fund uses hedging to benefit the portfolio - in particular when it comes to gaining
from emerging market debt – and tells us how consistency and reliability are key factors for stock picks and why investors who tend to focus on capital gains, may miss the opportunity that comes from income.
What's covered in this episode:
- What’s happening in the equity and bond markets
- Dollar v Sterling
- Why the fund has halved its net equity exposure in the last 12 months
- Why the fund’s duration has increased
- How hedging currency exposure creates a differentiated performance profile
- How reliability and consistency are key to stock picks
- Why Daimler makes a good case for portfolio inclusion
- A compelling outlook for income vs growth
More about the fund:Ninety One Global Income Opportunities fund invests conservatively around the world in a diverse range of equities and bonds. It can also invest a little in other assets and, overall, aims to achieve returns that are equal to, or more than, the rate of inflation +4% per annum (before fees are taken) over rolling 5-year periods. It also targets an income of 4% for investors.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
James Mahon, co-manager of the SVS Church House Tenax Absolute Return Strategies fund, tells us about some deflationary forces that are starting to come through and why he thinks inflation could peak in the next few months. He explains what the ‘yield curve’ can tell us about an economy’s health and why bonds that are due to mature in just a few years’ time are more attractive than those that have a long time to maturity. James also discusses the fall in the value of the pound versus the US dollar, tells us which parts of the UK equity market are now looking good value, and closes with details as to why floating rate notes can be very useful investments.
What’s covered in this episode:
- Deflationary forces = corrections to commodities’ prices
- Inflation peaking
- The Fed Reserve and its effect on inflation
- Counterintuitive downward sloping yield curves
- The dominant US dollar
- Extraordinary moves in the index-linked gilt market
- The potential for very high returns from short-dated bonds
- Exploiting mispricing opportunities in volatile periods
- Floating Rate Notes and their benefits for investors
More about the fund:
SVS Church House Tenax Absolute Return Strategies is a multi-asset fund, which invests directly in assets, rather than using the ‘fund of fund’ route. It targets positive returns over rolling 12-month periods. The managers place a heavy emphasis on capital preservation, and it is one of the few absolute return funds with a track record which goes back beyond 2008 and the global financial crisis.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Alexandra Jackson, manager of the Rathbone UK Opportunities fund, talks to us about UK equities: how they have performed, the impact of UK political and economic turmoil, why mid-cap stocks are attractive, and why M&A targets are no longer vulnerable companies but trophy assets. She also tells us which stocks she has sold recently, reveals which real estate company has locked-in cheaper energy prices for its tenants, and gives us some hope amidst all the doom and gloom.
What’s covered in this episode:
- How growth stocks have performed in the past six months
- Whether the manager has made any changes to the portfolio following the political and economic upheaval in the UK
- Which stocks the manager has sold and why
- Why M&A activity has moved from snapping up vulnerable companies to buying trophy assets
- Why the manager favours medium-sized companies over larger ones
- Which company is benefitting from the rise in cyber attacks
- Why the manager has been testing the energy resilience of her companies
- Which real estate company has managed to lock-in cheaper energy prices from 2020
- The positives to be found amidst all the doom and gloom
More about this fund:
Rathbone UK Opportunities is a flexible fund targeting quality growth businesses. The manager looks to take advantage of cheap UK valuations, but avoids the ex-growth, large-cap dinosaurs. She combines structural winners with a strong core of high-quality compounders and the final portfolio consists of around 50 to 60 holdings, with a bias to medium-sized companies.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Alexander Darwall, manager of the European Opportunities Trust, tells us why the European economy is in structural decline, but also why you can still make money there as an investor. He discusses healthcare company Novo Nordisk – in particular, its diabetes drug and new use for weight-loss – tells us about investing too early in Deutsche Boerse, and reveals why his investment in Dark Trace is just a small position today. Alexander also gives his views on central banks: the mistakes they are making and how politicised he thinks they are.
What’s covered in this episode:
- Why you don’t need to be excited about Europe as an economy, to still make money there
- How the right companies can do well, despite the risk of central bank mistakes
- The characteristics of ‘special companies’ making up the portfolio
- Why the manager invests in Novo Nordisk
- How a diabetes drug can also help patients lose weight
- How Deutsche Boerse can do well in periods of stock market volatility
- Why the cyber security sector is at risk of disruption
More about this fund:
European Opportunities Trust offers investors access to a high conviction portfolio of European equities with a bias towards medium and larger companies. Manager Alexander Darwall generates his own ideas, primarily through company meetings. Firms benefiting from economic tailwinds and in strong positions within their industries are preferred. He particularly likes businesses with proprietary technology and companies that have a business plan that provides them with long-term sustainable growth. He has a record of success in different economic environments.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
In this interview, Simon Clements, co-manager of the Liontrust Sustainable Future Global Growth and Liontrust Sustainable Future Managed funds, talks to us about the three mega themes and 20 sub-themes in the portfolio. He describes companies the team invests in, including one that makes factory floors more efficient, one that could mean patients can leave hospital sooner and one that makes sure the air we breathe and the food we eat is not contaminated. Simon also discusses the current challenges for the companies he is invested in and what the future looks like for sustainable trends.
What’s covered in this episode:
- The three headwind that sustainable funds have faced in 2022
- What the future looks like for sustainable investing
- Whether short term global concerns will delay some structural trends or accelerate them
- The best way to diversify away from fossil fuels
- Why the oil crisis incentivises substitutes
- Investment examples in the funds’ three mega trends of ‘cleaner, healthier and safer’
- How to make factory floors more efficient
- How blood oxygen levels could be monitored at home
- How to make sure the air we breathe and the food we eat isn’t contaminated
- Whether the team will invest in other trends in the future
More about this fund:
Liontrust Sustainable Future Global Growth fund invests in the shares of a broad range of companies from around the world, based on the fund manager's view of their long-term return prospects. The fund uses a thematic approach to identify the key structural growth trends that will shape the global economy of the future across a portfolio of 40-60 stocks. The Liontrust Sustainable Future Managed fund uses the same approach but invests in a combination of global equities, bonds and cash.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
What’s covered in this episode:
- What has been happening in the UK market in the past week
- Why the UK bond market did not like the min-Budget
- Why the US does not have the same inflation worries as Europe
- How high interest rates could go in the UK
- Why bonds are now looking more attractive investments
- Why larger UK companies are holding up better than smaller ones
- If the US will go into recession
- The outlook for high yield bonds
- Why financial companies have done well in the last 3 months
- Why Latin American and Indian Equities have also performed well
- Possible issues coming out of Japan
- The positive opportunities we can find amidst all the doom and gloom
More about this episode:
We are now three-quarters of the way through 2022 and markets continue to be volatile. In fact, we’ve just had a tumultuous week in the UK. In this podcast, Juliet Schooling Latter and Darius McDermott discuss what has been happening, they review the few sectors that have held up well and offer some positives in what looks to be a gloomy outlook for the rest of this year.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Janus Henderson’s Jane Shoemake tells us all about the Janus Henderson Global Dividend Index. She reveals what it looks at, and what it can tell investors about dividend health in various regions and sectors. Jane then discusses how dividends can help investors during periods of high inflation, before going on to talk about the Janus Henderson UK Responsible Income fund. Jane tells us which types of company are excluded from the portfolio, where the team is finding ideas, and how the income on the fund is holding up.
What’s covered in this episode:
- What is the Janus Henderson Global Dividend Index
- Where you can find it
- What it tells you
- The health of dividend-paying companies around the world
- What has been driving dividend growth
- Which sectors are still struggling to pay dividends
- How high inflation is impacting dividends
- How dividend growth can offset some of the inflationary pressures
- Why dividends are less volatile than earnings
- How the dividend on the Janus Henderson UK Responsible Income fund is holding up
- Where the team is finding investment ideas
- The manager’s view on the outlook for the UK stock market
More about this fund:
Janus Henderson UK Responsible Income has a well-defined ESG investment approach, combined with a tried and tested process which has strong historic credentials. The team has extensive experience in the equity income space and has a common-sense approach to this fund, allowing screens to filter the universe, followed by in-depth analysis on the remaining opportunities. The team won’t chase yield and will look for a balance of growth as well as an attractive income to make for a strong all-round fund.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Rebecca Myatt, a portfolio manager on the Elite Rated First Sentier Global Listed Infrastructure fund, and lead manager of the First Sentier Responsible Listed Infrastructure fund, talks to us about how infrastructure is important when it comes to achieving environmental and social goals. She discusses the transition to a net-Zero global economy, why it is important to engage with companies not simply divest and explains how we can become independent of Russian gas in both the short and long term. She wraps up with an explanation as to what investors should expect from infrastructure in an inflationary environment.
What’s covered in this episode:
- Why investors should consider responsible infrastructure investments
- Why the team uses the UN’s Sustainable Development Goals as a metric for the fund
- How infrastructure is crucial in the transition to net Zero
- Engagement vs divestment
- How disruption in the energy sector is impacting companies today
- How we can become independent of Russian gas in the short and long term
- Why the US is playing catch up with renewable energy
- How listed infrastructure behaves in a high inflationary environment
More about this fund:
First Sentier Global Listed Infrastructure seeks to deliver income and some capital growth by investing in listed infrastructure companies. First Sentier Investors was one of the pioneers in providing access to this asset class, which quickly captured the attention of income-focused investors. This fund is also an alternative method of playing the global equity market, with a thematic bias and a reasonable yield.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Charles Luke, manager of the Murray Income Trust, starts this interview with a reminder about the types of company he likes to invest in. He then reveals details about three new holdings: Oxford Instruments, Safestore, and London Stock Exchange Group. Charles also discusses the pros and cons of mergers and acquisitions, before going into detail about the Trust’s ESG credentials, with the example of a company he sold due to an internal bullying culture.
What’s covered in this episode:
- What companies the Murray Income Trust invests in
- Recent performance of the fund
- The manager’s view on opportunities in the UK equity market today
- Opportunities on UK mid-caps
- What the manager likes about new holding Oxford Instruments
- What the manager likes about new holding Safestore
- What the best performing companies all have in common
- Why the manager invested in the London Stock Exchange
- How much M&A activity there is today and which companies in the portfolio could be targets of a take-over
- How the manager looks at Environmental, Social and Governance factors when investing
- Which company was sold because of a bullying culture
- The manager’s hopes for next year
More about this fund:Backed by a strong UK equities team, Murray Income Trust is all about building a portfolio of high-quality companies which deliver a resilient income, as well as offering strong capital growth prospects. The result is a dependable, diversified and differentiated trust, which has delivered consistently strong performance at a time when it has been challenging for UK equities. The trust has grown its dividend for investors for almost 50 years.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Matthews Asia ex Japan Dividend fund manager Yu Zhang talks to us about the benefits of investing in dividend paying companies in Asia versus their more developed peers in the Western world. He also explains why the structural growth story in Asia remains strong and how companies are getting used to living with Covid. He also highlights some of the value that is starting to appear in Chinese equities and why he is also bullish on Vietnam. We also discuss the role of sustainability in the portfolio, including a business making synthetic diamonds.
What's covered in this episode:
- The re-opening in Asia and how companies are getting used to living with COVID
- Why the structural growth story in Asia remains strong
- Targeting fast growing companies who also pay a dividend
- Finding secular growth stories in China and targeting the likes of industrial automation, biotechnology and the semiconductor manufacturing sectors
- Why long-term value embedded in businesses is starting to emerge in China
- Why he is bullish on the investment outlook in Vietnam and the sectors he is targeting
- The benefits of income investing in Asia versus the Western world
- Investing in a company making synthetic diamonds – and where the demand is coming from for this product
- The role of sustainability in the investment portfolio
More about this fund:Matthews Asia ex Japan Dividend fund blends stocks exhibiting dividend growth with more stable, established yielders. Managed by Yu Zhang, the fund invests in companies across numerous countries, sectors and sizes. The resultant yield is an outcome of the process, rather than a target for the 50-80 stock portfolio.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Ben Peters, co-manager of the TB Evenlode Global Income fund, discusses inflation and says that while very little can be done to help in the short term, in the long-term, equities – and in particular companies that can generate a sustainable dividend – are not a bad place to be. Ben tells us about a recent trip to the US and meetings with the management of Mastercard and Analog Devices. He then reveals whether supply chain issues are improving, before discussing the immediate outlook for markets and the type of companies he hopes will see the fund through a difficult period.
What's covered in this episode:
- How companies that generate dividends can help investors combat inflation
- Which sectors of the global economy have been impacted most by cost increases
- The companies the team met on a visit to the US
- What the team learned about Mastercard’s business
- Why the team is watching a business called Analog Devices
- How asset-light businesses can give protection against inflation
- What companies are saying about supply chain issues
- Why companies are using cash flow to secure prices and supplies
- The reason why the fund is invested in just 33 companies today
- The manager’s outlook for markets
- The fund’s approach to net zero
- Why infrastructure is key to renewable energy story
More about this fund:TB Evenlode Global Income fund invests in companies from all over the world. Managers Ben Peters and Chris Elliott aim to balance the income received today with future dividend growth and take a long-term approach, focusing on quality, cash-generative businesses. They define quality companies as those with three characteristics: asset-light business models; high barriers to entry which can’t be disrupted easily; and finally, their customers’ decision to buy their product or service should not be determined completely by price.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Liontrust UK Micro Cap co-manager Victoria Stevens explains why holding companies which are not capital intensive and have strong pricing power has positioned the fund to manage the challenges of rising inflation. Victoria also talks us through the importance of manager ownership in a company and how it can allow a firm to grow through periods of uncertainty. She also highlights the positives and negatives of M&A activity on the fund and tells us why a 175-year old paper mill in Burneside has become an attractive investment in the defence, high end automotive and clean energy space.
What's covered in this episode:
- The importance of the investment process and how it has helped the fund thrive in uncertain times
- Why holding companies which are not capital intensive and have strong pricing power should position the fund well in a world of rising inflation
- Risk aversion and strong balance sheets – the benefits of only investing in companies where the management also own part of the business
- Using disruption to invest in the future – how the management behind corporate training business Mind Gym took advantage of Covid by using its strong cash reserves to quickly grow its digital arm
- The bittersweet nature of M&A activity on the fund
- Being excited about market valuations given their long-term investment mindset
- Topping up on holdings when the market has overreacted to news
- How companies like YouGov can graduate from UK Micro Cap to the UK Smaller Companies fund
- Investing in James Cropper – a company that’s expanded from a paper mill to creating technical fibre products that are used on steal fighter jets.
More about this fund:Liontrust UK Micro Cap fund looks to tap into early stage companies with the potential for significant growth. To do this, the five-strong team only invests in profitable companies, which also have at least one intangible asset – these include a strong distribution network, high recurring revenues, or a strong brand. Companies must also have an element of owner management to align their interests with shareholders. Despite a challenging backdrop, performance has been exceptional for this fund since it launched back in 2016.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
David Coombs, manager of Rathbone Strategic Growth Portfolio, tells us why he has been adding risk to his fund throughout 2022, despite the threat of recession. He also highlights some of the opportunities his team have been finding in both the bond market and tech stocks this year. He also explains why the current crisis is no different to anything else he has experienced in the past four decades and why investors should not overreact in periods of geopolitical instability. David also outlines his expectations for inflation and why he tries to ignore the noise around the growth/value debate.
What's covered in this episode:
- We’ve been in the recessionary camp for 12 months – it’s been lonely
- Inflation probably falls to 3-4 per cent in the next 12-18 months.
- Why we will have a deeper recession in the UK and Europe
- “Testing our resolve” – adding to tech names as their prices kept falling in the first half of the year
- Buying US, Canadian and Australian 10-year bonds to mitigate recessionary risks and using their cash allocation
- How a big dislocation in markets has allowed them to find lots of mis-priced investment opportunities - many of which are uncorrelated to markets.
- Preferring commodities over property and infrastructure
- Why this crisis is no different to any other he has seen in the past four decades
- Taking emotion out of investing and adding risk to the portfolio throughout 2022
- It’s not about growth or value – it’s about investing in businesses that grow
- Why investors should switch off the noise and not panic into making short-term decisions.
More about the fund:
The Rathbone Strategic Growth portfolio focuses not only on returns, but also on risk and correlation. Manager David Coombs uses a disciplined asset-allocation framework and a forward-looking assessment of correlation, risk and return, as the cornerstone of the investment process. Asset classes are then divided into three distinct categories – liquidity (those that can be bought and sold easily), equity risk and diversified.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Man GLG fund manager Mike Scott explains why credit spreads are the major driver of returns in the high yield bond market and the importance of not only being selective, but also different, in choosing companies amid a weaker economic backdrop. He also highlights the role of cash flows in this environment and the focus on targeting businesses with recession proofing characteristics over a number of cyclical names. Mike also addresses the role of inflation in the high yield bond space and the performance of the US energy sector.
What's covered in this episode:
- Why credit spreads are the major driver of returns for high yield bonds
- The importance of the underlying credit quality of a business in this environment
- The need to focus on cash flows, particularly in uncertain times
- The robust state of the US energy market compared to recent history
- Targeting recession proof businesses over cyclical credits and the importance of being selective in this environment
- Businesses that can flourish or flounder in an inflationary backdrop
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
JOHCM Global Opportunities manager Ben Leyland explains why markets have been abnormal since the Global Financial Crisis in 2008 and why investors are now facing a financial environment that we’ve not seen for decades. Ben also talks us through how the team run money in transitory periods like these and the benefits of their balanced approach to investing. He also highlights some of the overlooked investment opportunities in the market and the role of cash in the portfolio. We also discuss Ben’s preferred investments in the tech space and why the fund has been adding to names like Adobe and Microsoft in recent months.
What's covered in this episode:
- Why investors must prepare themselves for a new financial world that we’ve not seen for decades
- Sticking to their investment principles but being flexible in their application.
- How they are finding growth in the likes of utilities, healthcare and financials.
- Tapping into unloved European companies and why they particularly like companies in the energy and defence sectors.
- Finding opportunities in the “forgotten middle” – companies outside the technology sector which have been overlooked by the extremes seen in the past two years.
- The team’s preference for software companies in the tech space and adding names like Adobe and Microsoft based on market weakness.
More about this fund:
JOHCM Global Opportunities fund is managed by Ben Leyland and Robert Lancastle and has a strong focus on capital preservation. The philosophy of this fund is 'heads we win, tails we don't lose too much', with the managers’ focusing their research on high quality, high return on capital businesses. The fund is well diversified by country and sector and holds around 30 to 40 stocks. The team are also willing to hold up to 20 per cent in cash as it helps to reduce volatility and gives them ammunition to take advantage of opportunities created by falls in the market.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Andy Brown, investment director for the Baillie Gifford Japanese equity team, talks to us about how Japan is finally opening up after Covid, and how the economy is running at a different speed to the rest of the world. He tells us why China’s reopening is beneficial to Japan, explains what the Big Mac Index is and why it matters, and the discusses opportunities from collaborative robots to gaming companies. He finishes by telling us why the Baillie Gifford Japanese fund has recently sold its holdings in car manufacturers.
What's covered in this episode:
- Why the Japanese economy is moving at a different pace to the rest of the world
- If the reopening story is about to begin in Japan
- How China’s reopening could benefit Japan
- Why Japan is a cheap destination for tourists today
- The Big Mac Index and what it tells us
- If Abenomics can survive the death of its creator
- The themes the fund is investing in
- Why Japan is playing catch-up in the digital revolution
- What is attractive about robotics and automation for investors in Japan
- Why the fund has sold its holding in car manufacturers
- Why investors should consider allocating money to Japanese equities
More about this fund:Baillie Gifford Japanese fund is a well-managed portfolio with a clear investment strategy, which offers complementary exposure to those funds that are focused more on the value of a company rather than its growth prospects. It has been one of the most consistent funds in its sector and has proven itself in many different market environments.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Mike Sell, manager of the Alquity Indian Subcontinent fund, explains why favourable demographics, increasing urbanisation and a thriving private sector have made India one of the most compelling growth stories for investors over the next 10 years. Mike also explains why India’s domestic growth story makes the country an ideal investment diversifier and why he sees great opportunities in the financials sector. He also discusses the impact of Prime Minister Narendra Modi as a catalyst for growth and why investors should not be put off by the market looking expensive relative to its peers. Mike also runs through the role of sustainability in the portfolio and the moves India is making towards renewable energy.
What's covered in this episode:
- How favourable demographics, urbanisation and a thriving private sector are driving the exponential growth of the Indian economy
- How a rising middle class and a mismatch between supply and demand is boosting business for firms like Lemon Tree Hotels
- Why the domestic growth story gives India such a strong advantage over its peers
- Why the team sees real value in banks as a “mispriced opportunity in the portfolio”
- How the uncorrelated nature of Indian equities is driving dedicated exposure from investors
- Why the premium you pay for Indian equities is justified and should not deter investors targeting long-term growth
- Why oil prices are the biggest concern to the Indian economy and the move to renewable energy to counteract this threat
- How the role of Prime Minister Narendra Modi, as a reformist, has bolstered the economy and the benefits of his tenure being extended
- The importance of sustainability in the investment process
More about this fund:The Alquity Indian Subcontinent fund is a unique offering as its domestic focus often sees the team look past the larger companies in the index and invest in businesses which tend to be overlooked. With a high conviction approach, the fund is not for the faint hearted, but the team are exceptional at what they do and the long-term tailwinds surrounding demographics, urbanisation, political stability and a shift towards a formal, organised economy, support the case for long-term growth.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Nick Clay, manager of the TM Redwheel Global Equity Income fund, explains why the days of getting rich quick are over and how compounding dividend income will once again become the biggest building block for wealth generation. He also talks to us about why there’s likely to be more pain ahead for the large technology companies and why a number of cyclical sectors, like luxury goods, look attractive from here. Nick also explains why a number of companies are simply not set-up to handle the threat of inflation and why it is important to go against the consensus view when markets are difficult.
What's covered in this episode:
- Why people have to get used to building their wealth at a steadier pace
- How a permanent inflationary backdrop will “crush the margins” of many businesses which are dependent on keeping their prices low
- Taking advantage of opportunities while active investors obsess about the threat of recession
- Why big tech companies like Apple and Microsoft may face even more pain in the future
- Why the compounding of dividend income (not capital growth) will be the biggest driver of returns from here
- The importance of going against the market consensus – particularly when things look difficult
- The challenge of spotting when disruption or controversies in companies will have a permanent impact or not
- The opportunity in the luxury retail space
More about the fund:While the TM Redwheel Global Equity Income fund may be new, the team – led by Nick Clay – is highly experienced, and the investment strategy is well-proven. It has a true contrarian nature backed up by a logical and disciplined philosophy. This leads to an attractively yielding income fund (every holding must yield at least 25% more than the broader market at the point of purchase) that also allows for capital return from a concentrated portfolio.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Although Europe is once again under the microscope for all the wrong reasons, Waverton European Capital Growth co-manager Chris Garsten believes the much-maligned market is now a far more compelling investment proposition than it was eight months ago. He also talks to us about the threat of recession and why he feels it is important to go against the consensus when markets are difficult. Chris also talks to us about why the political need for the Euro to succeed will prevent any further break up. He also runs through the cyclical recovery opportunities he is finding in a post Covid world and the importance of having a strong investment process to find opportunities in the ESG space.
What's covered in this episode:
- Why challenges equal opportunities in a post-Covid world and the attraction of cyclical recovery stocks
- How the semiconductor shortage benefitted car companies
- Why finding ESG winners is anything but straightforward
- How new EU rules around sustainability could impact capital flows into miners
- Why he is a fan of Scandinavian/Nordic companies and the importance of “strategic thinkers” like Nestle and Rush
- His fears about recession in Europe and why history tells us to be contrarian in difficult markets
- Why the political will for the Euro to succeed means it is unlikely to break up
- Why Europe looks a more interesting investment than it did eight months ago
More about this fund:
The managers of Waverton European Capital Growth fund focus on finding companies whose management interests are aligned with shareholders, have earnings visibility, pricing power, cash generation and return on capital. But companies don’t have to have all these attributes at the point of investment – indeed, many of their best ideas are businesses in the early stages of reform.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Schroders investment directors Paul Lamacraft and Pav Sriharan talk us through the benefits of private equity investing and why the asset class is a great fit for an investment trust vehicle. The pair also talk about the types of companies they target for the British Opportunities Trust, discuss the importance of funding UK growth and buyout companies in what is an uncertain time for the UK economy, and reveal why they are excited about the prospects for their investment in Mintec.
What's covered in this episode:
- What are the benefits of private equity investing and why the team focus on growth and buyout businesses
- Why investment trusts are a great fit for investors looking to access private equity companies
- The importance of understanding the exit options for a company at an early stage and the need to have as many options available as possible
- How the team go about transforming a new acquisition to improve both its scale and value
- Why there is an ongoing need to fund and support UK growth and buyout companies
- The importance of ESG and why the management team are happy to invest in companies that need help to develop and deliver the right ESG framework
- Why they are so bullish on their holding in a reporting agency for non-exchange traded food commodities
- Why investors should be looking more closely at private equity as a long-term holding
To hear more about the public side of the portfolio be sure to listen to episode 169. Investing on public and private equity
More about the trust:One of the few products to be launched in response to the Covid-19 pandemic, the Schroder British Opportunities Trust seeks to tap into the unloved status of UK equities by targeting companies which have been in the eye of the storm. The portfolio consists of 30-50 small and medium-sized public and private businesses requiring fresh injections of equity, with the trust aiming to provide a net asset value total return of 10% per annum.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Juliet Schooling Latter and Darius McDermott return to discuss the first six months of 2022 in this, our 200th episode. They explain what a bear market is and discuss how long this one could last. They also touch on the more recent performance of early 2022 leaders – commodities and Latin American equities – and why they have lost some of their shine, as well debating whether the Chinese stock market has already reached its lows. They also explain why inflation-linked bonds have performed so badly.
What's covered in this episode:
- What is a bear market?
- How long could this bear market last?
- Why commodities and Latin American equities have given up some of their gains
- Whether the Chinese stock market has bottomed
- Why UK index-linked gilts have fallen so much this year
- If inflation is here to stay
- If we are repeating the 1970s
- How close the UK economy is to a recession
- How to invest in this environment
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Steven Andrew, manager of M&G Episode Income fund, discusses investor behaviour with us. After a turbulent start to the year, are they behaving rationally or irrationally? Steven also talks about whether the US central bank is calling the shots or if inflation is out of its control. Other topics of discussion include the parallels between Japan and the UK, if bonds or equities are the place to be in the second half of the year, and if markets have reached ‘peak fear’.
What's covered in this episode:
- Have investors been acting rationally this year?
- Are markets or the US central bank leading the way?
- Central bank moves today vs 30 years ago
- What central banks can and cannot control
- Why the manager hasn’t invested more in the UK
- The parallels between Japan and the UK
- If the market is more fearful of growth than it is of inflation
- Have investors reached peak fear?
- Are equities or bonds the best bet now?
More about this fund:M&G Episode Income is a multi-asset fund that invests directly in individual stocks and bonds, while property exposure is gained by investing in property funds. The name “Episode” refers to those periods of time when investors' emotions cause them to act irrationally. The manager uses behavioural finance to find pockets of value and invest against the herd, rather than following it.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Dickie Hodges, manager of Nomura Global Dynamic Bond fund, gives listeners an explanation as to why all bonds – including inflation-linked bonds – have had negative returns this year. In a very frank and educational podcast, he explains how the current environment is impacting bonds, gives his view on how high interest rates could go, and whether it’s a matter of when, not if, a recession begins. Dickie ends the podcast with some thoughts on what bond investor could expect in 2023 and 2024 and reveals what has happened to the Russian bonds the fund held earlier this year.
What's covered in this episode:
- Why bond returns have been negative this year
- If bond markets could fall further
- Why inflation-linked bonds have also let down investors
- How high interest rates could go in the UK and US
- If recession is likely in the UK and US
- Why it’s a certainty that Europe will go into recession
- If we could see a repeat of the European Sovereign Debt Crisis
- Why it’s difficult to value assets in this environment
- Why 2023 and 2024 could be good opportunities for bond investors
- What has happened to the Russian bonds the fund held earlier this year
More about the fund:Nomura Global Dynamic Bond is an unconstrained strategic bond fund, with a focus on total returns. It is managed by the charismatic Richard ‘Dickie’ Hodges, who blends two approaches when building his portfolio. First, he studies the state of the global economy and identifies which sectors and investment themes look most attractive. He then undertakes fundamental analysis, to populate his preferred areas with ideas. Dickie invests in the entire range of bond sectors including government bonds, corporate bonds, emerging market bonds and inflation-linked bonds.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Job Curtis, manager of City of London Investment Trust, discusses the UK stock market and why it has outperformed other stock markets around the world this year. He gives his thoughts on the windfall tax for oil companies and how their presence in the North Sea will impact how much of their profits are taxed. Job also discusses inflation and interest rates – their impact on the UK economy and on companies in different sectors. He ends with details of the sectors he likes and dislikes and tips from a 30-year career running money.
What's covered in this episode:
- Why the UK stock market has been doing well this year
- If the UK stock market can continue to do well
- How much exposure the trust has to oil companies
- If the windfall tax could have an impact on oil company dividends
- Why the North Sea is important when it comes to this windfall tax
- How much gearing the trust has at the moment
- How inflation could impact UK equity investments
- Why the manager thinks interest rates will rise further
- How the trust has some inflation protection through its holdings
- Which area of the UK stock market the manager likes best
- Which area he likes least
- What tips the manager has for investors
More about the trust:City of London Investment Trust aims to provide growth in income and capital by investing predominantly in larger UK companies with international exposure. It has increased its dividend payment every year for the past 55 years. Manager Job Curtis has run the trust for more than three decades and his thorough research process and conservative approach to stock selection have generated steady returns over a long time. The trust is also very good value: it charges 0.325% per annum of net assets under management.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Ben Peters, co-manager of TB Evenlode Global Income, discusses all things inflation: its impact on individuals, companies, sectors, and different geographies. He explains why demand has remained surprisingly robust, despite the continued rise in prices and why some companies are being slow to pass on their costs to their customers. He also discusses his team’s recent trip to the US and pent-up demand for human contact and tells us how the fund has 20% exposure to Asia but only a couple of holdings in Asian companies.
What's covered in this episode:
- How inflation is impacting companies in different sectors
- Why companies are starting to have problems supplying goods
- The impact of China’s lockdown on networking hardware and software company Cisco
- Why demand is staying surprisingly robust in the face of rising prices
- Why companies are being slower than usual to pass on costs to consumers
- Firms that can thrive in any environment
- Why meeting companies on the ground is so important for investors
- How the fund has decent exposure to Asia – without owning many Asian’ companies
More about the fund:TB Evenlode Global Income managers Ben Peters and Chris Elliott believe the market fundamentally underestimates the value of high-quality businesses because of its obsession with short-term events. The fund has four key objectives: grow the dividend on a consistent basis, compound returns at a high annual rate, outperform major global market indices over the long-term and generate returns with lower volatility and downside risk.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Simon Brazier, manager of Ninety One UK Alpha, discusses the outlook for the UK economy and the companies he thinks will do best in the current environment. As consumers look to rein in spending, he is repositioning towards companies with cheaper offerings such as Ryanair and JD Weatherspoon, but says he still prefers large caps over small caps. Simon also discusses the potential windfall tax on oil and gas companies, explains how currency risk can be mitigated, and says he thinks supply chain disruption could be here for some time to come.
What's covered in this episode:
- What the characteristics are of ‘quality’ companies
- The manager’s view on the outlook for the UK economy
- Which companies can continue to grow in a low growth world
- Why the manager likes pubs and airlines today
- The companies that could benefit from people looking to spend less
- If a windfall tax on oil companies is likely to happen
- Whether small or larger companies look more attractive
- Why the manager sold overseas stocks in favour of UK companies
- If foreign investors are buying UK stocks again
- If investors should worry about currency risk
- Whether supply chain disruption will ease soon
More about the fund:The team behind Ninety One UK Alpha believes that markets are excessively focused on short term factors and that most analysts typically concentrate on the next set of results and not where a company will be in five years’ time. This creates opportunities to invest in quality companies that will deliver for many years into the future. The team only buys companies that are adding value for shareholders by allocating capital efficiently. Consequently, investing in proven company management is very important. Cash flow generation is also key.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Lucy Isles, co-manager of Baillie Gifford High Yield Bond fund, discusses her investments in the bonds of Birkenstock, the owner of eBay and Gumtree, a French recycler and a litigation business. She explains why bonds have struggled in 2022 and how investors could expect high yield bonds to behave in an inflationary or recessionary environment and reveals why the team has invested in an Indian mobile company.
What's covered in this episode:
- Bond market returns so far this year
- Why fixed income has struggled in 2022
- Why the manager thinks it has been an inflationary sell-off, not a recessionary sell-off
- If capital losses can be offset by income generation
- How high yield behaves in a high inflation or recessionary environment
- Lending money to Birkenstock and a French recycler
- The Asian high yield market
- Why the manager likes a bond in the Indian mobile market
- Making money from lending to eBay and Gumtree
- Investing in litigation
More about the fund:Baillie Gifford High Yield Bond fund offers investors access to a portfolio of predominantly UK, US and European high yield bonds. The managers, Robert Baltzer and Lucy Isles, focus almost entirely on stock picking, so the portfolio is likely to be concentrated and turnover low, as they back their ideas with conviction and give them time to come to fruition. They are looking for resilient businesses that can survive the full business cycle and can improve their financial health.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Richard Sennitt, manager of Schroder Oriental Income Fund, talks about the regulatory issues in China and the impact the current lockdowns are having on both the domestic and global markets. He reveals the sectors and geographies across developed and developing Asia, where he is finding the most investment ideas, and outlines the nuance of rising inflation in the region. Richard gives his views on the outlook for dividends in the region and explains how some companies could defend their pay outs again if times get tough.
What’s covered in this podcast:
- The regulatory issues in China
- The impact China’s zero-Covid policy is having on the domestic and international markets
- Which investment opportunities there are in developed and developing Asia
- Why Southern Asia is doing better than Northern Asia
- Inflation in Asia
- How global inflation could impact Asian exports
- Why wage increases are not coming through in Asia
- If dividend growth can keep up with inflation
- The outlook for dividends in Asia
More about the fund:
Launched in 2005, the Schroder Oriental Income Fund aims to provide income and capital growth by investing in Asia Pacific companies (including Australia and New Zealand) that offer attractive yields and growing dividend payments. With a current dividend yield of 3.9%, the trust has also offered consistent growth in its own dividends since launch and is one of the AIC’s ‘Next Generation Dividend Heroes’.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Niall Gallagher, manager of GAM Star Continental European Equity fund, explains why European companies have such a global reach. He discusses the big trends of the growing middle classes in Asia and decarbonisation and explains how European equity investors can benefit. Niall also gives his view on why inflation could be here to stay and why Europe is in danger of locking in high energy prices.
What's covered in this episode:
- Why investing in European equities isn’t just investing in Europe
- How you can get exposure to the growing Asian middle classes
- The goods and services that middle class populations spend money on
- How to invest for decarbonisation in Europe
- Why the manager believes inflation is here to stay
- Why renewable energy is expensive
- The political risk of windfall taxes on energy companies
- How the manager looks at ESG risks
- Why Europe should be careful not to lock itself into higher energy prices
More about the fund:GAM Star Continental European Equity invests in large companies, with the team preferring those it believes will grow faster than the index. The team looks to buy stocks at the point where they are either out-of-favour or where growth prospects are believed not to be fully reflected in the share price. Manager Niall Gallagher has a pragmatic approach, exhibits excellent patience in his process and conviction in his decisions.Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
Simon Moon, manager of Unicorn UK Smaller Companies fund, talks to us about recent performance of the sector vs its larger peers in the FTSE 100. He also talks about the opportunities today and reveals the companies he has recently invested in. Simon goes into detail about meetings with company management teams and discusses his holdings in fast food restaurants and firms benefiting from increased expenditure on defence.
What's covered in this episode:
- How UK smaller companies have performed in recent months
- The holdings that have been added to the fund, including Porvair and Cohort
- How management teams are now more accessible to investors
- Why seeing companies on the ground is important
- The opportunities in smaller companies today
- Why the manager likes Tortilla Mexican Grill and The Fulham Shore
- How Premier Foods is expanding in the US and Canada
More about the fund:Unicorn UK Smaller Companies is a very high conviction fund with around 40 holdings. Its manager focuses on company fundamentals and aims to make long-term investments, while avoiding low quality, cash-burning businesses. It’s a small and flexible fund, with a solid investment process and a highly competent team. All companies must be profitable at the point of investment and a large proportion of research is performed in-house. This allows Unicorn to identify companies often missed by brokers.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
TB Wise Multi-Asset Growth fund manager Vincent Ropers talks us through the recent tilt towards value strategies in his portfolio amid hopes of a continued cyclical recovery. He also runs through his exposure to mining & natural resources, as well as infrastructure, and how these asset classes can help offer inflation-linked returns in these uncertain times. Vincent also discusses the attractive discounts available when accessing private equity companies in the investment trust market; and the importance of having a flexible mandate.
What's covered in this episode:
- The importance of flexibility to the fund
- The use of investment trusts and the adoption of alternatives
- Tilting the fund towards value strategies to take advantage of the ongoing cyclical recovery
- Why mining and resources were attractive as an asset class prior to the threat of inflation
- Tapping into infrastructure and floating rate notes to offer inflation-linked returns
- How value strategies offer a significant margin of safety as an investment
- The benefits of accessing private equity through an investment trust
More about the fund:The TB Wise Multi-Asset Growth fund has an unconstrained approach which allows the team to invest in around 30-60 underlying funds and investment trusts, with a preference for out-of-favour areas. This approach has allowed them to tap into the likes of infrastructure and private equity to produce strong, long-term returns for investors. Although the team adopt a very slight value bias, the fund is not exclusively value in nature.
Learn more on fundcalibre.com
Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.
BlackRock European Absolute Alpha co-manager Stephanie Bothwell talks us through the benefits of being able to use long and short positions to manage investment risk, as well as how the portfolio has protected investors in what has been a very uncertain start to the year. She also talks us through the team’s decision to stop shorting the European banking sector and how the rising cost of fuel, utilities and food has made them cautious of the European consumer in recent times. Stephanie also explains why the fund is set up to provide investors with a differentiated return.
What's covered in this episode:
- The benefits of being able to long and short stock positions
- What the team look for in their long positions and why identifying short positions is more challenging
- How the portfolio has protected investor assets in these uncertain times
- Why the fund has stopped shorting the European banking sector
- Why they are wary of the outlook for the consumer in Europe in 2022
- Setting up the strategy to provide a differentiated return to markets
More about the fund:BlackRock European Absolute Alpha co-managers Stefan Gries and Stephanie Bothwell have a fully flexible investment approach with this pan-European fund, in order to try and create positive returns regardless of market conditions. The fund offers a very wide range of opportunities – something which is enhanced by the ability to invest in both ‘long’ and ‘short’ ideas. It is also uncommon to see a fund invest in companies on both mainland Europe and in the UK, especially when also using a multi cap approach to invest in firms of all shapes and sizes.
Learn more on fundcalibre.com
Barings Europe Select Trust co-manager Rosemary Simmonds tells us why the sector is often overlooked and underappreciated, despite having a number of growth drivers and innovation in numerous areas. She discusses the attractive valuations in the sector and why they are a safe bet for those looking for growth in a challenging environment. Rosemary also looks at the inflationary challenges facing the region and talks us through some of the companies that have benefitted off the back of the pandemic and the growing move to renewable energy.
Darius McDermott and Juliet Schooling Latter return to discuss what has been both a busy and challenging start to 2022 for investors. They talk about how Russia’s invasion of Ukraine - coupled with the sharp rise in inflation – has created a difficult financial market for investors to navigate. They also discuss the sectors which have flourished and struggled in these unique times. The pair also look at the challenges facing open-ended property funds and whether the sector has a long-term future.
VT Gravis Clean Energy Income fund advisor Will Argent explains why Europe’s move to renewable energy sources may accelerate as a result of Russia’s invasion of the Ukraine. He also explains why improving energy efficiency is just as important as bolstering renewable energy supplies in the move to net zero. Will also highlights the importance of battery storage in the renewable energy space and how rising energy prices impact the companies the fund invests in.
TR Property Trust manager Marcus Phayre-Mudge talks us through how his portfolio has navigated the challenges of inflation and which sectors have benefitted best in this scenario. He also runs through the prospects for the office sector post Covid-19 and why we may well be set for a green building super cycle. He also explains why he sees greater potential for shopping centres in Europe over the UK and why he is bullish on the co-living sub-sector.
LF Ruffer Diversified Return managers Duncan MacInnes and Ian Rees talk us through their new product and explain why their “tractor over sports car” approach is hugely beneficial in these challenging times. The managers also explain why we are now at the end of a 30-year bull market and the implication that may have for investors looking for diversification. While capital protection is at the heart of their investment process, the pair also explain why the “always boring, always bearish” Ruffer tag is unfair and why they feel some companies in the commodities, industrials and financials sectors will perform well in an inflationary world.
Schroder Digital Infrastructure co-manager Tom Walker talks us through the key elements of the asset class and how the pandemic has highlighted its importance in society today. He also tells us why further growth in the sector is essential to meet challenges like the move to 5G and the rise of cloud computing. Tom also runs through the growth seen in digital infrastructure in recent years and why demand will differ between developed and emerging economies going forwards. He also explains how the sector has met sustainability concerns head on.
It took nearly 130 years for the flushing toilet to become universal in US homes. But the adoption of new technologies has accelerated at a phenomenal rate in recent years and things like tablet computers took only a decade to become standard household items. Guy Feld (fund manager) and Tom Hutchinson (investment analyst), tell us more about the sheer scale of innovation taking place in the world today and where they are finding investment opportunities within the IFSL Marlborough Global Innovation fund.
Zehrid Osmani, manager of FTF Martin Currie European Unconstrained fund, discusses the three mega-trends in his fund: resource scarcity, the future of technology and demographic change. He touches on why geopolitical risks could accelerate the move to cleaner energy and both national and corporate spending on IT security and then details the interconnections between his themes and the advances in healthcare. He closes with his view on why European companies have a lot to offer investors.
JOHCM UK Dynamic fund manager Alex Savvides says although the companies he invests in may not appear the most exciting – the potential for change and business transformation does offer exciting returns. He also explains why his fund is much more than just a value-orientated vehicle and what he looks for from management teams he hopes to invest with. Alex also talks us through the rampant M&A activity we’ve seen in the past year or so, and how he and his team had to fight for fair value when some of their holdings were bid for. He also tells us why 3i and Electrocomponents are some of the biggest turnaround stories in his career as well as giving us insight on a couple of holdings he is just as bullish on for the future.
James Douglas and Gareth Powell, co-managers of the Polar Capital Global Healthcare Investment Trust, talk us through the improvements in the healthcare industry as a result of the COVID-19 pandemic. The pair also discuss how the sector has responded to rising inflation and its ability to make further gains in the future. They also evaluate the recent challenges faced by some of the COVID winners in the healthcare space and why the likes of Moderna can still make gains in the future. The pair also analyse the potential for M&A activity to be the catalyst for a pick-up in undervalued small and mid-cap healthcare companies.
Research by McKinsey shows that companies with more women in executive leadership positions are more profitable. Yet only 41 of the CEOs on the Fortune 500 list, and just 8 of the CEOs of FTSE 100 companies, are women. In part two of our International Women’s Day special, we discuss board diversity, female CEOs and the role of asset management to further change.
We’re joined by Alexandra Jackson, manager of Rathbone UK Opportunities; Deirdre Cooper, co-manager of Ninety One Global Environment; Kirsty Gibson, co-manager of Baillie Gifford American; Sophia Li, co-manager of FSSA Japan Focus and Tessa Wong, product specialist on Allianz China A-Shares.
Just 14% of fund managers are women - a figure that has stayed the same since the year 2000. In fact, there are more fund managers named Dave than there are females. Why does this imbalance persist more than two decades later? To mark both Careers Week here in the UK, and International Women’s Day on 8 March, we tackle this question and more in part one of our Women’s Day special.
We’re joined today by Alexandra Jackson, manager of Rathbone UK Opportunities; Deirdre Cooper, co-manager of Ninety One Global Environment; Kirsty Gibson, co-manager of Baillie Gifford American; Sophia Li, co-manager of FSSA Japan Focus and Tessa Wong, product specialist on Allianz China A-Shares.
Stephen Yiu, manager of LF Blue Whale Growth fund, talks to us about why he has never held Netflix or Zoom and why he thinks they are struggling today. He also gives his reasons for selling out of Amazon, PayPal and Meta recently and says what would need to change at Facebook for him to reinvest. He also discusses the opportunities in 5G and digital transformation, as well as the importance of pricing power and gross margins in today’s inflationary environment. He finishes by detailing new investment, Charles Schwab.
Alexandra Jackson, manager of Rathbone UK Opportunities, tells us why the dominance of growth companies may be coming to an end and a more balanced approach is required in today’s environment. She also tells us which companies she has held on to, which she has sold and which she is buying. The outlook for banks is discussed and why consumers will spend money on services rather than goods this year. The conversation ends with the prospects for IPOs and whether M&A activity will continue in 2022.
Learn more at fundcalibre.com
Chris Ford, manager of Sanlam Artificial Intelligence fund, discusses the ins and outs of AI. He tells us what artificial intelligence is, why the world needs it, and explains why Asian companies are embracing its adoption at a faster rate than those in the West. Chris also talks about the risks and how AI is being regulated differently around the world, and outlines why the UK has “been a disgrace” in respect of its willingness to back AI companies, but how our home market could still benefit from its growth.
Veteran fund manager Richard Woolnough explains inflation and interest rates and their impact on bonds in this very educational podcast. As the cost of living continues to rise here in the UK and elsewhere around the world, Richard discusses the role of central banks, the desire to find a ‘neutral’ rate and how far and how high he believes interest rates will rise in the coming months. He also discusses how long it could take for interest rate rises to have a meaningful impact on the economy,
Evy Hambro and Olivia Markham, co-managers of the BlackRock World Mining Trust, discuss what they call the “multi-decade period of strong demand for commodities”. They explain the essential role commodities play in our lives now and how they will help us transition to a ‘net zero’ future. They also cover how the trust generates an income, the ESG matters they have to consider when investing in mining companies, and reveal the role they think the trust can play in a wider portfolio.
Learn more about the BlackRock World Mining Trust at fundcalibre.com
Investing on the go gives you direct access to the people who manage your ISA and pensions savings. Our hosts will be interviewing finance professionals on everything from their successes and failures to current ideas and insights. Our ultimate goal is to bring to life the world of investments and uncover new and exciting opportunities, all while inspiring you to invest and giving you the confidence and knowledge to make the right decisions.
For more investment research visit us at www.fundcalibre.com and follow us on twitter and facebook @FundCalibre
In a slightly different format to usual, Darius McDermott and James Yardley discuss cryptocurrencies. They talk about how they have evolved, where they are being used in everyday life, and touch on what they could change in the future. With new terms to learn such as Stablecoins, tokens and NFTs, James and Darius do their best to debunk the myths and explain the opportunities that lie in this new area of digital payments and platforms.
Darius McDermott and Juliet Schooling Latter return to discuss the major issues impacting markets in the final quarter of 2021 and the first few weeks of 2022. They talk about inflation, the recent sell-off in technology and growth stocks and discuss the role value funds have in a portfolio. Darius says that the US central bank has already made a policy error and Juliet reveals the areas she thinks are worth considering this ISA season.
Schroder British Opportunities Trust was launched just over a year ago in response to the pandemic. Portfolio manager Rory Bateman, and UK small and mid-cap analyst Uzo Ekwue, tell us more about the opportunities they are aiming to exploit. They discuss the differences between private and public equity investing, and give examples of the high growth and undervalued UK companies they are targeting.
UK managing director, Chris Miles and Steve Smith, an investment director on the Capital Group New Perspective fund, join Darius McDermott for this week’s podcast. They tell us about the group and their unique approach to investing, before going into detail about how they find existing and potential global champions in which to invest. Steve also gives us the lowdown on Tesla – a company that divides investors - and SEA Limited.
Ben Wallace, co-manager of Janus Henderson Absolute Return fund, talks about his investment in Warren Buffet’s company, Berkshire Hathaway – and how the sum of the parts is worth more than the value of the group. He discusses the areas where the fund is long (looking for share prices to rise) and where it is short (looking for share prices to fall). And if he could wave a magic wand, he tells us he’d wish for a little more volatility, slightly higher bond yields and interest rates, and for the UK not to be the worst performing stock market again next year…
“It’s been a good year for returns for the technology sector, but it doesn't feel like it's been a good year. We've had to work hard for returns.” Jeremy Gleeson, manager of AXA Framlington Global Technology fund, talks to us about the outlook for the technology sector, a new wave of technology adoption and the proliferation of semiconductors into all manner of end markets. He also covers the difficulties of finding pure tech plays in Japan and the best gadgets to buy this Christmas.
Baillie Gifford Shin Nippon investment trust manager Praveen Kumar talks to us about the conservative nature of Japanese companies and how he is tapping into a new breed of business-owner who is willing to take more risks to grow. He also explains why encouraging these younger, dynamic and entrepreneurial business owners is crucial to the economy, particularly in the non-manufacturing space. Praveen also talks us through the growth of end of life services business Kamakura Shinsho as an example of a disruptor which is taking risks to grow and why he has to be patient when investing in these types of businesses. The manager also explains why politics play little part in his investment approach.
Federated Hermes engagement and stewardship manager Sonya Likhtman talks us through the challenges of biodiversity loss and how they are intertwined with climate change. She also highlights how changing our diets and the rise of technology can help turn the tide against the pending biodiversity threat. Sonya also explains the importance of the COP 15 conference, which could hopefully pave the way for a global framework to tackle biodiversity loss, as well as explaining how financial firms and investors can raise awareness in this space.
What is biodiversity?
Whether it is the air you breathe, the water you drink or the food you eat – all of them rely on biodiversity. Simply put, biodiversity means the variety of life on Earth. It includes variation at three levels: genetic, species and ecosystem. It captures the diversity of plants, animals, insects and other organisms in land, ocean and freshwater ecosystems.
Unfortunately, it is under major threat. In a 2019 UN report, scientists warned one million species - out of an estimated total of eight million - are threatened with extinction, many within decades - with changes in land use, climate change, pollution and hunting all playing a major role. At present, we would require 1.6 Earth’s to maintain the world’s current living standard – so something has to give.
Learn more at www.fundcalibre.com
“My fund is up over 20% in the past year, but it's been the sort of bull market that gives you grey hair,” said James Thomson, manager of Rathbone Global Opportunities fund. In this podcast, James tells us that US companies are growing profits more than four times faster than the rest of the developed world. He talks about his top ten holdings including Alphabet, owner of Google and YouTube, “the king of search, online advertising spend, and my daughter's favourite venue for videos about how to make slime and squishies.” He also tells us why Costco will blossom “in a world of rapid consumer goods inflation.”
M&G Global Listed Infrastructure fund manager Alex Araujo explains how he invests in businesses taking advantage of rising energy prices and why there is a big opportunity in the utilities’ sector at the moment. He also details the impact of Covid on the sector, including the paradigm shift towards digital infrastructure. Alex also talks us through the ongoing recovery in transport infrastructure but warns us that he still has some nagging concerns over the long-term success of airports. He also explains how he takes advantage of the rapid growth of e-commerce and why blockchain, crypto and healthcare are all likely to become part of the ‘evolving’ infrastructure trend.
Hugh Sergeant, manager of ES R&M UK Recovery fund, explains how his fund has managed to outperform even though his style of investing has been out of favour. He tells us why multiple holdings are good for value strategies, but fewer holdings work better for growth strategies, and discusses the reopening trade and outlook for the UK economy. He reveals why he has recently invested in Fidelity China Special Situations and Baidu and tells us why level concrete has produced the best performing stock in his portfolio.
Rasmus Nemmoe, manager of the FSSA Global Emerging Markets Focus fund, talks to us about the outlook for emerging markets and the factors in play today that could mean they perform better in the next decade than the last. He explains why the pool of great businesses in India is a lot bigger than in most other markets and tells us about United Breweries, the Indian Heineken subsidiary, which has been the best performing stock in the portfolio so far this year.
Maneesh Bajaj, manager of the Brown Advisory US Flexible Equity fund, gives his on the ground perspective of how the US economy is recovering from the pandemic and how companies may do in 2022. He talks about long-term holdings Visa and MasterCard and outlines the investment case for Pinterest. Maneesh also tells us how Netflix’s ‘Seaspiracy’ prompted engagement with a frozen fish supplier.
In this episode, Lawrence Burns, deputy manager of the Scottish Mortgage Investment Trust, talks to us about some of the radical thinkers who are changing the world, including one who is building the world’s first entirely 3D printed rocket. He also explains why the trust was one of the early backers for Elon Musk’s long-term vision for Tesla. Lawrence also talks about why Covid might be a catalyst for Moderna, and why mRNA might be the start in terms of creating new vaccines for the likes of flu and HIV. He also explains why inflation and interest rates do not control the fate of growth investing and why the investment opportunities of the next 20 years will be a lot more beneficial to humanity.
Juliet Schooling Latter and Darius McDermott return to discuss the major issues impacting markets in the third quarter of 2021. They talk about top performing Indian equities, Japanese equities and financials companies. They also give their views on inflation and fuel shortages and tell us if investors should be worried about all the recent regulatory interventions in China. They finish with their outlook for the last few months of the year.
Simon Edelsten and Alex Illingworth, managers of the Mid Wynd International Investment Trust, tell us why governance issues played a key role in their decision to sell all of their holdings in China. The pair also discuss the role of healthcare and automation as key themes in their portfolio and why they hold Pfizer despite being adverse to large pharmaceutical companies. The managers also tell us why the best returns from wind farms, as a low carbon theme, are behind us.
Kate Elliot, head of ethical, sustainable and impact research at Rathbone Greenbank, explains what her team does and how it helps Rathbone fund managers make the best sustainable investments. She tells us how ethical investing has evolved over time, why greenwashing is a challenge. She also gives examples of when a company may be vetoed or when engagement can become necessary. Finally, she tells us why biodiversity is a growing area of interest.
Mike Appleby, investment manager and part of the team behind the Liontrust Sustainable Future range, talks to us about the three megatrends underlying their investments: a cleaner, healthier and safer world. He discusses decarbonisation, how it’s not just about treating symptoms better but also encouraging healthier lifestyles and the different products and services that help us live our lives in a more relaxed fashion.
Having invested in China for more than two decades, Martin Lau, manager of FSSA Greater China Growth fund, is ideally placed to explain what is happening with real estate giant Evergrande. He explains the issues in the Chinese property market and why the government is keen to tackle high prices, puts the regulatory interventions of the past few months into perspective, and reassures investors that Chinese still represents a good long-term investment.
Anthony Cross has managed the Liontrust Special Situations fund since its launch in 2005. In this podcast, he tells us why the valuation of a stock may not matter if the company can compound over time. He discusses the attractions of BP and Shell and goes into detail about the intangible assets he and his co-managers look for when investing in a firm. Anthony also discusses the importance of company culture and tells us where he is finding opportunities today.
John Stopford and Jason Borbora-Sheen became managers of Ninety One Cautious Managed in May 2020. In this podcast, Jason discusses the performance of the fund and the changes made since they took. He also tells us why risks are increasing for equities, reveals why he likes emerging market bonds, financials and healthcare and gives his outlook for both equities and bonds in the next 12-18 months.
Lesley Dunn, co-manager of Baillie Gifford Strategic Bond fund, talks to us about how company balance sheets are recovering after the pandemic. She discusses the amount of money firms had to borrow to keep themselves afloat in lockdown, the price they had to pay to do so, and how some are now looking to reduce their debt. Lesley also gives her view on inflation and discusses the investment case for Netflix’s bond – despite the company “burning cash” in its bid to create original content.
John Citron, co-manager of JPMorgan Emerging Markets trust, tells us how emerging markets have changed over the past decade. He also discusses the new sectors that are appearing and the new opportunities that are available. John also reveals that Walmex is the trust’s longest-standing holding and tells us why it has been such a good investment for almost 30 years and why it remains so today. He also tells us about the trust’s newest investment and explains the regulatory issues in China.
Neil Goddin, co-manager of Artemis Positive Future fund, tells us how a bout of gout led him to invest in Beyond Meat. He explains how the new fund targets companies making positive environmental and social impacts and discusses the healthcare and education sectors and the opportunities their lack of innovation to date is creating for disruptive companies. Neil discloses that the two key questions he asks potential investments is about their plans to be net zero and the extent of their diversity, and ends with the reasons he likes Shopify.
In an investment version of the game “Would you rather…”, Darius McDermott, managing director of FundCalibre and Chelsea Financial Services, gives his views on the current opportunities in the market. Discussing interest rates, China, absolute return funds, bonds, Bitcoin and more.
David Walton, manager of Marlborough European Multi-Cap fund, tells us why so many European companies are still undiscovered by investors. We learn why a small population in Sweden can be beneficial to company growth and why difficult politics in Italy can lead to good opportunities. The podcast ends with a discussion about M&A activity picking up on the Continent.
David Coombs, manager of Rathbone Strategic Growth Portfolio, talks to us about a range of alternative investments and how you can make money from the volatility in emerging market currencies and interest rate expectations. He also talks about the idiosyncratic risk in music royalties, using Taylor Swift as an example, and tells us about investing in the entire retail value chain and the companies fighting back against Amazon.
Church House Tenax Absolute Return Strategies co-manager James Mahon tells us why low bond prices have caused more confusion than conviction in the market at the moment – and why he thinks it will result in numerous bouts of volatility. He also tells us why the global economy was not prepared for the bottleneck in demand for production and staff availability, resulting in higher than expected inflation figures. James also talks us through the use of floating rate notes as a way of protecting his fund and why the UK is set for a protracted recovery.
“Insurance is a get rich slow kind of an industry” says Nick Martin, manager of Polar Capital Global Insurance fund. But while my parents may have hidden from the door-to-door insurance salesman of the 1980s for fear of having to listen to an hour-long monologue, the industry is anything but boring for investors. Nick talks us through mother nature and the emergence of secondary perils, how coral reefs and mangroves are helping insurers and why inflation is more of threat for future pharmaceutical liabilities than our car insurance.
While inflation numbers have picked up sharply in the US and the UK, Japan is still battling deflation. John-Paul Temperley, deputy manager of AXA Framlington Japan fund, tells us why women could play an important role in getting inflation back into the economy, describes the “stealth move” of the Japanese stock market and tells us that while Japan may not have the sexy internet companies of the US, it’s tech-related profit margins are far higher.
Juliet Schooling Latter and Darius McDermott return to discuss the major issues impacting markets in the second quarter of 2021. They talk about top performing Brazilian equities, European real estate funds and UK smaller companies. With inflation proving stickier than first anticipated, they give their views on how high prices could go, before discusses whether the big technology companies have become too expensive and why cheap UK companies are being snapped up by buyers.
Simon Moon, manager of the Unicorn UK Smaller Companies fund, tell us why smaller companies are the place to be in this stage of the economic recovery. He also talks us through why small-caps can be leaders in the ESG space, despite being overlooked by a number of credit rating agencies. He also explains why a business like Braemar Shipping Services can benefit from the blocking of the Suez Canal and why market-leading steel company Severfield has more strings to its bow than just office development. Simon also covers how M&A activity can be both a blessing and a curse for a small-cap manager.
Every year, European companies source more and more of their revenues from outside the continent. In this podcast, Niall Gallagher, manager of GAM Star Continental European Equity, tells us about this, the debt-laden balance sheets of long-haul carriers, and why private equity firms find it harder to make takeover bids in Europe than in the UK. With pricing power beginning to return along with very strong wage growth, Niall also gives his views on inflation and different types of company that can benefit from rising prices and interest rates.
Charles Luke, manager of the Murray Income Trust, tell us the UK mid-cap space is an overlooked and under-appreciated segment of the market, which is full of companies with excellent growth potential. He also talks us through his investment in Moonpig and why cards could be a trojan horse for the untapped online gifting market. He also goes into detail about how he builds a portfolio that can do well in any economic environment and why overseas holdings are such an important part of the offering. Also covered is the benefits of the trust’s recent merger with the Perpetual Income and Growth portfolio and how ESG is now at the core of the investment process.
Nick Clay, manager of TM RWC Global Equity Income fund, tells us about his new fund, the old favourites he’s invested in, and explains how he achieves a yield 25% greater than that of the market. He discusses reappraising the inequalities in society, interest rates, inflation and the market’s obsession with growth stocks. Finally, he tells us how the income opportunities in the US have grown and where he’s finding opportunities in the technology sector.
From tax returns to elective surgeries, and from national grids to who’s watching what on TV, there are plenty of attractive franchise opportunities to be found around the world. In this interview, Bertrand Cliquet, co-manager of Lazard Global Equity Franchise fund, tells us about the three ways he and the team make money for investors, why they don’t hold Amazon and why cryptocurrency gains could benefit one of their stocks.
Rebecca Jiang, co-manager of the JPM China Growth & Income Trust, talks us through the growing opportunity in the A-Shares market and the importance of tapping into structural growth themes like technology, healthcare and consumption as China moves to a capital light growth model. She also tells us about the Chinese governments’ ESG agenda and why fears of inflation will not lead to another commodities bull market.
Have you ever wondered what it’s like to be in charge of a ‘stock’ of fund managers? (it’s the best idea for a collective noun we could find ongoogle). In a slightly different interview to the norm, Stephanie Butcher,chief investment officer at Invesco reveals all. She tells us about her roleand discusses diversity and inclusion projects and unconscious bias. Shedescribes the work she does with schools and universities and finishesby telling us how the team has dealt with the rise of cryptocurrenciesand retail day traders.
Laura Bottega, managing director and lead portfolio specialist on the Morgan Stanley Global Brands fund, discusses the growth vs value conundrum, rising inflation and the benefits of scale. She highlights the companies that, during the pandemic, used the time to invest in their digital offerings, to expand e-commerce and social media and to advance the new trend of hyper-personalisation, and discusses potential future opportunities in ‘regional champions’.
In a slightly different format to the usual Investing on the Go podcast, Morgan Housel, the author of The Psychology of Money, and Mick Dillon, manager of Brown Advisory Global Leaders fund discuss behavioural finance and the psychology of money. They cover 19-year-old Robinhood investors trading 5,000 a day and why long-term investing is not intuitive to young people, why Baby Boomers are more worried about inflation than Millennials or Generation X and why the fight for an analytical edge in investing is becoming absurd.
John Bennett, manager of Janus Henderson European Focus, takes us on an eloquent journey around the continent in this podcast. With topics including V-shaped recoveries 1.0 and 2.0, the great tug of war between growth and value, how the S&P 500 became the S&P5, jumping on the ESG bandwagon, wooden satellite experiments, the winner in the salmon vs red meat argument and the posturing of President Macron – there’s something for every investor.
Richard Sennitt, the new lead manager for Schroder Asian Alpha Plus fund, talks to us about taking over the fund. He discusses the outlook for Asia, tells us which sectors and countries he favours, and gives his views on the ongoing trade wars between China and the US. He also tells us why US interest rates and bond yields should be less of an issue for Asia today and explains why Northern Asian economies have performed better than those in the south.
In a slightly different format to usual, Juliet Schooling Latter and Darius McDermott discuss the major issues impacting markets in the first quarter of 2021. They explain the rising yield curve and why it matters for investors and outline why value has started to outperform growth. With social media groups influencing stock markets they also discuss how fund managers have dealt with the investment activism, before revealing the story behind the semiconductor shortage.
Alex Araujo, manager of M&G Global Listed Infrastructure fund, tells us about the different types of company that he invests in. He discusses which he thinks are the most exciting opportunities today, and gives examples of holdings and why he likes them, including China Gas Holdings and Home REIT. He also discusses the income-producing opportunities in the sector and tells us why he had to sell a business due to sustainability issues - and how this demonstrates the importance of independent scrutiny when it comes to ESG investing.
Andy Brown and Thomas Patchett, investment specialists for Japanese equities and product specialists on the Elite Rated Baillie Gifford Japan Trust, discuss whether the pandemic has encouraged change in a country with a reputation for being slow to adapt. They talk about the increase in young entrepreneurs, the long-term trends exciting investors and the three elements to Sumitomo Metal Mining company that makes it an attractive investment in their eyes.
Chris Bowie, manager of the TwentyFour Absolute Return Credit fund, talks us through bond markets adjusting to the looming threat of inflation and how this plays into his preference for short-dated bonds for capital protection. He also explains why rising inflation will not result in rising interest rates in the next couple of years, as well as the opportunities he is finding in the banking and insurance sectors.
Charlie Dutton, manager of Ninety One Asia Pacific Franchise, tells us why Asia is no longer a play on global growth, but is now full of quality companies that can grow no matter what the economic environment. He also discusses the increasing opportunities in ASEAN countries and explains why he sometimes invests in firms listed outside the Asia region. He ends the interview with an example of why the sheer scale of some Asian economies makes for interesting opportunities for investors.
Sudarshan Murthy, deputy manager of GQG Partners Emerging Markets Equity fund, explains why the team comprises not only those with investment backgrounds but also former investigative journalists and scientists. He also gives his view on the outlook for China and Brazil, talks about technology and financials and reveals why banks – which are a value play in developed markets – are a growth story in emerging economies.
Brendan Gulston, co-manager of LF Gresham House UK Multi Cap Income, explains how the fund still managed to yield 3.3% last year, despite UK dividends falling 44%. He also tells us why he avoids some cyclical areas, why actuaries and insurance can be interesting investments and how his small, mid and private equity heritage helped identify a company to invest in at IPO. Brendan closes the interview with his views on the growing market for renewable energy storage.
Chris St John has managed the AXA Framlington UK Mid Cap fund since launch in 2011. In this podcast he talks to us about cross-border frictions post-Brexit and why the hotel choice of a CEO can be telling. He also touches on trends accelerated and started by the pandemic, M&A activity and why he thinks Dunelm and Pets at Home are good long term investments.
Sue Noffke has been running Schroder Income Growth Fund for the past decade. In this episode, she tells us which shares she has owned throughout the whole ten years and which have contributed most to performance. She also discusses the outlook for UK equities and dividend payments, and tells us how she used the revenue reserve in 2020 – but has plenty left should it be needed again.
Richard Woolnough has managed M&G Optimal Income fund since its launch 15 years ago. In this episode he looks back over 2020, looks forward to 2021, and tells us what the combination of central banks and governments focusing on growth, pent-up consumer demand and weaker companies having already failed, means for fixed income this year. Richard also gives his view on inflation, which he says has a stronger impetus today than a decade ago.
There are a number of long-term structural growth themes in India. From a base of almost zero, the government has a target of having 100% electric vehicles by 2030, for example. And as the average Indian consumes three and a half times as much data as the average Brit, smartphone and internet opportunities abound. Mithran Sudhir, one of the managers of the Goldman Sachs India Equity Portfolio tells us about these themes, the reforms taking place in the country and more.
With just 20% penetration of renewables, 5% electric vehicles and the potential to cut emissions by 40% simply by making buildings more energy efficient, the environmental opportunities in the US are now plentiful according to David Harrison, manager of Rathbone Global Sustainability fund. He talks to us about this, opportunities in Asia, sustainable cities, semi-conductors, and the UN’s Sustainable Development Goals.
International air traffic has declined more than 90% during the pandemic. Peter Meany, manager of First Sentier Global Listed Infrastructure, talks to us about when airports may recover. He tells us why toll road recovery is exciting, how areas like mobile towers and data centres have performed strongly, and why we will still need gas to help us transition to cleaner energy. He also tells us how the fund’s income has fallen just 10% compared with falls of 40%-50% in other areas.
Dale Nicholls, manager of Fidelity China Special Situations, discusses the US/China relationship under Biden and tells us about the inter-regional trade deal signed in Asia last year. He also reveals how much of the Chinese economy has reopened post-COVID, discusses technology holdings and the Chinese consumer, and gives his outlook for the country in 2021.
Paul Marriage, co-manager of TM Tellworth UK Smaller Companies, talks to us about how the UK’s small business sector dealt with the pandemic, tells us how it was well-prepared for Brexit and how it could now benefit from overseas investors returning to UK waters. He also gives us examples of UK companies buying out competitors and tells us about one firm that has made the most of social-distancing in the film industry.
Gary Kirk, co-manager of TwentyFour Dynamic Bond fund, talks to us about the outlook for interest rates and inflation. He explains subordinated bank bonds and asset backed securities and tells us why they are attractive for investors in today’s environment. For anyone wanting to learn more about fixed income and how it works, this podcast is highly educational.
A lot happened in 2020 and, to make sense of all that happened, FundCalibre’s Staci West breaks down the biggest topics of the year and most memorable moments. From the global pandemic to negative oil prices, the US election and UK dividends, she talks about the impact each had on our investments.
In an investment version of the game “Would you rather…”, Darius McDermott, managing director of FundCalibre and Chelsea Financial Services, gives his outlook for 2021. Discussing equities, bonds, commodities and technology, he gives his view on what areas of the market could do well next year and what areas may continue to struggle.
Healthcare has been very much under the microscope this year with the world facing a global pandemic and the race to find a vaccine. In this podcast, James Douglas, manager of Polar Capital Global Healthcare Trust talks to us about the vaccine rollout, the impact of a new US president on US healthcare companies, the increasing opportunities in emerging markets and gives his outlook for the sector in 2021.
Technology companies have been driving stock market performance this year – not just in the US but also in Asia. In this podcast, AXA Framlington Global Technology fund manager Jeremy Gleeson tells us about the different companies, large and small, reveals the areas where he is finding opportunities and gives his outlook for the sector in 2021. All the golf-lovers out there may also be interested in a piece of tech he’d like for Christmas…
While technology companies only make up about 1% of the FTSE 100, there are plenty to be found in other areas of the UK stock market. Guy Feld, co-manager of the Marlborough UK Micro-Cap Growth fund, and Eustace Santa Barbara, co-manager of Marlborough Special Situations fund, tell us more about the AiM market. Home to 84 technology companies, more than a third of the firms listed are also headquartered or have the majority of their operations outside the UK. Investing in UK smaller companies can be a route to growth stories around the world…
Mike Riddell and Kacper Brezniak tell us why they believe most strategic bond funds behave like equities. They talk us through how the fund actually managed to make money during the market falls earlier this year, tell us why they like emerging market debt and emerging market currencies, and explain how negative yields on Japanese bonds can turn positive for sterling investors.
Peter Ewins, manager of BMO Global Smaller Companies trust, tells us why smaller companies have lagged their larger peers in recent years, explains why they have been given a boost by positive news on vaccines and discusses whether they can outperform in 2021. He also gives us a deeper insight into Japanese smaller companies, explaining why they are benefiting from China’s recovery, particularly in the automotive supply chain.
Alex Savvides, manager of JOHCM UK Dynamic, talks to us about the recent “vaccine value rally” and gives his thoughts on the possibility of Brexit deal and the impact COVID-19 has had on company readiness for our withdrawal from the European Union. Alex also discusses the recent uptick in merger and acquisitions and tells us that overseas companies are making “cheeky bids” for good companies at rock-bottom prices.
Threadneedle European Select co-manager, Ben Moore, uses Warren Buffet’s pinball machines and L’Oréal’s acquisition of Kiehls to explain organic and inorganic growth of reinvested capital in this podcast. He also tells us why Campari still being a vital ingredient for most bartenders is a good thing for investors and debunks the myth that industrial companies are all about metal-melting furnaces.
Could we have a vaccine before Christmas? Is this the final stage of the COVID turndown? After all the doom and gloom and recent months, Giles Rothbarth, co-manager of BlackRock European Dynamic, gives us hope: “Never has so much human capital and effort been focused on solving just one problem,” he said. “We have five shots on goal between now and Christmas with an 80% chance of hitting the back of the net.”
As the votes are still being counted, James Ashley, chief markets strategist at Goldman Sachs, gives the Investing on the Go podcast listeners his early take on the US election. James outlines the key States still to call, tells us about the role of the House and the Senate, and discusses what investors can expect in terms of stock market reaction. He also tells us why the US election isn’t the only story in town and why investors shouldn’t write off emerging markets.
Hugh Grieves, co-manager of LF Miton US Opportunities, tells us about the stocks that have benefitted from American’s continuing to work, but stopping going out. He explains why the US economy is like a four-lane highway with just one lane badly in need of repair, tells us about the potential impact of a Biden election win, and gives us examples of firms that once dominated the US stock market, but which have since fallen from favour. Will Apple meet the same fate?
While dividend cuts in the UK have been numerous, leaving income investors in uncertain territory, the US has fared a lot better. Fiona Harris, investment specialist for the JPM US Equity Income fund, tells us that just 13% of S&P 500 companies have cut or suspended their payments while more than 40% have raised or started them. She also discusses a number of holdings in the fund, including Morgan Stanley and NextEra, and talks about the US election.
The 100th episode of the Investing on the go podcast is a fascinating chat with Ketan Patel, co-manager of EdenTree Amity UK, who discusses a range of responsible investing issues from fast fashion to healthcare and the problems bringing a vaccine to market quickly. Ketan also gives his view on the long term outlook for UK equities and tells us why he thinks real estate is challenged.
It’s five years since the UN’s Sustainable Development Goals were introduced and there are 10 years left to reach their aims. David Harrison, manager of Rathbone Global Sustainability, talks to us about what has been achieved so far, where improvements are required and how the investment community and this fund uses them to invest responsibly. David also discusses company behaviour, fund performance and the exciting trend towards greener infrastructure.
Biodiversity 8 million or so plants, animals and bacteria species on the planet and their ecosystems. In this podcast, Jamie Jenkins, co-manager of BMO Responsible Global Equity, talks to us about how this relates to water scarcity. He also discusses his engagement with companies around labour and human rights issues and tells us about the technology companies held in the portfolio.
Job Curtis, manager of City of London investment trust, tells us how he dipped into the revenue reserves to enable the trust to increase its dividend payment for the 54th consecutive year. He reassures investors that he still has around four years’ worth of reserves should the challenges continue, but that he believes we could be through the worst and that UK dividends could already be starting to recover.
ESG has become a more prominent part of the fund management industry over the past couple of years, but the focus has really been on the E (environment) and G (governance). In this podcast, Katherine Kroll, senior sustainable investing specialist at Brown Advisory, talks to us about the S: social issues. She tells us why they have been overlooked, why it’s important that both society and investors think more about how company action can proliferate racism and environmental injustice, and why diversity and inclusion should be part of every investment process.
To mark International Podcast Day, this week’s interview has been conducted by a real life investor, rather than your usual hosts. Dr Beth Vamvakas, who has been investing for about 10 years, talks to James Thomson, manager of Rathbone Global Opportunities fund, about online shopping, furlough schemes, healthcare and diagnostics, US elections, Brexit and wildfires – to find out how they all might impact her retirement savings.
Alex Wright, manager of Fidelity Special Values investment trust, says the disruptions in supply chains that investors have been worrying about if a hard Brexit comes to pass are not that dissimilar to those we've seen because of COVID. “A lot of UK companies have done reasonably well dealing with the logistics of the pandemic because they had that hard Brexit planning in place already,” he said. Find out more about his views, and the firms he’s investing in, in this podcast.
While some of us have resorted to downloading the Calm Office app to simulate noises from the office, Kevin Murphy, co-manager of Schroder Income fund, is already back at his desk, and talking to the Investing on the Go podcast team about how soon UK companies could reinstate dividends, where he’s finding opportunities overseas, why he invested in Carnival’s bond and why M&S’s partnership with Ocado means investors get the clothing and home business for free…
With 60% of the LF Blue Whale Growth fund currently invested in technology companies, you’d expect some familiar names to be in the top ten holdings. But manager Stephen Yiu won’t touch the likes of Zoom, Uber, Netflix or Apple. Instead he prefers companies like Adobe and Autodesk. In this podcast, Stephen looks back at the highs and lows during the first three years of this fund’s life and gives us an insight into his thinking.
With emerging market equities experiencing outflows every single week of 2020, Ian Simmons, manager of Magna Emerging Markets Dividend fund, explains why investors have been shunning the asset class but have missed out on relatively good performance. He also talks about how the outlook for dividends is better than in the UK, and tells us about opportunities in Asia, Latin American and Russia.
Rosemary Banyard, manager of newly-launched VT Downing Unique Opportunities fund, tells us about launching a fund in the midst of a crisis and why she likes companies that have no debt at all. She also talks to us about Games Workshop and why addictive hobbies can result in good dividends, and explains why Estonia is the poster-child of government ‘digitalisation’, why Canada is eyeing-up the UK passport application process…
Ben Wallace, co-manager of Janus Henderson UK Absolute Return fund, tells us how ditching aerospace, travel and leisure companies just prior to the global pandemic protected the fund when stock markets fell. He tells us where he found the most exciting opportunities, but wished he had acted faster, and explains the attractions of housebuilding companies. He also tells us how the European ‘Green Deal’ and US presidential election could result in more investment ideas.
The price of gold rose above $2,000 an ounce for the first time ever this month. In this podcast, Ned Naylor-Leyland, manager of Merian Gold & Silver fund, explains why investors have been attracted to gold and gives his view on how high the price of bullion could rise. He also tells us why income investors are looking for dividends from gold mining companies, and explains how silver can augment returns.
Stuart Springham, deputy manager of TM home investor, talks to us about a new income share class for the fund and a potential 2.4% yield. He tells us about pent-up demand in the housing market resulting in increased asking prices, how the new desire for gardens and offices may not result in a permanent change, how the stamp duty holiday may help those moving up the property ladder rather than first time buyers and how he hopes the green homes grant may start an energy-efficiency revolution.
Simon Moon, manager of the Unicorn UK Smaller Companies fund, says the recent sell-off has once again demonstrated the ability of burgeoning UK businesses to be both nimble and resilient amid uncertainty. He also explains why the boom in computer gaming is here to stay post-lockdown and why the legacy of the Industrial Revolution is alive and well among high quality niche engineers in the UK small-cap arena.
Public sector pay rises, a higher oil price and government asset purchases all point to future price inflation, according to Rob Burdett, co-manager of BMO MM Navigator Distribution. He explains why inflationary signs are positive for value funds, describes how the “Mexican wave of global shutdowns” made diversification “null and void”, and tells us how he took advantage of corporate bond fund yields jumping from 2% to 6% in March.
Martin Flood, co-manager of Lazard US Equity Concentrated, tells us how you can make money from the fact that American’s don’t throw things away. He also tells us why he thinks McDonald’s is such a great business, why dollar stores are the ‘anti-e-commerce’ play and describes how Motorola has moved from flip-top phones to police and fire brigades’ walkie-talkies. Finally, Martin gives his thoughts on a second tech bubble and the upcoming US election.
Richard Sennitt, manager of Schroder Asian Income fund, tells us how Asian dividends are holding up, gives his thoughts on the US election and how anti-China sentiment might impact wider Asia, discusses the big battleground that is 5G, and explains why the fund is overweight technology hardware firms and real estate companies.
In some good news for income investors, Will Argent, investment advisor for the VT Gravis UK Infrastructure Income fund, tells us that dividends in the sector are holding up very well. He also tells us how infrastructure investment will play an important role in the post-crisis economic recovery, discusses the possible ‘cash for clunkers’ initiative to encourage us to buy electric vehicles, and explains why the UK has the largest offshore wind industry in the world.
While many investors will think of emerging markets as a source of growth for our investments, there are also plenty of income opportunities. Edmund Harriss, co-manager of Guinness Emerging Markets Equity Income fund, talks us through these opportunities, tells us why emerging market dividends are facing fewer regulatory constraints, and discusses the possibility that Europe could be the dark horse of 2020: having coped with the crisis better than the US, could it now grow faster than the world’s largest economy over the next few years?
Steven Andrew tells us how he uses behavioural finance when choosing investments for the M&G Episode Income fund. He explains why human emotion can impact stock markets, talks about differentiating between ‘tech and the old stuff’ in recent months and gives details about the emerging market sovereign bonds, US banks and Japanese firms that are providing an income for the portfolio. He finishes with some behavioural finance tips for other investors.
Most people view the FTSE 250 index as being very much a UK domestic-facing group of businesses. But in reality, about half of turnover generated by these businesses comes from outside of the United Kingdom, with companies serving markets in Far East Asia, the US and Europe. In this podcast, Chris St John tells us about the impact of Brexit, investing in AiM-listed gaming companies and future opportunities.
Laura Bottega, lead product specialist for the Morgan Stanley Global Brands fund, discusses the fund’s strong performance in the recent market sell-off. She tells us that companies are probably looking at two lost years of earnings and that a V-shaped recovery is unlikely: expectations are too high and the pandemic remains a risk. “We've never seen a vaccine being discovered and manufactured in four years, let alone two, and that makes the outlook far more uncertain and volatile than we believe the market is assuming,” she says.
Mark Wright, co-manager of the VT Seneca Diversified Income fund, tells us about two new holdings the team scooped up in the recent market sell-off: Diversified Oil & Gas and Purplebricks. He also talks about some specialist property investments, which are producing more reliable income, and the increased exposure to gold and gold mining companies in the portfolio.
Nomura Global Dynamic Bond fund manager Dickie Hodges tells us why Russia and Egypt are better bets than the UK right now and explains why he thinks inflation may return in the second half of 2021. Dickie also tells us why corporate bonds became such an opportunity in March that he increased the funds weighting from 2% to 21% and why he felt the need to protect the fund from further stock market falls – which led to profits in the sell-off earlier this week.
At one point in March, some companies’ shares were valued at less than the cash they held on the balance sheet. Dr Niall O’Connor, manager of the Brooks Macdonald Defensive Capital fund, tells us about these miss-pricings, explains why our haircuts and holidays may get more expensive and, with UK equity dividends forecast to remain low until 2025, highlights where he is finding ‘safe yield’ opportunities to replace this lost income.
Matthew Stanesby, co-manager of Close Managed Income, talks about dividend cuts being mainly concentrated in the UK and Europe and how holdings like JPM US Equity Income fund are therefore more secure. He tells us how the fund has increased its investment grade allocation via the Artemis Corporate Bond fund and why a specialist property trust that invest in car parks offer an alternative source of income.
Marcus Phayre-Mudge, co-manager of TR Property Investment Trust and BMO European Real Estate Securities, tells us why rent collection has been better in Germany than the UK, discusses the future of office spaces and death of hot-desking post the pandemic, tells us why skyscrapers may have peaked and reassures investors about the resilience of the trust’s dividends.
John Ions, CEO of Liontrust Asset Management, talks about running a fund management business through a stock market crash, how the company transitioned to 100% working from home and the technologies and change of working practices he believes will outlive the pandemic. John also discusses the successful UK equity franchise; how responsible investing is here to stay and outlines his plans for the company and its future.
Kunjal Gala, co-manager of Hermes Global Emerging Markets SMID Equity talks to us about how some emerging markets – like Turkey, South Africa and Argentina - are going backwards in terms of economic development. He discusses how oil and metal producing Latin American and EMEA countries will find the move to a low carbon economy debilitating, how China wants to move up the value chain and how the pandemic could mean insurance emerges as a potential winner in emerging markets.
The stock market falls in February and March were so fast and so deep that Hugh Sergeant, manager of ES R&M UK Recovery fund, says this is the best opportunity to buy value stocks in his 30-year career – the key is simply to work out which companies can survive. In this podcast he tells us about new holdings he has bought including WH Smith, ASOS, Next and Autotrader, and reveals why he thinks UK smaller companies in particular are so unloved.
“Successful investing is about managing risk and not being afraid to hold cash when you can’t find assets at the right price,” is the mantra of fund manager James Mahon. And it is very apt in today’s situation. Having been very cautiously positioned at the start of the year, as all assets were expensive, he spent March and April using cash to buy equities and bonds at much cheaper prices. James tells us about buying both the bonds and shares of Diageo (maker of Johnny Walker whisky) recently and why Heathrow airport is a better investment than Gatwick.
“Governments and central banks have spent the last decade trying to avoid a recession – then along comes this pandemic,” says John Bennett, manager of Janus Henderson European Focus fund. “Usually you get bargains in a recession, but this one is different: it’s a Control-Alt-Delete recession and the global economy has been reset.” John discusses some of the winners (industrials) and losers (fast food chains) in Europe and explains how two years of digital disruption have been squeezed in to two months.
“It felt like a ‘going out of business’ sale, where people were tripping over each other to buy the bargains. There were just so many good companies I bought 14 new names.” This is how Eric Moffett, manager of T. Rowe Price Asian Opportunities Equity, described the investment opportunities afforded by the markets falls in March. He also tells us why Europe’s changing attitude towards China is more of a worry than Trump’s tweets and describes life in Hong Kong after lockdown – and what we could expect here as the ‘new normal’.
Mark Sherlock, lead portfolio manager of the Hermes US SMID Equity fund, and his colleague Steve Chiavarone, discuss ditching oil-related companies and shopping malls and reinvesting in tech. They also talk about the possibility of the US bringing manufacturing home - and how smaller companies could be a big part of reconfigured supply chains… With one of lowest tax rates in the world, an educated workforce and plenty of room, is Oklahoma the place to be in the ‘twenties’?
Dr. Paul Jourdan, co-manager of the TB Amati UK Smaller Companies fund, talks to us about the disbelief and then panic that defined stock market behaviour in March as the global pandemic took hold. He discusses the wide variety of UK smaller companies that are actually benefiting from lockdown - from musical instrument retailers to conferencing services and insolvency firms – and gives his views on what may happen if a vaccine isn’t found…
Having seen US larger companies - and the tech giants in particular - leading the recent stock market bounce, we ask Bob Kaynor, manager of the Schroder US Mid Cap fund, about the prospects for America’s medium-sized companies – the large-caps of tomorrow. He tells us about the investments he is making today, talks us through how different industries have performed in the sell-off, and explains the impact of unemployment and lockdown on the US consumer.
We launched the ‘Investing on the Go’ podcast in May 2019 – under very different circumstances. Our first interview was in a restaurant with James Thomson, manager of Rathbone Global Opportunities fund, just before he hosted a dinner for 40 people. Roll on 12 months and today we’re conducting virtual interviews via Zoom. From Brexit to Trade Wars, Climate Change to Robotics, we take a look back at our first year of interviews.
Having just witnessed the most dramatic stock market falls in living history, Alessandro Dicorrado, co-manager of the Ninety One Global Special Situations fund, talks to us about taking advantage of the sell-off to buy good companies at very cheap prices. He discusses five types of value stock, why he thinks some companies in the travel, holiday and housebuilding sectors are good investments and tells us about the possible ‘value traps’ he is avoiding.
Speaking to us from the US, David Eiswert, manager of T. Rowe Price Global Focused Growth Equity fund, describes the current crisis as akin to a “natural disaster” or a “man vs nature” fight that warrants different responses to other crises. David believes that stock markets will bottom “when things stop getting worse” – not when there is an absence of risk, but when risk has diminished. Could that time be now?
The use of artificial intelligence (AI) is growing exponentially. From helping us trace, monitor and eventually medicate COVID-19, through to making online shopping and entertainment more personalised and enjoyable experiences. In this podcast, Chris Ford, manager of Smith & Williamson Artificial Intelligence fund, talks us through the applications of AI in our daily lives, how we can better govern the use of personal data and how its adoption may be accelerated.
Manager Martin Cholwill has been investing in UK equities since the 1990s. In this podcast, he talks about the extent of potential dividend cuts, highlights the sectors and companies that could be more resilient than most, and gives his view on what the tumbling oil price means for companies like BP and Shell – two of the biggest dividend payers in the UK stock market.
Hugh Grieves, co-manager of LF Miton US Opportunities fund, takes us on a whistle-stop tour of the US. He talks to us about the potential impact of the huge government stimulus package; who he thinks will win the presidential election; why he thinks the stock market has bottomed; why it’s best to invest in smaller companies in the depth of a recession; and why it’s not necessarily the tech stocks that will lead us out the other side…
Alexander Darwall has managed the European Opportunities Trust for the past 20 years. In this podcast, he talks to us about his (and the trust’s) recent move from Jupiter to his own investment company, Devon Equity Management, and his enthusiasm for the job. He also describes how he tries to find companies that can flourish in different economic conditions – companies whose products and services are truly valued, so even in unprecedented circumstances such as those we face today, demand will return and the firms will survive.
How companies have responded to the Coronavirus pandemic could change the way we see them in future, according to David Harrison, manager of Rathbone Global Sustainability fund. David talks to us about how some firms have really thought about their employees, customers and communities, how some companies – from all sorts of sectors – have used spare production capacity to join the fight to save lives, and gives his thoughts on how society and work practices could change forever – and in turn help lower carbon emissions.
All eyes have been on global stock markets in recent weeks, but bond markets have had a turbulent time too. In this podcast, Jeremy Smouha, who is on the investment board of GAM Star Credit Opportunities fund, tells us what has been happening in the world of fixed income, explains why he thinks bank bonds are the bargain of the century and tells us why some of the world’s strongest companies are today producing extremely high yields.
Mithran Sudhir, Vice President, client portfolio manager of Goldman Sachs India Equity Portfolio, tells us how India has grown from the 12th largest to the 5th largest economy in the world over the past decade. He talks us through some of the structural changes taking place, the hiccups that have occurred, and the opportunities in infrastructure and finance today. With total power generation having doubled, solar and wind power are also going strong.
James Douglas, co-manager of Polar Capital Global Healthcare Trust, talks to us about how the healthcare sector is responding to the coronavirus crisis. From short-term needs such as tests, ventilators and vaccines, through to longer term investment in our global healthcare infrastructure and the way we access services, the implications are significant - even the promises made in the US election could be changing.
With companies in the UK and Europe announcing dividend suspensions or cuts, investors are rightly concerned that their incomes could fall in the coming months. In this podcast, Andreas Zoellinger tells us why dividend cancellations may be painful but temporary, highlights the industries that may be able to continue their payments, and outlines the opportunities that have arisen due to stock market falls.
‘Thanks’ to the stock market crash, the FTSE 100, the index of the UK’s largest 100 companies, now yields almost 7%*. In this podcast – that was recorded during the market falls in early March – Henry Dixon, manager of Man GLG UK Income fund, talks to us about how sustainable UK dividends are, tells us why he may sometimes invests in a bond instead of an equity and explains his ‘value’ style.
Please note that this podcast was recorded prior to the Coronavirus-led stock market fallsLazy consensus opinions can create opportunity – especially in shares that are expensive or overpriced. Manager Chris Kinder has quality businesses at the core of his portfolio – but also looks to make money from over-loved companies where something has disturbed the status quo. In this podcast he tells us about Metro Bank, the importance of income, and the danger of complacency.
Despite the fact that US/China trade wars have helped push Europe into an industrial recession, there are still plenty of investment opportunities, according to Dean Tenerelli, manager of T. Rowe Price Continental European Equity fund - especially among the mid-caps. From forklift trucks and lawnmowers, to bottle manufacturers, auto suppliers and pharmaceuticals, Dean talks us through some of the stocks in which he has chosen to invest.
Kirsty Desson, newly appointed co-manager of ASI Global Smaller Companies, talks to us about how she and the team deal with black swan events like the Coronavirus, and elaborates on holdings Trainline and Appen – the company with the technology that helps Alexa, Google and Siri understand and answer our questions...
Richard Kaye has been living in Japan for the past 30 years. In this podcast he tells us about the Silicon Valley of Japan; why there are more women as a percentage of the workforce than in the US; why the country has ‘cool’ brands wider Asia wants to buy; and explains that, as a nation with no natural resources, Japan also has a lower carbon footprint than many other countries.
From animal testing to weapons, tobacco to doorstep lending, there are many ‘unethical’ practices that Bryn Jones excludes from the Rathbone Ethical Bond fund. He talks to us about the companies the excludes and the positive traits he looks for, as well as the growing opportunities in renewable energy. He also explains his thinking about human geography and the move from the Holocene to the Anthropocene era...
Manager Matthew Brett talks to us about how improvements in machine vision and artificial intelligence have led to robots being used more widely, tells us how Japanese strength in component manufacturing is benefiting from these advances, and explains why a Chinese internet giant and Japan’s second richest man, are both making a software company more exciting.
Jason Pidcock describes casinos as “niche property companies: they charge very high rents for people to spend time there.” In this podcast, he talks to us about his casino holdings in Macau, Australia and Singapore, tells us why “flying is the new smoking”, reveals which tech stocks pay a dividend, and discusses the possible economic impact of the coronavirus.
The Canadians haven’t just gained an (ex) Royal couple recently, they’ve also bought some of our cheese: Saputo bought Dairy Crest – maker of Cathedral City cheddar and Country Life butter recently in a near £1 billion deal. James Baker, manager of MI Chelverton UK Equity Growth tells us why we may see more mergers and acquisitions of UK companies this year.
According to Matthew Dobbs, no business is so good that it can’t be ruined by bad management. In this podcast, the manager of Schroder Asian Alpha Plus and Schroder Oriental Income, tells us why meeting company management is so important, why there is ‘moral hazard’ in China and why slower growth is still stronger growth.
Can we rely on UK companies to pay their dividends this year? Nick Shenton and Andy Marsh join Darius McDermott in this podcast to answer this and other UK income questions. They also tell us how they go about researching a company, describe their ‘bad-cop, bad-cop’ approach to meeting management and explain how a mining company could be good for the environment...
Simon Adler, co-manager of Schroder Global Recovery fund, talks to us about the history of value investing. Almost 100 years old, the investment style has delivered outstanding long-term returns, but has lagged in the past decade. But every ten years or so things change. Is now an unprecedented opportunity to return to value?
2019 turned out to be a good year for world stock markets. As we head into 2020 your hosts, Juliet Schooling Latter and Darius McDermott, take us on a whistle-stop tour of the globe, garnering opinion from Elite Rated fund managers as to the outlook for various markets and asset classes in the coming 12 months.
Global brands are plentiful, but which ones are any good as investments? Laura Bottega, lead portfolio specialist, talks to us about finding the best companies and brands for the Morgan Stanley Global Brands fund. She talks about Xbox and gaming and the changing face of Microsoft’s competitors, as well as engaging with companies on data privacy, plastics and executive pay.
Having badgered his parents for an investment in Foreign and Colonial investment trust at the age of 12, it’s perhaps no wonder that Alex Wright became a fund manager. Here he talks to us about his own trust, Fidelity Special Values, tells us why he invests in stocks other people don’t like, and debates the merits of banks and Brexit.
From turning the lights on, to driving a car or catching a train, infrastructure is a fundamental part of our everyday lives. Peter Meany has run this fund since launch in 2007. In this podcast he talks to us about investing in different types of infrastructure: utilities and the risk of politics, bullet trains and magnetic levitation, and how he’s taking advantage of the roll-out of 5G.
Co-founder of Church House, and co-manager of Church House Tenax Absolute Return Strategies fund, James Mahon, looks back over the past twenty years and discusses the bursting if the tech bubble and the more recent Euro crisis. James also talks to us about the opportunities that could present themselves following the General Election in December, tells us why he thinks we may have reached ‘peak’ uncertainty, and elaborates on his investments in efficient energy.
In the final podcast recorded at FundCalibre’s annual investment trust dinner, Peter Ewins, manager of BMO Global Smaller Companies investment trust gives us his thoughts on the US and UK elections, explains why Japanese funds dominate the portfolio’s top ten holdings, talks about the trusts’ exposure to gold mining equities and infrastructure projects around the world, and tells us what was discussed at the last board meeting.
In the second of three podcasts recorded at FundCalibre’s annual investment trust dinner, Bruce Stout, manager of Murray International investment trust tells us why he prefers the shares and bonds of emerging market companies and governments today, explains why he thinks financial forecasters are just there to make weather forecasters look good and discusses the times he’s put more money into bonds to help protect the portfolio from falling equity markets.
In the first of three podcasts recorded at FundCalibre’s annual investment trust dinner, Job Curtis, manager of City of London investment trust discusses the upcoming Christmas election, Brexit and the long-term outlook for the UK stock market. He also tells us how he’s been able to maintain his impressive dividend track record and looks back to 2003, when he increased gearing on the trust to take advantage of the bottom of the bear market.
From climate change to rapid urbanisation, from ageing societies to the tug-of-war for economic supremacy, there are a number of megatrends that could transform the way we live and do business over the next 20, 30 or 40 years. With so much uncertainty in the world in the short term, are investors better off looking to the future for ideas as to how to invest their money?
Believe it or not, livestock accounts for some 18% of human-produced greenhouse gas emissions – more than ships, planes, trucks and cars put together. In this podcast, your hosts Sam and Staci discuss what the implications of a change of diet could be for our planet, and investigate ways to invest ‘meat-free’.
Ever wanted to own a bar of gold but not had a safe or an arm strong enough to hold it?? Ned Neylor Layland, manager of Merian Gold & Silver fund, talks to us about the practicalities of investing in gold, tells us what else you might find if you were mining for the precious metal, and explains where the term ‘pound sterling’ comes from...
Both the managers of Guinness Asian Equity Income fund joined us for this podcast. They describe how Asian has evolved from being just a high-growth region into a dividend-paying one too, tell us about an Australian company that is holding its own against Amazon, explain why China is the new Korea, and give us the low-down on the true impact of the US/China trade war.
Eva Cairns, ESG investment analyst at Aberdeen Standard Investments, talks to us about climate change and the difference just a 1 degree rise in temperature could have on coral reefs, water and animal species. She also explains how she encourages fund managers to think about physical, as well as transitional risk, when it comes to assessing companies.
From genetics to palm oil, the plastic epidemic to gender diversity, zero-hour contracts to tobacco, the depth and breadth of EdenTree's research analysis is truly impressive. In this podcast, Neville White, head of Responsible Investment Policy and Research at EdenTree talks to use about how ethical investing has evolved and why biodiversity is the Cinderella of the investment world.
Luciano Diana, manager of Pictet Global Environmental Opportunities fund, talks to us about investing in companies that are actively trying to solve the planet's environmental issues. From Amazon fires to a water-less Las Vegas, he also tells us how technology could help the human race avoid reaching tipping points in the Earth's ecosystem.
Having worked in Japan for a number of years, Dale Nicholls, found the growing investment opportunities in China more compelling and moved to Hong Kong six years ago. He believes that while many mainstream Asian equity funds look at Asia ex Japan today, very soon China will be so dominant they will look at Asia ex China instead.
Martin Lau talks us through the implications of the China/US trade wars, shares his excitement about the growing A-Share market and the potential to identify an entrepreneur with a sound business plan – and then enjoy a 10-year investment journey together - highlights Alibaba’s meteoric rise, and explains why soya milk, gas and electronics can make a good investment mix.
Jonathan Platt, manager of Elite Rated Royal London Corporate Bond fund, explains why government bond yields reflect a degree of pessimism he doesn’t share, why unrated bonds are not necessarily risky, why central bankers are worried about recession and what advice he’d give the new governor of the Bank of England.
From the luxury of Louis Vuitton to the discomfort of Ryanair - voted the UK's worst brand for customer service – Niall Gallagher, manager of GAM Star Continental European Equity, talks us through his investments. Niall also tells us why he wouldn't want to be governor of the Bank of England, why talking to former employees gives to extra insight into the workings of a company, and why Asia matters more to European companies than Europe itself.
Tesco has been under pressure from competitors Aldi and Lidl for sometime. But Richard Hallett, manager of Marlborough UK Multi-Cap Growth fund, believes its outlook is more positive in the short term. With every little helping in investment terms, he tells us why he is willing to take the chance on the company and explains why he tends to avoid oil and utilities firms in favour of e-commerce businesses like Boohoo and WorldPay.
Investing in assets that have lost 50% of their value could be scary stuff – but if you research them thoroughly, amongst all the rubbish you can occasionally fund something of value that has been mistakenly discarded by investors. Alastair Mundy talks to us about the loyalty of M&S customers, the quality of John Deere trackers, and tells us why gold and silver are insurance against central bankers' eagerness to avoid a recession.
In a whistle-stop tour of the globe, David Coombs, manager of Elite Rated Rathbone Strategic Growth Portfolio, tells us about his belief in the US stock market, why he is investing in government bonds instead of cash, and why some of his top stocks are companies that produce makeup and Champagne.
Everything in the US seems to be bigger than in the UK. The cars, the roads, food portions... They have Silicon Valley in California. We have a silicon roundabout in Cambridge and a tech canal in Birmingham! Matthew Tonge, co-manager of Liontrust UK Micro-Cap fund explains why UK tech companies tend to stay small, but also how Brexit may help them grow.
From Cineworld's special dividend, to Big Yellow's success gaining planning permission and the opportunities in Scottish television, Siddarth Chand Lall, manager of Marlborough Multi Cap Income fund, talks to us about finding income opportunities in the UK's smaller – but growing – companies.
Having won a school investment competition at the age of 16 and been runner-up in the Observer 'Investor of the Year' at age 21, it's perhaps not surprising John Bennett became a fund manager. In this podcast he talks to us about his investments in Carlsberg and Nestle, as well as Mowi the salmon farming business. He also tells us why he thinks banks are short-term trading opportunities, not long-term investments, and why Europe will continue to lead the way in science and design.
In this podcast, Tom Slater, co-manager of Scottish Mortgage Investment Trust, talks to us about electric vehicles, the falling cost of genomic sequencing and autonomous aircrafts that deliver blood to patients in Sub-Saharan Africa. That's quite a mix – but they all have one thing in common: they are disrupting whole industries.
Research trips don't always result in new opportunities – they can also give you a reason to sell a company. Devan Kaloo, manager of Aberdeen Latin American Equity, discusses his last trip to Brazil, and how new pension fund reform could result in more investment, more consumption and more growth. Devan also talks about President Trump's ambition for a Mexican wall and the more worrying impact of trade tariffs.
While the Netherlands may have beaten Sweden in the recent semi final of the FIFA Women's World Cup, according to Chris Garsten, co-manager of Waverton European Capital Growth fund, Sweden wins hands-down over it's Dutch counterpart in terms of investment opportunities. In this podcast Chris discusses the highs and lows of 20 years investing on the Continent and the herd-like scramble into renewables.
From the beauty of Hawaii to the less glamorous Bismark, North Dakota (known mainly for the film Fargo and lots of snow), Mark Sherlock talks to us about his travels in America, Tropicana packaging, Transport for London's Oyster card payment system and how a company he owns is starting to tackle the problem of bottle tops and other plastics on our beaches and in our oceans.
Peter Elston is both a fund manager and a chief investment officer – in football terms a 'player-manager'. In this podcast he tells us what 25 years based in Asia taught him about investing in the region, why Emirate Airline's A380 super jumbos offer opportunities, and how streaming services are putting an end to music piracy and are putting the profits back into the hands of the song owners.
Brits have had a long love affair with property and buy-to-let investing has been popular over the years. But it can sometimes be more hassle than it is worth. So what if you could invest in property without a mortgage, the paperwork, repairs or constant search for new tenants? That's where TM home investor comes in: it's a unique fund that invests in UK residential housing. From the Midlands to Scotland, Sussex to Leeds, manager Alan Collett talks us through the investment opportunities.
Europe's a huge continent with many different economies, which means there are also any number of undiscovered companies in which to invest. James Sym, manager of Schroder European Alpha Income fund talks to us about his travels to Europe - visiting factories, as well as head quarters - to find these hidden gems. He also tells us why he thinks there will be increased demand for oil and why the European consumer is stronger than many believe.
Political risk may be high but, if you can find a project with cross-party support, you can mitigate it to some extent. And that's exactly what Will Argent, investment advisor to VT Gravis UK Infrastructure Income is doing. Although the UK seems to be in political chaos, there are some areas where our politicians can find common ground. Here, Will talks to us about the green agenda, tells us how electric vehicles don't yet have investible infrastructure to support their growth, and explains why British summers lead to intermittent energy flows.
Healthcare is a subject close to many people's hearts (pardon the pun) but it could also soon become the most prominent feature in a word cloud: the US election campaign starts in a few months and affordable healthcare is likely to be a key policy for all candidates. This week's podcast gives us an insight into the world of gene therapy, drugs and medical devices - and the US campaign trail...
International investors don't like UK companies: they have shunned them since the EU referendum. But is that a mistake, especially for those who like a regular dividend payment? And can you still invest in a company who could - or has already - cut its dividend - like Vodafone in May this year? The answer to this and more on equity income investing is on this week's podcast.
'Back British' sounds like it could be an election promise, but it's what Ken Wotton does every day in the LF Gresham House UK Multi Cap Income fund. Here he talks to us about investing in some of Britain's most interesting entrepreneurs and participating in their companies' growth as their businesses mature and develop.
Ever wonder if low risk investors wished for more excitement in emerging markets? Or Brexit making you nervous and opting for low risk options amongst a volatile political climate? Paul Smith, manager of Premier Defensive Growth fund, takes us through the strategies that make up his fund and tells us why a bond manager doesn't have to like bonds...all these answers and more in this weeks 'investing on the go' from FundCalibre.
This week we look at the trends influencing Japanese investments, from rice crackers to OAP day care centres, even the impact of women back in the workplace. Not to mention will all our jobs be taken over by robots? To find out, listen as Chisako Hardie, manager of AXA Framlington Japan fund, gives us insight into corporate Japan.
Your host Sam Slator is joined by James Thomson, manager of Rathbone Global Opportunities fund to find out about the Dragons' Den of the investment world. Also what makes a good investment process and what he looks for in a business, the effects of politics and current holdings Amazon and Match Group.For more information on the Rathbone Global Opportunities fund visit fundcalibre.com