Investors' Chronicle: Recent Episodes
Investors Chronicle
Concerned with QE's effects on equity valuations? Looking for ideas for your Isa? Or just plain confused by the stock market? Each week, the Investors Chronicle picks apart the latest news for companies, markets and funds in our regular magazine podcasts. Subscribe for these, along with CEO interviews, company-specific shows and special in-depth discussions on big market themes.
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Guy Anderson, fund manager of Mercantile Trust, joins Val Cipriani on the latest IC Interviews podcast. The trust is run by JP Morgan and is built on a bottom-up approach, focusing on quality UK mid-caps with strong cash flows that will accumulate dividends over time.
In this episode, the two discuss the drivers behind the trust’s success and investment process, opportunities in the UK stock market, M&A activity and more.
Timestamps
00:58 UK mid-caps
4:28 The UK stock market
8:13 Red flags for gearing
10:20 - The metrics that sound out when picking a stock
12:23 - Sectors that stand out and opportunities
15:20 - The risk of getting the recovery wrong
17:16 - 4imprint
20:44 Why exposure to housebuilders has gone up
28:24 AI
30:49 M&A activity
35:47 Dividends
38:02 The trust’s approach to discounts
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This week’s podcast begins with Alex Hamer discussing our latest cover feature on the rise of gold and to a lesser extent copper prices. Alex outlines the drivers of these price moves and highlights a variety of companies seeking to take advantage of these trends.
Then, in a week when the biggest UK political parties all published their general election manifestos, Hermione Taylor asks what these pledges might mean for both the national and household finances.
We conclude with a look at full-year results from safety equipment manufacturer Halma (HLMA). Mark Robinson asks whether another year of healthy growth has cemented its status as a quality UK share.
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Centrica: pay controversy and the energy transition
What stagnant bond yields mean for infrastructure trusts
Private Investor's Diary: The UK market rally has much further to go
Why Britvic shares have plenty of fizz
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Jennifer Johnson begins this week’s podcast by discussingHollywood Bowl’s (BOWL) results. Jennifer, Dan and Julian weigh in on the company’s successes and growth prospects, the factors underpinning its dividend prospects, and its current valuation case.
National Grid (NG.)is next on the roster. Alex Hamer shares how the electricity giant surprised the market by securing the largest equity raise the London market has seen in almost a decade at £7bn. Alex and Dan discuss the rights issue’s importance for shareholders, what the money will be used for, and the impact the upcoming election will have on new grid investment.
Last up, Dave Baxter dives into the latest apology from UK fund manager Nick Train on Finsbury Growth & Income's (FGT) shares lagging the FTSE All-Share. Dave and Dan discuss where the fund went wrong, the holdings it’s increasing exposure to and the prospects for the portfolio in general.
Timestamps
1:25 Hollywood Bowl (BOWL)
14:28 National Grid (NG.)
27:44 The latest apology from Nick Train
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Known for her ‘active ETF’s’ enormous returns during the pandemic, thanks to big bets on the likes of Zoom and Tesla, Cathie Wood is synonymous with bold investing.
But, while she has many accolades, her style and bold takes have not gone without criticism. The fund’s performance has been mixed, witnessing huge swings up and down since its inception, which some critics blame on her heavy reliance on instincts and poorly timed exits.
In this episode, Dave Baxter and Cathie discuss those criticisms alongside the automated vehicle space in the US and China, digital wallet companies, and what it would take for Ark to buy more of the Magnificent 7.
Timestamps
1:15 Tesla
9:05 How sensitive is the Innovation Fund to AI euphoria
12:42 Risks in some of the stocks & Tesla’s risks in China
15:18 Digital wallets ie. Coinbase & Robinhood
20:24 Zoom
23:57 The Magnificent 7 & what happens next
29:46 Cathie’s take on inflation and interest rates
31:53 How much politics is influencing stockpicks
34:11 The Innovation ETF’s focus on the US and looking further afield
37:38 Merit to regulation
39:04 Controversy around intellectual property and AI
41:58 Criticism of Ark’s approach and how the funds are run
47:32 Poorly timed exits & Nvidia
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Mark Robinson leads this week’s discussion, beginning with the chaotic week for takeovers, including all the Anglo-BHP drama and Royal Mail owner International Distribution Services’s (IDS) £3.5bn deal.
It then moves on to activist investors, discussing Dave Baxter’s article on their role in investment trusts over the past 12 months and whether or not this is good for shareholders.
Jemma Slingo takes the hot seat next with her piece on how artificial intelligence will affect the media. From Bloomsbury Publishings’ chief execs view that it’s like the “wild west” to some analysts suggesting it presents new revenue streams, the rise of AI is dividing opinion.
Last but not least, Christopher Akers runs through our result of the week, Pets at Home (PETS), which came through as expected, but a £25mn buyback may give investors reason to wag their tails. Christopher and Mark also touch on the ongoing competition probe and what it means for the industry.
Timestamps
6:08 Activist investors
12:10 Media sector
17:37 Pets at Home
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In this episode, Alex and Lord Lee are joined by the chief executive of a company that some have aptly called ‘a John Lee stock’. Louis Hall, founder and CEO of the software solutions company Cerillion has plenty of skin in the game, a quality Lord Lee holds in high accord and has led him to successful investments.
Listen to the episode to hear the trio discuss the business’s backstory, the benefit of investing in research and development, understanding a complex company as a private investor and much more.
Lee and the IC will return later in the summer.
Timestamps
1:13 Introduction to Cerillion
6:37 Resource centres
9:51 Experience of public markets
13:27 How John got involved
17:57 Forecasts for the business
20:19 John’s approach to understanding the business
22:07 Investing in R&D
26:21 Having cash on the balance sheet
29:12 The importance of naming customers
30:32 Where Louis rates his business on 1-10
31:58 Concentration of the customer base
35:07 Louis’s future with the company
37:36 John’s portfolio
40:13 John’s take on the current UK stock market
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We kick off this episode with Julian Hofmann, who gives the rundown on credit data company Experian (EXPN). Whether you’ve checked your credit score on the site or saw television adverts in the early 2010s, you will have heard about the company. Its recent results were very well received and the share price subsequently shot up, but how is the overall health of the business?
James Norrington is part of the duo that wrote this week’s cover feature on building the ideal portfolio. In the episode he explains the thinking behind the piece, academic research that helps investors form the ‘best’ ideas and reveals what sensible asset allocation looks like.
Val Cipriani’s article this week on cash flow modelling and the last segment of the podcast are a must for anyone thinking about planning their retirement. She tried out free online calculators that aim to replicate financial advisers – without the hefty bill – and details the US options available for those looking to cast a wider net. We round off the episode with her and Dan briefly touching on next week’s Big Read on how much you need for retirement.
The Companies and Markets Show will resume on 31 May.
Timestamps
1:41 Experian
13:40 Building an ideal portfolio
25:05 Cash flow modelling
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We begin this week’s chat with deputy companies editor Michael Fahy who runs through the history and new developments at tech solutions company Filtronic (FTC). Having signed a deal matching its total revenue last year, Michael unpacks the potential prospects for the business.
On the day the Bank of England announced it would keep interest rates on hold, Julian Hofmann joins the conversation to discuss his latest story on mid-cap stocks benefiting from interest rate cuts. Alex Newman also weighs in on the debate.
Last up, Mark Robinson discusses oil services groupJohn Wood Group’s (WG) trading update and the recent opportunistic bid from Sidara. Would a deal make sense?
Timestamps
1:25 Filtronic (FTC)
16:12 Mid-caps
29:29 Wood Group (WG)
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The latest episode of The IC Interviews features Ian Lance, co-manager of Temple Bar Investment Trust alongside Nick Purves, who together have more than five decades of experience. The duo focus on undervalued UK shares and are adept at avoiding value traps.
In this episode, Dave and Ian discuss the possibility of a UK re-rating, the sectors most attracting Ian and Nick’s attention, news from Royal Mail-owner International Distribution Service (IDS), tobacco stocks and much more.
This episode was recorded on 17 April.
Timestamps
00:51 Is there a catalyst for a UK re-rating?
2:35 Buybacks
4:54 The sectors catching his eye
6:42 Energy and commodity prices
8:54 How Lance thinks banks balance the benefits of higher rates versus risk
11:11 Why the trust doesn’t have more UK holdings
13:52 The fund's income versus total return outlook
15:25 Holdings that don’t pay much out
17:11 International Distribution Service (IDS)
19:53 What would make Lance give up hope on a turnaround play
23:05 Sectors that are hard to be optimistic about
25:04 Other sectors with appeal
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Are you paying £5 for a coffee? £4 for mayonnaise? With food and drink inflation still on the rise, the IC team asks whether consumer goods companies are reaching the limits of what they can charge households. Jennifer Johnson discusses the latest trading update from Unilever (ULVR) as well as its spin-off plans, and examines figures from US consumer giants, too. Also under the microscope are two other consumer staples businesses: Reckitt Benckiser (RKT) and Haleon (HLN).
With local elections taking place across the UK this week, we consider the implications of Labour's rail nationalisation plan. Was the reaction from Trainline (TRN) and FirstGroup (FGP) investors overdone? Chris Akers is on hand to give his views.
Meanwhile this week's cover story looks at the world's largest companies. Michael Fahy asks what we can learn from the rankings, and considers the outlook for the likes of ASML (NL:ASML) and Toyota Motor (JP:7203).
Timestamps
2:55 Consumer staples
14:56 Rail nationalisation
22:55 National champions
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Much of what has been covered in Lee and the IC episodes is about financial literacy and in this episode, Alex and John take a step further by hosting three members from the Renaissance Foundation, a specialist London-based youth charity.
The foundation, among its other aims, hopes to bring financial literacy to young people who otherwise may not have exposure to the world of investing. It will soon launch the City of London Youth Investment Fund and Alex and John are joined by CEO, Sat Singh, and co-chairs of the fund, Ananya Chowdhury and Wahid Uddin, who benefitted from the foundation as children.
The five discuss a range of topics from the formation of the fund to their research methods when finding companies to invest in. Lord Lee shares insight from his six-decades-worth of experience as a private investor, and Alex and John also touch on his Lok'n Store holding and take questions from listeners.
Timestamps
1:11 Financial education and the Renaissance Foundation
6:15 The fund
8:27 Practical considerations of the City of London Youth Investment Fund
10:12 Co-chairs of the fund Ananya Chowdhury and Wahid Uddin
12:33 How to bring investing to life for young people
13:50 John’s entry into investing
15:20 The investing approach to the fund
16:40 Balancing risk and range of a fund
17:56 How investing changes when it's collaborative versus personal
18:50 Will their fund be more company or fund-focused?
21:37 What success would look like for the fund
23:53 Sharing investing styles
27:42 The importance of dividends
29:05 John’s portfolio & Lok'n Store
34:24 PZ Cussons
41:25 Listener questions
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit investorschronicle.co.uk/podcasttrial
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On the day of the announcement mining giant BHP offered a whopping £31bn for Anglo American, Mark Robinson runs us through the thinking behind the deal, the impact South Africa’s upcoming election may have on Anglo’s assets, and whether this is just the beginning of negotiations.
Jemma Slingo takes the hot seat to discuss this week’s cover feature, hopefully, a comfort for many listeners: investors’ biggest mistakes. Jemma shares a few examples from fund managers interviewed, what they have learnt from their mistakes, the behavioural science behind them and more.
Last but not least, Julian Hofmann discusses the biggest estate agent Property Franchise Group (TPFG) which recently completed a takeover of smaller realtor Belvoir. It’s now the biggest real estate agent in the country in terms of its multitude of locations thanks to its franchise model, but is it a quality business in the cyclical sector?
Timestamps
1:08 BHP’s big for Anglo American
13:56 Investors’ biggest mistakes
25:01 Property Franchise Group
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit investorschronicle.co.uk/podcasttrial
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We begin this week's episode with a rundown of industrial metal price movements. From copper’s boom, Russian sanctions and the price of gold, our commodities correspondent Alex Hamer reveals what investors need to know on all things metal.
A change in fate has swept across one of the UK’s most well-known and loved funds: Fundsmith Equity. It has not beaten its benchmark for the past three years, bringing a concerning end to its long run as a high-growth fund. Dave Baxter talks about the shifts in the portfolio over the past decade, analyst criticism, Terry Smith’s response and more of what readers can expect from this week’s cover feature.
Last but not least, our senior companies reporter Jennifer Johnson unpacks our result of the week: Asos (ASC). The fast fashion retailer released interim results which show the outlook is still underwhelming. Its plan to reduce unsold merchandise panned out but resulted in falling margins. Is there any hope for the company and those holding it in their portfolio?
Associate editor Alex Newman and companies editor Mark Robinson also join the conversation to share their take on the latest market news.
1:30 Industrial metals
11:51 Fundsmith equity
22:35 Asos (ASC)
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We begin with Julian Hofmann, whose latest article covers the companies left behind as doom and gloom takes hold of the British market. Many investors have been turning their noses up at British stocks but Julian says there is still value to be found. He touches on some of these, such as furniture brand DFS, and how investors can calculate a share’s value.
Next is Jemma Slingo who reports on the world’s leading thread manufacturer and British heritage brand Coats. The company recently released full-year results which show it’s making great progress internally, which can be attributed in a large amount to its production move from the US to Mexico. Jemma explores the progress of the company in the wider market and its current value case.
Carrying on the theme of 18th-century British businesses, Mark Robinson joins to discuss ceramics company Churchill China. Mark and Dan discuss how the company is recovering from the pandemic and lockdowns that halted the hospitality industry, its main source of revenue.
Timestamps
1:17 British bargains
13:59 Coats
22:36 Churchill China
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Joe Bauernfreund and value investing are nearly synonymous. The veteran manager runs the AVI Global Trust and AVI Japan Opportunity Trust, and has responsibility for all AVI’s investment decisions as the CEO and CIO. His £1bn global stocks fund scours the world for the best companies but whose shares stand at a discount to the value of their underlying assets.
In this podcast, funds editor Dave Baxter and Bauernfreund unpack his extreme value investment process, how Japanese valuations have changed, how to avoid value traps and more.
This episode was recorded on 27 March.
Timestamps
1:02 The investment process of the fund
2:34 Activist investing
4:27 Hipgnosis (HSF)
5:23 Baunerfreund’s take on investment trusts
7:07 Recovery in the trust space
11:00 The resilience of certain sectors
12:38 Private Equity
16:58 The era of higher rates
18:32 The Japanese market
21:04 Competition in the space
22:32 Interesting sectors or themes in Japan
23:33 Other nations the fund is gravitated towards
25:28 Emerging markets
27:26 The reasons to exit a position and selling Pershing Square
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We begin with one of the biggest names in the EV game: Tesla (TSLA). Shares are down by a third this year and Mark Robinson discusses what has caused this slump. Competition from China’s BYD certainly poses a threat but diminishing trust and popularity are also at play.
Next, the author of our cover feature this week, Christopher Akers, shares his thinking behind the pieceThe travel stocks making the most of the recovery. Many companies are reporting record trading, an interesting occurrence given rising rates, an economic downturn and what was a catastrophic pandemic. Dan and Chris discuss the bargain valuations available for investors and whether the rebound can continue.
Last but not least, Hermione Taylor unpacks her article on investing while interest rates are being cut. She dives into what history tells us about stock market performance in a rate cut cycle, current forecasts and how investors can benefit over the coming months.
More on Tesla
Will the Magnificent Seven go down to six?
Meet the new electric vehicle top dog
1:16 Tesla (TSLA)
12:53 The travel stocks making the most of the recovery
23:09 Investing at a time of interest rate cuts
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Mark Robinson hosts this week’s episode and begins with a rundown of the latest news in the financial world, from Donald Trump’s Trust Social listing to the Bank of England’s warning on private equity bubbles.
This week’s cover feature on Britain’s top-rated funds is up first. Dave Baxter shares what readers can expect from the article, including the trends picked up by our analysis and the big-hitting funds that can boost portfolios.
Julian Hofmann discusses the credit card and loan-focussed bank Vanquis Banking (VANQ) which recently released results. He and Mark discuss whether its doorstep lending model is more or less redundant in today’s age, and consider the reasons it’s trading at such a large discount.
Lastly, Christopher Akers unpacks the contrasting results of two beverage companies, Fevertree (FEVR) and AG Barr (A.G.). With the US now its biggest market, Chris looks at whether Fevertree can keep investors and customers interested across the pond. He also explains how AG Barr transformed itself into a “highly successful multi-beverage, branded company”.
Timestamps
1:37 News rundown
5:15 Britain’s top-rated funds – as picked by analysts
14:32 Vanquis Banking results
23:11 UK beverage producers Fevertree and AG Barr
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Alex and Lord Lee have reunited for the seventh episode of Lee and the IC, two weeks on from Jeremy Hunt’s Spring Budget.
The announcement of a British Isa could shake up the UK’s private investing landscape so the pair begin by mulling over the practicality of the tax shelter and how future governments can improve the public’s attitudes towards investing.
In his statement, Hunt also announced the government would be selling its NatWest (NWG) shares, which could be the move to get the ball rolling on Lord Lee’s gifting shares to schools idea, a method to increase investing literacy.
Lord Lee then answers questions from listeners on how he generates investment ideas and whether stop-losses are a part of his method. As with each episode, the pair wrap up the conversation by discussing some of Lord Lee’s holdings, including Ampario (AMP), M&G (MNG) and Treatt plc (TET), which Investors’ Chronicle also profiled last week here.
This episode was recorded on 21 March.
Timestamps
1:31 A British Isa
3:24 How future governments can improve cultural attitudes to investing
5:54 Overseas shares tax exemption within Isas
9:41 Inheritance tax and Isas
12:49 Gifting shares to schools
20:05 Reader questions – does Lord Lee use stop-losses?
23:24 How he checks in on his portfolio
24:48 How he generates investing ideas
26:28 Will he write a sequel to his book How to make a million slowly?
27:30 Anpario (ANP)
32:55 Genus (GNS) and Benchmark Holdings (BMK)
34:58 M&G (MNG)
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We begin this week’s episode discussing specialist engineering company Dowlais (DWL) which has found itself making a considerable £450mn operating loss. Mark Robinson shares his thoughts on the business's health since the spin-off from Melrose and debates the effect the EV transition will have on the company.
Dan Jones then stops asking the questions and answers them on his recent feature on Vodafone (VOD). Investors may struggle to name a more disappointing stock since the turn of the century, and Dan analyses the chances of the business turning its fortune around, and what the dividend cut means for investors. Julian Hofmann then shares his thoughts on the telecom industry at large.
Last but not least, Arthur Sants joins from New York to discuss this week’s cover feature on UK software stocks, and the ability of AI to either boost or break a business. He explains the rationale behind the piece and changes in the sector, while the team discuss some of the companies analysed in the piece, including Sage and Bytes Technology.
Timestamps
1:13 Dowlais
10:08 Vodafone
22:15 Finding the UK's software successes
24:25 Sage
27:38 Bytes Technology
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In the latest episode of the IC Interviews, Dan Jones hosts Abby Glennie, deputy head of smaller companies and co-manager of UK smaller companies strategies at Abrdn.
As part of Abrdn, Glennie has been pivotal in the world of domestic small-cap shares. In the show, the pair discuss some of the Abrdn UK Smaller Companies fund's holdings, including Bytes Technology, 4Imprint and CVS Group, as well as the current angst over the UK market, portfolio allocation changes, and the ‘Matrix’ stock screen.
Timestamps
1:17 What Glennie makes of the angst over the UK market
8:10 Allocation changes to the portfolio in recent months
11:58 What the valuation process at Abrdn involves
14:03 What does the Abrdn ‘Matrix’ screen look for
18:33 Bytes Technology
21:22 4imprint
24:35 Hill & Smith
29:59 CVS Group
35:31 Food producers Hilton and Cranswick
40:35 UK video game stocks
42:42 The general rules on position sizing
44:46 Diploma and when to sell a holding
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We begin this week’s episode with TP Icap, the interdealer broker. Julian Hofmann reports on the figures that came out recently, and he and Dan discuss the divisions driving performance, its electronic trading push and the business's valuation.
Val Cipriani, author of this week’s cover feature the IC’s guide to Isas 2024, then runs us through the importance of understanding the allowances, the ‘simplification’ changes made and some of the platforms investors can utilise.
Last up, Mark Robinson discusses the recent results from Hill & Smith (HILS). Which of its business arms are performing best? And how does this compare with Costain’s (COST) results?
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The chancellor Jeremy Hunt unveiled his Spring Budget and so we begin with economics expert Hermione Taylor unpacking all the major announcements. She explains what it could mean for the upcoming election and the impact on the country’s finances. The team also weigh in on the new British Isa – something that has divided the investing world.
The Budget isn’t the only big news, results season is in full swing and Julian Hoffman covers one of the most popular UK companies: Legal & General (LGEN). Is it putting too much value into the pension value market? And after announcing an increased dividend, taking its yield to 9 per cent, he explains what investors should expect in the future.
It’s then onto our cover feature of the week on dividends. Alex Newman, author of the story, explains the thinking behind the piece and gives some historical context on the topic. The attitude toward dividends differs on either side of the Atlantic, with UK investors being more in favour, so Alex unpacks this and the vital case for dividends in today’s investment landscape.
Last but not least, Mark Robinson runs through the recent £1nb takeover of Spirent Communications by Viavi Solutions Inc. He discusses the background of the deal and ponders whether the bid itself is too optimistic.
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Foll currently works as a portfolio manager on the Global Equity Income Team at the Janus Henderson Investors fund, where she has held the position for 10 years.
In the episode, the pair discuss where the team tends to focus when stocks don’t pay dividends, the compelling opportunities in the UK market, some of the specific stocks the fund currently holds and one of the fund's largest holdings, Rolls-Royce.
This episode was recorded on 27 February.
Timestamps
00:59 How does the trust differ from its peers
2:58 Interesting opportunities outside of conventional income investing
6:08 What the fund looks for in a recovery play
8:05 Rolls-Royce
9:29 How the fund treats a well-performing stock
12:19 Dividend prospects for Rolls-Royce
13:42 Are we shifting away from a focus on dividends?
16:27 Interesting sectors that are powering dividends
19:21 Warning signs in income stocks
23:55 Areas of hope for UK equity investors
27:59 The mix of UK and overseas stocks and the different appeal
30:23 How prominent are smaller companies in the portfolio?
33:56 Monitoring all the stocks Janus Henderson holds
34:56 Foll’s take on M&A
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In this week’s podcast we begin with our cover feature on companies with brand power. We unpack why consumer staples are under pressure, the competitiveness of consumer health and share the story of how Sensodyne toothpaste became a staple product.
As company results season is in full swing, we pivot only slightly to two consumer brands that have reported results this week, Haleon and Reckitt Benckiser. We discuss what has gone well for the companies as well as the concerns ahead.
Last but not least, we cover the recently rejected bids for Direct Line and Currys. Could these rejections be a sign that boards are growing more optimistic, or just that they think shares are massively undervalued?
Dan Jones is joined by Jennifer Johnson, Mark Robinson and Julian Hofmann
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In the sixth episode of Lee and the IC, Alex and Lord Lee are joined by Miles Adcock, chief executive of computing product manufacturer Concurrent Technologies.
The trio discuss the background of Concurrent, a favoured holding in Lord Lee’s portfolio, when Lord Lee began investing in it, how both he and Adcock view the company’s prospects amid current geopolitical tensions, how to navigate the unknowns of a complex stock as a private investor, and much more.
This episode was recorded on 23 February.
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We begin with Julian Hoffman who delves into the details of recently published banking results. He explains what was hidden inside Barclays’ results and whether it can afford its £10bn payout to shareholders. Julian and Dan also discuss HSBC’s impairments and NatWest’s dividend.
Val Cipriani has written this week’s cover feature on taking advantage of the growing need for data centres. She and Dan discuss the background to the piece, the operators and the headwinds they face, and she explains how investors can capitalise on this real estate-cum-infrastructure industry.
Last but certainly not least, Michael Fahy talks about Rolls Royce, whose profit more than doubled to £1.6bn. He discusses what investors can learn from this growth and whether or not the momentum will continue.
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In the latest episode of the IC Interviews podcast, Daniel Peris, a senior portfolio manager at Federated Hermes, discusses his new book, The Ownership Dividend, with IC associate editor Alex Newman.
The two discuss:
- The backstory of The Ownership Dividend (what happens when interest rates go down for 40 years and what happens to investors when that stops?)
- The fleeting/ephemeral nature of corporate dividends
- Dividends in the US
- Meta
- Shell
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We begin this week’s episode with Jemma Slingo who covers top-10 FTSE data and analytics company Relx (REL). Jemma walks listeners through the company’s growth, its latest buyback news, and the issues it has faced with universities.
Knowing when to sell their shares is a common question investors ask and this week, Alpha editor James Norrington lays bare the answers in our cover feature ‘How to know when to sell shares’. He reveals biases investors should avoid when selling either a struggling stock or a winner that may run out of steam, the importance of rebalancing and the models investors can apply to master selling.
Last on the roster, Mark Robinson and Julian Hoffman cover the latest from the motor finance industry, which some are donning a new PPI-like scandal. The two unpack the knock-on effects on lenders S&U (SUS) and Close Brothers (CBG) and explain the possible outcomes of the regulator’s inquiry.
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We start this week’s show with property writer Mitchell Labiak, who delves into the details of the big takeover story of the week – the £2.5bn Barratt (BDEV) and Redrow (RDW) deal. The team weighs in on how sensible the move is, the two companies’ recent results and whether this could be the beginning of a swathe of housebuilder M&A activity.
It’s then on to healthcare company PZ Cussons (PZC) whose shares slumped after weaker-than-expected results. Christopher Akers examines the company’s decision to cut its dividend and rein in its profit forecasts, and what can be done to resolve issues in Nigeria. Chris also reports on British American Tobacco (BATS), assessing the headwinds facing the company, the announcement it may cut its stake in India’s ITC, and the prospect of share buybacks.
Last but not least, Mark Robinson and Julian Hofmann discuss Virgin Money’s recent trading update. The pair explore what the figures can tell us about the business, its view of the wider UK economy, and the credit provisions the company has been taking.
Barratt reports plunge in profits – but Redrow deal could make it stronger
Redrow – earnings down as Barratt comes calling
PZ Cussons shares dive after dividend cut
British American Tobacco ponders ITC divestment
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In the latest episode of the IC Interviews, funds editor Dave Baxter sits down with the head of equities at Premier Miton Group and Diverse Income trust manager, Gervais Williams.
In the conversation, Gervais shares why he is upbeat about capital-intensive industries and reveals why customer service is a key criteria he considers before adding a company to the portfolio. The two also discuss why the fund tries to avoid share buyback situations, the case for optimism for supermarkets and insurers, and why BT could make a name for itself in the copper industry in years to come.
This episode was recorded on 11 January.
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Jennifer Johnson talks about the recently published GSK results, which showed strong growth, but the ongoing Zantac litigation is hanging over the shares. The team also touch on the prospects of rival pharma companies AstraZeneca and Indivior.
Our US-based journalist Arthur Sants joins from New York to unpack the growth, capex and future returns worries investors may have about the Magnificent Seven.
It’s then on to food producers AG Barr and Premier Foods with Mark Robinson, who shares news of trading updates, a new CEO sourced from an unlikely sector, and the prospects for growth.
Last on the agenda, Mark shares the thinking behind his latest feature on regulation and how investors can get involved with the companies using it to their advantage.
Dan Jones is joined by Jennifer Johnson, Alex Newman, Arthur Sants and Mark Robinson.
Timestamps
1:34 GSK and pharmaceutical firms
15:20 US Tech stocks
28:58 AG Barr and Premier Foods
36:22 Regulation
Mentioned in this episode
Semiconductor industry split between AI and the rest
GSK's RSV vaccine success makes its shares look cheap
Irn Bru maker AG Barr buoyed by new subsidiaries
Three companies benefitting from more regulation
FTSE 350 Review: The drinks brands likely to grow in a struggling market
FTSE 350 Review: Will GSK replace Astra as the investor favourite?
FTSE 350 Review: Software companies scramble to find AI uses
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This month’s episode begins with an examination of one of Lord Lee’s holdings: Secure Trust Bank. The pair discuss its unique position in the market, its performance since its 2011 IPO, and how it fits in with his view of the broader UK economy.
The landscape for investors has changed significantly since Lord Lee began his journey six decades ago. Alex takes the opportunity to ask what he makes of the rise of index tracker funds and fall in popularity of private investing, and the differences he has noticed during his time picking stocks.
The episode rounds off with the pair checking in on several companies in his portfolio, including Treatt, M&G, Aviva and Concurrent Technologies.
This episode was recorded on 18 January.
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In our latest episode, we start with gold miners, Centamin and Hochschild, both of which have released trading updates. Alex Hamer and Julian Hofmann unpack the news, revealing the contrast between the two. Alex Newman joins in to discuss the role of gold in a portfolio given the geopolitical context, and shares thoughts on just how good miners are at beating the gold price.
It’s then onto this week’s cover feature by Jemma Slingo on the textile industry. As the awareness of the industry’s environmental impact is the most prevalent it has ever been, Jemma digs into the areas pushing for change. From businesses focussing on recycling to whispers of IPOs for second-hand selling apps, Jemma shares opportunities investors can take advantage of in what could be a new era for fashion.
We then move on to the surprising success story,merchandise company 4imprint. The team discuss a recent trading update and ponder whether there is an element of snobbiness from investors around companies such as 4imprint and Me Group.
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In our latest IC Interviews episode, funds editor Dave Baxter sits down with Tom Slater, manager of the Scottish Mortgage Investment Trust.
With a simple philosophy of maximising returns over the long-term, and having secured a 300 per cent return in the 10 years to January 2024, Scottish Mortgage Investment Trust is best known for acquiring ownership of some of the world’s top growth companies. However, it’s not immune to volatility and the past few years has seen a downturn in the growth of its portfolio.
In this episode, Dave Baxter and Tom discuss the troubles the portfolio has faced, the performance and scope of AI stocks, the allure of China, non-conformist business leaders, and more.
This episode was recorded on Monday 15 January.
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We begin with emerging markets, focussing on Ashmore’s (ASHM) latest figures. Thanks to expectations of interest rate cuts, the investment manager’s shares were up 25 per cent in the last quarter, after a tough time for emerging market-focused companies. Julian Hofmann shareswhat investors can take from this promising uplift and where we can expect Ashmore to focus in the future.
The author of this week’s cover feature on India’s economy, Alex Hamer, discusses our Big Read, revealing the thinking behind the piece, trends in India’s markets that have paved the way for its stellar performance and more. For listeners looking to further their research, Alex discusses some funds investing in the country, as well as UK-listed companies getting a slice of the action.
It’s then on to food manufacturing company Bakkavor (BAKK) which released a trading update yesterday. Mark Robinson discusses the choice to bring back an ex-board member who was involved in the business pre-IPO, its reliance on supermarkets, and both the successes and risks that lie ahead.
To conclude, we touch on clean energy company Ceres Power (CWR) in the wake of its deal with Taiwan’s Delta Electronics that caused its shares to jump 38 per cent. Alex discusses the history of the company and ponders whether shareholders may be getting ahead of themselves.
This episode was recorded on 18 January.
1:19 Ashmore
8:55 The Indian opportunity
21:51 Bakkavor
27:09 Ceres Power
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Dan Jones and the IC gang discuss the airline story that hit the headlines this week – Boeing’s (BOE) door blowout. Could this safety problem be the straw that breaks the camel's back? Michael Fahy and Alex Newman unpack what may lie ahead for the business, how its sole competitor Airbus (FR:AIR) might benefit, and whether other nations could end up competing against the two industry giants.
This leads neatly into our segment on this week’s cover feature, ‘The winners and losers of a more fractured world’, written by IC economics expert Hermione Taylor. The piece is based on a future split in the global economy into two blocs, with the US and China spearheading each side. Hermione discusses examples of deglobalisation and protectionist policies we’re already witnessing, some middle ground and extreme implications if this were to occur, and Alex sheds light on US elections and the issues that may lie there.
Lastly, Mark Robinson walks listeners through recruiters Hays’ (HAS) profit warning and Robert Walters’ (RWA) trading update. He shares how differences in geographic exposure explain each’s current trading, with some of Hays’ issues stemming from its exposure to Germany. Hermione also shares some data on the state of the labour markets, noting the effect of the pandemic on certain industries.
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In the first IC Interviews episode of 2024, deputy editor Dan Jones talks to beloved IC columnist, Bearbull.
For the past 25 years, Philip Ryland has sat at the Bearbull desk, keeping IC readers up to date with the Income Portfolio and sharing weekly analysis on the changing face of companies markets. This episode is Philip’s final contribution to the publication as he passes on the reins after his many years of service.
In the podcast, Dan and Philip discuss diversifying away from the UK and the basis of portfolio construction, index-linked bonds, and more. Philip also shares the wisdom he has gathered from running an income fund and his experience with UK versus overseas shares.
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We welcome you to our first Companies and Markets Show podcast of 2024 with an analysis of recently released trading updates from British clothing retailers Next and JD Sports. Our team discuss how the two retailers compare and ponder the wider issues in the background that are contributing to their varying successes.
It’s then on to the FTSE 100, which turned 40 on 3 January. The team unpack the recent performance of the index, questioning whether the significance of its poor performance might be overplayed, the UK versus the US narrative, and talk about the prospects for European equities in 2024.
Last of all, Alex Newman touches on this week’s cover story – our Investment Ideas of the Year 2024 – explaining how the investments have been categorised, the themes of this year’s Ideas of the Year and what readers can expect from our Investment Ideas in the coming year.
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Instead of a deep dive into one company, in our final episode of 2023, Lord Lee and Alex begin with an end-of-year audit of five holdings in Lord Lee’s portfolio. From a litigation financing firm to a beauty products maker to a bowling alley operator, Lord Lee shares the wins and losses he has experienced as a DIY investor.
The pair also discuss his novel idea of using shares to encourage financial literacy amongst school-age children in the country. With “close to zero” financial literacy among pupils, his plan, which has garnered support from other MPs, could transform the investing landscape for future generations and increase financial responsibility.
This episode was recorded on 21 December.
Lord Lee: Give NatWest shares to schools to teach kids
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Our final episode of 2023 begins with IC property writer Mitchell Labiak discussing the merger of Reits LondonMetric (LMP) and LXI (LXI), which will allow them to compete with the industry’s biggest players such as British Land (BLND). Both have been called ‘sub-scale’, but what constitutes a sustainable Reit? Mitch also explores whether or not investors should prepare for similar activity in the coming year.
Giving a sneak preview of a story included in our final edition of 2023, Val Cipriani reviews ESG funds’ performance this year. She explores why active funds, which ESG funds tend to be, have struggled, and highlights the best performers. Lastly, Val touches on what the new rules mean for investors.
Last but not least, Jemma Slingo covers mechanical engineer Goodwin (GDWN). The company has a rich history, was founded in 1883 and is still majority-run by the Goodwin family. Recent results reveal a solid performance, even though it has distanced itself from its oil and gas heritage. Jemma explains where its revenues are now concentrated and what kind of value the shares offer.
Merry Christmas and a Happy New Year from all of The Companies and Markets Show team.
LondonMetric mulls LXi takeover
Can ESG funds bounce back?
Exciting opportunities in the pipeline for Goodwin
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We begin with the interest rate story that hit the headlines this week – the FCA’s warning to investment platforms, including AJ Bell and Hargreaves Lansdown, over their treatment of customers’ cash balances. Alex Newman and Val Cipriani discuss why AJ Bell’s share price fell and what investors should expect in the future.
Jennifer Johnson follows with an analysis of whether the UK can become a biotech superpower. She reveals what is hampering the growth of the industry, including a lack of life science laboratory space, and shares a UK university spinout success story investors may find alluring.
Last up, Alex Hamer discusses what’s driving the recent fall in the oil price, which is now at a two-year low. He explores the reasons for this, the effect Saudi Arabia’s change in tactics will have on the industry, and what investors should keep an eye on in the year ahead.
AJ Bell reports 50% surge in profits
Can the UK become a biotech superpower?
Oil in 2024 – will Opec's squeeze work?
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In this latest episode we look deeper into some of the things that portfolio companies actually do. In particular, host Joe Lynam and Brunner’s co-lead portfolio manager Julian Bishop examine some of the extreme technology needed to create the world’s most powerful semiconductor chips. The term ‘cutting-edge’ may often be overused, but in this case the sheer physics of what is being achieved by some of the leading companies is, quite simply, astounding.
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The guest on our final IC Interview podcast of 2023 needs little introduction. Having been part of the Investors’ Chronicle team since the late 1990s, Simon Thompson is one of the most valued writers in our cohort.
Covering 93 companies for the IC, Simon has invaluable experience and knowledge of the small-cap industry. In this episode he reflects on the past 12 months, and shares his predictions for the year ahead, the areas he’s paying close attention to and the sectors that appear most promising.
By Simon Thompson: Four small-cap takeover targets to exploit
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We begin with FTSE 100 equipment renting company Ashtead, which released interim figures in recent days. Jemma Slingo and Julian Hofmann delve into the numbers and explain the background of the issues the company has faced in terms of demand. They also touch on the future of the business in light of the possibility the US government will change hands in the coming year.
Jemma also discusses the results of a different rental company, Redde Northgate. The 2020 merger between a replacement vehicle company and an accident management services business means the company still has some legacy issues weighing on it. Mark Robinson shares the standout qualities of the company, but do the drivers outweigh the cyclical risks?
Lastly, Alex Newman talks listeners through our latest cover feature ‘Why it’s stockpickers time to beat the market’. He explores why active funds have performed so badly recently and spells out the argument that they might do better in future.
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After a 2-year post-pandemic inflation surge, the global economy eases from extensive fiscal and monetary interventions. Central banks reassess recession risks, signalling potential investment opportunities as volatility reawakens
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We begin with Alex Newman who discusses the recent results of music equipment manufacturer Focusrite. The company’s growth and share price rocketed during the pandemic, but like many others, its stock price has plummeted since. Alex explains how the business can spur growth and analyses whether the buy-and-build strategy will help boost its valuation.
Julian Hofmann then takes the reigns with consulting and administration business XPS Pensions, which is growing at an exponential rate. Strong fundamental drivers are behind this expansion, but Julian discusses whether its cost control is good enough given the higher expenses seen in the industry.
Last but not least, we discuss our latest cover feature on profiting from the energy switch. Author James Norrington explains his motivation behind the piece, China’s dominance of supply chains and touches on the Black-Litterman mathematical model for portfolio allocation.
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In this episode of The IC Interviews, Dave Baxter welcomes back Stuart Widdowson, Managing Partner of Odyssean Capital, the firm that manages Odyssean Investment Trust. The trust was set up in 2018 and is known for its approach of investing in a concentrated portfolio of UK listed companies too small for inclusion in the FTSE 250.
The trust applies a private equity mindset to its operations in the public sphere. Stuart discusses the five aspects of the trust’s methodology that make it stand out from the crowd. He also talks about the qualities he looks for in the companies he selects and focuses on a handful of Odyssean’s current holdings.
This interview was recorded on 24 November.
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This week’s episode begins with a dive into Avon Protection’s recent figures with our deputy news editor Michael Fahy. To say the numbers were positive might be a stretch, but things could certainly be worse for the respiratory protection equipment specialist. As there have been many changes at the company in recent years and now activist investors are agitating for a sale, how should investors see the business?
Our economics writer, Hermione Taylor, then guides listeners through some of the big changes announced in the 2023 Autumn Statement. The OBR believes the tax change for businesses could increase investment by £14bn over the next five years. But what about the cut to National Insurance? How much will it actually help households? Julian Hofmann also discusses the pension reforms and ponders what it could mean for pension consolidation business PensionBee.
It’s then onto our lead feature this week, which shines a light on four quality US companies, as highlighted by our US High Quality Large Caps screen. We focus in on the qualities of tool supplier Fastenal, its ‘Blue Team’ culture, and discuss the attractiveness of its current valuation.
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This episode centres around property, in all its shapes and sizes. The pair begin discussing a well-known self-storage stock: Lok'n Store. Lord Lee explains his nearly decade-long involvement in the company and reveals why he still loves commercial real estate.
The pair go on to chat about how investors should approach difficult-to-value assets and the pros and cons of investing in property over shares. Lord Lee also answers questions from listeners.
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We begin by discussing Diageo, a global leader in premium beverages, who released a profit warning last week. Sales are expected to fall in the new financial year with issues in Latin America and the Caribbean. The market reacted badly, understandably, with analysts also alarmed. But can strength in the US market buoy these negative prospects?
We follow on with the results of two commercial Reits: British Land and Land Sec. Given rental growth seems to be better than expected, what have the businesses been doing to protect their businesses during the downturn?
Moving on to our 2023 Investment Trust Special, our team gives a whistle-stop tour of some of the trusts that feature in the supplement, the portfolios professionals are cherishing this year and more. We also dive into a bit of the detail of one of the articles, Around the World in Eight Investment Trusts, including two UK trusts that look impressive.
The stories mentioned in the show:Diageo
British Land is cheap, but for a reason
Landsec fails to outmanoeuvre rival
How to build a super-strength investment trust portfolio
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In this episode of The IC Interviews, personal finance writer Val Cipriani sits down with James de Uphaugh and Imran Sattar of Edinburgh Investment Trust, managed by Liontrust.
Boasting 50 years of investment experience between them, James and Imran have worked together in various firms since the 1990s, including BlackRock and Majedie.
In this conversation, they explore how the portfolio will deal with a period of economic stagnation, discuss holdings including M&S and new addition Admiral, and explain what investors should expect when Imran takes over from James as head of global fundamental in February next year.
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Companies editor Mark Robinson gives us the rundown on Associated British Foods’ (ABF) latest results, which shareholders warmly received. What tactics has management deployed to reach the latest share price high and where can we expect to see the company head in the future?
We’re then on to Apple (US:AAPL), this week’s cover story by Arthur Sants, our new US-based reporter. The tech giant’s latest results mentioned a greater focus on the services side of the business, including AI, as its product sales diminish. Arthur explains what’s causing falling sales and what other headwinds the company faces.
Last but not least, Jemma Slingo discusses the ‘winner’s curse’, a concept that once a company reaches the top of its industry, it underperforms. Dan and Jemma discuss how companies can sustain growth while tackling new threats.
This episode was recorded on the 7th of November.
Associated British Foods reveals surprise special dividend
Can Apple keep on delivering for investors?
When corporate expansion comes at a cost
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Alex Newman hosts this week's episode which begins with a discussion about HSBC’s recently published trading update. From that huge share buyback to what we can understand about China’s economy and real estate market, Julian Hofmann takes listeners through all they need to know about the bank’s update.
Next up is this week’s cover feature on megaprojects by deputy news editor Mike Fahy. Mike and Alex discuss the background of the article, which focuses on the reasons for the many setbacks the industry has faced in recent years. In this episode, Mike sheds light on what investors should consider when debating whether to invest in project work, including naming some core infrastructure trusts that could be of interest.
Last but not least, Jemma Slingo joins to discuss tumultuous fast fashion seller Asos. In 2021 the company was valued at £5bn but today it’s worth just a tenth of that. Jemma and Alex discuss not just the larger forces at play that have contributed to this fall in value, but also the debt the business is finding itself in as well as the apparent lack of sustainable operating infrastructure.
Listen to the stories mentioned in the showHSBC announces huge share buybackHow to run megaprojects so they deliver for everyoneLosses deepen at Asos
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Dave Baxter welcomes back popular UK equity manager Nick Train to The IC Interviews. Best known for co-founding Lindsell Train Ltd and running its UK Equity, Global Equity funds and the Finsbury Growth and Income Trust, Nick is a household name when it comes to picking UK stocks.
In this episode, Nick shares his thoughts on the state of the UK equity market, British luxury designer Burberry, the events that would lead him to sell a holding and more.
If you would like to suggest potential guests, share your thoughts or pose questions to the IC Interviews team, email Dave Baxter at David.Baxter@ft.com
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This week’s episode begins with a discussion on insurer Lloyd’s of London, which is starting to attract investor attention again. Julian Hoffman, author of the story, and Mark ponder over the hopes for the market and use a near-40-year-old scandal as a guiding point of scepticism.
Jemma Slingo joins the conversation to discuss two companies covered in the second part of our Aim 100 feature, translation expert RWS and digital advertising company WPP. She explains why each company is struggling and gives her outlook on whether or not they can turn it around.
Last of all, Jennifer Johnson shines a light on two other Aim 100 companies: Chinese biopharmaceutical company Hutchmed and veterinary services provider CVS Group. The former predominantly develops oncology drugs, a well-honed focus given China’s rapidly ageing population. The latter’s shares are down 13 per cent in the past month thanks to an investigation into the industry’s competitiveness. She outlines what lies ahead for the two businesses.
The Aim 100 2023: 50 to 41
The Aim 100 2023: 40 to 31
The Aim 100 2023: 30 to 21
The Aim 100 2023: 20 to 11
The Aim 100 2023: 10 to 1
See more data on the Aim 100 here
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In this episode, Alex and John begin with a dive into John’s largest, and most successful, holding, Treatt Plc. He delves into his history with the flavour and fragrance company and explains the appeal that led him to up his holding is for so long.
This leads tidily onto a conversation on the art, and challenge, of selling, the downfalls he’s experienced and what he’s learned from his time as a DIY investor.
The duo also discuss how important political environments are to investing and finally, he answers questions from listeners.
This episode was recorded on 19th October.
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This week’s episode, like this week’s cover feature special, highlights the first part of our annual dive into the top 100 Aim companies. Having had a nightmarish 2022, companies traded on the alternative market don’t seem to have had an easier time in 2023 as the index underperformed the FTSE All-Share and the FTSE Small Cap Index.
Our journalists have analysed the top 100 Aim companies and, in this episode, you can hear a handful of the team discuss some cherrypicked businesses. These firms include investment manager Tatton Asset Management, specialist franchiser Franchise Brands, insolvency expert FRP Advisory and antibody producer Bioventix.
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Julian Hofmann kicks off today's conversation with a discussion of Britain’s beloved pub chain JD Wetherspoon (JDW). Results showed that food sales are now a bigger driver, so does that show a change of strategy for the business? And is there still value there?
It’s then on to our cover story this week, a topic that many listeners will be thinking about; how to ensure they’re saving enough for retirement. Alex Newman joins the conversation to explain the thought process behind the piece and shares questions investors should ask themselves when planning for the future.
Use our Pension Calculator to track your progress towards retirement here.
Last up is newly listed German shoe company Birkenstock (US:BIRK). The popularity of the sandal-maker’s footwear has boomed recently and pairs can be spotted everywhere, from Hollywood films to your morning commute. But is the company’s $9bn valuation sustainable? And given high-profile IPOs haven't done well recently, is the very fact they're happening a good sign for market confidence?
As JD Wetherspoon toasts progress, have its shares bottomed out?
How to save enough for retirement
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With more than 30 years experience under her belt, Rosemary Banyard is no fledgling in the investment world. She developed her reputation as one of the leading UK female fund managers while at Schroders in the 1990s and has gone on to become lead manager on award-winning small and mid cap funds.
She has worked at firms including Sanford DeLand, launching its Free Spirit Fund in 2016, and in 2020 she joined Downing to spearhead its Unique Opportunities Fund. Under her guidance, the former delivered an impressive 31 per cent return, marking its place in the top decile of the Investment Association’s IA UK All Companies sector.
In this episode, our funds editor Dave Baxter and Banyard discuss the characteristics that she looks for in companies during periods of high rates, and the businesses benefiting from challenging times. She goes on to discuss the strengths of one of her largest holdings, Games Workshop (GAW), and shares her thoughts on companies changing their capital allocation to dividends.
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Listen to the first episode of the newest Investors' Chronicle podcast,Lee & the IC.
Lee and the IC is a podcast from the minds of Investors' Chronicle associate editor Alex Newman and seasoned private investor Lord John Lee.
Each month, the pair will meet to discuss various topics of interest to investors of all experience levels. Intertwined with conversations featuring topical issues and favourite holdings of the hour, listeners will be privy to investing wisdom gathered from Lord Lee's invaluable decades of experience as a 'do-it-yourself' investor.
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On today’s episode, we start with a look at the latest full-year results from underappreciated ventilation equipment group Volution, which has been under the cosh somewhat this summer. Michael Fahy, who covered the company's results for the Investors' Chronicle this week, talks about the growth drivers for the business. Is the price reaction confirmation that the shares' summer slump was unjustified?
Next up is this week's cover story by Val Cipriani, on those persistent investment trust discounts – what are the drivers of this, and what can be done? Will it take specific catalysts to close these discounts, or are we just waiting for better macro conditions? And, importantly, are there bargains to be found for investors?
Lastly, the big issue in markets over the past month – the renewed spike in bond yields in the US. Alex Newman discusses the catalysts, and what it all may mean for shares over the months ahead.
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ChatGPT has brought artificial intelligence (AI) firmly into investors’ sights in 2023. But, where are we today in terms of AI and its applications, and where are we going in the future? Cherry Reynard and Allianz Technology Trust portfolio manager Mike Seidenberg look at the implications and whether the initial euphoria from an investment perspective is warranted.
There is no doubt that increasing use of data is an advantage for businesses, and those that fall behind in their use of AI risk being at a competitive disadvantage. On balance, is AI an opportunity or a threat? To see the full podcast series visit https://www.allianztechnologytrust.com/en-gb/videos-podcasts-and-reading?Topic=Podcast
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Mark Robinson kicks off today’s podcast with a discussion about used-car retailer Pendragon’s (PDG) results. The company’s rating has shifted in the past year since AutoNation Inc’s (US:AN) £447mn takeover proposal, but the industry is still facing headwinds after the pandemic. In a similar motoring vein, Julian Hofmann shares his thoughts on the EV market, which is set to heat up as Germany and China gear up for a trade fight.
Our economics expert, Hermione Taylor, jumps in the driving seat for the next segment, sharing her thoughts on how long it will take for the UK to get back to normal inflation figures. She draws on Bank of England data, which are infused with reasons to doubt a fall in inflation, but she says that there are some reasons to be optimistic.
Jennifer Johnson then reveals what we can expect to see in the pet care industry. The share price of CVS Group (CVSG), one of the six big players in the sector, fell after the Competition and Markets Authority (CMA) announced an investigation into the sector, “exploring how well the market is working for pet owners”. As the British tend to dote on their four, or more, legged family members, pet owners will often splash out on veterinary needs, sometimes scrimping on other spending if needs be. Is this love-fuelled spending being exploited for cynical, profit-driven ends?
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Alex Newman is joined by Lord John Lee in the Financial Times studio, marking the first episode of a new series from the Investors’ Chronicle – Lee and the IC.
With decades of experience as a ‘do-it-yourself’ investor, Lord Lee offers invaluable wisdom to investors of all experience levels.
In this episode, the pair discuss the moment Lord Lee knew M&G (MNG) would be a worthwhile holding, the resilience of the City and a handful of his current favourite shares.
This episode was recorded on 23 September.
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As Investment Manager at Smithson Investment Trust, a growth-focused fund run by the team behind Fundsmith Equity, Simon Barnard is a key playerin companies that have “already won”.
Dave Baxter and Barnard discuss various strategies that the trust has used since its inception, including bottom-up techniques and a three-step process of acquisition.
Acquisitions of strongly performing companies are central to the success of the fund, of which Smithson has acquired a wide range, including names such as Fevertree (FEVR) and Moncler (IT:MONC). Alongside well-known names, Simon highlights interesting lesser-known companies in the portfolio, including those utilising selfies and AI to boost profits.
But as well as sharing aspects of a successful acquisition, Simon reveals the warning signals that can tell you when it is time to sell a holding.
This interview was recorded on Thursday 14 September.
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The episode begins with Jemma Slingo, who runs through the recent results from listed management consultant Elixirr. What can the interim figures tell us about future growth?
It’s then on to Arthur Sants, who discusses Vodafone, a company that features in our most recent cover story on Income Majors. What could the merger with Three bring to the company? And what can we expect the new chief executive to do?
Last up, Mark Robinson shares his thoughts on ‘buy and build’ specialist Judges Scientific. Can its bread-and-butter strategy still thrive in tough economic conditions?
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Our company experts Michael Fahy and Julian Hofmann begin by sharing their thoughts on recent results from Melrose and Dowlais. What effect has the RTX engine recall had on Melrose? And should Dowlais be concerned about the possibility of strikes in the US?
Next up is our latest cover feature on the cost of capital, by James Norrington. He gives an overview of the feature and discusses the two schools of thought central to the piece; crowding out and crowding in.
Last on the agenda is the topic of high-yielding funds. Leonora Walters highlights the problems that arise when investors rely solely on yields, but what are some of the other checks that can be done to secure a resilient payer?
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This week’s episode begins with a discussion of housebuilder Barratt Developments’ results. What makes Barratt different from other housebuilders? And what can it tell us about the housing market as a whole?
Next on the roster is a dive into UK economics. The ONS has released the latest GDP figures, but what can they tell us about the country’s position amongst other G7 nations? And what upcoming data can we expect in the weeks ahead?
Last up is genome sequencing company Oxford Nanopore. The team discusses the headwinds facing the company and considers the drivers to profitability it will need to harness in the coming years.
Dan Jones is joined by Mitchell Labiak, Alex Newman, Hermione Taylor and Jennifer Johnson
In this episode of IC Interviews, Dave Baxter hosts Craig Baker. As the global chief investment officer of Willis Towers Watson, the firm that chairs the investment committee of Alliance Trust, Craig is closely involved in the company’s investment philosophy and process.
The pair discuss the importance of spotting style drift in funds, the development of the trust in recent years, the benefit of the multi-manager approach and more.
This week’s episode begins with a discussion on insurance company Prudential’s results. Is its new growth plan too ambitious? And what are the headwinds it faces given the current issues in China?
Next up, it’s on to Germany, a country going through its second period of stagnation in two decades. Is Germany now the sick man of Europe (again)? And if so, is it simply at the mercy of growing economies?
Lastly, we preview next week’s cover story, our annual Top 50 Funds list. We touch on the structure of the list, the performance of active managers, the biggest changes to the list over the past year and more.
This week’s episode covers a lot of ground, from smartphone chip designer Arm, to China’s current economic state, to resurgent retailer M&S.
We begin with Arthur Sants on chip maker Arm's mooted $60bn valuation. Is this realistic, given where its rivals are trading?
Next up is Ali Al Enazi on his latest piece about China’s fall into deflation. What does this mean for UK companies and investors? Julian Hofmann also shares his thoughts, highlighting a problem facing China’s banking industry.
This leads us to mining company BHP. Alex Hamer discusses what full-year results can tell us about the company and asks what could lie ahead given its dependence on the Chinese market.
Last but not least, it’s Jemma Slingo on the FTSE 100 hopeful, M&S. What is the 139-year-old company’s new strategy? And how resilient is UK retail?
In the latest IC Interviews, Dan Jones welcomes Katie Potts, lead fund manager for tech- and small cap-focused Herald Investment Trust.
In this episode, Potts talks about how she values technology stocks, her take on the topic of the moment, AI, and her view on distinctly British attitudes to the state of the stock market.
The pair go on to discuss the challenges the UK market has faced in recent years, how the increase in US takeovers has altered the investment landscape and the most exciting times in the market to be a fund manager.
This episode of The Companies and Markets Show begins with a dive into this week’s results from big players in the insurance industry, Aviva and Legal & General. Our deputy companies editor, Julian Hofmann, explains the market reaction to the businesses’ figures and highlights areas where they may be limited. Alex Newman joins to discuss what stands out for him and offers his take on the state of the insurers.
Next up is a story that has sparked interest far and wide – weight-loss drugs. Jennifer Johnson explores what’s driven the surge in sales in recent months and highlights certain companies and sectors that may be affected by the growing popularity of appetite-suppressing drugs.
Last on the agenda is our latest cover feature on survivor shares. Julian Hofmann discusses the companies that have withstood the test of time, and highlights the ingredients for long-term success.
On today’s episode, we start with a look at the latest interim figures from auto parts maker TI Fluid Systems.
Next up is this week's cover story: How to be an income investor in a world of higher yields. Dave Baxter talks about what higher bond yields will mean for portfolios.
Lastly, Val Cipriani talks about the dos and dont's of managing a small portfolio – striking the right balance between costs and diversification is particularly important.
On this week's episode, HSBC is first up on the docket. Julian Hofmann and Mark Robinson are on hand to make sense of their results.
Next up is a discussion of who will benefit most from the artificial intelligence (AI) boom. James Norrington is the writer of our long read on that topic this week and joins us in the studio to discuss areas of the AI market that may not be getting as much attention as others.
And finally, Jemma Slingo returns to discuss UK small caps given their underperformance this year.
Following on from the mass of FTSE 100 results released this week, today’s episode focuses on large caps. The team begins by discussing results from gas provider Centrica. Given the elevated first half profits, is there a sensitive political situation on the horizon? And what is the current valuation case for a business like this?
Next up is our cover feature from this week on luxury goods businesses. Aside from structural tailwinds, what have luxury brands done right over the past few years? And which companies are trading on valuations that investors may find alluring?
It’s on to wealth manager St James’s Place next. Is their tactic to place a fee cap for long-term clients a wise choice? Will it help the business move away from its ‘premium price’ reputation?
Lastly, the team talk about recent GSK results. Are investor concerns going to stick around for a while? And where are the company’s potential areas of growth?
Dan Jones is joined by Michael Fahy, Alex Newman and Jennifer Johnson.
On today’s episode, our team begins with a discussion about Brickability’s results. What is the company’s position in the market and how well prepared is it to weather a housing downturn?
Next up is this week’s cover story on the hidden stars of the FTSE 100, which explores businesses that have unusual growth stories. In this segment, Alex Newman runs through the thinking behind the piece and discusses how the ‘secret’ companies underpin the strength of the UK economy.
Last on the agenda is new FTSE 250 entrant ME Group International. Although it may not be the most exciting, or contemporary, business, it has seen significant growth in recent months. What can breaking down the valuation tell us about the business? And could this be a UK market success story?
Dan Jones is joined by Michael Fahy, Mark Robinson, Alex Newman and Jemma Slingo.
On today’s episode of The Companies and Markets show, we discuss management consultancy Begbies Traynor’s latest results. What do they tell us about the UK economy?
Next up is our latest cover feature on the North Sea. More than 170 years since its resources were first tapped, the North Sea is still seen as ‘the jewel in the crown’ of the UK’s energy system. We ponder the future of the shallow arm of the Atlantic Ocean. How damaging are windfall taxes? What are the prospects for offshore wind?
Lastly, it’s on to UK pensions. Why have nine pension providers agreed to invest default funds in unlisted equities? And will these plans make a difference to the interest in unlisted companies and domestic equity investment?
Dan Jones is joined by Mark Robinson, Alex Newman, Alex Hamer and Leonora Walters
On this week’s episode, Dan Jones and co discuss the big topics from the world of finance and investing.
First up is currency-printing company De La Rue's results. Can the company survive in an increasingly cashless society? And could it manage growth outside of a recession, or within it?
Next is our latest cover feature: The IC Top 50 ETFs. Dave Baxter runs through the logic behind the list and explains what investors need to think about when going down the index funds route.
Lastly, it’s on to this week’s hot topic – bank savings rates. What does political pressure mean for shareholders? And why do savers need to be careful not to fall for some of the deals banks are now offering?
Companies editor Mark Robinson fills in for Dan Jones this week and is joined by IC journalists Julian Hofmann and Jemma Slingo.
First up is a brief dive into how refinancing obligations threaten corporate financial stability. Could we see the same type of contagion in the financial system that we saw in 2008?
Next up is the result of the week, money transfer company Wise. The company is one of the few to have benefited from the Bank of England’s hike in interest rates, but what’s in store for the company in the future?
Lastly, Jemma Slingo joins the conversation to discuss this week’s cover feature on the ‘attention economy’. What effect has instant information had on our attention? And how can investors get a slice of the digital advertising action without investing directly in the biggest, expensive players?
Halford’s results are first on the agenda. Since the pandemic, the motoring and cycling brand has been on somewhat of a rollercoaster, but does its rosy past few months suggest it will fare well in the future?
Next up is this week’s cover story, US tech giant Meta. What type of growth can we expect from the company in the future? And can its recent rebound continue?
Finally, it’s on to safety equipment company Halma. What has driven its sizeable growth over the past few years? And where will the new management take the company?
Dan Jones is joined by Mark Robinson, Julian Hofmann, Arthur Sants and Jemma Slingo.
Lord John Lee is an active private investor, a member of the House of Lords and became the UK’s first Isa millionaire in 2003. He has written two books on investment - “How to Make a Million” and “Yummi Yoghurt - A First Taste of Stock Market Investment”, as well as hundreds of articles for FT Money.
In this episode, he and Dan Jones discuss his small-cap focused approach to investing, how his portfolio has evolved over the years, and his view of the private investor’s role in today’s market.
Dan Jones is joined by Mitchell Labiak to discuss housebuilder Crest Nicholson’s results – how has the business been coping since the mini-Budget? It’s then on to its competitor Bellway. What approach is it taking that makes it different from Crest Nicholson?
Next up, Julian Hofmann talks small-cap financial services companies, with a particular focus on CMC Markets, Tatton and Ramsdens. Is there room for growth in this niche area?
Last but not least, Dave Baxter unpacks this week's cover story on passive funds. Why is finding cheap funds important? And what are the cheapest funds out there?
Dan Jones is joined by Mitchell Labiak, Julian Hofmann and Dave Baxter.
The housing market has long been seen as a key bellwether of the overall state of UK market. But the recent squeeze on the cost of living – namely, rising prices which have in turn driven interest rates higher – has been keenly felt in that sector.
In this podcast episode, we debate the fortunes of the UK’s housebuilders as well as looking at what other types of company could benefit from a more buoyant sector.
To see the full podcast series visit https://www.merchantstrust.co.uk/en-gb/videos-podcasts-and-reading?Topic=Podcast
On this week's episode of the companies and markets show, DiscoverIE is our result of the week. Mark Robinson is on hand as usual to break them down for us.
Next up is IC economist Hermione Taylor, discussing what the 'new normal' is for interest rates.
And finally, Alex Hamer joins the show to talk through a new listing in the UK market: WE Soda. What is it, and why is it listing in London?
Dan Jones hosts Alex Hamer, Mark Robinson and Hermione Taylor.
We start with waste management company Renewi, which released full-year results last week. After another tough year as recyclate prices fall, our team discusses its status in the renewables market.
It’s then on to our latest cover feature, on the best way to profit from the electric vehicle transition. Who are the beneficiaries of this expanding industry? And what can investors expect to happen as the EV market grows?
Lastly, it’s on to Nvidia, the big stock of the moment. By market capitalisation, it’s now valued at $1tn, making it the sixth-largest company in the world. Is it worth the hype? And what other companies are beneficiaries of this trend in AI technology?
Dan Jones is joined by Jennifer Johnson, Mark Robinson and Arthur Sants.
On this week's episode of the Companies and Markets Show, Deputy Companies Editor Julian Hofmann takes on the role of host in lieu of Dan Jones.
Julian and co cover topics ranging from the US debt ceiling and M&S’s results, to all things self-invested personal pensions (Sipps).
Will the US default on its debt for the first time in its history, or will they raise the debt ceiling again?
Next up it’s M&S. How did the retailer keep customers shopping against the background of such a prevalent cost of living crunch? And what’s the latest on its partnership with Ocado? Is the grocery company past its prime?
And finally, it’s on to The IC Guide to Pensions 2023. Our journalists run through the special report compiled by our expert personal finance team, which covers everything from strategies to boost your pension to the best assets to hold in your Sipp.
Julian Hofmann is joined by Mark Robinson, Jemma Slingo and Val Cipriani.
In the latest episode of the Companies and Markets show, our team delve into the British Land results. What do they tell us and is there a valuation risk here?
It’s then on to this week’s cover feature, on the ‘space economy’. The team discuss investment opportunities for UK investors wanting to get a piece of the action.
LVMH’s decision to not split its shares has our economics expert questioning whether investments in a luxury company can be a status symbol. And what impact do stock splits have?
Finally, the interim results of easyJet. Does the future look sunny for the budget airline?
Dan Jones is joined by Mark Robinson, Julian Hofmann, Hermione Taylor and Michael Fahy.
The episode begins with an examination of the recent fall in Virgin Money’s profits. What drove it and what lies ahead for the bank?
The team then go on to this week’s cover story on British stocks moving listings to the US. How big of a trend is it? And are companies right to see the US as the magical solution to boost their valuations?
Finally, a trading update from JD Wetherspoons. Positive news from the pub company who had their busiest Saturday ever at the start of May. But what about cost of living pressures? Can consumers be relied upon to keep buying drinks though prices are rising?
Dan Jones is joined by Julian Hofmann, Jemma Slingo and Mark Robinson.
In this week’s Companies and Markets show, the panel discuss specialist manufacturer Morgan Advanced Materials' results and digs into what drove revenues in 2022. The team then talk annual general meetings and unpick the obstacles that have arisen since conferences began to move online. Lastly is our latest cover story on the energy transition, discussing UK stock picks and giving listeners an insight into threats facing renewables investment trusts.
Dan Jones is joined by Mark Robinson, Val Cipriani and Jennifer Johnson.
In today’s episode, the IC cohort talk tech, from Meta and Alphabet’s results to Microsoft’s run in with the CMA. It’s then on to AB Dynamics and their product development progress that could alter heavy vehicle transit. And last but not least, the latest figures from the London Stock Exchange are discussed.
Dan Jones is joined by Arthur Sants, Michael Fahy, Mark Robinson and Julian Hofmann.
In this week’s episode of the Companies and Markets Show, the team discusses WH Smith’s international expansion. Will it prove a wise move for growth? Discount widening across the investment trust sector follows, and the panel is then joined by ex-IC ideas editor, Algy Hall, who discusses all things stock screens and his newest book Four Ways to Beat the Market.
Dan Jones hosts Julian Hofmann, Alex Newman, Dave Baxter and Algy Hall.
On this episode of the Companies and Markets show, Dan Jones is joined by Christopher Akers to review our result of the week: Tesco.
Following in the retail vein, PZ Cussons is next under the microscope, with the manufacturer noting some margin pressures in Thursday's trading update.
Finally, crystal balls out, it's our discussion of what the next big market story will be. Alex Newman is on hand to talk through his long read on the topic.
Dan Jones hosts Alex Newman and Christopher Akers.
In this week’s episode of the Companies and Markets show, Dan Jones opens with a conversation with Mark Robinson on the meat-packing and seafood business Hilton Food Group.
Then Jemma Slingo talks funeral provider Dignity, which despite a deal on the table is struggling with competition, debt and staff shortages.
Lastly, the discussion moves on to unpack notable offers and takeovers announced in the past week, including real estate manager Blackstone’s deal for Industrials Reit, Glencore’s bid for Canadian miner Teck and the Rathbones-Investec Wealth merger.
Dan Jones hosts Mark Robinson, Jemma Slingo and Julian Hofmann.
On this week's episode, our result of the week is the British engineering business Smiths. Mark Robinson takes us through its latest results. And before leaving companies news, Christopher Akers is on hand to discuss Irn Bru maker AG Barr.
Next up is IC economist Hermione Taylor on whether the hegemony of the dollar could come to an end. Could it be a digital currency that gives it the push?
And finally, what are the Edinburgh Reforms and what do they mean for investors? That's what Christopher Akers explores in this week's long-read.
Alex Newman hosts Hermione Taylor, Christopher Akers and Mark Robinson
On this week's episode of the Companies and Markets podcast, pest control company Rentokil is our result of the week, its strong recent performance landing it on Alex Newman's stock screen radar.
Next up is the continued turmoil in the banking sector, with Credit Suisse under the microscope after its emergency rescue by UBS. And it's not the only bank under pressure... Julian Hofmann is on hand to help break it down.
Finally, with the IC's Isa special edition out this week, FT consumer editor Claer Barrett joins the show to discuss her new book: 'What they don't teach you about money'.
Joel Greenblatt is managing director and co-chief investment officer at Gotham Asset Management, having co-founded Gotham in 1985. His written work includes the famous tome The Little Book That Beats the Market, published in 2005, which set out his ‘magic formula’ for private investors.
In this interview, he speaks to Dan Jones about the relative cheapness of certain US shares, why he is still a fan of big tech, the origins of the magic formula and its usefulness for investors, and the prospects for the UK equity market.
Timestamps:
00:00 - Intro
00:58 - Investment philosophy
04:27 - Risk-free rate in 2023
06:00 - Are we in a 'normal' environment?
13:40 - Knowing your 'circle of competence'
17:06 - Value versus growth in the last decade
20:40 - The magic formula
27:03 - Cash flow versus EBIT
32:00 - The UK market
36:23 - Company spin-offs
39:35 - Conglomerates
40:37 - Outro
On this episode of the Companies and Markets show, Dan Jones and co provide a full autopsy of the largest banking collapse since 2008, namely that of Silicon Valley Bank (SVB). What happened, where are we now, and what are the implications going forward?
Then it's on to reaction to Jeremy Hunt's first Budget as chancellor, with IC economist Hermione Taylor on hand to help make sense of it all.
Finally, Jennifer Johnson joins the pod to break down her long read this week: Pharma's pricing problem.
Dan Jones hosts Alex Newman, Julian Hofmann, Hermione Taylor, Mark Robinson and Jennifer Johnson.
On this episode of the Companies and Markets Show, Dan Jones hosts a discussion on the fate of the London market. How can it hope to compete with a new age of US state subsidies?
Next up is the Budget preview with IC economics expert Hermione Taylor. How can a "black hole" turn into a "windfall", according to chancellor Jeremy Hunt? And what will this mean in terms of announcements next week?
Finally, Michael Fahy joins the pod to discuss his long read this week on buy-and-build M&A: M&A masters: the stocks successfully buying growth.
Dan Jones hosts Alex Newman, Mark Robinson, Hermione Taylor and Michael Fahy.
Dave Baxter is joined by Stephen Yiu, lead manager of the popular but embattled Blue Whale Growth fund (GB00BD6PG787). They discuss recent shifts in the portfolio - from Yiu exiting many of the mega-cap US tech stocks to a newfound interest in the energy sector - and the thinking behind this. From Chatgpt to the metaverse, they also look at which technological advances might drive tomorrow's returns, and which might look less convincing.
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On the podcast today, ITV is our result of the week, with Jemma Slingo on hand to take us through the major talking points (including whether you can rewind ITVX now, as Dan Jones' pet hate).
Next up it's a discussion of this week's long read: What to do with a lump sum. The author of that piece, Alex Newman, is here to break it down.
Finally the panel discusses housebuilder Persimmon, following a big cut to its dividend.
Timestamps:
00:00 - Intro
01:16 - ITV
12:02 - What to do with a lump sum
23:16 - Persimmon/UK housebuilders
On this episode of the Companies and Markets show, Dan Jones hosts Chris Akers for a discussion of the hotel group's IHG and Whitbread following their latest results.
Next up, what does a recession mean for semiconductor stocks? Arthur Sants discusses off the back of his long-read this week: Chip Wars.
And finally, our panel has a brief discussion of takeover offers for UK companies - are the likes of Devro, Dignity, and Aveva being lowballed?
Dan Jones hosts Mark Robinson, Chris Akers, and Arthur Sants.
Timestamps
00:00-00:55 - Introduction
00:55-10:36 - IHG and Whitbread
10:36-27:22 - Semiconductor wars
27:22-30:35 - UK takeover offers
30:35-end - Outro
Alex Newman stands in for Dan Jones on this week's episode of the Companies and Markets podcast.
On the agenda, first up Julian Hofmann takes us through various results for big banks: Barclays, NatWest, and Standard Chartered.
Then it's on to a discussion of the FTSE 100 - does breaking the 8000 point mark actually mean anything?
Finally it's Mark Robinson on Glencore after the miner reports record profits.
Supplying life-saving medical supplies by robotic flights in Africa is just the start. Zipline’s co-founder Keller Rinaudo Cliffton talks to Scottish Mortgage manager Tom Slater about what’s next.
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Invest in Progress is a podcast brought to you by the Scottish Mortgage Team. It offers a backstage pass to the conversations that occur between our managers and visionary leaders solving some of the world’s most complex problems. Listen to more episodes here.
Dave Baxter is joined by The Renewables Infrastructure Group (TRIG) investment manager Richard Crawford. In a wide-ranging discussion they look at the fund’s exposure to dramatic shifts in power prices, the effects of the UK windfall tax and other regulatory developments on the renewable energy sector – and which renewable technologies now look more enticing to investors.
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On this week's episode, BP turned in profits of $28bn for 2022. That may sound a lot until you realise Shell racked up $40bn. Commodities expert Alex Hamer is on hand to discuss the outlook for these companies this coming year, as always considering the investment case.
Next up on the show, a podcast favourite: Unilever. They're back under pressure after warning of more price rises even after a record 13 per cent increase. With a new CEO in place, what is in store for the company?
And finally, housebuilders have provided signs of a recovery recently - Barratt, Redrow and Bellway are all under the microscope of Alex Newman.
Dan Jones hosts Julian Hofmann, Alex Hamer and Alex Newman.
On this week's episode, Vodafone is under the spotlight as it's problems in Europe continue. Is there much they can do in the face of big cash flow demands, rising inflation, sluggish growth?
Next up it's a trip on the management merry-go-round. Over 20 per cent of FTSE 100 companies changed CEOs last year. Is this just a random datapoint, a sign of post-pandemic fatigue, or perhaps moving out ahead of the higher-rate era? Our panel discusses.
Finally it's GSK chat with the IC's pharma writer Jennifer Johnson. With concerns around their Zantac drug, are investors lacking faith in the GSK pipeline?
Dan Jones hosts Alex Newman, Julian Hofmann and Jennifer Johnson.
They are meant to help us transition to a greener economy but carbon offsets, and the markets where they are traded, are fraught with controversy.
The quality of carbon credits is under scrutiny, as is their use by companies, which may purchase them in lieu of real action towards net zero. Consultancy McKinsey estimates that this space will be worth as much as $50bn by 2030.
Used judiciously, carbon offsetting can channel funds towards activities that help prevent or remove CO2 emissions from the atmosphere. Used cynically, the practice risks becoming a sophisticated form of greenwashing.
Which way is this market heading?
We have some answers. Listen to Silvia Pavoni, your host, as she talks to Marie Kemplay, one of her colleagues who has recently written about the controversy surrounding carbon markets. You’ll also hear from Gilles Dufrasne at Carbon Market Watch, an expert in this field with some strong views.
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Links:
Marie’s article on the voluntary carbon markets: https://www.sustainableviews.com/building-up-the-voluntary-carbon-markets/
Another interesting article on carbon offsets: https://www.sustainableviews.com/environmental-law-ngo-calls-for-ban-on-carbon-offsets-marketing/
And, for the geekiest among you, here is a report on how to evaluate carbon market products in financial accounting: https://www.sustainableviews.com/iasb-should-look-at-carbon-markets-says-study/
For more of our Sustainable Views content, register here for a free trial: https://www.sustainableviews.com/sv/request-free-trial
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On this week's episode of the Companies and Markets show, pubs is first up on the agenda following mixed trading updates from Fuller, Smith & Turner, Marstons and JD Wetherspoons.
Then it's onto our big read this week, with Hermione Taylor talking us through quantitative tightening (QT) effects and what it means for investors. You can read her write up here: The return to normality.
Finally, Arthur Sants, the IC's tech expert, joins the pod for a discussion of the jobs cull big tech companies have embarked upon - what should investors take away from this? Arthur also walks us through the latest news in the artificial intelligence (AI) industry, following Microsoft's $10bn investment into OpenAI.
Dan Jones hosts Mark Robinson, Julian Hofmann, Alex Newman, Hermione Taylor and Arthur Sants.
On this week's episode, Michael Fahy is drafted in to discuss two areas of interest. First up is big builders - infrastructure projects should keep companies such as Barratt, Balfour Beatty and Costain busy even in a recession. Second for Michael is a discussion of Qinetiq, a defence stock that looks relatively good value.
James Norrington is also welcomed to the pod to talk through his long-read this week: Finding dividend stars.
Dan Jones hosts James Norrington and Michael Fahy.
On this episode of the Companies and Markets show, Direct Line is under the spotlight after a stormy December (both literally and figuratively).
Then it's on to platform proactivity; is Fidelity right to have stopped investors from buying Jupiter UK Mid Cap on its platform? And will we see more of this as the FCA's new 'consumer duty' comes into force this summer?
Finally it's a discussion of the Chinese market, with companies such as Dell and HP potentially looking to move production away. How much is this about supply chains, how much is this about US pressure?
All this and more!
Dan Jones hosts Julian Hofmann, Mark Robinson, Val Cipriani and Alex Newman.
On the first episode of 2023, Dan Jones and co return to first discuss the surprisingly positive outlook for UK retail, with a focus on the likes of Next and Greggs.
Then Alex Newman is on hand to break down the methodology behind our big feature this week: Ideas of the Year 2023.
And finally, Julian Hofmann discusses quantitative tightening in Europe and the UK, and asks what are the implications for banks?
Dan Jones hosts Alex Newman, Julian Hofmann, Mark Robinson and Jemma Slingo.
On this, the final episode of the Companies and Markets show for 2022, we begin with a special AI edition of the show - can a chatbot write a more compelling podcast script than our IC staff?
The main bulk of the pod begins with Christopher Akers on the show for our final result of the week: Currys. Then Alex Newman returns to preview his review of 2022's ideas as suggested by our IC writers - did we beat the market?
Finally, Jennifer Johnson joins the pod to discuss the investment opportunities afforded by illness, as a cold and flu bug grips the nation this Christmas.
Dan Jones host Alex Newman, Christopher Akers, and Jennifer Johnson.
From the environmental impact of certain materials to the huge waste problems caused by discarded clothing, the fashion industry is problematic. Even more so if social factors are taken into account – after construction, fashion is the world’s second biggest driver of modern slavery, according ot the Global Slavery Index. Women represent over three quarters of people involved in abuses.
Yet sustainability claims are increasingly popular with fashion brands. In this episode, Silvia talks to author and campaigner Orsola de Castro, the co-founder of Fashion Revolution and one of the best-known voices calling for greater accountability in this space.
Orsola argues that clothing labels should provide environmental and social impact information to consumers. She discusses upcycling, greenwashing and our favourite subject – regulation.
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Links to Sustainable Views’ coverage of the fashion industry:
- https://www.sustainableviews.com/is-cmas-fashion-greenwashing-probe-start-of-a-wider-clampdown/
- https://www.sustainableviews.com/norway-declares-leading-sustainability-index-unusable-on-consumer-labels/
- https://www.sustainableviews.com/new-yorks-catch-all-fashion-act-aims-to-enforce-global-change/
Here is Fashion Revolution’s ‘Good Clothes, Fair Pay’ campaign:
- https://www.fashionrevolution.org/good-clothes-fair-pay/#:~:text=Good%20Clothes%20Fair%20Pay%20is,workers%20are%20paid%20living%20wages.
And here is the link to Orsola’s book, Loved Clothes Last:
- https://uk.bookshop.org/books/loved-clothes-last-how-the-joy-of-rewearing-and-repairing-your-clothes-can-be-a-revolutionary-act/9780241461150
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The war in Ukraine, inflation and slowing global growth have sparked uncertainty over the global economy. More than ever, investors will need to understand the drivers that will influence markets over the coming year. Listen to this podcast with John Mullins, PIMCO product strategist, to gain insight on the outlook for 2023 and how to approach specific asset classes.
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On this episode of the Companies and Markets show, Paragon and Moonpig are under the spotlight, the former for a surprisingly positive set of results and the latter for a less rosy Christmas outlook.
Also on the docket, a look at this week's long magazine feature: Should you buy a property now? There are pro's and con's to weigh up on both sides of the argument...
Dan Jones hosts Alex Newman and Julian Hofmann.
Dan Jones is back talking to our very own Simon Thompson, the IC's small cap expert.
Simon chats through how his Bargain Shares portfolio has fared in a difficult year for markets, what investors should be mindful of in the current environment, the outlook for the year ahead, and much more!
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Simon Thompson's latest book Successful Stock Picking Strategies and his previous book Stock Picking for Profit can be purchased online at www.ypdbooks.com at £16.95 each plus £3.95 postage and packaging. Details of the content can be viewed on www.ypdbooks.com.
Promotion: Subject to stock availability, both books can be purchased for £25 plus £5.75 postage and packaging.
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Though most of us would understand what the term ‘financial health’ means, there isn’t quite an official definition. That’s a problem if we want policymakers to pay attention to this area.
Ensuring we have enough money at the end of the month should be a concern not just for individuals, but for employers and financial regulators too.
This is what Queen Mȧxima of the Netherlands has been campaigning for in her role as UN secretary-general’s special advocate for inclusive finance, or UNSGSA.
In this episode, you’ll hear the Queen’s views on financial health and why it matters to everyone, across all countries – not just developing ones. Then, Silvia speaks to Pia Roman Tayag, the director of the UNSGSA office about where the concept of financial health fits in their longer-standing work on financial inclusion.
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Links:
- Here is the link to the FT’s Financial Literacy and Inclusion Campaign, FT FLIC: https://ftflic.com
- Here are the links to Silvia’s interviews with Queen Máxima, from 2021: https://www.youtube.com/watch?v=9MZWR6ep5IQ
- And 2020: https://www.youtube.com/watch?v=L56k2BlbBRU
- To follow Queen Máxima’s financial inclusion work on social media, you can find UNSGSA on LinkedIn, Twitter and Instagram.
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The latest episode of the Companies and Markets show! First up this week, James Norrington asks whether a different risk modelling approach can improve upon the 60/40 portfolio (and you read his feature on the matter here).
Next up is an interrogation of the slightly more positive markets - is the rally convincing?
And finally, food and ingredient producers Treatt, Cranswick, and Devro are under the microscrope.
Dan Jones is joined by Alex Newman, James Norrington, and Mark Robinson.
There are a number of serious challenges facing the UK economy – rising energy costs, the cost of living crisis, rising interest rates and mortgage costs and supply chain issues to name a few. However, while they may not be showing signs of abating, a number of factors are becoming ‘less bad’ or at least not getting worse.
Also, the UK stock market is different to the UK economy, particularly when investing at the larger end of the market capitalisation scale, where the economic exposure is more global. Given this dichotomy, could the UK market be an interesting (if challenging) place to invest with a long-term view?
To see the full podcast series visit https://www.merchantstrust.co.uk/en-gb/videos-podcasts-and-reading
Dan Jones is joined by Evenlode Investment Management's Ben Peters and Chris Elliot. In a wide-ranging discussion, they talk through a difficult year for markets, which companies are best set up to counter inflationary pressures, the appeal of Microsoft over other big tech, Evenlode's long-term investment strategy, and more.
On this week's episode, Burberry is our result of the week following it's Q3 report showing demand has remained resilient for wallet-busting handbags and watches. Will it remain recession resilient..?
Then we dive into this week's special IC feature on quality US shares. After this year’s market correction, does the US now offer better value? We break down some of the talking points.
And finally, with the New York listed Manchester United potentially up for sale, we ask whether football clubs make a good investment.
Dan Jones is joined by Alex Newman and Mark Robinson.
London mayor Sadiq Khan wants more power and financing for cities so they can deal with and find solutions to climate change. Cities, after all, are responsible for over two thirds of emissions and local administrations, says Khan, are seen as the “doers”, while national governments are the “delayers”.
He thinks that mayors should be part of the UN climate conference negotiations. In fact, COP27, which is wrapping up in Sharm el-Sheikh this week, will be the last without cities at the table, he says.
Does he have a point?
Hear what Khan told Sustainable Views and what our correspondent Philippa Nuttall makes of his green leadership for London as she talks to Silvia Pavoni, your host.
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Read Philippa’s article on why cities struggle to go carbon neutral:
https://www.sustainableviews.com/why-cities-are-struggling-to-go-carbon-neutral/
Find out more about Sustainable Views, here:
https://www.sustainableviews.com
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Dan Jones welcomes Jemma Slingo and Arthur Sants to this weeks episode of the companies and markets show!
First up is a discussion of potential reversal of shipping lines' fortunes, and the opportunities therein. Then it's BT under the spotlight off the back of the bad reaction to last week's results. And finally, how are transport companies affected by train strikes? All that and more...
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This podcast is sponsored by TILLIT. TILLIT is the investment platform for investors who want to make better investment decisions. Invest in a curated selection of funds, investment trusts and ETFs and get expert insights on each and every one.
Ahead of this year’s UN climate conference, discussions over the responsibility of the world’s richest countries towards developing economies have intensified.
Emerging markets’ contribution to climate change is miniscule, but they are disproportionately hurt by its effects. Think of the catastrophic droughts, floods and hurricanes directly linked to man-made climate change that have crashed infrastructure and cost lives and livelihoods across developing countries.
With COP27 being hosted by Egypt, and African governments increasingly pushing back against requests to keep fossil fuels in the ground (as this would slow economic growth), will there be new solutions on the negotiation table? Will this be the Africa COP?
Silvia chats to James King, one of our correspondents who has recently written about Africa, and to Gillian Marcelle, a development finance expert with sanguine views on the urgency of the issue - and on how to fix it.
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You can read James’s deep-dive here: https://www.sustainableviews.com/african-governments-push-to-close-the-climate-funding-gap/
This is Gillian’s opinion piece on sustainable finance: https://www.sustainableviews.com/sustainable-investment-is-a-first-world-option/
Here are the views of the Net-Zero Asset Owner Alliance chair Guenther Thallinger: https://www.sustainableviews.com/blended-finance-has-its-time-come/
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On this week's episode, Dan Jones welcomes Jennifer Johnson to talk GlaxoSmithKline (GSK) - they've made a good start to life post Haleon split, but are they a one-trick pony at the moment?
Then Mark Robinson dives back into the Aim 100, with two more interesting stocks from our special review of the top 100 companies in Aim (by market capitalisation).
And finally, Val Cipriani makes her podcast debut with a look at private equity trusts.
Dan Jones hosts Jennifer Johnson, Val Cipriani and Mark Robinson.
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This podcast is sponsored by TILLIT. TILLIT is the investment platform for investors who want to make better investment decisions. Invest in a curated selection of funds, investment trusts and ETFs and get expert insights on each and every one.
The current political and financial climate has made fixed income markets volatile and uncertain around the world. However, taking an active approach may help build resilience to potential headwinds while gaining greater exposure to the opportunities that arise.
Listen to this podcast to gain insight from Gordon Harding, PIMCO fixed-income strategist on the current climate and what to potentially expect in the coming months.
Silvia and Alison Taylor of NYU Stern School of Business look into the language of sustainability and find it still has a pretty loose grammar and highly convoluted syntax. Most native speakers do not even agree on a common interpretation of environmental, social and governance factors. The good news is: more of us are trying to learn this language. And Alison shares a few tips on how she teaches it too.
In the show, Alison mentions a piece she’s written for Sustainable Views. You can find it here https://www.sustainableviews.com/incentivising-esg-what-does-it-really-take/
To read more of our articles on ESG policy and regulation, you can register for a free trial here https://survey.ft.com/jfe/form/SV_9RGu5ktcIREwMLA
On this episode of the Companies and Markets show, Dan Jones, Julian Hofmann, and Alex Hamer review three interesting stocks from our special feature this week: Aim 100 2022: Part 1.
But that's not all - Alex Hamer sticks around for a chat about the Lithium industry, which has been boosted by US Inflation Reduction Act spending beginning to filter through to companies.
And finally there is a brief chat through Google's warning on digital advertisement spend, at a time when all the traditional ad agencies are still doing very well in terms of demand.
Dan Jones hosts Julian Hofmann, Mark Robinson and Alex Hamer.
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This podcast is sponsored by TILLIT. TILLIT is the investment platform for investors who want to make better investment decisions. Invest in a curated selection of funds, investment trusts and ETFs and get expert insights on each and every one.
Confused about sustainability? You’re not alone. Environmental, social and governance factors, or ESG, are increasingly a headache for business, finance and world leaders alike. Now even policymakers are creating rules to govern this space. It’s hard to keep up and make sense of it all. So let us help you by sharing some of the most interesting views shaping this space. Join your host, Silvia Pavoni, as she talks to the people living and breathing sustainability – and a few critics too. (We can’t promise this will be a completely jargon-free space, but we shall try!)
Want to talk to us directly? Email sustainable.views@ft.com. Want to find out more about Sustainable Views? Visit www.sustainableviews.com
Sustainable Views is an intelligence service by the Financial Times Group.
On this episode of the Companies and Markets show, Julian Hofmann is on hand to break down US banks reporting - who did well, who did badly, and what were the share price moves?
Then Michael Fahy joins the pod to discuss his long-read on the future of defence - how soon until AI robots roam the battlefields? (Spoiler, probably not imminently).
Finally, properties writer Mitchell Labiak talks us through Bellway's results and has an outlook on the future of the housing market.
Oh and Liz Truss resigned half-way through our recording, so see if you can spot that!
Dan Jones hosts Julian Hofmann, Michael Fahy and Mitchell Labiak.
Dan Jones sits down with Abrdn Asset Management Asia chairman Hugh Young for a wide-ranging discussion, including whether the strength in the dollar is negatively affecting the business case for emerging markets, whether China is investible at the moment, and whether this current inflationary period is comparable to previous points in emerging markets history.
Hugh Young is the Managing Director of Aberdeen Standard Investments, Asia. He was formerly a main board director and Head of Investments for Aberdeen Asset Management (before its merger with Standard Life plc). Hugh joined Aberdeen in 1985 to manage Asian equities from London, before founding the Singapore-based Aberdeen Asia in 1992 and since then he has built the company into one of the largest and most well-respected managers of such assets globally.
On this episode of the companies and markets show, we start with our result of the week: pollster YouGov.
Then it's over to Arthur Sants for a look through his long-read this week: Picking software winners. Valuations of software businesses have contracted significantly in the past year, but the sector still has plenty to offer investors, both in the US and the UK.
And finally, is Elon Musk's Twitter takeover back on? It seems that way, and our panel are here to break down the implications of the deal.
Dan Jones hosts Arthur Sants, Julian Hofmann and Mark Robinson.
On this episode of the companies and markets show, our result of the week this time around is Tesco - can the grocer keep customers from turning to more discounted options?
Then we dive into our long-read this week: Coca-Cola - a lesson in share analysis. Alex Newman takes us through the bull and bear case for the company.
Finally Mark Robinson discusses how investors should be thinking about rising rates - who might be most badly affected and who might benefit?
Dan Jones hosts Alex Newman, Julian Hofmann, and Mark Robinson
From the mini-Budget to an emergency intervention by the Bank of England, the bond market has seen more than its fair share of shocks in the last two weeks. Noelle Cazalis, fund manager on a number of portfolios including the popular Rathbone Ethical Bond fund (GB00B77DQT14), discusses the challenges facing fixed income investors and whether any bargains have emerged.
This podcast was recorded on 29 September, after the Bank of England had announced its intervention but before the government backed down on some of its tax cut plans. Bond markets have rallied somewhat since then.
A week has passed since chancellor Kwasi Kwarteng's "mini"-Budget that so effectively threw markets into a tailspin. It leaves Dan Jones asking questions such as 'what?', 'why?', and 'eh?', and our economics expert Hermione Taylor attempting to make sense of it all, which she does with great aplomb in the first part of this weeks episode.
Following this, properties writer Mitchell Labiak returns to the podcast to talk through his long read this week: Being good at buy-to-let.
And then our result of the week gets a look in, with Saga this time under the spotlight.
Dan Jones hosts Mark Robinson, Julian Hofmann, Mitchell Labiak, and Hermione Taylor.
First up on this episode of the Companies and Markets show is Kingfisher under the spotlight, with Dan Jones welcoming Christopher Akers to the pod.
Then it's onto economic moats - what makes an economic moat and in which sector can you find the best one? It comes off the back of Alex Newman's article discussing the research of fund manager and analyst Michael Mauboussin (who we spoke to for an IC Interview podcast in June 2020).
And finally Arthur Sants breaks down Netflix's attempted pivot towards profitability and the introduction of a cheaper subscription which will include advertisements.
IC deputy editor Dan Jones is joined on this episode by Dan McCrum, part of the Financial Times investigations team and author of Money Men, the story of the Wirecard scandal he helped uncover (now adapted as the Netflix documentary Skandal).
Dan began investigating Wirecard following contact with a whistleblower in 2015, uncovering evidence of widespread fraud, and finally saw the company declare insolvency in 2020.
In this podcast he discusses the process of discovery, fighting accusations of market manipulation, why the warning signs were missed, and much more.
On this week's Companies and Markets show, the team discuss a reality check for hydrogen hope ITM Power (ITM), whose annual results sparked a steep sell-off in the company’s shares on Wednesday.
Economics writer Hermione Taylor then outlines the debate over ‘Trussonomics’, looking at government policies and their potential impact on the UK economy, sterling, and the gilt market.
Last but not least, Jennifer Johnson runs the rule over latest figures from Advanced Medical Solutions (AMS) and Abcam (ABC), as well as the latter’s plans to delist from Aim.
Dan Jones hosts Julian Hofmann, Hermione Taylor, Jennifer Johnson and Alex Newman.
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On this week's Companies and Markets Show associate editor and guests delve into recent results from fund manager Ashmore and what they could signify about the wider emerging markets picture. The team also discuss a raft of mid cap oil & gas results, the follow up to our recent exclusive on Hargreaves Lansdown offering certain clients preferential fees and then Dave Baxter and Alex take a closer look at this week's cover feature, our Top 50 Funds for 2002.
Guests are Mark Robinson, Julian Hofmann and Dave Baxter.
Against the force of rising inflation and interest rates, there has been indiscriminate pressure on tech stock valuations. Those valuations now look much more reasonable, and all eyes are on corporate earnings with a dispersion of results emerging. As economic growth continues to slow and central banks flex more muscle, investors in the technology sector need to be more discerning around which areas might struggle, and which could benefit?
To see the full podcast series visit https://www.allianztechnologytrust.com/en-gb/videos-podcasts-and-reading.
On this week's Companies and Markets show, shipping company Braemar is under the spotlight as our result of the week, and with transactions on the rise as Covid-19 effects start to dissipate investors are starting to be bullish.
Then it's over to our long-read, as Alex Hamer joins the pod to discuss his feature Shell and BP: time for a rethink.
And finally the panel analyse what is driving the weakness in the price of Sterling, and ask which companies are the beneficiaries/losers...
Dan Jones hosts Alex Newman, Alex Hamer, Mark Robinson and Michael Fahy.
Timestamps:
00:00 - Intro
00:28 - News roundup
03:00 - Result of the week: Braemar (and shipping)
12:14 - Shell and BP: time for a rethink
24:04 - Sterling's weakness
Anthony Cross, co-manager of the popular Liontrust Special Situations fund, talks to Dave Baxter about the good and bad news coming out of his portfolio in this IC Interviews episode. This broad discussion covers the prospects of a variety of stocks and sectors, from challenges at Hargreaves Lansdown to the effect of recession worries on recruiters and property names, as well as an assessment of the slimmed-down GSK and a look at how rampant M&A activity has affected the fund.
Timestamps:
00:00 - Intro
01:12 - Areas of resilience and areas of concern
04:38 - PageGroup and economic forecasting
07:34 - Holding investment platforms
09:56 - Hargreaves Lansdown
13:35 - Not owning 'neo-brokers'
14:44 - GSK (and Haleon)
18:32 - M&A/corporate activity
21:17 - Opportunity set in 2022
24:00 - Does the size of the fund effect cash deployment?
26:27 - Moving into the investment trust space
27:34 - Exposure to BP and Shell
In a bumper episode of the Companies and Markets show Dan Jones hosts first a discussion of online versus in-person retailers, leading into Cineworld's bankruptcy struggles.
Then oil services Hunting and Wood Group are in the spotlight (for different reasons), as is Anglo Pacific.
Jennifer Johnson then joins the pod for the first time to look through her piece on Blockbuster drugs; which pharma companies still have these billion-dollar assets in the pipeline?
And finally funds editor Dave Baxter joins the pod to discuss his scoop on Hargreaves Lansdown's secret offer to one customer who was seeking to up sticks.
Dan Jones hosts Mark Robinson, Julian Hofmann, Alex Newman, Jennifer Johnson and Dave Baxter.
On this episode of the Companies and Markets show, the Dan Jones and co discuss the gambling sector after a raft of recent updates from the likes of 888, Entain and Flutter.
Then it's Balfour Beatty's turn in the spotlight with the group’s UK construction arm returning to profitability after a difficult pandemic.
Finally, Alex Newman talks through his long read this week: Navigating the storm. It's a piece which discusses how equities are still the best place for your money based on the historical evidence, particularly in tougher times.
Dan Jones hosts Mark Robinson, Julian Hofmann, and Alex Newman.
IC columnist and day trader Michael Taylor sits down with Dan Jones in this episode of the IC Interviews podcast. In a wide ranging discussion, Michael discusses the current state of the market and his personal methodology, including why he never averages down, his preferred way to manage risk, and finding hot stocks.
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On this episode of the Companies and Markets show, we review results season and ask where the canaries in the coalmine have been, and consequently who has to look out for the second half of the year. This chat covers PageGroup, WPP, Rotork and more.
Then, Jemma Slingo is on hand to discuss her long-read this week: Electrification's hidden winners. She takes a deep dive into an unheralded range of companies could be set to benefit from the electric revolution (and no, they're not all electric car makers).
Dan Jones hosts Jemma Slingo, Mark Robinson and Julian Hofmann.
Timestamps:
00:00 - Intro
01:09 - News roundup
03:16 - Companies to keep an eye on in H2
12:57 - Electrifications hidden winners
On this week's episode, Dan Jones hosts Alex Newman, Mark Robinson and Michael Fahy to discuss two potential turnaround stocks in Pearson and Rolls-Royce, as well as a discussion of the UK audit market off the back of Michael's long read: Spotting the warning signs.
Timestamps:
00:00 - Intro
01:08 - News roundup
03:30 - Result of the week (1): Pearson
13:13 - The UK audit market
27:30 - Result of the week (2): Rolls-Royce
On this week's episode, Dan Jones welcomes Mark Robinson to the studio to discuss some of the companies best placed to cope with inflation. Their discussion starts with Unilever - a company with a stable of household names, that has consequently been able to pass on price increases to consumers in the past.
Julian Hofmann then joins the pod to expand the conversation to include Reckitt Benckiser and Diageo as other potential inflation-proof companies, and look into a wider methodology of inflation-proofing your portfolio.
Finally, the panel discuss recent results from banker's Lloyds and Barclays - is there any life left in these traditional high-street establishments?
It’s not been an easy year for environmentally focused funds, as the market rotation into value-focused equities has delivered a body blow to the share prices of the many innovative growth companies seeking solutions to global environmental problems.
Our guest on this week’s pod is Jon Forster, co-manager of the Impax Environmental Markets investment trust. IEM is the largest in the closed-ended sector at more than £1.3 billion AUM; it soft-closed to new investors in 2020.
Forster talks to Faith Glasgow about how the environmental market universe has changed over the past 20 years since IEM launched, the macro challenges of the past few months and how the managers have used that market volatility, and the key opportunities emerging within this rapidly evolving investment arena.
The US economy is the driver of much of the world’s growth. Is it on the ropes as inflation soars and interest rates are hiked, as is being suggested by many commentators? Or are investors selectively ignoring some more favourable signals? Plus, what is the wider global context, particularly diving below the macro-economic factors to the fortunes of individual companies – portfolio manager Matthew Tillett and podcast host Joe Lynam discuss.
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On this week's episode, Alex Hamer returns to the podcast to assess BHP and Rio Tinto's more recent fortunes - are we reaching a turning point of their success?
Then, the IC's economics writer Hermione Taylor makes her debut to ask whether we should be comparing our current era with the 1970s and 1990s, which has been a popular refrain among observers.
Finally, the panel discuss the reluctance from some companies to list in the UK, particularly off the back of Cambridge biotech company Abcam to abandon it's London listing for the Nasdaq.
Dan Jones hosts Julian Hofmann, Alex Hamer and Hermione Taylor.
On this week's show, we get the breakdown on GSK spinoff Haleon which is set to list next week.
Then Arthur Sants takes a fascinating dive into the business of psychedelic drugs, and whether they can be the future of depression and anxiety treatment.
Finally, the panel look into the potential European gas crisis, with the threat of Russian pipelines being turned off hanging over the continent.
Dan Jones host Alex Newman, Alex Hamer, Mark Robinson and Arthur Sants.
Timestamps:
00:00 - Intro
01:00 - News roundup
02:49 - GSK spinoff Haleon listing previewed
13:24 - Can psychedelics be the future of anxiety treatment?
23:16 - A looming European gas crisis?
On this week's episode of the Companies and Markets show, recruiter Robert Walters is the result of the week; how long can they continue to ride the skills shortage?
Then IC funds editor Dave Baxter joins the pod to talk through this week's cover feature: The Top 50 ETFs 2022.
Finally, the panel discuss the dangers of investing in unlisted, illiquid assets, specifically looking at Jupiter Investment Trust's reliance on it's Chrysalis Investment Trust holding.
Dan Jones hosts Mark Robinson, Alex Newman, Julian Hofmann and Dave Baxter.
On this week's Companies and Markets Show, Arthur Sants examines whether payments app Wise can maintain its impressive growth rates, the team discusses ways to spot the best smaller company bosses, and Dave Baxter explores an increasingly neglected corner of the private investor landscape: share clubs.
Dan Jones hosts Mark Robinson, Julian Hofmann, Arthur Sants and Dave Baxter
Welcome to the wonderful world of cardboard boxes as we review packaging business DS Smith as our result of the week! Companies writer Jemma Slingo brings her insight here.
Then Alex Newman talks through his long-read this week: 'Lessons from high-growth investors', before finally Madeleine Taylor joins the pod to break down Ocado's latest bout of fundraising and prospects for the future.
Dan Jones hosts Alex Newman, Mark Robinson, Jemma Slingo and Madeleine Taylor.
To be a successful stock picker over a long period of time, not only do you have to be a scrupulous researcher, you also have to guard against powerful human emotions.
In this podcast, famed value investor Guy Spier talks through how his investment process has developed over the past two and half decades and why he’s feeling more optimistic in the current market rout than he has in previous crises.
In conversation with the IC’s Mary McDougall, he talks through his investment thesis in some key holdings, explains why he bought and sold Twitter and questions whether fear and concern over China has sparked more critical stories about the investment case, or if it reflects a genuine underlying reality.
They discuss the benefits that can be gleaned from studying your heroes, the challenges and opportunities presented by feelings of envy and the extent to which fund management is an attractive way to live a life.
Guy has managed Aquamarine Fund since 1997, achieving annualised returns of 9.5 per cent since its launch, compared with 8.1 per cent for the S&P 500 Index and 3.6 per cent for the FTSE 100 Index.
On this week's episode Alex Newman and Mitchell Labiak join Dan Jones to discuss our result of the week, housebuilder Crest Nicholson, before turning to the potential of house prices falling for the first time since 2012.
Finally Julian Hofmann joins the pod to talk through his long read asking how modern value investing can mitigate risk for investors.
Scottish Mortgage Investment Trust's (SMT) shareholders have had a rollercoaster ride in recent years. The trust's share price has more than halved since its peak last November, following a spectacular run throughout most of 2020 and 2021. It’s now the UK’s second largest investment trust with net assets of £13.7bn.
In this interview, the trust’s deputy manager Lawrence Burns explains why he and lead manager Tom Slater are sticking to their philosophy of trying to own high-growth long-term winners, despite changing macroeconomic conditions.
Speaking with the IC’s Mary McDougall, he talks through how he approaches valuing companies, the earnings and cash position of the portfolio’s holdings and whether the valuation of the trust’s private companies might have grounds for concern.
He also explains how the team’s thinking has evolved in relation to its Chinese holdings, what he has been buying and selling recently and which long-term themes he’s most excited about.
Burns joined Baillie Gifford in 2009 and has been deputy manager of Scottish Mortgage since March last year.
Passenger numbers may be up at Wizz Air but the losses keep on coming, so what's the story? Madeleine Taylor joins the pod to decipher our result of the week, before looking at the aviation industry as a whole following chaotic airport scenes over the last week.
Afterwards Christopher Akers talks us through his long-read on the future of food, specifically focusing on meat alternatives as an area for long-term optimism despite recent stalling of some big names...
The lesser-spotted Bearbull columnist has agreed that if ever there was a time IC listeners needed to hear his views, it might be now.
In this interview with the IC’s Mary McDougall, he shares his thoughts on the current outlook for the economy, the extent to which UK equities might continue to mean revert, why he’s cautious on emerging markets and why Bearbull’s income portfolio hasn’t performed as well as he might have hoped over the past five years.
They also discuss how much more deflating growth stocks might have to do, what is a reasonable yield for income investors to expect and the extent to which investors prioritising financial returns need to take ESG metrics seriously.
Bearbull has been regenerating at Investors' Chronicle since the 1950s. Its current incarnation has been in place since the 1990s.
The first five months of the year have been terrible for tech investors, but over the past week performance has improved. Are we in a bear market rally? Or might performance improve from here?
On the podcast this week, Polar Capital Technology Trust’s (PCT) manager Ben Rogoff tells the IC’s Mary McDougall how current valuations compare with history, what parts of the market he’s currently buying into and why recent performance has been disappointing for the trust compared with its benchmark.
They discuss the areas of tech likely to suffer most in a recession, why he’s looking more closely at fintech, how to analyse the major cloud providers and why he’s glad he doesn’t own private companies.
Polar Capital Technology Trust had net assets of £3bn and was trading at a discount of 13.4 per cent on 1 June. Since the start of 2022, its share price has fallen 28 per cent.
A government U-turn has seen a windfall tax finally imposed on oil and gas companies, but what are the implications for investors?
Also retail writer Madeleine Taylor joins the show to take a deep dive into M&S as the 'result of the week', and the IC's resident personal finance guru Leonora Walters talks through the magazine's feature on SIPPS.
Dan Jones hosts Alex Newman, Mark Robinson, Madeleine Taylor, and Leonora Walters
With UK inflation reaching a 40-year high of 9 per cent, the Bank of England base rate lagging at just 1 per cent and the global stock market falling over 15 per cent since the start of the year, investors' priorities have turned to how to preserve the value of their wealth.
On the pod this week, Peter Spiller, manager of Capital Gearing Trust (CGT), tells Mary McDougall how he has approached investing to preserve and grow wealth over the past 40 years, and talks through the key challenges facing the economy today, how it compares with history and what it means for investors.
Spiller explains why he is cautious on the outlook for most global equities and the role that index-linked bonds, property and infrastructure can play in providing inflation protection - as well as the associated risks.
Arthur Sants returns to the Companies and Markets show to breakdown results for Vodafone and BT, before the panel ask what next for supply chains amid the ongoing inflationary crisis.
Finally, private equity is under the spotlight, as their appetite for UK plc's doesn't show signs of slowing down.
Dan Jones hosts Alex Newman, Arthur Sants and Julian Hofmann.
As Investors' Chronicle struggles to come to terms with losing its veteran economist Chris Dillow to retirement, he shares the most important lessons he’s learned over his 35-year career. Hint: experts know less than you think.
Chatting to the IC’s Mary McDougall, he also reflects on what country music can tell us about the state of the US economy, whether former Arsenal captain Tony Adams would be a monetarist or a Keynesian and why being left handed caused him to be an economist.
Chris has penned the pages of Investors’ Chronicle since September 1995, having previously been UK economist at the Japanese bank Nomura. When not learning Italian, going to the gym or playing his guitar, he promises to continue to write his blog at stumblingandmumbling.typepad.com
Godspeed Chris - and thank you!
On this episode of the Companies and Markets show, Mark Robinson talks us through his long-read on waste management and the opportunities therein, and IC funds editor Dave Baxter also joins the panel for the first time.
Dan Jones hosts Julian Hofmann, Mark Robinson and Dave Baxter.
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Fintech has boomed in recent years but a flood of money into the sector has spurred concern that some companies will struggle to grow into lofty valuations as the economic environment gets more challenging.
On the podcast this week, Tim Levene, chief executive officer at Augmentum Fintech (AUGM) tells the IC’s Mary McDougall how he avoids overpaying for companies, how he’s helping them prepare for tougher fundraising conditions and how the invested part of the fund has achieved an internal rate of return of over 20 per cent since its launch in 2018.
They also discuss what threat neo brokers pose to traditional investment platforms, the prospects for digital assets and to what extent the Wirecard scandal has cast a shadow over the German fintech scene.
Augmentum Fintech is the only publicly-listed fintech fund in the UK, with assets of £267mn invested across 24 holdings in the UK and Europe.
The Companies and Markets show returns to discuss Sainsbury's as our result of the week, before diving into Alex Newman's latest long read on Warren Buffett's longevity.
Finally the pod welcomes new Investors' Chronicle property writer Mitchell Labiak to look at the 'warehouse bubble' in the UK, and potentially the start of it's deflation following Amazon's recent warning shots.
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The outbreak of Covid-19 sparked a transformation in monetary policy, according to Professor Russell Napier, with governments now effectively controlling money supply. Combine this with a decoupling between the West and China and Napier thinks investors must brace for a period of prolonged inflation.
In this interview, Napier tells the IC’s Mary McDougall what a new era of financial repression might mean for investors, why he thinks China is not investable and where he thinks the best value is in equity markets. He also explains why he thinks it's time to invest with active fund managers over index funds and what he thinks are the most common mistakes that private investors make.
Napier is a consultant, investor, historian, writer and Honorary Professor at both Heriot-Watt University and The University of Stirling. He’s advised institutions on asset allocation since the mid ‘90s and is chairman of Mid Wynd International Investment Trust. He's written two books: Anatomy of the Bear: Lessons from Wall St’s Four Great Bottoms and The Asian Financial Crisis 1995-98: Birth of the Age of Debt.
He also runs a course in finance called ‘The Practical History of Financial Markets’ and is keeper of The Library of Mistakes, a charitable venture he set up in Edinburgh in 2014.
Time stamps
01:10 Takeaways from the launch of The Library of Mistakes
03:16 Outlook for inflation and money supply
06:05 Diminishing role of central banks
07:40 What indicators investors should look at
08:48 Outlook for equities
10:26 Implications of financial repression
13:48 Role of tax
15:27 Impact of deglobalisation
18:20 Is China investable?
21:10 Companies that benefit from deglobalisation
23:40 Index funds vs active managers
28:28 Categorising by country vs sector
31:38 Suggestions for novice investors
33:18 Research of Hendrik Bessembinder
34:45 Infrastructure and property
38:29 Re-equitisation
41:42 Problems with the search for yield
44:20 Biggest personal mistake
46:00 Most common mistakes made by private investors
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The Companies and Market show returns to discuss Elon Musk's $44bn deal to buy Twitter and ask what it means for Tesla investors. Then our panel give a sneak peak of the Investors' Chronicle's special feature this week, a review of the entire FTSE 350.
Alex Newman, Julian Hofmann and Mark Robinson join John Rogers.
UK small caps have struggled against their larger cap peers in recent months, but if you can avoid the banana skins there are some very attractive entry points for businesses, according to Ken Wotton, manager of Strategic Equity Capital investment trust.
In this interview, Wotton tells the IC’s Mary McDougall where he thinks the best opportunities are, why he likes to run concentrated portfolios and what he has been buying and selling recently. He also describes how he approaches valuing companies, to what extent macro economic factors play into his decision making and what he wishes he had known when he started his career.
Timestamps:
00:00 - Intro
01:35 - Outlook for UK small caps
03:30 - Preferred valuation metrics
04:55 - Profitable holdings
05:48 - Macro factors effecting investment decisions
08:40 - Changes to Strategic Equity Capital since you took over
12:28 - Largest proportion of a company you own?
14:07 - Would you consider yourself an activist investor?
15:05 - Fund size
16:12 - Favourite holdings
20:10 - M&A as part of investment case
22:25 - Quality UK PLC's leaving the market
23:52 - Participating in IPO's
24:39 - Healthcare and financial services sectors
26:57 - Filtering companies
28:05 - Areas of expertise
29:58 - Advice for your past self
31:02 - A book that's influenced you
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Retail writer Madeleine Taylor joins the Companies and Markets show to talk through our result of the week: Asos.
Then Alex Hamer is also on hand to break down his latest long read, 'Awash with cash: will miners opt for deals, development, or dividends?'.
Finally, the panel briefly touch on the national security implications around the sale of another British defence stock abroad.
Because you listen to our show, you can trial the IC’s print and digital subscription at the special price of just £4 for 4 weeks. Follow this link to sign up now.
Timestamps:
00:00 - Intro
01:17 - News roundup
02:33 - Result of the week: Asos
15:03 - What will miners do with all their cash?
29:08 - Meggitt sale an issue for national security?
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In this week's episode of the Companies and Markets show Belvoir is our result of the week following a solid earnings report, Elon Musk buys a seat on the Twitter board, and Arthur Sants joins the panel to discuss which companies are best placed to deal with inflationary pressures.
All that before Julian Hofmann is once again on hand to break down Warren Buffett's second bit of activity in as many weeks, with a $4bn stock purchase of Hewlett Packard.
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Alex Newman, Mark Robinson and Jemma Slingo join the Companies and Markets panel to discuss our result of the week, UK housebuilder Bellway, before diving into litigation funder Burford Capital's annual report and the investment case for Tesco as a defensive stock.
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Inflation is making real returns harder to come by, eroding the value of cash and creating a tougher outlook for equities, particularly ‘growth’ stocks which are valued according to future earnings. How can investors protect themselves?
In this interview, Sebastian Lyon, founder and chief investment officer at Troy Asset Management, tells Mary McDougall how his multi asset funds are positioned to protect and grow money (in that order) over time. They discuss his outlook for inflation, current equity positioning, where he sees value in bonds and the role of gold.
Lyon manages Personal Assets Trust (PNL) and is the senior fund manager of Troy’s Trojan Fund (GB00BZ6CNS31).
Alex Newman, Mark Robinson and Julian Hofmann returns to breakdown chancellor Rishi Sunak's spring statement and Warren Buffett's latest $12bn purchase of the insurer Alleghany.
Then Mary McDougall joins the pod to talk through her long-read: 'Can tech save healthcare?'.
Paul Major, manager of Bellevue Healthcare Trust (BBH), believes the future of healthcare will be very different from what we have today and looks to invest in companies at the forefront of making change possible - from those improving disease diagnosis to companies delivering care at home.
In this podcast, he tells the IC’s Mary McDougall where he thinks the most important innovations are developing in healthcare, how he approaches investing in the companies involved and explains the investment case for some of the trust’s largest holdings.
Alex Hamer joins the Companies and Markets roundtable to discuss the ongoing commodities crisis caused by the war in Ukraine, including some of the more niche ones like helium and uranium. The team also dive into some of the M&A activity we're seeing - or rather, not seeing.
Then Michael Fahy joins the show to talk through his feature: 'Travel industry bears Covid scars'.
With little more than three weeks left until the end of the tax year, make sure you’ve used up as much of your Individual Savings Account allowance as possible. For those who like to get ahead, you might want to start thinking about where to invest next year’s Isa allowance too, from April 6.
But deciding what to invest in is not straightforward. Inflation, war and volatility are currently the dominant themes in markets and the outlook for investors is very uncertain.
In this podcast, George Bear, assistant portfolio manager at IG and Michel Perera, chief investment officer at Canaccord Genuity Wealth Management, explain the relative merits of cash vs stocks and shares Isas and talk through how current events are impacting markets and where you might consider investing to preserve and grow your savings.
This podcast is sponsored by IG.
On the Companies and Markets show this week Mary McDougall joins Alex Newman and Julian Hofmann to discuss the changing face of ESG, volatility in Russian shares causing havoc on investment platforms, and asking why the FTSE 100 is weighted towards value stocks.
Then deputy IC editor Dan Jones joins the pod to discuss his long read: 'Running the rule over the subscription economy'.
There’s no one correct way to set up an investment portfolio but there are several pitfalls to avoid so you don’t leave yourself over exposed, or with little chance of achieving desirable returns. To help us adopt the Charlie Munger approach of not doing anything stupid, Sam Dickens, portfolio manager at IG tells the IC’s Mary McDougall how you can construct and monitor a robust portfolio.
They discuss how to assess your risk tolerance, what level of diversification might be optimal and what asset allocation could look like for someone investing for the long term.
This podcast is sponsored by IG.
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Investors' Chronicle staff Michael Fahy and Arthur Sants join regulars Mark Robinson and Julian Hofmann to discuss the continued market effects of the war in Ukraine. Of particular interest this week is defence shares, with companies specialising in hardware and software reaping rewards of an increased pressure of NATO countries to invest in armaments.
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Like other growth-oriented portflios, Henderson Smaller Companies (HSL) has had a difficult start to the year amid concerns about monetary tightening and, more recently, the crisis in Ukraine. Neil Hermon, who works on the fund, makes the case for top holdings like Impax Asset Management (IPX) and Future (FUTR) continuing to flourish in the longer-term, and for investors who like secular growth stocks to see now as a potential buying opportunity. But he warns about plenty of risks, from buying "growth at all costs" to churning a portfolio based on market rotations or macro events.
He also discusses how his smaller companies funds have built up substantial exposure to mid cap shares, and why this makes sense over a rigid focus on small caps.
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Being a successful investor has as much to do with your behaviour as it does with studying annual reports. As Morgan Housel puts it in his brilliant book The Psychology of Money, “investing is not really about what you know, it’s about how you behave”.
In this podcast, Henry Cobbe, head of research at Elston Consulting, discusses with the IC’s Mary McDougall the most common mistakes that investors make and how to mitigate against them.
They also talk through how to approach investment research and the importance of seeking different sources.
Alex Newman, Jemma Slingo, and Mark Robinson discuss some of the economic ramifications of Russia's invasion of Ukraine, before touching briefly on the banking and logistics sectors.
Then Julian Hofmann joins the pod to discuss his feature 'Ready for a turnaround: the art of distinguishing value traps from recovery gems'.
The IC’s favourite economist Chris Dillow is back on the podcast this week! He talks through what leading indicators are telling us about prospects for the stock market, his thoughts on inflation and why retail sales data in the UK look surprisingly encouraging.
He also cautions against paying too much attention to medium term earnings forecasts, reminds us to be humble about how little we know and explains why he doesn’t think investors should change their asset allocation as they get older, contrary to popular belief.
For many people, investing in a way to help make the world a better place is a priority. But as sustainable investing has exploded in popularity, so have the investment options and it can be very difficult to know what the best approach is.
Some people don’t want to own any companies that they deem to have a negative impact on the environment and society. Others take the view that it’s better to engage with companies - which you can do as a shareholder - and encourage them to do better.
In this podcast, Amy Lazenby, investment director at Close Brothers Asset Management, talks through what sustainable investing means to her, what options you have for constructing a sustainable investment portfolio and how to navigate a myriad of reporting standards to make sure a company or fund is meeting the environmental, social and governance (ESG) standards that you expect.
William Green has interviewed slews of the world’s most legendary investors from John Templeton to Charlie Munger and synthesised what we can learn from them in his bestseller Richer, Wiser, Happier, which draws on hundreds of hours of interviews with over 40 of the world’s most successful investors.
In a tribute to his late father, whose favourite publication was Investors’ Chronicle, William discusses with the IC’s Mary McDougall what makes a great investor and what sacrifices might come with it. What the motivations are beyond money, whether the rise of index funds and commission free trading sites has made active investing harder and why his obsession with investing didn’t tempt him to be a money manager himself…
When putting together an investment portfolio, for an optimal risk / return profile you’ll want significant exposure to overseas stocks. The UK now makes up around 4 per cent of the global stock market and, while many pundits believe UK stocks are attractive relative to international peers, the UK has been among the poorest performing of the major equity regions over the past decade.
In this podcast, IG’s chief market analyst Chris Beauchamp and the IC’s deputy editor Dan Jones discuss how much exposure investors should have to UK stocks and the pros and cons of investing in different geographies. They also talk about currency and cost implications of investing overseas in the context of both funds and individual shares.
As 2021 fades in the memory, the spectre of inflation is firmly on investors’ minds and Simon Gergel gives his view on what that may mean for markets in 2022. After a year where finding genuinely under-priced good businesses – rather than those that are cheap for a reason – paid dividends, Simon explains how extreme pricing anomalies still appear prevalent. This could be where investors are overlooking longer-term potential or, equally, being over exuberant on short-term earnings momentum. To see the full podcast series visit https://www.merchantstrust.co.uk/podcast/
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Buying shares can be much more risky than buying funds, but get it right and the returns can be greater too.
In the fifth episode of our investing explained podcast series, IG’s chief market analyst Chris Beauchamp and the IC’s former associate editor Algy Hall talk through what a share is, different styles for investing in shares and multiple approaches to assessing valuations.
Algy also talks about his most successful stock screens, how to see through company marketing spin and how to account for intangible assets. Chris sheds light on how the success of different styles can differ across geographies and sectors, where different valuation metrics are suitable and how to know when is the right time to sell.
This podcast is sponsored by IG.
Nick Train’s stock picking success over the past 30 years has made him one of the UK’s best known fund managers. But over the past 12 months both his global and UK-focussed funds have notably underperformed their peers. In this interview, he tells the IC’s Leonora Walters why he is resolutely sticking with his investment approach and why quality companies could do ‘extraordinarily well.'
Train talks through the investment case for London Stock Exchange (LSE), Unilever (ULVR) and Schroders (SDR) among others and explains why he finally lost patience with Pearson (PSON).
Investment funds are the core of most private investor portfolios and are suitable for everyone, regardless of your level of knowledge. The tricky thing is, there are lots of different types of funds, and thousands available.
In the fourth episode of our investing explained podcast series, the IC’s funds editor Dave Baxter and Elston Consulting’s research head Henry Cobbe talk through some of the key distinctions and how you might consider putting them together in a portfolio.
They explain the difference between active and passive, listed and unlisted, and how to think about managing risk.
This podcast is sponsored by IG.
The opening weeks of 2022 have proved difficult for some of the most popular funds and Rathbone Global Opportunities (GB00B7FQLN12)is no exception. Like other growth-oriented portfolios, it has suffered a gruelling few weeks as investors worry about the potential for tighter monetary policy.
James Thomson, who has worked on the fund since 2003, talks about the psychology of running a fund in a market meltdown, resisting the temptation to rush into cyclical stocks, and the challenges of separating hype from substance in the tech sector. He also discusses the outlook for holdings Nvidia (US:NVDA), Microsoft (US:MSFT)and Amazon (US:AMZN).
With a new year upon us, Walter Price and Mike Seidenberg of Allianz Technology Trust joined host Cherry Reynard late in December to look at some of the defining moments for the tech sector in 2021 and to reflect on the future of the sector. To see the full podcast series visit https://www.allianztechnologytrust.com/podcast/
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Investors and savers take note. Tax wrappers can make a huge difference to the value of your savings over time.
You have two main options: put more money into your pension or invest within an individual savings account, better known as an Isa. Ideally you can do both.
In the third episode of our investing explained podcast series, Jeremy Naylor, presenter at IG and Svenja Keller, financial coach and founder of SK Inspire, explain the nuances of tax wrappers and how to use them as effectively as possible.
They talk through the different types of Isas and pensions available, the pros and cons of different options and how to prioritise between them.
This podcast is sponsored by IG.
Few UK small cap investment trusts trade on a premium to their net assets, but Odyssean Investment Trust is currently one of them. In this interview, manager Stuart Widdowson explains why he brings a private equity mindset to public markets, how he seeks to spot special situations and how he feels about the current investment outlook.
He also talks through the investment case for some of his holdings, shares which books have been most influential for his investment approach and explains why he tends to avoid participating in IPOs.
Wild stock market movements such as those seen with ‘meme’ stocks last year make investing look like an exciting or treacherous roller coaster - depending on your perspective.
But the truth is, successful investing should be disciplined and boring - as you slowly let your money grow.
The trouble is, there are thousands of stocks and funds to pick between. In this podcast, Mary McDougall speaks with the IC's funds editor Dave Baxter and IG's analyst and presenter Daniela Sabin to find out how much you should invest, what your options are, why diversification matters and how to pick between an active or passive strategy.
We’re kicking off 2022 with a double interview. Firstly, everyone’s favourite stock picking expert Simon Thompson is on the pod to discuss the feature he’s written this week: Secrets of Successful Investing.
Then IC properties writer Alex Newman joins us off the back of a busy week, with the government asking housebuilders for a 4-billion-pound plan to resolve the unsafe cladding crisis, and a peer-to-peer property lender launching in the UK.
Do you want to kickstart the year by sorting out your finances? Frightened of the stock market and unsure where to start?
Investing can seem complicated, confusing and downright scary, but get it right and it’s a powerful tool for growing your wealth.
Over a series of ten weekly podcasts, we’ll be breaking down the complexities of the financial world to help you learn about how you can build yourself a better future through sensible investing.
Our first podcast covers why you should invest, with Investors’ Chronicle’s Mary McDougall in conversation with Jeremy Naylor, presenter at IG and financial wellbeing expert Jason Butler.
Hear their views on how to establish an investment plan, how it fits within your wider finances and why it’s best to start as early as you can.
They also discuss the role of crypto in an investment portfolio, why you need to be careful when using social media and how to avoid being ripped off by financial institutions.
This podcast is sponsored by IG.
Being a contrarian investor has been a tough gig over much of the past decade but Alex Wright, manager of Fidelity Special Values (FSV) and Fidelity Special Situations believes the best way of making money is to go against the consensus.
In this interview, he tells Mary McDougall how he identifies mispriced assets, what he has been buying and selling recently and in what sectors he sees the best opportunities. He also explains how he mitigates the challenges faced by value investors. The interview was recorded on 8 December.
00:00 - Intro
00:55 - What did you learn from Anthony Bolton?
02:17 - Investing style
03:33 - Process for spotting mispriced assets
04:33 - How intangibles affect thinking
05:23 - Avoiding value traps
07:23 - Turnarounds
08:50 - Recent fund performance and current outlook
11:24 - What have you been buying and selling recently?
14:17 - Inflation impact
17:42 - Fund turnover
19:10 - Challenge of needing lots of investment ideas
20:09 - Need for a large portfolio
21:54 - Pricing methodology
24:39 - When to sell when stocks don't rerate as you hoped?
30:06 - Why small caps hold better value
31:44 - Liquidity problems in funds?
34:13 - Volatility vs risk
36:13 - M&A
39:10 - UK vs European markets
41:38 - UK holdings you're excited for
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The private equity sector may have generated very strong returns in recent history but many investors are yet to be won over. That's one interpretation of the fact that many of the private equity investment trusts available in the UK have had a stellar run of performance but still see their shares languish on substantial discounts to the value of portfolio assets.
Steven Tredget, who works on Oakley Capital Investments (OCI), tells Dave Baxter about the trust's great performance in recent years, the processes behind it and its future prospects. But he also takes aim at those who obsess over share price discounts, warning that this can only prolong the problem.
He also discusses the spate of private equity acquisition activity of 2021, and makes the case for private equity as an ESG-friendly asset class.
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Terry Smith, founder and chief executive of Fundsmith, has built the UK’s largest actively-managed fund via rigorous implementation of the simple mantra 'buy good companies, don’t overpay, do nothing'.
In this interview, Smith tells Mary McDougall how he analyses and selects companies, how the rise of software has folded into his investment thinking and what trends he thinks currently look most promising.
He also talks about the extent to which fund size is a challenge going forward, and what spurred him to buy Amazon (US:AMZN) this summer.
Fundsmith Equity Fund has delivered an annualised total return of 18.4 per cent since its inception in November 2010, compared with 12.8 per cent for its benchmark MSCI World Index. It had assets under management of £27.9bn on 30 November 2021.
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Ian Mortimer and Matthew Page, managers of the Guinness Global Equity Income fund, take a different approach from some income managers by seeking companies with a "moderate yield and growing dividend" rather than chasing higher payouts.
They talk to Dave Baxter about how this approach has worked in different scenarios and their view on the outlook for dividends - from surprisingly resilient sectors to their relative lack of exposure to Asia.
The managers also tackle the thorny issue of inflation and make the case for quality dividend-payers as a buffer in a time of rising prices, while addressing questions about performance.
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Sam Cosh, manager of European Assets Trust (EAT), tells Leonora Walters why this trust is able to increase its dividend for 2021, and profiles some of the investments which are making this possible.
He also explains how he selects stocks, and highlights holdings which should do well going forward despite the pressure of the pandemic.
European Assets Trust, launched in 1983, has a market capitalisation of £518m and paid a yield of 5.5 per cent on 17 November, according to Winterflood data.
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The latest episode of Connected Investor, the podcast from the Brunner Investment Trust, ponders the issue of tightening regulatory factors in China – what will that mean for China itself, the fortunes of companies and markets there and ultimately for the global economy and markets? To see the full podcast series visit https://www.brunner.co.uk/podcast/.
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Iain McCombie, manager of Baillie Gifford UK Growth Trust tells Mary McDougall how he tries to source the best growth opportunities among UK stocks and divulges what he has been buying and selling most recently.
He shares his thought process behind owning St James’ Place, Hargreaves Lansdown, Boohoo.com and Rightmove among other holdings and explains why the trust recently sought approval to invest in unquoted companies.
Iain has co-managed Baillie Gifford UK Growth Trust since June 2018 and is lead manager of Baillie Gifford’s UK core strategy. He is also a manager on a number of global funds and became a partner at Baillie Gifford in 2005.
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In the latest budget, Chancellor Rishi Sunak opened by stating that the UK’s public finances are twice as sensitive to changes in interest rates as they were before the pandemic, and that a 1 per cent increase in inflation and interest rates would cost around £23bn.
Clearly there is a political imperative to keep the cost of borrowing down, as Hamish Baillie, lead manager of Ruffer Investment Company (RICA) explains in this week’s podcast. He spells out why he thinks long-term disinflationary forces are waning and why he’s preparing for a period of enduring inflation.
Speaking with the IC’s Mary McDougall, he defends putting up with -2 per cent real yields on long-dated index-linked gilts and talks through Ruffer’s thought process behind buying bitcoin in November 2020 and selling out entirely by April 2021. They also discuss the outlook for some the UK's largest banks and energy companies.
Ruffer Investment Company is a multi asset “all weather portfolio” designed to deliver a positive return in all market conditions. Its share price was up 28 per cent for the year to 27 October, and 42 per cent over five years.
Paul Jourdan, CEO of Amati Global Investors, tells Christopher Akers why he thinks the Alternative Investment Market is an asset of national importance and shares his thoughts on overpricing in "the year of IPOs". He explains Amati's approach to ESG and discusses the stocks that have been important for them over the last year.
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Financials make up around 15 per cent of global equities, and despite a recent surge the sector remains at a significant discount to the wider market. In this interview, Nick Brind and George Barrow, co-managers of Polar Capital Global Financials Trust(PCFT), tell Mary McDougall how banks look well placed to benefit from any rise in interest rates.
They discuss what impact a rise in rates might have on bad debts, what pockets of the financials sector look most attractive, why they have avoided owning Chinese banks and what their outlook is for HSBC.
The Indian stock market has been on a tear this year, up 30 per cent for the year to 6 October. While this has led to some concern about lofty valuations, David Cornell of India Capital Growth Fund (IGC) says there are still plenty of attractive opportunities for stock pickers, as India emerges from years of disappointing growth in corporate profitability.
He explains how a change in Prime Minister Narendra Modi’s policies should help attract more foreign investors going forward, how retail stock market participation is growing and why he’s not worried yet about the power crunch in India.
David shares how he searches for high growth, high quality small and mid cap companies which he expects to have annual earnings growth of 30 per cent over the next two years, and also why he’s not yet tempted to invest in unlisted companies.
Simon Brewer, former chief investment officer of the European branch of Morgan Stanley, tells Mary McDougall where he thinks investors should look in a world of very low rates and the possibility of prolonged inflation.
He explains why he likes UK stocks, why he is wary of private equity and questions if it is worth private investors holding bonds at all. He also spells out why he thinks China is still investible, why investors should consider gold and why he’s yet to dip his toes into the crypto world.
Simon is currently senior adviser to Rothschild & Co and host of The Money Maze podcast.
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Blake Hutchins, co-manager of Troy Income & Growth Trust and Trojan Income Fund, explains where he has been finding UK equity income in a difficult environment and how the market looks set going ahead. He explains why he prefers what he considers to be good quality companies, and highlights some stocks he thinks will be able to grow their cash flows.
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Investors' Chronicle's economist Chris Dillow tells Mary McDougall why he’s not worried about prolonged inflation and why he thinks the central bank is right to keep monetary policy loose.
He also shares his wisdom on lead indicators that can help you understand when you should consider buying and selling, and why thinks private equity is an important part of most investment portfolios.
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Azeem Azhar is a renowned thought-leader, entrepreneur and investor in the tech industry. In this podcast, he talks to Lauren Almeida about the exponential rate of tech development and how society - and investors - can keep up.
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From internet giants like Alibaba (US:BABA)to education and property companies, the recent regulatory crackdown in China has sent many leading Asia stocks into a tailspin. Is this an investment opportunity, a warning or a simple reminder of the risks in the developing world?
In this chat with Dave Baxter, Asia and emerging market fund manager and Somerset Capital partner Mark Williams looks at what recent events mean for investors, and where potential winners and losers might be found.
Note: some technical issues may affect the sound quality of this episode at points. Also, our guest's reference to a sell-off from 2005 was actually a reference to the Chinese equity sell-of 2015.
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Active fund managers have gradually been losing market share to cheaper, passive alternatives. Yet the best active funds have significantly outperformed their benchmarks over long time periods.
In this interview, Jason Hollands, managing director at Tilney Smith & Williamson discusses what we can learn from Bestinvest’s latest ‘Spot the Dog’ fund report, where active management works best and what makes a good fund manager.
He also sheds light on wider asset allocation questions, such as the relative attractiveness of different equity regions, how fixed income and alternatives might sit within an investment portfolio and the optimal number of funds for an investor to own.
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This podcast episode from Allianz Technology Trust, looks at the ‘new normal’ post-pandemic where remote working will mix with on-site working where possible. The team discuss how this will benefit businesses that can make this new hybrid workplace both effective and efficient. Furthermore, new generations have changing expectations of work. Combined with demographic changes globally, there will be increasing problems for companies trying to fill positions. Technology will have a crucial role to play in covering rote and mundane tasks, leaving people free to drive businesses forward. To see the full podcast series visit https://www.allianztechnologytrust.com/podcast/
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There are lots of reasons why investment trusts swing to discounts, and spotting those that might soon tighten can significantly boost shareholder returns. That’s the business of Miton Global Opportunities (MIGO), which looks to own trusts with potential for a narrowing discount as well as net asset value growth.
In this interview, manager Nick Greenwood tells Leonora Walters how he identifies trusts that might soon re-rate, where he sees the best value among investment trusts currently and how investment trusts’ expansion in alternative assets has boosted the opportunity for his fund.
Chrysalis Investments (CHRY) has made considerable gains by backing a small number of rapid growth companies, with a heavy weighting in fintech.
In this interview, co-managers Nick Williamson and Richard Watts tell Mary McDougall why they aim to invest in companies before flotation and why they believe the opportunity for so-called crossover investors is huge.
Discussing the investment case for Klarna, Starling Bank, Wise and The Hut Group (THG), they explain why they think their holdings are attractively valued and advise on the key metrics to look out for when companies come to market.
Chrysalis Investments launched in November 2018 and has grown to a market capitalisation of around £1.4bn, with the share price almost doubling in the past 12 months.
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The stimulus needed to support the economy over the pandemic has caused a spike in public debt and rising inflation fears. To help make sense of what might come next, Nick Macpherson, former Treasury chief, tells Mary McDougall how he thinks the government should approach bringing the nation’s debt under control, and why it matters.
Discussing the problems with austerity, the distributional consequences of quantitative easing and the fixation of every government to prop up the housing market, Macpherson explains why he has been calling for a new social solidarity charge, as a temporary tax.
Macpherson joined the Treasury in 1985 and served as Permanent Secretary to the Treasury from 2005 to 2016. He is currently chairman of Hoare’s Bank and a non-executive director of both British Land (BLND) and Scottish American Investment Trust (SAIN).
Temple Bar Investment Trust (TMPL) has surged ahead in the last year but its focus on "old economy" UK stocks may be off-putting for some. In this interview RWC Partners fund managers Ian Lance and Nick Purves, who took over the portfolio last year, make the investment case for Big Oil, miners, some retail names and other stocks some investors love to hate.
In this interview with Dave Baxter, they also discuss how they approach value investing, the outlook for UK dividends and which parts of the market would win - or lose - during a prolonged bout of inflation.
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In this podcast episode from The Merchants Trust, portfolio manager Simon Gergel looks back over the five years since the Brexit referendum where many different factors combined to create a particularly extraordinary and challenging period for the UK market. However, the trick has been to look through the various market uncertainties and using that lens, many mispriced opportunities have presented themselves. To see the full podcast series visit https://www.merchantstrust.co.uk/podcast/
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Tim Creed and his colleagues certainly have their hands full, having taken over the former Woodford Patient Capital trust in 2019. They also work on a separate trust, Schroder British Opportunities (SBO), which launched late last year with a focus on the "once in a generation" demand for post-pandemic finance among listed and unlisted entities in the UK.
In this interview, Creed talks to the IC's Dave Baxter about the listed and unlisted UK stocks the trusts focus on, how the portfolios differ and where his team is investing.
As a dedicated value investor, River & Mercantile fund manager Hugh Sergeant has perhaps unsurprisingly made big gains from the cyclical rally of recent months, with the River and Mercantile UK Recovery and River and Mercantile Global Recovery funds posting big returns. Now, with the rebound losing some of its momentum in the last few weeks, he makes the case for beleaguered value investors to keep their optimism after a rough decade.
In this podcast, he talks to the IC's Dave Baxter about the need to "stay in the game" at times of underperformance, the UK stocks he's backing for further outperformance and why Baidu might be "the cheapest megacap stock I've ever seen in my career".
As inflation rises, inventors are questioning if central bankers are right that inflation will only be transitory. Today’s podcast guest - Karl Sternberg, chairman of the investment committee of Christ Church, one of the largest Oxbridge endowments - says there is a good case to be sceptical about central banks’ ability to ensure monetary stability.
In this interview, Karl tells Mary McDougall how investors might prepare their portfolio for a period of inflation, how quantitative easing has sparked a spate of takeover bids and what changes could encourage long-term thinking in UK equities. In a fascinating tour of economic theory, he also explains where he thinks modern monetary theory falls short.
Karl recently became chairman of Monks Investment Trust (MNKS), and is on the board of Jupiter Fund Management (JUP). He is a non-executive director of Herald Investment Trust (HIT), Clipstone Logistics REIT, Lowland Investment Company (LWI) and JP Morgan Elect (JPE). He founded Oxford Investment Partners in 2006 and before that he was chief investment officer at Deutsche Asset Management.
James De Uphaugh and his team might have questioned their luck when they took over the running of the Edinburgh Investment Trust in March 2020. Sixteen months on, the trust has both outperformed its benchmark and recovered its pandemic losses, all with a UK-dominated equity portfolio.
In this conversation with the IC, the Majedie Asset Management chairman and co-founder gives his take on the Morrisons takeover battle, inflationary pressures, and why he is selling out of Associated British Foods and Hargreaves Lansdown.
In this interview, Charles Stanley head of passives Lynn Hutchinson and Morningstar passive strategies analyst Briegel Leitao talk to Dave Baxter about some of the biggest recent developments in the ETF world and what they mean for investors. They look at the rapid rise of thematic funds, the continuing evolution of ESG investing in a passive format and what investors should remember when seeking to ride a value rally using ETFs.
Lynn and Briegel have served as expert panellists for the compilation of our 2021 Top 50 ETFs list, which sets out the most useful and interesting building block funds for an investment portfolio.
Europe can be overlooked by investors, but following encouraging economic data, significant fiscal expansion and a slew of companies beating earnings expectations, its stock market - as measured by MSCI Europe ex UK Index - has beaten all other major investing regions so far this year.
In this interview, Jamie Ross, manager of Henderson Eurotrust (HNE) tells Mary McDougall why he continues to back defensive, quality growth companies, despite the recent rally in more cyclical names. He explains where he thinks valuations look stretched, what he has been buying and selling recently and why sustainability-minded investors should pay attention to management incentive structures.
He also shares why he feels more positive now than he has in the past about Europe’s perennial problem: How will it cope with rising debt levels?
Henderson Eurotrust’s share price (total return) has risen 25 per cent over the past 12 months - in line with its benchmark index. Over five years, the trust has delivered returns of 109 per cent, compared with 82 per cent for the FTSE Europe ex UK Index.
On 30 June, the trust - which had assets of £352m - was trading at a discount to net asset value of 11 per cent.
Stephen Yiu, manager of Blue Whale Growth Fund, tells Mary McDougall how he constructs a concentrated portfolio of companies he believes are very high quality and can do well in all macroeconomic conditions.
He shares why he has sold Unilever (ULVR), Boston Scientific (US:BSX) and Moncler (IT:MONC), and why he has conviction in Kering (FR:FER), Adobe (US:ADBE), Alphabet (US GOOGL), Mastercard (US:MA) and Visa (US:V).
Blue Whale Growth Fund was set up in 2017 and has grown to assets of over £800m. Since launch the fund has delivered an annualised return of 17.9 per cent, ahead of 11 per cent for the Investment Association’s global sector over the same period.
Nick Kirrage and Simon Adler, managers of Schroder Global Recovery Fund and Schroder Recovery Fund, tell Leonora Walters about their approach to value investing and how they take advantage of behavioural biases. They also set out why they like financials and energy companies.
While Schroder Global Recovery has underperformed its peers over the past five years, it is up 47.5 per cent over 12 months to 16 June, ahead of 35 per cent for MSCI World Index. Its UK-focussed sibling, Schroder Recovery Fund, is up 43 per cent over the same period - ahead of 22 per cent for the FTSE All-Share Index.
There's a lot of hype around crypto, but blockchain technology is in its infancy - and has the potential to overhaul how we do business. In this interview, Frederik Gregaard, chief executive officer of the Cardano Foundation, tells James Norrington what the Cardano platform is trying to achieve and why many cryptocurrencies shouldn’t be thought of in terms of currency. They also discuss how decentralised ledgers could interact with corporates and how the regulatory landscape might pan out.
Cardano, founded in 2017, is a proof-of-stake, open-source blockchain platform. It is at the forefront of the movement to democratise the internet. The project focuses on long-term real-world solutions rather than being about cryptocurrency speculation. Nevertheless, Cardano's native cryptocoin, ADA, has struck a chord with traders and the coin had a market cap of over $50bn on 10 June, making it the fifth largest crypto asset by value.
Adrian Lim and Pruksa Iamthongthong, co-managers of Asia Dragon Trust (DGN), tell Mary McDougall what they have been buying and selling as vaccination programmes progress and inflation fears pick up.
They explain why they continue to support new economy stocks, how the antitrust proceedings are progressing in China and if climate change might threaten the region’s chipmakers. They also discuss how the development of China’s e-yuan might disrupt the corporate sector.
Asia Dragon’s share price rose 120 per cent over five years to 8 June 2021, ahead of a 96 per cent return for MSCI AC Asia Pacific ex Japan Index.
In this podcast episode from The Brunner Investment Trust, a three-part discussion covers; recent developments in volatile markets, how a different approach from policy makers around the world is providing ongoing monetary and fiscal stimulus plus a focus on the healthcare industry, and a look at the Trust's annual results and the current dividend/income situation. To see the full podcast series visit https://www.brunner.co.uk/podcast/.
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Janus Henderson's James Henderson tells Mary McDougall where he thinks the best value is in the UK stock market, what his favourite holdings are, how he values companies and what the key differences are between the funds he manages.
James is co-manager of Lowland Investment Company (LWI), Henderson Opportunities Trust (HOT) and the equity portfolio of Law Debenture (LWDB). He also co-manages Janus Henderson UK Equity Income & Growth Fund.
Henderson Opportunities Trust currently has the best five-year NAV performance in Winterflood’s UK All Companies trust sector, while Law Debenture ranks top of the broker’s UK Equity Income sector over the same period.
In this interview, three fund managers from Liontrust’s Sustainable Future investment team tell Dave Baxter how a planned ESG investment trust will differ from the funds they already run. Peter Michaelis, Simon Clements and Chris Foster also discuss the most important ESG criteria to use in different sectors, how to deal with a holding that runs into controversy and why Alphabet is one of their most prominent investments.
Read more about how ESG funds deal with the FAANG stocks here.
Emerging markets are not associated with high environmental, social and governance (ESG) standards but Mobius Investment Trust applies this kind of investment approach in these regions. The trust's co-manager, Carlos Hardenberg, explains how it is possible to do this, how ESG standards vary in different countries and he also takes ‘culture’ factors into account.
Hardenberg profiles some of the trust's recent investments and explains why some companies in Covid hotspots are managing to hold up amid the challenges.
Baillie Gifford has delivered some tremendous returns to investors across a wide range of funds over a long period of time, and the man at the heart of it all has been Charles Plowden, joint senior partner and chief of Baillie Gifford’s investment staff from 2006 to 2021.
In this interview, Charles tells Mary McDougall how the Scottish firm has grown to become the dominant force it is today, how individual funds sit within the firm’s wider context and shares his concerns about the rapid growth of passive investing. He also explains why he doesn’t think the types of stocks Baillie Gifford invests in are overvalued.
Charles has worked across a number of investment teams over 38 years at Baillie Gifford, most recently managing the Monks Investment Trust and Baillie Gifford Global Alpha Growth Fund.
This interview was conducted in his last week at the firm, ahead of his retirement on 30 April 2021.
On this week's Alpha Podcast, Phil Oakley explains to John Hughman why he's growing more fearful of an inflation headwind for equities, and reveals one company he expects to power its way through it
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We’re all very grateful to the healthcare industry for the amazing work it has done to create vaccines and treatments to help fight the pandemic. But what is the investment outlook now for the companies in the biotech sector?
In this interview, Ailsa Craig of the International Biotechnology Trust (IBT) shares what types of companies she looks to own, where she sees the value in the biotech industry currently and how the development of coronavirus treatments has impacted holdings in the fund.
Ailsa was named co-lead manager of the trust last month, alongside Marek Poszepczynski, following the announcement of Dr Carl Harald Janson’s departure, manager of the trust since 2013.
On this week's Alpha Podcast, John Hughman and Phil Oakley ask whether asset price bubbles are forming everywhere, and assess the prospects for three British retailers proving that physical stores still matter.
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A cashless, cashier-less supermarket experience. Simply walk in, load up your bags, and walk out, without any queuing, fumbling for wallets or human interaction whatsoever. This is not out the pages of a sci-fi novel, but a new venture from Amazon that has recently arrived on the streets of London.
Yes, this month ‘Amazon Fresh’ has opened in two locations, firstly Ealing and most recently Wembley Park. They’re the first to be seen outside of the US, and the first of many planned for the UK.
So today we’ll be discussing Amazon’s entry onto our high streets, and asking whether it’s a taste of the future for all retail or an experiment that’s doomed to fail.
Shares in Games Workshop and Fevertree Drinks both took a tumble last week, but which one does Phil think is most likely to bounce back? Find out on this week's Alpha podcast, and why he also thinks a boardroom bust up at BT could be good news for shareholders.
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On this week's Alpha Podcast John Hughman and Phil Oakley explain how Morrison's is shaping up into an online grocery powerhouse, why life in an uber-competitive post-lockdown takeaway market may be tough for Domino's Pizza, and why shares in the LSE could be worth a nibble as it gets itself in shape.
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The streaming industry has some big names at the top, with Netflix and Amazon Prime both boasting over 150 million worldwide subscribers each. But that has not stopped Hollywood giant Walt Disney throwing its hat into the streaming ring with its latest project, Disney+.
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Professor Baruch Lev is the soothingly eloquent voice of reason in a world of accounting which is becoming increasingly unhelpful. He - and the IC’s very own Algy Hall - argue that the financial reports do not reflect the true value of companies because they fail to account for the all important intangible assets.
This podcast will open your eyes to the flaws in accounting. To understand how investors can sidestep these issues head to the IC's website to read Algy's reinvention of value.
With nearly 40 million cars on the road, the UK motoring business is worth around £80bn. And that is just a fraction of the global market: between automotive manufacturing, sales, you’re looking at the world’s largest industry.
But is it one worth investing in? This is an industry undergoing massive change which is sometimes out of its control. Which companies are up to the challenges?
On this week's Alpha podcast, John and Phil talk cigarettes, streaming and snacks, and why tricky times for BATS, Disney and PepsiCo might now mean opportunities for investors.
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The UK loves chocolate - the average Brit eats around 8kg of chocolate a year. And we’re not the only ones. The chocolate industry is worth over $100bn worldwide, and growing. So grab a hot chocolate, reach for a box of celebrations, and join in the discussion about the big business of confectionery.
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On this week's Alpha podcast, John Hughman chats to Algy Hall about the thinking behind his Alpha stock screens, why recent data suggests UK shares could be coming back into fashion, and how investment trusts could be a good way to play the recovery.
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What's a sensible proportion of your portfolio to invest in Bitcoin and other crypto assets? James Norrington speaks to Vilhelm German, Chief Technology Officer at Swiss crypto exchange Bitnuk.com. who as you would expect is bullish but he still believes investors should be circumspect. Since the interview was recorded last week Bitcoin broke the $50,000 value mark, on news of buying by Tesla, another strong signal that crypto assets are here to stay.
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On the week's Not Your Normal Finance Show we visit the volatile world of cryptocurrencies, and the most famous of them all: bitcoin. John Hughman speaks to the IC's Oliver Telling to find out what bitcoin is, how you can buy it, and whether you should. And James Norrington hears the bull case from Vilhelm German, Chief Technology Officer at Swiss crypto exchange Bitnuk.com.
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China is a market that investors simply cannot ignore. Despite being the epicentre of the pandemic and at the helm of geopolitical tensions, it had the best performance of any major stock market last year and innovation is proceeding in some Chinese companies at a rate second to none. But there are concerns about bubbles forming in some sectors.
In this interview, Dale Nicholls, manager of Fidelity China Special Situations, says there are still plenty of companies with great growth potential at reasonable prices - albeit not as attractive as they were a year ago, since when the fund’s share price has doubled.
Mr Nicholls describes how he offers broad access to the Chinese economy by focussing on companies that serve the enormous power of China's growing middle classes. He talks about why he is not concerned about frenetic private investor trading in China driving a bubble, and how the Chinese stock market has matured since the 2015 market crash.
He also divulges how he navigates social and governance considerations in China and shares his thoughts on how regulation might fall on the country’s largest internet companies.
On this week's Alpha Podcast John and Phil reminisce about their dotcom boom days and the bubble-like behaviour of today's markets, and why it could be worth drowning your sorrows with a snifter of Diageo shares.
It’s been a mixed year for the health and fitness industry. On the one hand, gyms, clubs, and pools have all had prolonged periods of closure, but on the other, you only need to go down to your local park at the weekend to witness the crowds of walkers, runners and cyclists.
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On this week's Alpha podcast John and Phil go on the hunt for more shares with the feelgood factor, despite some worrying words in Terry Smith's latest Fundsmith letter
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Donald Trump’s ban from Twitter, Facebook and Snapchat has put private media groups under the spotlight. Were they right to do it? Should social media be self-regulated or does it need an external body?
And are the regulators of the mainstream media even getting it right? We answer all those thorny questions in our first episode of 2021.
On this week's Alpha Podcast John Hughman and Phil Oakley talk about the prospects for three companies that have seen business boom as a result of Covid-restrictions: Games Workshop, Frontier Developments and Just Eat Takeaway.
The destruction of risk free returns thanks to low interest rates means investors have to understand the risks inherent in chasing gains from assets like shares. James Norrington talks to Graham Harrison, Managing Director of Asset Risk Consultants (ARC) about the challenges facing portfolio managers.
ARC runs the Private Client Index series, a selection of dynamic risk-weighted benchmarks for the asset management industry, based on over 250,000 contributing portfolios from 108 asset management firms worldwide.
Baillie Gifford’s flagship fund, Scottish Mortgage Investment Trust (SMT), has delivered eye watering returns in recent years. In 2020 alone, the fund’s net assets doubled to over £18.5bn. In this interview, the trust’s co-managers James Anderson and Tom Slater tell Mary McDougall where the next leg of growth is and how they approach finding the next stock market stars. Mr Anderson says we are entering a period of change unrivalled since the industrial revolution, and they both defend their continued support of Tesla, the fund’s largest holding.
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Jeremy Gratham, co-founder of GMO Asset Management speaks to Nilushi Karunaratne about whether companies, governments and investors are taking enough action on climate change, what he hopes to see from the incoming Biden administration and how investors should see climate change as an opportunity for their portfolios.
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Wheaton Precious Metals chief executive Randy Smallwood on the steaming business model, gold's prospects and how to operate in a world where ESG is getting more and more important. Plus why Wheaton has added a London listing.
Looking for more? We dive into Wheaton's business model.
On this week's Alpha Podcast John Hughman and Phil Oakley discuss the crazy world of unicorn IPOs, the bidding war for Codemasters, and why Avon Rubber's share price has been stopped in its tracks.
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With Christmas only a week and a half away, we thought we’d attempt to bring the festive cheer with a look at Christmas shopping.
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This week our guest is the American investor, former fund manager and financial commentator Jim Rogers. A noted China and commodities bull, he moved to Singapore in 2007 so he and his family could be in Asia and closer to what he and many others argue is the economic heart of the world.
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Phil Oakley chats with former analyst and hedge fund investor Steve Clapham about his new book and how to research companies well.
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Maggie, 90, has become the first Brit to receive a vaccine for coronavirus outside of clinical trials. She received the jab in Coventry Hospital in front of the world’s media and declared “if I can have it at 90, you can have it too.”
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Investing in the UK market has largely been a recipe for underperformance in recent years - but some have clearly bucked this trend and now expect better news. Keith Ashworth-Lord, who runs the hugely successful CFP SDL UK Buffettology fund, has generated strong returns despite the difficulties of the market. He remains an evangelist for UK stocks, describes the current pessimism on the market, especially small caps, as “an absolute load of trash”
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On this week's IC Alpha podcast James Norrington and Phil Oakley discuss whether three highly-rated UK shares - the London Stock Exchange, AJ Bell and Avon Rubber - can live up to their quality ratings.
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About ten years ago, Dr Bronwyn King was a doctor working on a lung cancer ward in Melbourne, Australia. Today, she fronts a campaign that, according to its website, has persuaded financial institutions with as much as $11tn in assets under management to join its global movement calling for a tobacco-free world.
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The £120bn gaming industry is another one of those rare markets seemingly unaffected by the coronavirus pandemic. It’s come a long way in its half a century lifespan.
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On this week's Alpha Podcast James Norrington talks to Phil Oakley about how the example of Sage shows why investing in the UK is becoming ever more difficult, whether Future's bid for GoCo makes sense, and why AO World might keep delivering.
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2020 has been a difficult year for many industries, but one that has bucked the trend is the home improvement sector. It makes sense - most people have had more time at home than ever before, and more free time in general to make changes.
The art of bottom-up stock selection is crucial in Asian markets, with benchmarks shifting all the time. In this interview, Robin Parbrook, co-manager of Schroder Asian Total Return Investment Company (ATR), explains his philosophy for investing in Asia.
On this week's Alpha podcast, Phil explains why he likes Procter and Gamble for his Fantasy Sipp, critiques Croda's latest acquisition and says why he prefers steady quality companies despite the recent rush into value stocks on vaccine news. He also discusses some of the tough lessons 2020 has taught investors.
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English stadiums have been fanless since football returned on June 17th, with plans to gradually reintroduce them at the start of October cancelled by the second coronavirus wave. And it’s not just the clubs which have felt the squeeze; football has a wider impact on the fortunes of the likes of pubs, retailers, broadcasters, sponsors….the list goes on.
In October Nick Hubble teamed up with Nigel Farage to launch Fortune & Freedom, a morning newsletter which aims to help people take control of their finances. In just over a month it has gained over 33,000 subscribers. Should ‘the financial establishment’ be nervous?
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Showrooms have closed again as the UK goes into a second lockdown, with the market already undergoing something of a crisis, how will it cope with this latest challenge?
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Tension between the US and China isn’t something that worries Roddy Snell, co-manager at Baillie Gifford’s China Fund, Emerging Leading Companies Fund and Pacific Fund.
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Many major tech companies have seen their share prices skyrocket in the last decade and the recent pandemic has propelled some companies’ prices even higher. Daniel Ives, Managing Director and Senior Equity Research Analyst at Wedbush Securities and Victoria Scholar, Market Analyst at IG determine the new tech companies we should be looking at, which companies’ prices are expected to drop when a vaccine is ready, and which ones should continue to grow.
Inspired? Find your next opportunity at IG.com
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On this week's Alpha podcast, John and Phil talk about what a second lockdown could mean for retailers including Sainsbury and Associated British Food, how Autotrader is making hay by helping the car industry keep its head above water, and whether there's value in a bombed out cyclical.
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Does anything say ‘global catastrophe’ more than the cancellation of Wimbledon? 2020 is the first year since the end of the Second World War that the UK’s favourite tennis tournament has not taken place. In sports, music, money, dogs, food and every other sector, the global events industry has been battered by coronavirus.
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This is an IG partner content podcast. The news and editorial team of the IC had no role in its production.
In the midst of a pandemic and key events such as the US election and Brexit, how are investors approaching the markets? Daniel Lacalle, Chief Economist at Tressis and Chris Beauchamp, Chief Market Analyst at IG, debate investing in the current climate. Are there any good investments out there? If there are, what are they? And what should we watch out for in the months and year ahead?
Inspired? Find your next opportunity at IG.com
Risk warning
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Chuka Umunna was once touted as a future leader of the Labour Party. In this week’s IC Interview, he explains why you may be able to do more good in the world of business than politics.
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On this week's Alpha podcast John Hughman talks to the IC's private investor diarist John Rosier about maintaining discipline in choppy markets, why he's eyeing value as his next move, and why doing nothing may sometimes be the best option.
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In a year like no other, it is hardly surprising that the US presidential election has, so far, been like no other.
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A global pandemic, a US election and the UK’s Brexit transition period drawing to a close are having a profound effect on the markets. IG’s Jeremy Naylor and Senior Economist Peter Dixon from Commerzbank discuss what impact they may have on the dollar and sterling, and what other currencies we should be keeping an eye on.
Inspired? Find your next opportunity at IG.com
Risk warning
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Nick Train hates selling companies so much that he can’t quite remember which stock he sold last. In this wide ranging interview, he explains how this strategy has helped his funds outperform in a difficult year and answers the big question: why do you continue to hold Pearson?
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On this week's Alpha Podcast John Hughman and Phil Oakley talk about three companies where the power of their trusted brands matters more than ever – Unilever, Reckitt Benckiser and Games Workshop.
In his column this week, Phil looks at how Games Workshop profit forecasts are probably too low. He says this and the long-term potential of its brands can keep its share price moving up. Click here to read.
If you don't subscribe to Alpha already, you can sign up for a four-week trial for just £4 by clicking on the following link:investorschronicle.co.uk/TryAlpha
The UK is in a puppy frenzy. The loneliness of lockdown, combined with the realisation that working from home is likely to last a long time saw demand spike. Average puppy prices have doubled.
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This week we speak with the economist and broadcaster Tim Harford, presenter of More or Less on BBC Radio 4 and the podcast Cautionary Tales, a Financial Times columnist and author of several books including The Undercover Economist, Fifty Things That Made the Modern Economy, and Messy.
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On this week's IC Alpha Podcast John and Phil discuss how online shopping has transformed Dunelm's business, whether Asos can shake off the economic challenges affecting its core customer base, and why Domino's troubles are far from behind it.
If you don't subscribe to Alpha already, you can sign up for a four-week trial for just £4 by clicking on the following link:investorschronicle.co.uk/TryAlpha
The IC interviews Richard Curtis, prolific screen writer and co-founder of Make My Money Matter
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On this week's Alpha podcast editor John Hughman talks to the IC's small cap specialist Simon Thompson about the outlook for global stock markets and the strategies he's using to identify companies fit for the Covid era.
Click here to read Simon's latest Investors Chronicle column.
If you don't subscribe to Alpha already, you can sign up for a four-week trial for just £4 by clicking on the following link:investorschronicle.co.uk/TryAlpha
Boohoo’s ethical misdemeanours have not translated to poor sales or share price growth. But could the environmental and social concerns raised by the company’s recent enquiry have repercussions across the garment industry?
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The UK dividend bloodbath has been one of the major challenges facing investors in 2020 and the outlook remains far from certain. Blake Hutchins, co-manager of Trojan Income, a defensive and highly successful UK equity income fund, is well acquainted with all these issues. In this interview he tells us why there may still be hope for UK equity income, but also why investors do need to be more selective than ever to succeed in this market.
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On this week's Alpha podcast, John and Phil head to the shops to see which retailers are surviving – and even thriving – in the face of the pandemic.
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Are we ever going back to the office? Will working life return to normal when the threat of coronavirus has passed? How will businesses in the hospitality and travel sectors survive?
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On this week's IC Alpha Podcast John and Phil talk about two companies in the travel sector that have borne the brunt of Covid-19 and may have further pain to come, why lockdown is proving good news for one specialist retailer, and a distributor that's expanding despite the difficult economic backdrop.
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Google searches for the word ‘staycation’ have spiked in 2020. Brits fearing unpleasant air travel, hostile international hosts or an unexpected two weeks of enforced quarantine on return to the UK have opted to holiday in these green and pleasant lands.
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Government bonds were one of the only reliable portfolio diversifiers when equity markets crashed earlier this year, but they now face several pressing questions. Are they too expensive, and will they still work in the next sell-off? What will the future hold for bonds more generally?
Mike Riddell, manager of the Allianz Strategic Bond fund, has successfully navigated recent bouts of volatility by taking a flexible approach to fixed income. In this interview, he tells us what the future might hold for the asset class and where he sees value (and risk).
On this week's episode, John Hughman and resident analyst Phil Oakley discuss the state of play for the housebuilders with the help of this week's results from Redrow. Plus what Next can do in response to the evolving retail sector and how Ocado has found itself in the Covid-19 sweet spot. But is Phil convinced?
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The pub feels like just the right place to launch the Investors Chronicle’s brand new podcast, especially as the topic up for discussion in episode one is beer.
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Professor John Kay has held a host of the UK’s leading economic advisory and academic positions. In early 2020, he published an incredibly prescient book alongside Lord Mervyn King which lays out the dangers of economic modelling when attempting to deal with crises. Reassuringly, Radical Uncertainty: Decision making for an unknowable future, shows that we can make good decisions, even in a very unreliable world.
In this interview, Mary McDougall talks to Professor Kay about how he came to write his book, how its conclusions can be applied to the threats facing the world at the moment and whether or not he did indeed read all the sources in the book’s 39-page bibliography!
Professor Kay also divulges his vast knowledge on the UK’s equity markets, building a pension, fighting climate change and what ESG should really be all about.
On this week's new IC Alpha Podcast, John and Phil discuss the worrying outlook for the UK economy and the pound as a result of the government's disastrous handling of Covid-19 and now the final stages of Brexit negotiations.
For companies exposed to the consumer economy this has brought mixed fortunes – as John and Phil discuss, strong numbers this week from Games Workshop and Frontier Development highlight the business models fit for the Covid economy – even if their high valuations give pause for thought. But for those like Fevertree Drinks, lockdown has proved a much greater challenge despite a leap in in-home drinking and expansion into the US – can it recover to live up to its shares premium rating?
You can read more of Phil's thoughts on these companies – and others – in his weekly Alpha report. If you don't subscribe already, you can sign up for a four week trial for just £4 here investorschronicle.co.uk/TryAlpha
On this episode of the IC Interviews, editor John Hughman speaks to the magazine’s regular investment trust columnist John Baron.
A former fund manager, John has provided updates on two live investment trust based portfolios for the Investors Chronicle since 2009, one focused on growth and the other on income.
John has recently completed an updated version of his book, the Financial Times Guide to Investment Trusts: Unlocking the City's Best Kept Secret.
In this interview, John explains why he favours investment trusts, how the techniques he uses to manage his portfolios have shielded them from the worst impacts of Covid-19, and why he’s top slicing technology and taking contrarian positions in commercial property and commodities.
For the vast majority of investors, the stock market remains primarily a place for making money work harder. But increasingly, environmental and social consciousness is playing a role in investment decisions.
But a lack of clear guidelines on ESG reporting means there has been a rise in both companies and funds attempting to make themselves seem cleaner than they are - and life harder for investors that want to make their money genuinely work for good.
On this week's Investment Hour John Hughman and Megan Boxall discuss these sticky issues with associate editor Algy Hall, with some help from Ronald Cohen, famed venture capitalist, Peter Toogood, chief investment officer at retirement solutions provider Embark Group and Tom McGillycuddy, co-founder of impact investment app, Tickr.
Peter Toogood is the chief investment officer at retirement solutions provider Embark Group, having worked for 25 years in financial services including as an advisor, researcher and investment manager. In this podcast, we talk with him about the current market battle between growth and value, the rise (and sometime inconsistencies) of ESG, and Peter's own solution for the global debt pile.
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BT’s chief executive seems to have spent much of the last few weeks preparing his company for a hostile takeover approach. The fate awaiting BT and its shareholders raises questions about how the company has found itself in this sorry state. To answer that, we have to go back to the 1980s, when Margaret Thatcher had an agenda. In this week’s podcast Megan Boxall and John Hughman have been joined by Lauren Almeida to discuss privatisation and whether or not it has been a good thing for BT and the shareholders who supported its IPO.
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Private equity has developed a bad reputation for extracting value from companies and then foisting their remnants on unsuspecting equity markets. At the same time Private Equity trusts have delivered returns for investors that have beaten some of the world's best performing indices and offer access to areas of industry that equity markets just cannot reach.
On this week's investment hour, John Hughman and Dave Baxter are joined by Phil Oakley to discuss the pros and cons of investing in Private Equity and the companies they invest in, while James Norrington talks to Augmentum Fintech's chief executive Tim Levene about his fund's approach to investing in one of the fastest growing areas of technology.
The platform market has changed a lot since Hargreaves Lansdown launched in the UK nearly 40 years ago. The market's growth in products, information and legitimate online brokers is surely only a good thing? The answer is tricky. More options have helped bring prices down, but also make it harder for investors to make a decision, whale scams and security remain hot issues.
In this episode of the Investment Hour, Megan talks to Mary McDougall about the range of investment platforms available and John discusses the results of the listed providers with Phil Oakley.
Also featuring interviews with Richard Wilson, chief executive of Interative Investor; Adam Dodds, founder of app platform, Freetrade; and Felicia Hjertman, founder of new DIY Platform, Vinco, which she expects to launch in early 2021.
Last week was big for US tech - with a fiery Congressional hearing and bumper quarterly earnings. “With the exception of Amazon, all of these companies are not expensive stocks now”, argues Walter Price, portfolio manager of Allianz Technology Trust. In this podcast, Mr Price tells us his views on growth, regulation, and China’s moves to replace the US as the dominant world superpower.
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Coronavirus has intensified the growing animosity between the world’s two great superpowers, China and the US, and worries are mounting that the confrontational rhetoric may at some point turn a cold war into a hot one. But the virus has also stretched Western economies to their limits and cast into doubt just how they can fund the cost of the new arms race that may just be starting.
On this week’s Investment Hour, Megan Boxall and John Hughman are joined by the IC’s defence correspondent Nilushi Karunaratne and industrial correspondent Alex Janiaud to discuss the outlook for the defence sector and what this means for investors.
'What comes next for investment in the tech sector?’ is a question Mary McDougall put to Ben Rogoff, lead investor at the hugely popular Polar Capital Technology Trust. His response: "I feel like the growth trajectory for those companies is very strong. The challenge is always – and it really is a challenge for a growth investor – to try and assess how much of that is already captured in the valuation."
In this podcast, find out which tech companies Ben thinks are worth the price and hear his thoughts on the regulatory outlook for the big tech companies as we head towards a hugely polarised presidential election.
Mary and Ben discuss many of the topics discussed in recent IC articles, click on the links below to find out more about the outlook for the US technology sector.
Gold has reached $2,000 an ounce on the futures market this month and gotten very close in spot terms as well. The precious metal has been trading at multi-year highs for over a year now, since breaking $1,400 over a year ago. This year, the Covid-19 job losses and major economic slowdown supercharged an already surging gold price.
The big question is whether you should still be buying. On this week’s podcast Megan Boxall and John Hughman are joined by Alex Hamer and Dave Baxter to talk about possible entry points and where this new record comes from.
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Sir Ronald Cohen is described as the ‘father of British venture capital’, having co-founded Apax Partners in 1972. For nearly twenty years he has pioneered initiatives in the world of impact investing, including the Social Impact Investment Taskforce created during the UK’s presidency of the G8.
In this interview, Sir Ronald explains how the environmental and social impact of companies can be quantified - and even laid bare in their financial statements. Are impact-weighted accounts the future for socially responsible investing?
Pharmaceutical progress in the war on coronavirus has accelerated this week and share prices have leapt as a result. On this week’s podcast John Hughman and Megan Boxall get the lowdown from Harriet Clarfelt on the recent announcements and dig into the share price movements with trader Michael Taylor. We have also spoken to the chief executive and chief financial officer at Tristel and Phil Oakley has provided an overview of the outlook for companies.
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The trimming or cancelling of dividends in the UK is incredibly significant. With income expected to be significantly lower in 2020 than it was in 2019, a reader’s letter has highlighted how stark the situation is for some private investors. He said: “40 per cent of my retirement income comes from shares.”
At a time like this, it’s hard to know where to turn. On this week’s podcast Megan Boxall and John Hughman are joined by Algy Hall, Dave Baxter and Nilushi Karunaratne to discuss the situation and help explain how investors can best cope with the income carnage of the past few months.
We’ve also covered the outlook for income extensively in the magazine this week. Click on the links below to read our top dividend coverage and the stories mentioned on this week’s podcast.
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UK braced for prolonged period of measly income
For investors hanging onto the illusion that their precious income might bounce back as the coronavirus pandemic passes, Factset’s consensus dividend forecasts – compiled and analysed by the Investors Chronicle – do not offer much hope. Click here to find out why.
Corporate debt hits record $8.3trn
For many companies, the recent dash for debt has perhaps prevented liquidity pressures from turning into a more serious question about solvency. But it is a risky gamble. Read the full story here.
Telecoms faces a China crisis
British telcos are reeling from a big government u-turn on the use of Huawei equipment. But are any companies in a position to benefit? Mark Robinson attempts to answer that question.
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Few financial experts speak with such authority about psychology in investing as Michael Mauboussin. He’s written the book on behavioural finance – literally, many times. In this interview, he and Algy Hall pick through the main discussion points of his latest research paper – ‘BIN there, done that’, which analyses the sources of mistakes people make when forecasting.
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After suffering the fastest bear market in history in March America's stock markets have powered to new heights on the back of the strength of its technology sector and vast stimulus.
But plenty of pitfalls lie in wait – high valuations, election uncertainty, civil disorder and escalating tensions with the world's second superpower: China.
In part 2 of our series exploring how markets may react to the geopolitical standoff, John and Megan have been joined by Phil Oakley, Philip Ryland and Mary McDougall to discuss the risks and rewards of investing in the land of the free at this difficult juncture.
Welcome to the IC Interviews, our new podcast format featuring in depth interviews with the people you need to hear from.
WPP-founder Sir Martin Sorrell spoke to Lauren Almeida about his new venture, S4 Capital, how Covid-19 is accelerating the trends he sees shaping the advertising world in the digital era, and why he believes a V-shaped economic recovery is on the cards.
Welcome to the IC Interviews, our new podcast format featuring in depth interviews with the people you need to hear from.
Alex Newman spoke to platform boss Andy Bell, founder of AJ Bell, about the private investing landscape, the future of shareholder democracy, and how to investor behaviour has changed in the wake of the Covid-19 pandemic.
Welcome to the IC Interviews, our new podcast format featuring in depth interviews with the people you need to hear from.
Risk management expert and founder of HSBC’s geopolitical risk team Derek Leatherdale told Alex Newman what investors need to know to keep their money safe in an increasingly fractious world, and what could happen next in the US: China standoff.
Welcome to the IC Interviews, our new podcast format featuring in depth interviews with the people you need to hear from.
Megan Boxall speaks to famed short selling activist Carson Block, whose firm Muddy Waters has exposed some several major corporate fraud and accounting scandals on stock markets around the world.
Is the potential growth in China worth the risk to western investors? Or has the recent escalation of tensions between China and Hong Kong made this a market that is best avoided?
In part one of our two part series exploring the rising tensions between the world's two superpowers, John and Megan have been joined by Phil Oakley, Philip Ryland and Dave Baxter to discuss the challenges of the China investment saga.
Featuring interviews with China market experts, Muddy Waters’ Carson Block and Derek Leatherdale, the former head of geopolitical risk at HSBC.
Whatever your views on the social and political implications of recent protests against racial inequality, their message has dredged up a thorny subject for the investment world. How much does good social practice matter to companies and to what extent are those companies accountable for social malpractice?
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Liquidity or illiquidity is a tentative topic for British investors, especially in the wake of the Woodford fiasco of 2019. In coronavirus markets, liquidity is again being used as a dirty word - should we be fearful of rallies driven by liquidity? Phil Oakley and Chris Dillow have joined Megan Boxall and Dave Baxter to help answer that question. And Alex Hamer has introduced us to the idea of illiquidity as an investment strategy.
There are a couple of articles in the mag this week that it might be worth dropping into the podcast page as well: Chris Dillow on not being fearful of liquidity driven rallies and Phil Oakley's musings on whether the the stock market is detached from reality.
As full lockdown begins to ease, Britain is starting to get back on its feet. But what state is the consumer industry in? And is it prepared for the challenges of a post-coronavirus world? To understand the outlook for the market, we have spoken to Alex Janiaud and Phil Oakley. And we have been joined by Patrick Dardis, chief executive of pub group Youngs to discuss the outlook for his company.
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Vaccine and treatment progress in the war on coronavirus is unsurprisingly capturing investor attention. But there is a world of healthcare beyond the pressure of the pandemic which could provide investors with far more lucrative returns. In this week’s podcast John Hughman and Megan Boxall are joined by Harriet Clarfelt and Mary McDougall to discuss the investment opportunities in the market. Harriet has also spoken to special guest Nina Deka from Robo-Global and we celebrate the long awaited return of Phil Oakley.
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Bubbles are both an exciting and terrifying part of market life, offering investors the potential for both huge gains and also massive losses. But how do investors navigate a phenomenon they often don't know they're experiencing until it bursts? On this week's Investment Hour John Hughman and Megan Boxall are joined by IC experts Algy Hall, Chris Dillow, Philip Ryland and Dave Baxter to try and understand why bubbles form and pop, and what to do if you think you're in one.
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Mary McDougall explains how you can get income from equities even amid dividend cuts. Ed Smith, head of asset allocation research at Rathbones, considers whether a rise in inflation is likely and highlights some investments to protect against this. He also explains why although the coronavirus pandemic is unlikely to end globalisation there are some emerging trends investors need to be aware of.
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For all the challenges posed by coronavirus, the crisis also provides multiple opportunities for renewal. That’s the theme of our series of features ‘The New Future’ which we kicked off this week and is also the topic of this week’s podcast when John Hughman and Megan Boxall are joined by regular guests Algy Hall and Alex Newman. Plus the long overdue podcast debut of the IC’s resident economist Chris Dillow.
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In this week’s show Cormac Weldon, manager of Artemis US Select Fund, explains how he outperforms the notoriously difficult to beat S&P 500 index and highlights some US companies that could benefit from the changing investment landscape. Mary McDougall looks at what LF Blue Whale Growth Fund’s manager was investing in when others were cautious and why he places such great importance on valuations.
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Britain is reopening – slowly. After the announcement of UK economic data, it has become clear that an easing of lockdown measures has become vital if we’re going to protect the health of the economy.
In this week’s episode of the Investment Hour, Phil Oakley joins John Hughman and Megan Boxall to discuss why the economy needs to open rapidly and Harriet Clarfelt discusses some of the healthcare companies which may get us back to normality quickly. Plus, John Rosier joins the team to give an update on the performance of his portfolio.
In challenging times, investors have looked to the king of investing for some guidance. Warren Buffett has delivered – but perhaps not in the way that the investors who are leaping back into the troubled stock market would have wanted. On this week’s Investment Hour, Megan Boxall and John Hughman discuss how the human psyche can sway even the best investors’ decisions.
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On this week’s show Dave Baxter explains how to get a good income by selectively investing in bonds. And Stuart Widdowson, manager of Odyssean Investment Trust, explains how taking a private equity approach when investing in smaller companies has helped iron out the volatility associated with this area.
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On this week’s show Darius McDermott, managing director of Chelsea Financial Services, looks at what effects oil price volatility is having on different types of funds and sets out some suggestions on where to get a more reliable income. He and Mary McDougall also highlight some mistakes you should not make in turbulent markets, and set out some techniques to stop making them.
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Six weeks of lockdown have unsurprisingly squeezed our spending. But the pain isn’t just being felt by the companies where you usually splash your cash. The impact is rippling up the chain and hurting property companies and banks. In this week’s episode of the Investment Hour, we discuss the implications for investors with Emma Powell and Alex Newman. And we talk to Phil about the importance of a much overlooked financial metrics: sales.
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This week Annabel Brodie-Smith, communications director at the Association of Investment Companies, updates on how investment trusts have been performing amid the recent market plunges and explains why they could still pay a good income. Dave Baxter looks at which assets have held up amid the market melt down and highlights some funds with which to access them.
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On this week's Investment Hour the IC team get to grips with a crazy week on the oil markets, while Phil Oakley reveals a safe haven share for turbulent times.
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In this week's show Dave Baxter highlights some alternative assets which offer an attractive income, and suggests some investment trusts with which to access them. Mary McDougall explains how to work out your risk appetite, and why this might have changed as a result of the coronavirus outbreak. And Dave looks at why Scottish Mortgage Investment Trust has had to write down the value of some of its assets and how this has affected its performance.
On this week's IC Companies & Markets Show John Hughman and Phil Oakley talk about why investors should be wary of companies favouring buybacks over special dividends, and why the travel industry could prove a good contrarian investment
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On this week's show Dave Baxter looks at which parts of markets may present and suggests some funds with which to access them. Dave also explains why Perpetual Income and Growth Investment Trust has sacked its manager and what it is doing about replacing him. And Mary McDougall looks at how companies are still managing to hold AGMs, despite social distancing rules, and explains how you can still take part in these meetings.
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On this week's Companies & Markets Show editor John Hughman speaks to Alex Newman and the companies team about their hunt for safe sectors amid the Covid chaos, and Phil Oakley explains why investors in today's market should be paying more attention to the teachings of Ben Graham.
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This week Dave Baxter explains why despite increasing numbers of UK companies slashing their dividends investment trusts should be able to continue to deliver a reliable income. Rosemary Banyard, manager of VT Downing Unique Opportunities Fund, says where she is finding opportunities in the UK small and mid-caps space, and profiles two companies that are doing well now and should continue to deliver strong returns.
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On this week's Companies & Markets Show John Hughman talks to Megan Boxall about why Covid-19 could permanently change the way the world works, and Phil Oakley explains why he thinks talk of recovery is premature.
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On this week’s show Dave Baxter explains why funds which take an environmental, social and governance (ESG) investment approach have recently fared better. He and Steve Kenny, commercial director at Square Mile Investment Consulting and Research, consider whether ESG funds can continue to do well and explain why you need to carefully examine them before you invest. And Steve and Mary McDougall set out some sensible investment strategies for turbulent markets.
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On this week's Companies & Markets Show John Hughman talks to Alex Newman and Phil Oakley about how income-seekers can survive the dividend crisis, why Covid-19 may bring about much-needed changes in attitudes towards market and business risk, and a tech giant that should be on every investor's watchlist.
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On this week's Companies & Markets Show editor John Hughman talks to Megan Boxall and Phil Oakley about how science and government are mobilising their resources to beat Covid-19.
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On this week's Companies & Markets Show John Hughman and Phil Oakley survey the damage Covid-19 has inflicted on global stock markets and explain why investors need to prepare themselves for the very different world it could leave behind.
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With markets tumbling and economies on lockdown, much of this week's Budget was focused on tackling the worst effects of the coronavirus. But with some eye-grabbing initiatives in the pensions and Isa space, deputy personal finance editor Dave Baxter and Shore Financial Planning director Ben Yearsley discuss some of the implications the Budget could have on your finances.
Meanwhile investment writer Mary McDougall delves into a controversial sector – absolute return funds – and asks how effective they are in volatile markets.
On this week's show Jason Hollands, managing director at Tilney Group, explains why you should not panic sell during falling markets and sets out some suggestions on how to manage your money through volatility. Personal finance writer Mary McDougall explains why European equities can provide good investment opportunities despite economic problems. And Jason sets out some of the tax benefits of Isas and how you can save for retirement with them.
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On this week's Companies & Markets Show editor John Hughman talks to regular contributor and our new daily Market Outlook writer Neil Wilson to assess the prospect for markets as the economic impact of Covid-19 starts to show up in company updates.
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On this week's show James Norton, senior investment planner at VanguardUK, highlights some bad investment habits and steps you can take to avoid falling into them. Mary MacDougall profiles some of the more common investment scams and sets out some tips on how to avoid falling into them. And Dave Baxter and James profile Vanguard’s new self invested personal pension (Sipp), and look at how it compares to other platform Sipps.
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On this week's IC Companies and Markets Show John Hughman and Phil Oakley discuss the potential economic and market impact of the coronavirus.
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In this week's show Dave Baxter explains why holding different assets might not diversify your portfolio as much as you think and what you need to do to ensure that your holdings are really differentiated. Katie Potts, manager of Herald Investment Trust, explains why the UK offers good tech opportunities and she invests more in the home market than the US. She also profiles some tech stocks that have done well and explains why a holding under pressure is still a good company.
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On this weeks IC Companies and Markets Show editor John Hughman talks to commodities correspondent Alex Hamer and trader Michael Taylor about the latest twist in the Sirius tale, the surprising return of Gemfields, what the coronavirus means for precious metals, and the mineral complexities of electric vehicles.
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Andrew Ness, co-manager of Templeton Emerging Markets Investment Trust (TEM), explains how he tries to spot value and avoid traps, and what has recently contributed to the trust's performance.
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New BP chief executive Bernard Looney has stamped his authority on the company in his first month in the job, committing to getting the oil and gas supermajor to net zero carbon emissions by 2050. To do this, he will do away with the longstanding upstream and downstream divisions, although this is just about the only concrete detail available. In any case, this commitment marks a major change for the industry. We've brought in Panmure Gordon analyst Colin Smith to talk radical change in oil and gas, virtue signalling and the Looney revolution.
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On this week's show Dave Baxter looks at how a professional investor is managing UK equity risk, and which parts of the market and companies she thinks are worth it. Charlotte Ransom, chief executive officer of Netwealth, explains why you could lose money by trying to avoid certain risks, and sets out some strategies to help you stay invested while mitigating downside. They also consider whether a new type of report will help you establish whether funds are good value for money.
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On this week's Companies & Markets Show John Hughman and Phil Oakley talk about why directors should own shares in the companies they run, the attractions of Relx and Avon Rubber, and the madness of Ocado's valuation
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After a dramatic exit from London in 2017, Gemfields (SA:GML) is coming back. The emerald and ruby miner and Fabergé owner was taken off Aim by its major shareholder Pallinghurst, run by former BHP chief executive Brian Gilbertson. He and his son Sean had been involved in the precious stones company from the start, but the takeover saw a fight between the family and Gemfields management, led by chief executive at the time Ian Harebottle. In this episode of the Extraction Podcast, Sean Gilbertson – now chief executive of Gemfields – shows us stunning stones, explains why rubies, emeralds and sapphires are different from struggling diamonds and why he wants to keep the loss-making Fabergé in the portfolio.
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On this week's show Mary McDougall explains why professional investors don't think that the corona virus will impact China's long-term growth potential. Dave Baxter looks at when it is acceptable for funds to have a substantial allocation to cash. And Christine Ross, client director and head of private office at Handelsbanken Wealth Management, highlights some potential IHT changes that could affect the way you plan for this and which tax efficient wrappers will help you get the most out of your investments.
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On this week's Companies & Markets Show John Hughman and Phil Oakley talk about news that the CMA is planning to investigate competition across the UK and what it could mean for shareholders.
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On this week’s show Dave Baxter looks at how much money investors trapped in Neil Woodford’s former fund are getting back. Adrian Lowcock, head of personal investing at Willis Owen, explains how best to access illiquid assets and why investors shouldn’t panic in response to market volatility triggered by events such as the corona virus. Mary McDougall, meanwhile, sets out ways to ensure that you take part in votes on your listed investments.
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On this week's Companies & Markets Show Phil Oakley tells John Hughman why Auto Trader is one of his favourite businesses, asks if Apple's shares can continue to motor, explains why Unilever is stuck in first gear, and why BT and McCarthy & Stone could be heading for a breakdown.
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On this week’s show Rachel Winter, associate investment director at Killik & Co, considers whether gold is good way to diversify your portfolio and suggests some ways to get exposure to it. She also says what areas of commercial property look like they have better prospects, and explains why liquidity is an important issue when choosing a fund.
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On this week's Companies & Markets Show John Hughman and Phil Oakley talk about why Fevertree is losing its fizz, JD Wetherspoon's winning pub formula, and how the examples of PepsiCo and Sage show why UK investors should broaden their horizons.
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On this week's show Dave Baxter looks at what areas professional investors think could do well and how you can access them. David Jane, multi asset fund manager at Premier Miton, explains why he invests in some US equities despite arguably high valuations. And they highlight some areas of the bond market that should still deliver decent returns.
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On this week's Companies & Markets Show editor John Hughman is joined by full-time private investor and regular columnist John Rosier to hear about the winning formula behind his market-beating portfolio.
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On this week's show Dave Baxter looks at which regions generate the highest yields and best the funds to tap into them. Jonathan Moyes, head of investment research at Wealth Club, explains what VCTs and EIS are, how they can improve your tax efficiency, and who should consider investing in them.
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On the first Companies & Markets Show of the new decade, editor John Hughman talks to Phil Oakley about the quality strategy behind his Fantasy Sipp and new UK Quality portfolio, and why quality is still in short supply in the UK retail sector.
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On this week’s show Guy Anderson, manager of Mercantile Investment Trust, assesses the prospects for UK equities, and highlights the risks and opportunities among mid-caps. Deputy personal finance editor Dave Baxter highlights some funds that could benefit from a change in investor sentiment and action on an urgent issue.
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In this week's show Dave Baxter considers the prospects for emerging markets and Ben Seager-Scott, head of multi-asset funds at Tilney Group, suggests some funds for accessing them. They also assess the situation of UK equities and highlight some funds focused on the better areas of this asset class. And Ben explains why you can't ignore the US and sets out some ways to get exposure to it.
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On this week's Companies & Markets Show editor John Hughman talks to Algy Hall about why 2019 has been a good vintage for our Tips of the Year.
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After years in the doldrums, both sterling and domestic-facing UK equities have made large gains on the back of a successful general election for the Conservatives. But is it plain sailing from now on? Victoria Hasler, director for research and consulting at Square Mile, discusses what a long road to Brexit might mean for investors.
She and deputy personal finance editor Dave Baxter talk about whether the open-ended UK property funds, which have been struggling with Brexit-related uncertainty, are due a reprieve. They also look at what the future might hold for bond investors after a healthy 2019.
On this week's IC Companies & Markets Show editor John Hughman talks to Phil Oakley about the good, the bad, and the ugly of acquisitions.
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With property prices and equity markets rising for much of the last decade, more and more families are paying inheritance tax (IHT). IHT receipts hit a record high in the last tax year, but there are many individuals who could mitigate their final bill. In this week’s personal finance show, Foresight Group’s Hugi Clarke sets out what you need to know about IHT planning.
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On this week's Companies & Markets Show editor John Hughman talks to Phil Oakley about how to spot the signs that could derail a company's share price.
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The uncertainty hanging over UK equities has translated into less activity on the IPO front this year - but any clarity could spell an end to the bottleneck. Oliver Brown, manager of the MFM UK Primary Opportunities fund, talks about what this has meant for his fund and how investors can navigate the current situation.
He and deputy personal finance editor Dave Baxter also look at forced sales in the Woodford Equity Income fund, and whether there are more bargains to come for opportunistic investors.
On this week's Companies & Markets Show John Hughman and Phil Oakley talk to special guest Peter Higgins, founder of Conkers Corner, about his investment philosophy, the importance of research, and why investors shouldn't be afraid of doing nothing.
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Asia Dragon Trust (DGN) had not performed so well earlier in the decade, but last year and so far this year its performance has been much better. Adrian Lim, manager of this trust, which was previously called Edinburgh Dragon Trust, explains what brought about the improvement, and the main differences between his previous and current investment approach.
He also explains what his definition of a quality company is, how he goes about selecting one and highlights some holdings that he has recently added to the trust.
In this week's show Noelle Cazalis, co-manager of Rathbone Ethical Bond, explains how the fund outperforms many peers that don't have an ethical remit and some of the benefits of taking such an approach. Dave Baxter explains why value style investing might be making comeback and how establish which funds genuinely take a value approach.
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On this week's IC Companies and Markets Show editor John Hughman talks to Algy Hall about the dividend-paying small caps behind one of his most consistently-performing stock screens, and Nilushi Karunaratne explains how investors can tap into the UK's incredible progress on energy decarbonisation
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The deadline for constituency nominations for the 12 December general election has passed, providing interesting insight into potential outcomes. IG Index’s Jeremy Naylor and Damian Lyons Lowe of Survation break down the parties, their leaders and what they each must do to gain a political majority on election day.
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On the week's IC Companies & Markets Show editor John Hughman talks to Phil Oakley about the turnaround challenges faced by FirstGroup and BT, the marketing brilliance of Greggs and Fevertree, and a value opportunity in retail property.
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On this week's show Peter Walls, manager of Unicorn Mastertrust, a fund of investment trusts, sets out what he looks for when selecting holdings, and how he mitigates the added risks that come with the benefits of these funds. He also highlights some investment trusts he has recently added to. Deputy personal finance editor Dave Baxter, meanwhile, explains why professional investors are more optimistic and how they have changed their asset allocations to reflect this.
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Sam Cosh, manager of European Assets Trust (EAT), says how he selects smaller companies that should be able to make good returns through the economic cycle and profiles holdings that he thinks have good prospects going ahead. He also sets out some of the risks European smaller companies face and how he has positioned the trust to deal with this, and explains why the trust's performance has lagged in recent years.
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December's general election is being steered by Brexit and a slowing UK economy. Political economist Ruth Lea weighs up UK plc's strengths and weaknesses as the country enters uncertain territory.
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On this week's show Colin Low, managing director of Kingsfleet Wealth, sets out what you need to consider if you are invested in one of the former Woodford funds and wondering what to do next. He also considers if the Invesco Income and High Income funds' allocations to small and micro-caps are a serious risk, and highlights other funds invested in similar areas to these but which have more consistent track records.
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On this week’s Companies & Markets Show editor John Hughman talks to Neil Wilson, chief market analyst at Markets.com, about what dovish signals from the MPC mean for the market, the latest political problems for bookies, and why two retail bellwethers are struggling to revive their fortunes.
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James Harries built up a strong record as a global equity income investor at Newton Investment Management but four years ago left to join Troy Asset Management. He says how he runs the fund he currently manages, Trojan Global Income (GB00BD82KQ40), and how his approach differs to what he did at Newton. He also explains how he incorporates Troy's house emphasis on wealth preservation into his approach and why despite being able to invest across the world he thinks it's worth having a substantial allocation to UK equities.
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The general election offers markets hope for a turning point in the Brexit saga. IG's Joshua Mahoney and Joshua Warner assess the likely impact of the most widely predicted outcomes of the vote on the UK economy, and mull what they’d spell for sterling.
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Fresh twists and turns in the Brexit process have left UK equity investors with little certainty but plenty of potential opportunities. In this week's Personal Finance Show, Chelsea Financial Services managing director Darius McDermott looks at the impact future developments could have on both sterling and UK domestic assets, and what this means for portfolios.
He and deputy personal finance editor Dave Baxter also discuss the bigger question of whether value investing is finally due a comeback, and how this should feed into fund selection. We also look at the latest Woodford news and what the future might hold for his funds.
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On this week's Companies & Markets Show editor John Hughman talks to Simon Thompson about how his Ben Graham-inspired approach has delivered stunning gains from this year's Bargain Shares portfolio and why there could be more upside to come. Plus what the coming election could mean for the markets.
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Onthis week's show Dave Baxter looks at who Woodford Patient Capital Trust's new managers will be, what their experience is and what they will charge investors. Jon Forster, co-manager of Impax Environmental Markets, explains what areas the trust invests in, how he selects investments and where he is finding new opportunities.
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On this week's Companies & Markets Show editor John Hughman talks to trader Michael Taylor about a topic of much mystique – the role of market makers. Plus a look at the subject of a reader's email – the chart pattern of Sylvania Platinum and more.
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When will sterling start trading on fundamentals and not on Brexit? Will UK equities rise if there’s a deal? Peter Dixon, Global Financial Economist at Commerzbank mulls the markets as the uncertainty continues.
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In this week's show deputy personal finance editor Dave Baxter looks at why it was decided to close LF Woodford Equity Income Fund and what is going to happen to the other funds that were run by Woodford Investment Management. Rachel Winter, associate investment director at Killk & Co, explains what you should monitor to ensure your funds are still doing what they should be. They also consider the implications of growing trade tensions on equity markets, and if and what investors should do to protect against these.
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Editor John Hughman and Phil Oakley discuss the effect of a Brexit breakthrough on the stock market, Dominos beating a retreat from Europe, why AO World should do the same and why WH Smith is expanding its horizons globally
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A eurozone slowdown is anticipated, triggered by recession fears in Germany, domino effects from the US/China trade war and Brexit uncertainty weighing on potential growth. IG Senior Analyst Josh Mahoney and Daniel Lacalle of Tressis discuss how ECB monetary policy can best help to best mitigate economic woes throughout the bloc.
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Two years ago Alliance Trust (ATST) shareholders voted in favour of adopting a multi-manager approach, whereby a fund's manager outsources investment selection to other managers. Craig Baker, chief investment officer at Willis Towers Watson, and his team are responsible for doing this for Alliance Trust, so he explains how they have implemented this approach and how it differs from other multi-asset funds. He also updates on how the trust has performed since they took it over, how they select the managers likely to find the best stocks, and how they strike a balance between generating growth and income.
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On this week's show deputy personal finance editor Dave Baxter sets out the many uses of multi-asset funds. Rory McPherson, head of investment strategy at Psigma Investment Management, looks at how to mitigate downside via asset allocation, highlights the best bond options for income and explains why passive funds are not a good way to access this asset.
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On this week's IC Companies and Markets Show editor John Hughman talks to Algy Hall about why his UK-centric stock screen is shrugging off the Brexit blues, and updates from the high and low flyers from this year's Tips of the Year selection.
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After a decade of growth, is the US economy set to contract? Should positivity over unemployment reaching a 50-year low be tempered by signs of a slowdown in wage growth and a strengthening dollar? Danielle DiMartino Booth, Chief Strategist, Quill Intelligence and IG’s Chief Market Analyst, Chris Beauchamp, discuss the outlook for the world’s largest economy, and the options open to the Federal Reserve.
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On this week's show Andrew Cole, head of multi asset at Pictet Asset Management, explains to AIC broadcast journalist of the year Leonora Walters how to mitigate downside via portfolio diversification. He also highlights some of the main threats to and opportunities in equity markets, and says what areas of the bond market he thinks look like the best options at the moment.
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On this week's IC Companies and Markets Show editor John Hughman talks to Phil Oakley about what 'Drastic' Dave Lewis's departure will mean for Tesco, what lies in store for troubled Ted Baker and Revolution Bars, and why markets have been a sea of red this week.
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UK equities are out of favour with investors globally but Richard Penny, manager of FP CRUX UK Special Situations Fund (GB00BG5Q5X24), argues that this asset class still has a number of merits. He explains why UK equities could offer value and how to find stocks that are not value traps. He also highlights some stocks and sectors that could prove to be resilient, and deliver high returns on capital and growth – despite the challenges ahead.
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Another set of high level talks between the US and China are due to take place this month in the hopes of brokering a deal to put an end to the current trade war. In this episode, IG Index’s Josh Mahoney and Gabriel Wildau from advisory firm Teneo dissect the impact of tariffs, from China’s slowing economy to the countries looking to benefit from the supply chain disruption.
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On this week’s show, fund manager David Conlon talks about the advantages and challenges of investing for income via direct lending in the real assets universe. David also tells deputy personal finance editor Dave Baxter how his GCP Asset Backed Income fund is currently positioned and where the next investment opportunities might appear.
Elsewhere in the personal finance section, we look at the overlooked fund performers that could give your portfolio an edge. We also consider how ethical funds have performed versus their mainstream equivalents. And our latest fund tip puts forward a renowned outperformer that has started to look cheap after a market shake-up.
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On this week's Companies & Markets Show editor John Hughman rounds up a crazy week in politics and finance, talks to Algy Hall about his 'so bad, it's good' small-cap strategy, and Tom Dines about the retailers defying the high street gloom
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The UK economy's been slowing steadily for the past couple of years, and GDP contracted in Q2. As well as leaning heavily on the pound for three years, Brexit has impacted demand too. But what comes next, and can the UK economic outlook be down to the binary choice of a high stakes game of 'Deal or No Deal'?
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Orion Resource Partners is a major player in the mining space, with $6bn under management. Portfolio manager Philip Clegg talks us through his long-term investing approach and how he vets junior mining companies.
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Deputy personal finance editor Dave Baxter looks at how to use investment trusts to profit from unloved markets, out of favour areas and higher yields. Michael Martin, private client manager at Seven Investment Management, explains to draw a retirement income tax efficiently and why higher yielding investments aren't always the best option. And they consider the difficulties of choosing ethical and responsible funds, and set out some suggestions to help you find a fund that meets your requirements.
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On this week's IC Companies & Markets Show editor John Hughman talks to Phil Oakley about why Kingfisher is ripe for a breakup, why investors should look past the politics of JD Wetherspoon, and why more companies should report as transparently as Next.
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On this week's show David Liddell, chief executive of IpsoFacto Investor, explains how he helped put together the IC Top 100 Funds and how he homes in on a good fund. He also profiles a top performing fund he suggested adding to the list. Deputy personal finance editor Dave Baxter, meanwhile, looks at why Merian Global Investors is selling unquoted assets out of some of its funds.
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On this week's IC Companies & Markets Show editor John Hughman finds Phil Oakley in an unusually bullish mood, talking LSE, Apple, Ashtead & more.
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This week Tabula Investment Management founder Michael John Lytle talks to deputy personal finance editor Dave Baxter about the growing world of bond ETFs and where investors might still find a meaningful yield. And personal finance editor Leonora Walters looks at why equity income funds could be a good defensive growth play at a time of increased market risk.
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On this week's Companies and Markets Show editor John Hughman talks to Phil Oakley and Algy Hall about avoiding cyclical companies disguised as quality, and cycling companies disguised as technology.
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On this week’s show, personal finance editor Leonora Walters looks at another drastic move from Neil Woodford and the logic behind it.
And Ed Smith, head of asset allocation research at Rathbones, tells deputy personal finance editor Dave Baxter what the latest Brexit news means for UK equity investors.
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On this week's IC Companies and Markets Show editor John Hughman talks with Algy Hall and Alex Janiaud about toys, tariffs, and why the best way to play the booming global travel industry could be selling chocolate.
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On this week’s show Victoria Hasler, director for research and consulting at Square Mile Investment Consulting and Research, looks at the recent rush into bond funds, what’s driving it and whether now is a good time for investors to get involved with the asset class. And personal finance editor Leonora Walters looks at a new entrant in the real assets space and what it’s doing to stand out from the competition.
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On this week's IC Companies and Markets show editor John Hughman talks to Phil Oakley to talk about the wider implications of Greene King's takeover, what Persimmon's results tell us about the health of housebuilders, and the disconnect between bond and stock markets.
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Gold looks comfortable for the moment at $1,500 per ounce, as the US-China trade war rumbles on and bond yields go negative. But is it too late for retail investors to get on this train, and what does it mean for gold-related equities? We had a chat with World Gold Council chief market strategist John Reade about gold price drivers and the context for the current highs.
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On this week's show deputy personal finance editor Dave Baxter makes the case for dialling down the US component of your global equity exposure. Alex Brandreth, deputy chief investment officer at Brown Shipley, argues in favour of maintaining some exposure to this market, and suggests some approaches and funds via which to get exposure. They also debate the merits of UK equity income funds and highlight some of the better performers in this area.
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On this week's Companies & Markets Show John Hughman is joined by Simon Thompson to discuss the performance of Simon's Bargain Shares 2019 portfolio and what next for Burford and more.
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On this week's show deputy personal finance editor Dave Baxter explains why investors are piling into bond funds again and profiles a type of bond fund they are particularly keen on. Paul Syms, head of EMEA ETF fixed income product management at Invesco, makes the case for having exposure to this asset class at the moment – despite some risks – and accessing bonds via passive funds.
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On this week's IC Companies and Markets Show editor John Hughman talks to Phil Oakley and Michael Taylor about the bear attack on Burford Capital, gold's big bounce, and why a punt on Boohoo might buck the retail trend
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As global energy markets move towards lower-carbon sources, oil- and coal-exposed equities could lose their value. We spoke to Legal & General Investment Management's head of commodity research, Nick Stansbury, to get a clearer picture on this major shift.
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On this week's IC Companies and Markets Show editor John Hughman talks to contributor Michael Taylor about life as a full-time trader and what lessons long-term investors can learn from the techniques he employs.
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Extreme weather means John Hughman and Phil Oakley head to an Essex pub to record this week's IC Companies and Markets Show. We discuss yet another profit warning from Aston Martin, danger signs at Ted Baker, and why retailers like B&M and Amazon are bucking the trend. Plus an interesting value play in the energy sector.
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Lauren Peters, chartered financial planner at Fiducia Wealth, explains how to help your children manage their student debt and sets out some tax efficient ways to pass wealth to your children. Zayani Bhatt, meanwhile, explains why equity investors cannot ignore the US despite high valuations.
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On this week's show Tom Buffham, senior investment analyst at Octopus Investments, explains how emerging markets bonds can generate an attractive income and diversify portfolios.
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Digital editor Graeme Davies, specialist writer Phil Oakley and stock screens specialist Algy Hall discusses profit warnings, safe yields, AG Barr, Britvic and Fevertree and much more.
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Emerging markets are typically associated with the potential for strong growth. But Omar Negyal, co-manager of JPMorgan Global Emerging Markets Income Trust (JEMI), explains why emerging markets can also be a good source of dividends, and which areas and sectors offer particularly good opportunities. He also explains how he selects income stocks, and highlights some of the holdings that have helped this investment trust generate an attractive income.
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Joe Bauernfreund, manager of AVI Global Trust, explains how to spot a good investment opportunity at a discount and says why he thinks value investing is worth the wait. Zayani Bhatt explains why another fund manager argues that even if there is a hard Brexit a lot of new opportunities will arise, and profiles one of his picks.
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On this week's show digital editor Graeme Davies talks to Alex Janiaud and Harriet Clarfelt about our Income Majors special issue while Simon Thompson discusses how his 2019 Bargain Shares portfolio is performing with a focus on two investment companies.
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Andrew Lebus, lead manager of Pantheon International, a private equity investment trust, explains where you can find the best returns away from public markets and what you need to assess to find them. Personal finance writer Zayani Bhatt, meanwhile, explains the different ways in which young investors can start to build up retirement savings.
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Digital editor Graeme Davies in discussion with James Norrington and Alex Newman on the latest problems for Funding Circle, Jupiter's fund manager departure and the massive opportunities in the fin tech space both now and in the future.
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Hugo Ure, manager of Troy Income & Growth Trust (TIGT) and Troy Trojan Income Fund, explains how he manages to achieve a steady income and less volatile returns than many other UK equity income funds.
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On this week's show, Paul Major, co-manager of BB Healthcare Trust, explains how this fund is able to pay attractive dividends while investing in a growth area. He also profiles some of the healthcare sub sectors and companies which offer the best opportunities. Personal finance writer Zayani Bhatt, meanwhile, looks at a fund which provides a steady income, good total returns and portfolio diversification.
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The latest in the Woodford saga, how Trump's tariff war is starting to bite UK tech, BAE's Saudi sales threat, the opportunities in streaming and more as digital editor Graeme Davies discusses this week's issue with Alex Janiaud and Tom Dines.
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On this week's show Adrian Lowcock, head of personal investing at Willis Owen, explains why the level of illiquid investments in LF Woodford Equity Income Fund was of concern, and when this could be a problem for other funds. Phil Kent, lead adviser to GCP Infrastructure Investments, sets out the arguments for investing in infrastructure debt and says where he is finding the best opportunities in this sector.
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On this week's Companies & Markets Show editor John Hughman and Phil Oakley discuss what to do when it seems as though There Is No Alternative but to buy overpriced assets.
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On this week's show Victoria Hasler, research and consulting director at Square Mile, considers whether investors could have anticipated that LF Woodford Equity Income Fund would stop trading and what risks you have accept when investing. Zayani Bhatt, meanwhile, weighs up the risks and rewards of innovative finance Isas.
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On this week's IC Companies & Markets show, editor John Hughman is joined by Phil Oakley and Alex Janiaud to talk about signs of trouble in the car industry, fresh concerns about the Help to Buy Scheme, and why the hunt for quality is becoming a very crowded trade.
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In this week's show Paul Latham, head of tax products at Octopus Investments, explains what a venture capital trust (VCT) is, how it is tax efficient and how investors can use them in their portfolios. Zayani Bhatt, meanwhile, profiles a fund focused on a high growth region with the potential to ride out short-term economic and political problems over the long-term.
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On this week's IC companies and markets show editor John Hughman talks to Phil Oakley about why Hargreaves Lansdown could be the big loser from the Woodford Funds crisis, and why investors should consider splashing out for Auto Trader's premium-priced shares
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Ben-Seager-Scott, head of multi-aset funds at Tilney Group, joins the IC team to discuss the benefits and risks of ETFs, the roles they can play in a portfolio and which assets are best accessed via ETFs. They also profile two ETFs in the recently updated IC Top 50 ETFs list and look at an active fund which offers an attractive income and diversification.
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On this week's Companies & Markets Show editor John Hughman talks to Phil Oakley about a trio of interesting property plays and why investors should be on the hunt for unglamorous 'chuggers', such as Hollywood Bowl.
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On this week's Companies and Markets Show editor John Hughman talks to Phil Oakley about why the FTSE 100 is failing investors, why M&S may never regain its spark, and why the food industry may be facing lean times (and a couple of Phil's favourite shares to offset the gloom).
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In this week's Personal Finance Show, the team are joined by Huw Evans, chairman of the BH Macro investment trust (BHMG), to discuss how hedge funds can fit into private investor portfolios, what's changing in the notoriously expensive sector, and what kind of performance investors can expect when markets get volatile. Plus the latest changes to the Association of Investment Companies sector rules and definitions, and what this means for investors who use sector averages as benchmarks when finding funds.
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On this week's Companies and Markets Show editor John Hughman talks to Algy Hall about why a fantasy gaming company has proved such a lucrative investment, and why chasing tech unicorns might prove a fantasy too far.
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In this week's show Carl Harald Janson, manager of International Biotechnology Trust, sets out the arguments for investing in biotech companies and says which areas of this sector offer particularly good opportunities. He also explains how the trust gets exposure to unquoted companies and is able to pay attractive dividends. And personal finance writer Zayani Bhatt explains why you need to diversify your sources of equity income, and highlights a good area and fund with which to do it.
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On this week's IC Companies and Markets Show editor John Hughman talks to Phil Oakley about this week's big market news, including why Purplebricks' disruptive idea to revolutionise estate agency is proving a damp squib for investors.
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Technology businesses are at the heart of the UK economy and are playing an important role in driving growth across the country, from financial services and high-value manufacturing to retail and agriculture. According to digital secretary Jeremy Wright, the UK is “Europe’s undisputed tech hub”. There was a slowdown in growth at the end of 2019 due to political uncertainty but Bernard Brown, the vice chair of KMPG UK, says “buoyant staff hiring and capital expenditure plans are still in place for 2019. This confidence is reflected in the statistic that almost 50% of UK tech firms intend to add jobs over the next year, whilst many traditional manufacturers are considering moving jobs offshore. This demonstrates the strength and resilience of the UK tech sector in the new digital economy.”
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In this week's show David Smith, manager of Henderson High Income Trust, explains how investing in both bonds and equities helps its returns and where the best opportunities UK equity income opportunities are. Zayani Bhatt, meanwhile, sets out some ways to save for your children and grandchildren.
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Uncertainty over the future of the country led to a 13.6% fall in the FTSE All-Share Financial index last year, underperforming both the FTSE All-Share and MSCI World, which lost 9.5% and 3% respectively. We have seen strength come back into bank shares since the start of the year, and a number of the key metrics have improved, including the Returns on Capital, the Net Interest Margins, the level of impairments and the cost/income ratios. But the cost of the regulatory burden remains and until the Brexit impasse is resolved rates are unlikely to move much higher.
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On this week's show Iain Niblock, chief executive officer of Orca Money, explains what peer-to-peer lending is, and what risks and returns investors can expect. Deputy personal finance editor Taha Lokhandwala updates on Jupiter Asian Income Fund's performance and asset allocation, and profiles some stocks which are helping it deliver an attractive yield and return.
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On this week's Companies and Markets Show editor John Hughman talks with Harriet Clarfelt about the early signs from the US technology reporting season, and whether regulation and competition could see the FAANGs lose their bite.
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The FTSE 250 has experienced gains so far in 2019, but prior to that it endured a tough 2018. Investors still appear to be cautious about the outlook for the FTSE 250, since the majority of its income is generated from within the UK. This means that it is more exposed to the UK economy than the FTSE 100, and may have greater risk attached to it depending on how the Brexit process turns out. For example, over the last decade, the FTSE 100 has recorded a total annualised return of around 11%. While that’s an impressive rate of growth during what has been a bull market, the FTSE 250 has delivered an annualised total return of around 15% during the same time period.
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In this week's IC Companies and Markets Show editor John Hughman talks to engineering correspondent Alex Janiaud about the possible effects of Boeing's recent problems on the UK aero industry supply chain, and catches up with Phil Oakley about the companies that have caught his eye this week, including JD Sports and Galliford Try.
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In this week's show Chris Ralph, chief investment officer at St James's Place, considers whether Asian equities are on good valuations and what areas of this region offer the best opportunities.
Deputy personal finance editor Taha Lokhandwala looks at why investors have been piling into passive bond funds, and they discuss the merits of passive funds at this point in the market cycle.
Personal finance writer Zayani Bhatt, meanwhile, highlights some ways to save for retirement if you are self employed.
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Many funds put their assets directly into securities like shares or bonds, but some invest in other funds, such as Miton Global Opportunities (MIGO). The trust's managers, Nick Greenwood and Charlotte Cuthbertson, explain how to put together a portfolio of investment trusts and how they find the best opportunities. They also profile some recent additions they made to Miton Global Opportunities and highlight some areas where investment trusts could offer good opportunities.
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The cannabis sector is a nascent industry, where changes are happening quickly around regulations, laws, medical and production innovation. Some forecasts suggest that the world is witnessing the birth of an industry which could be worth from $500bn to $1tn. As of the beginning of 2018, there were already a dozen cannabis companies with a stock market value of more than $1bn and London-based firm Prohibition Partners says the European cannabis market will be worth €123bn (£106bn) by 2028. The leaders in Europe, for now, though, appear to be Aurora, Canopy, and Tilray.
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In this week's show Taha Lokhandwala explains what you should consider when a manager leaves a fund and profiles a recent departure that could be a problem for investors. He also looks at how Jupiter India Fund has been performing and why its manager thinks this month's election isn't a key concern. And Toby Vaughan, chief investment officer at Brown Shipley, considers the case for Asian equities, and highlights two developed markets that could be worth attention.
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On this week's Companies & Markets Show editor John Hughman is joined by Harriet Russell, who's signing off after five and a half eventful years covering pharma and retail with a week of big stories from both sectors – including good news for GSK and Tesco, and predictably bad news for Indivior and Debenhams.
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On this week's show Jason Hollands, managing director at Tilney, considers whether you should consider to invest in LF Woodford Equity Income Fund following a period of underperformance. Taha Lokhandwala looks at who will replace Alex Darwall as manager of Jupiter European Fund. And Jason sets out some strategies for getting the most out of your Isa.
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John Hughman and Phil Oakley discuss the mixed fortunes of five companies in the travel industry.
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Mobius Capital Partners' Carlos von Hardenberg and Taha Lokhandwala discuss the the pros and cons of emerging market equity investing, why the trust is shifting down the market cap scale to focus on smaller companies, and whether 'friendly' shareholder activism can produce superior returns. They also tackle topics such as how much macro economics determines which emerging markets perform, and whether the storm facing equities in the region will die down in 2019.
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In this week's show Rory McPherson, head of investment strategy at Psigma Investment Management, joins the IC team to discuss the merits of bond exchange traded funds (ETFs), recent movements in government bonds and the likelihood of a US recession. Deputy personal finance editor Taha Lokhandwala considers the effect of a manager departure at Newton Real Return fund, and Rory highlights some funds and strategies to help prepare your portfolio for difficult markets.
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Editor John Hughman talks to Phil Oakley about why the high margin businesses so prized by investors could be storing up trouble.
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Ruffer Investment Company (RICA) aims to preserve wealth and tries not to lose money over any 12 month period - rather than beat an index. Duncan MacInnes, co-manager of the investment trust, explains how they seek to mitigate downside and how they are protecting against the downside risks they are most concerned about at the moment. He also explains why in 2018 the trust made a negative return - a rare occurrence in its 15 year history - but how despite this blip they are clawing back performance with a positive return so far this year.
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On this week's show Udit Garg, head of wealth management at Sun Global Investments, explains why Asia has become a better area for equity income, and which countries and sectors offer some of the most attractive dividends. Taha Lokhandwala sets out the arguments for exposure to renewables infrastructure, and they consider if the high income on offer is worth the risks. Taha also highlights out some of the financial planning scenarios in which Isas and pensions can be very beneficial.
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On this week's Companies and Markets Show editor John Hughman talks to Phil Oakley about how the growth taps are running dry at JD Wetherspoon, while Tom Dines explains why shareholders have been left high and dry in the latest outsourcing collapse.
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Adrian Ash, director of research at BullionVault, sets out the case for investing in gold. The IC team look at which investment trusts have increased their dividends most consistently and which key attributes you should assess when choosing an equity income fund.
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Franchise saturation, shorting strategies and why a humble brick maker is one of Phil Oakley's preferred options in 2019. This week's Companies & Markets Show centres on some recent company results in light of our latest cover feature.
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Fevertree Drinks (FEVR) has become a darling stock for Aim investors, having risen over 1500 per cent since its initial public offering in 2014. Revenues grew to match the share price and now investors wait with anticipation as the company tries to break into the lucrative US market hoping punters pick up its premium-priced tonics and mixers. But, has the share price grown too far? Are there risks with its attempts to break into the competitive US market? Or is the current share price either accurate or even at a discount compared to the potential revenue growth on offer?
Listen to Investors Chronicle specialist writer Julia Faurschou and fund manager of the Merian UK Mid Cap Fund (GB00B1XG9482) Richard Watts fight it out in the latest Bull vs Bear podcast.
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David Liddell, chief executive of IpsoFacto Investor, joins Leonora Walters to weigh up the merits of UK commercial property and the best ways to access it. He also assesses the state of the UK equity market and suggests some funds to exploit any potential value. And he looks at how LF Woodford Equity Income fund has been performing and its moves to reduce its exposure to unquoted investments.
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On this week's IC Companies and Markets Show editor John Hughman talks to James Norrington and Phil Oakley about the relative merits of buybacks and dividends, and the thinking behind some changes to Phil Oakley's fantasy portfolio.
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On this week's show Adrian Lowcock, head of investing at Willis Owen, explains how investors can can make the most of their Isas to have the best chance of hitting their financial goals. Taha Lokhandwala explains how smaller companies can boost your portfolio's growth. And they explain why niche and thematic funds aren't necessarily the best way to get long-term growth.
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On this week's IC Companies & Markets Show, editor John Hughman and Phil Oakley chew the fat about what the BBC/ITV Britbox joint venture could mean for the UK media industry and why Amazon could end up the big winner in the streaming wars, and why M&S may have bitten off more than it can chew with its online shopping JV with Ocado. Plus some strong views on the Help to Buy housing scheme.
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On this week's show Shaniel Ramjee, multi-asset manager at Pictet, joins the IC team to look at why gold has proven to be a defensive asset and whether it is worth its price. He also explains what asset classes he is allocating to at the moment and why. And they also profile an equity income fund which targets the best dividend paying companies from across the world.
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On this week's Companies and Markets Show, IC editor John Hughman speaks to Emma Powell about how the UK's big banks are once again becoming income giants, and Julia Faurschou explains why consumer goods companies' shift to socially responsible strategies is paying dividends for the planet and investors.
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On this week's show Taha Lokhandwala explains why the prospects for European equities don't look great, and Colin Low, managing director of Kingsfleet Wealth, suggests some alternative ways to get exposure to developed markets equities. They also look at who will take over the running of Schroder Tokyo fund following Andrew Rose's retirement. And Colin sets out some suggestions on how to invest in a more ethical or socially responsible way.
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On this week's Companies and Markets Show, editor John Hughman talks to Phil Oakley about his new Quality Portfolio, asks if there's any puff left in Debenhams shares, and why discounted shares in a small industrial landlord could be worth snapping up.
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On this week's show deputy personal finance editor Taha Lokhandwala explains how to get the right asset allocation for your pension as you approach retirement. Iain Barnes, head of portfolio management at Netwealth, explains how to allocate and invest long term portfolios such as a pension. They also consider the importance of market factors and styles, and what is key when constructing a portfolio.
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On this week's Companies and Markets show editor John Hughman takes a sceptical look at Ocado and the broader grocery industry with Phil Oakley and Harriet Russell, plus why housebuilders may continue to surprise on the upside.
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Evy Hambro, manager of BlackRock World Mining Trust (BRWM), sets out the arguments for getting exposure to commodities via shares in mining companies and where to find the best opportunities in this area. He also explains why this investment trust had a difficult 2018, how the prospects for this area could improve and how he is also adding value by investing in unlisted holdings.
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Taha Lokhandwala looks at how Asian equities and funds have been performing. Rachel Winter, senior investment manager at Killik, considers whether it is a good time to allocate to Asian and frontier market equities. And they suggest some ways to identify and compare ethical funds that meet your criteria.
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On this week's Companies and Markets Show editor John Hughman talks to Phil Oakley about why private investors find it increasingly hard to follow the strategies of the investment greats.
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The team discuss extracting income from Asian equities and how infrastructure trusts fared in 2018.
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On this week's IC Companies and Markets Show editor John Hughman speaks to Phil Oakley about the dangers of dividend investing, why some active managers aren't worth their salt, and the risks of backing highly rated shares
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On this week's Personal Finance Show Ben Ritchie, manager of Dunedin Income Growth Investment Trust, explains why he has changed its investment strategy and where he sees the best opportunities in the UK equity market. And deputy personal finance editor Taha Lokhandwala weighs up the merits of using cash to mitigate market volatility.
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Editor John Hughman talks to James Norrington about why 'permabear' Albert Edwards could be right this time, and why value could finally regain its crown as the winning investment strategy
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This week Paola Binns, senior fund manager at Royal London Asset Management, considers how much of a risk interest rates are to bonds and explains how to find the best fixed income opportunities. Taha Lokhandwala looks at how Mid Wynd International Investment Trust's manager is implementing a two-pronged investment strategy and his perhaps surprising choice of defensive holdings.
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On the first show of 2019, IC editor John Hughman talks to Simon Thompson about how a shift in US monetary policy could give markets a lift, and why he's spotting plenty of UK share bargains, while Harriet Russell explains why some retailers have had a better Christmas than many expected.
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On this week's show deputy personal finance editor Taha Lokhandwala sets out some of his fund tips for 2019. He and Lauren Peters, chartered financial planner at Fiducia Wealth Management, consider the merits of UK equities and wealth preservation funds. And Lauren sets out her top tips for reviewing your finances and investment portfolio.
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Darius McDermott, managing director at Chelsea Financial Services and FundCalibre, suggests some asset allocations to address what could be a volatile year ahead for markets. Deputy personal finance editor Taha Lokhandwala looks at how taking a contrarian value approach has played out for Scottish Investment Trust (SCIN). And Darius weights up the merits of allocating to alternative assets and suggests some funds for getting exposure to them.
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Unlike many other funds, BMO Managed Portfolio Trust (BMPG) doesn’t invest its assets directly into shares or bonds, but rather into other investment trusts. Its manager Peter Hewitt tells personal finance editor Leonora Walters what his process is for selecting investment trusts, and what are some of the most important things investors should consider when choosing trusts for income and growth. He also profiles some of the trusts he has recently invested in and flags the areas of the investment trust universe he thinks could offer good opportunities in 2019.
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Numerous psychological factors push investors into making mistakes. Victor Ricciardi, author and Assistant Professor of Financial Management at Goucher College, Maryland, and Oliver Smith, Portfolio Manager at IG, discuss how the fear of missing out or looking to make maximum returns without considering the risks can be controlled, and the crucial role played by portfolio rebalancing.
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On this week's show Adrian Lowcock, head of personal investing at Willis Owen, joins the team to look at what drove markets in 2018 and what might shape the investment landscape in 2019. They assess the prospects for areas including UK equity growth and income, China and tech shares.
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As 2018 ends with UK equity markets on shaky ground, big clouds hang over many sectors for the year ahead. From struggling high street retailers to safe property plays, and buoyant industrials to takeover-ripe payments firms, our companies writers look at the themes which are set to dominate 2019, whichever way near-term political sentiment blows.
Produced by Dominic Toms. Featuring music by Scotch and Soda feat. Pastor McPurvis.
The psychology of investing is different to the psychology of trading. Longer time horizons mean the investor’s mindset needs to be different to that of a trader. Self-made millionaire investor and author Mark Shipman and Oliver Smith, Portfolio Manager at IG, discuss how to ignore short-term noise, hold your nerve in times of market volatility, and retain focus on long-term targets.
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On this week's Personal Finance Show, the team are joined by Peter Elston, chief investment officer at Seneca Investment Management, and Dave Baxter, deputy editor of Money Management and Asset Allocator, to discuss how investors should prepare for potential volatility in stock markets next week.
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On the week's Companies & Markets Show IC editor John Hughman talks to Julia Faurschou and Phil Oakley about two companies turning their backs on North American expansion, and two very UK-centric companies faring rather better than you might expect.
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Every trader makes mistakes. But there are a number of things you can do to minimise those occasions. Andreas Clenow, Chief Investment Officer at ACIES Asset Management, and Chris Beauchamp, IG's Chief Market Analyst, share their thoughts on how to avoiding making mistakes. Solid preparation, sticking to a trading plan, keeping records and cutting losses quickly can make a big difference.
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On this week's Personal Finance Show, the team discuss how politics and central banks dominated the news agenda this week, and how bizarre comments from across the pond sent US equities higher. Investors Chronicle economist Chris Dillow and manager of the Odyssean Investment Trust Stuart Widdowson explainwhat the Bank of England report on Brexit really means, and what signs investors should use to decide asset allocation. Stuart talks about the impact of political uncertainty on UK equities and what this has meant as a fund manager and deputy personal finance editor, Taha Lokhandwala, and Chris discuss this week's Portfolio Clinic.
On this week's IC Companies and Markets Show, editor John Hughman talks to Alex Newman about what could be the twilight of the oil industry, while Phil Oakley explains why the share prices of some former investor favourites are on the slide.
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In trading, you can make more losing trades than winning trades and still make money. But while it is key to always cut losses and run profits, that can be harder than it sounds. Pride means wanting to be proved right, while fear can drive us to grab at profits. Bestselling author and founder of TurtleTrader.com Michael Covel, and self-made millionaire investor and author Mark Shipman mull taking the correct psychological approach with each trade.
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In this week's show David Cornell, manager of India Capital Growth Fund, says where he is finding the best growth opportunities in the Indian market. Deputy personal finance editor Taha Lokhandwala profiles some financials funds that are turning to tech, and David explains why two of his largest holdings are technology companies.
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On this week's IC Companies and Markets show editor John Hughman asks Harriet Russell whether Black Friday could mean more pain for UK retailers, and speaks to Phil Oakley as his quest for quality shares sees him take to the skies and the bottle.
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Fear can be a problem for traders, but over-confidence can be just as damaging. Trading can bring moments of euphoria, but it can be psychologically tough when things are going against you. Author, fund manager and industry expert in futures and hedge funds Jack Schwager and IG Analyst Joshua Mahony discuss the impact that fear, greed and bias can have on trading, and give their thoughts on how a trading plan and technical analysis can take the emotion out investment.
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Peter Walls, manager of Unicorn Mastertrust, considers how conventional this year's equity investment trust launches are and whether it's a good idea to invest in IPOs. He also highlights two investment trusts for growth and income, and set out the contrarian case for UK equities.
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On this week's Companies and Markets Show editor John Hughman talks to Harriet Russell and Julia Faurschau about the ongoing struggles of the retail and travel industries, and how AstraZeneca has delivered a rare ray of sunshine in a difficult market.
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Spreads and commissions mean you are in a losing position as soon as you enter a trade. Some very human responses can then exacerbate the situation, causing you to snatch at profits and run losses. Brett Steenbarger, trader, author and Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University, and IG Analyst Chris Beauchamp discuss tools and techniques for mastering markets.
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Michael Ingram, chief market strategist at WH Ireland, and deputy personal finance editor Taha Lokhandwala consider which kind of defensive income shares should provide the best protection in falling markets. Emma Agyemang explains how an allocation to unquoted investments has boosted Scottish Mortgage Investment Trust's returns. And Michael considers the outlook for US equities following the recent election there.
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On this week's IC companies and markets show, editor John Hughman talks to Phil Oakley about why we should be wary of adjusted profits, and Harriet Russell explains what two major retailers need to do to get back on track.
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Investing in debt is possibly the most challenging it's been in almost ten years. Krishna Memani, CIO and Head of Fixed Income at Oppenheimer Funds, and Oliver Smith, Portfolio Manager at IG, investigate the opportunities available in an environment where the general direction of rates is upward as central banks tighten their fiscal policies.
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In this week's show Anna Sofat, founder of Addidi Wealth, looks at some changes announced in the budget that could have a significant effect on your wealth sooner than expected. She and the IC team also consider what effect the abolition of PFI could have on infrastructure funds, and if emerging markets can continue to grow despite this year's volatility.
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On this week's IC companies and markets show editor John Hughman is joined by Megan Boxall and Phil Oakley to discuss a busy week on the markets, including how Restaurant Group's latest acquisition could leave it with indigestion, why China is on course to become the world's biggest healthcare market, and the biggest stories from this year's Budget.
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Is demand from China the dominant factor driving oil and metal markets, or is its influence overstated? Ed Morse, Global Head of Commodities Research at Citigroup, and Josh Mahony, market analyst at IG, give their opinions, and discuss trading strategies for the coming months.
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Mike Schozer, chief investment officer at Hadrian’s Wall Capital, explains how to get a high income from small to medium-sized enterprise loans. The IC team also explain why it could be beneficial to get exposure to a geographic region via more than one fund, and why selling a fund at the right time is as important is buying it at the right time.
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Megan Boxall talks to Phil Oakley and Harriet Clarfelt about the importance of good growth and how to spot the companies which may be growing badly. Phil’s column this week focuses on when to pay up for quality – good growth is the key.
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The US tech sector has been on a tear, driven by the likes of Facebook, Apple, Amazon, Netflix and Google's parent, Alphabet. Charlene Li, Principal Analyst at Altimeter, and Chris Beauchamp, Chief Market Analyst at IG, discuss whether there are more trillion-dollar valuations to come, or if there's a 2000-shaped bubble on the cusp of bursting.
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In this week's show Alex Brandreth, deputy chief investment officer at Brown Shipley, considers whether this year's steep falls in emerging markets means they're a bargain or cheap for a good reason. Deputy personal finance editor Taha Lokhandwala outlines one of the many interpretations of sustainable investing, and he and Alex explain why investors should have a good sell discipline. Personal finance writer Emma Agyemang, meanwhile, profiles a new fund which will be managed by star smaller companies managers Paul Marriage and John Warren.
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John Hughman discusses a busy week for the retail industry with Harriet Russell, including the good (Ted Baker), the bad (Superdry) and the ugly (US giant Sears, which filed for bankruptcy protection this week), while Megan Boxall talks about how to spot a bad IPO.
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Is the bull run finally coming to an end, or can stocks keep rising? Liz Ann Sonders, Chief Investment Analyst at Charles Schwab, and IG Chief Market Analyst Chris Beauchamp discuss the economic factors that could impact equity markets, and which warning signs merit the most investor attention.
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In this episode of Boardroom Talk, Harriet Russell talks to Colin Porter and Marc Dench, chief executive and chief financial officer at clothing chain Joules. It's a tricky time for retail, in a market clouded by the dominance of the internet. But Joules' bosses think there's life in the high street yet, and especially in their 'multichannel' strategy.
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In this week Personal Finance Show the team are joined by Rachel Winter, senior investment manager at Killik & Co, to talk about the week's equity market volatility and what investors should, and should not, be doing about it. We go through the main drivers behind the turbulence, what this means for the outlook for a range of asset classes, and also how correlations between different assets is changing the way we construct portfolios. Emma Agyemang gives an update on potential new rules for property funds, which could affect how often investors trade, and there's also a discussion about the new Smithson Investment Trust, which IPOs later this month.
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In this week's IC companies and markets show editor John Hughman is joined by Phil Oakley and Megan Boxall to discuss a turbulent week on the markets, why understanding cashflow could help you avoid painful share price falls, and consumer trends with big implications for all investors.
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2018’s boom in cryptocurrency prices ended abruptly at the start of this year, leaving some speculators with huge gains and late entrants with big losses. Prices for the likes of Bitcoin are well below their highs, but volatility remains and interest is still high. So what next for the cryptocurrencies and where do prices go now? Crypto analyst and trader Tone Vays and DailyFX analyst Nick Cawley discuss.
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In an exclusive interview with the IC’s Julia Faurschou, Tim Martin, founder and chairman of JD Wetherspoon talks Brexit, debt and strikes and reveals why he thinks his pub chain is “the grooviest”.
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The ONS is going to release its GDP growth figures next week with the expectation of positivity amid the uncertainty surrounding Brexit and the country's future trading relations.
To discuss this in this week's Personal Finance Show, the team is joined by Merchants Trust (MRCH) manager Simon Gergel, who also reflects on how recent outflows from the UK market have left value opportunities in income major stocks.
Emma Agyemang provides an update on changes at Fidelity, following the announcement that Ian Spreadbury, Strategic Bond (GB00B469J896) and MoneyBuilder Income (GB00B3Z9PT62) fund manager, is going to retire at the end of the year.
This is also a segway into a chat about retirement and the big mistakes people always make and how to avoid them.
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Megan Boxall talks to Phil Oakley about what to look for in a quality company and why Spirax-Sarco fits the bill. Mark Robinson has taken a (virtual) trip across the pond for evidence poor corporate governance – Tesla. In this week’s podcast, the UK (like it did along with Europe in the Ryder Cup) has trumped the US.
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Central bank policy is no longer as major a driver for currencies as it was. Trade wars, emerging market instability, basket selling and Brexit are pulling currencies in different directions. Hans Redeker, Global Head of Foreign Exchange Strategy at Morgan Stanley, and Nick Cawley at DailyFX discuss the mid-term outlook for forex markets.
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Another important week for investment markets as the US Federal Reserve raised interest rates once again, and said there was plenty to more to come. In this week's Personal Finance Show, the team discuss with Chris Dillow, Investors Chronicle economist, the impact of the rate rise and which asset classes might be affected. There's also a discussion on Good Money Week, which starts on Monday and is used to promote responsible investing. Emma Agyemang, personal finance writer, gives us her take on an ethical fund, and also on a new multi-asset income fund from Jupiter. The team are joined by Rob Powell, investment strategist at iShares, who gives a fascinating explanation on thematic investing, how it can help portfolios and also what themes over the next decade investors might want to get involved in.
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John Hughman talks to Tom Dines about how ethical investing is moving into the mainstream, Julia Faurschou explains why Labour may get their wish when it comes to renationalising the railways, and Megan Boxall wraps up the long-running Sky takeover saga.
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Fund management changes are always difficult to manager for both firms and investors. But sometimes, they can be planned for meticulously. Axa IM's Chris St John has been in line to replace Nigel Thomas on the
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The team are joined by Alex Neilson, investment manager at Investec Click & Invest, to discuss recent investment and market news including inflation and emerging market volatility.
There's a discussion about the spike in inflation to 2.7 per cent and what this might mean for interest rates and inflation-linked bonds, and also why the latest round of anger between the US and China did not impact markets, and what might be needed for positive sentiment to stay the course.
Emma Agyemang, personal finance writer, gives us an update on management changes at the IC Top 100 Schroder High Yield Opportunities Fund (GB00B5143284). She also profiles a Chinese equity fund at a time when markets could be providing an attractive entry point.
This week editor John Hughman talks to James Norrington about how past market experiences can lead us to make bad investment decisions, while Phil Oakley explains why two cyclical companies – Aston Martin and Ashtead – are being valued very differently.
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In this episode of Boardroom Talk, Julia Faurschou speaks to Daniel Kos, chief financial officer at PPHE Hotel Group, about the company’s recent set of interim results and the outlook for the hotel sector. PPHE Hotels has been spending on refurbishments and acquisitions, and benefited from the recent spell of warm weather and the World Cup. But Julia questions the competitive nature of the UK hotel market, especially considering PPHE’s position on the premium end of the sector.
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IC Top 100 Funds 2018, avoiding dividend concentration and investment trust launch
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On this week's IC Companies and Markets Show, editor John Hughman talks to Megan Boxall about a British company readying itself to tackle the US opioid crisis and an ambitious care home merger, while Tom Dines explains how trade wars could derail the UK's recruitment industry, and why utilities are once again under the kosh.
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On this week's show the team are joined by James Thom, manager of the Aberdeen New Dawn Investment Trust (ABD), to discuss the recently volatility in Asian equity markets. James gives an explanation of what's been driving the sell-off, an outlook for the rest of the year, and discusses what investors should expect from regional behemoths China and India. Emma Agyemang gives an update on Terry Smith's new investment trust, and whether converting his investment style to smaller companies will work. The team also discuss annuities, and why the once mandated retirement insurance product might be making a come back in popularity, and how you can use them to fund your retirement.
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On this week's show Harriet Russell is joined by healthcare writer Megan Boxall to discuss the burgeoning medicinal cannabis market, while Julia Faurschou talks about the recreational opportunities now marijuana has been legalised in her native Canada. Also, Coke buys Costa, animal health and a handful of results.
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In this week's show Richard Aston, manager of CC Japan Income & Growth Trust, tells Emma Agyemang why cash-rich Japanese companies are increasing dividends. Personal finance editor Leonora Walters answers a reader's question on whether equity investment trusts should be considered higher risk. And the team discuss Standard Life UK Smaller Companies’ upcoming merger with Dunedin Smaller Companies.
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On this week's IC Companies and Markets Show editor John Hughman talks to Megan Boxall and new recruit Phil Oakley about why we need to be careful of falling for investment narratives, while Alex Newman explains why he thinks there's hidden value in some unloved mining shares.
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When it listed in London in March, Energean Oil & Gas (ENOG) became the sector's largest IPO in nearly four years. So why were investors will to part with $460m in fresh equity after so long on the sidelines? For this episode of the Extraction Podcast, Alex Newman speaks with Energean chief executive Mathios Rigas about the company's plans, the future of Israeli gas, and doing business in the Eastern Mediterranean.
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Hannah Goldsmith, founder of independent financial adviser Goldsmith Financial Solutions, explains why trying to time the market is a bad idea. Personal finance writer Emma Agyemang profiles an absolute return fund that has delivered on its aims and Hannah outlines some ways to mitigate downside in your portfolio.
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Mark Robinson is joined by Simon Thompson to discuss prospects for the small-cap space as US equity markets prepare to celebrate an unprecedented 10-year bull run. Mark’s also joined by the IC’s Harriet Clarfelt, who gives a rundown on some of this week’s tip updates.
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Many successful businesses with global earnings are listed on markets in continental Europe, some of which are exposed to faster-growing regions of the world. So not surprisingly European stock markets can deliver very good returns, which has been of benefit to funds which invest them such as Henderson Eurotrust, which is run by our guest Tim Stevenson. However, the European economic situation has not been nearly so good in recent years and regional politics can be relatively unstable, and these can have a detrimental effect on share prices. In our latest interview, Leonora Walters and Mr Stevenson discuss the effect of European politics on stock markets and Henderson Eurotrust.
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You don’t survive 200 years against a perpetually evolving industrial landscape by accident. This week the IC is speaking to Anna Manz, chief financial officer of Johnson Matthey, to find out what lessons we can take away from one of the UK’s most venerable corporate entities.
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In this week's Personal Finance Show the team is joined by Morningstar's chief investment officer Dan Kemp to discuss investment news – namely UK inflation and how to beat it, what investors should be thinking about when it comes to the Turkish Lira crisis, the latest developments in Peer to Peer lending and income investing.
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On this week's IC Companies and Markets show editor John Hughman talks to Harriet Russell about how social media - and Mike Ashley - is transforming retail, while Alex Newman explains why gold is in the doldrums and what that means for miners
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On this week's show Ryan Hughes, head of active portfolios at AJ Bell, tells Emma Agyemang why the dollar has strengthened so dramatically this year and how to take advantage of it.
Taha Lokhandwala looks at the different ways you can use Aim shares to cut inheritance tax for your heirs.
The team also discusses the launch of an investment trust by veteran emerging markets investor Mark Mobius. And whether the slump in emerging markets makes now an attractive entry point.
Private equity may conjure images of the super rich, but it is more accessible than many realise. In the latest Companies & Markets Show, Megan Boxall talks to Emma Powell about why private equity shouldn’t be ignored. Also, big banks, estate agents and interest rates.
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A strong run for the US equity market has led some investors to focus on what they consider to be cheaper markets. But James Thomson is sticking with the US, where more than half of Rathbone Global Opportunities Fund's (GB00B7FQLN12) assets are invested. He explains why this global fund has such a high allocation to this market, which kinds of US company he thinks are attractive and why it holds a 'defensive bucket' alongside innovative growth stocks.
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On this week's show Rory McPherson, head of strategy at Psigma Investment Management, explains why it could be useful to have an allocation to commodities in your portfolio. Taha Lokhandwala profiles a fund which has made triple digit returns by investing in deep value stocks, and explains how to get the best rates on cash.
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This week, IC editor John Hughman talks to Megan Boxall about uncertain tech giants and aged media empires, and to Alex Newman about uncertain oil giants and aged populations.
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In the latest episode of Boardroom Talk, Harriet Clarfelt talks to Stephen O'Hara, founder and chief executive of OptiBiotix. The group has enjoyed decent share price growth in recent months thanks to excitement surrounding microbiome modulation - where OptiBiotix is among the UK's most innovative researchers. But Harriet questions whether that is sustainable in the absence of any sales forecasts and the uncertainty surrounding its product development.
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Robotic profits and UK income value In this week's show Tom Riley, manager of AXA WF Framlington Robotech Fund, explains the potential is for robotech technologies and what companies this fund invests in to get exposure to them. Deputy personal finance editor profiles a new fund that will focus on UK value income opportunities and highlights some of the findings of an FCA investigation into investment platforms.
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On this week's companies and markets show IC editor John Hughman talks to Megan Boxall and Julia Faurschau about the pick of this week's news and results, including why Ryanair is struggling with rising tensions in the airline industry, what we like about strategic shifts at GSK and ITV, and why the party for Fevertree shareholders could run on and on.
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Within the past five years, Japan's corporate culture has undergone a seismic change. The government has implemented a new code of conduct for businesses forcing them to be more focused on shareholder returns.
Naturally, equity investors in Japan have been buoyed by such a change.
Nicholas Weindling, manager of the JPMorgan Japanese Investment Trust (JFJ), joins us to discuss how equity investing is changing in Japan, what opportunities the code has thrown up, and how he is taking advantage of this in his portfolio.
In this latest episode of Boardroom Talk, Jonas Crosland is joined by the founder of Reditum Capital, Mark Stephen, to discuss the housing market, inflation and margins and their impact on the real estate market.
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Nick Barker, director of GCP Student Living, tells personal finance writer Emma Agyemang what's driving opportunities in the student accommodation market. Taha Lokhandwala, deputy personal finance editor, looks at why British Empire Trust (BTEM) are planning to launch a Japan equity investment trust. And he also investigates whether funds that invest according to environmental, social, governance (ESG) criteria could offer protection in falling markets.
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IC editor John Hughman talks to Julia Faurschau about why we still think the Royal Mail shares won't deliver, and Jonas Crosland explains why it pays to be picky in the housebuilding sector.
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In this special podcast, Harriet Russell and Megan Boxall went to Wembley Stadium to interview investors in retail giant Marks & Spencer. The Annual General Meeting has historically been an opportunity for shareholders to vent their frustration at the group’s management, but investors seemed largely satisfied with the work of Archie Norman and Steve Rowe. It’s early days though.
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The saga engulfing the Invesco Perpetual Enhanced Income (IPE) investment trust came to an end last month following on from a dispute between the investment manager, Invesco Perpetual, and the board. Peter Hewitt, shareholder and manager of the F&C Managed Portfolio Trust range, and Emma Agyemang, personal finance writer at Investors Chronicle, talk through the episode, the final resolution, and what investors should do when corporate spats affect an investment trust's share price. Peter also discusses how he goes about building his portfolio of investment trusts, what he looks for in a fund, how he reacts to share price premiums and discounts, and why he chooses to solely use investment trusts over other collective investment funds.
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IC editor John Hughman talks to Emma Powell and Julia Faurschou about banks and tobacco, two of the biggest components of this year's Income Majors feature.
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Main market-listed Berkeley Energia (BKY) is building a uranium mine in Western Spain. Permits and funding have been secured, and many market watchers believing prices can only go up. But not everyone is happy with the development. For this episode of the IC's Extraction Podcast, resources writer Alex Newman talks to Berkeley CEO Paul Atherley about the group's aversion to debt, the uranium market, nuclear energy and local opposition.
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In this week's show Emma Agyemang explains why it is important to take the correct amount of risk and how to work out what level is
appropriate for you. Tamsin Hazell, chartered financial planner at Succession Wealth, sets out the steps you need to take for retirement planning in your 50s. And Emma looks at what funds Schroder UK Growth Fund's former manager will take on next.
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On this week's IC Companies and Markets Show editor John Hughman talks to Harriet Russell about the latest twists in the surprisingly exciting tale of grocery retailing, while Megan Boxall introduces her new seven-step approach for de-risking biotech investing.
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Deputy personal finance editor Taha Lokhandwala is joined by Sam Handfield Jones, head of cash at Octopus Investments, Sophie Kilvert, private client manager at Seven Investment Management and James Norrington, specialist writer at the IC, to discuss the best ways investors can get more out of their cash by making small and active changes, along with looking at the pros and cons of cash fund alternatives.
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In this week's show Taha Lokhandwala and Patrick Connolly, chartered financial planner at Chase de Vere, explain why Asian equities look attractive at the moment and suggest good ways to access them. Emma Agyemang explains why a proposed merger between Dunedin Smaller Companies Investment Trust and Standard Life UK Smaller Companies Trust would benefit their shareholders. And Patrick sets out some planning strategies to help mitigate inheritance tax.
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On this week's Companies and Markets Show IC editor John Hughman talks to Megan Boxall and Harriet Clarfelt about what makes a good Aim IPO, and why sport and investing have not always proved happy bedfellows.
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The team is joined by Darius McDermott, managing director at Chelsea Financial Services, to discuss what impact the increase in trade tensions between the US and China could have on investors' portfolios. Plus how absolute return funds could help mitigate downside in your portfolio and why spending more money in retirement could be something to consider.
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On this week's show IC editor John Hughman asks Algy Hall whether the good times are well and truly over for UK housebuilders, and speaks to James Norrington about why the active vs passive funds debate is a red herring for investors.
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In this week's show Tim Crockford, manager of Hermes Impact Opportunities Equity Fund, explains what impact investing is and how he implements the strategy in his fund. The IC team also look at how certain trading strategies can boost the returns you get from passive funds, and which areas of the bond market still offer value.
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IC editor John Hughman talks to Alex Newman about why private investors need to think more like hedge fund managers, while companies editor Mark Robinson gives the lowdown on a turbulent week at Rolls-Royce
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Leonora Walters interviews fund manager Joe Bauernfreund of Asset Value Investors on how he seeks value for the British Empire Investment Trust
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In this week's show, deputy personal finance editor Taha Lokhandwala considers whether sentiment on some UK stocks is too negative and could therefore offer hidden value opportunities.
Adrian Lowcock, investment director at Architas, explains how asset allocation can play an important part in boosting investment returns. He also analyses the current macro-economic background and suggests which asset classes could be set to do well.
And the two pore over the attributes of a new fund that invests in alternative assets and is targeting a yield of 5 per cent.
IC editor John Hughman talks to Harriet Clarfelt about double-or-nothing small cap shares, while Emma Powell explains the challenges facing the UK's big banks.
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In the nine months since Jim Johnson became chief executive officer of Hunting, shares in the oil services group have doubled. Rocketing oil prices and a booming US market have of course helped, but is growth assured even if WTI crude drops back down to $60 a barrel? For this episode of the Investors Chronicle's Extraction Podcast, Mr Johnson speaks with resources writer Alex Newman about North American shale, the long-term health of the oil industry, and Hunting's return to the dividend list.
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On this week's show Ben Gutteridge, head of fund research at Brewin Dolphin, joins the IC team to discuss the growth and value opportunities on offer in Japan. He also considers whether recent political and market turmoil in Europe means this is a no go zone for investors. And they highlight some ways to give your children or grandchildren a financial head start in life.
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In this week’s show IC editor John Hughman discusses yet another retail calamity with Harriet Russell, and Julia Faurschou gives us the lowdown on the best prospects for the UKs gambling companies.
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Impairments as a proportion of revenue are rising at motor finance group S&U (SUS) and yet, the share price has stormed upwards since the start of 2018. In this episode of Boardroom Talk, Emma Powell grills chief executive Anthony Coombs on the impairments and whether they are more of a concern than investors seem to think.
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On this week's show deputy personal finance editor Taha Lokhandwala explains how he put together the latest version of the IC Top 50 ETFs, what the list aims to do and how he selected the funds. Sophie Kilvert, private client manager at Seven Investment Management, considers the merits of passive investing and what effect a fall in inflation could have. And they debate the merits of investing in mainland China.
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On this week's show IC editor John Hughman asks Harriet Russell whether M&S could be about to turn a corner, and speaks to Megan Boxall about the London market's video gaming renaissance.
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Calum Bruce from the Ediston Real Estate Investment Trust joins the IC's Megan Boxall and Harriet Russell to discuss whether the future of retail is on the high street or in out-of-town shopping centres.
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On this week's show Tim Stubbs, consultant at TS Investments, joins the IC team to consider the case for emerging markets equity income. They also look at the risks of having high financial exposure to your employer and why UK equities could be an opportunity despite hitting a new high.
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On this week's podcast IC editor John Hughman is joined by Harriett Russell to discuss how investors can protect themselves from audit failures, and speaks to investment trust columnist about John Baron about the strategies and themes behind his portfolios.
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GlaxoSmithKline (GSK) is a company that divides opinion and therefore an ideal candidate for the IC's Bull vs Bear series. In this episode, Simon Gergel from the Merchants Trust argues the bull case against the ICs pharma specialist (and GSK sceptic), Megan Boxall.
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On this week's show Nicholas Wall, manager of Old Mutual Global Strategic Bond Fund, explains how central bank policy is affecting bonds and highlights the areas of fixed income which offer the best opportunities. The IC team also look at why if you want top performance, you have to pay the price.
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In the wake of the US withdrawal from the Iran nuclear deal, IC editor John Hughman talks to Alex Newman about the state of the oil market, and why investors need to be selective despite the rising price of barrels. Apologies for the sound quality on this episode. We've had a few technical issues this week as the team explain.
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In this special edition podcast, sectors editor and retail reporter Harriet Russell takes a trip to the Shoe Zone store in Gallion's Reach, East London, with chief executive Nick Davis and chief financial officer Jonathan Fearn to discuss the company's strategy amid a challenging retail market.
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On this week's show Alex Brandreth, deputy chief investment officer at Brown Shipley, explains why bonds are in a more difficult environment and what the best way to get exposure to them is. He and the IC team look at why European equities could be about to do better, and what Nigel Thomas's retirement means for AXA Framlington UK Select Opportunities Fund.
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IC editor John Hughman is joined by Harriet Russell and Megan Boxall to discuss whether Sainsbury's swoop on Asda will leave shareholders in the money, and why a wave of M&A could also be about to hit the global pharmaceutical industry.
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Walter Price, portfolio manager of Allianz Technology Trust, has 30 years of investment experience in the global tech sector. In this special podcast, he tells us where he thinks there are big opportunities for investors in the coming years and warns us of the companies that could begin to struggle.
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On this week's show the team look at why Invesco Perpetual has resigned as manager of Invesco Perpetual Enhanced Income. They also look at how Scottish Oriental Smaller Companies Trust is doing, after years of manager changes seem to have come to an end. And Adrian Ash, director of research at BullionVault, explains how to use and access gold.
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IC editor John Hughman is joined by Mark Robinson and Harriet Clarfelt to round up part 2 of the Aim 100 review – including some exciting opportunities in video gaming – and the pick of this week's news.
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Western countries are becoming increasingly conscious about their use of sugar. Poor health statistics and, in Britain, the recent sugar tax on soft drinks, are causing food and drink manufacturers to cut back. This has provided a market opportunity for makers of alternative, natural sweeteners, such as Pure Circle. In this episode of Boardroom Talk, Julia Faurschou talks to the group's chief executive, Magomet Malsagov, about the group's growth plans.
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In this week's show Jason Broomer, head of investment at Square Mile Investment Consulting & Research, explains why funds have difference shares classes and holding the wrong one could have a serious impact on your returns.
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IC editor John Hughman is joined by Alex Newman and Harriet Clarfelt to discuss their picks of this year's mammoth Aim 100 feature
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What has happened to Zimbabwe since November's coup? And is life any easier for Aim-listed gold miner Caledonia Mining (CMCL)? For this episode of the IC's extraction podcast, Alex Newman speaks with chief executive Steve Curtis.
Recorded by Megan Boxall.
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James Robson and Pietro Nicholls, managers of RM Secured Direct Lending, explain the investment attractions of small to medium sized enterprise debt. The IC team also looks at how the Financial Conduct Authority plans to help investors determine whether funds are good value for money, and how Impax Environmental Markets has been deploying its assets.
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We discuss Zuckerberg's Congressional Face-saving exercise, Tesco's return to form and to the dividend list and woes on the high street.
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On this week's show Andrew Lebus, lead manager of Pantheon International, explains the rewards and risks private equity. The IC team look at why Henderson High Income Trust's manager thinks UK income shares are under valued, and what effects a manager change at Templeton Emerging Markets Investment Trust will have.
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The team discuss why the UK's banking giants are ready to take on the challengers, plus Mifid and the latest news on the markets.
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In our latest episode of Bull vs Bear, we kick the tires of mining giant Rio Tinto, one of the largest companies in the FTSE 100 and one of the better performers in the index in 2016 and 2017. In the bear corner Liberum equity analyst Richard Knights, who points to the downside of the group's heavy reliance on iron ore earnings; IC resources writer and host Alex Newman speaks up for the long-term buy case.
Podcast produced by Dominic Toms.
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On this week's show Shaun Port, chief investment officer at Nutmeg, joins the team to set out some tips on how to pick a good low cost ETF. They also look at why LF Woodford Equity Income is not longer classified as an income fund and why an investment trust's sector is not necessarily an indication of its asset allocation.
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John Hughman talks to Megan Boxall and James Norrington about whether the tech share sell-off could spell trouble for the wider market, and a potential wave of consolidation coming to the pharmaceutical industry. Plus the latest small-cap gems unearthed by Simon Thompson.
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Conviviality, Fulham Shore, Mothercare, Carpetright and Debenhams. The high street has not been short of profit warnings in the first few months of 2018. In this episode of IC Questions, Harriet Russell and Julia Faurschau join Megan Boxall to discuss why so many retailers have struggled this year and which might be in store for further pain.
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On this week's show Colin Low, managing director of Kingsfleet Wealth, joins the team to explain how to make the most of the tax allowances available to you before the end of the tax year. They also look at why Diverse Income Trust has become more defensive and highlight some of the most robust UK equity income investment trusts.
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IC editor John Hughman is joined by Megan Boxall to discuss Facebook's troubles and what they mean for the broader tech sector, while Emma Powell explains why private investors are fuming at Aviva's capital restructuring plans.
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Harriet Clarfelt speaks to Mark Whitehead, manager of the Martin Currie Securities Trust of Scotland, who thinks the historically poor income opportunities in the global tech space might be set for a change in 2018.
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Annabel Brodie Smith, communications director at the Association of Investment Companies, explains how investment trusts can boost your portfolio. Taha Lokhandwala updates on Murray International and explains how to avoid a type of fund you wouldn't want to have in your portfolio.
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In this week's podcast digital editor Graeme Davies delves into the shenanigans at Conviviality with Harriet Russell, explores the future of the commodities sector with Alex Newman and reviews Simon Thompson's latest Bargain Shares successes.
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With oscillating currency markets, higher than expected inflation and central banks across the western world hawkish about interest rate rises, global stock markets are getting jumpy. For this edition of IC Questions, James Norrington interviews Erik Norland, senior economist at CME Group, on market volatility and what it could mean for investors.
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On this week's show Nick Greenwood, manager of Miton Global Opportunities (MIGO), says where he is finding value in the investment trust universe and highlights some of the ones he has recently added to his fund. The IC team, meanwhile, explain where to find value in emerging markets and how to mitigate the cut in the dividend tax allowance.
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IC editor John Hughman talks to Harriet Clarfelt and Mark Robinson about how a tsunami of new red tape for businesses is hitting the UK stock market.
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For the third episode in our Bull vs Bear series, we kick the investment tyres of oil and gas giant BP, one of the biggest dividend payers in the FTSE 100. In the bulls' corner is Simon Gergel, Allianz Global's chief investment officer for UK equities and fund manager of the Merchants Trust. Facing him is natural resources writer (and host) Alex Newman.
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In this week's show, Paras Anand, chief investment officer for equities in Europe at Fidelity International, joins the team to explain how the new variable fee structure they are applying to their funds works. They also highlight some funds to protect and boost your Isa's returns, and set out some tips on how to choose the best investment platform.
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John Hughman talks to retail specialist Harriet Russell about why the sector's struggles could be good news for more fleet-of-foot retailers, plus the latest small-cap updates from Simon Thompson.
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In this episode of Boardroom Talk Go-Ahead Group chief financial officer Patrick Butcher gives an update following the transport group's half-year results. He discusses how UK rail, including the notorious Southern Rail service, is progressing, what makes the UK transport market so challenging, and defends the investment case for the business despite its disappointing share price performance over the past year.
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On this week's show Ed Smith, head of asset allocation at Rathbones, explains why investors shouldn't dismiss the prospects for Chinese growth. The team also consider the wider outlook for emerging markets, and profile what could be a promising new source of growth and income.
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John Hughman talks to Megan Boxall about how the pharmaceutical industry is coping with the expiry of drug patents, while news editor Emma Powell rounds up the big news of the week, including a painful strategic review at the AA.
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Mark Williams, manager of Liontrust Asia Income Fund, explains how to generate an attractive yield by investing in Asian equities. Personal finance writer Emma Agyemang highlights a good source of UK equity income, and profiles a new investment trust which will seek more unusual sources of US growth.
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IC editor John Hughman talks to property correspondent Jonas Crosland about why real estate has proved so resilient, and with Alex Newman about the recent twists and turns in the extractive industries. Plus the latest updates from small cap guru Simon Thompson.
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In the latest instalment of Bull vs Bear, the IC’s retail expert Harriet Russell and Peel Hunt tech analyst James Lockyer discuss the outlook for Ocado following the latest set of financial results and share placing.
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In this week's show Joe Parkin, head of iShares retail and wealth at BlackRock, joins the team to explain what an ETF is and how you can use it in your portfolio. They also consider whether infrastructure investment trusts are good value and look at why one fund manager argues that UK domestic income is best.
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IC editor John Hughman discusses a wild week on the markets with Megan Boxall and Algy Hall, why the knives are out for big tech, and why Simon Thompson is unruffled by the return of volatility.
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Ahead of Jerome Powell's appointment at chairman of the Fed this week, US bond yields have been steadily creeping up. For this edition of IC Questions, Chris Dillow and James Norrington look at the reasons behind the sell-off, what it means for equities and the broader market, and what is happening with inflation. Produced by Dominic Toms.
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In this week's show Darius McDermott, managing director at Chelsea Financial Services, joins the team to consider whether the recent rebound in financial company shares means they are a good place to invest. Personal finance writer Emma Agyemang explains why Henderson Smaller Companies Investment Trust (HSL) has consistently out performed. And they highlight some UK equity income funds with good performance records.
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IC editor John Hughman speaks to Megan Boxall about how to deal with short-selling raids, and Simon 'Indiana' Thompson about his continuing quest for the holy grail of stock market investing: Bargain Shares.
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Despite low costs, production worth $2bn a year at today's prices, and several development projects in train, Premier Oil trades at a steep discount to both its peers and net asset value. For this episode of the IC's Extraction Podcast, we speak to finance director Richard Rose about the oil firm's debt, recovery, and future.
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Colin Low, managing director of Kingsfleet Wealth, joins the team to explains why defined benefit pensions are likely to be the best option in most cases despite recent high profile failures such as Carillion's schemes. They also assess the merits of multi-asset funds and consider as to whether markets could crash meaning you should protect your portfolio.
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On this week's show IC editor John Hughman is joined by Mark Robinson and Emma Powell to discuss some of the highlights of our annual sector-by-sector review of the FTSE 350. After a slew of profit warnings this week, are we in for a bumpy 2018 on the markets?
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Welcome to a new Investors Chronicle podcast series: Bull vs Bear. Following a disappointing Christmas update from high street bellwether Marks and Spencer, we put IC editor John Hughman and sectors editor Harriet Russell head to head to debate what the future looks like for the retail giant.
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In this week's personal finance show, Rory McPherson, head of investment strategy at Psigma Investment Management, joins the team to assess how the collapse of Carillion will affect investment funds. They also look at ways to mitigate exchange rate fluctuations, consider the merits of gold mining shares, and explain why giving to charity could cut your family's and friends' tax bills.
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After the collapse of Carillion IC editor John Hughman asks Tom Dines what the future has in store for public sector outsourcing, and is also joined by Megan Boxall to assess the changing shape of the UK media industry and the latest from Simon Thompson.
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From the biggest airshow in the Middle East to the secrets of ageing gracefully, Tarsus has an event for all. In this episode of Boardroom Talk we speak with Douglas Emslie, managing director of the £400m events group, about the opportunities for global expansion, challenges with running big events and plans for the next phase of growth.
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On this week's show Darius McDermott, managing director of FundCalibre, joins the team to explain how to review your portfolio to get better investment returns. They also highlight some of the funds which are most recommended by investment platforms.
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IC editor John Hughman talks about retail's winners with Harriet Russell this Christmas, and runs through the good, the bad and the ugly of the IC's 2017 share picks with tips editor Algy Hall. Plus the latest small cap updates from Simon Thompson.
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Phoenix is not your typical life insurer. It buys and manages closed life and pension funds, handling assets worth around £76bn. In this episode of Boardroom Talk, we speak with chief executive Clive Bannister about how the group keeps its cash generation flowing, its acquisition strategy and the impact of potential interest rate rises.
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On this week's show the team consider what equity markets might be good to invest at the moment, and highlight some of the best funds with which to exploit them. They are joined by Ben Yearsley, director at Shore Financial Planning, who also highlights some of the best non equity investments.
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From bank margins to water firms' regulatory pressure, 5G spectrum to automation software, and $400,000 drugs to urban logistics, our companies writers cast their wide collective eye over the year ahead for stocks in 2018, in our last podcast of the year.
Produced by Dominic Toms. Featuring music by Scotch and Soda feat. Pastor McPurvis.
On this week's show Investors Chronicle's economist Chris Dillow joins the team to consider whether you should believe in the Santa rally. They also discuss what areas of the bond markets seem worth having exposure to and the implications of a high profile fund manager departure.
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With news that Disney has agreed to buy the film studio of 21st Century Fox, as well as its stakes in Sky and Hulu, IC editor John Hughman and the companies team discuss media mega mergers. They also report on bad news for care home operator Cambian and retailers' Christmas headache.
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An improvement in weather conditions in Southeast Asia has resulted in higher volumes of fresh fruit bunches used to produce palm oil, but analysts have raised concerns that this could drive down the price. MP Evans chief executive Tristan Price discusses how the company is dealing with this challenge and addresses environmental concerns about how palm oil is produced.
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In this week's show Maike Currie, investment director at Fidelity, joins the team to consider how important psychology is when investing. She also suggests some areas likely to generate good investment growth next year and ways to mitigate downside in your portfolio.
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IC editor John Hughman is joined by Megan Boxall and Algy Hall to discuss which shares and sectors are best placed to withstand the market correction many think is on the way.
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As our homes get smaller, our clutter seems bigger. That trend should pay dividends for Lok’nStore (LOK), and judging by the company’s share price since the start of the decade, it has.
For this episode of Boardroom Talk, chief executive Andrew Jacobs tells IC property writer Jonas Crosland why he is in self-storage.
This week Peter Walls, manager of Unicorn Mastertrust, sets out the areas of the investment trust world he thinks have potential, and the ones he is concerned on. He also discusses the merits of UK commercial property and how a new infrastructure investment trust compares to the existing offerings.
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IC editor John Hughman is joined by Harriet Russell and Tom Dines to talk about Just Eat's elevation to the FTSE 100, the future of energy, and struggles in the retail sector.
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Randgold Resources (RRS) operates in countries most international businesses avoid, exercises no control over the price of its one product, and pays a smaller dividend than several of its peers. Despite this, it is one of the most expensive stocks in the FTSE 100.
For this special podcast, Investors Chronicle reporter Alex Newman tries to uncover the allure of this gold miner, and gold investments in general. Featuring Randgold chief executive Mark Bristow, Panmure Gordon commodities and mining analyst Kieron Hodgson, and Alistair Hewitt, head of market intelligence at the World Gold Council.
Produced by Alex Newman, with music from Blue Dot Sessions.
In this week's show Colin Low, managing director of Kingsfleet Wealth, joins the team to explain how the budget will affect savers and investors. They also look at a change to Isa rules that could help couples and consider importance of fund charges.
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IC editor John Hughman talks to Simon Thompson about what went wrong at toilet paper manufacturer Accrol, while Jonas Crosland explains why he's unimpressed with the Autumn Budget's housebuilding proposals
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In this week's personal finance podcast Toby Gibb, European investment director at Fidelity, joins the team look at what's been driving European equities and if their good run can continue. They also consider why investors have been shunning UK equities, and if they are right or are missing an opportunity.
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IC editor John Hughman is joined by Mark Robinson and Harriet Russell to discuss the week's big market news, including major updates from the grocery sector and what to watch out for as retailers ramp up for the festive season.
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We spoke with Ian Jenks, executive chairman of Brady, about how the company's business model is changing and what the future might hold. Listed on Aim, Brady provides trading and risk management software to the global commodity and energy markets.
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On this week's investment trust special James Carthew, head of research at QuotedData, joins the team to explain the importance of discounts and premiums to NAV, and some ways in which trusts boost their income. They also consider whether Asian investment trusts offer particular value and whether UK smaller companies trusts are a bargain.
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On this week's show IC editor John Hughman is joined by news editor Emma Powell and tips editor Algy Hall to discuss his annual Phileas Fogg-inspired investment trust odyssey, overheating tech stocks and why mergers in the retail energy market might be little more than talk.
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Great technologies do not always make for great investments. For much of the last decade, gas-to-liquids specialist Velocys has been an example of this occasional feature of disruptive companies, remaining loss-making despite its world-class capabilities in renewable fuels.
In this episode of Boardroom Talk, resources writer Alex Newman asks Velocys chief executive David Pummell why he thinks the tide has turned for his company, and what investors can expect in the coming years. Produced by Dominic Toms.
In this week's show Rachel Winter, senior investment manager at Killik, explains what the implications are of the first interest rate rise in 10 years. The team also highlights a high growth area that has been described as the "most exciting opportunity in the world" and explains why Witan Investment Trust has upped its exposure to Europe.
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IC editor John Hughman is joined by writers Emma Powell and Megan Boxall to discuss a busy week on the markets, including a flurry of news from the pharmaceutical industry, a new regulatory threat to gaming, and the first rate rise in a decade. Plus Simon Thompson's pick of the week.
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Research suggests price comparison websites have been good for consumers. But do the companies behind those websites also make good investments?For this episode of Boardroom Talk, IC specialist writer Megan Boxall speaks with the chief executive of one such company: GoCompare's Matthew Crummack.
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On this week's show the team consider which assets are vulnerable to inflation and which ones could combat it. They also profile a fund which achieves a high income despite having strict investment criteria, and consider whether equity markets are dangerously high. They are joined by Alex Brandreth, deputy chief investment officer at Brown Shipley.
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On this week's show, John Hughman and the team discuss a brace of profit warnings, signs of life in the troubled oil services sector, updates from the banks, and the attractions of infrastructure investments. Plus the lowdown on two of small-cap expert Simon Thompson's latest picks.
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On this week's show Ed Smith, head of asset allocation at Rathbones, joins the team to explain why inflation has been rising and what it means for investors. They also debate the merits of UK commercial property, and personal finance writer Emma Agyemang looks at why an institutional investor has decided to exit CF Woodford Equity Income (GB00BLRZQB71) as well as what other investors think of the fund.
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Editor John Hughman is joined by Megan Boxall and Harriet Clarfelt to discuss the big news in the latest magazine and this week's cover story about investing in the technologies set to change the world. Plus the latest ideas from stockpicking expert Simon Thompson.
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Pension reforms and the debate over voting rights for investors in nominee accounts are just two of the topics covered in this week’s Boardroom Talk. Who better to take on these issues than Equiniti’s chief executive Guy Wakeley, together with a random selection of pension holders the IC button-holed in London’s famous Borough Market?Hosted by Mark Robinson. Produced by Dominic Toms.
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Peter Levine may be best known as the former chief of Imperial Energy, the former-FTSE 250 oil and gas company he sold for $2.4bn in 2009. His focus has now switched from Siberia, and is solely concentrated on President Energy, an Aim-listed oil and gas producer with interests in Argentina, the US and Paraguay.The latest in our Extraction Podcast series finds Mr Levine speaking with resources writer Alex Newman about Argentina, what to look for in oil companies, the West’s flawed perception of Russia, and why the executive chairman’s job title needs to change. Produced by Dominic Toms.
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This week the team glimpses inside a reader's portfolio. How realistic is her goal of a £13,000 income in retirement is and how could she improve. They are joined by Richard Parkin, head of retirement policy at Fidelity, who also looks at the biggest risks pensioners face following pension freedoms.
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On this week's Companies & Markets Show IC editor John Hughman is joined by Mark Robinson and Harriet Russell to talk about the inexorable rise of electric vehicles and mixed signals from the UK consumer sector.
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Copper-gold explorer SolGold moved from Aim to the main market this month, in a bid to get on the radar of the world's largest banks and funds. But it's still several years from making any profit for its shareholders, among them chief executive Nick Mather.For the latest in our extraction podcast series, Mr Mather tells Alex Newman about exploring for metals in the Ecuadorian jungle, potential takeovers, and the outlook for copper and gold.
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Exchange traded funds with the X-factor, how pension income stacks up against buy to let and this month’s markets and your money, all on the menu in this week's Personal Finance Show.You will have heard of famous value investors like Warren Buffett, but have you heard of low-cost passive funds that invest using factors like growth, quality and momentum? Deputy personal finance editor Kate Beioley and Rachel Winter, senior investment manager Rachel Winter talk investment themes and how to use them. Politics swung markets in September. US President Trump re-launched major tax reform plans, affecting US and Emerging Markets. But what did it mean for your money? And pensions vs buy-to-let property - which is the best for generating income in retirement. Personal finance writer Emma Agyemang finds out.
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IC editor John Hughman, is joined by Megan Boxall, Emma Powell and stockpicking guru Simon Thompson to discuss the big news in this week's magazine, including thoughts on Tesco’s results and London’s newest IPO. Produced by Alex Newman.
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Inflation is on the rise and central bankers in the US and UK look poised to raise interest rates – both things could have a big impact on the bonds in you portfolio. Deputy personal finance editor Kate Beioley is joined by Curtis Evans, fixed income investment director at Fidelity to look at how to invest now.Renewable energy schemes lost an important source of revenue earlier this year. Will it have an impact on the chunky yields investors currently take home? Personal finance writer Emma Agyemang investates. The team takes a look at some high profile issues in the peer-to-peer industry this year and asks if it is suffering problems. Produced by Dominic Toms.
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IC editor John Hughman, is joined by Megan Boxall, Julia Faurschou and stockpicking guru Simon Thompson to discuss the big news in this week's mag, including the potential sale of one perennially disappointing technology company and tips for picking IPO winners.
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It's been a difficult year for British retail, so a new IPO was unexpected to say the least. Chief financial officer Gerard Sweeney and chief commercial officer Sheraz Ramzan from online fashion company Quiz dropped by to talk to Harriet Russell about why they thought now was the right time to take the company public, and what investors can expect the group to do next.
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On this week's Personal Finance Show Daniel Godfrey, chief executive of The People's Trust, joins the team to talk about this investment trust's forthcoming launch. They also look at why the manager of Worldwide Healthcare Trust fears a biotech bubble and wealthy investors are turning to VCTs.
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IC editor John Hughman is joined by Harriet Russell and Mark Robinson to talk about retail's bounceback and the takeoff of business drones. Plus the latest ideas from stockpicking guru Simon Thompson.
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Personal finance editor Leonora Walters is joined by Darius McDermott, managing director at Chelsea Financial Services to discuss the IC’s new Top 100 funds list, out now. They talk through some of the runners and riders and are joined by Emma Agyemang, personal finance writer to analyse one trust in detail.Deputy personal finance editor Kate Beioley also looks at the pitfalls to avoid when transferring your Isa.
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Editor John Hughman is joined by Ian Smith and Megan Boxall to discuss a new mining float, resource nationalism, retailers & more
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Why everyone is talking about Barclays new DIY investment platform, August’s markets and your money and Templeton Emerging Markets’ turnaround. This week deputy personal finance editor Kate Beioley is joined by Henrietta Grimston, client relationship manager at Seven Investment Management and personal finance writer Emma Agyemang. The team talks about Barclays DIY investment platform re-launch last week and why it has riled some of its loyal stockbroking clients.They also take a look at the tech transformation behind Templeton Emerging Market’s performance.
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The companies team discuss the impact of Hurricane Harvey on the US oil & gas market, the takeover of engineering software provider Aveva and how to invest in the music industry. Simon Thompson analyses two small caps from his column this week
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In our second podcast on the FTSE 100's largest dividend payers, we take a look at the telecoms and mining sectors.Companies editor Ian Smith puts the questions to specialist writers Megan Boxall and Alex Newman. Produced by Dominic Toms and Alex Newman.The first podcast in the series can be found lower in the podcast feed, or here: bit.ly/2eKXFHF
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How you could be earning a 6.6% per cent yield from the power of the sun and should you help your kids with university fees? Deputy personal finance editor Kate Beioley is joined by James Armstrong, managing partner of Bluefield partners, investment adviser to Bluefield Solar Income Fund (BSIF) to talk about whether renewable energy investing is all sunny side up or whether slashed subsidies could mean storm clouds on the horizon.Kate is also joined by personal finance writer Emma Agyemang, to talk about the pros and cons of helping your child pay for university.
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On this week's podcast there are some projections on the future shape of television by Megan Boxall, an explanation of what went wrong for two outsourcers from Tom Dines and updates on two of Simon Thompson's specials by the man himself.
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This week deputy personal finance editor Kate Beioley is joined by Dickie Hodges, manager of Nomura Global Dynamic Bond fund in order to take the temperature of the global bond market.Kate is also joined by personal finance editor Leonora Walters to break down the benefits of investing in India and look at some of the routes investors could use to access these high-growth equities.
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On this week's show, news editor Emma Powell weighs up the prospects of Provident Financial after its calamitous profit warning, tips editor Algy Hall explains why Martin Zweig's famous Super Model for predicting market movements has turned bearish, and Simon Thompson joins on the line to discuss the private rented sector.
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In the second of this two-part special, deputy personal finance editor Kate Beioley peeks under the bonnet of the asset management industry to ask how professional money managers put together their portfolios. Wealth managers Alan Miller, founder of SCM Direct and Rory McPherson, head of investment strategy at PSigma open up their asset allocation strategies and tactical asset allocation for today's markets.Produced by Dominic Toms and Alex Newman.
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This week deputy personal finance editor Kate Beioley is joined by Jason Hollands, managing director at Tilney Group and personal finance writer Emma Agyemang to talk the best performing UK equity income funds and getting high income from alternative assets you may not have heard of.The team also breaks down your investing charges and looks at some of the cheapest funds to own and why.We apologise for the poor sound quality of this podcast due to trouble with the phone line.
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Companies editor Ian Smith is joined by sectors editor Harriet Russell and specialist writer Tom Dines to discuss what half-year results told us about the fortunes of the listed motor retailers and outsourcers. Stockpicking specialist Simon Thompson phones in to discuss his Bargain Shares portfolio.
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Harriet Clarfelt spoke with Bob Smith, executive vice president of Mytrah, about the company's growth trajectory and how it is addressing the need for renewable energy in India.
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Forget Facebook and Netflix, emerging markets are the place to look for the next major technology stocks. And how should you invest in Europe today - is value or growth the way to go? This week deputy personal finance editor Kate Beioley is joined by James Milne, co-manager of IC Top 100 fund Crux European Special Situations and Darius McDermott, managing director at Chelsea Financial Services to discuss European and emerging market equities.Kate is also joined by personal finance writer Emma Agyemang to break down the cost of pension freedoms and look at how to minimise the cost of going into income drawdown.
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On this pod this week, the companies team talks interest rates, high-yield commercial property, big bank earnings, and defence stocks in a week where markets shuddered at the prospect of military action in the Pacific. Alex Newman hosts Simon Thompson, Emma Powell and Mark Robinson. Produced by Dominic Toms.
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In the first in a two part special, IC writer James Norrington looks at how private investors can check they aren't left short-changed once returns are measured against risk.We also examine how to correctly benchmark portfolios against peers and professionals and ask what is the right mix of active and passive asset allocation strategy and tactical investment selection. Produced by Dominic Toms and Alex Newman.
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With a market capitalisation of £30m, Aim-traded LidCo (LID) may be small, but the hospital monitoring equipment specialist has grand plans for US expansion. Can it juggle these whilst continuing to lose money? IC specialist writer Megan Boxall puts the questions to chief executive Matt Sassone in this episode of Boardroom Talk. Produced by Alex Newman.
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In this week's personal finance podcast the team look at which markets and funds have been performing well, funds which have been underperforming and ways to maximise your portfolio's income in order to escape the rat race. They are joined by David Liddell, chief executive of IpsoFacto Investor.
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On this week's pod, the companies team discusses the US Food and Drug Administration's latest intervention in the tobacco sector, and some poor interim results for the estate agents. Also on the line is our small-cap specialist Simon Thompson to review the progress of a few picks from his Bargain Shares portfolio.
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Podcast editor Alex Newman and specialist writer Megan Boxall join companies editor Ian Smith to discuss what the interim results season told us about the income security of three of London's big payers.
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In this week's show Chris Justham, relationship manager at Seven Investment Management, joins the team to consider whether you should invest in US equities, and which funds are the best way to access them. They also highlight some of the new investments trusts which have experienced the strongest asset growth.
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IC editor John Hughman asks Harriet Russell whether we should be worried about household spending, catches up with Simon Thompson about his latest small-cap picks, and rounds up a big week on the results front with companies editor Ian Smith.
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Recruiters are often hailed as bellwethers of economic activity, so what are we to read into the steady recent performance of Hays (HAS)? Is the outfit over-exposed to the UK market? Will its European business provide a silver lining?And given the company's strong recent cash generation, can investors expect a special dividend this year?Specialist writer Tom Dines puts the questions to Hays chief financial officer Paul Venables in this edition of Boardroom Talk. Produced by Alex Newman.
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In this week's personal finance show James Baxter, managing partner at Tideway Investments, joins the team to explain some problems relating to pensions freedoms that the financial regulator is looking into. They also consider whether you should invest in UK equity funds with Brexit approaching and some major changes Barclays is making to its investment platform.
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In this week's companies and markets show IC editor John Hughman and tips editor Algy Hall explain what to do when a profit warning strikes, while small cap guru Simon Thompson reveals his latest investment ideas
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Housebuilders aren’t as cheap as they were in the years immediately after the financial crash, and some maintain that they are now too expensive. So is there any value left? We ask Tristan Chapple, director at Phoenix Asset Management and Aurora Investment Trust.
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On this week's show Ed Smith, asset allocation strategist at Rathbones, considers which investment areas will do well and which might struggle in the months ahead. Kate Beioley explains how top manager Nick Train gets his returns, and what effect a manager move will have on Troy Asset Management's and BlackRock's equity income funds.
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On this week's show editor John Hughman speaks to columnist John Baron about the strategies guiding the success of his ever-popular investment trust portfolios.
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As attention turns to the property market in the wake of last year's referendum, what does this mean for the home improvement sector? Company bosses from windows and doors specialist Safestyle join sectors editor Harriet Russell for the latest edition of Boardroom Talk to discuss how their business is doing in the midst of so much uncertainty.
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This week Don Smith, chief investment officer at Brown Shipley, joins the team to discuss how best to manage your portfolio through volatility. They also consider as to whether European smaller companies funds can continue their good run and the effects that currency movements will have on your returns.
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In this week's companies and markets podcast IC editor John Hughman is joined by Ian Smith and Tom Dines to discuss retail wobbles, under fire energy utilities, and why water investments are worth splashing out on.
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The team highlight some areas where you can find cheap equity income, and look at how the financial regulator is proposing to make fund fees fairer. They are joined by Henrietta Grimston, relationship manager at Seven Investment Management, who also sets out some ways to maximise the tax efficiency of your investments.
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The companies team is joined by tips editor Algy Hall for a mid-point review of the 2017 Tips of the Year, with more on Brexit-proof stocks and the latest stories in tech and media. Oh, and did we mention Hornby?
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Somero Enterprises (SOM) is one of Aim's standout performers. In 2016, the concrete levelling specialist booked its sixth successive year of operating profit margin increases, which resulted in a $7.5m special dividend.But where does the company go from here? And why has concrete been such a lucrative business line? IC writer Alex Newman speaks with chief executive Jack Cooney and CFO John Yuncza to find out.
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On this week's show the team are joined by Ryan Hughes, head of fund selection at AJ Bell, to consider the implications of including domestic Chinese shares in MSCI Emerging Markets index.They also highlight a hefty cost behind the charges of passive funds, and look at what markets and funds have been performing well since the vote for Brexit.
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The companies team discusses e-commerce giant Amazon's Whole Foods deal, Provident Financial's home credit stumble, and the latest from the world of bitcoin.
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What’s going to happen in the real estate sector following the surprise result of the general election? Jonas Crosland talks to Duncan Owen, global head of real estate at Schroder Real Estate Investment Management.
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On this week's show the team consider whether tech funds are still worth consideration following the recent correction in this sector. They also set out some smart ways to invest in high markets, and ways to diversify domestic UK exposure.They are joined by Rachel Winter, senior investment manager at Killik.
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The team discuss a double whammy for retail stocks with weak sales data and the DFS profit warning, how social media is changing the ad world, and private involvement in the NHS.
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What point are we at in the credit cycle and are we standing on the brink of another financial crash? In this special edition roundtable podcast sectors editor Harriet Russell is joined by The Trader Nicole Elliott, deputy companies editor Mark Robinson and news editor Emma Powell to discuss the potential dangers of a turn in the credit cycle. This episode also features a special interview with Chris Higham from Aviva Investors, who shares his thoughts on the topic.
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On this week's personal finance podcast the team discuss the effect the election will have on currency and bonds with Nick Gartside, chief investment officer for fixed income at JPMorgan Asset Management. They also profile ScotGems, an investment trust set to launch later this month and consider the merits of equity release.
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On this week's special edition of the IC Companies & Markets Show, the team discuss the dramatic end of the snap election and how markets have responded.(Some people are not calling it a coalition.)
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PageGroup is one of the largest recruitment companies in the UK, with operations spanning sectors and continents. Tom Dines sits down with chief executive Steve Ingham to discuss how the group expands internationally, how to reduce the cyclicality inherent in the recruitment sector and why he thinks the investment case is still strong.
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On this week's show Daniel Godfrey, co-founder of The People's Trust, explain what this forthcoming fund will invest in and how it will be run. The team also highlight some investment trusts with a very good track record of increasing their dividends, and update on another good fund for income – HICL Infrastructure Company.
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IC editor John Hughman speaks to Alex Newman about the problems at oil services group Petrofac, and rounds up the rest of the week's big market stories with news editor Emma Powell.
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The Gym Group came to market in late 2015 amid a flurry of excitement about the company’s disruptive business model and potential for long-term growth. However, with analysts scaling back 2019 earnings forecasts, raising concerns about the level of return on capital employed and plenty of competition entering the market, Harriet Russell asked chief executive John Treharne why he thinks the group still makes a good investment.
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On this week's show Giles Frost, chief executive officer of Amber, joins the team to explain the investment strategy of International Public Partnerships, an infrastructure investment trust. Kate Beioley, meanwhile, talks through her latest changes to the IC Top 50 ETFs, and sets out her tips for buying these kinds of funds in a cost effective way.
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IC editor John Hughman is joined by news editor Emma Powell and new recruit Julia Faurschou to discuss the week's most interesting market news, including profit wobbles at a popular bar owner and the surprising excitement over the arrival of a trendy mattress specialist on Aim.
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Since listing a year ago this week, SDX Energy has been one of Aim's top-performing stocks. For the latest in our extraction podcast series, Alex Newman talks to chief executive Paul Welch about doing business in North Africa, how the company will fund its next well, and why the company is confident of making money even if Brent crude falls to $21 a barrel. Produced by Dominic Toms.
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On this week's show Ben Yearsley, director at Shore Financial Planning, joins the team to assess the merits of some major changes Neil Woodford has made to CF Woodford Equity Income Fund.They also consider the implications of the takeover of an ETF provider, and whether it is a good idea to manage your portfolio via your smartphone.
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On this week's podcast IC editor John Hughman is joined by Ian Smith and Megan Boxall to discuss the stock market winners from last weekend's NHS cyber attack, as well as a busy week on the company reporting calendar.
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We spoke with Mike Hilton, property adviser for Phoenix Spree Deutschland (PSDL), the property group specialising in the Berlin residential market. Floated on the London Stock Exchange in June 2015, Phoenix has already accumulated a portfolio worth €400m (£336m) and is well placed to take advantage of the ever increasing demand for rental properties in Berlin.
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Ethical funds might just surprise you. They can pay higher income than you'd expect and generate healthy returns. However, they might invest in stocks you're not so keen on too... This week's Personal Finance Show takes a look at when ethical funds aren't so ethical and looks at why some of them are outperforming.The team also tackles how to beat miserly interest rates by moving away from cash and into the market and also looks at why investment trust IPOs are back in fashion. Deputy personal finance editor Kate Beioley is joined by Andrew Summers, head of fund research at Investec Wealth and Emma Agyemang, Investors Chronicle personal finance writer.
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IC editor John Hughman is joined by Ian Smith and Megan Boxall from the companies team to discuss the week's big market news, including troubles in the telco sector, turnaround potential at Pearson and a big drug trial success at AstraZeneca.Apologies for the lateness of the podcast – we had to re-record it after some technical glitches in the studio yesterday.
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Bacanora Minerals (AIM:BCN), the only pure-play lithium miner listed in London, is "100 per cent" focused on securing financing for its lithium carbonate project in Sonora, Mexico by the end of 2017. So what is it now doing on the German-Czech border?For the latest extraction podcast, natural resources writer Alex Newman visited Zinnwald in Saxony, to see Bacanora's new project with Solar World and speak to chief executive Peter Secker about Sonora, German chemicals and surging lithium demand.
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In this week's personal finance show the team look at what has been driving Artemis Global Income fund's returns, and profile some ETFs which try to eliminate the dangers of equity income. They also discuss ways to make your pension pot last through your retirement.They are joined by Rosie Bullard, portfolio manager at James Hambro & Partners.
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In this week's companies and markets podcast IC editor John Hughman chats with Megan Boxall about the companies working on cures for his rock star lifestyle, and Harriet Russell about the improving fortunes of the grocery retail industry.Produced by Alex Newman.
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Provident Financial enjoyed years of share price growth driven by its credit card subsidiary subsidiary Vanquis Bank. But its stock finished lower in 2016 as bookings fell and domestic economic concerns weighed. CEO Peter Crook talks with companies editor Ian Smith about a stronger start to 2017, and operational changes in the group's doorstep lending business.Provident's shares trade at a fairly hefty premium to their historic price-to-earnings ratio. Given the costs of growth, concerns about the UK economy and the potential disruption of its restructure - not to mention a regulatory review - should investors be nervous about its prospects?
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In this week's personal finance podcast the team highlight some of the risks facing UK equity income, and the merits of overseas equity income. They also update on Baillie Gifford Japan Trust and highlight some of the risks of taking advantage of pensions freedoms.
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Companies editor Ian Smith and guests discuss the latest ructions for energy companies alongside our review of Aim's top stocks including a look at BooHoo vs Asos and some of Aim's favourite oil stocks
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Drug pricing always comes with political noise, particularly when US elections are concerned. Over the last year, the share prices of pharmaceutical and biotech companies on both sides of the Atlantic have continually swung on the tweets and proclamations of politicians.In this special podcast, IC companies writer Megan Boxall speaks with industry insiders and tries to cut through the controversy and policy rumblings, to assess whether there are still good reasons to view pharma and biotech companies as worthwhile investments. Produced by Alex Newman and Dominic Toms, with music from Blue Dot Sessions. News clips courtesy of Fox.
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UBM started life as a newspaper company, and spent most of the last century building up its media and PR operations. But diversification is no longer the watchword. Three years ago, the company chose to concentrate on its global events business.The share price, and the special returns, show investors have benefited from that decision, but where does the investment case stand now? An acquisition-led growth model has lifted sales but also balance sheet leverage, while comparable sales have been slow in some geographies.UBM chief executive Tim Cobbold fields questions on the group's strategy from IC companies editor Ian Smith. Produced by Dominic Toms and Alex Newman.
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On this week's Personal Finance Show the team is joined by Rachel Winter, investment manager at Killik & Co. They ask whether you should go for the new three-year NS&I Investment Guaranteed Growth Bond. Its interest rate of 2.2 per cent trumps everything on the high street but it is already lagging the rate of inflation. Should you invest anyway?The team also talks inflation-beating asset allocation and high yields from frontier and emerging markets. Deputy personal finance editor Kate Beioley explores the income potential and potential hazards of frontier market investing.Finally Emma Agyemang looks at specialist trust Impax Environmental Markets' (IEM). The trust has been shooting the lights out this year but is there a Trump-shaped cloud on the horizon for this green energy flavoured trust?
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IC editor John Hughman is joined by small companies guru Simon Thompson and companies editor Ian Smith to discuss why the Aim market remains a stockpicker's paradise, and why news of snap election could spell trouble for the FTSE 100.
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Graphene and the hype surrounding atomic chicken wireMark Robinson talks to Gareth Jones (CFO) and Jon Mabbitt (CEO) of Applied Graphene Materials about the realistic options open to investors a decade down the line after the development of the so-called wonder material.
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The North Sea, recruiters, Libor, but no mention of Brexit…Deputy companies editor Mark Robinson steps in for John Hughman in this week's look at the latest news and signals in equity markets. With news editor Emma Powell and natural resources writer Alex Newman.
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Bringing doctor surgeries into the 21st century, with modern facilities and a wide range of services is going to coast billions of pounds. Ironically, it will save money because a hospital visit costs the NHS far more than a visit to a doctor’s surgery. Without further investment, the situation is likely to get worse because more and more people are living longer, and this is the age group that is more likely to need greater medical attention. One of the companies at the forefront of providing more modern medical centres is Primary Health Properties (PHP). In the latest edition of our Boardroom Talk series Jonas Crosland spoke to chief executive of Primary Health Properties Harry Hyman, to discuss what needs to be done to help take the burden away from hard pressed hospitals by providing dedicated medical centres to replace old GP surgeries that are not fit for purpose.
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In this week's show Monica Tepes, director of investment companies research at Cantor Fitzgerald, joins the personal finance team to explain how investment trusts focused on alternative assets can generate a high income. They also set out the asset allocation models and funds you should be using in a Lifetime Isa, and explain how a new tax allowance could help to cut inheritance tax bills.
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Companies editor Ian Smith and the team discuss the week's takeover news, Imagination Technologies' Apple contract loss and RPC's bears.
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The subprime lender is delivering on the buy-and-build strategy it set out at admission to the main market two years ago. So why has its share price struggled? Its founder and chief executive, John van Kuffeler, discusses the group's growth, investment case and changing regulatory environment with the IC's companies editor Ian Smith.
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In this week's Personal Finance Show the team puts momentum investing under the microscope. Is it a good idea to buy winning stocks or is it a risky investment strategy? Deputy personal finance editor Kate Beioley talks to Rob Burgeman, investment manager at Brewin Dolphin and personal finance writer Emma Agyemang to weigh up the risks and rewards.The team also takes a look at two new high-income funds from Kames Capital and Miton and the investment trusts 'dividend heroes' that have increased their payouts for between 10 and 20 years.
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Editor John Hughman and guests discuss Brexit, corporate fines, ageing & more
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With money rotating out of bonds and into equity markets, value investing is back in vogue. But what constitutes value? How can investors spot it? And what are the common pitfalls?In this special podcast, tips editor Algy Hall and deputy companies editor Mark Robinson walk through the key measures and metrics beloved of value investors, with a little help from two of the UK's top fund managers.Produced by Graeme Davies, Dominic Toms and Alex Newman.
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Aviva faces regulatory changes, such as the 2015 pensions freedom reforms. It has been on the M&A trail, through its takeover of rival Friends Life. And now, it has set its sights on disrupting the Asian life market.It's also been a decent long-term investment since a strategic shift in 2012. Cash generation is up, debt is down, and non-core businesses are gone. Financial services writer Emma Powell spoke to Aviva's head of UK insurance Andy Briggs about the how investors can value life assurance in a diversifying business. Produced by Dominic Toms.
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In this week's show the team consider how to pick a good fund manager, and highlight some examples. They also look at the risks and rewards of the Lifetime Isa, which is set to launch next month. They are joined by Darius McDermott, managing director at Chelsea Financial Services.
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Editor John Hughman and guests discuss Sky/Fox, drug developments and cognitive biases in our weekly podcast
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Summit Therapeutics is a small-cap biotech company with two drugs in clinical trials at either end of the new drugs space: a low risk, lower reward antibiotic and a high risk, higher reward Duchenne Muscular Dystrophy cure. Does this make it an ideal biotech investment? Megan Boxall investigates.
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In this week's show James Baxter, partner at Tideway Wealth, joins the team to look at which investment trusts have proved to be the most reliable dividend payers over the years. They also consider some changes to the requirements for UK Equity Income sector funds and highlight a tax allowance that is soon to disappear.
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IC editor John Hughman, news editor Emma Powell and companies editor Ian Smith discuss the week's big news, including the surge in M&A and continuing regulatory ructions in the telecoms and media industry.
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BT's (BT.A) chief executive, Gavin Patterson, is not the only FTSE 100 boss to have announced a profit warning since the start of 2017. Several high profile companies have been forced to restate guidance since the start of the year. So is this a side effect of the current macroeconomic instability or do investors need to be wary of company structural issues which pre-date Brexit-related turmoil? And do these profit warnings present buying opportunities or should investors jump ship from companies in turmoil?In this podcast Alan Hudson, partner at EY, and the IC's companies editor, Ian Smith, join Megan Boxall to discuss why so many companies have had such a rough start to 2017.Introduction audio is the copyright of Reuters and BT.
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The importance of nutrition in sporting success has created a big market for elite sports supplements. But is the market for amateur athletes big enough to support growth at Aim-listed group Science in Sport (SIS)? Megan Boxall talks to the group's chief executive, Stephen Moon.
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In this week's show the personal team and Chris Dillow, Investors Chronicle's economist, look at how some tax changes announced in Wednesday's budget will affect savers and investors. They also look at how to pick a good equity income fund and the merits of holding shares in your employer.
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IC editor John Hughman talks to Mark Robinson about why investors should position their portfolios for a surge in defence spending, plus the latest news and results with companies editor Ian Smith.
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The UK and US stock markets have hit record highs in 2017 but are investors kidding themselves that valuations are sustainable? Professor Robert Shiller, Nobel Prize winner and current president of the American Economic Association, is advocating more research into how investors pick the narratives that take hold and drive prices higher. In his interview with the IC's James Norrington, he discusses how investors’ psychological traits take hold, why Mark Carney’s reaction to the Brexit vote may have been right and ask: is it wishful thinking or inspiration that drives investment in shares?
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In this week's Isa special podcast Sarah Lord, board director of the Personal Finance Society, explains some of the ways you can use an Isa for your saving and investing goals. The IC personal finance team also explain what the different types of Isa are, and how you can buy one in the most cost effective way.
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Editor John Hughman and guests discuss a wide range of topics from insurance to pasties to Georgian rugby as well as all the main news and features in this week's magazine.
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Nowadays, Stobart Group is about a lot more than haulage trucks. Apart from a residual, non-controlling stake in Eddie Stobart Logistics, the Carlisle-headquartered company’s operations span everything from biomass supply, to managing airports, rail engineering and aircraft leasing.How do investors pick apart these diverse sectors? And how will the company go about fulfilling its big dividend commitments? And what’s next for its CEO? IC writer Alex Newman puts these questions and more to chief executive officer Andrew Tinkler and executive director Richard Butler in the latest episode of Boardroom Talk.Produced by Dominic Toms
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In this week's personal finance podcast the team look at what is really generating growth in tech stocks with special guest Dennis Hall, chief executive officer of Yellowtail Financial Planning.They also consider the merits of investing in the Alternative Investment Market (Aim) and how to save for retirement costs.
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IC companies editor Ian Smith and writers Emma Powell and Jonas Crosland discuss Unilever's escape, what the first wave of companies results tells us about the businesses of lending and housebuilding, and how to find an inflation-proof company.
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Inflation: we all know it means higher petrol prices and a more expensive supermarket shop. But do you know what it means for your investment portfolio? CPI inflation edged up to 1.8 per cent in January, hot on the heels of a December rise, and further increases could savage your returns over the long run. How can you protect yourself?In this IC Questions podcast, Kate Beioley looks at the funds to hold and the assets to ditch in order to inflation-proof your investment portfolio, and asks whether now is the time to take action.Produced by Dominic Toms. Music by Podington Bear and Lee Rosevere
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Following Delek’s bid for Ithaca Energy and Shell’s multi-field sale, is every North Sea producer a target? What’s the best way to survive low oil prices? And now that Brent crude is back above $55 a barrel, is cost inflation inevitable?In the latest in our Extraction Podcast series, we put these questions and more to Graham Stewart, chief executive of Faroe Petroleum – perhaps the only UK producer to emerge from the past few years of depressed oil prices with both a larger asset base and a strong cash pile.
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In this week's Personal Finance Show the team discuss the risks and rewards of investing in European equities with Tim Stubbs, independent investment consultant at TS Investments.They also consider whether you should join the rush into commodities and highlight some funds with which to exploit value.
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IC editor John Hughman discusses the week's big market news with companies editor Ian Smith, and how to spot the best mining prospects with resources specialist Alex Newman.
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The year is young, but already the FTSE 100, S&P 500 and Dow Jones Industrial Average have set new all-time highs. Many equity market bulls will feel vindicated. Other investors might be getting nervous. So is this all a mad sugar rush? Do higher share prices imply higher valuations, and if so, is there the risk that equities are overvalued and headed for a fall?For this IC special podcast, tips editor Algy Hall and specialist writer James Norrington join Alex Newman to ask whether equities are looking overvalued.Produced by Dominic Toms. Introduction audio is the copyright of Euronews, Reuters and Bloomberg.
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In this week's personal finance podcast the team consider whether the so called January effect really has an effect on markets for the rest of the year. They also debate whether you should follow the investor rotation into growth orientated companies and the best places to save your cash.They are joined by Rachel Winter, senior investment manager at Killik.
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IC editor John Hughman is joined by news editor Bradley Gerrard and resources specialist Alex Newman to discuss the week's big market stories, including a gusher of news from the oil & gas and mining sectors.
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Following on from our recent cover feature examining the state of the global battery market, the IC's Mark Robinson sought the views of an industry insider – redT Energy's chief executive Scott McGregor – for his take on an industry in transition.
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In this week's personal finance podcast Laura Foll, co-manager of Lowland Investment Company, explains where best equity income opportunities in the UK market currently are. The team also look at what star manager Neil Woodford's new fund will offer and another potential change at Alliance Trust.
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In this week's podcast our small-caps guru Simon Thompson explains why value investing is back in vogue and provides a rundown on his latest Bargain Shares choices – not to be missed. There's a price check on the Tesco/Booker tie-up, while Harriet Russell examines whether we might be approaching an inflexion point in the retail credit cycle.
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In this week's personal finance podcast the team weigh up the merits of investing in buy-to-let property, and consider how it compares to commercial property funds. They are joined by professional property investor Mark Homer. They also look at the prospects for China funds and update on IC Top 100 Fund Scottish Mortgage Investment Trust.
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IC editor John Hughman is joined by Ian Smith and Bradley Gerrard to condense 40 pages of analysis from our FTSE 350 special into a 40-minute discussion…and still find time to assess the fallout from BT's accounting hiccup.
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Sterling weakness has not been far from the headlines in the past six months and it’s a topic that multicurrency payment company FairFX (FFX) knows a thing or two about. The Aim-listed group has been reeling in the customers, but is yet to turn a profit. In our latest edition of Boardroom Talk, Megan Boxall talks to the group’s chief executive, Ian Strafford-Taylor.
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In this week's show the team are joined by James de Bunsen, manager of Henderson Alternative Strategies Trust, who sets out the merits of investing in alternative assets. They consider how to capture the return of value with exchange traded funds and the case for emerging markets debt.
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In this week's show IC editor John Hughman is joined by Bradley Gerrard and Mark Robinson to discuss how Rolls-Royce is putting recent scandals behind it, how advances in battery technology could electrify your portfolio, and the tales of woe behind a brace of shocking profit warnings.
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Although its debt-for-equity swap completed last October, running a business such as Gulf Keystone Petroleum is still anything but straightforward. Production has long been underfunded, market sentiment is still in recovery, and regional conflict is not far away.In the latest in our Extraction Podcast series, natural resources writer Alex Newman speaks with Gulf Keystone chief executive Jón Ferrier about his company’s painful past and complicated turnaround, and whether the management team now has an onus to sell out. Produced by Dominic Toms.
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Is Donald Trump to blame for the recent slump in emerging markets and how can you position your portfolio to benefit from Trumpflation? Plus why foreign currency ETFs could leave you paying something for nothing.IC deputy personal finance editor Kate Beioley is joined by Adrian Lowcock, investment director at Architas, and personal finance writer Emma Agyemang to discuss the markets and your money this week.
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HOME IMPROVEMENT: Strong January updates from the retail and housebuilding sectors have defied the post-EU referendum doom and gloom – but is this just a last hurrah from the embattled consumer? IC editor John Hughman is joined by Harriet Russell and Jonas Crosland to discuss a busy week of trading updates.
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In this week's personal finance podcast the team set out their investment themes for 2017, and look back at what topped the tables in 2016, with special guest Ben Yearsley, investment director at WealthClub. Ben also sets out his suggestions for ways to boost your retirement income.
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Tips of the Year and Next's New Year nasty: IC editor John Hughman and tips editor Algy Hall dissect the performance of our 2016 tips of the year to see what lessons have been learned for our 2017 picks, while retail specialist Harriet Russell explains why Next's poor start to the New Year isn't necessarily a sign of wider weakness in the retail sector.
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In this week’s personal finance podcast Leonora Walters and Kate Beioley discuss the prospects for UK smaller companies funds over the year ahead, income opportunities in emerging markets and more change at Alliance Trust.They are joined by Peter Doherty, chief investment officer at Tideway Asset Management.
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JPMorgan Global Emerging Markets Income's manager Omar Negyal explains what has been driving emerging markets and where to get income in this area
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In this week’s personal finance podcast the team highlight some funds that outperform and have lower volatility, as well as the many broker charges you need to factor in to work out your total cost of trading. Special guest Peter Walls, manager of Unicorn Mastertrust, meanwhile, flags some of the key issues investment trust investors need to be aware of at the moment.
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In the latest episode of Boardroom Talk, media writer Theron Mohamed interviews Time Out chief Julio Bruno about the media and e-commerce group's recent listing, navigating the shifting media landscape and the company's growth plans.
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INVEST IN STYLE: IC editor John Hughman, companies editor Ian Smith and news editor Bradley Gerrard don their Christmas jumpers to round up a week of M&A madness, retail revelations and climate conundrums. This will be the last podcast until 5th January. In the meantime, we wish a very Merry Christmas and Happy New Year to all of our listeners. Thanks for your support this year.
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The UK's decision to leave the European Union has sent shock waves through global markets, and added to the cost and competitive challenges facing London-listed retailers. The IC's sectors editor Harriet Russell has been talking to experts about how private investors can navigate this storm.Music by Blue Dot Sessions
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In this week's personal finance show Leonora Walters and Kate Beioley look at what shares leading UK equity managers have been buying and selling. Kate explains why one manager argues that it is a good time to buy into UK smaller companies - despite investor antipathy towards this area.And special guest Colin Low, managing director of Kingsfleet Wealth, offers some suggestions on how to rationalise unwieldy portfolios and maximise your tax efficency.
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Oil's new rise, CFD clampdown, consumer credit concerns and more with companies editor Ian Smith & guests.
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For many years, EMED Mining languished at the pre-development stage, hamstrung with litigation and permitting problems. In 2014, the company rebranded as Atalaya (ATYM), installed a new management team, and then cheaply and quickly renovated the historic Riotinto copper mine in Southern Spain.In the latest in our series of natural resources podcasts, natural resources writer Alex Newman speaks with Atalaya’s chief executive Alberto Lavandeira about the difficulties of renovating a mine, what’s next for the surging copper market and why he is already keen to take on the next project.
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The team and Investors Chronicle economist Chris Dillow look at how markets have reacted over the past few weeks following the election of Donald Trump, and what they might do going forward. They also consider what a realistic annual return for an investor might be and how useful risk statistics are when choosing a fund.
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Top sectors for 2017: Two news stories grabbed the headlines this week: the RBS stress test failure and Opec's decision to rein-in production. Find out if the IC's writers think either decision will have long-term relevance. Algy Hall also takes time out from a busy schedule to review sector prospects for 2017 via his latest stock screen.
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Tharisa's (THS) secondary listing on the London Stock Exchange in June couldn't have been better timed to coincide with the commodities bull run of 2016. With its low cost profile, long-life open pit mine and exposure to chrome, investors have been steadily buying into the rare mining debutant, sending the shares up by more than 200 per cent since the summer.In the latest in our series of natural resources podcasts, natural resources writer Alex Newman speaks with chief executive Phoevos Pouroulis and chief financial officer Michael Jones about Tharisa’s first set of full-year results since listing in London, the state of South Africa’s mining industry, and what’s happening in the chrome market.
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Emma Powell gets the lowdown on the highly priced challenger bank's strategy for earnings growth.In the latest of our Boardroom Talk podcast series, we ask Metro Bank chief executive Craig Donaldson whether the newly listed challenger bank's high-cost growth strategy will translate into healthy profits and whether it can truly compete with the mainstream banking giants.
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Emma Agyemang and Leonora Walters discuss funds for beating inflation and portfolio turnover ratios with special guest Patrick Connolly, certified financial planner at Chase de Vere.Patrick also explains how some of the changes to pensions in Wednesday’s Autumn Statement affect investors.
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Amazon, agents and the Autumn Statement: The team discuss Philip Hammond's first and last Autumn Statement, and its impact on letting agents, landlords and savers
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The team discuss the merits of synthetic ETFs, and which equity managers have added the most value and consistency for investors. They are joined by special guest, James Carthew, research director at QuotedData, who explains how investment trusts have performed since the US elections and what we can expect from them going forward.
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Grocery gremlins and currency conundrums: IC editor John Hughman is joined by companies editor Ian Smith and news editor Bradley Gerrard for a lively discussion of the week's big news, including Amazon's foray into UK food retail and the sectors being buffeted by the plunge in Sterling.
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The team consider whether US equities have a place in your portfolio, and highlight a type of fund that offers substantial exposure to this asset even though it is not indicated in the name. Deputy personal finance editor Kate Beioley also sets out some of the many ways to save for kids.They are joined by special guest Peter Doherty, chief investment officer of Tideway Investment Partners.
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Trump triumphs: IC editor John Hughman is joined by Ian Smith and Bradley Gerrard to reflect on a tumultuous week in politics
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This week the team is joined by Ed Smith, asset allocation strategist at Rathbones. They discuss the return of inflation, bond proxy worries and what a Trump presidency could mean for the world and your investments.Kate Beioley, deputy personal finance editor at Investors Chronicle talks to personal finance writer Emma Agyemang about HICL Infrastructure’s search for new assets and Emma talks about the state of the property market and TR Property’s premium.The team also looks at this month’s markets. Gilts yields, inflation and banking stocks are all on the up, what does that mean for the funds you hold? And Ed Smith also talks through Trump’s trade tactics and macro-economics and explains how protectionist policies could hurt equities.
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Jonas Crosland, property correspondent at the Investors Chronicle, speaks to buy-to-let expert David Lawrenson on the private rental sector, and highly controversial plans to phase out mortgage interest rate relief on second homes, coming on top of the introduction of higher stamp duty charges.
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On this week's investment trust special personal finance show the team review the reliability of their dividend payouts, consider how to construct an income portfolio using these kinds of funds and set out the different ways to access them.They are joined by Special guest David Liddell, chief executive of online investment service IpsoFacto Investor.
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Walloons, nervy banks and US drugs: This week's Companies & Markets Show tracks the major corporate stories of the moment, including PPI provisions, miners' asset sales, Big Tobacco M&A and much more
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In this week's personal finance podcast the team discusses a fee change at Finsbury Growth and Income and talks fee fairness in the closed and open-ended fund market. They also take a look at a recent performance dip from City of London investment trust and looks at how the trust has dealt with Brexit.Also on this week's show, the panel looks at TD Direct's decision to scrap SCRIPs, leaving one reader unable to continue receiving his dividends as shares. What is the best way of receiving dividends, will your broker let you? And at what cost?Deputy personal finance editor Kate Beioley is joined by personal finance editor Leonora Walters, personal finance writer Emma Agyemang and Abraham Okusunya, chartered financial planner and director at investment research firm FinalytiQ.
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Hot chocolate and cold turkey: IC editor John Hughman is joined by companies editor Ian Smith and sectors editor Harriet Russell to make sense of a busy week of high street news, a slew of profit warnings and a stumbling IPO market.
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Following recent news that the group has joined forces with the Kosovan government to create the 'world's largest marble company', chief executive Chris Gilbert explains why this is an exciting venture and what it means for the future of the company.
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On this week’s show Kate Beioley explains which key market moves investors need to be aware of, and how prevailing investment styles might be about to change. Leonora Walters, meanwhile, asks Rob Burgeman, divisional director at Brewin Dolphin, what assets and strategies are suitable for generating an income in retirement, and if star fund managers can continue to do well when they change firm.
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Marmite fight: Love it or hate it, it's the Companies & Markets Show with editor John Hughman, companies editor Ian Smith and tips editor Algy Hall. This week Tesco and Unilever square up as sterling slides, Lloyds retail IPO goes up in smoke, and Algy explains how to pick safe income stocks to beat low interest rates.
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Ahead of a planned China launch, the recording equipment manufacturer's founder discusses how it targets consumers from bedroom musicians to studio professionals.Boardroom Talk is a series of podcasts where the IC's specialist writers press the management of London-listed companies on the investment case for their business.
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On this week’s show Leonora Walters and Kate Beioley discuss what kinds of UK manager and fund have done well over the past decade, and which ones are likely to do best going forward. They are joined by special guest Jason Hollands, managing director at Tilney Bestinvest. They also consider whether to go active or passive in emerging markets and what asset allocation you should have in a long-term children’s savings portfolio.
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Taking a Pounding: IC editor John Hughman is joined by Ian Smith and Simon Thompson to round up a big week on the markets that saw sterling collapse to its lowest level for three decades
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In the third part of Alex Newman's series of interviews with resources company management he gets the lowdown on Pan African Resources.
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This week the team discuss which emerging markets funds are best for optimists, and which are better for investors who are a bit more cautious. They also consider ways to generate income in retirement, and which markets you should use passive tracker funds in.They are joined by Paul Derrien, investment director at Canaccord Genuity.
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Good drugs and bad banks: In our 100th episode, editor John Hughman and the companies team talk about the bubbling drug discovery pipeline and the ongoing troubles of Europe's banking industry
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Central Asia Metals (CAML) is not like most listed miners in London. It does not produce large quantities of metal, and has paid back more than it raised at its IPO in just four years. It can also produce copper for less than almost any company on earth.In the second in our series of natural resources podcasts, Alex Newman speaks with Central Asia's executive chairman, Nick Clarke, about the peculiar cost profile, doing business in Kazakhstan and what to do with all its spare cash.
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Retail ructions and debt deductions: IC editor John Hughman and the companies team discuss the latest mag, including a mixed bag of retailer results and how to avoid investing in companies with debt problems
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In this week's show the team discusses what HarbourVest's bid for IC top 100 fund SVG Capital means for you, takes the temperature of biotech investing and looks at the world of property-focused peer-to-peer investing.
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Lower valuations make now a good buying opportunity for long-term growth in the biotech sector
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Anglo Pacific (APF) is unlike most commodity groups listed in London. It has just a handful of employees, based in a small office in Mayfair, and doesn’t actually mine any of the goods it makes its money from. That’s because it is a mining royalty company, collecting income streams from the likes of Rio Tinto and Whitehaven Coal.In the first in a free new podcast series from Investors Chronicle, Alex Newman speaks with Anglo’s chief executive, Julian Treger, about the outlook for commodities including coal and uranium, and what it’s like to rely on the production plans of other companies.
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On this week's show the team discuss whether unloved financials could be a source of good returns, ask why Deutsche Bank has delisted its Gilt ETF range (and what you could turn to instead) and check in with the row over Lifetime Isa exit fees. Deputy personal finance editor Kate Beioley and personal finance writer Emma Agyemang are joined by Adrian Lowcock, head of investing at Architas.
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BoE bond buying and Hanjin's collapse: Deputy companies editor Mark Robinson and the team discuss the corporate debt being snapped up by the central bank and what the demise of South Korean shipper Hanjin means for the wider industry and global economy
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On this week’s show the team discuss the latest version of the IC Top 100 Funds, exchange traded funds for growth, and the investment trust winners and losers since the Brexit vote.
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Corporate governance and potash potential: Editor John Hughman and the team look at Sports Direct's challenging week and whether Sirius Minerals' shares could see some selling pressure
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On this week's show the team consider how to get an income stream via 'DIY dividends', offer some suggestions on meeting income requirements in retirement and highlight an alternative way to get exposure to commercial property.They are joined by Dennis Hall, chief executive officer of Yellowtail Financial Planning.
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Tax trouble & populist politics: Editor John Hughman and the team discuss Apple's €13bn tax problem and how to protect your portfolio from the rise of populism
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In this week's personal finance podcast the team discuss how to prepare for early retirement with James Norringtion, specialist writer at Investors Chronicle.Personal finance writer Emma Agyemang also explains why investment trusts are not necessarily the cheapest option, and deputy personal finance editor Kate Beioley sets out what you need to know about consolidating pensions.
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Shareholder activism, gold/silver ratio and how to invest in a low interest rate world in this week's IC Companies & Markets podcast
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The team discuss how to choose an equity income fund, emerging markets bond funds and Isa flexibility with Sam Ratnage, an adviser at Tideway Wealth.
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No activists please, we're British: John Hughman and the team discuss how US-style activism could be good news for UK shareholders
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On the basis of this year's share price gains, you could be forgiven for thinking diversified miner BHP Billiton is in recovery mode. But near-term uncertainty dominates the investment case. In this special podcast we find out why, and ask whether now is the time to get optimistic about the company's future.IC natural resources reporter Alex Newman reports for this special podcast.Produced by Dominic Toms. Music by Blue Dot Sessions.
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On this week's show deputy personal finance editor Kate Beioley asks special guest Mihir Kapadia, chief executive officer of Sun Global Investments, whether the rally in emerging markets debt can continue.The team also discuss what effects the Olympics could have on the Brazilian market and how the first UK interest rate cut in seven years affects savers and investors.
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Family fortunes: IC 'patriarch' John Hughman and the team discuss why family businesses make great investments, and air their views on a busy week on the markets.
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In this week's personal finance podcast the team consider whether Japan's strong performance of recent years can continue. They are joined by Darius McDermott, managing director at Chelsea Financial Services.They also look at what markets have been doing in July and highlight a commodity fund which has turned its performance despite a difficult time for this sector.
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Rate cuts, booze, bioelectronics & more in the weekly podcast with editor John Hughman and guests
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On this week's show deputy personal finance editor Kate Beioley asks Adrian Lowcock, head of investing at AXA Wealth, if the recent liquidity problems that have affected property funds could also hit the bond sector.The team also provide an update on one of the funds that had had to suspend investor redemptions – M&G Property Portfolio – and explain why business property relief investments can be a good way to mitigate inheritance tax.
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Data disagreement and mapping the world's best oilfields. John Hughman is joined by news editor Bradley Gerrard and commodities correspondent Alex Newman. They discuss the latest post-Brexit manufacturing figures, which may be a cause for concern, and look at this week's cover story about the world's most exciting oilfields.
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On this week's show deputy personal finance editor Kate Beioley explains why Investors Chronicle's ETF portfolios for income have held up well over the past few months. The team also consider the merits of UK small and mid-caps, and bonds funds. They are joined by Colin Low, managing director of Kingsfleet Wealth.
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Technology's big week: the Pokémon craze and Arm's crazy evaluation. Listen to this week's show with John Hughman and the team.
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On this week's show the team discuss how to boost your income in the current low interest environment with Patrick Connolly, certified financial planner.They also consider how best to access commercial property and provide an update on some recent major moves in the ETF market.
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BREXIT BLUES: The team discuss why the EU referendum is making life tougher for the UK's banks and retailers
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On this week's show the team discuss the suspension in trading of a number of commercial property, whether to buy an annuity and the value of US equities. They are joined by special guest Danny Cox, chartered financial planner at Hargreaves Lansdown.
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Property pain and biotech gain: why the IC team aren't panicking about ructions in the property market, and how Brexit falls have presented a wonderful buying opportunity for breakthrough British biotech shares
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On this week's show the team discuss how to manage your portfolio through the Brexit chaos, alternative property funds and ways to avoid pensions scams. They are joined by special guest Lauren Peters, chartered financial planner at Helm Godfrey.
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SURVIVING BREXIT: The team escape to the safe haven of the studio to assess the market damage of one of the craziest weeks in British political history.
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On this week'sshow the team discuss what the effects of leaving the European Union might be for investors. They also suggest some funds for weathering market volatility and profile some recent fund launches.They are joined by Michelle McGrade, chief financial officer at TD Direct Investing.
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Cheap vodka, pricey wine and cat allergiesThis week's Companies & Markets Show takes aim at the stories overshadowed by the EU referendum vote, including a bad week for allergy specialists Circassia and a better one for Majestic Wines.
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On this week's show the team discuss how to get sustainable UK equity income, managing risk in your portfolio and emerging markets.
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Merger mania: John Hughman and the team discuss a busy week on the M&A front, and the latest views on Britain's efforts to demerge from the EU.
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In this week's personal finance podcast the team discuss the merits of Targeted Absolute Return funds, how to build up savings over a very long time period, and the latest developments in the Alliance Trust saga.
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Why Aim isn't so bad, how falling share prices can offer great buying opportunities, and why the game isn't up for buy-to-let landlords. It's the Companies and Markets Show with editor John Hughman and the team.
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On this week's show the team discuss equity income ETFs, pensions exit fees, and a potential merger between investment trusts RIT Capital Partners and Alliance Trust.The team are joined by Maike Currie, investment director at Fidelity International.
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Buy, sell, hold: who really cares?This week's Companies & Markets Show digs into the murky world of equity research, with a big regulation set to shake up the market for broker and investor alike. Brexit beer mats, oil hopes and much more besides.
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Marks and Spencer misery, nasty infections and a bumper crop of results. It's the IC Companies and Markets Show.
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On this week's show the team discuss whether to revise your portfolio ahead of a possible Brexit, the likely effects of a Brexit on investment funds and taking sector bets.They are joined by Rachel Winter, private client broker at Killik & Co.
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Posh macs, rail tracks, and EU cracks: Mark Robinson and Bradley Gerrard join IC editor John Hughman to talk about Burberry's troubles, railway regulation and the implications of Brexit.
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On this week's show the team and special guest Stephen Peters, investment analyst at Charles Stanley, discuss frontier markets, Baillie Gifford Shin Nippon and investment trust IPOs.
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Under the radar: John Hughman, Ian Smith and Bradley Gerrard talk about why boring shares can make you money, plus the week's big news and results.
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This week the team debates whether you should "sell in May and go away, don't come back till St Leger's Day" and Scottish Mortgage's love of private stocks. Also, what to do for family members inheriting complex portfolios.Personal finance editor Leonora Walters is joined by deputy personal finance editor Kate Beioley, personal finance writer Emma Agyemang and special guest Colin Low, chartered financial planner at Kingsfleet Wealth
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Bookies, banks and best-in-class income strategies in this week's podcast with Graeme Davies, Bradley Gerrard, Emma Powell and Algy Hall
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The UK exchange traded fund (ETF) market came of age this month, celebrating its sixteenth birthday on 27 April 2016. Just how mature is the industry at 16? How well is it serving investors and does it still have some growing up to do? In episode three we talk about some of the biggest myths, market debates and controversial aspects of ETF investing in the UK. To listen to the podcast click here.
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Royal Dutch Shell matters to investors. It's the largest listed company in London, one of the biggest oil firms on the planet, and represents an enormous source of income for thousands of direct and indirect shareholders. And following Shell's acquisition of BG, one-time holders of British Gas shares may now find themselves with a small stake in the company.But with its industry rocked by the fall in oil prices, and cash tight, is the 7 per cent yield sustainable? And with environmental policies set to increase the pressure on fossil fuel companies' business model, is Shell still a buy and hold stock? IC natural resources reporter Alex Newman puts these questions to the Shell experts in this special podcast.Produced by Dominic Toms. Music by Blue Dot Sessions.
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In this week's personal finance podcast Leonora Walters and special guest Ben Yearsley, investment director at high net-worth investment service Wealth Club, discuss whether it is time to inflation proof your portfolio, UK equity income funds and how to generate a 6 per cent return.
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The UK exchange traded fund market came of age this month, celebrating its 16th birthday on 27 April 2016. Just how mature is the industry at 16? How well is it serving investors and does it still have some growing up to do? In this special three-part podcast we talk to Adam Laird, passive investment manager at Hargreaves Lansdown, Ben Seager-Scott, investment director at Tilney Bestinvset and Joe Parkin, head of wealth for UK, iShares about how you can use ETFs, why you should and why they remain controversial.In Part 2 we talk about how you can use ETFs in your own portfolio and our panel suggests some of the most promising markets – and ETFs – for 2016.Music by Minden.
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Updated version: this week the team pulls out the key points from an ETF roundtable and talks about the best way to pass money to your grandchildren without incurring inheritance tax.Personal finance editor Leonora Walters, deputy finance editor Kate Beioley and personal finance writer Emma Agyemang are joined by Philip Milton, chartered financial planner at Philip J Milton & Company.
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The joy of Aim: Editor John Hughman speaks to the IC's stock-picking guru Simon Thompson about the secrets of successful Aim investment, while Bradley Gerrard turns his attention to the wave of activism sweeping the markets.
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The UK exchange traded fund market came of age this month, celebrating its sixteenth birthday on 27 April 2016. In episode one of this special three-part podcast we talk to Adam Laird, passive investment manager at Hargreaves Lansdown, Ben Seager-Scott, investment director at Tilney Bestinvset and Joe Parkin, head of wealth for UK, iShares, about the nuts and bolts of ETF investing and debate some of the crucial differences between the options on the market. Music by Minden.
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On this week's show the team discuss whether high-yield bonds are worth the risk, how to get a secure yield from UK equity income and why pensions freedoms are not necessarily a good thing for investors.They are joined by special guest Adrian Lowcock, head of investing at AXA Wealth.
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Investors mount the barricades On this week's podcast the team discusses whether BP and Premier Foods shareholders have cause for concern, as well as proposed IPO reforms, retail bonds and this week's company results.
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The team discuss the pensions tapered annual allowance, Neil Woodford's move to scrap research fees and whether or not a new China index and ETF solves a stock price paradox.Deputy personal finance editor Kate Beioley and deputy personal finance writer Emma Agyemang are joined by Mike Morrison, head of platform technical at AJ Bell and Adam Laird, passive investment manager at Hargreaves Lansdown.
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Ireland rises, pharma M&A falls flat, and Marks fails to spark. It's the IC Companies & Markets Show with editor John Hughman and the team.
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On this week's show the team focus on oil as an investment, and funds with which to get exposure to this asset.Deputy personal finance editor Kate Beioley interviews Shaun Port, chief investment officer at Nutmeg, on the hidden charges you might incur when investing via a wealth manager or platform.She also highlights some more changes to the pensions regime you might have missed in the budget.
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Buy-to-let myths, real estate risks and sugary drinks. IC editor John Hughman and the companies team repeatedly fail to avoid political hot potatoes on this week's show.
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Terror attacks, oil survivors and a China bubbleThis week the companies team discusses the market impact of the Brussels terror attacks, which oil stocks might survive the downturn and some wobbly credit in China. Plus a sweeter note to end on…
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In this week’s personal finance podcast the team discuss the personal finance news from the Budget, including the launch of the new Lifetime Isa and cuts to capital gains tax. The panel also looks at value versus growth investing and asks why it might be time to change your investment style.They are joined by Jason Hollands, managing director at Tilney Bestinvest.
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Budget special: Ian Smith and Bradley Gerrard join IC editor John Hughman to discuss what this year's budget means for UK investors, and take a look at some of the week's more interesting results.
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Personal finance editor Leonora Walters, deputy personal finance editor Kate Beioley and personal finance writer Emma Agyemang discuss the range of options for buying shares, whether to buy a gold ETF and investing in Aim shares. They are joined by the Investors Chronicle's resident economist Chris Dillow.
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Bouncing commodities, management movers and EDF's nuclear fallout. IC editor John Hughman and the companies team discuss this week's big market stories.
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In this week's personal finance podcast Leonora Walters and Kate Beioley discuss how to choose an Isa and star manager Neil Woodford's market views.Kate also interviews Ben Seager-Scott, director, investment strategy at Tilney Bestinvest, on the merits of smart beta ETFs.
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RESULTS SEASON SPECIAL: highlights of an 86-company result issue, with John Hughman, Ian Smith and Bradley Gerrard
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Personal finance writer Kate Beioley talks to deputy personal finance editor Leonora Walters and Patrick Connolly, chartered financial planner at Chase de Vere, in our bear market special. The panel looks at the funds to turn to in volatile times, why Allianz Technology Trust is selling Amazon in a de-risking move and why investors are liking bond exchange traded funds. Music by Kevin MacLeod
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Surviving sell offs: John Hughman and the companies team discuss battered banks, mauled miners and stock market marriagesMusic by Kevin MacLeod
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In this week's podcast the personal finance team discuss how to generate a decent income in retirement, investing tax efficiently beyond pensions, and healthcare and biotech funds.They are joined by special guests Lauren Peters, wealth management adviser at Helm Godfrey, and Stuart Lewis, business line manager for VCTs at Octopus Investments.Music by Kevin MacLeod
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Investors Chronicle is the UK's oldest investment…
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Personal finance writer Kate Beioley and deputy personal finance editor Leonora Walters are joined by Hector McNeil, co-CEO of Wisdomtree, for a special ETF podcast. The panel analyses the performance of its two model ETFs for income, talks European dividends and hammers out whether or not the volatility hitting US ETFs could come to our shores. Also up for discussion: the Portfolio Clinic and investment trust news. Music by Kevin MacLeod
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This week the companies team considers the falling equity markets and asks Chuck D's age old question: "How low can you go?" Things are certainly ludicrous in the banking sector, while big pharma has bad news of its own. Plus how to get growth investing right.Music by Kevin MacLeod
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Deputy personal finance editor Leonora Walters and personal finance writer Kate Beioley discuss this week's reader portfolio, and debate whether or not low volatility funds are worth the cost as well as taking a look at some top equity income funds. They are joined by Jason Butler, independent personal finance expert and author the FT Guide to Wealth Management.
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Retail clicks, oil slicks and Thompson's tips. John Hughman and the team discuss BP's results, Sainsbury's acquisition of Home Retail and Simon Thompson's new bargain share portfolio.Music by Kevin MacLeod
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Days after we published the second podcast in this series, chancellor George Osborne pressed the pause button, with the government suspending its public sale of its Lloyds Banking Group shares until they regain some value. But will they? In the final episode of this series we consider the sell case for the bank, and the longer-term threats that could push the share price even lower.Music by Kevin MacLeod
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This week Kate Beioley talks to Peter Day, partner at Killik & Co, and Ewan Lovett-Turner, investment companies analyst at Numis Securities. The panel talks about this week’s portfolio clinic and asks whether the reader is taking too much risk on unloved FTSE stocks. Also up for discussion is the sustainability of investment trust income in the face of dividend cuts across the FTSE 100 and why active managers can’t seem to get on top of passives in the US. Music by Kevin MacLeod
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Investors Chronicle is the UK's oldest investment…
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Like the rest of the financial services sector, Lloyds has been hit by recent equity market falls. If the government proceeds with its share sale in the spring, there is also the prospect of a discount to the market value. Should private investors buy in? In the second part of this three-part special, we look at what is moving in the banking group’s favour. Note: as we were putting this podcast together, the price of a Lloyds share was 70p.Music by Kevin McLeod
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In this week’s personal finance podcast Kate Beioley looks at recent global market turbulence and asks whether this is a sell-off or something more serious. The panel also takes a look at a young reader’s portfolio and the wisdom of his peer-to-peer lending, talks through Shell’s potential BG takeover and considers what FTSE dividend cuts could mean for funds. Kate is joined in the studio by IC economist Chris Dillow, IC trader and technical analyst Nicole Elliott and Russ Mould, investment director at AJ Bell.Music by Kevin McLeod
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The tactics behind shorting signals, high street trends, Shell/BG and the rest of the latest markets news. It's the Companies & Markets Show.Music by Kevin MacLeod
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'If you see Sid, tell him!’ As the government prepares its public share sale of Lloyds Banking Group, the first part of our special three-part podcast on the bank focuses on its recent history through the financial crisis, and how it created the group we know today. Music by Kevin MacLeod
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The personal finance team talk to Paul Taylor from McCarthy Taylor about the latest portfolio clinic, the Bric appeal and the US bond ETF sell-off.
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Have the bears killed Goldilocks? The companies team discuss markets' terrible start to 2016, the good and bad from retailers' Christmas updates and how to find a sustainable dividend. Music by Kevin MacLeod.
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The personal finance team is joined by Jason Hollands, managing director at Tilney Bestinvest, to talk about asset allocation in retirement, Chinese equity markets and the good investment areas for 2016.
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New Year celebrations, retail revelations, and Chinese machinations. Welcome to 2016 with the IC Companies and Markets Show.Music by Kevin MacLeod
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On this week's show Moira O'Neill and the team discuss the top funds stories and performers of the year, why investors shouldn't crystal ball gaze too much and how to refocus a portfolio with too many holdings.
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The Fed Awakens: IC editor John Hughman is joined by Kully Samra of Charles Schwabb to assess the implications of the historic rate rise, Harriet Russell to see what Christmas has in store for the retail sector, and Graeme Davies to round up the rest of the week's big news. We're taking a break now until the New Year - the next podcast will be up on the 8 January 2016 (or maybe a little earlier if we're organised enough). Thanks for listening and Merry Xmas!
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Deputy personal finance editor Leonora Walters and personal finance writer Kate Beioley discuss major fund manager moves of 2015 and whether to stick or twist when a star manager leaves, the FTSE index review and the latest portfolio clinic on tax free income in retirement, with Stephen Peters, investment analyst at Charles Stanley.
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The latest on the commodity collapse, the concerns at Cenkos and the complexities of investing in an evolving food market. It's the podcast with editor John Hughman and the team.
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This week Moira O'Neill and the team are joined by Kingsfleet Wealth's Colin Low to discuss the latest portfolio clinic, plus VCT rules, the first Indian bond fixed-income ETF and more.
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This week editor John Hughman and the team look at the latest news on Europe, the companies buying bolt-ons that add value and earnings and all the standout results announced over the past seven days.
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In the latest episode Moira O'Neill talks to Kate Beioley and special guest James Baxter from Tideway Investment Partners about the Autumn statement, final-salary transfers, QE and the Chinese companies joining your emerging market fund.
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On this week's show John Hughman and the team discuss Rolls-Royce, house-builders, defence and the latest company results. Plus Mark Robinson takes a look at how to profit from low emission motoring.
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This week Moira O'Neill is joined by specialist writer Kate Beioley and special guest Alan Miller from SCM Direct to talk about the FCA's latest investigation, UK funds and niche ETFs.
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It's been a busy week on the companies results front, and editor John Hughman and the team take a look at how to capitalise as the government outsources more public sector services. Plus the latest news and activity on the markets.
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On this week's Personal Finance Show, Moira O'Neill and the team look at investing in the US stock market, how to choose between tracker funds and ETFs, this week's portfolio clinic and more.
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IC editor John Hughman returns to discuss the latest market news, plus a look at this week's features about the impact that climate change policies could have on your portfolio and the companies inching closer to curing Alzheimer's.
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This week personal finance editor Moira O'Neill is joined by the IC's Kate Beioley and Chris Dillow, and special guest Jason Witcombe from Evolve Financial Planning to talk about investing in gold, commodities and emerging markets.
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In our Middle East special, deputy companies editor Ian Smith and the team look at Iran's energy industry, Israel's stockpicking options and all the big stories on the markets this week.
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Deputy Personal Finance editor Leonora Walters debates the merits of investment trusts for retirement and personal finance writer Kate Beioley explains how fund managers use ETFs. This week the team also looks at what BP's results mean for UK funds and how managers have taken the news.
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'It's the economy stupid.' In this week's podcast the companies team discuss the latest UK economic figures and the unbalanced recovery, in a week where the defence and home improvement sectors took a hit on the stock market.
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In this bumper investment trust episode personal finance deputy editor Leonora Walters discusses how to choose trusts with Jupiter fund of investment trust manager Richard Curling and personal finance writer Kate Beioley talks to BlackRock Frontiers Investment Trust manager Sam Vecht about why frontier markets aren't as risky as you think
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IC editor John Hughman and the companies team discuss the big stories on the markets this week
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Personal finance editor Moira O'Neill, reporter Kate Beioley and deputy personal finance editor Leonora Walters talk holding cash in retirement, investing in smaller companies and the ongoing issues at the Investment Association. They are joined in the studio by special guest Adrian Lowcock, head of investing at AXA Wealth and Mike Prentis, manager of Blackrock Smaller Companies Trust.
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Dealmaking hots up, China slows down and housebuilders go from strength to strength: IC editor John Hughman and the companies team talk discuss the latest market news
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Personal finance editor Moira O'Neill discusses updates to Alliance Trust, investing an NHS pension, using structured products and smart and sassy ETF launches. With Lee Robertson, CEO of Investment Quorum, personal finance deputy editor Leonora Walters and personal finance writer Kate Beioley
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IC editor John Hughman and the companies team discuss the week's big stock market stories
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Personal finance editor Moira O'Neill discusses investment trusts with family shareholders, whether Japan is good for income investors and Sipp charges on platforms. She is joined by Helal Miah, investment research analyst at The Share Centre, Delyth Richards, head of funds research at Kleinwort Benson and personal finance writer Kate Beioley
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John Hughman and the IC companies team discuss Britain's infrastructure boom, Glencore's woes, and why China's Aim shares don't paint a fair picture of the junior market
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Personal finance editor Moira O'Neill discusses how rate hikes could affect your portfolio, fund switches to crystallise losses and takes a look at one of Neil Woodford's favoured shares
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John Hughman and the companies team discuss the crisis at Volkswagen and the rise of the millenial generation
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The Fed, the retail sector and Algy Hall is back once again with the ill behaviour, discussing how the pros are beating the market. We also take a look at how our Tips of the Year are holding up. Listen to this week's podcast.
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Leonora Walters discusses this week's portfolio clinic and the latest news on the Fed with IC economist Chris Dillow and special guest Patrick Connolly, certified financial planner at Chase de Vere.
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The IC personal finance team discuss investment trusts, ETF strategies and more
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Digital editor Graeme Davies discusses the latest market moves, Glencore's humbling fundraising and financial sector results in this week's podcast
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Our personal finance team discuss diversification and ways to avoid turbulence
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Investors Chronicle's writers discuss the latest market gyrations, China's clampdown, takeover talk and demand for gambling stocks
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We look at this week's portfolio clinic, the impact of the turbulence in the Chinese markets and putting together smart beta ETFs.
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Market moodswings, merge mania and more…it's the IC Companies and Markets Show with editor John Hughman and the team.
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Leonora Walters is joined by personal finance writer Kate Beioley and special guest Gavin Haynes, managing director at Whitechurch Securities, to talk about the latest portfolio clinic and the rest of this week's personal finance and funds news.
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The big market sell-off, commodities chaos and housebuilding concerns. It's the Companies & Markets Show with John Hughman, Stephen Wilmot and Bradley Gerrard.
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Leonora Walters is joined by IC deputy editor Rosie Carr and Killik & Co partner Peter Day
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In this week's show Investors Chronicle editor John Hughman and the companies team discuss China's surprise currency devaluation, a not-so-surprising merger in the life assurance sector, and the companies fighting cancer.
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On this week's show Moira O'Neill and the team are joined by Colin Low of Kingsfleet Wealth. They look at investing how to choose the best investment platform and what China's stock market troubles mean for your portfolio.
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Companies & Markets Show 7 August 2015 by Investors Chronicle
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On this week's show Moira O'Neill and the team are joined by Adrian Lowcock of AXA Wealth. They look at investing in gold and why younger investors aren't capitalising on their tax-efficient wrappers.
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Companies & Markets Show 31 July 2015 by Investors Chronicle
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In this week's show we break the FT Group's sale live on the air, Apple turns sour and video gaming comes of age. It's the podcast.
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Joining the personal finance team this week are Carl Harald Janson, manager of the International Biotechnology Trust, and Darius McDermott, MD at Chelsea Financial Services.
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Joining Moira O'Neill this week are deputy personal finance editor Leonora Walters and Tideway Wealth partner James Baxter.
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This week the team looks at finding profits in property, interest rate rises and SuperGroup comes good. Listen to the latest IC podcast.
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This week's show is hosted by deputy personal finance editor Leonora Walters with writer Kate Beioley and guests.
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Whether it's Greece or the markets in China, this week has been an absolute nightmare, says IC editor John Hughman. Listen to this week's Companies & Markets Show
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The personal finance team discuss asset allocation changes with age, investment trust board assertiveness and bonds via ETFs ith Alan Steel of Alan Steel Asset Management. The show also features an interview with Sam Morse, manager of Fidelity European Values. Is he worried about Greece?
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Madness in the Mediterranean, Buffett's brilliance, and are UK markets overvalued?
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In this week's show we look at biotech, new Isa-able investments and ask whether you need professional advice. Plus Jupiter's Guy de Blonay discusses what's exciting in finance.
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Companies & Markets Show 26 June 2015 by Investors Chronicle
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Listen to the latest Personal Finance Show with deputy personal finance editor Leonora Walters, personal finance writer Kate Beioley and special guests.
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The great energy lag, shares with punchy price-tags and happy birthday Aim. Listen to this week's show with editor John Hughman and the team.
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Moira O'Neill and guests discuss Neil Woodford, Absolute Return bonds funds and more
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As deflation hits Sainsbury's, we also look at what's been happening at HSBC and the benefits of greater energy efficiency. Plus the latest companies news.
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Moira O'Neill and guests discuss the big news and issues in the personal finance world.
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Digital editor Graeme Davies and guests discuss the latest market moves including the Greek bailout, Royal Mail, results & more
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The Investors Chronicle personal finance team and guests discuss the latest news in the personal finance world
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Corruption special: the team looks at the Fifa crisis, the Petrobras scandal and runs through the latest news across the markets.
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Personal Finance Show 22 May 2015 by Investors Chronicle
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As SABMiller buys Meantime Brewing, editor John Hughman and the team look at whether the deal will stifle the fermenting craft beer revolution.
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Moira O'Neill and guests discuss how to avoid falling foul of pensions lifetime limits and other issues
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John Hughman and guests discover the tricks of the trade
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Personal finance editor Moira O'Neill and guests discuss the latest news and issues in the world of personal finance
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John Hughman and the IC team discuss bonds, banks and bad times in the supermarket aisles
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Personal finance editor Moira O'Neill and guests discuss the big issues in personal finance including Sell in May, Alliance Trust and much more
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Editor John Hughman and guests discuss the latest happenings on the markets including growth worries and also the main features in this week's magazine
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Moira O'Neill and guests discuss the latest personal finance news
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Drastic Dave, luxury losers and Drachma dreams: John Hughman and the companies team discuss Tesco's whopping loss, posh handbags, and holidays in Greece
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Moira O'Neill and the team are joined by special guest Jonathan Spring-Rice, a partner at financial planning firm Towry, to look at the latest portfolio clinic and this week's personal finance news.
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Listen to editor John Hughman and the team take Aim and look at China's slowdown, the state of iron ore and the IC's 10-asset portfolio.
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How much risk should you take for income and should you currency hedge? Deputy personal finance editor Leonora Walters is joined by Kate Beioley and special guest David Liddell, founder of online investment advisory service IpsoFacto Investor, for this week's show
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It's a tail of two deals with Shell’s BG Group buyout and FedEx coming for TNT Express. Also is it time to put supermarkets back in your basket? Listen to the IC Companies & Markets Show now
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This week @MoiraONeill and the team look at investing in India and the first UK-domiciled ETF offering access to China's money markets. We also chat to special guest Alan Steel about this week's portfolio clinic.
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Kingfisher strikes a hammer blow to B&Q and we take a look at what a new government could mean for sectors and companies.
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Personal finance editor Moira O'Neill talks to Investment Quorum's Lee Robertson and Fidelity Worldwide Investment's Alan Higham about pension freedoms, as well as looking at all the latest personal finance news with the IC team.
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Companies editor Stephen Wilmot hosts the latest edition, looking at pension reform, niche lenders and what's been happening in the markets this week.
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Moira O'Neill is joined by Axa Wealth's Adrian Lowcock, the IC's economist Chris Dillow and the team to discuss the Budget's impact on investors and savers.
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As the Fed loses its 'patience', was the Budget's North Sea oil giveaway actually a giveaway? We also look at how landlords can eke out decent returns from buy-to-let. It's this week's Companies & Markets Show.
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It's parity time for the euro and dollar, Apple watches the bottom line and is it RIP TSB? Listen to this week's Companies & Markets Show with editor John Hughman and the team.
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On this week's show Moira O'Neill talks to guests about investing for income – drawing it from a pension and diversifying the sources of your income.
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The Nasdaq's new record, 50 years of Warren Buffett, and 100 company results
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Personal finance editor Moira O'Neill and guests discuss our 50 Isa ideas
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IC editor John Hughman and digital editor Graeme Davies discuss US small caps with Charles Schwab's Kully Samra.
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It's the IC's pre-Oscar party podcast as we take a look at what profit can be taken from the silver screen.
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Sky's the limit for the Premier League, and we look at the way companies behave. Listen to this week's IC Companies & Markets Show.
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Greece is the word and the commodities slump ripples out. Plus Simon Thompson talks about his bargain shares for 2015. It's the IC Companies & Markets Show.
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As Apple reports juicy returns, is Shell beginning to crack? Plus a look at our guide to the FTSE 350. It's the IC Companies & Markets Show.
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The ECB's bazooka, the Swiss cut their losses and why football is offside for investors. It's this week's podcast with the IC team.
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Morrisons' Dalton Philips passes his sell-by date, it might be game over for Game Digital and we take a look at the secrets of the investment masters. It's this week's IC podcast.
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Supermarkets weep, what's going on in Greece and our Tips of the Year. It's this week's IC podcast.
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The IC team rounds up a turbulent year on the markets, and looks ahead to what lies in store in 2015. Merry Christmas!
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Investors Chronicle Companies & Markets Show 12 Dec 2014 by Investors Chronicle
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