Investors Chronicle

The latest IC Companies and Markets podcast kicks off with a look at two pubcos hoping to benefit from an upturn in the weather and a summer of sport. Christopher Akers joins the show to examine recent results from Young’s (YNGN) and Fuller, Smith & Turner (FSTA) and asks what the future has in store.Jennifer Johnson then discusses this week’s IC cover story, on company spin-offs and the wider trend (or non-trend) of conglomerates breaking up. She runs the rule over companies in the pharmaceuticals, consumer goods and industrials sectors, and discusses whether divestments are creating or destroying value.Finally, in the week that Nvidia (US:NVDA) became the world’s largest company, Dave Baxter looks at the funds trying to exploit this trend. The team also discuss the growing imbalances in the US market – some of which are less obvious than you may think – and ask how much of a problem they really pose.Claim your first 12 weeks of Investors' Chronicle Print + Digital for just

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. Timestamps00:58 UK mid-caps4:28 The UK stock market8:13 Red flags for gearing10:20 - 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 up28:24 AI30:49 M&A activity 35:47 Dividends 38:02 The trust’s approach to discounts Hosted on Acast. See acast.com/privacy for more information.

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.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 www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely s

Jennifer Johnson begins this week’s podcast by discussing Hollywood 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. Timestamps1:25 Hollywood Bowl (BOWL)14:28 National Grid (NG.)27:44 The latest apology from N

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 euphoria12:42 Risks in some of the stocks & Tesla’s risks in China15:18 Digital wallets ie. Coinbase & Robinhood20:24 Zoom23:57 The Magnificent 7 & what happens next29:46 Cathie’s take on inflation and interest rates31:53 How much politics is influencing stockpicks 

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.Timestamps6:08 Activist investors  12:10 Media sector 

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 business22:07 Investing in R&D26:21 Having cash on the balance sheet 29:12 The importance of naming customers 30:32 Where Louis rates his business on 1-1031:58 Concentration of the customer base35:07 Louis’s future with

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

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 group John 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)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*After your 12-w

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.Timestamps00:51 Is there a catalyst for a UK re-rating?2:35 Buybacks 4:54 The sectors catching his eye6:42 Energy and commodity prices8:54 How Lance thinks banks balance the benefits of higher rates versus risk11:11 Why the trust doesn’t have more UK holdings 13:52 The fund's income versus total return outlook15:25 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 play23:05 Sectors that are hard to

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:720

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 Foundation6:15 The fund8:27 Practical c

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?Timestamps1:08 BHP’s big for Anglo American13:56 Investors’ biggest mistakes25:01 Property Franchise GroupCl

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? Associa

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 reven

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. Timestamps1:02 The investment process of the fund2:34 Activist investing4:27 Hipgnosis (HSF)5:23 Baunerfreund’s take on investment trusts7:07 Recovery in the trust space11:00 The resilience of certain sectors12:38 Private Equity 16:58 The era of higher rates 18:32 The Japanese market21:04 Competition in the space22:32 Interesting sectors or themes in Japan23:33 Other nations the fund is gravitated towards25:28 Emerging markets&

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 piece The 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 TeslaWill the Magnificent Seven go down to six?Meet the new electric

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 it

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.Timestamps1:31 A British Isa 3:2

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 Byt