Investors Chronicle

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. Hosted on Acast. See acast.com/privacy for more information.

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 shares what 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

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’ (R

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. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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 Hosted on Acast. See acast.com/privacy for more information.

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

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 profitsCan the UK become a biotech superpower?Oil in 2024 – will Opec's squeeze work? Hosted on Acast. See acast.com/

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. Hosted on Acast. See acast.com/privacy for more information.

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 Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more inf

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 Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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 scr

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. Hosted on Acast. See acast.com/privacy for more information.

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:DiageoBritish Land is cheap, but for a reasonLandsec fails to outm

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. Hosted on Acast. See acast.com/privacy for more information.

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 dividendCan Apple keep on delivering for investors?When corporate expansion comes at

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 busin