Investors Chronicle

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

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

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 20

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

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

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 marke

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._Listen to the f

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