Investors Chronicle

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Sinopse

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.

Episódios

  • Building the ideal portfolio & Experian: The Companies and Markets Show

    17/05/2024 Duração: 38min

    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

  • How interest rates can affect mid-caps & Wood Group’s trading update: The Companies and Markets Show

    10/05/2024 Duração: 43min

    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

  • ‘Ignore the oil price – energy stocks are still great value’: Ian Lance of Temple Bar Investment Trust

    07/05/2024 Duração: 26min

    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

  • Unilever, Trainline & national champions: The Companies and Markets Show

    03/05/2024 Duração: 32min

    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

  • How young investors can learn their trade: Lee and the IC

    30/04/2024 Duração: 45min

    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

  • BHP’s bid for Anglo & investors’ biggest mistakes: The Companies and Markets Show

    26/04/2024 Duração: 34min

    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

  • Fundsmith’s fate, industrial metals, & Asos: The Companies and Markets Show

    19/04/2024 Duração: 35min

    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

  • British bargains & heritage brands: The Companies and Markets Show

    12/04/2024 Duração: 36min

    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

  • ‘It’s exciting in the investment trust sphere': Joe Bauernfreund of AVI

    09/04/2024 Duração: 31min

    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&

  • Tesla woes, travel’s rebound & investing during rate cuts: The Companies and Markets Show

    05/04/2024 Duração: 31min

    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

  • Britain’s top-rated funds & Fevertree: The Companies and Markets Show

    28/03/2024 Duração: 31min

    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

  • ‘Cultural attitudes around investing need to change’: Lee and the IC

    26/03/2024 Duração: 41min

    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

  • Vodafone’s fortunes & UK’s tech stocks: The Companies and Markets Show

    22/03/2024 Duração: 36min

    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

  • 'We should redefine what a recession is': Abby Glennie of Abrdn UK Smaller Companies fund

    19/03/2024 Duração: 47min

    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.Timestamps1:17 What Glennie makes of the angst over the UK market8:10 Allocation changes to the portfolio in recent months 11:58 What the valuation process at Abrdn involves14:03 What does the Abrdn ‘Matrix’ screen look for18:33 Bytes Technology21:22 4imprint24:35 Hill & Smith29:59 CVS Group35:31 Food producers Hilton and Cranswick40:35 UK video game stocks42:42 The general rules on position sizing 44:46 Diploma and when to sell a holding  Hosted on Acast. See acast.com/privacy for more informat

  • The Isa Special 2024: The Companies and Markets Show

    15/03/2024 Duração: 40min

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

  • The Budget explained & the importance of dividends: The Companies and Markets Show

    08/03/2024 Duração: 45min

    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 f

  • ‘It’s the valuation that matters, not the share price’: Laura Foll of Janus Henderson Investors

    05/03/2024 Duração: 39min

    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.Timestamps00:59 How does the trust differ from its peers2:58 Interesting opportunities outside of conventional income investing 6:08 What the fund looks for in a recovery play 8:05 Rolls-Royce9:29 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 

  • The power of consumer staples & the UK’s appetite for M&A: The Companies and Markets Show

    01/03/2024 Duração: 35min

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

  • Meeting a CEO: Lee and the IC

    27/02/2024 Duração: 44min

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

  • Capitalising on AI and data & the Rolls Royce turnaround: The Companies and Markets Show

    23/02/2024 Duração: 36min

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

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