Investors' Chronicle

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

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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:

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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 £2.5bnBarratt (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 companyCeres 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 recruitersHays’ (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) andLXI (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 the2023 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 show

HSBC announces huge share buyback

How to run megaprojects so they deliver for everyone

Losses 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

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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. 

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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.

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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?

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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.

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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.

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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.

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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. 

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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.

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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.

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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

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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?

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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?

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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.

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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.

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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.

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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

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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.

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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. 

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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.

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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.

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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.

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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. 

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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. 

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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.

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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.

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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.

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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

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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'. 

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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

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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. 

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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.

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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

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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