Episodes
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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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Missing episodes?
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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 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 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:
The backstory of The Ownership Dividend (what happens when interest rates go down for 40 years and what happens to investors when that stops?)The fleeting/ephemeral nature of corporate dividends Dividends in the USMetaShellHosted on Acast. See acast.com/privacy for more information.
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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 £2.5bn Barratt (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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