Episódios
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As a wealth preservation fund, Personal Assets aims to generate returns above inflation using a long-term approach. But with uncertainty rife thanks to tariffs, the fund is facing a very “interesting” time.
In our latest IC Interviews episode, Dave Baxter and Charlotte discuss the talk of the town – tariffs. Listen to the episode to hear the pair unpack the fund’s behaviour after the sell-off, why the managers are backing gold, why Charlotte doesn’t believe weight-loss drugs are a threat to alcohol stocks, and more.
This episode was recorded on 14 April.
Timestamps
00:59 How the fund is behaving after the sell-off
4:00 Impact of tariffs on stock markets
8:35 Stock markets the fund is favouring
12:06 US Treasuries
15:44 Sectors to benefit from structural inflation
18:31 Gold
20:51 Food and drink stocks
22:49 Weight-loss drugs and alcohol consumption
26:27 Markets aside from the US
27:28 The aim of the fund
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We begin with results from electronics manufacturer, TT Electronics (TTG). Michael Fahy and Arthur Sants explain how its North American and European divisions have been performing, and how the senior leadership is changing.
Tariffs again, but from a different angle. Arthur Sants, our US correspondent, unpacks how tech stocks Apple (AAPL) and Nvidia (NVDA) are faring, what could happen next and which businesses are best set to prosper.
Last up, Mark Robinson covers motor finance and lender S&U’s (SUS) results. It faces significant uncertainty due to regulatory issues and a Supreme Court ruling taking place in a few months. Mark and Dan explore what it means for the business and its shareholders.
Timestamps
1:30 TT Electronics
10:12 Tariffs and trade
28:21 S&U
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As tariffs continue to send markets into a frenzy, the panel gives listeners a rundown of how we got here, what’s happening now and what lies ahead for untouched industries such as pharmaceuticals.
Val Cipriani joins to discuss this week’s cover feature on the investing world beyond listed stocks. Val and Dan share how investors can get exposed to unlisted shares, how to find out what they’re worth and other tips to find out if you can trust valuations.
It’s then on to Staffline’s (STAF) results. Valeria Martinez reveals why it held up better than its recruiting peers and what its recent PeoplePlus disposal means for the business in the future.
Timestamps
1:53 Market frenzy
18:13 Unlisted stocks
28:27 Staffline
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The panel unpack details of the swathe of tariffs announced by US President Donald Trump. They discuss what was announced, their curious calculations, the implications on nations and stocks, and what retaliations could occur.
Dave Baxter joins to discuss global equity funds, the topic of this week’s Big Read. Dave and Dan unpack the thinking behind the piece, some of the companies that crop up in the funds mentioned, including the most popular of the Magnificent Seven and more.
Lastly, Jemma Slingo covers the latest on Aviva (AV.), which is attempting to cancel its preference shares. It argues they are an ‘inefficient form of funding’, but investors are not too happy with the move.
Timestamps
1:41 Tariffs
21:15 Global equity funds
28:15 Aviva
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
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Dan Jones is joined by Natasha Voase to discuss Bellway’s (BWY) results, and what they reveal about the state of the property market. The pair also unpack the future of housebuilding in light of the Spring Statement and what it means for Vistry (VTY) and Barratt Redrow (BTRW).
Val Cipriani joins to carry on the Spring Statement conversation, but changing course toward Isas and the various takes experts, investors and providers will have on changes to allowances.
Lastly, we’re back to company results with Fevertree (FEVR). Mark Robinson explores the wider trends in the beverages sector and the company’s deal with brewer Molson Coors.
Timestamps
1:27 Housebuilders
11:12 Isas
21:32 Fevertree
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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The Blue Whale Growth fund concentrates on large cap companies across global stock markets. US tech has dominated global indices, investors’ minds and until recently, the fund. Dave Baxter talks to manager Stephen Yiu about his updated thoughts on the Magnificent Seven, Donald Trump’s impact on the AI play, overlooked sectors and more.
This episode was recorded on 24 February.
Timestamps
00:29 DeepSeek
2:13 Identifying AI winners
5:36 Exiting Microsoft and US tech
9:38 Turnover in the fund
13:03 Evolution of the fund
16:55 Valuations
20:10 European and Asian companies
21:54 Trump and the trade war
23:33 Areas to keep an eye on
27:30 Compelling themes in the fund beyond AI
32:09 Overlooked companies
34:24 Danaher
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Dan Jones is joined by Alex Newman and Julian Hofmann to discuss the shift away from US shares towards Europe and even the UK – and the implications for investors.
Next up, Alex Newman breaks down his Big Read this week on how the ultra-rich invest and what more humble investors can learn from their investing practices.
Lastly we turn our attention to UK company reporting and specifically Close Brothers (CBG), whose results this weekprompted a sell-off, with the shadow of motor finance rulings lingering over the company.
1:29: The great rotation
16:50: The Big Read: Ultra-rich Investors
23:51: Close Brothers
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Mark Robinson sits in for Dan Jones this week and is joined by Michael Fahy to discuss building supplier stocks. The sector has had a rough few years with rising inflation and interest rates, and declining demand. Michael explores where the industry goes next.
Alex Newman joins to unpack everything going on with FTSE 250 listed shipbroker Clarkson (CKN) whose share price dropped after it released results.
Julian Hofmann covers the news of Germany’s rearmament. The country faces significant challenges to fund and implement its colossal plan, but stocks are already reaping the benefits.
Last up, Valeria Martinez discusses digital revenues in publishing, specifically focusing on Reach (RCH). Mark and Valeria unpack how its new business plan could impact growth.
Timestamps
5:18 Building suppliers
15:12 Clarkson
18:51 Germany’s rearmament
26:10 Reach
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Anna Bielby took the helm at Vp in September 2023, a year after John took his own stake in the business. In this episode, Bielby, Lord Lee and IC associate editor Alex Newman discuss the equipment leasing group's history, business model, threats and opportunities.
As always, Alex and John wrap up with an update on Lord Lee’s portfolio, plus his take on defence stocks.
Timestamps
0:59 Introduction
3:57 Lord Lee’s history with the company
5:17 Business model & threats
6:58 Hinkley Point
8:03 Rail demand
11:11 How it fits in Lord Lee’s portfolio
12:37 Questions from Lord Lee
15:33 Current trading outlook
17:49 Impact of tariffs
18:37 Dividend
22:38 2022 sale saga
25:24 Concerns over weak valuations
28:24 Financials
34:39 Changes to Lord Lee’s portfolio
36:24 Defence
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
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We begin with Aberdeen’s (ADBN) results, which pleased the market and sent shares up considerably. Julian Hofmann dives into the recent changes at the company and how they will impact investors. Jemma Slingo touches on another asset manager, Schroders (SDR) which also put out results.
It’s then onto this week’s Big Read on the future of mining. Commodities expert and author of the piece Alex Hamer lays out what’s shifting the gears in the industry, and how miners will adapt. Listen to hear about permitting and copper mining operations in the US, gold and rare earths.
Following the announcement the German government will up its defence spending, Julian Hoffman and Dave Baxter discuss the latest in the defence industry and the ETFs that offer investors a chance to take advantage.
Note: The show contains a brief, erroneous mention to Premier African Minerals (PREM). The correct company is Pan African Resources (PAM).
Timestamps
1:48 aberdeen
8:11 Schroders
13:25 Mining
28:01 Defence
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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Nick Train is the first to admit that his investors haven’t seen the returns they’re used to recently. But despite some calls that haven’t quite worked out, in this interview, he points out the areas that should make up for this in the future.
Listen to Dave Baxter and the fund manager discuss holdings in the fund such as Diageo (DGE) – which he’s bullish over despite falling alcohol consumption and the threat of weight loss drugs – and companies tapping into digital trends, such as Relx (RELX).
The pair also cover moving away from dividends, the state of UK asset managers, activism in the investment trust space and more.
This episode was recorded on 24 February.
Timestamps
00:51 What could end the underperformance
3:50 Stronger and weaker points of the portfolio and Relx
6:08 How much of the portfolio targets digital trends
8:05 Performance issues
12:39 Diageo
20:32 Unilever
23:46 Consumer exposure
26:20 UK market woes
29:42 Rightmove
31:56 Schroders and UK asset managers
33:33 Investment trusts
36:02 Clarkson and Intertek
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Market darling Rolls Royce (RR) is going from strength to strength. After a return to dividends topped with a lucrative buyback, shares were up 20 per cent on the day of recording. James Norrington, author of this Rolls-Royce Deep Dive, unpacks the prospects for the business and everything investors need to know.
Smith & Nephew (SN), a medical equipment manufacturer, continues to improve operating performance. Mark Robinson and Julian Hofmann discuss the company and also touch on what’s going well for med-tech business Uniphar (UPR).
Last but not least, Jemma Slingo unpacks our latest Big Read on banks. It hasn’t been a huge season for guidance upgrades, but there are still positives for the year. Listen to find out more.
Timestamps
1:29 Rolls Royce
10:37 Smith & Nephew
19:15 Banks
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
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We begin with Mony Group (MONY), better known as Money Supermarket, whose results showed the insurance industry isn’t struggling as some fear. Mark Robinson shares all investors need to know.
Arthur Sants, our US correspondent and author of this week’s Big Read on Nvidia (NVDA), explains the key points from the article. From the threat of DeepSeek and Chinese sanctions to potential positives for the future.
Last up, Alex Hamer unpacks the latest on engineer and consultant Wood Group (WG). The company’s CFO has stepped down after claiming he was more qualified than he was. Alex and Dan discuss the backdrop and where the valuation now stands.
Timestamps
1:08 Mony Group
9:49 Nvidia
23:54 Wood Group
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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Founded in 2010 by Carson Block, Muddy Waters Research is best known for its short-selling, predominantly in the mid-cap space.
In this episode of IC Interviews, Block joins Dave Baxter to discuss what it would take for him to bet against the Magnificent Seven, the UK activist investing landscape, opportunities in Vietnam and India, and why China is uninvestable.
This episode was recorded on 5 February.
Timestamps
00:31 State of short selling
9:04 What could change the market
16:30 Going against the Magnificent 7
18:16 Opportunities in UK sectors
21:28 Saba Capital
23:18 Vietnam fund
27:15 China
30:48 India
33:03 How short and long differ
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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Christoper Akers kicks off the podcast with engineer Renishaw’s (RSW) results. From supply chain issues to long-standing murmurs of a sale, find out why investors were disappointed.
Valeria Martinez then unpacks designer and manufacturer Filtronic (FTC), whose results were warmly received by the market. Listen to find out how the firm landed contracts with SpaceX, which has been a leading factor in its 300 per cent share price increase over the past year, and how it is expanding to grow its customer base.
Last up, we cover British American Tobacco (BAT). Its latest results were not as strong as hoped, thanks to a struggling tobacco alternatives market and strong competition from Philip Morris (PM). Mark Robinson explains all investors need to know.
This episode was recorded on 13 February.
Timestamps
1:30 Renishaw
9:24 Filtronic
25:06 British American Tobacco
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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This month, Lord Lee and Alex are joined by Member of Youth Parliament, Cameron Holt. At just 16 years old, Cameron’s goal is to get the government to recognise it is failing children with financial literacy. He believes, that through incorporating it into the curriculum, children will increase their confidence in a post-education world, and be more wary of the dangers of online fraud and debt.
In the episode, the trio unpack the issues facing children and young people. From ways schools, parents and grandparents can increase young people’s interest in finances, to a petition Cameron has started which he hopes will make financial education statutory in secondary schools across the UK.
The podcast rounds up with an update from Lord Lee’s portfolio, including news on holdings Town Centre Securities (TOWN), Concurrent Technologies (CNC) and PZ Cussons (PZC), plus his take on how Donald Trump will affect the UK.
Click here to sign Cameron’s petition to make financial lessons statutory in schools.
If you have any questions you want to pose to Lord Lee and Alex, write to [email protected]
Read Cameron’s article for the Investors’ Chronicle here
Timestamps
1:16 Cameron Holt
5:04 What needs to change with financial education
6:03 Lord Lee’s experience of learning about finance
9:59 Cameron’s study
12:55 NatWest shares
14:24 Do schools offer financial advice on university
16:14 How to bridge the gap in financial literacy among children
21:35 Cameron’s petition
24:51 Updates on Lord Lee’s portfolio
27:45 Town Centre Securities
29:42 Supermarket Income Reit
30:41 Concurrent Technologies
31:47 PZ Cussons
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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Julian Hofmann opens today’s podcast by unpacking results from AstraZeneca (AZN) and GSK (GSK). AstraZeneca had a particularly strong quarter despite China’s investigation into the importation of cancer drug, Imjudo. GSK’s dividends were up, positive news for income investors, but its vaccine rates have slowed as they are more exposed to the US administration. Julian shares all investors need to know.
It’s then on to housebuilder Crest Nicholson (CRST). There is growing concern around its £144mn loss, but Natasha Voase lays out whether the worry is justified.
Lastly, catering company Compass Group (CPG) released a trading update which showed strong organic growth. Mark Robinson explores the structural drivers behind this, its M&A strategy and its prospects.
Timestamps
01:52 AstraZeneca
15:49 Crest Nicholson
27:41 Compass Group
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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In the latest episode of the IC Interviews, Dave Baxter sits down with Sam Gleave of Liontrust’s European Dynamic.
The fund seeks out companies lowly valued by investors, but that could generate more cash than they need to sustain strong growth. In the episode, Dave and Sam discuss why the fund is still bullish on European markets, the outlook for banks on the continent, plus how the fund views Hermes (RMS), Novo Nordisk (NOVO.B) and ASML (ASML).
The pair also unpack what impact Trump’s swathe of tariffs will have on the fund and European companies at wide.
This episode was recorded on 24 January.
Timestamps
0:33 2025 outlook
2:57 China plays
4:15 Industrials
4:52 Luxury
7:07 M&A
8:48 Banks
12:49 Novo Nordisk (NOVO.B)
16:47 ASML (ASML)
18:19 Trump, tariffs and the fund
20:13 Publicis (PUB)
22:02 Sectors Liontrust are wary of
23:24 Is the opportunity set growing
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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Our panel kick off the podcast with a rundown of the latest news from the AI world. Chinese-owned DeepSeek’s smarter and more sustainable design helped knock half a billion dollars from Nvidia’s (NVIDIA) market cap. The panel discuss what comes next for AI stocks and return-hungry investors.
It’s then on to Michael Fahy to chat about this week’s main feature on Tesco (TSCO). Michael explores how the supermarket's position has changed over the past few years, the mistakes it has made along the way and what comes next.
Last up Val Cipriani and Julian Hoffman discuss AJ Bell’s (AJB) recent trading update. Listen to find out how the Budget has impacted the investing platform and how investors should consider the stock moving forward.
Timestamps
1:17 DeepSeek
13:01 Tesco
28:04 AJ Bell
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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On the week Donald Trump retook the position of US president, a handful of banking stocks released strong results. Jemma Slingo joins host Dan Jones to explore what investors need to know about Trump’s potential impact, the differences between UK and US banks, and a broader outlook for the year.
It’s then onto this week’s cover feature on creating five-year outlooks for markets. Alex Newman runs through his thinking behind the piece, the challenges that arise when predicting market moves, and his predictions for gold.
Last up, Julian Hoffman talks weight-loss drugs. He and Dan discuss what investors can expect in the year ahead, why Novo Nordisk’s results were disappointing, and more.
Timestamps
1:11 US banks
12:22 A five-year outlook
24:58 Biotech
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.
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