Dillon Lancaster, co-manager of the TwentyFour Dynamic Bond fund, talks us through the current push and pull factors in the bond market, focusing on the team's strategic moves in response to the central banks' aggressive rate hikes over the past 18 months. We discuss why the team has been favouring government and investment grade bonds, their views on the likelihood of a recession and use of European AT1s and European CLOs in the portfolio. We also discuss the likelihood of recession in 2024 and whether defaults are set to rise.What’s covered in this episode: The attraction of government bondsConcerns over fiscal deficits in the USWhy the fund is moving to investment grade bondsWill we see a recession in 2024?Are defaults expected to increase next year?Will US student loan repayments impact the consumerWhy a quarter of the fund is in US Treasuries How the fund is using European AT1sThe preference for European banks over US banksWhat is a CLO?The funds exposure to European CLOsThe current yield on the TwentyFour Dynamic Bond fundMore about the fund:TwentyFour Dynamic Bond has a very flexible approach in order to take advantage of changes in market conditions. It may invest across the whole range of fixed interest assets. The income produced is usually one of the highest in the sector, but will fluctuate as investments and market conditions change. This fund differs from most strategic bond funds due to a consistent weighting to asset-backed securities, an area in which the team specialises.Additional resources: What are AT1 bonds, and how do they work? Everything you need to know about CLOs Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Bob Kaynor, manager of the Schroder US Mid Cap fund, digs deeper into the US economy. We touch on the ‘Magnificent Seven’ and how they shed light on a wider issue: can the level of concentration in the S&P 500 continue? Or is the AI bubble set to bust? We navigate through the unique challenges posed by student debt, higher interest rates, the US consumer, the employment cycle and the potential impact of upcoming global elections on the market. Bob rounds out the episode by giving his insights into the small- and mid-cap area of the market offering a glimpse into the fund’s bottom-up approach.What’s covered in this episode: The dominance of the ‘Magnificent Seven’ stocksCan market concentration in the US continue? The sustainability of high valuations in tech and AIWill the AI bubble burst?Will student debt repayments impact the US consumer?The ability of the US consumer to drive economic growth long termThe impact of the employment cycle and labour hoardingThe influence of global elections on the economy and stock marketWhy insurance companies look appealing todayThe prospects for small- and mid-cap investments in 2024More about the fund:Managed by Bob Kaynor in New York, this fund focuses on small- and mid-cap US companies, aiming to outperform the Russell 2500 Total Return Lagged index over three to five years. The fund's success is attributed to meticulous stock-level analysis, emphasising stock selection over sector allocation. Bob's hands-on approach, supported by a seasoned analyst team, distinguishes the fund.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Murray Income manager Charles Luke highlights a trio of reasons why the UK market looks compelling at present, while also discussing the importance of focusing on quality companies when there is so much noise. We delve deeper into some of the companies in his portfolio, including a genetics company working on virus resistant pigs and a familiar FTSE 250 name that is set to benefit from an Amazon film and TV series. We also discuss the benefits of a strategy combining quality and income and why having some international exposure is important for the trust.What’s covered in this episode: The international makeup of UK companiesAttractiveness of UK valuationsDividend cover in the UK 50 years of dividend growth for the trustThe importance of focusing on companies over noiseM&A activity in the trustThe potential of Games WorkshopGenetics company Genus and virus resistant pigs How the trust uses international companies in the portfolio Why “quality income” nowMore about the trust: Backed by a strong UK equities team, Murray Income Trust is all about building a portfolio of 30-70 high quality companies which deliver a resilient income, as well as offering strong capital growth prospects. The trust is conservatively managed and targets resilient companies which can thrive in any economic scenario. The result is a dependable, diversified and differentiated trust, which has delivered consistently strong performance at a time when it has been challenging for UK equities.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Samantha Gleave, co-manager of Liontrust European Dynamic, discusses the fund's investment process, including how a company can qualify for its 'cashflow champions' watch list. The interview also touches on the importance of the macroeconomic environment, concerns related to energy prices, the impact of recession in Germany and why the fund is tilting towards value. She concludes with a balanced outlook on European equities, while also highlighting opportunities at the stock level in names likes Novo Nordisk, Inditex and Partners Group. What’s covered in this episode: What is the Cashflow Solutions process?Why the fund is tilting towards valueAre there concerns about Europe’s gas supply this year?Will Germany bounce back from recession quickly?Does the team prefer one country over the other in Europe?The strong momentum of InditexThe investment case for private equity business Partners GroupOutlook for European equities in 2024The importance of positive stock news, highlighting Novo NordiskMore about the fund: The Liontrust European Dynamic fund is a concentrated portfolio with 30-40 holdings, emphasising robust cash flows as the primary driver of returns from European companies. Its exceptional long-term performance is attributed to a collaborative, rigorous process and a flexible investment style that can pivot between value and growth based on market opportunities.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Dr. Niall O’Connor, manager of SVS Brooks Macdonald Defensive Capital, gives a comprehensive overview of the financial landscape for investors, including the role of inflation, interest rates, asset valuations across various markets and, ultimately, where there may be opportunities. We delve into the dynamics of investment trusts - including the substantial discounts some are trading at - with Niall highlighting the potential for mergers and acquisitions in this space. We finish with Niall giving his outlook for 2024 and the polarised nature of a potential recession in the UK. What’s covered in this episode: Will the Bank of England raise target inflation to 4%Have interest rates peakedThe lag in monetary policyHow UK mortgages will be impacted in 2024The discounts available on investment trustsM&A activity in the UK, starting with Round Hill MusicWill US private equity investors start buying out UK investment trusts?The appeal of student accommodation and how it differs from commercial propertyWhy government bonds are actually offering negative real ratesThe appeal of short dated index-linked giltsHow the managers targets yield in the fund Why recession will be very polarised in the UK …and some may not even feel itUK and US valuations as we head into 2024More about the fund: Long-term capital growth and protection is the objective of this defensive, multi-asset fund. A key feature is that investments often do not require market growth to provide a positive total return and are supported by having significant underlying asset cover. Niall uses the range of tools available to him to dial up or dial down the fund’s sensitivity to market movements, which results in an intelligent investment mix that will see investors through a range of market conditions.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Sophia Li, manager of FSSA Japan Focus, joins us to discuss the driving forces behind the strong performance of the Japanese stock market in 2023. We delve into the influence of foreign investors - particularly Warren Buffet - on the Japanese market and whether their growing confidence should serve a positive indicator for long-term investors. We discuss the consequences of Japan's aging population on the economy and how the impact of this varies for different companies. Sophia also shares insights on the adoption of cashless payments in Japan, as well as its strengths in robotics, automation, and AI and how they contribute to investment opportunities in the market.What’s covered in this episode: What are the drivers behind the strong performance of the Japanese economyWhat foreign investment into the region means for Japanese companiesThe influence of Warren Buffet on Japanese equities Is there an increase in dividends in the region?The growing adoption of a cashless systemThe demographic headwind in JapanWhy an aging population is an opportunityThe fund’s exposure to automation, robotics and artificial intelligence The stylistic nature of the Japanese marketWhat could make growth and quality come back into favourMore about the fund: Launched in 2015, the FSSA Japan Focus fund is a high-conviction portfolio driven by a unique philosophy and process that disregards benchmark constraints. Its success in other Asian markets has now extended to Japanese equities, making it a strong core choice for investors seeking exposure to this region. Backed by an experienced team, the fund focuses on quality and predominantly invests in large and medium-sized Japanese companies.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Darius McDermott and Juliet Schooling Latter return to discuss the fallout from an incredibly busy third quarter of 2023. The duo discuss whether interest rates have peaked, how inflation is evolving, and why the uncertainty in markets leaves them open to a number of very different economic scenarios. They also touch upon recent political developments, such as the UK's shift on net-zero goals, and how these changes might affect investors. We explore the performance of various investment sectors, such as Indian equities, commodities, and high-yield bonds, as well as the struggles faced by infrastructure, index-linked gilts, and European smaller companies. Finally, Darius and Juliet speculate on what investors should watch for in the final part of the year, including possible government measures to stimulate the UK stock market.What’s covered in this episode: Have interest rates peaked?What interest rate rises means for fixed incomeWhy equity markets are currently volatile Is decarbonisation still an investment mega trend?Why sustainable products have underperformedWhy have Indian equities performed strongly in Q3?The volatility of commodity investmentsThe challenges facing infrastructure as an asset class?The negative correlation between index linked gilts and rising ratesIs there still an argument for UK smaller companies? What should UK investors expect from the Autumn Budget?Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

In this interview, Richard Parfect, co-manager of the VT Momentum Diversified Income fund, gives an overview of where he believes the opportunities in the market lie today, highlighting high yield, emerging market debt and specialist assets. We then shift to a broader discussion around inflation and how that impacts the fund’s inflation target of CPI plus 5%. Finally, the conversation touches on a critical issue within the investment trust industry – the inclusion of investment company costs in the reported costs of funds. Richard expresses concerns about this practice, as it can create an uneven playing field for fund comparisons and lead to misleading cost figures. He stresses the need for transparency and common-sense adjustments in cost reporting to ensure investors can make better informed decisions. What’s covered in this episode: The largest holdings in the VT Momentum Diversified Income fundHow high yield and emerging market debt can be defensiveWhy the fund is leaning towards fixed income The importance of specialist assets, including an airline leasing companyThe role of gold in the portfolioThe fund’s inflation target of CPI plus 5%Managing expectations around inflationSynthetic costs on investment trustsWhy trust costs could be misleading to investorsMore about the fund: The aim of the VT Momentum Diversified Income fund is to consistently generate a substantial income stream while also aiming to safeguard the long-term real value of capital. The fund managers adopt a value-focused investment style and have the flexibility to allocate across various asset classes, including both UK and international equities, fixed income, real estate, and specialist investments.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Will Lough, manager of R&M Global Sustainable Opportunities, tells us more about the newly launched fund. We touch on the coexistence of value investing and sustainability, emphasising the importance of defining these concepts broadly rather than in narrow terms. Will explains how sustainability is evaluated through three pillars: people, innovation, and the environment, with varying importance depending on the business model. In the second half of the interview we cover global smaller companies and Japanese equities as a current focus for the fund, highlighting two examples: Nikon and Baker Hughes. What’s covered in this episode: An overview of the R&M Global Sustainable Opportunities fundWhy the fund has a bias towards smaller companiesHow value investing and sustainability can work hand in handThe three pillars of sustainability in the fundThe importance of valuations when looking at companiesThe types of companies the fund excludesWhy the manager is taking a more contrarian positionThe appeal of global smaller companies todayWhy the fund has a growing interest in Japanese equitiesHow the fund has been engaging with Japanese companies for positive changeThe investment case for NikonThe sustainability case for energy company Baker Hughes More about the fund: R&M Global Sustainable Opportunities is a high conviction, value-orientated fund, that invests in companies of all sizes. It offers a real alternative to the average global sustainable fund, which usually comes with a large-cap growth style tilt. The fund’s favoured area is finding undervalued quality businesses. Its key sustainability objective is aligning with net zero by 2050.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

The world's population is projected to become more urbanised, with 68% living in cities by 2050, according to our guests Kate Hewitt and Harriet Topham, ESG and Impact specialists at Montanaro Asset Management. We dive into this theme of the built environment, changing demographics and urbanisation's impact on investments. Harriet illustrates the point with examples from the Montanaro Better World fund such as Marshalls, Bentley Systems, and Sdiptech. The discussion ends with the importance of achieving net zero targets by 2050 and Montanaro's role in the sustainability journey of smaller companies.What’s covered in this episode: What is impact investing? How is ESG embedded at Montanaro?The six themes within the Montanaro Better World fundThe UN’s Sustainable Development GoalsHow changes in demographics and urbanisation require sustainable solutionsWhat is the built environment? Three companies contributing to sustainable urban developmentWhat are digital twins?The importance of achieving net zero targetsThe difference between science-based targets and non-science-based targetsWhy engagement with companies is crucialHow Montanaro provides guidance to firms just starting out on the path toward sustainabilityMore about the fund: The Montanaro Better World fund is a global equities fund that focuses on identifying medium and small-sized businesses. These businesses are selected based on their products or services, which have a positive impact on the world. The fund employs a straightforward positive impact screening process, which aligns well with its overall strategy. Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

In this special bonus episode to mark ‘International Podcast Day’, the focus is on a unique FundCalibre event - fund manager speed dating. Seven journalists had the opportunity to interview seven fund managers in a fast-paced setting, delving into their views and investment philosophies. The team at FundCalibre also took the opportunity to find out more about the managers and this episode features highlights offering insights into how they found their way into the industry all the way through to their words of wisdom for the next generation of investors. This episode provides a glimpse into the personal and professional lives of fund managers, revealing their diverse backgrounds, philosophies, and the valuable lessons they've learned throughout their careers.What’s covered in this episode: Discover whose grandmother had a seat on the New York Stock ExchangeWhich fund manager almost designed F1 engines?Who started out as a software developer The qualities that make a good fund managerOur guests’ investment approaches boiled down into just three wordsThe traumatic moments that stick out in a careerThe research success storyThe power of sustainable investingThe 30-minute investment decisionAdvice from our guests for those beginning their investment journeyThe funds featured in this episode: This episode featured seven managers, in order of appearance, here are the managers and their funds:Alec Cutler, manager of the Orbis Global BalancedCharles Luke, manager of Murray Income TrustTom Lemaigre, co-manager of Janus Henderson European Select OpportunitiesPeter Michaelis, co-manager of both Liontrust Sustainable Future Managed and Liontrust Sustainable Future Global Growth funds Paul Flood, manager of BNY Mellon Multi-Asset IncomePraveen Kumar, manager of Baillie Gifford Shin Nippon TrustCharlotte Ryland, manager of the CCLA Better Worlds Global Equity. Please note: the fund is a newly Elite Radar product and will be available on our website shortly.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

We touch on the UK stock market’s up and downs with Alessandro Dicorrado, co-manager of the Ninety One UK Special Situations fund, who questions whether recent performance has been driven by sentiment or the overall challenges faced by UK companies today. Alessandro emphasises the team's focus on contrarian investing as we look closer at the fund’s composition. This interview also covers “sin stocks” such as tobacco and oil companies, with Alessandro arguing that these industries are in transition towards sustainability and decarbonisation, rather than being inherently unethical. Alessandro gives an overview as to how the team approaches these companies through engagement and highlights holdings working on decarbonisation and electrification. What’s covered in this episode: What factors have influenced the UK stock market’s up and downs The types of companies held in this fundThe manager’s valuation approach to stock selectionWhy “sin stocks” is an unfair labelHow these so-called “sin stocks” are transitioningLooking for companies with strong ESG strategies in placeWhy Rolls-Royce is well positioned for the futureHow Rolls-Royce is working towards decarbonisationThe transition towards electrificationWhy the manager is bullish on the auto suppliers sectorHow the manager monitors long-term themesBeing patient and waiting for opportunities in more popular themesInsurance as an artificial intelligence investmentMore about the fund:The investment process for Ninety One UK Special Situations fund is best described as contrarian, meaning the team seeks to exploit the ‘herd’ mentality of capital markets by investing in UK companies that are both unloved and undervalued. The team begins its search for new ideas by looking at shares whose prices have fallen substantially from their peak – or which have gone nowhere for some time. The managers will then undertake detailed fundamental analysis, sifting out the genuinely troubled businesses from those which have been misunderstood by the market. Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

David Dudding, manager of the CT Global Focus fund, and newly appointed co-manager Alex Lee, share the fund’s investment philosophy of focusing on company-specific factors, competitive advantages, and long-term growth potential. We also consider global economic trends and thematic investment opportunities such as decarbonisation and energy efficiency. David and Alex also discuss the fund’s holdings in Apple, Pepsi, CRH, and current opportunities in both Japan and emerging markets. What’s covered in this episode: Current sentiment in the global economy, region by regionConcerns about government stimulus in ChinaTrends in machinery and industrialsWhy semiconductor companies have faced challenges recently The fund’s approach to stock selectionThe characteristics the managers are looking for in companiesThe investment case for Apple The competitive advantages of CRHPepsiCo: pricing power and snacks Why Japanese companies are looking more attractiveOpportunities in emerging markets, highlighting Indian banksGrowing importance of energy efficiencyMore about the fund: The CT Global Focus fund is a concentrated, high conviction portfolio of best ideas. The fund looks to invest in businesses that demonstrate both exceptional quality and a strong return on investment, with the potential for sustainable long-term growth. Although is truly global fund, the managers only explore opportunities in emerging markets when they meet strict quality criteria. Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

We start our interview with Tom Lemaigre, co-manager of Janus Henderson European Selected Opportunities, by getting an update on the fund’s future given the retirement of veteran manager, John Bennett. Tom emphasises that the investment process and core tenets will remain unchanged despite the change of leadership. Tom also covers the current economic environment in Europe, including the challenges for companies and why their long-term investment approach allows them to take advantage of short-term market reactions. The interview delves into the fund’s portfolio, which is aligned with long-term thematic trends such as deglobalisation, onshoring, electrification, energy efficiency, automation, and digitalisation. Tom provides examples of these themes and finishes with two travel and transport holdings, Airbus and Safran. What’s covered in this episode: What the retirement of John Bennett, in August 2024, means for the fundThe key philosophy of the fundWhy European companies are global in natureThe impact of an anticipated recession on companies How the managers can take advantage of negative sentiment The impact of de-stocking on companiesThe attraction of UPM-Kymmene and…How it has evolved over the last decade into a more sustainable companyThe long-term themes running through the portfolioWhat friend-shoring means for company supply chainsStimulus coming out of EuropeWhy travel feels like a defensive playMore about the fund:The Janus Henderson European Selected Opportunities fund is an all-weather portfolio. The emphasis is on finding mega and large-cap global leaders based in Europe, which have free cash flow and lower leverage. The managers are long-term investors and look to take advantage of short-term overreactions in the market. Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Delve into Japan's economic landscape and its place in the world with Sam Perry, manager of the Pictet Japanese Equity Selection fund. Sam gives a critical examination of the perception of deglobalisation and its impact on Asia and Japan, before shifting to Japan's unique economic environment and newfound – and welcome - inflation. We also consider how Japan's recent economic stimulus and policies have shifted the narrative, with increased investment opportunities and economic growth, the “inefficiency” and misconceptions of the Japanese equity market and the long-term prospects for the car industry in Japan. What’s covered in this episode: Why the globalisation genie is already out of the bottleHow US/China tensions influence Japanese companiesWhy iPhones will never be built in the USThe reshuffling of supply chains and what that means for Japanese companies What a pair of Jeans can tell us about the cost of labourA brief history of Japanese banks and inflation ratesWhy inflation in Japan is so different from the US or UK todayCan outperformance in Japan continue? How Japanese companies are coping with rising costsIs the Japanese market the most inefficient equity market? Why under-researched Japan provides opportunities for active managersWhy the Pictet Japanese Equity Selection fund doesn’t have a style biasThe opportunity in car manufacturers today The strength in Toyota’s battery technologyMore about the fund: The Pictet Japanese Equity Selection strategy is a focused approach that commits to long-term investments in large and mid-sized enterprises. Employing a blend of market evaluation and in-depth company analysis, the fund manager identifies Japanese firms that actively endorse strong environmental and governance standards while presenting promising growth potential at an attractive valuation.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

The VT Downing Unique Opportunities fund recently celebrated its third anniversary. With its life so far having been dominated by tumultuous global events such as the pandemic, the invasion of Ukraine, and rising inflation, manager Rosemary Banyard joins us to discuss how she navigated these challenges and managed to outperform in spite of them.The fund has a focus on small and mid-cap companies, which have faced headwinds in recent years. Rosemary explains this in more detail and shares her experience with M&A activities. We conclude the interview by discussing current market sentiment towards the UK and consider the concerns and the factors that may make now an attractive entry point for investors. What’s covered in this episode: Overcoming the challenges of launching a fund during CovidThe fund’s focus on small and mid-cap companiesThe fund’s performance compared with its peersWhy the fund doesn’t invest in banks or oil and gas companiesThe importance of long term compounding Top performer in the fund: Games WorkshopHow prevalent M&A activity has beenTwo companies in the fund that have had bidsWhen it’s hard to ignore the macro “noise” Views on the UK market’s undervaluationMore about the fund: Launched in 2020, the VT Downing Unique Opportunities fund is managed by experienced professional Rosemary Banyard who has over 30 years of industry expertise. Rosemary seeks companies with sustained competitive advantages, low debt, and strong management. The portfolio is highly concentrated, comprising of just 25-40 names. Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

The Rathbone Greenbank Global Sustainability fund marked its 5th anniversary in July. Manager David Harrison joins us to discuss how sustainable investing has changed over the past five years and predicts what is yet to come in the sector. We consider both the circular economy and artificial intelligence as emerging trends, but also delve into healthcare - a current opportunity within the fund. We also discuss the surprising resilience of the US and UK economies amidst market volatility and David also emphasises the importance of keeping a balanced approach in the fund. What’s covered in this episode: Why the US and UK economies appear resilient…And whether that resilience can continue in today’s marketsThe challenges facing companies todayWhy the manager is keeping the fund balancedThe importance of regular management meetingsHow the investment universe of the fund has grown over the past five yearsWhy the fund doesn’t include nuclear energy and defense companiesThe quality of businesses within the sustainable sectorThe types of healthcare companies in the fundThe balancing act of healthcare innovation and rising drug prices from a sustainability point of viewTwo themes that could be the future of sustainabilityThe growth and significance of the circular economy How artificial intelligence could penetrate the sustainable sector More about the fund: Rathbone Greenbank Global Sustainability fund is a high conviction, multi-cap fund but will have a bias towards mid-caps. The fund has a negative screen, actively avoiding businesses involved in unethical or unsustainable practices, such as those involved in alcohol, animal welfare violations, armaments, human rights violations, oil & gas extraction, nuclear power, pornography, tobacco and gambling. Additionally, each holding will also have to have at least one positive environmental, social or governance attribute.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Uzo Ekwue, co-manager of the Schroder British Opportunities Trust, gives an update on performance, the investment strategy and the current 30% discount to the market. Uzo emphasises the trust’s focus on both private and public assets, particularly in the mid and small-cap space, and tells us why they see a mispricing of private assets due to market sentiment. We touch on examples within the portfolio, illustrating the range of size, mergers and acquisitions in the UK and ultimately the exciting opportunity for investors to be a part of the strong growth potential of the trust’s underlying assets.What’s covered in this episode: What caused the trust to trade at a discount of around 30%How negative market sentiment influenced the share priceThe trust’s mispricing, in particular private assets, explainedWhat is needed to change sentiment around the UK? The evolution of the trust’s exposure to private assetsWhat is a “beat and raise” phase for marketsThe focus on small and mid-caps, with examples of Bytes Technology and Judges Scientific M&A activity in the UKWhy now is a good entry point into UK equitiesMore about the trust:The Schroder British Opportunities trust (SBOT) aims to take advantage of the less popular reputation of UK equities, through investing in both private and public assets. The managers focus on companies that have faced difficult situations. The trust's portfolio includes 30 to 50 smaller and medium-sized businesses, both public and private, that need more investment. We think this trust is in a good position to benefit from the attractive prices of UK stocks and to help strong UK companies that face tough challenges.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Managed by Mike Riddell, the positioning of Allianz Strategic Bond fund is driven by the team’s view on the prevailing economic environment. In this interview, Mike outlines why he believes understanding the global economic direction and identifying mismatches between market pricing and actual risk, is so important for bond investors. He explains that while markets are currently pricing in minimal risk of recession, his fund remains flexible, employing tactics such as investing in government and corporate bonds, taking inflation views, and even investing in currencies. He also discusses potential risks, such as geopolitical events and China's economic challenges, which could have substantial implications for the global economy. Throughout the interview, Mike highlights the need for patience, the importance of understanding interest rate dynamics, and the fund's conviction in its stance, even if short-term losses occur.What’s covered in this episode: The objectives of the Allianz Strategic Bond fundThe market mispricing a recessionWhy the manager is shorting corporate bondsWhy the manager is bullish on government bondsWhat’s causing frustration for the manager todayThe manager’s view on last year’s underperformanceThe different scenarios that could cause a recessionary crisisThe known, unknown of China — and what that means for investorsWhy news from China could potentially destabilise the global economyUltimately, interest rates remain the main risk for a recessionMore about the fund: Managed by Mike Riddell, the Allianz Strategic Bond fund adopts a distinctive approach influenced by the team's macroeconomic outlook. Mike believes most strategic bond funds masquerade as high yield bond funds and, as a result, have a high correlation with equities. This fund is very different and is all about looking at the bigger picture.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Francesco Conte and Sara Bellenda, co-managers of the new Elite Radar JPM Climate Change Solutions fund, explain to us how an internally developed AI tool helps them to scan thousands of companies to find the most likely contributors in creating a more sustainable world.The managers discuss the importance of identifying technology and innovation early, highlighting both hydrogen and carbon capture technology as two examples. While heat waves and rising ocean temperatures both serve as alarming indicators of climate change, the interview also discusses the importance of adaptation and proactive solutions. Ultimately, the fund's approach to investing in companies driving innovative solutions is to address these challenges and contribute to a more sustainable future. We also discuss a number of other underlying themes behind the fund.What’s covered in this episode: The aim of the JPM Climate Change Solutions fundHow the managers use AI to narrow down their investment universeThe use of AI and human input to generate the fund’s key themesDoes the fund only target decarbonisation? The companies investing in sustainable water The importance of good technology in precision agricultureInvestment opportunities in sustainable construction and net zero buildings Improving the modern methods of constructionWhy saving money is a greater driver than cutting back on CO2 emissionsThe adoption of new technology in these sectorsWhy exposure to a theme may not be 100%Finding companies at the forefront of technologyWhat is carbon capture technology?How consumers can adapt to a changing worldMore about the fund:The JPM Climate Change Solutions fund focuses on investing in companies actively developing solutions to combat climate change. Operating as a high-conviction thematic portfolio, this fund isn't bound by index limitations. Its primary objectives revolve around addressing key themes such as renewables & electrification, sustainable transportation, viable food & water practices, eco-friendly construction and recycling & re-utilisation.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.Learn more on fundcalibre.comPlease remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.