Investors' Chronicle

Investors' Chronicle

Looking for help with your Isa or pension? Or just plain confused by the stock market? Each week, Investors' Chronicle picks apart the latest news for companies, markets and funds, and brings you fresh investment ideas. Subscribe for these, along with interviews with professional investors and special in-depth discussions on big market themes.

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

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

On the day of the announcement mining giant BHP offered a whopping £31bn for Anglo American, Mark Robinson runs us through the thinking behind the deal, the impact South Africa’s upcoming election may have on Anglo’s assets, and whether this is just the beginning of negotiations.Jemma Slingo takes the hot seat to discuss this week’s cover feature, hopefully, a comfort for many listeners: investors’ biggest mistakes. Jemma shares a few examples from fund managers interviewed, what they have learnt from their mistakes, the behavioural science behind them and more. Last but not least, Julian Hofmann discusses the biggest estate agent Property Franchise Group (TPFG) which recently completed a takeover of smaller realtor Belvoir. It’s now the biggest real estate agent in the country in terms of its multitude of locations thanks to its franchise model, but is it a quality business in the cyclical sector?Timestamps1:08 BHP’s big for Anglo American13:56 Investors’ biggest mistakes25:01 Property Franchise GroupClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit investorschronicle.co.uk/podcasttrial*After your 12-week trial you will pay just £56.25 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. Hosted on Acast. See acast.com/privacy for more information.

Episodes

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

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

On the day of the announcement mining giant BHP offered a whopping £31bn for Anglo American, Mark Robinson runs us through the thinking behind the deal, the impact South Africa’s upcoming election may have on Anglo’s assets, and whether this is just the beginning of negotiations.Jemma Slingo takes the hot seat to discuss this week’s cover feature, hopefully, a comfort for many listeners: investors’ biggest mistakes. Jemma shares a few examples from fund managers interviewed, what they have learnt from their mistakes, the behavioural science behind them and more. Last but not least, Julian Hofmann discusses the biggest estate agent Property Franchise Group (TPFG) which recently completed a takeover of smaller realtor Belvoir. It’s now the biggest real estate agent in the country in terms of its multitude of locations thanks to its franchise model, but is it a quality business in the cyclical sector?Timestamps1:08 BHP’s big for Anglo American13:56 Investors’ biggest mistakes25:01 Property Franchise GroupClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit investorschronicle.co.uk/podcasttrial*After your 12-week trial you will pay just £56.25 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. Hosted on Acast. See acast.com/privacy for more information.

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

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

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

British bargains & heritage brands: The Companies and Markets Show

British bargains & heritage brands: The Companies and Markets Show

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.Timestamps1:17 British bargains13:59 Coats22:36 Churchill China Hosted on Acast. See acast.com/privacy for more information.

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

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

Joe Bauernfreund and value investing are nearly synonymous. The veteran manager runs the AVI Global Trust and AVI Japan Opportunity Trust, and has responsibility for all AVI’s investment decisions as the CEO and CIO. His £1bn global stocks fund scours the world for the best companies but whose shares stand at a discount to the value of their underlying assets.In this podcast, funds editor Dave Baxter and Bauernfreund unpack his extreme value investment process, how Japanese valuations have changed, how to avoid value traps and more. This episode was recorded on 27 March. Timestamps1:02 The investment process of the fund2:34 Activist investing4:27 Hipgnosis (HSF)5:23 Baunerfreund’s take on investment trusts7:07 Recovery in the trust space11:00 The resilience of certain sectors12:38 Private Equity 16:58 The era of higher rates 18:32 The Japanese market21:04 Competition in the space22:32 Interesting sectors or themes in Japan23:33 Other nations the fund is gravitated towards25:28 Emerging markets 27:26 The reasons to exit a position and selling Pershing Square Hosted on Acast. See acast.com/privacy for more information.

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

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

We begin with one of the biggest names in the EV game: Tesla (TSLA). Shares are down by a third this year and Mark Robinson discusses what has caused this slump. Competition from China’s BYD certainly poses a threat but diminishing trust and popularity are also at play.Next, the author of our cover feature this week, Christopher Akers, shares his thinking behind the piece The travel stocks making the most of the recovery. Many companies are reporting record trading, an interesting occurrence given rising rates, an economic downturn and what was a catastrophic pandemic. Dan and Chris discuss the bargain valuations available for investors and whether the rebound can continue.Last but not least, Hermione Taylor unpacks her article on investing while interest rates are being cut. She dives into what history tells us about stock market performance in a rate cut cycle, current forecasts and how investors can benefit over the coming months.More on TeslaWill the Magnificent Seven go down to six?Meet the new electric vehicle top dog1:16 Tesla (TSLA)12:53 The travel stocks making the most of the recovery23:09 Investing at a time of interest rate cuts Hosted on Acast. See acast.com/privacy for more information.

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

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

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”.Timestamps1:37 News rundown 5:15 Britain’s top-rated funds – as picked by analysts 14:32 Vanquis Banking results23:11 UK beverage producers Fevertree and AG Barr Hosted on Acast. See acast.com/privacy for more information.

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

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

Alex and Lord Lee have reunited for the seventh episode of Lee and the IC, two weeks on from Jeremy Hunt’s Spring Budget. The announcement of a British Isa could shake up the UK’s private investing landscape so the pair begin by mulling over the practicality of the tax shelter and how future governments can improve the public’s attitudes towards investing.In his statement, Hunt also announced the government would be selling its NatWest (NWG) shares, which could be the move to get the ball rolling on Lord Lee’s gifting shares to schools idea, a method to increase investing literacy. Lord Lee then answers questions from listeners on how he generates investment ideas and whether stop-losses are a part of his method. As with each episode, the pair wrap up the conversation by discussing some of Lord Lee’s holdings, including Ampario (AMP), M&G (MNG) and Treatt plc (TET), which Investors’ Chronicle also profiled last week here.This episode was recorded on 21 March.Timestamps1:31 A British Isa 3:24 How future governments can improve cultural attitudes to investing5:54 Overseas shares tax exemption within Isas9:41 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 portfolio24:48 How he generates investing ideas26:28 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) Hosted on Acast. See acast.com/privacy for more information.

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

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

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.Timestamps1:13 Dowlais 10:08 Vodafone 22:15 Finding the UK's software successes24:25 Sage27:38 Bytes Technology Hosted on Acast. See acast.com/privacy for more information.

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

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

In the latest episode of the IC Interviews, Dan Jones hosts Abby Glennie, deputy head of smaller companies and co-manager of UK smaller companies strategies at Abrdn. As part of Abrdn, Glennie has been pivotal in the world of domestic small-cap shares. In the show, the pair discuss some of the Abrdn UK Smaller Companies fund's holdings, including Bytes Technology, 4Imprint and CVS Group, as well as the current angst over the UK market, portfolio allocation changes, and the ‘Matrix’ stock screen.Timestamps1:17 What Glennie makes of the angst over the UK market8:10 Allocation changes to the portfolio in recent months 11:58 What the valuation process at Abrdn involves14:03 What does the Abrdn ‘Matrix’ screen look for18:33 Bytes Technology21:22 4imprint24:35 Hill & Smith29:59 CVS Group35:31 Food producers Hilton and Cranswick40:35 UK video game stocks42:42 The general rules on position sizing 44:46 Diploma and when to sell a holding Hosted on Acast. See acast.com/privacy for more information.

The Isa Special 2024: The Companies and Markets Show

The Isa Special 2024: The Companies and Markets Show

We begin this week’s episode with TP Icap, the interdealer broker. Julian Hofmann reports on the figures that came out recently, and he and Dan discuss the divisions driving performance, its electronic trading push and the business's valuation. Val Cipriani, author of this week’s cover feature the IC’s guide to Isas 2024, then runs us through the importance of understanding the allowances, the ‘simplification’ changes made and some of the platforms investors can utilise. Last up, Mark Robinson discusses the recent results from Hill & Smith (HILS). Which of its business arms are performing best? And how does this compare with Costain’s (COST) results? Hosted on Acast. See acast.com/privacy for more information.

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

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

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

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

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

Foll currently works as a portfolio manager on the Global Equity Income Team at the Janus Henderson Investors fund, where she has held the position for 10 years.In the episode, the pair discuss where the team tends to focus when stocks don’t pay dividends, the compelling opportunities in the UK market, some of the specific stocks the fund currently holds and one of the fund's largest holdings, Rolls-Royce.This episode was recorded on 27 February.Timestamps00:59 How does the trust differ from its peers2:58 Interesting opportunities outside of conventional income investing 6:08 What the fund looks for in a recovery play 8:05 Rolls-Royce9:29 How the fund treats a well-performing stock 12:19 Dividend prospects for Rolls-Royce 13:42 Are we shifting away from a focus on dividends?16:27 Interesting sectors that are powering dividends 19:21 Warning signs in income stocks 23:55 Areas of hope for UK equity investors 27:59 The mix of UK and overseas stocks and the different appeal 30:23 How prominent are smaller companies in the portfolio?33:56 Monitoring all the stocks Janus Henderson holds34:56 Foll’s take on M&A Hosted on Acast. See acast.com/privacy for more information.

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

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

In this week’s podcast we begin with our cover feature on companies with brand power. We unpack why consumer staples are under pressure, the competitiveness of consumer health and share the story of how Sensodyne toothpaste became a staple product.As company results season is in full swing, we pivot only slightly to two consumer brands that have reported results this week, Haleon and Reckitt Benckiser. We discuss what has gone well for the companies as well as the concerns ahead.Last but not least, we cover the recently rejected bids for Direct Line and Currys. Could these rejections be a sign that boards are growing more optimistic, or just that they think shares are massively undervalued?Dan Jones is joined by Jennifer Johnson, Mark Robinson and Julian Hofmann Hosted on Acast. See acast.com/privacy for more information.

Meeting a CEO: Lee and the IC

Meeting a CEO: Lee and the IC

In the sixth episode of Lee and the IC, Alex and Lord Lee are joined by Miles Adcock, chief executive of computing product manufacturer Concurrent Technologies. The trio discuss the background of Concurrent, a favoured holding in Lord Lee’s portfolio, when Lord Lee began investing in it, how both he and Adcock view the company’s prospects amid current geopolitical tensions, how to navigate the unknowns of a complex stock as a private investor, and much more.This episode was recorded on 23 February. Hosted on Acast. See acast.com/privacy for more information.

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

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

We begin with Julian Hoffman who delves into the details of recently published banking results. He explains what was hidden inside Barclays’ results and whether it can afford its £10bn payout to shareholders. Julian and Dan also discuss HSBC’s impairments and NatWest’s dividend.Val Cipriani has written this week’s cover feature on taking advantage of the growing need for data centres. She and Dan discuss the background to the piece, the operators and the headwinds they face, and she explains how investors can capitalise on this real estate-cum-infrastructure industry.Last but certainly not least, Michael Fahy talks about Rolls Royce, whose profit more than doubled to £1.6bn. He discusses what investors can learn from this growth and whether or not the momentum will continue. Hosted on Acast. See acast.com/privacy for more information.

‘Dividends are a good way to check if CEOs are too optimistic’: Fund manager Daniel Peris of Federated Hermes

‘Dividends are a good way to check if CEOs are too optimistic’: Fund manager Daniel Peris of Federated Hermes

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

Selling shares and Relx’s £1bn buyback: The Companies and Markets Show

Selling shares and Relx’s £1bn buyback: The Companies and Markets Show

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

Housebuilders, PZ Cussons and the future of British American Tobacco: The Companies and Markets Show

Housebuilders, PZ Cussons and the future of British American Tobacco: The Companies and Markets Show

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 strongerRedrow – earnings down as Barratt comes calling PZ Cussons shares dive after dividend cutBritish American Tobacco ponders ITC divestment Hosted on Acast. See acast.com/privacy for more information.

‘I always find buybacks disappointing’: Gervais Williams of Premier Miton

‘I always find buybacks disappointing’: Gervais Williams of Premier Miton

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

A guide to the FTSE 350: The Companies and Markets Show

A guide to the FTSE 350: The Companies and Markets Show

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.Timestamps1:34 GSK and pharmaceutical firms15:20 US Tech stocks 28:58 AG Barr and Premier Foods36:22 RegulationMentioned in this episodeSemiconductor industry split between AI and the restGSK's RSV vaccine success makes its shares look cheapIrn Bru maker AG Barr buoyed by new subsidiariesThree companies benefitting from more regulationFTSE 350 Review: The drinks brands likely to grow in a struggling marketFTSE 350 Review: Will GSK replace Astra as the investor favourite?FTSE 350 Review: Software companies scramble to find AI uses Hosted on Acast. See acast.com/privacy for more information.