Investors' Chronicle

It’s a week before Christmas, which means only one thing around these parts: our bumper double issue hits the shelves on Friday 19 December. In it, we look ahead to all things 2026, and we’re doing the same thing here today with our first segment. In a moment we’ll be taking a close look at the FTSE 100’s runaway performance this year and asking whether it can continue over the next 12 months. With a little bit of a glance across the Atlantic, too. Alex Newman will talk us through things.After that, we turn to much shorter-term prospects. Because it’s Christmas, Mark Robinson has explored the origins of the Santa rally, and gets into the detail of when exactly we might expect one to take place this year, and why.To wrap up for the year we finish with a special interest story of sorts: Holly McKechnie is here to discuss why crypto assets’ existential crisis, legally speaking that is, may have finally come to an end.Timestamps:0:59 FTSE's big year16:57 The Santa Rally26:15 Crypto ownership regulationInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Ethical investing is often seen as a way to align your money with your values, but what does it really mean in practice? In this episode of Women and Wealth, Investors’ Chronicle’s Val Cipriani is joined by Madi Apthorpe to explain how ethical investing works in practice, covering ESG labels, exclusions, impact, engagement and how investors can avoid greenwashing.As more investors seek to support environmental sustainability, social responsibility and good governance, the ethical investing landscape has become increasingly complex. Val and Madi discuss how investors can navigate this space with confidence, the trade-offs involved, and whether investing ethically means sacrificing returns. They also explore how women investors in particular are approaching ethical considerations and what questions to ask before committing your money.Women and Wealth is the monthly podcast series from Investors’ Chronicle. You can listen to and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Alex Newman and Lord Lee are joined by Jerry Randall, CEO of Venture Life (VLG), a leader in the consumer self-care market. They discuss the company's history, the outlook for the wider sector and potential upcoming acquisitions.Alex and Lord Lee then discuss recent changes to Lord Lee's portfolio, including his moves involving British house builders Taylor Wimpey (TW), and new position in food and beverage operator SSP Group (SSPG). Alex and Lord Lee end with a look back on the last year of investing and how Lord Lee's Isa and non-Isa portfolios have performed.Timestamps0:00 Intro2:15 Background on Venture Life3:36 Selling off the manufacturer6:09 How Lord Lee found Venture Life8:03 Jerry Randall's background9:07 Raising money from markets11:59 Wellness industry & compliance16:18 Acquisitions & future deals28:20 Potential for dividends32:41 Lord Lee on the budget33:58 Update on Lord Lee's portfolio35:47 ISA changes38:03 Taylor Wimpey (TW)40:03 New position in SSP42:02 End of year portfolio roundupInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

We start today with a look at the potential megamergers in Hollywood as the battle to take over Warner Brothers Discovery (US:WBD) comes to a head. Both Netflix and Paramount Skydance have made big bids for Warner Bros this month. Who will prevail? Will politics have the final say? Will competition regulators? Julian Hofmann is here to discuss.Then our cover feature this week is all about the driverless car revolution. Long-promised, long-awaited in some quarters, is the big sea change in transportation finally here? As self-driving vehicles prepare to take to the streets of the UK, Michael Fahy will examine the prospects for the sector and for traditional automakers.Last but not least we look at housebuilder Berkeley (BKG). The housebuilder reported half-year figures earlier this week, Hugh Moorhead is here to talk through the implications of the Budget and the outlook for higher-end London housing.Timestamps:0:56 Warner Bros bidding war15:33 Self-driving cars29:30 Berkeley resultsBidding war breaks out for Warner BrosHow to profit from self-driving carsResilient Berkeley Group looks undervaluedInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Investors’ Chronicle associate editor Simon Thompson joins Dan Jones to discuss what 2026 might hold for smaller companies and the market in general.Simon and Dan discuss how equities are positioned for the year ahead, as well as the impact of the Budget and how measures including the reduced Isa cash cap could impact UK stocks. They conclude by previewing what to expect from Simon’s Bargain Shares selection for 2026 – due to be revealed in February – and how taking on more risk might be on the cards.Timestamps:1:27 How UK equities are positioned7:08 Economic outlook11:32 The Budget19:24 Mergers and acquisitions33:52 UK tech companies41:32 Impact of high interest rates44:14 Preview of 2026 Bargain Shares SelectionInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

A day on from Rachel Reeves’ budget, where she announced a ‘smorgasbord’ of tax rises forecast to raise £26bn by 2029-30, the dust is settling. Everything from pension pots to dividends could be affected.Our panel of experts dive into the biggest changes affecting your finances, including all the tax changes, what’s going to happen to the beloved cash Isa and how the chancellor is changing North Sea oil levies.Read our Budget coverageInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Economic abuse is a recently recognised but long-used method of control by domestic abusers and in this episode of Women and Wealth, Investors' Chronicle's Val Cipriani discusses what it is, how it can be spotted and the support available to those being abused in this way with Surviving Economic Abuse's Lauren Garrett.Economic abuse is a legally recognised form of domestic abuse and is defined in the Domestic Abuse Act and 95 per cent of cases of domestic abuse involve economic abuse. It often occurs in the context of intimate partner violence, and involves the control of a partner or ex-partner’s money and finances, as well as the things that money can buy. In this episode, Val and Lauren discuss real-life examples and how you can spot the signs of economic abuse and prevent it from happening to either you or those you know.Women and Wealth is the monthly podcast series from Investors' Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.In the UK, call the national domestic abuse helpline on 0808 2000 247, or visit Surviving Economic Abuse. In the US, the domestic violence hotline is 1-800-799-SAFE (7233). Other international helplines may be found via www.befrienders.org.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Our annual Investment Trust Special Report covers everything you need to know about researching, finding and buying the right funds for your portfolio. Val Cipriani and Holly McKechnie delve into topics featured, from discounts in the space, the impact of the Saba saga, increased M&A activity and more. It’s then onto Rightmove (RMV). The company recently announced its plans to invest in AI, which was met with unusual concern from the market. Hugh Moorhead explains why this occurred, how large a threat ChatGPT is to its plans, and more. Timestamps 1:34 Investment Trust special 29:18 RightmoveHow to pick the right investment trustsShould investors put Rightmove up for sale?Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

We kick off this week looking at power provider SSE (SSE), which announced a £2bn equity raise to help fund a £33bn upgrade to the UK’s electricity infrastructure. Valeria Martinez and Alex Newman discuss what the proposal means for the company, why it’s been so well received by investors and the wider implications.Next, we turn to the second part of our Aim 100 Special Report, where we look at the 50 largest stocks trading on London’s junior market. Dan and Michael Fahy look at cords and cable maker Volex (VLX), which reported interim results this week.Dan and Mark Robinson then turn to auditor MHA (MHA), which listed in April and has been on a tear. Mark gives his thoughts on the company and whether or not it’s too late for investors to jump in.Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTubeTimestamps:1:01 SSE16:36 Volex25:24 MHAInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

From a disappointing run with Treatt (TET) to his belief Goodwin’s (GDWN) is Britain’s most exciting engineering company outside of Rolls Royce (RR.), and STV’s (STV) profit warning to a floor coverings business benefitting from expanding infrastructure projects; this episode covers considerable ground for all DIY investors. It concludes with reader questions, and listeners get to hear Lord Lee’s take on what may lie ahead as the Autumn Budget approaches.Timestamps 1:21 Reflections on M&G episode 4:27 Treatt9:24 Goodwin18:05 STV19:55 Venture Life22:47 James Halstead 25:00 Primary Health Properties 27:20 Workspace29:21 MS International32:57 Reader questions38:45 The BudgetInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

M&S’s (MKS) results kick off this week’s podcast. The beloved British retailer is delivering decent performance, but the April cyber attack has left some scars. Mark Robinson explains all investors need to know.Next, this week’s Big Read is on quantum stocks. Author James Norrington runs through the recent developments in the sector, the consequences on wider markets, the benefits to AI and more. Last up, the latest from three healthcare trusts. Val Cipriani outlines performance from Worldwide Healthcare Trust (WWH), Polar Capital Global Healthcare (PCGH) and Bellevue Healthcare (BBH), and the creative strategy one is taking to attract new investors.Marks and Spencer reveals cyber attack costIs quantum computing reaching its AI moment?Crunch time for healthcare trusts1:24 M&S11:22 Quantum computing stocks 27:18 Global healthcare trustsInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Hugh Moorhead takes stock of the UK banking sector, examining how provisions for motor finance, along with exposure to private credit, are shaping the outlook, and how regulatory changes have helped the key players.Erin Withey joins and turns attention to the first of two companies from our Aim 100 Special Report, Kitwave (KITW). The UK food wholesaler is navigating the next phase of its growth story, and despite a recent profit warning, its long-term prospects appear strong. Lastly, Valeria Martinez reviews Next 15 (NFG), the AIM-listed consultancy undergoing a major restructuring after a turbulent 2024. Valeria looks at how the business is trying to recoup sentiment, its other near-term challenges and what analysts think of the company. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Women and Wealth returns, this month looking at the psychology of better investing with Dr Ylva Baeckström. Understanding behavioural finance is crucial, as emotions can influence investment decisions and in this discussion between Investors' Chronicle's Val Cipriani and Madi Apthorpe, we find out the psychological barriers women face and the risks of market downturns. Madi and Val discuss active and passive investing strategies and cognitive biases.Madi then speaks with King's Business School lecturer Dr Ylva Baeckström about gender differences in investment approaches, advocating for improved financial education and open money discussions to create a more inclusive investment environment.Women and Wealth is the monthly podcast series from Investors' Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Gold’s recent super rally has left investors wondering what’s coming next. Alex Hamer breaks down what is driving the surge, and the recent sell-off, whether volatility is now the norm, and what analysts’ outlook is for the yellow metal. It’s then on to the credit scoring business Experian (EXPN). The US credit scoring market has come under scrutiny recently, and Valeria Martinez unpacks how exposed the company is and what it's doing in response.Continuing in the US, concerns persist over the world's largest economy and its reliance on tech stocks. Mark Robinson looks at what point AI needs to start delivering actual productivity gains before a correction occurs, and compares the AI boom to the dotcom era. Timestamps 1:16 Gold 12:34 Experian21:13 US bubbleHow to spot the gold price topWhy a US credit score overhaul actually helps ExperianInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

The FCA’s long-awaited motor finance redress scheme landed with a lower overall compensation figure than expected. Mark Robinson explores how Lloyds (LLOY) and Close Brothers (CBG) have responded, why both plan to challenge the proposals, and whether the scheme risks turning into another PPI-style saga.Our Big Read is next. The future of cities is shifting as travel and office attendance continue to climb back slowly. Michael Fahy, author of the feature, looks at the steady uptick in London office occupancy, trends between the UK and US markets, and how Reits are reshaping portfolios.Last up, Whitbread (WTB) reported results slightly ahead of estimates, yet shares fell amid rising costs and lease charges. Erin Withey analyses how the Premier Inn owner continues to gain UK market share in a slower economy, and how its accelerated growth plan could unlock long-term value.Timestamps 1:15 Motor finance12:15 The future of cities23:08 WhitbredRead the stories mentioned in the show:Banking shares rise on lower-than-expected motor finance costsMega-cities need to grow – here’s how investors can take advantageWhitbread hit by planned UK restaurant closures and softer demandInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

RIT Capital Partners is one of the UK’s largest investment trusts with over £4bn in assets under management. Maggie Fanari joined its investment manager, J. Rothschild Capital Management, as CEO in 2024. Her goal is to compound growth for investors without the risk that equity markets carry. In the episode, Dan Jones and Fanari discuss the structure of the trust, which is split between private assets, listed equities and ‘uncorrelated’ assets, and the trust’s thus-far unsuccessful attempts to narrow the discount on which it trades. Fanari also shares the qualities she looks for when seeking out private assets (one recent addition being Elon Musk’s SpaceX) as well as the recent changes to the trust’s portfolio and her take on the AI market.  Timestamps 00:45 The structure of the trust 02:53 The discount 10:23 RIT’s dividend11:26 Private assets18:19 Recent asset allocation changes 22:22 Discerene 25:42 US tech32:42 European markets34:11 Asia34:52 UK equities 35:41 AI37:38 Overall investment picture Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

British business Volution (FAN) provides ventilation and air systems, and its shares have increased by a fifth thanks to the acquisition of an Australian business Fantech. Michael Fahy unpacks how investors reacted to the latest results, what is driving demand, and its broad geographical spread. The CMA investigation into the veterinary market is still ongoing, and CVS (CVS) has paused its UK acquisition programme while it ticks on. Julian Hofmann examines the company’s results, its strategies for maintaining business growth, and its current valuation. Last up, Alex Newman delves into the world of bitcoin, the topic of this week’s Big Read. From the FCA’s reversal on DIY investors buying and selling crypto exchange traded notes (ETNs), to the eligibility in Isas and Sipps, listen to find out everything you need to know about bitcoin buying.Timestamps  01:14 Volution07:17 CVS15:49 BitcoinCVS pivots to Australia as UK expansion stalls amid CMA probeThere’s a new way to buy bitcoin – but is it safe?Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

This week, the American FDA announced it’s set to review a new breast cancer drug, Enhertu, developed by AstraZeneca (AZN) and its Japanese partner, Daiichi Sankyo. Julian Hofmann and Dan Jones unpack what this did to Astra’s shares, the wider issues facing pharmaceutical companies, plus an update on GSK’s (GSK) newest CEO.Next, our Big Read on the ways to effectively pass on your wealth. In the UK, estimates suggest up to £7tn could be transferred from older to younger generations over the next 30 years. Val Cipriani, author of the piece, explains what the “Great Wealth Transfer” means for investors, the trade-off gifters need to consider, and more. Last up, results from Ceres Power (CWR) came in lower than expected. Mark Robinson unpacks the reasons behind it, German shareholder Bosch’s departure, and where the valuation stands.Timestamps1:23 AstraZeneca14:53 Passing on wealth 27:40 Ceres PowerRead more on these topics:A pharma giant with star quality How to pass on wealth to your childrenCeres Power cuts revenue guidance for 2025Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

We begin with Trustpilot’s (TRST) results. Mark Robinson and Dan delve into what has gone right and wrong for the company, its durability in an age of AI, and our take on its use of buybacks.Alex Hamer then covers the North Sea Energy Profits Levy. From the effect current policies are having on production to the companies that see opportunity in the region, Alex covers all that investors need to know.Last up, Goodwin (GDWN), the 140-year-old Stoke-based engineering and manufacturing company. Alex Newman touches on the history of the business, its most recent trading update and if its years of investment are finally paying off.Timestamps 1:31 Trustpilot13:34 North Sea27:21 GoodwinRead the stories mentioned in the show: Trustpilot grows revenue as AI boosts its subscription modelNorth Sea oil stocks bet on government U-turnGoodwin: A 143-year-old firm flying under the radarMeeting M&G’s CEO: Lee and the ICInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Reuniting after the summer, Lord Lee and Alex Newman sit down in the M&G offices with Andrea Rossi, CEO since 2022. In the episode, the trio unpack what drew Rossi to take on the role, the challenges of balancing £350bn of assets, and how the affiliate deal with the Japanese life insurer Dai Ichi could transform the company, and more. Alex and Lord Lee wrap up in usual fashion with an update on Lord Lee’s portfolio, including a relatively unknown family-run Plc that’s crucial to the UK’s submarine programme.If you have any questions or any suggestions for future guests, email alex.newman@ft.comTimestamps 1:09 Rossi’s impression of the business prior to joining2:18 Why Rossi did not want to break up the group4:13 What Rossi sees in private markets 7:58 The challenge of valuing a business such as M&G14:36 Would private ownership be a better fit?16:02 The Dai Ichi deal17:43 Managing £350bn of assets20:38 Replicating deals elsewhere in the world21:22 Working in the Gulf23:17 How Rossi allocates capital26:12 Will M&G move into the ETF world 27:32 How optimistic is Rossi on M&G29:31 Lord Lee’s portfolioInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.