Investors' Chronicle

We begin the year's final podcast discussing activist investor Saba Capital. Funds editor Dave Baxter explores the impact of its demand to remove the boards of seven investment trusts and what investors should do if the changes go ahead.It’s then onto Hollywood Bowl’s (BOWL) results. The company reported a 7 per cent rise in revenue, but shares still fell 10 per cent. Michael Fahy explains what caused the fall as well as the business's valuation.Last up, our US-based writer Arthur Sants joins in the studio. From the recent market sell-off after comments from the Fed to the Magnificent Seven stocks, investors can find out what to expect from American markets in the coming year. Timestamps 1:17 Saba Capital9:31 Hollywood Bowl17:43 The USClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

After a busy year of geopolitical changes, there is a lot of ground to cover when discussing markets. In this episode, Simon and Dan Jones unpack everything from the mass number of moves to the US market to knotty Aim shares, and the sectors investors should keep an eye on in 2025.Timestamps01:02 2025 prospects06:06 Economic backdrop 10:23 Upgrades and downgrades 15:31 Donald Trump’s presidency 21:12 His take on moves to US markets24:16 Buybacks29:20 Aim32:16 IPOs and M&A33:59 Interesting sectors Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

Chris Akers unpacks the latest from equipment rental company Ashtead (AHT). The figures slightly underwhelmed the market, but the biggest factor affecting the business was the announcement that it’s moving its listing to the US.Onto our latest cover feature on behavioural psychology and investing. Alex Newman lays out his intention with the piece, as well as the importance of recognising what impact our biases have on our investment decisions.It’s then on to the plastics business Victrex (VCT) which saw its shares shoot up recently. Julian Hofmann looks at the causes of this and Alex returns to touch on the bid for Aim-traded fintech firm Equals (EQLS).Timestamps01:17 Ashtead09:05 Developmental psychology19:56  Victrex27:21 EqualsClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

As stock pickers, the managers of The Brunner Investment Trust are looking for what they believe are great companies which can grow and deliver returns to shareholders. Whilst this may sound obvious, just what exactly are the common factors in the DNA of a “great” company? Joe Lynam quizzes portfolio manager Julian Bishop on how he and his team go about assessing companies.For more in-depth discussions and insights, visit our website for additional podcast episodes, articles and videos: https://www.brunner.co.uk/en-gb/videos-podcasts-and-reading This content was paid for and produced by The Brunner Investment Trust Hosted on Acast. See acast.com/privacy for more information.

Alex and Lord Lee sit down with the CEO of one of the holdings in Lord Lee’s portfolio: James Gundy of the shipping service company, Braemar (BMS).James has been group CEO since 2021 and he unpacks the ins and outs of running a shipbroker on London’s main market, how it compares to its competitors and its navigation of some complicated geopolitical waters.As always, the episode closes with an update on Lord Lee’s portfolio changes, including why he’s buying a new real estate investment trust and why he’s focusing on the changes to capital gains tax.Timestamps00:59 What the company does04:23 Lead indicators07:24 Compared to Clarksons 08:57 How Lord Lee got involved12:51 Pricing intangibles16:43 Why shipbroking is dominated by UK-based companies18:20 Why Lord Lee thought it was a good investment19:55 Is volatility good for business?20:59 The sale to Russian oil producer Lukoil27:16 Is Braemar under investigation? 29:39 Financials31:58 Dividends35:10 Lord Lee’s portfolio 38:00 Takeovers Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £1 Hosted on Acast. See acast.com/privacy for more information.

We begin with airlines Jet2 (JET2) and EasyJet (EZJ) who recently released results. Michael Fahy explores the current demand for travel and package holidays, and the reputational issues affecting share valuations. The future of the North Sea is murky but the industry now has clarity on its taxes. Our commodities expert, Alex Hamer, lays out the opportunities, challenges and changing operating costs in the sector.AJ Bell (AJB) recently changed how its users can vote at AGMs for the companies they own – offering a digital option, in the same way Interactive Investors users have been able to since 2021. Holly McKechnie unpacks why this is an important move and the impact it may have.Timestamps1:23 Airline stocks12:34 The North Sea27:04 Shareholder democracyClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

In the latest episode of the IC Interviews, Val Cipriani, personal finance editor, sits down with Stefan Gries of BlackRock Greater Europe Trust. The fund is known for focusing on businesses with dependable profits and finds success even though it takes less risk than the average investor.Hear Gries’s take on Dutch semiconductor stock ASML (AMS), and how the industry will fare in light of Donald Trump’s win. The duo also cover the prospects of the Chinese and UK markets, the fund’s stock-picking methods which European sectors are ripe for investor attention.Timestamps 0:49 What the fund does2:34 Changes to the strategy6:02 Outlook on the market   8:53 US election result 11:06 Bullish versus Bearish13:46 Stockpicking17:13 Novo Nordisk 21:46 ASML 25:25 Semiconductors in the wake of Trump’s win32:57 China and post-Covid recovery 35:55 UK market38:19 Granola stocks40:39 Wider European stocks 42:42 Promising sectors Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

We begin with software company Sage (SGE). Shares are up and the team unpacks the drivers of this rise and explores whether investors should be concerned about competition in the industry. Illinois Tool Works (US:ITW) next. It’s larger than all but five stocks included in the FTSE 100 but remains relatively unknown on this side of the pond. Our team explore what the company does and the metrics that lead it to feature on our annual US quality screen.Last up, it’s property company Grainger (GRI). Demand has been strong this year but its share price has been relatively flat. We look at why this is the case and how the valuation appears.Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

British-based luxury fashion brand Burberry (BRBY) has had a hard time of late. Our team delve into what’s gone wrong over and question whether the low valuation is attractive enough for investors to take a gamble.It’s then onto our Investment Trust Special. We explore what trusts are most vulnerable to consolidation and some that could be fruitful in the changing macroeconomic environment.Last up, it’s specialist British chemical company Croda (CRDA). The latest update shows signs of life but two profit warnings over the past 18 months could hold back its growth. Julian Hofmann looks into the details. Timestamps 1:31 Burberry 15:38 Investment trusts27:48 Croda Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £1 Hosted on Acast. See acast.com/privacy for more information.

Lord Lee and Alex reunite just a day after the US election result and a week on from the Autumn Budget. In the episode, the pair unpack how the latter will affect UK private investors and the economy at large, and Lord Lee gives his opinion on the effectiveness of the changes announced by chancellor Rachel Reeves.Also, listen to find out the changes to Lord Lee’s portfolio and his take on Trump’s presidential win. Timestamps 1:18 Why the Budget is pleasing for private investors3:42 Lord Lee’s view of Labour’s tone 7:19 Nichols and FW Thorpe sales10:03 Will Budget changes mean a change in tactic?11:14 Inheritance tax 13:05 Niche markets15:40 Impact on family businesses property relief and farms18:32 What should Labour aim for 21:25 How Lord Lee's portfolio has been recently 25:14 Trump’s reelection Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £1 Hosted on Acast. See acast.com/privacy for more information.

Auto Trader’s (AUTO) recent results were not well received. A slowdown in vehicle production and its position within a tight market is squeezing growth prospects. Our experts dive into what it means for investors. It’s then on to the impact of the Budget. The panel unpacks what sectors will be most affected by the changes, and the potential cost-saving measures companies can take to mitigate rising NI contributions.Last up, bond yields. Both the Budget and the US election will alter the fiscal outlook and our team look at who the winners and losers will be. Dan Jones is joined by Mark Robinson, Alex Newman, Julian Hofmann and Hermione Taylor.Editing by Madi ApthorpeTimestamps1:23 Auto Trader13:25 The Budget21:03 BondsClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

Returning a second time in the IC Interviews hot seat, Terry Smith is one of the biggest names in the investing world. Having set up the eponymous Fundsmith in 2010, he now manages more than £22bn of British savers’ money and has had his fair share of celebration and criticism.Funds editor Dave Baxter and Smith unpack everything from Magnificent Seven stocks and the effect of weight-loss drugs on stock markets, to consumer staples and the reason Smith doesn’t want to own market favourite, Nvidia.Also, find out what quality Smith looks for in companies and fund managers, plus why the fund’s allocation to UK stocks is so minimal. Timestamps00:38 Magnificent Seven stocks3:52 Nvidia 6:41 AI08:57 Consumer staples and weight-loss drugs12:06 Novo Nordisk17:36 What he looks for in companies 20:23 Nike 22:07 Asset allocation and share buybacks24:48 UK companies and Asia 29:19 Financials 30:27 Judging when there’s a crisis versus a mispricing 35:09 Criticisms of the buy and sell process39:44 Atlas Copco 41:44 Next and Autotrader Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

The Autumn Budget brought a swathe of changes to the way investors can harness the most of the market. From capital gains changes to pensions, our team unpack what investors need to know.Find out everything you need to know about the BudgetHSBC (HSBC) recently announced a reorganisation that will affect shareholders. The panel of experts report on what the business is set to achieve, and the outlook for interest income as base rates fall.Last up, the team delve into what led to the small share rally for YouGov (YOU) after its latest trading update.Timestamps 1:54  Budget17:30 HSBC26:16 YouGov Hosted on Acast. See acast.com/privacy for more information.

Mark Robinson starts the show by unpacking Morgan Sindall’s (MGNS) significant trading update, looking at the drivers behind the share price rise and the scope for the company to increase its market share.It’s then on to our Aim 100 special. Michael Fahy and Alex Newman share their take on the leading brick supplier Brickability (BRCK) and technology distributor Midwich (MIDW), discussing what each sector looks like at the moment and what should investors be aware of.Timestamps1:14 Morgan Sindall9:58 Brickability  23:04 MidiwchClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

We begin with National Grid’s (NG) transformation plans. Jemma Slingo and Alex Newman weigh in on whether it should now be considered a growth rather than income stock, its US business and more.It’s then onto car dealership Vertu (VTU). Mark Robinson runs through the driving factors behind Vertu’s performance, the business’ valuation and its prospects in a struggling market.Last up, Holly McKechnie dives into the knotty issue of investment trust costs. In September HM Treasury announced it was replacing a regime in place since Britain’s time in the EU, and angst has since swelled. Find out what the Isa and pension providers are saying and what the change actually means.Timestamps 1:46 National Grid14:52 Vertu26:06 Investment trust costsClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

In this episode of IC Interviews, Paul ffolkes Davis and funds editor Dave Baxter discuss the Japanese small and mid-cap specialist fund, which has proven to be quite fruitful for investors.Find out why ffolkes Davis believes in the yen’s strength plus his thoughts on Japan’s macro trends, the big investment trust risers and fallers this year and more.Timestamps 00:56 Japan and Yen strength 4:49 Macro themes in Japan7:40 Valuations11:48 Activism 18:10 Private versus public 20:39 Corporate reform23:55  Is there a cap for the trust26:51 Recent activity in the portfolio31:09 7/11 bid Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

Associate editor James Norrington starts the show, covering this week’s Big Read. He and Dan unpack inflationary vs deflationary forces in Western economies and what it means for stock picking and building portfolios. Madelaine Apthorpe is then in the hot seat instead of behind the soundboard to discuss her investigation into cocoa inflation and the confectionery industry. She touches on the reasons for the price rises, the outcome for consumers and what it means for the industry. Last up, Julian Hoffman and Mark Robinson unpack Boeing’s latest results and the strike action the company is facing. They discuss the knock-on effects for other companies and how the new CEO is trying to improve safety.Timestamps00:58 Debt, demographics and money16:26 Cocoa23:38 BoeingClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.

This month, Alex and Lord Lee are joined by the CEO of Ampario, Richard Edwards. Ampario is an Aim-traded natural feed additives group, a niche business but one that exports its products to over 80 countries and has been held by Lord Lee for 14 years.In the episode, the trio discuss the ins and outs of running an Aim company, why Lord Lee believes the business is well-placed in today’s markets, its sustainable practices and more. Hosted on Acast. See acast.com/privacy for more information.

This week’s episode begins with a property leaser to the healthcare sector, Life Science Reit (LABS). Property writer Natasha runs through the results, where the chief exec is focusing and whether a takeover is on the cards.It’s then onto our latest Big Read on investing for your children. From the best accounts to use, the top funds to pick, and educating your children about investing, Val Cipriani runs through everything parents need to know.Lastly, Julian Hofmann joins to unpack China’s stimulus measures. What impact will it have on the stock market? And what funds can investors use to get involved in the action?Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.Timestamps 00:56 Reits11:02 Investing for your children21:00 China’s stimulusRead the stories mentioned in the showLife Science Reit trades on steep discount to NAVChina's bounce may be short-livedThe best ways to invest for your children Hosted on Acast. See acast.com/privacy for more information.

In this podcast episode from The Brunner Investment Trust, Co-lead Portfolio Manager Julian Bishop and host Joe Lynam navigate the choppy waters of national politics and their ripple effects through global markets. With the recent political changes in the UK and the much-anticipated US presidential election, what can investors expect from the stock market?For more in-depth discussions and insights, visit our website for additional podcast episodes, articles and videos: https://www.brunner.co.uk/en-gb/videos-podcasts-and-reading This content was paid for and produced by The Brunner Investment Trust Hosted on Acast. See acast.com/privacy for more information.