FundCalibre - Investing on the go

The IFSL Wise Multi-Asset Growth fund has weathered various market storms since launch 20 years ago. We explore the challenges of navigating volatile markets, particularly amidst events like Brexit and the Covid-19 pandemic, with co-manager Vincent Ropers. Despite the noise, he finds solace in the abundance of value opportunities for patient investors, highlighting sectors like investment trusts, private equity, biotechnology, and UK equities in this interview.What’s covered in this episode: How market noise impacts fund managementBalancing investment sentiment with investment decisions The benefits of investment trustsRecent challenges within the investment trust sectorHow the fund utilises private equity in the portfolioThe difference between private equity and venture capitalThe appeal of the biotechnology sectorOpportunities in the UK equity marketWhy the manager stays clear of US equity fundsRecent exposure to commoditiesPlaying the theme of decarbonisation in the fundThe significance of value strategies  The key to consistent long-term performance More about the fund: This fund sits in the Investment Association Flexible sector, which means the manager is afforded a significant degree of discretion over asset allocation and is allowed to invest up to 100% in equities. We like the team’s straightforward process and focus on managers with a simple, yet disciplined investment process. The focus on high-quality funds, coupled with strong exposure to investment trusts, offers a valid alternative in the IA Flexible sector. 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 are back for a comprehensive quarterly market update. Reflecting on the first quarter of 2024, they delve into various regions and sectors that experienced notable highs. We also discuss the potential for economic recovery in Europe, China's struggle to regain momentum post-Covid and speculation surrounding interest rate cuts by the Federal Reserve.What’s covered in this episode: All-time highs for the S&P 500Should investors continue to back technology?The US inverted yield curve (and what it means)What’s driving success in JapanWhat a weak yen means for returnsOutlook on Japanese equitiesCan the gold price continue to soar?Does Europe look better from here?Will we see a recovery in China? Bond markets todayWhat does it mean, if or when the Fed cuts rates?Has the outlook for 2024 changed after Q1?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.

Manager of Jupiter Gold & Silver, Ned Naylor-Leyland, looks into the current dynamics affecting the gold market amidst conflicting factors like geopolitical tensions and interest rates. He provides insights into the intricate nature of gold pricing across different currencies, the recent breakout in the gold price including the flow dynamics in the market. Throughout the episode, Ned offers nuanced perspectives on investment strategies and market behaviour, underlining the importance of diversification and strategic positioning in precious metals portfolios.What’s covered in this episode: What’s the current positioning for gold?How does geopolitics influence the price of gold? Can the price of gold go higher?How rate cuts influence the price of goldThe case for owning physical gold in a portfolioIncreased buying in ChinaThe implications of seizing Russian FX reservesHow the Chinese New Year impacted goldThe importance of the breakthrough price of $2,150/ozThe importance of gold minersAn update on silver and how it relates to goldWill the price of silver be more consistent in the future?More about the fund: A truly unique fund, Jupiter Gold & Silver invests in both physical gold and silver bullion, as well as gold and silver mining companies. Manager Ned Naylor-Leyland is a passionate advocate for his asset class and believes investors should strongly consider some gold and silver exposure for their portfolios.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.

Maneesh Bajaj, manager of the Brown Advisory US Flexible Equity fund, shares insights into the fund's philosophy and flexible approach, attributing its long term success. We cover a whistle stop tour of US headlines including the Magnificent Seven, including both Microsoft and Alphabet, the growing role of artificial intelligence across industries, a US election year and two significant sectors for the portfolio: financials and healthcare. What’s covered in this episode: The fund’s outperformance over 1, 5 and 10 yearsThe concentration of the US marketThe long term investment case for MicrosoftThe investment appeal of AlphabetManaging the growth of artificial intelligence in the portfolioIs AI the next dotcom bubble?The fund’s largest weighting: financialsGrowing opportunities in healthcare What an election year means for the fund  More about the fund:This fund has been run by Maneesh Bajaj since 2017. Its strategy is unconstrained, meaning Maneesh is free to select companies from across the market-cap spectrum. This has enabled the fund to become one of the few to regularly outperform the S&P 500 over long periods of time. Supported by a strong team of analysts, the Brown Advisory US Flexible Equity fund has delivered good returns in both up and down markets. A strong candidate for those looking for a core US equity 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.

In a special “Spring Budget” feature we’re joined by four fund managers and our very own research director, Juliet Schooling Latter, to take a closer look at UK equities. We discuss what the British ISA could mean for the UK market but, most importantly, what else still needs to be done to improve sentiment and encourage global investors to return. The managers also share where they’re finding the best opportunities in today's significantly devalued environment. Our fund manager guests (in order of appearance) include Matthew Tonge, co-manager of Liontrust Special Situations, UK Smaller Companies and UK Micro Cap; Hugh Sergeant, manager of ES R&M UK Recovery; Richard Hallett manager of IFSL Marlborough Multi-Cap Growth; and Scott McKenize, manager of WS Amati UK Listed Smaller Companies. What’s covered in this episode: What is the British ISA?Will it be a meaningful change for investors? Should pensions be mandated to hold UK equities? How Brexit continues to impact market sentimentWhy now is a good time to back UK equitiesWhat type of companies make up the UK stock market?UK equities are all about risk/rewardWhere to find opportunities todayThe value opportunities on offerWhat other actions should the government take?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.

Ben James, investment specialist director on Baillie Gifford American, gives insights into why the U.S. remains a prime location for growth investors, highlighting its innovation, deep talent pool, and unique cultural optimism. A significant portion of the podcast is dedicated to the transformative power of Artificial Intelligence (AI) in the investment landscape. Ben shares the team's perspective on AI as a new technology paradigm, its potential implications, and the specific companies in their portfolio benefiting from this disruptive force. The discussion spans AI applications in various sectors, from healthcare to cloud computing, providing listeners with a comprehensive view of its multifaceted influence.What’s covered in this episode: Why the US is a great place for growth investorsIs growth on the rebound? Will growth investing continue? How does the team approach AI in the fundWhy AI is important for growth investors“The battle cry of a generation”AI: should investors be worried or excited?How companies such as Duolingo are embracing AI technologyThe sub themes of artificial intelligence What impact does AI have on healthcare? Opportunities within the healthcare sector for the fundMore about the fund:This fund is one of the purest examples of the Baillie Gifford growth philosophy. The team are looking for the high-performance outliers - those firms that can return at least 150% - and will hold them for the long term to allow them to generate this return. These stocks will tap into the trends of the future, such as the continued rise of online retail, the evolution of transportation and innovative healthcare.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 Argent, investment advisor to the VT Gravis Clean Energy Income fund, explores the distinctive features that set this fund apart and provides insights into the resilience of renewable energy assets through economic cycles. We also discuss the challenges faced by energy storage and battery trusts, the compelling valuations in the current market and how power prices influence opportunities and the fund's role in delivering a regular income for investors.What’s covered in this episode: How the fund differs from others in the IA Infrastructure sectorWhy investment trusts suffered recentlyWill we see a bounce back in 2024? How renewable energy assts preform through the economic cycle Why battery storage companies underperformedAre valuations improving for battery storage companies? Valuations for the wider investment universeDo power prices influence the opportunity in these areasHow does the fund generate a reliable incomeHow the fund fits in a wider portfolioMore about the fund:The VT Gravis Clean Energy Income fund taps into the expertise of the Gravis group to create a portfolio of renewable energy and energy-efficiency related projects, that are benefiting from the secular move to more sustainable energy demands. It looks to generate an attractive income, alongside modest capital growth, from a spread of different projects that should deliver defensive, uncorrelated performance.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.

This episode focuses on the UK market, highlighting the current generational opportunity and overall optimism despite recent challenges. Simon Murphy, manager of the VT Tyndall Unconstrained UK Income fund, shares insights into the fund's emphasis on mid-cap investments, citing attractive valuations resulting from years of negative sentiment. Simon also discusses the challenges faced during his takeover of the fund in February 2020 and concludes with reflections on the UK market, addressing perceptions versus reality and potential catalysts for positive market movement.What’s covered in this episode: The fund’s recent name changeWhy mid-caps make up the primary focus of the portfolio The valuation opportunity in the UK marketStock example: WHSmithA few FTSE 100 holdings within the fundThe yield target for the fundThe opportunities for dividend growthTaking over a fund as Covid hit marketsThe significance of a medium term viewDividend recovery post-pandemicThe continued impact of the Brexit vote for UK equitiesRecognising fundamental problems in UK marketsWhere this fund sits in a wider portfolio for investors More about the fund:The VT Tyndall Unconstrained UK Income fund is a differentiated mid-cap-focused UK income option, offering a unique blend of dividend yield, growth potential, and diversification for investors. We applaud the fund's high active share and low active management charge. The fund has started well despite a difficult period for mid-cap stocks. We will be watching the fund closely in the future.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.

Dave Dudding, manager of the CT Global Focus fund, discusses the S&P 500 reaching 5,000 for the first time and various aspects of the current economic landscape, such as supply chain dynamics, inflation, and the impact of artificial intelligence (AI) on the market. Dave shares insights into specific holdings in the portfolio, including Nvidia, Microsoft, and companies in the pharmaceutical and energy transition sectors. The conversation also covers the opportunities and challenges presented by AI, the growth potential of Asian consumers, and the fund's stance on China and India.What’s covered in this episode: What does the S&P 500 hitting 5,000 mean for the market?…and for investors?Are supply chain issues and inflation still dominating company meetings?The impact of near-shoring and re-shoring The persistence of wage inflation and the impactThe dominance of AI and technologyHow high can Nvidia go?Why Microsoft continues to be an exciting companyThe rise of the Asian consumerMore about the fund:CT Global Focus is a concentrated, high conviction portfolio of best ideas. David Dudding has always had a very clear philosophy and process which he has executed very successfully throughout his career. Since taking on this fund in 2018, David has continued in this success, delivering excellent performance. 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 has a focus on small and mid-cap companies. Manager Rosemary Banyard covers the challenges faced by smaller companies, changing sentiment, and political influences on the AIM market during this interview. We also explore the impact of M&A activities on the fund's portfolio and turnover. We finish with a case study illustrating the concept of long-term compounding success and the fund's criteria for investing in companies with sustainable moats.What’s covered in this episode: What portion of the fund is currently in small and mid-caps?Is sentiment improving for UK small-caps?Will smaller companies see a rebound in 2024?What is the AIM market?M&A activity in the portfolioCan M&A activity continue for the year aheadTurnover in the fund last yearThe fund’s long-term compounding focusThe company whose share has gone up six-foldWhat’s are sustainable and competitive moats? Case study into A.G. Barr and their “moats”Case study into GlobalData and partial selloffMore 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.

Chris St John, manager of the AXA Framlington UK Mid Cap fund, walks us through the FTSE 250, providing insights into its composition, changes, and dynamics of the mid cap index. We cover the diversity within the index, sectoral makeup and international exposure and well as the potential for M&A activities in 2024. Chris explains why the FTSE 250 is more sensitive to UK economic factors like interest rates and employment levels versus the FTSE 100 and addresses the performance disparities between the two indices.What’s covered in this episode: What type of companies make up the FTSE 250?What differences are their between FTSE 100 and FTSE 250 companies? Is the FTSE 250 international? What opportunities are currently available in the FTSE 250?The importance of price when investing in a companyHow companies look at a corporate levelThe ability to “run winners”Will UK companies continue to be targets for M&A this year?What sector is particularly attractiveIs the technology sector growing in the UK?More about the fund:AXA Framlington UK Mid Cap fund is unashamedly growth-orientated. While it naturally focuses on medium-sized companies, its manager will be pragmatic about including select opportunities from the smaller companies space, as well as letting mid-cap holdings grow. This flexibility to invest in the FTSE 100 and small cap space lets him run winners and invest early in strong growth stories.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.

Richard Kaye, manager of Comgest Growth Japan, covers a range of topics relevant to investors today, beginning with insights into ongoing reforms at the Tokyo Stock Exchange, emphasising the need for genuine change driven from within companies.The discussion then shifts to the inflation outlook for 2024, the irregularity of the yen's situation and what these two things mean for foreign investors. Richard explains why the fund has roughly 20% in semiconductors and concludes with reflections on the Nikkei's success, foreseeing continued momentum into 2024.What’s covered in this episode: What are the Tokyo Stock Exchange reforms? …and what do they mean for investors?Japan’s inflation story and why tides may be turningWhat does the weak yen mean for foreign investors? Why is the weak yen irregular? The funds exposure to semiconductors Why semiconductor companies are more than just artificial intelligence Can momentum in Japan continue into 2024?How quality growth companies are positioned More about the fund:Comgest Growth Japan is a concentrated portfolio of only 30-40 high quality long-term growth companies that are either head-quartered, or carrying out their predominant activities, in Japan. The managers believe that Japan is full of under-researched companies with great capital discipline, barriers to entry and growth. Their mission is to find them.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.

James Mee, co-head of multi-asset strategies and manager of the Waverton Multi-Asset Income fund, dives into the current economic landscape, exploring the likelihood of a recession and the factors influencing global markets. Giving an update on fund positioning and allocation across equities, fixed income, and alternative investments we touch on technology, Europe, inflation, interest rates and real assets in the portfolio. Out discussion concludes with a discussion on the role of cash in the current environment and the impact of de-globalisation on investment decisions.What’s covered in this episode: How likely is recession this year?What are the push and pull factors on markets? How the fund is allocating to equitiesDid fixed income drive performance in Q4 2023? How the fund is positioned within fixed incomeWhat are “real assets”?How real assets are currently reflected in the portfolioHow changing inflation impacts the fundWhy cash is an asset class in this environmentHow de-globalisation and re-shoring could benefit the fundMore about the fund:The Waverton Multi-Asset Income fund leverages the broader capabilities of Waverton Investment Management to construct a diversified portfolio encompassing direct equities, fixed income, and alternative strategies. The team prioritises risk management as the core of its investment approach, with a focus on safeguarding capital during periods of market weakness.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 for a comprehensive quarterly market update reflecting on key moments from the last year, particularly focusing on the dominant themes of inflation, interest rates, and technology. Darius and Juliet share insights on the unexpected resilience of markets amid interest rate hikes and discuss notable events from the collapse of SVB and Credit Suisse to the surge in the "Magnificent Seven” stocks.Looking forward to 2024, we examine potential investment opportunities and discuss whether the momentum in AI-related sectors, especially technology, will continue. They share their perspectives on global regions such as India and China, offering insights into the challenges and opportunities each presents for investors. We also touch on the potential impact of upcoming elections worldwide in 2024.We discuss investment strategies for different time horizons, including long-term views on UK smaller companies and fixed-income investments while addressing  the unique considerations for Junior ISAs. We wrap with Darius and Juliet sharing their financial resolutions for the year ahead.What’s covered in this episode: 2023 reflections: the highs and lowsThe emergence of AI and ChatGPT in 2023The success of Indian equities in 2023India versus China Why Latin America was top of performance chartsCan the success of technology (and AI) continue into 2024?What concerns do they have about China today?What’s your outlook for 2024?2024: the year of the election …and what it means for investorsWhere to invest £10,000 today…and if their strategies would change when investing in a Junior ISAJuliet shares her financial resolution for 2024…and Darius resolves to not make any financial projections 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.

Fixed income yields are at a “once in a generation opportunity” according to Alex Pelteshki, co-manager of Aegon Strategic Bond. Alex provides us with a comprehensive overview on the peaking of rates and yields, emphasising the impact of already tight monetary policies across major markets. Alex also highlights the fund's flexible approach, focusing on opportunities in government bonds and the high yield market. The interview concludes with the question of recession in 2024, offering a nuanced perspective on the economic conditions in Europe and the UK and how the fund is positioned as a response. What’s covered in this episode: Have interest rates peaked?Will rates fall in 2024 — considering UK, US and EuropeAre government bonds still offering value? Which part of the market is particularly interestingThe area of the market offering once in a generation opportunitiesThe attractive of investment grade bondsWhy a quarter of the portfolio is in high yield bondsShould investors prefer short or longer-dated bonds?Are we facing a recession in 2024?More about the fund:Aegon Strategic Bond fund has a very broad and flexible remit. It invests globally and is a true strategic bond fund that can change its positioning very quickly when necessary. The managers combine longer-term strategic positions with short-term ideas.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.

Simon Nichols, manager of BNY Mellon Multi-Asset Balanced, explains why he believes the world’s leading technology firms can continue to deliver strong performance heading into 2024. Simon also explains the fund’s thematic approach, and how it helps identify companies tapping into major themes, like de-globalisation and aging populations, to micro-themes like advancements in semiconductor technology.Simon also highlights his preference for government bonds and explains how uncertainties surrounding interest rates, economic growth, and inflation impact his economic outlook going into 2024 – and where he believes there will be opportunities.What’s covered in this episode: Introduction to the BNY Mellon Multi-Asset Balanced fundThe objectives of the fundThe wide resources of the Newton teamLong-term themes (and micro-themes) in the fund His preference for larger companiesWhy he prefers a specific type of value companyWhy bonds and equities might move in different directions to each other His use of government bonds in the portfolioWill technology continue to outperform?Nvidia investment storyOpportunities in 2024More about the fund:Leveraging the extensive resources at Newton, manager Simon Nichols has established a robust strategy that employs thematic investing to address the transformative factors shaping global markets. He focuses on "future-facing business models" capable of harnessing megatrends within their industries. While the fund primarily allocates to global equities, it also includes a portion dedicated to bonds.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. Paul Jourdan, CEO of Amati Global Investors, explores the unique ESGH approach employed by Amati, shedding light on the importance of adding the "H" for Human Rights to ESG, emphasising its significance as a separate category of investment risk. Drawing on experiences over 25 years, he discusses the blind spots in the investment community regarding human rights abuses in supply chains and their far-reaching consequences.To mark Human Rights Day on the 10th of December, the discussion delves into the profound impact of human rights, particularly in international trading of commodities like oil and gas. Paul highlights the oversight in neglecting human rights considerations in these critical sectors, pointing out real-world implications, such as the funding of geopolitical conflicts through resource purchases.Overall, this interview provides a comprehensive overview of Amati's ESGH approach, offering investors a deeper understanding of responsible and ethical investment practices in the ever-evolving landscape of financial markets. It’s not an interview to be missed.What’s covered in this episode: Why Human Rights should be explicitly added to ESG frameworksWhere the Human Rights framework came fromHow do you balance ESG investing with oil and gas investing?The risk analysis of ESGHThe “yes or no” criteria for Human Rights exclusionsApplying ESGH to natural resource investingThe ‘natural resources curse’Why we still need oil and gas for net zero targetsDifferent types of ESGH analysis undertakenThe difficulty of analysing supply chains and the example of BoohooAre we over-focused on climate change reporting?Why carbon emissions aren’t the most important ESGH factorThe difficulty of analysing modern slavery in a companyInvestigating and digging deeper to find potential controversiesHow “ESG mania in 2021” created unrealistic thinkingExamples of how the ESGH framework applies to engagement and stock selectionMore about Amati Global Investors: Amati is a specialist fund management boutique based in Scotland. The Elite Rated WS Amati UK Listed Smaller Companies fund has a very solid investment framework, which has consistently worked for 20 years, under Dr. Paul Jourdan’s management. The Elite Radar WS Amati Strategic Metals fund was launched in March 2021, with the company also running a number of other specialist strategies.Read more about Amati Global Investors ESG ConsiderationsLearn 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.

This episode covers the interesting dynamics of the past year, including varying economic forecasts, the impact of hiking cycles, and the phases of higher yields in developed markets. Eva Sun-Wai, fund manager on the M&G Global Macro Bond fund, provides insights into the three phases of higher yields, touches on the unique features of the US mortgage market and shares her views on the "higher for longer" narrative, expressing a slightly more cautious stance and anticipating a potential hard landing or recession.The conversation also examines the portfolio's positioning, touching on themes such as de-risking, duration management, and specific views on the Japanese market. Looking ahead to 2024, the discussion highlights the significance of fiscal positions, government debt levels, and the delicate balance between fiscal and monetary policies. Eva shares her perspectives on the challenges and dynamics that may unfold in the fiscal versus monetary landscape.What’s covered in this episode: Three phases of higher yields in developed marketsWhy the managers are positioned for a ‘hard landing’The differences in the US mortgage marketOpportunities in the UK and European bond marketWhat they expect to see in markets for 2024Where the managers have de-risked the portfolioGovernment or corporate bonds?Six-month US government bond vs S&P 500The main themes in the portfolio todayEva’s recent visit to Tokyo to the Ministry of Finance in JapanThe fiscal versus monetary dynamicMore about the fund: M&G Global Macro Bond is a ‘go-anywhere’ bond fund: the team can invest in any bond issued by governments and companies absolutely anywhere in the world. They can also invest in any currency, creating a portfolio that should benefit from both long-term trends and short-term tactical 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.

Alexandra Jackson, manager of Rathbone UK Opportunities, discusses the challenges faced by the UK equities market, examining the impact of global events, rising bond yields, and third-quarter results on investor sentiment. Alexandra provides a nuanced perspective on the housing market, particularly focusing on Rightmove's resilience amid competition. Alexandra shares her views on the UK's economic fundamentals, valuations, and why investors should keep a keen eye on the market in 2024.What’s covered in this episode: Poor performance of the FTSE 250 in OctoberDo high interest costs affect holdings?The importance of cash on a company’s balance sheetWhy companies are being more cautiousThe mixed view of UK investor sentimentOutflows in UK equitiesThe investment case for RightmoveWhy Rightmove is “unassailable” Clinical trial company Ergomed and their private equity bidShould investors back UK equities in 2024?More about the fund: Rathbone UK Opportunities is a truly active and nimble multi-cap fund with a clear bias in favour of quality growth. Structural winners are balanced out with a strong core of high-quality compounders. The final portfolio consists of around 50 to 60 holdings, with a bias to mid-cap stocks. 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.

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.