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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992 episodes

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) 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”. TIMESTAMPS 1:37 News rundown  5:15 Britain’s top-rated funds – as picked by analysts  14:32 Vanquis Banking results 23:11 UK beverage producers Fevertree and AG Barr * Hosted on Acast. See for more information.

Mar 28
‘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. TIMESTAMPS 1:31 A British Isa  3:24 How future governments can improve cultural attitudes to investing 5:54 Overseas shares tax exemption within Isas 9:41 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 portfolio 24:48 How he generates investing ideas 26:28 Will he write a sequel to his book ? 27:30 Anpario (ANP) 32:55 Genus (GNS) and Benchmark Holdings (BMK) 34:58 M&G (MNG) * Hosted on Acast. See for more information.

Mar 26
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. TIMESTAMPS 1:13 Dowlais  10:08 Vodafone  22:15 Finding the UK's software successes 24:25 Sage 27:38 Bytes Technology  * Hosted on Acast. See for more information.

Mar 22
'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. TIMESTAMPS 1:17 What Glennie makes of the angst over the UK market 8:10 Allocation changes to the portfolio in recent months  11:58 What the valuation process at Abrdn involves 14:03 What does the Abrdn ‘Matrix’ screen look for 18:33 Bytes Technology 21:22 4imprint 24:35 Hill & Smith 29:59 CVS Group 35:31 Food producers Hilton and Cranswick 40:35 UK video game stocks 42:42 The general rules on position sizing  44:46 Diploma and when to sell a holding  * Hosted on Acast. See for more information.

Mar 19
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 for more information.

Mar 15
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 for more information.

Mar 08
‘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. TIMESTAMPS 00:59 How does the trust differ from its peers 2:58 Interesting opportunities outside of conventional income investing  6:08 What the fund looks for in a recovery play  8:05 Rolls-Royce 9:29 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 holds 34:56 Foll’s take on M&A * Hosted on Acast. See for more information.

Mar 05
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? * Hosted on Acast. See for more information.

Mar 01
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 for more information.

Feb 27
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 for more information.

Feb 23
‘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: __ __ * Hosted on Acast. See for more information.

Feb 20
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 for more information.

Feb 16
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 stronger Redrow – earnings down as Barratt comes calling   PZ Cussons shares dive after dividend cut British American Tobacco ponders ITC divestment * Hosted on Acast. See for more information.

Feb 09
‘I always feel it is a bit disappointing to buyback shares’: Gervais Williams of Premier Miton Group

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 for more information.

Feb 06
A FTSE 350 guide to the stock market: 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. Timestamps 1:34 GSK and pharmaceutical firms 15:20 US Tech stocks  28:58 AG Barr and Premier Foods 36:22 Regulation MENTIONED IN THIS EPISODE Semiconductor industry split between AI and the rest GSK's RSV vaccine success makes its shares look cheap Irn Bru maker AG Barr buoyed by new subsidiaries Three companies benefitting from more regulation FTSE 350 Review: The drinks brands likely to grow in a struggling market FTSE 350 Review: Will GSK replace Astra as the investor favourite? FTSE 350 Review: Software companies scramble to find AI uses * Hosted on Acast. See for more information.

Feb 02
‘Private investing has become too formal’: Lee and the IC

This month’s episode begins with an examination of one of Lord Lee’s holdings: Secure Trust Bank. The pair discuss its unique position in the market, its performance since its 2011 IPO, and how it fits in with his view of the broader UK economy. The landscape for investors has changed significantly since Lord Lee began his journey six decades ago. Alex takes the opportunity to ask what he makes of the rise of index tracker funds and fall in popularity of private investing, and the differences he has noticed during his time picking stocks.   The episode rounds off with the pair checking in on several companies in his portfolio, including Treatt, M&G, Aviva and Concurrent Technologies.  This episode was recorded on 18 January. * Hosted on Acast. See for more information.

Jan 30
The evolving world of textiles, gold mining and 4imprint: The Companies and Markets Show

In our latest episode, we start with gold miners, Centamin and Hochschild, both of which have released trading updates. Alex Hamer and Julian Hofmann unpack the news, revealing the contrast between the two. Alex Newman joins in to discuss the role of gold in a portfolio given the geopolitical context, and shares thoughts on just how good miners are at beating the gold price. It’s then onto this week’s cover feature by Jemma Slingo on the textile industry. As the awareness of the industry’s environmental impact is the most prevalent it has ever been, Jemma digs into the areas pushing for change. From businesses focussing on recycling to whispers of IPOs for second-hand selling apps, Jemma shares opportunities investors can take advantage of in what could be a new era for fashion. We then move on to the surprising success story, merchandise company 4imprint The team discuss a recent trading update and ponder whether there is an element of snobbiness from investors around companies such as 4imprint and Me Group. * Hosted on Acast. See for more information.

Jan 26
‘Most businesses would benefit from more intelligence’: Tom Slater

In our latest IC Interviews episode, funds editor Dave Baxter sits down with Tom Slater, manager of the Scottish Mortgage Investment Trust.  With a simple philosophy of maximising returns over the long-term, and having secured a 300 per cent return in the 10 years to January 2024, Scottish Mortgage Investment Trust is best known for acquiring ownership of some of the world’s top growth companies. However, it’s not immune to volatility and the past few years has seen a downturn in the growth of its portfolio.  In this episode, Dave Baxter and Tom discuss the troubles the portfolio has faced, the performance and scope of AI stocks, the allure of China, non-conformist business leaders, and more.  This episode was recorded on Monday 15 January. * Hosted on Acast. See for more information.

Jan 23
The Indian opportunity, Ashmore and Bakkavor: The Companies and Markets Show

We begin with emerging markets, focussing on ASHMORE’S (ASHM) latest figures. Thanks to expectations of interest rate cuts, the investment manager’s shares were up 25 per cent in the last quarter, after a tough time for emerging market-focused companies. Julian Hofmann shareswhat investors can take from this promising uplift and where we can expect Ashmore to focus in the future. The author of this week’s cover feature on India’s economy, Alex Hamer, discusses our Big Read, revealing the thinking behind the piece, trends in India’s markets that have paved the way for its stellar performance and more. For listeners looking to further their research, Alex discusses some funds investing in the country, as well as UK-listed companies getting a slice of the action. It’s then on to food manufacturing company BAKKAVOR (BAKK) which released a trading update yesterday. Mark Robinson discusses the choice to bring back an ex-board member who was involved in the business pre-IPO, its reliance on supermarkets, and both the successes and risks that lie ahead.  To conclude, we touch on clean energy company CERES POWER (CWR) in the wake of its deal with Taiwan’s Delta Electronics that caused its shares to jump 38 per cent. Alex discusses the history of the company and ponders whether shareholders may be getting ahead of themselves. This episode was recorded on 18 January. 1:19 ASHMORE 8:55 THE INDIAN OPPORTUNITY 21:51 BAKKAVOR 27:09 CERES POWER * Hosted on Acast. See for more information.

Jan 19
Boeing, fractures in the global economy, and recruiters: The Companies and Markets Show

Dan Jones and the IC gang discuss the airline story that hit the headlines this week – BOEING’S (BOE) door blowout. Could this safety problem be the straw that breaks the camel's back? Michael Fahy and Alex Newman unpack what may lie ahead for the business, how its sole competitor AIRBUS (FR:AIR) might benefit, and whether other nations could end up competing against the two industry giants. This leads neatly into our segment on this week’s cover feature, ‘The winners and losers of a more fractured world’, written by IC economics expert Hermione Taylor. The piece is based on a future split in the global economy into two blocs, with the US and China spearheading each side. Hermione discusses examples of deglobalisation and protectionist policies we’re already witnessing, some middle ground and extreme implications if this were to occur, and Alex sheds light on US elections and the issues that may lie there. Lastly, Mark Robinson walks listeners through recruiters HAYS’ (HAS) profit warning and ROBERT WALTERS’ (RWA) trading update. He shares how differences in geographic exposure explain each’s current trading, with some of Hays’ issues stemming from its exposure to Germany. Hermione also shares some data on the state of the labour markets, noting the effect of the pandemic on certain industries. * Hosted on Acast. See for more information.

Jan 12
‘It's probably smarter to be a momentum investor’: Bearbull

In the first IC Interviews episode of 2024, deputy editor Dan Jones talks to beloved IC columnist, Bearbull.   For the past 25 years, Philip Ryland has sat at the Bearbull desk, keeping IC readers up to date with the Income Portfolio and sharing weekly analysis on the changing face of companies markets. This episode is Philip’s final contribution to the publication as he passes on the reins after his many years of service. In the podcast, Dan and Philip discuss diversifying away from the UK and the basis of portfolio construction, index-linked bonds, and more. Philip also shares the wisdom he has gathered from running an income fund and his experience with UK versus overseas shares. * Hosted on Acast. See for more information.

Jan 09
Next and JD Sports updates, the FTSE’s 40th and Ideas of 2024: The Companies and Markets Show

We welcome you to our first Companies and Markets Show podcast of 2024 with an analysis of recently released trading updates from British clothing retailers Next and JD Sports. Our team discuss how the two retailers compare and ponder the wider issues in the background that are contributing to their varying successes. It’s then on to the FTSE 100, which turned 40 on 3 January. The team unpack the recent performance of the index, questioning whether the significance of its poor performance might be overplayed, the UK versus the US narrative, and talk about the prospects for European equities in 2024. Last of all, Alex Newman touches on this week’s cover story – our Investment Ideas of the Year 2024 – explaining how the investments have been categorised, the themes of this year’s Ideas of the Year and what readers can expect from our Investment Ideas in the coming year. * Hosted on Acast. See for more information.

Jan 05
‘Gifting shares to schools and pupils will be transformational’ | Lee and the IC

Instead of a deep dive into one company, in our final episode of 2023, Lord Lee and Alex begin with an end-of-year audit of five holdings in Lord Lee’s portfolio. From a litigation financing firm to a beauty products maker to a bowling alley operator, Lord Lee shares the wins and losses he has experienced as a DIY investor. The pair also discuss his novel idea of using shares to encourage financial literacy amongst school-age children in the country. With “close to zero” financial literacy among pupils, his plan, which has garnered support from other MPs, could transform the investing landscape for future generations and increase financial responsibility.   This episode was recorded on 21 December.  LORD LEE: GIVE NATWEST SHARES TO SCHOOLS TO TEACH KIDS * Hosted on Acast. See for more information.

Dec 28, 2023
The Companies and Markets Show: Merging Reits, ESG funds and Goodwin

Our final episode of 2023 begins with IC property writer Mitchell Labiak discussing the merger of Reits LONDONMETRIC (LMP) and LXI (LXI), which will allow them to compete with the industry’s biggest players such as BRITISH LAND (BLND). Both have been called ‘sub-scale’, but what constitutes a sustainable Reit? Mitch also explores whether or not investors should prepare for similar activity in the coming year. Giving a sneak preview of a story included in our final edition of 2023, Val Cipriani reviews ESG funds’ performance this year. She explores why active funds, which ESG funds tend to be, have struggled, and highlights the best performers. Lastly, Val touches on what the new rules mean for investors. Last but not least, Jemma Slingo covers mechanical engineer GOODWIN (GDWN). The company has a rich history, was founded in 1883 and is still majority-run by the Goodwin family. Recent results reveal a solid performance, even though it has distanced itself from its oil and gas heritage. Jemma explains where its revenues are now concentrated and what kind of value the shares offer. Merry Christmas and a Happy New Year from all of The Companies and Markets Show team. LONDONMETRIC MULLS LXI TAKEOVER CAN ESG FUNDS BOUNCE BACK? EXCITING OPPORTUNITIES IN THE PIPELINE FOR GOODWIN * Hosted on Acast. See for more information.

Dec 22, 2023
The Companies and Markets Show: AJ Bell, UK biotechs and what next for the oil price

We begin with the interest rate story that hit the headlines this week – the FCA’s warning to investment platforms, including AJ Bell and Hargreaves Lansdown, over their treatment of customers’ cash balances. Alex Newman and Val Cipriani discuss why AJ Bell’s share price fell and what investors should expect in the future. Jennifer Johnson follows with an analysis of whether the UK can become a biotech superpower. She reveals what is hampering the growth of the industry, including a lack of life science laboratory space, and shares a UK university spinout success story investors may find alluring. Last up, Alex Hamer discusses what’s driving the recent fall in the oil price, which is now at a two-year low. He explores the reasons for this, the effect Saudi Arabia’s change in tactics will have on the industry, and what investors should keep an eye on in the year ahead. AJ BELL REPORTS 50% SURGE IN PROFITS CAN THE UK BECOME A BIOTECH SUPERPOWER? OIL IN 2024 – WILL OPEC'S SQUEEZE WORK? * Hosted on Acast. See for more information.

Dec 15, 2023
Partner Content: Delving into the details

In this latest episode we look deeper into some of the things that portfolio companies actually do. In particular, host Joe Lynam and Brunner’s co-lead portfolio manager Julian Bishop examine some of the extreme technology needed to create the world’s most powerful semiconductor chips. The term ‘cutting-edge’ may often be overused, but in this case the sheer physics of what is being achieved by some of the leading companies is, quite simply, astounding. * Hosted on Acast. See for more information.

Dec 14, 2023
IC Interviews: Small-cap expert Simon Thompson

The guest on our final IC Interview podcast of 2023 needs little introduction. Having been part of the Investors’ Chronicle team since the late 1990s, Simon Thompson is one of the most valued writers in our cohort.  Covering 93 companies for the IC, Simon has invaluable experience and knowledge of the small-cap industry. In this episode he reflects on the past 12 months, and shares his predictions for the year ahead, the areas he’s paying close attention to and the sectors that appear most promising.  By Simon Thompson: Four small-cap takeover targets to exploit * Hosted on Acast. See for more information.

Dec 12, 2023
The Companies and Markets Show: Ashtead, Redde Northgate and the stockpicker resurgence

We begin with FTSE 100 equipment renting company Ashtead, which released interim figures in recent days. Jemma Slingo and Julian Hofmann delve into the numbers and explain the background of the issues the company has faced in terms of demand. They also touch on the future of the business in light of the possibility the US government will change hands in the coming year. Jemma also discusses the results of a different rental company, Redde Northgate The 2020 merger between a replacement vehicle company and an accident management services business means the company still has some legacy issues weighing on it. Mark Robinson shares the standout qualities of the company, but do the drivers outweigh the cyclical risks?  Lastly, Alex Newman talks listeners through our latest cover feature ‘Why it’s stockpickers time to beat the market’ He explores why active funds have performed so badly recently and spells out the argument that they might do better in future. * Hosted on Acast. See for more information.

Dec 08, 2023
2023 Recap: Lessons and Opportunities in the Aftershock Economy

After a 2-year post-pandemic inflation surge, the global economy eases from extensive fiscal and monetary interventions. Central banks reassess recession risks, signalling potential investment opportunities as volatility reawakens * Hosted on Acast. See for more information.

Dec 04, 2023
The Companies and Markets Show: Focusrite, XPS Pensions and profiting from the energy switch

We begin with Alex Newman who discusses the recent results of music equipment manufacturer Focusrite The company’s growth and share price rocketed during the pandemic, but like many others, its stock price has plummeted since. Alex explains how the business can spur growth and analyses whether the buy-and-build strategy will help boost its valuation. Julian Hofmann then takes the reigns with consulting and administration business XPS Pensions, which is growing at an exponential rate. Strong fundamental drivers are behind this expansion, but Julian discusses whether its cost control is good enough given the higher expenses seen in the industry. Last but not least, we discuss our latest cover feature on profiting from the energy switch Author James Norrington explains his motivation behind the piece, China’s dominance of supply chains and touches on the Black-Litterman mathematical model for portfolio allocation. * Hosted on Acast. See for more information.

Dec 01, 2023