A Value View - The Merchants Trust PLC Podcast

In this episode of A Value View, The Merchants Trust brings together its three Portfolio Managers together for the first time to offer a behind-the-scenes look at how investment decisions are made. Lead manager Simon Gergel is joined by Andrew Cosh and Richard Knight to discuss how different perspectives, constructive challenge and collective experience help shape the portfolio.The team explains how potential investments are scrutinised and stress tested, why actively trying to disprove an investment thesis can help build stronger conviction, and how disagreements are navigated when views differ. They also explore the importance of emotional discipline, particularly when markets become volatile and investors face pressure to react to rapidly changing news or share prices.Whether you're interested in how professional investors make decisions or how teams can help counter individual biases, this episode offers a behind-the-scenes look at the investment process and the role that challenge, collaboration and discipline play in long-term investing.

In this episode of A Value View, Simon Gergel, lead fund Manager at The Merchants Trust, reflects on more than 30 years of investing through changing market conditions. From the dot-com bubble and the global financial crisis to COVID-19 and today's AI-driven market rally, Simon shares how experience has shaped his approach to investing and why discipline matters more than emotion.Discover why successful investing isn't about being contrarian for the sake of it, but about building conviction through rigorous research, maintaining perspective during periods of market volatility and staying focused on long-term value. Simon also explains how investors can avoid being swept up by market sentiment and offers a practical framework for making more rational investment decisions.Whether you're a long-term investor, interested in UK equities, dividend investing or simply looking to better understand market psychology, this episode offers valuable insights into the mindset and discipline behind successful investing.

In this episode of Value View, The Merchants Trust lead manager Simon Gergel explores one of investing’s toughest challenges: maintaining conviction when markets move against you. Simon explains why conviction is not blind faith, but a disciplined process of constantly testing investment ideas, questioning assumptions and separating genuine risks from market noise.Using Tate & Lyle as a real-world example, Simon discusses how perception can differ from reality, why improving businesses can still see their share prices decline, and how long-term investors can identify opportunities when sentiment turns negative. The conversation also examines the powerful role emotions play in investing, the behavioural biases that influence decision-making, and why successful value investing often requires going against natural instincts.Whether you're a seasoned investor or simply interested in how professionals navigate market uncertainty, this episode offers practical insights into discipline, objectivity and the importance of staying focused on fundamentals when markets become uncomfortable.Securities mentioned are for illustrative purposes only and do not constitute a recommendation or solicitation to buy or sell any particular security.

Markets are noisier, faster and more reactive than ever. But does short-term thinking create long-term opportunity?In this episode of A Value View from The Merchant’s Trust, lead manager Simon Gergel explores how modern markets have largely shifted away from individual stock picking towards momentum, passive flows and broad market positioning.Simon discusses how short-term behaviour, driven by hedge funds, basket trades and factor investing, can lead to sharp and sometimes ‘vicious’ price movements, with shares rising or falling regardless of their underlying long-term value.He explains why this environment can be uncomfortable for investors, but also why it creates opportunity. As markets focus more on short-term news and sentiment, long-term value can be overlooked, opening the door for disciplined investors to identify mispriced companies.

As the year draws to a close, the UK stock market presents a polarised picture, with a narrow band of large-cap stocks leading the way. But is the real story in the overlooked and undervalued mid-cap sector? In this episode of "A Value View," Portfolio Manager Simon Gergel joins host Jon Cronin to discuss what he feels could be a “once-in-a-generation opportunity” in UK mid-caps. Simon delves into the reasons behind the underperformance of these more domestically focused businesses and explains why he believes they now offer exceptional value. He shares his insights on specific sectors like real estate and housing, and reiterates the importance of The Merchants Trust’s value-driven, income-focused approach in a market captivated by a few high performers.

In this episode, Simon Gergel, Portfolio Manager at The Merchants Trust, discusses the trust’s unusually active first half of the year, with eight new stocks added to the portfolio. He explains the rationale behind recent disposals and acquisitions, and shares insights into how the team identifies undervalued opportunities in a volatile UK market.

In this episode of A Value View from the Merchants Trust, host Jon Cronin sits down with Portfolio Manager Simon Gergel to unpack the seismic shifts in the global economy triggered by President Trump’s 2025 tariff policies. From the ripple effects on US GDP and global trade to the implications for UK-listed companies and the Merchants Trust portfolio, this conversation offers timely insights for investors navigating uncertainty. Recently announcing 43 consecutive years of dividend growth, the Merchants Trust also demonstrates a measure of resilience in volatile markets.

In contrast to many countries, the UK has entered a period of relative political stability. Simon Gergel describes how this is combining with other factors to signal a note of optimism for investors in the UK stock market. Simon and host Jon also discuss how Merchants has been positioned to try to capitalise.