Investors' Chronicle

Town Centre Securities (TOWN) is one of the UK market’s oldest names. Founded, managed and largely controlled by the Ziffs of Leeds since its listing in 1960, it is a typical John Lee stock: a cash-generative, dividend-paying, and storied family business with roots in the North.Another factor explains John’s recent decision to start building a stake in the group. At £1.15p, Town Centre’s share price trades well below half of the company’s net asset value.In this latest CEO interview, John and IC associate editor Alex Newman speak with Town Centre’s chief executive and chairman, Edward Ziff, about the business’s past and present, and the prospects for closing that enormous valuation gap.Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing alex.newman@ft.com.Listen to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTube.Timestamps:00:00 - Introduction00:30 - How developments in Iran are affecting Lord Lee's investing plans03:25 - Dr. Edward Ziff explains Town Centre Securities business07:13 - How Town Centre Securities real estate assets are spread11:44 - Recent performance of Town Centre Securities15:40 - Lord Lee's previous dealings with Town Centre Securities19:07 - How important leverage and loan-to-value ratio is to the business23:36 - Town Centre Securities' Debenture 28:49 - Moving out of REIT status34:01 - Succession plans and family-run businesses39:29 - Lord Lee discusses his portfolio

In a busy week where events in Iran continue to dominate the news cycle, companies editor Mark Robinson stands in for Dan Jones to discuss the impact of the conflict on maritime activities, focusing on supply chain disruption, rerouting and cost implications, along with the challenge faced by global shipping lines such as Maersk & MSC. He is joined by Michael Fahy and Julian Hofmann.Mark is also joined by Valeria Martinez to focus on full-year figures from shipping broker Clarkson (CKN). Read more on Investors' Chronicle around this week's podcast:Clarkson order book builds despite ship slowdownShares keep falling on oil volatilityEnergy shocks force investors to rethink rate cutsTimestamps00:00 How the Iran conflct has affected markets this week03:41 A closer look at Clarkson results10:57 Shipping companies & supply chain disruption17:39 Energy prices18:23 The danger from an equities perspective19:43: What retail investors should do when a black swan event happens

It’s another day chock-full of company results, albeit market attention is understandably still focused elsewhere given the events in the Middle East over the past week. So today, we too will be discussing the implications of the US/Israel war with Iran. Mike Fahy is here to talk about energy, defence, and the implications for the UK and European economies. After that, we turn to our big read of the week. The healthcare sector has typically been seen as a port in a storm during troubled times, and after a tough few years there had been signs of a revival even prior to the latest nerves. Julian Hofmann will dive into the detail and ask whether this momentum can continue.Finally, next week marks the publication of our annual Isa special. With big reforms on the way for these popular savings accounts, personal finance editor Holly McKechnie joins us to discuss what’s happening, as well as outlining some practical steps listeners can take to meet their savings goals.Timestamps:00:00: Intro01:06: War in Iran13:32: Healthcare resurgence26:05: Isa changesFind out more:‘Operation Epic Fury’ creates more noise for defence sharesRead all the latest stocks & shares news and analysis hereHow to invest in the healthcare revival

Ranmore Global Equity (IE00B61ZVB30) is a value fund that has grown very quickly over the past 18 months. In June 2024, it had a $300mn portfolio, but by January 2026 this had hit $1.5bn.The fund’s manager, Sean Peche, talks to Val Cipriani about how he finds underappreciated and undervalued stocks, why he doesn’t meet company CEOs, and why buying and holding ‘forever’, a strategy favoured by star managers Terry Smith and Nick Train, no longer works in today’s rapidly changing world.Timestamps00:00: Intro03:17: Three ways to get returns in markets and from companies07:05: Value investing08:31: Why I don’t meet CEOs10:57: ‘Buy and hold forever’ doesn’t work in a rapidy changing world15:22: A ‘fresh sheet approach’ and Qualcomm17:40: The Magnificent Seven19:21: Investors are starting to turn away from the US23:09: Alternatives to the US24:35: Terry Smith and passives26:15: Greggs29:01: Diageo31:31: EasyJet

Company results season is under way. We have a mass of companies reporting over the next couple of weeks, and we will dig in to one of the highest profile businesses on the FTSE 100 later in the show.To start, though, we are looking at a lesser-known stock, albeit one whose shares have been surging higher for several years now: Lion Finance (BGEO), itself not far from FTSE 100 promotion, and which reported another set of well-received figures of its own earlier this week. Alex Newman asks whether the run can last.Then, our big read this week is all about the existential question of the day: is AI working? With investors hopes and indeed fears now seemingly pinned on the technology, Valeria Martinez is here to discuss how companies outside the tech sector are applying AI in practice, and how effectively or otherwise they are being.In our third segment we’ll look at a noted AI loser of recent months, albeit one that nonetheless put out a fairly superlative set of results this morning: London Stock Exchange (LSEG). Hugh Moorhead will take us through the risks and opportunities facing the business, and consider whether the sell-off has been overdone.Read more:Can investors ignore the FTSE 100’s next big bank?Lion Finance’s profits exceed expectationsNext-generation AI stocks worth buying nowTimestamps:00:00 Intro01:12 Lion Finance17:10 AI winners33:56 London Stock Exchange Group

We start with copper miner Antofagasta (ANTO), whose shares have soared over the past year on the back of big gains for the red metal. It released full-year figures earlier this week, and Alex Hamer discusses its prospects, as well as Rio Tinto and Glencore now the mega-merger is off. Alex also explains some of the equity raises that have taken place lower down the cap scale in recent weeks.Erin Withey then joins us to discuss caterer Compass (CPG), which has been struggling of late. That’s led to calls for a slight rethink of its strategic priorities. Lastly, we look at one of the UK’s newest listings, albeit in the form of a business that sits outside the FTSE 350. The Magnum Ice Cream Company (MICC) spun off from Unilever in December and has just reported its 2025 results. Mark Robinson examines the outlook for frozen sweet treats.Read more:Antofagasta doubles dividend as profits hit new recordCheaper Compass shares put buybacks on the menuMagnum Ice Cream fails to impress in maiden resultsTimestamps:00:00 Intro01:24 Copper mining15:09 Compass Group23:25 Magnum ice cream

Christie Group has a lot going for it. Growing in several countries and an employer to around 650 people, the brokerage business is a well-respected name in multiple niche sectors. Last year sales exceeded £70mn, and management reckons operating profits of £10mn are possible. The kicker, following the disposal of several subsidiaries, is that its balance sheet is full of cash.Lord Lee of Trafford clearly agrees. In more than 80 transactions since 2002, he has amassed a 6 per cent holding across both his personal investment account and the charitable trusts he oversees.So why is the business valued at just £35mn? We put this question and many more to chief executive Dan Prickett, who has been at the company for 17 years - including the last two and a half in the top role.Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTubeTimestamps00:00 Intro00:30 Recap of last episode01:44 Introducing Dan Prickett02:21 What is Christie's05:10 John's history with the business09:37 Institutional shareholders12:10 Dan's stake in the business15:08 Trading statement23:40 Why is the stock price low?30:18 Expansion in Europe35:49 Setting targets37:08 John's portfolio round up39:25 PZ Cussons

After a week in which we in London were blessed with a rare day in which the sun dared to poke its head out, today we will try to shed some light of our own on the big goings on in companies and markets at the moment. We kick off with a look at the breaking news of the day, the £10bn takeover of Schroders by US asset manager Nuveen. Chris Akers is here to discuss the deal, and the possible implications for the rest of the asset and wealth management sector, where there’s been another big deal in recent days: unlisted wealth manager Evelyn Partners bought by NatWest. We’ll also take a brief look at emerging market specialist Ashmore, which had interims out today and has rallied particularly hard of late.After that, we turn to our big read of the week, looking at the strain on public services and the consequences thereof. Mark Robinson will discuss why the private sector is playing a growing role in the provision of said services – in certain areas – and where they might be expected to take more of the slack in future.Finally, Mark will also look at US economic bellwether McDonalds, which reported some pretty good figures overnight. Is the economy firing on all cylinders, or are more people trading down when they eat out, or a bit of both? Mark will consider these factors as well as the figures themselves later on.Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTubeRead more:Schroders bought out in £10bn dealNatWest buys wealth manager in £2.7bn dealThe private stocks taking advantage of government failureMcDonald’s beats expectations as sales hold upTimestamps:00:00: Intro01:24: Schroders takeover11:17: Privatisation22:14: McDonald’s

This week, after a software sell-off that has rattled some of the UK’s most popular ‘quality’ stocks, we look at the fallout for the likes of Relx, Sage, Experian and others. Valeria Martinez is here to discuss whether the launch of Anthropic’s new AI tools represents an existential threat to these businesses.After that, we turn to the hopefully calmer world of corporate bonds and the reforms that have the potential to open up the market more widely to DIY investors. Erin Withey talks through the changes, their likely impact on the market, and what corporate debt in general can offer investors.To wrap up, we look at one of the many companies to have updated the market this week, in the form of pharma giant GSK. After many years out of favour, the business has started to win investors over of late. Julian Hofmann will look at how it’s done it, whether its progress can continue, and what a new chief executive might bring to the business.Read more:AI-hit software stocks bounce backGSK starts to show real profit improvementTimestamps00:00 Intro01:00: Software sell-off12:37 Corporate bonds21:43 GSK