Investors' Chronicle

PZ Cussons, known for brands such as Imperial Leather, Carex and Original Source, has been around for more than a century, but its shape and focus today are very different from its origins.The FTSE 250 consumer goods giant is focusing on core brands and expanding overseas, and owns market-leading products in a host of countries around the world.But M&A deals, both good and bad, have meant there are questions to be asked around the company’s strategy, balance sheet and future priorities, all of which Alex Newman and Lord John Lee put to CEO Jonathan Myers.The trio discuss PZ Cussons’ expansion overseas, its share price valuation, where it can save costs, the stake owned by one of the founders’ families and much more.Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing alex.newman@ft.comListen to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTubeTimestamps00:00 Intro00:49 What is PZ Cussons?02:56 Lord Lee's involvement06:33 Strategic review10:31 Offers for African business13:39 Value of the brands16:02 Is the valuation low?19:34 Innovation and building new brands24:32 Manufacturing efficiencies27:02 Impact of Iran War29:48 Shareholder register31:15 Involvement of family owners40:08 Confidence in future outlook

As potential jet fuel shortages unnerve summer holidaymakers, airlines have been reporting shaky demand as people hold off from booking trips. But what of the hoteliers? In this week’s episode, we discuss the quarterly update from InterContinental Hotels (IHG), owner of Holiday Inn, as well as recent figures from Premier Inn owner Whitbread (WTB). Mark Robinson explains why the picture is brighter than many fear, and how long he expects that to continue.We then talk through the latest figures from drinks giant Diageo (DGE), which has found life very hard for some time now. But with a dividend cut out the way, its CEO, former Tesco boss Sir Dave Lewis, is due to outline his new strategy this summer. Are things looking up? Or is it too soon to say for the Guinness maker – Mark has the answers. More on Diageo hereFinally, we tackle this week’s Big Read, asking the fundamental question for any investor – how to pick a fund. Val Cipriani explains our five-step guide, giving you a checklist of things to look for, mistakes to avoid, and more.Read more here:Our five-step guide to picking the best fundsShares soar on (another) Taco feastInterContinental reports rising revenues, but travel concerns lingerTimestamps00:00 Intro01:13 Hotels14:09 Diageo22:24 Fund selectionListen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

The F&C Investment Trust (FCIT) is as close to a household name as a fund can be. Founded in the 19th century, its global stocks “one-stop shop” nature has made it a favourite for investors for decades, and despite changing managers and fund houses, it’s remained true to its aim.Val Cipriani sits down with current manager Paul Niven, who discusses the trust’s approach to using other fund managers, where he sees value in stock markets, the pros and cons of a concentrated portfolio and why, despite cutting back on US companies, he believes there’s still value to be found.Timestamps00:00 Intro00:21 What is F&C01:45 How the trust is structured05:01 Use of 3rd party managers7:31 Trying to beat the benchmark10:02 Why F&C is so diversified14:21 Reacting to the war in Iran20:32 Is the market too optimistic?22:46 Emerging markets25:17 Trends away from the US28:05 Magnificent seven32:05 Nvidia35:11 Private equity42:15 Software exposure and AI disruption

It’s the end of April, and a reopening of the Strait of Hormuz is looking further away than ever. Its closure looms large over everything else at the moment, and risk asset investors are starting to worry for the first time in several weeks. However, there are still signs of life across the market. In this week’s episode, we look at some of those rebound stories and discuss whether recoveries can persist in the face of ongoing stress. Michael Fahy discusses the electronics sector – companies such as Renishaw, Oxford Instruments and XP Power, which are belatedly starting to benefit from supplying the semiconductor industry.We then move to this week’s Big Read on electricity and electrification. Could the defining, if sometimes forgotten, story of the past century be the characterising feature of this century, too? Alex Newman has the answers.Finally, Julian Hofmann talks about chemicals supplier Synthomer, whose refinancing and improved full-year figures provide the first signs of recovery. It also had some interesting comments to make about the Iran War.Timestamps00:00 Intro01:13 Electronics companies12:06 Electrification32:37 SynthomerListen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Choosing your first stocks and shares Isa can be overwhelming. There are apps, brokerages and dozens of providers, all claiming to be the best. In this episode of Women and Wealth, funds editor Val Cipriani and personal finance editor Holly McKechnie walk you through how to choose the right one for you, whether you're investing for the first time or moving beyond cash savings.They explain everything from what beginners should look for, which fees really matter, the differences between providers and the common mistakes to avoid. This episode will get you started on the path of investing, with Investors' Chronicle your handy guide as you grow your portfolio.*At the time of recording, AJ Bell charged a trading fee for regular investing. The provider has since announced that this will be scrapped from May.Women and Wealth is the monthly podcast series from Investors’ Chronicle. You can listen to and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

It’s another week and another break-up of a FTSE 100 business. This time it’s the turn of Associated British Foods, which has announced plans to spin off Primark into a separate entity. Erin Withey discusses the demerger and explains why management of both businesses will also have their hands full dealing with a range of issues arising from the Iran War and elsewhere.After that, we delve into investment ideas in robotics, our Big Read of the week. The word robot has been around for a century, and the tech has been present in factories for over 60 years, but could the current age herald a step change in uses of the technology, and more widespread adoption than ever before? Mark Robinson reports.To finish, we consider US equity funds. With the Magnificent Seven – or certain members of the group – struggling this year, is it time to look at a different set of active managers to gain exposure to US shares? Val Cipriani outlines some potential options.Timestamps00:00 Intro01:12 Primark spin-off12:14 Robotics27:33 US equity fundsListen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Primary Health Properties (PHP) is one of the UK market’s best-known income stocks.With a record of 30 consecutive annual dividend increases and the strongest tenant base in the real estate sector, it has long been a favourite of investors looking for a secure, growing yield.Since chief executive Mark Davies took over from founder and chair Harry Hyman in 2024, the story has been more dramatic. Last year, in a high-profile contest, Davies saw off KKR in its bid for Assura and combined with its major listed peer to form a Reit with £6bn of assets.We discuss the logic of the deal, the landlord’s relationship with the NHS, debt, politics, why John believes PHP is a “no brainer” investment and the appropriate yield he, Davies and Hyman believe the stock warrants.Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing alex.newman@ft.comListen to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTube.Timestamps:00:00 Intro02:42 What is PHP?05:29 Becoming a growth stock08:20 Being a REIT14:49 Maintaining dividend growth18:60 How new opportunities arise22:37 How lease negotiation works26:33 Assura acquisition34:54 Move to unsecured loans37:15 The challenge of the political landscape40:41 Potential for a buyout45:23 Goodwins update49:55 Small cap stock update

In this week’s episode we delve into FTSE 100 testing and assurance company Intertek (ITRK), which has had an action-packed few days: board changes, a strategic review, and a rejected bid offer from a private equity investor. Valeria Martinez explains everything you need to know.Then we look to renewable energy investment trusts, which have enjoyed increased interest over the past month amid the US/Iran war and resultant rise in power prices. Holly McKechnie tells us which trusts stand to benefit the most, and we consider whether greater urgency over the energy transition means better times ahead.Finally, we discuss microfinance lender ASA International (ASAI.L), which has been on a tear over the past year. Julian Hofmann reports on what’s been driving the business forward and whether it can continue.Read more here:Intertek rejects EQT takeover approachThe complete guide to buying investment trustsASA International’s microfinance push pays offTimestamps00:00 Intro01:01 Intertek9:45 Renewables trusts19:19 ASAListen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

In this week’s show we discuss the temporary ceasefire in the Middle East – if it is really appropriate to call it that – and consider whether the announcement has done anything to lighten a global economic outlook that has looked increasingly gloomy for the past few weeks. Investors have certainly priced in a fair amount of relief. We discuss if they are right to do so, and what happens next. Julian Hofmann has the details.Our big read this week, meanwhile, is about a continent that could be particularly affected by the energy shock – Africa – albeit, as Chris Akers explains, it’s far from a monolithic bloc and there’s the potential for both winners and losers. Chris tells us about the UK companies that have set up in Africa and why the investment opportunities take in everything from resources to telecoms.To finish, we delve into specialist engineer Senior, which feeds into many of the hot sectors of the moment, but it’s had a topsy turvy time of it in recent months. That has now culminated in a takeover approach – Mark Robinson discusses whether that represents good value for holders and whether a rival approach could emerge.Read more hereCeasefire updates, Shell & Close Brothers: Markets liveHow investors can make the most of the Africa opportunitySenior backs £1.3bn private equity buyoutTimestamps:00:00 Intro01:15 US/Iran ceasefire12:46 Africa26:20 SeniorListen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube or by clicking here