Investors' Chronicle

In the week the UK launched its strategic defence review, Dan Jones is joined by Christopher Akers to discuss the latest half-year figures from UK defence specialist Chemring (CHG), which have come in ahead of analyst consensus and reveal a record order book of £1.3bn. We then move further afield to Latin America, where stock markets have bounced back after a difficult 2024. Holly McKechnie joins the show to talk about the funds making the most of the rally.Moving back to the UK, companies editor Mark Robinson then joins Dan to discuss another company that has done well in recent days and weeks, Paragon Banking (PAG). What differentiates it from its peers?Timestamps1:17 UK Defence Spending11:30 Latin America19:11 Paragon BankMore on these topics:Chemring points to strategic defence review benefits as order book swellsThe Latin American funds with the most potentialParagon Banking beats expectations and upgrades outlook

We start with FTSE 250 retailer Pets at Home (PETS), whose veterinary arm is now making more than the retail business. Mark Robinson unpacks why this may be, the outlook for the year ahead and the valuation case.Our cover feature on 25 years of volatility is next. Julian Hofmann shares a quick recap of the more serious issues investors have dealt with over this period, the lessons learnt and more. Last up, BT (BT). The business's revenue declined year-on-year, but both Ebitda and normalised free cash flow were on the rise. Dan Jones and Mark Robinson unpack what’s been going on at the company. Timestamps1:25 Pets at Home14:31 25 years of volatility23:14 BTMore on these topics Pets at Home boosted by higher-margin vet servicesInvesting lessons from the past 25 yearsBT’s rationalisation boosts cash flows

Diploma’s latest results proved that investors’ confidence in the company is justified. Valeria Martinez joins Dan Jones to unpack the case for the specialist manufacturer, and whether its valuation is becoming stretched.  Alex Newman, author of this week’s Big Read on global tracker funds, discusses the contradictions that exist in the popular products and what investors can do to overcome them.We wrap up with Alex Hamer on why it might be the end of the road for the cobalt bull run, and China’s role in this shift.Timestamps1:28 Diploma10:49 Global stock market trackers25:58 CobaltMore on these topics:Diploma hits all-time high after raising guidanceGlobal trackers are broken – here’s how investors can fix themIs it finally time for cobalt to make a comeback?

We start with Experian’s (EXPN) latest results. Host Dan Jones and Julian Hofmann unpack what went right for the business, how it could fare in the event of a US slowdown, and whether investors should get involved. Next up is Imperial Brands (IMB). Chris Akers shares what led to the big share price reaction, how it compares with other competitors in the tobacco industry and what the main attraction is for investors.Last up, Val Cipriani discusses her personal finance feature on investing to travel the world. Listen to find out everything you need to know, from what to do with your home to what kind of portfolio you should build.Timestamps1:28 Experian13:16 Imperial Brands22:33 Investing to travel the world

The period since the last episode of Lee and the IC has been eventful to say the least, and the pair begin by unpacking Donald Trump’s tariffs, the subsequent market sell-off, and how it compares to similar eras in market history. The episode follows in typical fashion, and Lord Lee updates listeners on changes he has made to his portfolio in the period following “liberation day”, including Treatt (TET), and reveals why he believes PZ Cussons (PZC ) is a severely underrated stock.To wrap up, Alex queries Lord Lee on how he may use his M&G dividend, and Lord Lee shares why he has been involved in the stock market for over half a century. Timestamps 1:12 Liberation Day reaction3:33 Lord Lee’s opinion of the turn the world is taking5:41 Did Lord Lee expect a climbdown6:51 April’s selloff compared to others in history 9:49 Market rebounds to a downturn11:26 UK and US trade deal 14:04 Lord Lee’s portfolio during the tariff-induced downturn17:29 Lord Lee’s view on holding cash19:09 Treatt22:12 Christie Group 25:44 Workspace29:13 Vianet31:03 PZ Cussons 34:12 Dividend season35:15 Investing for over half a century 

We begin with Arthur Sants and Dan Jones discussing the Apple antitrust issue, the iPhone manufacturer's role in Alphabet’s share price fall and Google’s place in the search engine world.Michael Fahy, author of this week’s Big Read on the future of aviation, up next. He explains some of the developments in the industry, the top players, and what companies may be under threat by the arrival of more modern aviation and fuel sources. Valeria Martinez then covers Mobico’s school bus fleet sale. The deal has been in the making for a while and aimed to reduce the company’s debt, but the agreement has since led to a significant share price drop. Valeria lays out its current debt situation, why investors are concerned and more. Timestamps 1:17 Apple & Alphabet20:50 The future of aviation34:38 Mobico

Dave Baxter returns with another IC Interviews, and he sits down with one of the rising stars of fund management, Jasmine Yeo of Ruffer Investment Company, the FTSE 250 trust that aims to deliver positive returns for investors throughout all market situations. Listen to find out how the portfolio is behaving in the wake of Donald Trump’s swathe of tariffs, which diversifiers the Forbes 30 Under 30 fund manager is backing, the macro threats the team are positioning for, and more. Timestamps 1:09 How the portfolio has held up 5:10 When it would be sensible to add risk7:09 US exceptionalism  11:53 Bonds 15:45 Reliable protectors17:12 Gold 20:18 Other diversifiers 21:40 Main macro threats and opportunities 24:30 Growth and equity exposurer

Recent results from Associated British Foods (ABF) highlighted that both its food and retail arms are facing some bumps in the road – think falling sugar prices and tariffs. Mike Fahy, Julian Hofmann and Alex Newman weigh in on everything going on and what investors need to know.Gold next. Its price reached an all-time high this month, and Alex Hamer looks at the drivers behind this boom, where it could fit in a portfolio today, and sheds some light on investment options. Lastly, Jemma Slingo unpacks results from Keystone Law (KEYS). Jemma and Dan discuss why investors were pleased and how changes to its offices aid its balance sheet. Timestamps 1:24 ABF15:46 Gold 29:49 Keystone Law 

In another packed episode, host Dan Jones is joined by Christopher Akers to look at half-year results from car testing company AB Dynamics (ABDP). Can it continue to perform well at a time when the automotive industry is yet again facing a string of pressures, including those dreaded tariffs?Next up is a look at this week’s Big Read on ‘survivor shares’. James Norrington introduces the thinking behind the piece and discusses the metrics you can use to find companies that will prosper in an uncertain world. The team then turn to preference shares. While loved by income seekers because of their impressive yields, they may not be long for this world given Aviva’s (AV.) successful attempt to cancel some of its prefs this month. Jemma Slingo discusses the implications and whether investors are being too hasty in voting for the cancellation of these shares.1:21 AB Dynamics10:35 Survivor Shares22:13 Preference shares