Investors' Chronicle

As stock pickers, the managers of The Brunner Investment Trust are looking for what they believe are great companies which can grow and deliver returns to shareholders. Whilst this may sound obvious, just what exactly are the common factors in the DNA of a “great” company? Joe Lynam quizzes portfolio manager Julian Bishop on how he and his team go about assessing companies.For more in-depth discussions and insights, visit our website for additional podcast episodes, articles and videos: https://www.brunner.co.uk/en-gb/videos-podcasts-and-reading This content was paid for and produced by The Brunner Investment Trust

Alex and Lord Lee sit down with the CEO of one of the holdings in Lord Lee’s portfolio: James Gundy of the shipping service company, Braemar (BMS).James has been group CEO since 2021 and he unpacks the ins and outs of running a shipbroker on London’s main market, how it compares to its competitors and its navigation of some complicated geopolitical waters.As always, the episode closes with an update on Lord Lee’s portfolio changes, including why he’s buying a new real estate investment trust and why he’s focusing on the changes to capital gains tax.Timestamps00:59 What the company does04:23 Lead indicators07:24 Compared to Clarksons 08:57 How Lord Lee got involved12:51 Pricing intangibles16:43 Why shipbroking is dominated by UK-based companies18:20 Why Lord Lee thought it was a good investment19:55 Is volatility good for business?20:59 The sale to Russian oil producer Lukoil27:16 Is Braemar under investigation? 29:39 Financials31:58 Dividends35:10 Lord Lee’s portfolio 38:00 Takeovers Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £1

We begin with airlines Jet2 (JET2) and EasyJet (EZJ) who recently released results. Michael Fahy explores the current demand for travel and package holidays, and the reputational issues affecting share valuations. The future of the North Sea is murky but the industry now has clarity on its taxes. Our commodities expert, Alex Hamer, lays out the opportunities, challenges and changing operating costs in the sector.AJ Bell (AJB) recently changed how its users can vote at AGMs for the companies they own – offering a digital option, in the same way Interactive Investors users have been able to since 2021. Holly McKechnie unpacks why this is an important move and the impact it may have.Timestamps1:23 Airline stocks12:34 The North Sea27:04 Shareholder democracyClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.

In the latest episode of the IC Interviews, Val Cipriani, personal finance editor, sits down with Stefan Gries of BlackRock Greater Europe Trust. The fund is known for focusing on businesses with dependable profits and finds success even though it takes less risk than the average investor.Hear Gries’s take on Dutch semiconductor stock ASML (AMS), and how the industry will fare in light of Donald Trump’s win. The duo also cover the prospects of the Chinese and UK markets, the fund’s stock-picking methods which European sectors are ripe for investor attention.Timestamps 0:49 What the fund does2:34 Changes to the strategy6:02 Outlook on the market   8:53 US election result 11:06 Bullish versus Bearish13:46 Stockpicking17:13 Novo Nordisk 21:46 ASML 25:25 Semiconductors in the wake of Trump’s win32:57 China and post-Covid recovery 35:55 UK market38:19 Granola stocks40:39 Wider European stocks 42:42 Promising sectors Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.

We begin with software company Sage (SGE). Shares are up and the team unpacks the drivers of this rise and explores whether investors should be concerned about competition in the industry. Illinois Tool Works (US:ITW) next. It’s larger than all but five stocks included in the FTSE 100 but remains relatively unknown on this side of the pond. Our team explore what the company does and the metrics that lead it to feature on our annual US quality screen.Last up, it’s property company Grainger (GRI). Demand has been strong this year but its share price has been relatively flat. We look at why this is the case and how the valuation appears.Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.

British-based luxury fashion brand Burberry (BRBY) has had a hard time of late. Our team delve into what’s gone wrong over and question whether the low valuation is attractive enough for investors to take a gamble.It’s then onto our Investment Trust Special. We explore what trusts are most vulnerable to consolidation and some that could be fruitful in the changing macroeconomic environment.Last up, it’s specialist British chemical company Croda (CRDA). The latest update shows signs of life but two profit warnings over the past 18 months could hold back its growth. Julian Hofmann looks into the details. Timestamps 1:31 Burberry 15:38 Investment trusts27:48 Croda Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £1

Lord Lee and Alex reunite just a day after the US election result and a week on from the Autumn Budget. In the episode, the pair unpack how the latter will affect UK private investors and the economy at large, and Lord Lee gives his opinion on the effectiveness of the changes announced by chancellor Rachel Reeves.Also, listen to find out the changes to Lord Lee’s portfolio and his take on Trump’s presidential win. Timestamps 1:18 Why the Budget is pleasing for private investors3:42 Lord Lee’s view of Labour’s tone 7:19 Nichols and FW Thorpe sales10:03 Will Budget changes mean a change in tactic?11:14 Inheritance tax 13:05 Niche markets15:40 Impact on family businesses property relief and farms18:32 What should Labour aim for 21:25 How Lord Lee's portfolio has been recently 25:14 Trump’s reelection Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £1

Auto Trader’s (AUTO) recent results were not well received. A slowdown in vehicle production and its position within a tight market is squeezing growth prospects. Our experts dive into what it means for investors. It’s then on to the impact of the Budget. The panel unpacks what sectors will be most affected by the changes, and the potential cost-saving measures companies can take to mitigate rising NI contributions.Last up, bond yields. Both the Budget and the US election will alter the fiscal outlook and our team look at who the winners and losers will be. Dan Jones is joined by Mark Robinson, Alex Newman, Julian Hofmann and Hermione Taylor.Editing by Madi ApthorpeTimestamps1:23 Auto Trader13:25 The Budget21:03 BondsClaim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.

Returning a second time in the IC Interviews hot seat, Terry Smith is one of the biggest names in the investing world. Having set up the eponymous Fundsmith in 2010, he now manages more than £22bn of British savers’ money and has had his fair share of celebration and criticism.Funds editor Dave Baxter and Smith unpack everything from Magnificent Seven stocks and the effect of weight-loss drugs on stock markets, to consumer staples and the reason Smith doesn’t want to own market favourite, Nvidia.Also, find out what quality Smith looks for in companies and fund managers, plus why the fund’s allocation to UK stocks is so minimal. Timestamps00:38 Magnificent Seven stocks3:52 Nvidia 6:41 AI08:57 Consumer staples and weight-loss drugs12:06 Novo Nordisk17:36 What he looks for in companies 20:23 Nike 22:07 Asset allocation and share buybacks24:48 UK companies and Asia 29:19 Financials 30:27 Judging when there’s a crisis versus a mispricing 35:09 Criticisms of the buy and sell process39:44 Atlas Copco 41:44 Next and Autotrader Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.