Investors' Chronicle

Guy Anderson, fund manager of Mercantile Trust, joins Val Cipriani on the latest IC Interviews podcast. The trust is run by JP Morgan and is built on a bottom-up approach, focusing on quality UK mid-caps with strong cash flows that will accumulate dividends over time. In this episode, the two discuss the drivers behind the trust’s success and investment process, opportunities in the UK stock market, M&A activity and more. Timestamps00:58 UK mid-caps4:28 The UK stock market8:13 Red flags for gearing10:20 - The metrics that sound out when picking a stock 12:23 - Sectors that stand out and opportunities 15:20 - The risk of getting the recovery wrong 17:16 - 4imprint 20:44 Why exposure to housebuilders has gone up28:24 AI30:49 M&A activity 35:47 Dividends 38:02 The trust’s approach to discounts

This week’s podcast begins with Alex Hamer discussing our latest cover feature on the rise of gold and to a lesser extent copper prices. Alex outlines the drivers of these price moves and highlights a variety of companies seeking to take advantage of these trends.Then, in a week when the biggest UK political parties all published their general election manifestos, Hermione Taylor asks what these pledges might mean for both the national and household finances.We conclude with a look at full-year results from safety equipment manufacturer Halma (HLMA). Mark Robinson asks whether another year of healthy growth has cemented its status as a quality UK share.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.<boxout>Centrica: pay controversy and the energy transitionWhat stagnant bond yields mean for infrastructure trustsPrivate Investor's Diary: The UK market rally has much further to goWhy Britvic shares have plenty of fizz

Jennifer Johnson begins this week’s podcast by discussing Hollywood Bowl’s (BOWL) results. Jennifer, Dan and Julian weigh in on the company’s successes and growth prospects, the factors underpinning its dividend prospects, and its current valuation case.National Grid (NG.) is next on the roster. Alex Hamer shares how the electricity giant surprised the market by securing the largest equity raise the London market has seen in almost a decade at £7bn. Alex and Dan discuss the rights issue’s importance for shareholders, what the money will be used for, and the impact the upcoming election will have on new grid investment. Last up, Dave Baxter dives into the latest apology from UK fund manager Nick Train on Finsbury Growth & Income's (FGT) shares lagging the FTSE All-Share. Dave and Dan discuss where the fund went wrong, the holdings it’s increasing exposure to and the prospects for the portfolio in general. Timestamps1:25 Hollywood Bowl (BOWL)14:28 National Grid (NG.)27:44 The latest apology from Nick TrainClaim 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.

Known for her ‘active ETF’s’ enormous returns during the pandemic, thanks to big bets on the likes of Zoom and Tesla, Cathie Wood is synonymous with bold investing. But, while she has many accolades, her style and bold takes have not gone without criticism. The fund’s performance has been mixed, witnessing huge swings up and down since its inception, which some critics blame on her heavy reliance on instincts and poorly timed exits. In this episode, Dave Baxter and Cathie discuss those criticisms alongside the automated vehicle space in the US and China, digital wallet companies, and what it would take for Ark to buy more of the Magnificent 7.Timestamps 1:15 Tesla 9:05 How sensitive is the Innovation Fund to AI euphoria12:42 Risks in some of the stocks & Tesla’s risks in China15:18 Digital wallets ie. Coinbase & Robinhood20:24 Zoom23:57 The Magnificent 7 & what happens next29:46 Cathie’s take on inflation and interest rates31:53 How much politics is influencing stockpicks 34:11 The Innovation ETF’s focus on the US and looking further afield37:38  Merit to regulation39:04 Controversy around intellectual property and AI 41:58 Criticism of Ark’s approach and how the funds are run47:32 Poorly timed exits & NvidiaClaim 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.

Mark Robinson leads this week’s discussion, beginning with the chaotic week for takeovers, including all the Anglo-BHP drama and Royal Mail owner International Distribution Services’s (IDS) £3.5bn deal.It then moves on to activist investors, discussing Dave Baxter’s article on their role in investment trusts over the past 12 months and whether or not this is good for shareholders.Jemma Slingo takes the hot seat next with her piece on how artificial intelligence will affect the media. From Bloomsbury Publishings’ chief execs view that it’s like the “wild west” to some analysts suggesting it presents new revenue streams, the rise of AI is dividing opinion.Last but not least, Christopher Akers runs through our result of the week, Pets at Home (PETS), which came through as expected, but a £25mn buyback may give investors reason to wag their tails. Christopher and Mark also touch on the ongoing competition probe and what it means for the industry.Timestamps6:08 Activist investors  12:10 Media sector 17:37 Pets at HomeClaim 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 investorschronicle.co.uk/podcasttrial*After your 12-week trial you will pay just £56.25 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 this episode, Alex and Lord Lee are joined by the chief executive of a company that some have aptly called ‘a John Lee stock’. Louis Hall, founder and CEO of the software solutions company Cerillion has plenty of skin in the game, a quality Lord Lee holds in high accord and has led him to successful investments.Listen to the episode to hear the trio discuss the business’s backstory, the benefit of investing in research and development, understanding a complex company as a private investor and much more.Lee and the IC will return later in the summer. Timestamps 1:13 Introduction to Cerillion 6:37 Resource centres 9:51 Experience of public markets 13:27 How John got involved 17:57 Forecasts for the business 20:19 John’s approach to understanding the business22:07 Investing in R&D26:21 Having cash on the balance sheet 29:12 The importance of naming customers 30:32 Where Louis rates his business on 1-1031:58 Concentration of the customer base35:07 Louis’s future with the company37:36 John’s portfolio 40:13 John’s take on the current UK stock market 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 investorschronicle.co.uk/podcasttrial*After your 12-week trial you will pay just £56.25 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 kick off this episode with Julian Hofmann, who gives the rundown on credit data company Experian (EXPN). Whether you’ve checked your credit score on the site or saw television adverts in the early 2010s, you will have heard about the company. Its recent results were very well received and the share price subsequently shot up, but how is the overall health of the business?James Norrington is part of the duo that wrote this week’s cover feature on building the ideal portfolio. In the episode he explains the thinking behind the piece, academic research that helps investors form the ‘best’ ideas and reveals what sensible asset allocation looks like.Val Cipriani’s article this week on cash flow modelling and the last segment of the podcast are a must for anyone thinking about planning their retirement. She tried out free online calculators that aim to replicate financial advisers – without the hefty bill – and details the US options available for those looking to cast a wider net. We round off the episode with her and Dan briefly touching on next week’s Big Read on how much you need for retirement. The Companies and Markets Show will resume on 31 May.Timestamps 1:41 Experian13:40 Building an ideal portfolio 25:05 Cash flow modelling 

We begin this week’s chat with deputy companies editor Michael Fahy who runs through the history and new developments at tech solutions company Filtronic (FTC). Having signed a deal matching its total revenue last year, Michael unpacks the potential prospects for the business.On the day the Bank of England announced it would keep interest rates on hold, Julian Hofmann joins the conversation to discuss his latest story on mid-cap stocks benefiting from interest rate cuts. Alex Newman also weighs in on the debate.Last up, Mark Robinson discusses oil services group John Wood Group’s (WG) trading update and the recent opportunistic bid from Sidara. Would a deal make sense?Timestamps 1:25 Filtronic (FTC)16:12 Mid-caps 29:29 Wood Group (WG)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 investorschronicle.co.uk/podcasttrial*After your 12-week trial you will pay just £56.25 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.