Investors' Chronicle

We begin with Mark Robinson who covers pest control business Rentokil (RTO) which saw a double digit surge in its share price after rumours of private-equity takeovers began swirling.It’s then on to this week’s cover story by James Norrington on the investing greats and how investors can apply their wisdom to their own portfolios. Jennifer Johnson then joins the conversation with an update on leader of the FTSE 100, AstraZeneca (AZN). Why are shares down despite its guidance being upgraded? And what does the company offer outside of oncology drugs?Last up, we cover energy company Centrica’s (CNA) results which received a less than favourable market reaction. 1:27 Rentokil (RTO)12:53 Investing greats 23:50 AstraZeneca (AZN)33:31 Centrica (CNA)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.

This week, the IC team touch on everything from everything from water company share prices to the state of play in the sports brands industry, and Baillie Gifford’s investment trusts.Alex Hamer unpacks Ofwat’s regulatory crackdown and what reforms mentioned in the King’s Speech will mean for companies such as Pennon (PNN), United Utilities (UU) and Severn Trent (SVT).It’s been a busy few weeks for sporting events but there’s plenty more to come as this week’s cover feature analyses sports brands. Michael Fahy runs through the hot topics from Nike (NKE) versus Adidas (ADS), new challenger brands and marketing spending in the UK compared with the US.Last up, Val Cipriani looks at how Baille Gifford’s Monks (MNKS), Edinburgh Worldwide (EWI) and Scottish Mortgage (SMT) are performing after 2022’s huge losses, Trump’s recent comments on trade relations, and more. Timestamps1:22 Water companies 12:38 Sports brands27:52 Baille GiffordClaim 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 IC Interviews, Dave Baxter sits down with Chris Tennant of Fidelity’s Emerging Markets Trust. The pair cover everything from stocks Taiwan Semiconductor (TSMC) and Nasper (JSE: NPN) to the opportunities for shorting in China and areas believed to be the home of future emerging markets. Timestamps 1:00 Stocks in portfolio & TSMC6:04 Nasper 8:23 Buybacks in EM11:15 General take on China 16:08 Shorting 19:10 India22:48 Concentrating elsewhere 24:34 Other EM options 27:11 Overlooked themes 29:11 Risks that investors are overlooking

The episode begins with Alex discussing the housebuilding sector. He and Dan unpack Barratt’s (BDEV) recent trading update, whether investors should expect more M&A, and planning proposals from the new government.Julian follows up by analysing student accommodation provider Unite’s (UTG) seemingly positive trading update. He explores the investment case given the weakening relationship between international students and universities’ finances, and how planning changes could affect the sector.Last on the agenda is our annual ETF best-buy list. Dave Baxter explains the thinking behind the collection of funds, changes made for 2024, why investors should be wary of thematic ETFs and more. 1:30 Housebuilders 16:17 Unite 27:45 Top 50 ETFsClaim 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 the show with Jemma Slingo who covers results at Baltic Classifieds (BCG), the largest internet services provider for the Baltics. The business has a dominant position in the housing and car listings market, making it a similar company to the UK’s Rightmove and Auto Trader. Dan and Jemma unpack its expansion plans, risks and valuation. Next, Mark Robinson joins to discuss the ‘decision intelligence’ company ActiveOps (AOM) which is gaining attention for high customer retention rates and positive earnings growth. Mark explores how large the scope is for its software services.Last up, Julian Hofmann and Jemma discuss outsourcers Serco (SRP) and Mitie (MTO). The two explore current trading at the two companies and their prospects under a Labour government. 1:22 Baltic Classifieds9:59 ActiveOps 20:18 Serco24:08 MitieClaim 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.

Dave Baxter hosts Alastair Laing of Capital Gearing Trust, a vehicle which aims to grow but also protect investments over long periods. Often known for its bearish stance, the team at the trust use a combination of bonds, equities and property to position themselves and investors' cash securely in case of rocky market periods. In the episode, Dave and Alastair discuss how the trust has offset missing out on the US tech wave, inflation-linked bonds, the smaller positions they hold, and much more. Timestamps1:00 Positioning of the trust3:07 Pockets of value4:36 Drivers of a regime change5:57 Exposure to equities7:04 Offsetting lack of involvement of US gains 9:58 Bonds 13:12 Inflation-linked bonds 15:56 Executing investment views 18:25 Smaller positions20:31 Arriving at a valuation he can trust24:19 How the trust navigates investment trust investments27:09 Attitude to private equity 29:04 Share buybacks 34:07 The sector and structural decline 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.

The Companies and Markets Show returns with a look at the prospects for three very different businesses. Retailer Watches of Switzerland (WOSG) had a disastrous start to the year but has shown signs of improvement since. Chris Akers asks if it can weather the luxury goods downturn.Then Jemma Slingo joins the show to examine Aim-listed cable and components maker Volex (VLX). Less glamorous it may be, but the latest figures demonstrate that the company has proved adept at diversifying its business despite destocking challenges. Lastly, Mark Robinson ponders the opportunities and risks facing one of the UK market’s best performers in 2024: trading platform CMC Markets (CMCX). Is there still value there for shareholders?Read our full analysis of the results hereWatches of Switzerland sticks with targets after tough yearVolex sales climb despite strong headwindsCMC's growth prospects supported by Revolut dealClaim 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.

The latest IC Companies and Markets podcast kicks off with a look at two pubcos hoping to benefit from an upturn in the weather and a summer of sport. Christopher Akers joins the show to examine recent results from Young’s (YNGN) and Fuller, Smith & Turner (FSTA) and asks what the future has in store.Jennifer Johnson then discusses this week’s IC cover story, on company spin-offs and the wider trend (or non-trend) of conglomerates breaking up. She runs the rule over companies in the pharmaceuticals, consumer goods and industrials sectors, and discusses whether divestments are creating or destroying value.Finally, in the week that Nvidia (US:NVDA) became the world’s largest company, Dave Baxter looks at the funds trying to exploit this trend. The team also discuss the growing imbalances in the US market – some of which are less obvious than you may think – and ask how much of a problem they really pose.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.When corporate spin-offs work – and when they don'tFuller's to return more capital after strong yearYoung's biggest ever acquisition boosts revenuePunchy AI funds turn heads – but there are smarter ways to invest

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