Share
Investors' Chronicle
Terry Smith on Nvidia, banks and the UK market: IC Interviews
•
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.
Timestamps
00:38 Magnificent Seven stocks
3:52 Nvidia
6:41 AI
08:57 Consumer staples and weight-loss drugs
12:06 Novo Nordisk
17:36 What he looks for in companies
20:23 Nike
22:07 Asset allocation and share buybacks
24:48 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 process
39:44 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.
More episodes
View all episodes
Investment Trust Special, Burberry & Croda: The Companies and Markets Show
39:29|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
What the Budget and Trump’s win means for investors: Lee and the IC
29:23|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
How the Budget impacts companies, Auto Trader & the US election: The Companies and Markets Show
35:16|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.
What the Budget means for you & HSBC: The Companies and Markets Show
35:32|The Autumn Budget brought a swathe of changes to the way investors can harness the most of the market. From capital gains changes to pensions, our team unpack what investors need to know.Find out everything you need to know about the BudgetHSBC (HSBC) recently announced a reorganisation that will affect shareholders. The panel of experts report on what the business is set to achieve, and the outlook for interest income as base rates fall.Last up, the team delve into what led to the small share rally for YouGov (YOU) after its latest trading update.Timestamps 1:54 Budget17:30 HSBC26:16 YouGov
The best Aim stocks and Morgan Sindall’s profit update: The Companies and Markets Show
31:17|Mark Robinson starts the show by unpacking Morgan Sindall’s (MGNS) significant trading update, looking at the drivers behind the share price rise and the scope for the company to increase its market share.It’s then on to our Aim 100 special. Michael Fahy and Alex Newman share their take on the leading brick supplier Brickability (BRCK) and technology distributor Midwich (MIDW), discussing what each sector looks like at the moment and what should investors be aware of.Timestamps1:14 Morgan Sindall9:58 Brickability 23:04 MidiwchClaim 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.
National Grid, car dealerships & investment trusts: The Companies and Markets Show
33:55|We begin with National Grid’s (NG) transformation plans. Jemma Slingo and Alex Newman weigh in on whether it should now be considered a growth rather than income stock, its US business and more.It’s then onto car dealership Vertu (VTU). Mark Robinson runs through the driving factors behind Vertu’s performance, the business’ valuation and its prospects in a struggling market.Last up, Holly McKechnie dives into the knotty issue of investment trust costs. In September HM Treasury announced it was replacing a regime in place since Britain’s time in the EU, and angst has since swelled. Find out what the Isa and pension providers are saying and what the change actually means.Timestamps 1:46 National Grid14:52 Vertu26:06 Investment trust costsClaim 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 yen will keep on going’: Paul ffolkes Davis of Rising Sun Management
35:42|In this episode of IC Interviews, Paul ffolkes Davis and funds editor Dave Baxter discuss the Japanese small and mid-cap specialist fund, which has proven to be quite fruitful for investors.Find out why ffolkes Davis believes in the yen’s strength plus his thoughts on Japan’s macro trends, the big investment trust risers and fallers this year and more.Timestamps 00:56 Japan and Yen strength 4:49 Macro themes in Japan7:40 Valuations11:48 Activism 18:10 Private versus public 20:39 Corporate reform23:55 Is there a cap for the trust26:51 Recent activity in the portfolio31:09 7/11 bid 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.
A new investing world & cocoa inflation: The Companies and Markets Show
35:05|Associate editor James Norrington starts the show, covering this week’s Big Read. He and Dan unpack inflationary vs deflationary forces in Western economies and what it means for stock picking and building portfolios. Madelaine Apthorpe is then in the hot seat instead of behind the soundboard to discuss her investigation into cocoa inflation and the confectionery industry. She touches on the reasons for the price rises, the outcome for consumers and what it means for the industry. Last up, Julian Hoffman and Mark Robinson unpack Boeing’s latest results and the strike action the company is facing. They discuss the knock-on effects for other companies and how the new CEO is trying to improve safety.Timestamps00:58 Debt, demographics and money16:26 Cocoa23:38 BoeingClaim 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.