Then we turn to Berkeley (BKG), the housebuilder, which, this week, published an unscheduled negative update, less than three weeks after it told investors everything was fine. Hugh Moorhead explores what the company’s retrenchment says about the UK’s wider housebuilding goals.

Lastly, we discuss what is perhaps the UK’s very own meme stock – microcomputer maker Raspberry Pi (RPI). Its shares rose almost 50 per cent in one day following its full-year results. Arthur Sants explains how the company ended up part of the AI boom and whether there’s a decent business underneath it all.

Read more here:

Why the market is turning against Unilever’s $45bn food deal

Raspberry Pi ups sales volumes but margins tighten

Episode timestamps:

00:00 Intro

01:21 Unilever

09:54 Berkeley Group

18:30 Raspberry Pi

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Manager Jacob de Tusch-Lec talks to Val Cipriani about being nervous about what comes next, whether the war in Iran means 2022 all over again for stock markets, and how he feels about AI. 

Timestamps

00:00 Intro

01:07 What is Artemis Global Income?

02:26 Three buckets

04:21 Importance of valuation

05:40 Recent performance

10:49 Are we going back to 2022?

16:20 AI investments

19:19 Financial industry

24:05 Is there value in the UK?

27:26 Recent changes

32:50 When to sell

34:21 Emerging markets

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The episode starts by looking in more detail at some of the implications of the continued pressure on the Strait of Hormuz, the key global shipping route that has in effect been put out of action by the war. Alex Hamer is here to discuss the implications for everything from energy (and UK energy policy) and fertiliser to helium. The broad conclusion is of course that prices are going up, but we dig into the detail during the show.

We move on to look at one early victim of the uncertainty in the shape of UK engineer and private investor favourite Goodwin (GDWN), whose shares halved this week on a disappointing trading update. Alex Newman will consider the extent to which some of these problems were of its own making – or at least down to poor communications.

Finally, amid all the uncertainty – and rising bond yields – the stability of an annuity may look more attractive to some of those in or approaching retirement. Holly McKechnie is with us to talk about the pros and cons of the products.

Episode time stamps:

00:00 Intro

01:33 Strait of Hormuz

17:38 Goodwin

33:52 Annuities

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Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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The funds editor and personal finance editor for Investors’ Chronicle explore why women often end up paying more, how repayment rules really work, and what the system means for your finances.

Student loans have undergone several reinventions over recent years, but the current focus is largely on Plan 2 loans, taken out by undergraduates between 2012 and 2022. These have become particularly onerous following changes made by the Conservative government in 2022.

Val and Holly look at the three key repayment terms to be aware of, and the other factors that affect how much you pay back.

Maternity, salary gap and employment opportunities in fields studied more by women mean that the student loans issue disproportionately affects them. Val and Holly discuss this, as well as how to minimise your exposure and pay less over the long term.

Timestamps:

00:00 Intro

00:58 The state of student loans

01:50 Plan 1, Plan 2, Plan 5 student loans

04:40 Why Plan 2 is so bad

08:20 Loan or tax

10:15 Why it impacts women more

13:45 Is Plan 5 better?

15:11 What you can do about it

17:22 When you should overpay

Read more on the student loan issue on Investors' Chronicle:

How to survive the student loan system

Women and Wealth is the monthly podcast series from Investors’ Chronicle. You can listen to and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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But of course not all industrials are alike. Today we take a look at top-performing Diploma (DPLM) – crucially more of a distributor than a manufacturer – whose shares rose by a fifth after its latest trading update. We’ll also examine Essentra, which has had a far worse time of it for many years but is now starting to see improvements. Valeria Martinez is here to ask whether both companies can maintain their operational progress in the face of a variety of external threats.

Our big read this week is all about the price investors pay for buying and selling shares. Most DIY investors will know whether or not they’re charged a trading fee when they buy or sell investments, but what actually happens behind the scenes when those trades are executed? Hugh Moorhead is here to explain more and ask whether the system could be improved.

Lastly, we look at another sector that’s likely to feel a significant second-order impact from the war: real estate. And yet, as we’ll discuss, the mood at a recent industry conference was relatively upbeat. Hugh will touch on everything from housebuilders to the London office market and more.

Timestamps

00:00 Intro

01:35 Diploma

06:02 Essentra

11:54 Mechanics of trading

22:39 Real estate

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Another factor explains John’s recent decision to start building a stake in the group. At £1.15p, Town Centre’s share price trades well below half of the company’s net asset value.

In this latest CEO interview, John and IC associate editor Alex Newman speak with Town Centre’s chief executive and chairman, Edward Ziff, about the business’s past and present, and the prospects for closing that enormous valuation gap.

Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing alex.newman@ft.com.

Listen to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTube.

Timestamps:

00:00 - Introduction

00:30 - How developments in Iran are affecting Lord Lee's investing plans

03:25 - Dr. Edward Ziff explains Town Centre Securities business

07:13 - How Town Centre Securities real estate assets are spread

11:44 - Recent performance of Town Centre Securities

15:40 - Lord Lee's previous dealings with Town Centre Securities

19:07 - How important leverage and loan-to-value ratio is to the business

23:36 - Town Centre Securities' Debenture

28:49 - Moving out of REIT status

34:01 - Succession plans and family-run businesses

39:29 - Lord Lee discusses his portfolio

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Mark is also joined by Valeria Martinez to focus on full-year figures from shipping broker Clarkson (CKN). 

Read more on Investors' Chronicle around this week's podcast:

Clarkson order book builds despite ship slowdown

Shares keep falling on oil volatility

Energy shocks force investors to rethink rate cuts

Timestamps

00:00 How the Iran conflct has affected markets this week

03:41 A closer look at Clarkson results

10:57 Shipping companies & supply chain disruption

17:39 Energy prices

18:23 The danger from an equities perspective

19:43: What retail investors should do when a black swan event happens

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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So today, we too will be discussing the implications of the US/Israel war with Iran. Mike Fahy is here to talk about energy, defence, and the implications for the UK and European economies. 

After that, we turn to our big read of the week. The healthcare sector has typically been seen as a port in a storm during troubled times, and after a tough few years there had been signs of a revival even prior to the latest nerves. Julian Hofmann will dive into the detail and ask whether this momentum can continue.

Finally, next week marks the publication of our annual Isa special. With big reforms on the way for these popular savings accounts, personal finance editor Holly McKechnie joins us to discuss what’s happening, as well as outlining some practical steps listeners can take to meet their savings goals.

Timestamps:

00:00: Intro

01:06: War in Iran

13:32: Healthcare resurgence

26:05: Isa changes

Find out more:

‘Operation Epic Fury’ creates more noise for defence shares

Read all the latest stocks & shares news and analysis here

How to invest in the healthcare revival

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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The fund’s manager, Sean Peche, talks to Val Cipriani about how he finds underappreciated and undervalued stocks, why he doesn’t meet company CEOs, and why buying and holding ‘forever’, a strategy favoured by star managers Terry Smith and Nick Train, no longer works in today’s rapidly changing world.

Timestamps

00:00: Intro

03:17: Three ways to get returns in markets and from companies

07:05: Value investing

08:31: Why I don’t meet CEOs

10:57: ‘Buy and hold forever’ doesn’t work in a rapidy changing world

15:22: A ‘fresh sheet approach’ and Qualcomm

17:40: The Magnificent Seven

19:21: Investors are starting to turn away from the US

23:09: Alternatives to the US

24:35: Terry Smith and passives

26:15: Greggs

29:01: Diageo

31:31: EasyJet

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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To start, though, we are looking at a lesser-known stock, albeit one whose shares have been surging higher for several years now: Lion Finance (BGEO), itself not far from FTSE 100 promotion, and which reported another set of well-received figures of its own earlier this week. Alex Newman asks whether the run can last.

Then, our big read this week is all about the existential question of the day: is AI working? With investors hopes and indeed fears now seemingly pinned on the technology, Valeria Martinez is here to discuss how companies outside the tech sector are applying AI in practice, and how effectively or otherwise they are being.

In our third segment we’ll look at a noted AI loser of recent months, albeit one that nonetheless put out a fairly superlative set of results this morning: London Stock Exchange (LSEG). Hugh Moorhead will take us through the risks and opportunities facing the business, and consider whether the sell-off has been overdone.

Read more:

Can investors ignore the FTSE 100’s next big bank?

Lion Finance’s profits exceed expectations

Next-generation AI stocks worth buying now

Timestamps:

00:00 Intro

01:12 Lion Finance

17:10 AI winners

33:56 London Stock Exchange Group

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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Erin Withey then joins us to discuss caterer Compass (CPG), which has been struggling of late. That’s led to calls for a slight rethink of its strategic priorities. 

Lastly, we look at one of the UK’s newest listings, albeit in the form of a business that sits outside the FTSE 350. The Magnum Ice Cream Company (MICC) spun off from Unilever in December and has just reported its 2025 results. Mark Robinson examines the outlook for frozen sweet treats.

Read more:

Antofagasta doubles dividend as profits hit new record

Cheaper Compass shares put buybacks on the menu

Magnum Ice Cream fails to impress in maiden results

Timestamps:

00:00 Intro

01:24 Copper mining

15:09 Compass Group

23:25 Magnum ice cream

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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Lord Lee of Trafford clearly agrees. In more than 80 transactions since 2002, he has amassed a 6 per cent holding across both his personal investment account and the charitable trusts he oversees.

So why is the business valued at just £35mn? We put this question and many more to chief executive Dan Prickett, who has been at the company for 17 years - including the last two and a half in the top role.

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Timestamps

00:00 Intro

00:30 Recap of last episode

01:44 Introducing Dan Prickett

02:21 What is Christie's

05:10 John's history with the business

09:37 Institutional shareholders

12:10 Dan's stake in the business

15:08 Trading statement

23:40 Why is the stock price low?

30:18 Expansion in Europe

35:49 Setting targets

37:08 John's portfolio round up

39:25 PZ Cussons

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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We kick off with a look at the breaking news of the day, the £10bn takeover of Schroders by US asset manager Nuveen. Chris Akers is here to discuss the deal, and the possible implications for the rest of the asset and wealth management sector, where there’s been another big deal in recent days: unlisted wealth manager Evelyn Partners bought by NatWest. We’ll also take a brief look at emerging market specialist Ashmore, which had interims out today and has rallied particularly hard of late.

After that, we turn to our big read of the week, looking at the strain on public services and the consequences thereof. Mark Robinson will discuss why the private sector is playing a growing role in the provision of said services – in certain areas – and where they might be expected to take more of the slack in future.

Finally, Mark will also look at US economic bellwether McDonalds, which reported some pretty good figures overnight. Is the economy firing on all cylinders, or are more people trading down when they eat out, or a bit of both? Mark will consider these factors as well as the figures themselves later on.

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Read more:

Schroders bought out in £10bn deal

NatWest buys wealth manager in £2.7bn deal

The private stocks taking advantage of government failure

McDonald’s beats expectations as sales hold up

Timestamps:

00:00: Intro

01:24: Schroders takeover

11:17: Privatisation

22:14: McDonald’s

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Investors' Chronicle is a service by the Financial Times.

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After that, we turn to the hopefully calmer world of corporate bonds and the reforms that have the potential to open up the market more widely to DIY investors. Erin Withey talks through the changes, their likely impact on the market, and what corporate debt in general can offer investors.

To wrap up, we look at one of the many companies to have updated the market this week, in the form of pharma giant GSK. After many years out of favour, the business has started to win investors over of late. Julian Hofmann will look at how it’s done it, whether its progress can continue, and what a new chief executive might bring to the business.

Read more:

AI-hit software stocks bounce back

GSK starts to show real profit improvement

Timestamps

00:00 Intro

01:00: Software sell-off

12:37 Corporate bonds

21:43 GSK

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Investors' Chronicle is a service by the Financial Times.

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After that we discuss our big read of the week, looking at – dare we say it – happier, more relaxed methods of building wealth. Alex Newman will explore how the more risk averse – of whom there are many nowadays given the general state of, well, everything – can have a better chance of meeting their savings goals.

Lastly we return to our regular company reporting beat with a look at the latest well-received trading update from pig and poultry producer Cranswick (CWK). Does the company’s valuation still warrant interest? Mark Robinson will tell us more.

Read more here

Winners and losers of Hargreaves’ fee overhaul

Three easy steps to becoming a stress-free investor

Cranswick boosts sales as consumers ditch beef for pork

Timestamps:

00:00 Intro

00:55 Hagreaves Lansdown

11:27: Building wealth: cash v assets

25:28 Cranswick

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But with that saga now seemingly in the rear-view mirror – for how long, we don’t know – we kick things off today with space exploration, which does have specific application to the current geopolitical debates as we shall discuss shortly. Mike Fahy is on hand to examine how the soaring space sector is faring ahead of a possible SpaceX IPO later this year.

Then it’s on to the latest part of the tech sector to attract widespread investor interest as a result of the AI craze: memory chip stocks in the US and further afield have been booming as people cotton on to the vital role they play in data centres. Arthur Sants, recently returned from a trip to the factories of South Korea, will discuss shares, shortages and smartphone prices, among other things.

And to finish up we will be back on home turf as Julian Hofmann joins us to discuss the bid interest in Lloyd’s insurer Beazley from Zurich, and the prospects for more consolidation across the sector in general.

Timestamps

00:00 Intro

1:29 Space Industry

13:11 Memory chips

21:43 Beazley takeover offer

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That conversation, which was taped on 9 January, was to be one of Hutchings' last in the role. Ten days after the recording, and amid mounting activist pressure from shareholder Saba Capital, Workspace abruptly announced Hutchings would be replaced as CEO by Charlie Green, co-founder of the Office Group.

Despite this, we are publishing the conversation below, together with some of John's initial thoughts. Commenting on his own appointment, Green said "the strategy in place is clear and provides the right platform to rebuild occupancy and drive income growth over time." Presumably that means a degree of continuity.

Let us know your thoughts on the move, or if you have any questions or any suggestions for future guests, by emailing alex.newman@ft.com

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Timestamps

0:09 Intro

5:52 Background on Workspace

11:45 Short term rental market

16:06 Creative industries

19:54 Occupancy levels

24:07 John's views on Workspace

28:25 Lessons from other property sub-sectors

29:48 Asset disposal programme

39:36 Saba Capital

43:20 The optimism scale

47:14 Update on John's portfolio

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After that we turn our attention to one government reform that’s not being reversed – the Renters’ Rights Act is due to come into force this year, and that puts pressure on landlords to comply. Holly McKechnie will explain what that means for the rental market, and also talk us through the other changes coming in that could have an even bigger impact on buy-to-let properties.

Lastly, we look at gene sequencing device maker Oxford Nanopore Technologies (ONT), one of the 2021 UK IPOs that have done especially badly, but which has shown some signs of life in recent months. Julian Hofmann will examine the company’s full-year trading update for clues to its future prospects.

Timestamps

00:00 Intro

01:06 Pubs winter rally

14:20 Renters' Rights Act

26:26 Oxford Nanopore

Read the articles highlighted in the show:

Mitchells & Butlers: Pricier pints power profit growth

Does it still pay to be a landlord?

Oxford Nanopore returns to growth

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Investors' Chronicle is a service by the Financial Times.

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We will also touch on the wider commodities outlook for the year, before moving on to asset allocation in general – our big read this week is all about diversification, why it matters even if you have a high risk tolerance and high risk appetite. Val Cipriani will talk us through the ins and outs later on.

To wrap up, we look at the UK company that, it turns out, has been the subject of 11 bids over the past four months. That’s struggling online platform Auction Technology (ATG), whose shares rebounded this week as news broke. Valeria Martinez will discuss what’s next for the business.

Timestamps:

0:49: BP's new CEO

19:3: Diversification strategies

31:05: Auction Technology

Read the articles highlighted in the show:

The complete guide to diversifying your portfolio

BP announces surprise CEO change

BP heads further upstream after Castrol sale

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Investors' Chronicle is a service by the Financial Times.

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After that, we turn to much shorter-term prospects. Because it’s Christmas, Mark Robinson has explored the origins of the Santa rally, and gets into the detail of when exactly we might expect one to take place this year, and why.

To wrap up for the year we finish with a special interest story of sorts: Holly McKechnie is here to discuss why crypto assets’ existential crisis, legally speaking that is, may have finally come to an end.

Timestamps:

0:59 FTSE's big year

16:57 The Santa Rally

26:15 Crypto ownership regulation

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As more investors seek to support environmental sustainability, social responsibility and good governance, the ethical investing landscape has become increasingly complex. Val and Madi discuss how investors can navigate this space with confidence, the trade-offs involved, and whether investing ethically means sacrificing returns. They also explore how women investors in particular are approaching ethical considerations and what questions to ask before committing your money.

Women and Wealth is the monthly podcast series from Investors’ Chronicle. You can listen to and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

Alex and Lord Lee then discuss recent changes to Lord Lee's portfolio, including his moves involving British house builders Taylor Wimpey (TW), and new position in food and beverage operator SSP Group (SSPG). Alex and Lord Lee end with a look back on the last year of investing and how Lord Lee's Isa and non-Isa portfolios have performed.

Timestamps

0:00 Intro

2:15 Background on Venture Life

3:36 Selling off the manufacturer

6:09 How Lord Lee found Venture Life

8:03 Jerry Randall's background

9:07 Raising money from markets

11:59 Wellness industry & compliance

16:18 Acquisitions & future deals

28:20 Potential for dividends

32:41 Lord Lee on the budget

33:58 Update on Lord Lee's portfolio

35:47 ISA changes

38:03 Taylor Wimpey (TW)

40:03 New position in SSP

42:02 End of year portfolio roundup

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Then our cover feature this week is all about the driverless car revolution. Long-promised, long-awaited in some quarters, is the big sea change in transportation finally here? As self-driving vehicles prepare to take to the streets of the UK, Michael Fahy will examine the prospects for the sector and for traditional automakers.

Last but not least we look at housebuilder Berkeley (BKG). The housebuilder reported half-year figures earlier this week, Hugh Moorhead is here to talk through the implications of the Budget and the outlook for higher-end London housing.

Timestamps:

0:56 Warner Bros bidding war

15:33 Self-driving cars

29:30 Berkeley results

Bidding war breaks out for Warner Bros

How to profit from self-driving cars

Resilient Berkeley Group looks undervalued

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Investors' Chronicle is a service by the Financial Times.

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Simon and Dan discuss how equities are positioned for the year ahead, as well as the impact of the Budget and how measures including the reduced Isa cash cap could impact UK stocks. They conclude by previewing what to expect from Simon’s Bargain Shares selection for 2026 – due to be revealed in February – and how taking on more risk might be on the cards.

Timestamps:

1:27 How UK equities are positioned

7:08 Economic outlook

11:32 The Budget

19:24 Mergers and acquisitions

33:52 UK tech companies

41:32 Impact of high interest rates

44:14 Preview of 2026 Bargain Shares Selection

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Our panel of experts dive into the biggest changes affecting your finances, including all the tax changes, what’s going to happen to the beloved cash Isa and how the chancellor is changing North Sea oil levies.

Read our Budget coverage

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Economic abuse is a legally recognised form of domestic abuse and is defined in the Domestic Abuse Act and 95 per cent of cases of domestic abuse involve economic abuse. It often occurs in the context of intimate partner violence, and involves the control of a partner or ex-partner’s money and finances, as well as the things that money can buy. In this episode, Val and Lauren discuss real-life examples and how you can spot the signs of economic abuse and prevent it from happening to either you or those you know.

Women and Wealth is the monthly podcast series from Investors' Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

In the UK, call the national domestic abuse helpline on 0808 2000 247, or visit Surviving Economic Abuse. In the US, the domestic violence hotline is 1-800-799-SAFE (7233). Other international helplines may be found via www.befrienders.org.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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It’s then onto Rightmove (RMV). The company recently announced its plans to invest in AI, which was met with unusual concern from the market. Hugh Moorhead explains why this occurred, how large a threat ChatGPT is to its plans, and more.

Timestamps 

1:34 Investment Trust special 

29:18 Rightmove

How to pick the right investment trusts

Should investors put Rightmove up for sale?

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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Next, we turn to the second part of our Aim 100 Special Report, where we look at the 50 largest stocks trading on London’s junior market. Dan and Michael Fahy look at cords and cable maker Volex (VLX), which reported interim results this week.

Dan and Mark Robinson then turn to auditor MHA (MHA), which listed in April and has been on a tear. Mark gives his thoughts on the company and whether or not it’s too late for investors to jump in.

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Timestamps:

1:01 SSE

16:36 Volex

25:24 MHA

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It concludes with reader questions, and listeners get to hear Lord Lee’s take on what may lie ahead as the Autumn Budget approaches.

Timestamps 

1:21 Reflections on M&G episode 

4:27 Treatt

9:24 Goodwin

18:05 STV

19:55 Venture Life

22:47 James Halstead 

25:00 Primary Health Properties 

27:20 Workspace

29:21 MS International

32:57 Reader questions

38:45 The Budget

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Next, this week’s Big Read is on quantum stocks. Author James Norrington runs through the recent developments in the sector, the consequences on wider markets, the benefits to AI and more. 

Last up, the latest from three healthcare trusts. Val Cipriani outlines performance from Worldwide Healthcare Trust (WWH), Polar Capital Global Healthcare (PCGH) and Bellevue Healthcare (BBH), and the creative strategy one is taking to attract new investors.

Marks and Spencer reveals cyber attack cost

Is quantum computing reaching its AI moment?

Crunch time for healthcare trusts

1:24 M&S

11:22 Quantum computing stocks 

27:18 Global healthcare trusts

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Erin Withey joins and turns attention to the first of two companies from our Aim 100 Special Report, Kitwave (KITW). The UK food wholesaler is navigating the next phase of its growth story, and despite a recent profit warning, its long-term prospects appear strong. 

Lastly, Valeria Martinez reviews Next 15 (NFG), the AIM-listed consultancy undergoing a major restructuring after a turbulent 2024. Valeria looks at how the business is trying to recoup sentiment, its other near-term challenges and what analysts think of the company. 

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Madi then speaks with King's Business School lecturer Dr Ylva Baeckström about gender differences in investment approaches, advocating for improved financial education and open money discussions to create a more inclusive investment environment.

Women and Wealth is the monthly podcast series from Investors' Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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It’s then on to the credit scoring business Experian (EXPN). The US credit scoring market has come under scrutiny recently, and Valeria Martinez unpacks how exposed the company is and what it's doing in response.

Continuing in the US, concerns persist over the world's largest economy and its reliance on tech stocks. Mark Robinson looks at what point AI needs to start delivering actual productivity gains before a correction occurs, and compares the AI boom to the dotcom era. 

Timestamps 

1:16 Gold 

12:34 Experian

21:13 US bubble

How to spot the gold price top

Why a US credit score overhaul actually helps Experian

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Our Big Read is next. The future of cities is shifting as travel and office attendance continue to climb back slowly. Michael Fahy, author of the feature, looks at the steady uptick in London office occupancy, trends between the UK and US markets, and how Reits are reshaping portfolios.

Last up, Whitbread (WTB) reported results slightly ahead of estimates, yet shares fell amid rising costs and lease charges. Erin Withey analyses how the Premier Inn owner continues to gain UK market share in a slower economy, and how its accelerated growth plan could unlock long-term value.

Timestamps 

1:15 Motor finance

12:15 The future of cities

23:08 Whitbred

Read the stories mentioned in the show:

Banking shares rise on lower-than-expected motor finance costs

Mega-cities need to grow – here’s how investors can take advantage

Whitbread hit by planned UK restaurant closures and softer demand

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

In the episode, Dan Jones and Fanari discuss the structure of the trust, which is split between private assets, listed equities and ‘uncorrelated’ assets, and the trust’s thus-far unsuccessful attempts to narrow the discount on which it trades. Fanari also shares the qualities she looks for when seeking out private assets (one recent addition being Elon Musk’s SpaceX) as well as the recent changes to the trust’s portfolio and her take on the AI market. 

Timestamps 

00:45 The structure of the trust 

02:53 The discount 

10:23 RIT’s dividend

11:26 Private assets

18:19 Recent asset allocation changes 

22:22 Discerene 

25:42 US tech

32:42 European markets

34:11 Asia

34:52 UK equities 

35:41 AI

37:38 Overall investment picture

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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The CMA investigation into the veterinary market is still ongoing, and CVS (CVS) has paused its UK acquisition programme while it ticks on. Julian Hofmann examines the company’s results, its strategies for maintaining business growth, and its current valuation. 

Last up, Alex Newman delves into the world of bitcoin, the topic of this week’s Big Read. From the FCA’s reversal on DIY investors buying and selling crypto exchange traded notes (ETNs), to the eligibility in Isas and Sipps, listen to find out everything you need to know about bitcoin buying.

Timestamps  

01:14 Volution

07:17 CVS

15:49 Bitcoin

CVS pivots to Australia as UK expansion stalls amid CMA probe

There’s a new way to buy bitcoin – but is it safe?

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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Next, our Big Read on the ways to effectively pass on your wealth. In the UK, estimates suggest up to £7tn could be transferred from older to younger generations over the next 30 years. Val Cipriani, author of the piece, explains what the “Great Wealth Transfer” means for investors, the trade-off gifters need to consider, and more. 

Last up, results from Ceres Power (CWR) came in lower than expected. Mark Robinson unpacks the reasons behind it, German shareholder Bosch’s departure, and where the valuation stands.

Timestamps

1:23 AstraZeneca

14:53 Passing on wealth 

27:40 Ceres Power

Read more on these topics:

A pharma giant with star quality 

How to pass on wealth to your children

Ceres Power cuts revenue guidance for 2025

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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Alex Hamer then covers the North Sea Energy Profits Levy. From the effect current policies are having on production to the companies that see opportunity in the region, Alex covers all that investors need to know.

Last up, Goodwin (GDWN), the 140-year-old Stoke-based engineering and manufacturing company. Alex Newman touches on the history of the business, its most recent trading update and if its years of investment are finally paying off.

Timestamps 

1:31 Trustpilot

13:34 North Sea

27:21 Goodwin

Read the stories mentioned in the show: 

Trustpilot grows revenue as AI boosts its subscription model

North Sea oil stocks bet on government U-turn

Goodwin: A 143-year-old firm flying under the radar

Meeting M&G’s CEO: Lee and the IC

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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In the episode, the trio unpack what drew Rossi to take on the role, the challenges of balancing £350bn of assets, and how the affiliate deal with the Japanese life insurer Dai Ichi could transform the company, and more. 

Alex and Lord Lee wrap up in usual fashion with an update on Lord Lee’s portfolio, including a relatively unknown family-run Plc that’s crucial to the UK’s submarine programme.

If you have any questions or any suggestions for future guests, email alex.newman@ft.com

Timestamps 

1:09 Rossi’s impression of the business prior to joining

2:18 Why Rossi did not want to break up the group

4:13 What Rossi sees in private markets 

7:58 The challenge of valuing a business such as M&G

14:36 Would private ownership be a better fit?

16:02 The Dai Ichi deal

17:43 Managing £350bn of assets

20:38 Replicating deals elsewhere in the world

21:22 Working in the Gulf

23:17 How Rossi allocates capital

26:12 Will M&G move into the ETF world 

27:32 How optimistic is Rossi on M&G

29:31 Lord Lee’s portfolio

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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GSK (GSK), a company featured in our latest Special Report this week, Income Majors, is next. Its dividend level is not as high as it has been, but it is expected to tick up. Julian Hofmann unpacks its valuation, the possible buybacks on the table, what it's doing to boost sales and more.

Last up, it’s Mondi (MNDI), the packaging and paper company, which has had a tough year. Valeria Martinez covers the reasons, what it's doing during the slump it's experiencing and when investors can expect a recovery.

Timestamps 

1:30 Top 50 Funds

14:13 GSK

26:17 Mondi

Read stories mentioned in the show:

IC Top 50 Funds: the best ones to buy

Income Majors 2025: How the UK’s biggest dividend payers are faring

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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It’s then on to Aim-traded Property Franchise Group with Mark Robinson. The recent results show momentum is strong, with many of its divisions performing well. Mark and Dan take a look at its valuation case against the market backdrop. 

DIY chain Wickes has demonstrated resilience in the face of a relatively flat home improvement market. Erin Withey shares where the company is taking market share and why the market didn’t react much to its interim results. 

Timestamps

1:16 Anglo American - Tech Resources Merger

17:45 Property Franchise Group

29:34 Wickes

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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Next up, investment clubs. Many of our listeners will be well-versed on the topic, but for those who are not, Holly McKechnie lays out what they are, the number of clubs in the UK at the last count and their future in light of Interactive Investors’ announcement.

Last up, Mark Robinson talks through Uniphar’s (UPR) latest results. The Irish Aim-traded pharmaceutical company’s share price has doubled in the past year, so Mark and Dan unpack what went right and how tariffs may affect the business. 

Timestamps

1:22 European markets

15:21 Investment clubs

23:34 Uniphar

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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Next up, the world’s most valuable company, Nvidia (NVDA). New York-based reporter Arthur Sants discusses the company’s latest results, the uncertainty regarding sales to China, as well as Intel’s two recent big investors: the US government and SoftBank. Alex Newman also weighs in on the subject. 

Mark Robinson covers Boohoo’s (DEBS) recent, delayed results, which showed some overhang from its old business. It’s move to be a third-party seller, similar to that of M&S (MKS) and Next (NXT) could be fruitful, but the competition is rife. Listen to find out more. 

Timestamps

1:30 Nuclear 

15:48 Nvidia 

37:07 Boohoo

Read more on these topics 

How to invest in the world’s nuclear future

Nvidia beats expectations despite China uncertainty

Boohoo cuts inventories and capex

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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Next up, Holly McKechnie discusses our latest Big Read on beating the trap of leasehold properties. Holly and Dan unpack everything from how to spot issues when renting or buying a leasehold to the impact Labour’s reforms will have.

Last up, Valeria Martinez covers whey-based protein products producer Applied Nutrition (APN). Its second-half results showed good performance thanks to well-received product launches. Valeria explains why momentum is on the company’s side.

Timestamps 

1:25 PensionBee

18:00 Leaseholds

34:48 Applied Nutrition 

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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Next up James Norrington joins to unpack our latest Big Read on sum-of-the-parts valuations. James explains the thinking behind the piece, how it can help find stocks trading at less than their worth, and how to tell if a company is focusing on the right part of a business.

Lastly, Julian Hofmann covers Novo Nordisk (DK:NOVO.B), which saw shares rise after Eli Lilly’s (US:LLY) oral weight-loss pill underwhelmed regulators. Competition is still fierce in the sector, but a new Novo CEO could give the company the boost it needs.

Read more on these topics 

How to spot undervalued shares

Deep Dives

Timestamps 

1:16 Savills

13:41 Spotting undervalued shares

26:33 Weight loss drugs

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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Our big read of the week looks at six different ways of pension planning. Personal finance editor Val Cipriani analyses the all-important topic of how to make your money last in your retirement.

Finally Valeria Martinez looks at recent results from consultancy turned activist investor Science Group, which is sitting on excess cash made from its stake in rival Ricardo earlier this year.

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Timestamps 

1:38 Jupiter

13:35 Retirement Strategies

24:44 Science Group

Midroll 24:43

Find out more about these topics: 

One-third drop in Jupiter’s earnings clouds recovery hopes

How to find your ‘retirement profile’ – and how to invest for it

Science Group cashes in on Ricardo activist campaign

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Next, Mike Fahy covers our Big Read on global hidden gem companies. Dan and Mike unpack some of the stocks included and why we chose them, and the ways investors can access them. 

Last up, Hugh Moorhead joins the panel to discuss two companies that need little introduction: Coca-Cola (US:KO) and PepsiCo (US:PEP). Hugh looks at the differences between their operating models, pricing power, and innovations. Listen to find out everything investors need to know.  

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Timestamps 

1:28 Centrica

14:58 Global hidden gems

25:38 Coke versus Pepsi

Find out more about these topics: 

Centrica sizing up nuclear ambition

Hidden gem stocks from around the world 

Coke versus Pepsi: Why investors have a clear favourite

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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As usual, the episode wraps up with an update on Lord Lee’s portfolio, with the latest buys and sells, including one of Simon Thompson’s 2025 Bargain Shares.

Timestamps

00:13 Introduction

00:51 Lord Lee’s take on the market

2:54 The government’s growth agenda

4:58 M&G

9:36 PZ Cussons

13:04 Treatt

15:32 Listen question on Cerillion

18:02 Braemar’s decision to cut its dividend

20:58 Reduction in Supermarket Income Reit

22:48 Two new positions

28:19 Updates from Lord Lee’s long-term holdings

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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We move on to last week’s annual Top 50 ETFs special report. Dave Baxter has refreshed the IC’s best-buy list to provide readers and listeners with new ways to build the best portfolio while keeping an eye on costs. Listen to find out what made the list, what’s been dropped and the challenges facing investors.

Last up, results from Trifast (TRI), a fastener supplier, which is trying to bounce back from a difficult period. Christopher Akers unpacks what held the company back in recent years, how tariffs are impacting the business and the ways it’s looking to become “more dynamic”. 

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Timestamps

1:20 Ilika

17:09 Top 50 ETFs

27:33 Trifast

Find out more about these topics: 

IC Top 50 ETFs

Trifast returns to profit as margins expand

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Personal finance editor, Val Cipriani and digital production journalist, Madelaine Apthorpe discuss the topic that feels far away but should be in any young woman's thoughts as they enter the workforce. The Pensions and Lifetime Savings Association estimates that in order to retire on a moderate standard, not even a comfortable one, you need £31k a year if you are single and almost £22k each as a couple. This assumes you have already paid off your mortgage by the time you retire and it’s after tax. Scarily, AJ Bell calculated that that is the equivalent of a pension pot worth £490,000 for a single person, or a combined £515,000 for a couple.

That's why in this episode, Val and Madi look at ways to maximise your pension pot. They discuss how your employer can help with pension contributions and what you should be doing to boost your retirement income now. Val also answers our reader's question on how you can invest your pension and make sure it's managed correctly. Val explains time horizons, decoding your pension statements and ways to benchmark performance.

Women and Wealth is a six part podcast series from Investors' Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

You can also find out more about pension planning with Investors' Chronicle pensions masterclass series.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

Next is Optima Health (OPT). After spinning out from Marlowe (MRL) last year, the occupational health company has pursued a buy-and-build strategy, which seems to be working in its favour. Julian Hofmann explains everything investors need to know.

Last up, Alex Newman joins to unveil a handful of new IC stock screens focused on the best businesses from around the world. He explains the background for the decision and a teaser about which screens may work best in the current environment. If you have any thoughts or suggestions on the new screens, email alex.newman@ft.com

Timestamps

1:18 Jet2 

12:28 Optima Health 

22:04 New stock screens

Read more on these topics:

Jet2’s robust trading and earnings beat fail to lift sentiment

Optima Health acquires to grow

A new way to find global investment ideas

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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Val, Investors' Chronicle's personal finance editor, looks into the fluctuations in the gender pay gap by age to expose how motherhood and childcare is one of the biggest hurdles in the personal finance of a woman and what you need to think about as you embark on this period of your life.

Speaking with Alice Guy, independent pension and money expert and chartered accountant, Val also looks at practical tips for mothers and what help is on offer for childcare and how your partner can help support your financial future during this period.

Answering our reader's question, Alice and Val also look at what mothers can do today to make sure that their pensions don't take a hit and what your partner and your employer can do to make sure your future isn't financially impacted.

Women and Wealth is a six part podcast series from Investors' Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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It’s then on to our Big Read on undervalued UK tech stars. Many of our home-grown companies have a lot to offer, but investors favour the US big names instead. Valeria Martinez and Mark Robinson look at the causes behind this, the “mindset gap”, and overlooked intellectual property.

Lastly, Julian Hofmann rejoins to unpack Watches of Switzerland (WOSG), which has taken a hit to margins thanks to tariffs. The retailer’s sales growth is ticking up, but the market still seems spooked. Mark and Julian discuss what issues are keeping investors cautious.

Timestamps 

2:46 Greggs

9:25 Undervalued UK tech

15:54 Watches of Switzerland

Read more on these topics: 

Star British tech stocks hiding in plain sight

Watches of Switzerland boosted by luxury jewellery but margin outlook disappoints

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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Val, Investors' Chronicle's personal finance editor, explains to Madi, digital production journalist, how figures from Hargreaves Lansdown shows how much it costs to live, with a single person in the UK on average spending about 22 per cent more than someone in a couple on their rent or mortgage, council tax and fuel, while spending 28 per cent more on food. More depressing still, single people are taxed more than those in a couple, proportionally.

But this podcast aims to provide you with practical help in making your money work harder. Val and Madi explore help such as single-occupancy discount on council tax and on water rates and how to make sure your savings account pays a decent rate.

Responding to a reader's question, Madi and Val also look at how you can save and afford a home as a single person with practical advice.

Women and Wealth is a six part podcast series from Investors' Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

Next, we discuss how behavioural finance can make you a better investor. Val Cipriani has delved into the field for her latest article, and shares some practical tips that can drastically improve your returns.

Lastly we turn to beleaguered asset manager Liontrust (LIO), which has been struggling with outflows for some time – Mark Robinson and Julian Hofmann join the show to share their assessment of its latest full-year results.

Timestamps

1:22 Shell/BP

16:04 How to be a better investor

27:50 Liontrust

Read more on these topics:

Shell denies BP merger talks

How to be a more effective investor

Liontrust waves goodbye to £5bn in managed assets

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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According to date from the ONS from April 2024, among those employed full time, women earn 7 per cent less than men. Across all employees, women earn 13.1 per cent less than men. But things are improving. In 1999, 25 years before the most recent release, the gender pay gap was 16.4 per cent across full time employees, and 26.9 per cent across all employees. However, there's still some way to go and in this episode, Val and Madi take a look at a reader's question to explain how women can make their pay check work harder for them.

Also in this episode, The Financial Times' Working It editor, Isabel Berwick, joins Madi to talk about one of the most uncomfortable work conversations, asking for a pay increase. Isabel shares her tips for taking the emotion out of the conversation with your boss and what to remember when you're asking for that pay rise.

Women and Wealth is a six part podcast series from Investors' Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

Next up is one of the IC's Ideas of the Year, which are putting in a strong performance again in 2025. Pensions consultancy XPS Pensions (XPS) reported full-year figures earlier this week – Julian Hofmann asks if its booming business can continue.

Lastly, our Big Read on the medical technology sector. Mark Robinson covers the issues facing the industry, the options for investors and a potential tariff winner.

Timestamps 

1:50 Ashtead

9:20 Speedy Hire

18:29 XPS Pensions

27:36 Medtech

Read more on these topics:

Ashtead stymied by falling used equipment sales

Speedy Hire attempts to boost efficiencies as HMRC loads costs

The cutting-edge medtech stocks worth owning

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

Val looks at how women can protect their personal finance in entering a relationship and the important things to take into account as you move through the relationship stages of moving in with your beloved, getting married and having children. Madi discusses with Val how you should split the bills, whilst asking about rental contracts and what support is offered with the likes of Lisas and other savings accounts.

Val also answers our reader's question about what financial considerations should be made as she weighs up getting married. Madi and Val look at whether married couple tax benefits offsets the ridiculous price of wedding flowers and how women can protect their personal finances as they enter into deeper financial ties with their partner.

Women and Wealth is a six part podcast series from Investors’ Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube and be sure to subscribe to Investors' Chronicle to get all your investing news and advice.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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Next, materials company Oxford Instruments (OXIG), which this week announced it was selling its quantum business for £60mn. Julian Hofmann looks at what it will focus on instead, its exposure to tariffs and more. 

Last up, Alex Newman joins to discuss Blue Whale Growth holding Philip Morris (US:PM). It differs vastly from the fund’s typical tech holdings, and the tobacco company is now considered an ESG stock by some. Listen to find out the latest investment case. 

Timestamps 

1:46 FirstGroup

12:42 Oxford Instruments

21:38 Philip Morris and Blue Whale Growth

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

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In the first episode, Val and Madi look at the investment gap and why women should invest more. Boring Money research estimates that there are 3.3mn more male than female investors in the UK. In monetary terms, the gender investment gap in the UK is around £678bn, roughly the size of Switzerland’s economy. As of 2022, British men had on average about £93,000 more in total wealth than women, a gap of 35 per cent.

Val and Madi explore why women tend not to invest as much as men, looking at the research that suggests that when women do invest, they’re often better at it. Val explains how to approach your appetite for risk and what women who are considering investing should do as first steps.

Women and Wealth is a six part podcast series from Investors’ Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube and be sure to subscribe to Investors' Chronicle to get all your investing news and advice.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

Across the six initial episodes, Val and Madi will discuss the investment gap; as men vastly outweigh women in investing, how to look after your finances in a relationship and moving in with your partner. Looking at the gender pay gap and how women can make sure they're getting fair pay for their work, Madi speaks with The Financial Times' Isabel Berwick about pay and work on tips to getting a better pay check.

Other episodes look at the single women penalty, how to make the most of retirement as a woman and in an episode looking how motherhood can affect your personal finances, Val sits down with Alice Guy, a chartered accountant and mother of four.

Women and Wealth is a six part podcast series from Investors' Chronicle. You can listen and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

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?

Timestamps

1:17 UK Defence Spending

11:30 Latin America

19:11 Paragon Bank

More on these topics:

Chemring points to strategic defence review benefits as order book swells

The Latin American funds with the most potential

Paragon Banking beats expectations and upgrades outlook

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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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. 

Timestamps

1:25 Pets at Home

14:31 25 years of volatility

23:14 BT

More on these topics 

Pets at Home boosted by higher-margin vet services

Investing lessons from the past 25 years

BT’s rationalisation boosts cash flows

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

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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.

Timestamps

1:28 Diploma

10:49 Global stock market trackers

25:58 Cobalt

More on these topics:

Diploma hits all-time high after raising guidance

Global trackers are broken – here’s how investors can fix them

Is it finally time for cobalt to make a comeback?

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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.

Timestamps

1:28 Experian

13:16 Imperial Brands

22:33 Investing to travel the world

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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 reaction

3:33 Lord Lee’s opinion of the turn the world is taking

5:41 Did Lord Lee expect a climbdown

6:51 April’s selloff compared to others in history 

9:49 Market rebounds to a downturn

11:26 UK and US trade deal 

14:04 Lord Lee’s portfolio during the tariff-induced downturn

17:29 Lord Lee’s view on holding cash

19:09 Treatt

22:12 Christie Group 

25:44 Workspace

29:13 Vianet

31:03 PZ Cussons 

34:12 Dividend season

35:15 Investing for over half a century 

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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 & Alphabet

20:50 The future of aviation

34:38 Mobico

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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 risk

7:09 US exceptionalism  

11:53 Bonds 

15:45 Reliable protectors

17:12 Gold 

20:18 Other diversifiers 

21:40 Main macro threats and opportunities 

24:30 Growth and equity exposurer

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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 ABF

15:46 Gold 

29:49 Keystone Law 

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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 Dynamics

10:35 Survivor Shares

22:13 Preference shares

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In our latest IC Interviews episode, Dave Baxter and Charlotte discuss the talk of the town – tariffs. Listen to the episode to hear the pair unpack the fund’s behaviour after the sell-off, why the managers are backing gold, why Charlotte doesn’t believe weight-loss drugs are a threat to alcohol stocks, and more. 

This episode was recorded on 14 April.

Timestamps  

00:59 How the fund is behaving after the sell-off

4:00 Impact of tariffs on stock markets 

8:35 Stock markets the fund is favouring

12:06 US Treasuries

15:44 Sectors to benefit from structural inflation

18:31 Gold 

20:51 Food and drink stocks 

22:49 Weight-loss drugs and alcohol consumption

26:27 Markets aside from the US 

27:28 The aim of the fund

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Tariffs again, but from a different angle. Arthur Sants, our US correspondent, unpacks how tech stocks Apple (AAPL) and Nvidia (NVDA) are faring, what could happen next and which businesses are best set to prosper. 

Last up, Mark Robinson covers motor finance and lender S&U’s (SUS) results. It faces significant uncertainty due to regulatory issues and a Supreme Court ruling taking place in a few months. Mark and Dan explore what it means for the business and its shareholders.

Timestamps 

1:30 TT Electronics

10:12 Tariffs and trade

28:21 S&U

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Val Cipriani joins to discuss this week’s cover feature on the investing world beyond listed stocks. Val and Dan share how investors can get exposed to unlisted shares, how to find out what they’re worth and other tips to find out if you can trust valuations.

It’s then on to Staffline’s (STAF) results. Valeria Martinez reveals why it held up better than its recruiting peers and what its recent PeoplePlus disposal means for the business in the future.

Timestamps 

1:53 Market frenzy

18:13 Unlisted stocks

28:27 Staffline

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Dave Baxter joins to discuss global equity funds, the topic of this week’s Big Read. Dave and Dan unpack the thinking behind the piece, some of the companies that crop up in the funds mentioned, including the most popular of the Magnificent Seven and more. 

Lastly, Jemma Slingo covers the latest on Aviva (AV.), which is attempting to cancel its preference shares. It argues they are an ‘inefficient form of funding’, but investors are not too happy with the move. 

Timestamps

1:41 Tariffs

21:15 Global equity funds

28:15 Aviva

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Val Cipriani joins to carry on the Spring Statement conversation, but changing course toward Isas and the various takes experts, investors and providers will have on changes to allowances.

Lastly, we’re back to company results with Fevertree (FEVR). Mark Robinson explores the wider trends in the beverages sector and the company’s deal with brewer Molson Coors.

Timestamps

1:27 Housebuilders

11:12 Isas

21:32 Fevertree

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This episode was recorded on 24 February.

Timestamps

00:29 DeepSeek 

2:13 Identifying AI winners 

5:36 Exiting Microsoft and US tech

9:38 Turnover in the fund

13:03 Evolution of the fund

16:55 Valuations 

20:10 European and Asian companies

21:54 Trump and the trade war

23:33 Areas to keep an eye on

27:30 Compelling themes in the fund beyond AI

32:09 Overlooked companies

34:24 Danaher

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Next up, Alex Newman breaks down his Big Read this week on how the ultra-rich invest and what more humble investors can learn from their investing practices.

Lastly we turn our attention to UK company reporting and specifically Close Brothers (CBG), whose results this weekprompted a sell-off, with the shadow of motor finance rulings lingering over the company.

1:29: The great rotation

16:50: The Big Read: Ultra-rich Investors

23:51: Close Brothers

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Alex Newman joins to unpack everything going on with FTSE 250 listed shipbroker Clarkson (CKN) whose share price dropped after it released results.

Julian Hofmann covers the news of Germany’s rearmament. The country faces significant challenges to fund and implement its colossal plan, but stocks are already reaping the benefits.

Last up, Valeria Martinez discusses digital revenues in publishing, specifically focusing on Reach (RCH). Mark and Valeria unpack how its new business plan could impact growth.

Timestamps

5:18 Building suppliers 

15:12 Clarkson

18:51 Germany’s rearmament

26:10 Reach

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As always, Alex and John wrap up with an update on Lord Lee’s portfolio, plus his take on defence stocks.

Timestamps 

0:59 Introduction

3:57 Lord Lee’s history with the company

5:17 Business model & threats

6:58 Hinkley Point

8:03 Rail demand 

11:11 How it fits in Lord Lee’s portfolio

12:37 Questions from Lord Lee

15:33 Current trading outlook

17:49 Impact of tariffs

18:37 Dividend

22:38 2022 sale saga

25:24 Concerns over weak valuations

28:24 Financials

34:39 Changes to Lord Lee’s portfolio

36:24 Defence 

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It’s then onto this week’s Big Read on the future of mining. Commodities expert and author of the piece Alex Hamer lays out what’s shifting the gears in the industry, and how miners will adapt. Listen to hear about permitting and copper mining operations in the US, gold and rare earths. 

Following the announcement the German government will up its defence spending, Julian Hoffman and Dave Baxter discuss the latest in the defence industry and the ETFs that offer investors a chance to take advantage.

Note: The show contains a brief, erroneous mention to Premier African Minerals (PREM). The correct company is Pan African Resources (PAM).

Timestamps 

1:48 aberdeen

8:11 Schroders

13:25 Mining

28:01 Defence

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Listen to Dave Baxter and the fund manager discuss holdings in the fund such as Diageo (DGE) – which he’s bullish over despite falling alcohol consumption and the threat of weight loss drugs – and companies tapping into digital trends, such as Relx (RELX).

The pair also cover moving away from dividends, the state of UK asset managers, activism in the investment trust space and more.

This episode was recorded on 24 February.

Timestamps

00:51 What could end the underperformance 

3:50 Stronger and weaker points of the portfolio and Relx  

6:08 How much of the portfolio targets digital trends 

8:05 Performance issues 

12:39 Diageo

20:32 Unilever

23:46 Consumer exposure

26:20 UK market woes

29:42 Rightmove 

31:56 Schroders and UK asset managers

33:33 Investment trusts

36:02 Clarkson and Intertek

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Smith & Nephew (SN), a medical equipment manufacturer, continues to improve operating performance. Mark Robinson and Julian Hofmann discuss the company and also touch on what’s going well for med-tech business Uniphar (UPR).

Last but not least, Jemma Slingo unpacks our latest Big Read on banks. It hasn’t been a huge season for guidance upgrades, but there are still positives for the year. Listen to find out more.

Timestamps

1:29 Rolls Royce

10:37 Smith & Nephew

19:15 Banks

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Arthur Sants, our US correspondent and author of this week’s Big Read on Nvidia (NVDA), explains the key points from the article. From the threat of DeepSeek and Chinese sanctions to potential positives for the future.

Last up, Alex Hamer unpacks the latest on engineer and consultant Wood Group (WG). The company’s CFO has stepped down after claiming he was more qualified than he was. Alex and Dan discuss the backdrop and where the valuation now stands.

Timestamps

1:08 Mony Group

9:49 Nvidia

23:54 Wood Group

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In this episode of IC Interviews, Block joins Dave Baxter to discuss what it would take for him to bet against the Magnificent Seven, the UK activist investing landscape, opportunities in Vietnam and India, and why China is uninvestable.

This episode was recorded on 5 February. 

Timestamps 

00:31 State of short selling

9:04 What could change the market 

16:30 Going against the Magnificent 7

18:16 Opportunities in UK sectors 

21:28 Saba Capital

23:18 Vietnam fund

27:15 China

30:48 India

33:03 How short and long differ

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Valeria Martinez then unpacks designer and manufacturer Filtronic (FTC), whose results were warmly received by the market. Listen to find out how the firm landed contracts with SpaceX, which has been a leading factor in its 300 per cent share price increase over the past year, and how it is expanding to grow its customer base. 

Last up, we cover British American Tobacco (BAT). Its latest results were not as strong as hoped, thanks to a struggling tobacco alternatives market and strong competition from Philip Morris (PM). Mark Robinson explains all investors need to know.

This episode was recorded on 13 February.

Timestamps

1:30 Renishaw

9:24 Filtronic 

25:06 British American Tobacco

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In the episode, the trio unpack the issues facing children and young people. From ways schools, parents and grandparents can increase young people’s interest in finances, to a petition Cameron has started which he hopes will make financial education statutory in secondary schools across the UK.

The podcast rounds up with an update from Lord Lee’s portfolio, including news on holdings Town Centre Securities (TOWN), Concurrent Technologies (CNC) and PZ Cussons (PZC), plus his take on how Donald Trump will affect the UK. 

Click here to sign Cameron’s petition to make financial lessons statutory in schools. 

If you have any questions you want to pose to Lord Lee and Alex, write to alex.newman@ft.com

Read Cameron’s article for the Investors’ Chronicle here

Timestamps

1:16 Cameron Holt 

5:04 What needs to change with financial education 

6:03 Lord Lee’s experience of learning about finance 

9:59 Cameron’s study

12:55 NatWest shares

14:24 Do schools offer financial advice on university 

16:14 How to bridge the gap in financial literacy among children 

21:35 Cameron’s petition 

24:51 Updates on Lord Lee’s portfolio 

27:45 Town Centre Securities

29:42 Supermarket Income Reit

30:41 Concurrent Technologies

31:47 PZ Cussons

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It’s then on to housebuilder Crest Nicholson (CRST). There is growing concern around its £144mn loss, but Natasha Voase lays out whether the worry is justified.

Lastly, catering company Compass Group (CPG) released a trading update which showed strong organic growth. Mark Robinson explores the structural drivers behind this, its M&A strategy and its prospects.

Timestamps

01:52 AstraZeneca

15:49 Crest Nicholson

27:41 Compass Group

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The fund seeks out companies lowly valued by investors, but that could generate more cash than they need to sustain strong growth. In the episode, Dave and Sam discuss why the fund is still bullish on European markets, the outlook for banks on the continent, plus how the fund views Hermes (RMS), Novo Nordisk (NOVO.B) and ASML (ASML). 

The pair also unpack what impact Trump’s swathe of tariffs will have on the fund and European companies at wide. 

This episode was recorded on 24 January.

Timestamps 

0:33 2025 outlook 

2:57 China plays

4:15 Industrials

4:52 Luxury

7:07 M&A 

8:48 Banks

12:49 Novo Nordisk (NOVO.B)

16:47 ASML (ASML) 

18:19 Trump, tariffs and the fund

20:13 Publicis (PUB)

22:02 Sectors Liontrust are wary of

23:24 Is the opportunity set growing

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