Brewin Dolphin Podcast

This week, Guy Foster and Ben Gutteridge are joined by the oil and gas equity analyst Iain Armstrong. Guy reviews the past month whilst Iain takes an in-depth look at the continued fall in the oil price, gaging how this will affect some of the big players in the market.

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below.

While all eyes were on the Federal Reserve’s latest interest rates indecision but, anticipating an anti-climax, we look at Europe with the help of Jonathan Loynes, Chief European Economist of Capital Economics.

Although a largely forgotten story this week, Europe remains integrally involved in all the major themes. Emerging markets are struggling to compete due to the higher dollar but specifically because the dollar is higher relative to the likes of the yen and the euro. The consensus is for these markets to ease further in the future. If that’s the case then it naturally caps the extent to which US and UK rates can rise without provoking negative consequences.

In this podcast we consider the near term outlook as Greeks go to the polls for the second time this year (third if you include the shambolic referendum). Looking further out we consider whether any outcome will address the structural problems faced by the European economy and Greece’s debt load in particular.

In anticipation of Europe losing momentum over the coming quarters Capital Economics expect more QE to follow and so we discuss the efficacy of the policy.

Finally we consider the risks associated with efforts to renegotiate the UK’s membership of the European Union.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.

This week Ben Gutteridge, Brewin’s Head of Fund Research, talks to Nick Price, the lead fund manager on Fidelity’s Emerging Market Equity Fund. In a whistle stop tour of the asset class the pair cover China, Brazil, India, Russia and Turkey, covering both the economic and political outlook but tying it all together to reveal where the best investment opportunities lie.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below.

This week marks the third visit of our most popular guest none other than Stephanie Flanders, former BBC Economics Editor and current Market Strategist at JPMorgan Asset Management. Up for discussion is central bank policy, asset class valuation and the lingering threat of geo-politics.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast.

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.

This week Ben Gutteridge, Head of Fund Research, talks to the Brewin mining analyst, Nik Stanojevic, about the basic fundamentals of the commodity markets – focusing on iron and copper. The conversation helps explain why the respective commodities have fallen so dramatically, and why a significant rebound remains unlikely.

The discussion concludes with a look at the major UK listed mining equities and whether, given this backdrop, there are any apparent investment opportunities.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.

In the latest in a series of podcasts on ‘Value Investing’ Ben Gutteridge, Head of Fund Research, talks to George Godber, the co-lead fund manager of the Miton UK Value Opportunities Fund. The conversation begins covering George’s approach to value investing before highlighting a few companies that fit neatly with this style (as well as a few that don’t). The debate concludes with some comments surrounding UK monetary policy and Chinese demand and how this is impacting the prospects for the fund.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.

This week Ben Gutteridge welcomes Tim Bond to the show, a highly regarded fund manager at Odey and previous Head of Asset Allocation at Barclays. Tim’s more constructive view on European growth makes for some ‘feel good’ listening, and a brief foray into other global markets provides some really useful insight. Ben also shows no fear in asking the two big questions on everyone’s lips.

1) Why do you think your boss has got it wrong?

2) ….. have a listen to find out the other big question

Make sure to tune in next week's show which features special guest Jason Bagley, lead manager of the Standard Life Property Income Trust who will discuss commercial property.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below

This week Guy Foster, Head of Research, talks to Tom Naughton of Prusik while Ben Gutteridge, Head of Funds Research, talks to Rob Marshall-Lee of Newton, as we compare these two different Asian equity incomes strategies. It’s a challenging time for investors in Asia and so we discuss the true state of China and where any opportunities lie. With parallels being drawn between the current and previous Asian crises both fund managers have views on currency hedging. We also look at the prospects for funds which many will have bought to diversify their income streams at a time of very low developed market yields.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.

China’s rampant market growth over the last year has stuttered. That might not be too surprising. The doubling of the Chinese market took place against a background of decelerating economic growth but even now Shanghai’s stock market still inspires plenty of bulls though on technical rather than fundamental grounds. MSCI recently announced that it would not incorporate Chinese A shares into its family of indices but other milestones on the path to internationalisation remain this year and some forecasters see this as adding support to the Chinese market.

This week, joining Brewin Dolphin’s Guy Foster, Head of Research is Louis Gave Founding Partner and CEO of Gavekal Dragonomics.

Louis remains confident that China will soon be included in the world’s big index families and that China’s currency will soon be included in the Special Drawing Right’s basket, of which there are only four members at the moment (U.S. dollars, Sterling, Yuan and the Euro). He mentions that even with a rejection, they could hold another decision next year, as opposed to the usual five year waiting period.

Apart from the fact the Chinese economy is one of the largest economies in the world, and as Louis sees it, still growing healthily, he cites the rejection from the Asian Development Bank and in doing so, setting up the Asian Infrastructure Investment Bank, something which is now five times the size of its older rival. This he says only adds to the worry global institutions such as the IMF have about consistently rejecting China.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below.

Credit for horn sound effect - http://www.freesfx.co.uk

In this week’s show, Ben Gutteridge, Head of Fund Research talks to Simon Brazier, manager of the Investec Alpha UK fund to discuss a range of topics including the current economic landscape of the UK economy, and some of the most talked about topics in the current political climate. To come to a close, conversations then cover some of the opportunities seen in the UK market, and what values Simon looks for in companies at large.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.