Sue Norfolk, manager of the Schroder Income Growth Trust, shares how UK companies are adapting their capital distribution strategies with a shift towards share buybacks and stable dividend growth. We also cover the evolving landscape of domestic versus international opportunities, sector-specific insights into financials, consumer discretionary, and industrials, and how geopolitical tensions are factored into portfolio decisions. Finally, we examine the fund’s bottom-up stock selection approach, recent adjustments in holdings like AstraZeneca, GSK, and Burberry, and the current valuation-driven opportunities in the market.

What’s covered in this episode:

• Schroder Income Growth’s dividend hero status
• Dividends, share buybacks or social dividends?
• How volatility is factored into the portfolio
• Staying focused on bottom-up stock picking
• The impact of US politics on the trust
• Right and wrong tariff calls
• The attractive nature of UK mid-caps
• A closer look at financials and customer discretionary
• Making calls on defence and industrials
• Why this manager favours AstraZeneca over GSK
• Doubling down on Burberry
• Why UK equity is still attractive today

More about the trust: Launched in 1995, the Schroder Income Growth Trust’s principal aim is to provide real growth of income in excess of the rate of inflation. It invests mainly in the shares of UK larger and medium-sized companies, although it can also invest some of the portfolio in the shares of firms listed abroad.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

In this episode, we delve into the strategy behind the Murray International Trust, which has achieved 20 consecutive years of dividend growth. Co-manager Sam Fitzpatrick explains the fund’s evolving geographic allocation, reduced UK exposure, and increasing opportunities in US and emerging markets. We discuss standout performers in technology, challenges in Latin America, and how currency movements impact returns. With a bottom-up, company-first approach, the portfolio balances higher-yielding defensive names with lower-yielding growth opportunities. Sam also touches on fixed income trends, geopolitical uncertainty, and how strategic flexibility is key to navigating today’s volatile economic environment while preserving income growth.

What’s covered in this episode: 

• The evolution of allocation to the UK
• Balancing growth with yield
• The trust’s biggest contribution to the portfolio
• The largest detractor from the portfolio 
• …And why the managers are still backing it
• The role of currency on the portfolio
• The appeal of Latin America and emerging markets
• The surprisingly best long-term contributor to the portfolio
• Developed market vs emerging market companies
• Why the fixed income element is decreasing
• How tariffs have impacted the portfolio

More about the fund: This is a genuinely international portfolio. Aberdeen is well known for its global equity research capabilities and the managers make full use of the resources available to them. Overall, their style has meant that returns have been very strong in some years and weaker in others, but the trust has delivered in the long run. As a result, Murray International may suit investors who have a long-term investment horizon and are looking for income and growth from global markets.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

The past quarter saw markets rattle and rebound in quick succession, sparked by dramatic tariff announcements and unexpected reactions from both equities and bonds. In our next quarterly instalment with Darius McDermott and Juliet Schooling Latter, we explore the causes and implications of this volatility, whether US exceptionalism is losing its shine, and how investors are reacting to shifting global dynamics. We also discuss renewed interest in European and Latin American markets, the resilience of global small-caps, and why diversification could be making a comeback.

What’s covered in this episode: 

• What triggered recent market volatility?
• Trump’s tariffs and US bond markets
• Can US exceptionalism continue?
• What the weak dollar means for the future
• Are we seeing a regional rotation in markets?
• Strong performance in Europe and Latin America
• The appeal of emerging markets
• Are we seeing a turn in UK small-cap sentiment?
• What’s changed the outlook for UK companies?
• What should investors expect in terms of rate cuts?
• Is inflation coming down? 
• Risks and opportunities for the second half of the year

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Explore the world of non-life insurance - an often overlooked but essential part of global markets - with Nick Martin, manager of the long-standing Polar Capital Global Insurance fund. This interview covers how the sector provides much-needed defensiveness in volatile times, its low correlation to broader equity markets, and why its fundamentals are improving. From AI and climate risk to the concept of “float” and underwriting discipline, Nick explains why now might be a particularly attractive time to consider insurance investments, especially for those seeking resilience and consistency in uncertain economic conditions.

What’s covered in this episode: 

• What area of insurance this fund covers
• Performance of the sector and fund over the past 10 years
• If it’s good enough for Warren Buffett…
• Insurance’s correlation to more traditional asset classes
• How AI is influencing the insurance sector
• How technology aids in understanding risk
• Looking beyond the CEO and CFO when researching a company
• Why insurance is the original data business
• Why climate risk is a challenge to the industry
• Is insurance a “safe” investment?
• The benefits of insurance in uncertain and volatile times
• Why is now a good time for the sector?

More about the fund: Everything around us is insured, regardless of economic boom or bust, which provides this fund with very good defensive characteristics. Polar Capital Global Insurance is designed to provide exposure to non-life insurance companies, a specialist and often undervalued sector. The fund has been co-managed by Nick Martin since 2008 and he took on full responsibilities in 2016. The fund’s consistent track record offers a good return profile for portfolio diversification.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

UK smaller companies have been unloved for years, but the tide might be turning. In this interview with Scott McKenzie, co-manager of the WS Amati UK Listed Smaller Companies fund, we discuss why the asset class has struggled, the early signs of improvement, and what could drive a long-term recovery. We explore volatility, valuations, the impact of government policies like the Mansion House Accord, and the outlook for AIM-listed stocks. With market sentiment shifting and opportunities re-emerging, now might be the time to revisit UK small-caps.

What’s covered in this episode: 

• Why should investors be optimistic today?
• How Trump’s tariffs impacted the fund
• Are more fund flows coming in? 
• The Mansion House Accord
• Is the end of US exceptionalism good for UK companies? 
• The challenges and future of the AIM market
• Cheap valuations equal more opportunity
• The impact of non-UK investors in this space
• Outlook for the next 12 months

More about the fund: An unconstrained portfolio, seeking structural UK growth businesses that can grow faster than the economy, WS Amati UK Listed Smaller Companies has a very solid investment framework which has consistently worked for 20 years. The fund is managed by a team of exceptionally experienced managers and few smaller companies funds can boast this level of resource.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

With mounting US debt and stretched valuations, investors are starting to look beyond American markets. This episode dives into the appeal of Asian equities, particularly in regions with strong balance sheets, growing consumer bases, and undervalued companies. Edmund Harriss, co-manager of the Guinness Asian Equity Income fund, explores the economic fundamentals underpinning Asia’s growth, from resilient currencies and orthodox monetary policies to emerging tech leadership in areas like AI and renewables. He also highlights dividend-paying companies that offer stability and long-term income potential.

What’s covered in this episode: 

• What does the rising US deficit mean?
• How does the growing deficit impact Asian markets?
• How does a weak dollar affect Asian economies? 
• Can Asia pick up the mantle from the US?
• The best opportunities in the region
• What’s been driving performance? 
• Gaining tech exposure in Asian equities
• Why China is at the forefront of technology
• The case for long-term allocation to Asian equities
• The outlook for Asian equities

More about the fund: Guinness Asian Equity Income fund invests in companies across the whole Asia Pacific region, including Australia. The portfolio is concentrated at just 36 equally-weighted stocks, and has a one-in, one-out policy, looking for a combination of capital and dividend growth. We like their approach of focusing on companies that can sustainably grow their dividend into the future and the fact that the portfolio looks very different from the benchmark and their peers.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Gold has broken out to new highs, but have investors truly taken notice? Jupiter Gold & Silver manager Ned Naylor-Leyland explores the evolving role of precious metals in modern portfolios, examining why central banks are buying gold while many investors remain on the sidelines. This episode covers the performance gap between physical assets and mining equities, the bullish case for silver, and why traditional safe havens like U.S. Treasuries may be losing their shine.

What’s covered in this episode: 

• Is now the time to take profits from gold? 
• Why everyone should have an allocation to physical gold
• Why gold miners have lagged gold prices
• Physical gold or gold miners?
• Where can the gold price go from here?
• The impact of Trump, tariffs and the US dollar
• The need for more people to allocate to gold
• The relationship between gold and silver
• Can silver still perform?

More about the fund: We like this fund’s dynamism and the manager’s willingness to alter its positioning to best suit current market conditions. Most funds in its peer group are unable to own physical bullion, making this a very different proposition. The fund's ability to hold up to 70% in silver also offers the potential for higher returns, albeit whilst increasing the risk profile.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

With fixed income markets facing heightened volatility, this episode dives into how strategic bond fund managers are navigating uncertainty through flexibility and precision. Colin Finlayson, co-manager of the Aegon Strategic Bond fund, highlights the importance of managing duration risk, anticipating yield curve movements, and selecting corporate bonds based on bottom-up fundamentals. We also touch on the implications of tariffs, inflationary pressures, and fiscal policy on bond markets.

What’s covered in this episode: 

• The three drivers of outperformance
• Is there room to take more duration risk? 
• Opportunities in corporate bonds
• The challenging outlook for high yield
• Inflation considerations in the US, Europe and UK
• Initial reactions to tariffs and today’s view
• The importance of flexibility in the fund

More about the fund: The Aegon Strategic Bond fund has a very broad and flexible remit. It invests globally and is a true strategic bond fund that can change its positioning very quickly when necessary. The managers combine longer-term strategic positions with short-term ideas.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

We explore how valuation-driven investment strategies are navigating today’s turbulent global markets. Bertrand Cliquet, co-manager on the Lazard Global Equity Franchise fund, explains why the portfolio has a significant underweight to the US, the impact of geopolitical uncertainty, and how tariffs are reshaping global economic dynamics. The interview covers their disciplined approach to stock selection, the importance of predictability in earnings, and how behavioural biases are mitigated through a rigorous peer-review process. We also explore current regional opportunities, with Europe and the UK providing fertile ground for value investors.

What’s covered in this episode: 

• Why the fund is underweight US
• Continued uncertainty in the US market 
• Taking into account tariffs
• Investing for a realistic but conservative scenario
• The fund’s “peer review” process
• Why the fund holds only 25 stocks today
• Where value opportunities lie today 
• How tariffs have impacted the portfolio so far
• Avoiding behavioural traps
• What does “franchise” mean in the context of this fund?
• Does macro come into stock selection?

More about the fund: The Lazard Global Equity Franchise fund has a very similar philosophy to some of the most successful funds in its sector, but with a very different resultant portfolio. The fund is also differentiated by the managers' systematic approach to portfolio construction, which means that behavioural biases should be removed.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

Ajay Tyagi, manager of the UTI India Dynamic Equity fund, takes a deep dive into the changing dynamics of the Indian economy and equity market. He discusses how India’s growing middle class is driving consumption, which sectors offer long-term potential, and how global trade tensions are influencing market positioning. We also cover the outlook for small and mid-cap stocks and what rising per-capita income means for future growth.

What’s covered in this episode: 

• What has been the impact of Trump’s tariffs on India?
• What’s your initial reaction?
• Will tariffs impact holdings in the portfolio?
• What’s the outlook for India’s middle class?
• The IMF’s lowered growth forecast 
• The long-term appeal of the food services industry 
• What do valuations look like today? 
• Where are the small and mid-cap opportunities?
• Benefits of being a local asset manager
• Why the manager expects the government to do more
• Growth in the speciality chemical sector

More about the fund: UTI India Dynamic Equity fund invests across the market-cap spectrum of Indian companies. The investment process is based on quality, growth, and valuation, and the team conducts thorough on-the-ground research to identify and monitor companies with a high potential for significant market outperformance.

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.