With the appointment of Japan’s first female prime minister and inflation returning after decades of deflation, the country is entering a new era. Baillie Gifford’s Thomas Patchett joins us to discuss how corporate reform, automation, and AI are creating exciting long-term opportunities in Japan’s market. From tightening labour conditions and surging share buybacks, to the rise of companies like SoftBank, Shimano, and Nintendo, Thomas explains why Japan’s transformation is about more than politics, it’s about innovation, efficiency, and renewed profitability.

Please note this interview was recorded prior to Sanae Takaichi’s official election and the subsequent highs of the Japanese stock market. 

What’s covered in this episode: 

• Japan’s new political leadership and market reaction
• Inflation’s surprising benefits for corporate Japan
• Share buybacks and stronger balance sheets
• AI, automation, and robotics driving growth
• Why corporate reform is far from over
• SoftBank, Nintendo, and Shimano case studies
• How demographics may boost productivity
• Where Baillie Gifford sees Japan’s next opportunities

More about this fund: One of the oldest Japan funds in the sector, Baillie Gifford Japanese Fund has delivered outstanding returns in the most difficult market conditions. The fund is managed by a large team, based in Edinburgh, and invests in growing Japanese businesses that deliver consistently strong returns to shareholders.

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 sit down with Stephen Snowden, manager of the Artemis Corporate Bond fund, to unpack the state of the bond market. He explores key concepts such as credit spreads, duration, and the relationship between corporate and government bonds, while examining how inflation and fiscal pressures are shaping yields today. The conversation also touches on how shorter bond maturities and improving corporate balance sheets have changed the credit landscape. With thoughtful analysis and practical examples, this interview helps investors understand how to navigate a “tight spread” environment and where potential opportunities may still exist within corporate bonds.

What’s covered in this episode: 

• What a credit spread really means – and why it matters for bond investors
• How corporate bond yields compare to government gilts
• Why today’s tight spreads might not be as expensive as they appear
• The impact of shorter bond maturities on risk and returns
• How corporate and household balance sheets have strengthened since the financial crisis
• The relationship between credit spreads and equity market valuations
• How fund managers manage duration – and what that means for interest rate risk
• Why long-dated gilt yields have risen despite rate cuts
• How global government debt levels are influencing bond markets
• Why real yields are now looking more attractive for long-term investors
• What to expect from corporate bond returns over the next 12 months
• Why fixed income remains a compelling alternative to cash in a cooling inflation environment

More about this fund: The Artemis Corporate Bond fund invests in investment grade corporate bonds, with some ability to allocate across the wider fixed income market. Stephen takes a long-term strategic and thematic view, but will also take advantage of short-term opportunities when they present themselves. Stephen and the team combine strong analysis of both the wider macroeconomic picture, and close examination of the fundamentals of corporate bonds, to produce a portfolio designed to weather any economic climate.

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.

Discover the dynamic world of technology with Allianz Technology Trust’s lead manager, Mike Seidenberg. From navigating mega-cap dominance and tariff concerns to uncovering opportunities in AI and cybersecurity, he shares how his team balances risk, valuation, and long-term conviction. Listeners gain insights into the global nature of the tech sector, the evolving impact of artificial intelligence, and why disciplined portfolio management remains key in an ever-changing market.

What’s covered in this episode: 

• How the trust handles Nvidia and other giants without overloading risk
• Early impacts of US-China tariffs and global events on tech earnings
• Why international markets matter
• Re-entering into China with key holdings like Alibaba and Tencent
• Why artificial intelligence is a true secular opportunity
• Cybersecurity insights and consolidation
• Why cyber spend is non-negotiable.
• How the trust balances high-growth, GARP, and value plays in an expensive tech market
• The trust’s current tilt
• Navigating tech’s pricey landscape

More about this fund: This trust seeks long-term capital growth by scouring the globe to build a diversified portfolio of technology stocks. The management team focuses on themes that are addressing major growth trends that can replace existing technology or change how products and services are being made available to consumers. The result is a high-conviction portfolio of 40-70 names.

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 UK stock market is often dismissed as stagnant, but as Simon Murphy, manager of the VT Tyndall Unconstrained UK Income fund explains, that perception doesn’t tell the full story. In conversation with Darius McDermott, Simon discusses the surprising strength of the FTSE, the undervalued potential of mid and small-cap companies, and why he believes the UK economy is far more resilient than many assume. They also look ahead to the upcoming Budget, potential tax changes, and what all this could mean for investors. With insights on valuations, domestic opportunities, and industrial recovery themes, this is a must-listen for anyone rethinking their UK investment outlook.

What’s covered in this episode: 

• Why the FTSE is quietly outperforming global markets in 2025
• The gap between perception and reality
• What’s really holding back mid and small-cap stocks?
• …and why that might change
• Why the UK economy is more resilient than the headlines suggest
• How strong corporate and consumer balance sheets are supporting growth
• What to expect from the upcoming UK Budget
• The case for optimism
• Why fear in the market could create opportunity
• Key themes driving Simon’s fund
• Examples of companies thriving despite economic uncertainty
• Why sentiment may shift and which investors could benefit first

More about this fund: VT Tyndall Unconstrained UK Income is a high conviction, highly differentiated mid-cap focused UK income fund. This fund offers something different, with its combination of premium yield and dividend growth stocks and we applaud the fund's low active management charge.

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.

Vince Childers, manager of the Cohen & Steers Diversified Real Assets fund, joins us to discuss all things real assets and examines their strategic importance in modern portfolios. He explains the four key categories — global real estate, infrastructure, commodities, and resource equities — and how they respond to inflation shocks and market surprises. We discuss a range of topics from valuation trends, long-term performance and the influence of AI to practical considerations like liquidity and portfolio construction. This interview is a great listen for investors looking to navigate market volatility while enhancing risk-adjusted returns.

What’s covered in this episode: 

• What real assets are and why they matter now
• Four key real asset categories
• How real assets respond to inflation shocks and surprises
• Current valuations and opportunities
• Diversification benefits vs. traditional stocks and bonds
• Tactical vs. long-term allocation strategies
• Performance highlights
• Accessibility and liquidity compared with private property funds
• Impact of AI and mega-trends on real asset investing
• The era of scarcity: supply constraints and investment implications

More about this fund: Cohen & Steers Diversified Real Assets fund combines attractive returns with a degree of inflation protection. The investment process will take into account a large number of factors that can affect markets and create a portfolio of real assets, such as real estate, natural resources and infrastructure.

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.

Markets in 2025 have been anything but predictable, with geopolitical shifts, tariffs, and surprising regional performances keeping investors alert. In this quarterly market update, Darius and Juliet unpack the latest global investment trends and surprises from Q3. They discuss the shifting performance between regions, with Europe and Latin America outpacing the US, while China’s rally sparks debate on sustainability. Tariffs, inflation, and political uncertainty remain at the forefront, influencing investor sentiment and sector positioning. Fixed income markets are analysed in light of sticky inflation and unusual bond dynamics. Finally, looking ahead, both highlight where investors may find value, the importance of diversification, and strategies for navigating an uncertain final quarter of 2025.

What’s covered in this episode: 

• Surprises from Q3 market performance
• Why 2025 has defied expectations
• The shift from US dominance
• The continued impact of tariffs
• Explaining the strength of European and Latin American equities
• China’s rebound
• Signs of complacency in global markets
• Opportunities and risks in healthcare
• The outlook for smaller companies
• Fixed income insights: short-duration bonds, spreads and government debt concerns
• Portfolio takeaways for the final quarter 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.

In this episode, we explore how European companies are responding to global headwinds, from tariffs and political unrest to slowing demand. Despite headlines often painting a bleak picture, many niche businesses are thriving by tapping into structural growth drivers. David Walton, manager of the IFSL Marlborough European Special Situations fund, discusses the resilience of smaller and micro-cap companies, highlighting standout performers in luxury jewellery and power tools, and considers how disciplined patience and off-the-beaten-track investing can deliver strong results.

What’s covered in this episode: 

• How uncertainty is impacting European companies differently
• Why smaller companies are beginning to outperform
• The importance of sector selection
• Finding sub-sectors with unique growth drivers
• Examples of standout holdings within the fund
• Uncovering hidden value in overlooked businesses
• The role of meeting management teams and hands-on research
• How to manage underperforming holdings 
• Current risks and opportunities in European equities
• Why negative headlines can create attractive entry points

More about the fund:

IFSL Marlborough European Special Situations fund offers access to much smaller companies than many of its peers. These businesses are often overlooked and hence have the potential to outperform. We consider the team an expert in small-cap investing, having built a stellar track record in this space, and the manager of this fund has been very successful at mitigating the risks that are typically associated with smaller companies.

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.

This episode unpacks how overlooked companies and unloved markets can offer attractive returns, why technical analysis and timing matter, and the risks of following the crowd into overcrowded trades. Sean Peche, manager of the Ranmore Global Equity fund, tells us how market cycles, crises, and hype—from the Magnificent 7 to artificial intelligence—can present both risks and opportunities for patient investors. With real-world examples, analogies, and lessons learned across 17 years of investing, this interview provides practical insight into how disciplined, contrarian thinking can help protect capital and compound wealth over the long term.

What’s covered in this episode: 

• An introduction to Ranmore Global Equity
• What value means at Ranmore
• How the team uses momentum and technical factors in their process
• The disconnect in markets
• Capturing the downside of markets
• The fund’s buy and sell discipline
• Where is Ranmore finding value today?
• Utilising mid and small-caps in the portfolio
• The investment case for Gregg’s
• Why AI is overhyped 
• What £100 invested at launch is worth now

More about the fund: A true global value fund which has delivered in many different market environments, Ranmore Global Equity is significantly differentiated from the market and its peers and may be a useful diversifier in portfolios. The fund has a mixture of holdings across the market-cap spectrum. Unlike other value strategies, momentum and technical factors are important parts of the investment process.

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.

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.