The advantage of investing in a pooled fund of Real Estate Investment Trusts (REITs) is that investors don't need extensive knowledge about the underlying assets. Active managers such as Rogier Quirijns, co-manager of the Cohen & Steers European Real Estate Securities fund, handle the selection of properties and the broadening sectors within real estate, such as office spaces, retail, data centres, and self-storage, on your behalf. 

Rogier discusses the negative impact of inflation overshooting and the subsequent increase in interest rates, which primarily affected the listed real estate market. However, he also mentions that inflation can be a benefit by increasing rental income. He then turns to the defensive nature of the sector when discussing recession. We finish with the opportunities for investing in undervalued assets, such as German residential properties.

What’s covered in this episode: 

• What is a REIT? 
• What are the advantages of REITs? 
• How the sector has broadened out into new sub-sectors
• What caused the challenging period of real estate assets in 2022
• How inflation can benefit real estate
• The defensive characteristics of real estate
• Potential catalysts for the asset class
• The strong pricing power in self-storage 
• Opportunities in German residential properties
• The impact of higher interest rates on mortgages

More about this fund:
This fund employs a proven and reliable approach that enables its well-resourced team to navigate the market, aiming to provide consistent returns that surpass the overall market performance. The European real estate market is influenced by a multitude of factors, but the expertise and resources of Rogier and the team empower them to analyse all available information and construct a risk-conscious portfolio.

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.

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.

City of London Investment Trust manager Job Curtis discusses the current state of the UK economy and provides a more optimistic perspective. While he believes inflation will eventually decline, it may take time to return to previous levels. Job discusses the global exposure of his holdings and the negative perception of the UK market on the global stage. He also reveals what he says is the “hidden secret of stock markets”. The interview finishes with Job highlighting the reliability of the trust to grow its dividends and how companies in the portfolio have managed rising inflation and interest rates.

What’s covered in this episode: 

• Pessimism surrounding the UK economy
• How wage, food and energy prices influence inflation 
• Why the UK stock market is not the same as the UK economy
• How UK equities offer investors potential growth 
• The international exposure of the trust
• Why the UK market continues to trade on a discount
• Examples of M&A activity in the portfolio
• The importance of income in a portfolio, no matter your age
• How perceived inflation impacts markets
• Why the manager takes a cautious approach
• How the trust is currently positioned
• The sectors with the largest allocation today

More about this fund:
The City of London Investment Trust focuses on generating both income and capital growth through its investments primarily in larger UK companies that have international reach. For 56 consecutive years, it has consistently raised its dividend payment. The trust has a conservative approach, which has resulted in consistent and reliable returns over an extended period.

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.

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.

Anjli Shah, manager of the abrdn SICAV I Global Mid-Cap Equity fund, demonstrates the effectiveness of the fund’s ability to run small-cap winners and buy future large-caps early. Anjli acknowledges the challenges faced in 2022, due to a combination of style rotation in global markets and mid-cap growth being affected by higher inflation and interest rate expectations.

This episode also focuses on three holdings: Cadence, a US company specialising in computational software for semiconductor design, Moncler, an Italian luxury brand known for its outerwear, and small-cap graduate, Insulet, a US manufacturer of tubeless insulin pumps. Anjli explains the growth drivers and positive attributes of each company. She also emphasises the importance of meeting management teams and assessing their strategies, vision, and alignment of interests.

What’s covered in this episode: 

• The success of the fund following the third anniversary since inception
• How global style rotation impacted global mid-caps
• The potential for mid-caps to bounce back quickly
• Why semiconductors are important to the AI story
• The momentum behind Italian luxury brand Moncler
• The importance of meeting management before investing
• How the ‘Matrix’ is used for portfolio idea generation
• The potential for Asian and emerging markets to perform well
• Small-cap ‘graduate’ Insulet, a manufacturer of tubeless insulin pumps

More about this fund:
The abrdn SICAV I Global Mid-Cap Equity fund uses the resources of abrdn's thriving small and mid-cap desk, focusing on companies that fall within the "next 15%" range in terms of market capitalisation beyond smaller firms. The fund's approach centres around abrdn's robust screening tool called ‘The Matrix' and consists of approximately 40-80 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.

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.

Ian Mortimer, co-manager of the Guinness Global Innovators fund, shares how the fund identifies and profits from innovative and disruptive companies, emphasising the importance of sustainable growth and the need to avoid getting caught up in the hype. We also cover the benefits and risks associated with Artificial Intelligence, the Metaverse, and the payments and FinTech sector. Ian provides examples of companies within these various themes and discusses the long-term outlook for investing in innovative companies, highlighting the challenges faced in the past 18 months. 

What’s covered in this episode: 

• How investors can make money from innovative companies
• How markets reacted to ChatGPT
• The performance of artificial intelligence stocks versus the benchmark
• The potential benefits of artificial intelligence 
• Why investors shouldn’t necessarily buy into the whole AI story
• The recent profitability of Meta 
• Why the Metaverse looks attractive
• How demographics have influenced the FinTech market
• How AI could influence financial data
• Innovation doesn’t necessarily mean the smallest companies
• How interest rates impacted innovative companies
• The positive outlook for quality growth 

More about the fund: 
The Guinness Global Innovators fund focuses on innovative and disruptive companies and has identified nine key innovation themes. These themes are advanced healthcare; artificial intelligence and big data; clean energy and sustainability; cloud computing; internet, media and entertainment; mobile technology and the internet of things; next generation consumer; payments and FinTech; robotics and automation. The fund will naturally have a heavy bias in favour of the growth style of investing.

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.

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.

James Mee, co-head of multi-asset strategies and manager of the Waverton Multi-Asset Income fund, provides a comprehensive overview of the wide range of opportunities available to multi-asset investors. James delves into Waverton's unique approach to risk management, emphasising that it goes beyond just volatility and encompasses factors like inflation and potential permanent capital loss. He explores the effective strategies employed during uncertain periods, including the use of hedging within the fund to mitigate these risks.

The latter part of the episode focuses on the critical topic of inflation and its long-term implications. James analyses various factors such as China's working population, the influence of digitalisation, and the impact of artificial intelligence. To illustrate these concepts, James finishes by sharing two examples from the fund's portfolio: the Chicago Mercantile Exchange and PRS REIT.

What’s covered in this episode: 

• How the Waverton Multi-Asset team defines risk
• How the manager manages risk in the fund
• Why investing directly in equities and not funds gives more control over risk
• How the manager protects capital during periods of market volatility
• The use of hedging in the fund
• The manger’s view on inflation in the UK
• The inflationary impact of de-globalisation 
• How the decreasing working population influences inflation
• The disinflationary force of digitalisation
• Will artificial intelligence cause a disinflationary impact in years to come?
• Chicago Mercantile Exchange: what it is and why it looks attractive today
• Why the fund is adding to property
• The fund’s increased exposure to investment grade fixed income
• How to invest for the long-term during market uncertainty

More about the fund: 

The Waverton Multi-Asset Income fund leverages the broader capabilities of Waverton Investment Management to construct a diversified portfolio encompassing direct equities, fixed income, and alternative strategies. The team prioritises risk management as the core of its investment approach, with a focus on safeguarding capital during periods of market weakness.

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.

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.

Joining us today is Guido Dacie-Lombardo, co-manager of the LF Montanaro UK Income fund, to delve into the UK market and shed light on the extensive resources at Montanaro's disposal. Given the fund's specific focus on small and medium-sized businesses, Guido shares his insights on UK small caps and highlights the expertise of the Montanaro team in producing their own high-quality research. Our discussion covers various topics, including M&A activity, as well as both special and ordinary dividends within the fund's portfolio. Guido concludes by elaborating on the fund's strong ESG credentials, the company’s commitment to achieving Net Zero, and a notable top holding, Games Workshop.

What’s covered in this episode: 

• Why small caps been out of favour in the UK…
• …yet continue to be a good place for long term investors 
• The types of companies the LF Montanaro UK Income fund invests in
• Why the fund doesn’t invest in large FTSE 100 companies
• Why the manager describes the AIM market as a lobster pot market
• The analyst team at Montanaro
• Will M&A activity continue in the UK?
• Company takeovers in the past 12 months
• How the fund’s dividends are holding up this year
• Why the manager is taking a cautious approach to 2023
• The focus on Net Zero targets over the past 18 months
• What is a B Corporation?
• How Montanaro is planning to remove 100% of all historical emissions since the company was founded
• The success of the Warhammer franchise from Games Workshop
• How a potential deal with Amazon could be big for Games Workshop in the future

More about the fund: 

The LF Montanaro UK Income fund stands out from typical UK equity income funds as it specifically targets small and medium-sized businesses. Additionally, each holding provides either dividend yield or the potential for dividend growth. The fund's proven track record, driven by its well-defined approach and emphasis on thorough research, has consistently delivered positive results over an extended period of time.

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.

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.

A ‘go anywhere, do anything’ fund, new Elite Radar Invesco Tactical Bond fund is the most flexible offering in Invesco’s fixed income range. Manager Stuart Edwards joins us to discuss the magical world of fixed income, explaining why bonds have suddenly become much more exciting for investors. Stuart also explains some often-used terms such as ‘duration’ and the impact it can have on returns. He also reveals the areas where he is finding the best opportunities and tells us how he started his career as a UK economist forecasting data. With such a background, it would have been remiss of us if we then hadn’t asked him his views on the UK economy and inflation over the next 12 months – listen to hear what he predicts. 

What’s covered in this episode: 

• Why the last 12-18 months have been tricky for bonds
• The type of bonds this fund can invest in
• How valuations in the bond market have changed
• An explanation of ‘duration’ and how it can influence the returns from bonds
• Why 2023 is a transition year between inflation risks and growth risks
• How the fund is positioned today
• Where in emerging markets the manage is finding opportunities
• The manager’s background as a UK economist forecasting data
• The manager’s view on the UK economy today 
• Why the manager is downbeat on the UK’s economic prospects going into 2024
• The intricacies of inflation and its tricky path downwards going forward

More about the fund:
The new Elite Radar Invesco Tactical Bond is the most flexible fund in Invesco’s fixed income range. It is designed to capitalise on all the resources within the team and invest across the whole fixed-income opportunity set. The managers use an active style whereby risk can be continually adjusted according to market conditions and the level of return on offer.

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.

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.

Despite challenging market conditions, the newly Elite Rated BNY Mellon Multi-Asset Income fund has managed to provide a consistent income by employing a diversified investment approach across various asset classes. Manager Paul Flood, joins us to discuss a wide range of topics including how the fund incorporates both macro and micro themes such as big government, decarbonisation and globalisation. Paul also explains the attractiveness of the bond market and the “rebirth” of the 60/40 portfolio (which traditionally consists of 60% equities and 40% bonds). Given concerns about potential inflationary pressures, Paul also explains the shift toward inflation-linked alternatives and renewable energy assets. We finish with important lessons in diversification and the true power of compounding.

What’s covered in this episode: 

• How the fund has managed to deliver consistent income in difficult markets
• How macro and micro themes help construct the portfolio
• Why a thematic lens helps diversify the portfolio
• A look into the fund’s “natural capital” theme and sub themes clean energy and decarbonisation
• How upgrades can help limit carbon emissions
• The deflationary effects of globalisation
• The effects of de-globalisation 
• An overview of the Newton team 
• Why bonds are more attractive today
• The “rebirth” of the 60/40 investment portfolio
• Why the team is focusing on inflation-linked alternatives
• How renewable energy assets can be “bond like” investments
• Will we see deflation at the end of 2023?
• The importance of building a portfolio that can withstand any market condition
• Believing in the power of compounding when investing for the long term  

More about the fund: 

The BNY Mellon Multi-Asset Income fund aims to generate a consistent income and potential capital growth over a long-term period of five years or more. It achieves this objective by investing in a diversified portfolio of equities, bonds, and alternative assets. As part of a broader multi-asset range, the fund leverages the expertise of Newton's 130 investment professionals, enabling it to invest globally across various geographic and economic sectors.

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.

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.

Singapore-based manager Jochen Breuer talks us through the key objectives of the Fidelity Asian Dividend fund — and it’s not just about producing an income. Jochen explains the types of companies held in this concentrated portfolio, why they tend to outperform in falling markets and the prospects for dividend growth in Asia. We consider two examples, firstly the technology sector through the lens of Samsung and secondly, the financial sector using Singapore Exchange as an illustrative as to why the manager favours non-bank financial companies. 

What’s covered in this episode: 

• The three targeted outcomes of this fund 
• Why the Fidelity Asian Dividend fund tends to outperform in falling markets
• The types of companies held in the portfolio
• Why technology can be both a cyclical and defensive 
• The investment case for Samsung
• The manager’s preference for insurance companies over banks
• Why you need to be selective about investing in banks in Asia
• How long-term holding Singapore Exchange could benefit from rising interest rates
• How the reopening of China impacts the portfolio
• The prospects for dividend growth in Asia 

More about the fund:
The Fidelity Asian Dividend fund consists of between 30-50 holdings and pays a decent yield of around 30-40% more than the wider market, offering the opportunity for capital and dividend growth. While the manager favours high quality companies, he will not invest in them at any price and this value-aware mindset, coupled with the yield target, gives the fund a value tilt. 

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.

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.

Europe has had a number of challenges in recent years when faced with serious threats, whether from Brexit, the pandemic or now the Russia-Ukraine war and its consequences for global energy supplies. Despite these headwinds, Zehrid Osmani, manager of FTF Martin Currie European Unconstrained, remains positive on sentiment in Europe. Zehrid discusses the uncertainty around inflation, but also how the reopening of China has been beneficial to European companies. Zehrid tells us more about a few themes running through the portfolio in robotics, automation, artificial intelligence and the metaverse. We wrap up with the investment case for three holdings: ASML, Ferrari and Moncler.

What’s covered in this episode:

• Uncertainty about inflation and monetary policy in Europe
• Why Europe is already showing signs of stagflation
• How Chinese economic momentum impacts European economies
• The risks posed by higher inflation and increased volatility
• The geopolitical risks impacting Europe
• The drive towards robotics, automation and artificial intelligence
• Opportunities in the Metaverse and quantum computing
• Why companies with dominant market positions are key for an inflationary environment
• The structural growth opportunity in semiconductors …and investing in ASML
• The pricing power of Ferrari
• The growing appeal of Moncler – and the TikTok campaigns attracting billions of views

More about the fund:
FTF Martin Currie European Unconstrained fund is a high conviction portfolio of medium and large European equities, with no constraints on regional or country allocations. Manager Zehrid Osmani takes a long-term approach and he believes that markets undervalue the compounding characteristics of quality growth companies. He aims to identify these companies and hold them for the long term to enable them to generate excess returns with lower risk.

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.

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.