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.

The Aegon Diversified Monthly Income fund has the flexibility to pursue the most attractive income opportunities that its managers can find around the world. Co-manager Vincent McEntegart tells us more about the current opportunities for income seekers, focusing primarily on the fund’s rotation towards the bond market. Vincent tells us why the fund has been reducing banking exposure, infrastructure and real estate, in favour of investment grade and high yield bonds, and finishes by explaining how they are making money from the Brazilian currency.

What’s covered in this episode: 

• How the fund has maintained a yield of 5% for investors
• Why investment grade bonds are a bigger part of the portfolio today
• Why the fund has been reducing banking exposure
• Bank equities versus bank bonds
• Why the fund has reduced global equity exposure
• Why property markets are struggling…and where the fund is investing instead
• How markets are influencing the portfolio’s stance 
• How the fund manages currency risk
• Why currency is like the share price of your economy 

More about the fund:
The Aegon Diversified Monthly Income fund targets a yield of around 5% per cent year, which is paid monthly to investors. This is a truly diversified, multi-asset fund, with a mixture of bond, equity, property and alternative exposure. The fund is well-resourced and well supported by a 12-strong multi-asset team and other specialist asset-class teams across the group.

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.

The Investing on go podcast was launched four years ago today and, in that time, we’re conducted over 250 interviews, had over 75,000 listens, not to mention a global pandemic, inflation, recession and a banking crisis. Needless to say, the last four years have been a bumpy road with the podcast coming along for the ride. Darius McDermott, Juliet Schooling Latter and Sam Slator mark the occasion by looking back over the last four years and looking ahead at what’s to come from markets. 

What’s covered in this episode: 

• What’s the outlook for markets today?
• The most telegraphed recession in history
• Which style will prevail in 2023
• Why dividends will play a bigger role in portfolios going forward
• Why commodities are different today than a decade ago
• What makes bonds attractive for investors today
• Why property investments often reflect the state of the wider economy
• Which areas our contrarians are backing this year
• Darius and Juliet highlight their favourite podcast episodes over the four years

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.

Climate finance is an area that continues to see growth and, for the first time, in 2022 the world spent more on this area than on the investment in the fossil fuel ecosystem according to today’s guest. Deirdre Cooper, co-manager of the Ninety One Global Environment fund, joins us this week to talk about the growing opportunities in climate finance and how legislation from various countries impacts global efforts. Deirdre explains the unique investment process of the fund and how they go about reporting on the carbon avoided and the supply chain of their companies. Deirdre also goes into detail on the different struggles — and accomplishments — of European, Chinese and US economies when tackling climate change.

What’s covered in this episode: 

• How to find products and services that avoid carbon
• The growing investment into climate finance
• To achieve net zero, climate finance needs to top $6 trillion
• How the fund works with the Carbon Disclosure Project to report on carbon avoided
• The carbon footprint of a utilities company versus a software company
• Why European companies will struggle to reduce their carbon footprint this year
• Growing acceleration in China’s EV markets
• The impact of the Inflation Reduction Act on decarbonisation globally
• Energy efficiency in Europe without Russian gas
• What higher inflation means for the 2050 net zero target
• What the cost-of-living crisis means for an individual’s carbon footprint
• Why the US has surpassed Europe in climate policy
• Why the Inflation Reduction Act will be a key debate point in the next US presidential election 

More about the fund:
The Ninety One Global Environment fund is a genuinely unique fund investing in companies that are contributing to the decarbonisation of the world economy. ESG factors are put first and foremost in the construction of this highly concentrated portfolio, with just 20-40 holdings. The fund will have limited crossover with peers and its benchmark given its unique strategy, and it is set to benefit from the massive tailwind of the some $2.4 trillion of annual spend required to meet global temperature goals.

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.

With approximately 41,000 companies listed worldwide, how’s an investor to choose? And once invested, how do you keep your emotions in check? In this interview, Bertrand Cliquet, co-manager of Lazard Global Equity Franchise fund, tells us how this fund’s emphasis on good economic franchises filters that list down to an eclectic mix of just 26 stocks. Bertrand also explains how the process uses a behavioural analysis filter and why the team sticks with a conservative approach to combat inflation and volatility in the markets.

What’s covered in this episode: 

• The characteristics that make an ‘economic franchise’
• Three examples of companies with an economic franchise
• The investment case for Tapestry, the owner of Kate Spade, Coach and Stuart Weitzman
• How a change in management at Tapestry influenced profits
• How the team narrows down its investable universe to just 220 names
• Why emotion is the big enemy of investors 
• The team’s conservative approach to inflation and recession
• Why heightened volatility has provided more opportunities
• Recent rotations in the portfolio 
• Why Covid forced the managers to go back to the fundamentals of medical equipment company Medtronic
• Does looming inflation affect the long-term positioning of the portfolio?
• Why the fund avoids big value sectors such as banks, commodities and oil and gas

More about the fund:
The Lazard Global Equity Franchise fund can invest in any business around the world, but because the managers are looking for industry leaders, there is a natural bias towards larger-sized companies. Run by a four-strong team, the managers’ systematic approach to portfolio construction means that behavioural biases should be removed, offering an attractive opportunity in the global equities sector.

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.

With over 30 years’ experience of investing in the Asia region, Jason Pidcock, manager of the Jupiter Asian Income fund, takes us deep into the heart of his fund’s territory. He explains why he’s comfortable with a zero-weighting to China and perhaps surprises some listeners with the news that the Australian stock market has been the best equity market in the world since 1900. Jason gives us the reasons behind Australia’s success, then discusses the opportunities in India – particularly for dividend growth – and goes on to explain why the fund invests only in large caps. He ends with some stock examples and the benefits that an Asian income fund can offer investors.

What’s covered in this episode:

• Why the manager does not invest in China
• Investment opportunities outside of China
• How Australia has a history of dodging recession
• Looking for dividend growth in India
• The fund’s largest – and best-performing– holding in India
• Why the manager only invests in larger companies
• Why even the biggest market cap size is no barrier to further growth
• Why market share and a company’s margins are true investment indicators
• When the fund’s investable universe massively expanded
• How an Australian financials business has built a global presence
• The three ways investors can benefit from investing in Asia

More about this fund:
Well-known Asian income manager Jason Pidcock combs the breadth of the Asia Pacific market in search of large companies with reliable dividends that can deliver both income and growth for investors. Jupiter Asian Income fund aims to capitalise on the opportunities of today, as well as the potential of tomorrow, and is not afraid to hold much more or less of certain countries than its benchmark in pursuit of this aim.

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.