Abby Glennie, manager of the abrdn UK Mid Cap Equity fund, joins us to celebrate our 250th episode by talking all things FTSE 250 - the UK’s 250 mid-sized companies. Abby and Darius discuss the types of companies listed in the FTSE 250 and their attractive qualities for long term investors. Abby also tells us that more mid-sized companies can be found in the AIM index and gives a number of examples to illustrate the long-term growth potential of mid-cap stocks and the fund’s ability to “run its winners” - including familiar names like Hollywood Bowl and Greggs.

What’s covered in this episode: 

• The type of companies listed in the FTSE 250
• Why some companies listed on the AIM market could qualify as mid-cap
• The growth potential of FTSE 250 companies
• FTSE 250 performance compared to the FTSE 100 
• What makes mid-caps attractive for active investors
• Five long-term holdings in the portfolio, including familiar names Hollywood Bowl and Greggs
• How the ‘Matrix’ aids in stock selection and portfolio construction
• The fund’s two quality factors: Key and Z-scores
• The investment case for gaming company Keyword Studios
• Why people got the gaming sector wrong during Covid
• The hidden strength’s that could drive Greggs’ future growth

More about this fund:
The abrdn UK Mid Cap Equity is a high conviction strategy which invests in medium-sized companies for the long term. It focuses on businesses when they are well established, but still have a long runway of growth potential. Manager Abby Glennie has delivered excellent performance across a number of strategies. This fund is no exception. Her process leans on abrdn’’s screening tool, ‘The Matrix’, and is backed up with rigorous fundamental research and regular company meetings.

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.

Alexandra Jackson, manager of Rathbone UK Opportunities fund, gives her views on the Silicon Valley Bank failure and why rising interest rates are felt more by start-ups than quality companies. According to Alexandra, the UK is trading on a 40% discount to global equities, so now could be a good time to invest. She discusses the wide range of opportunities to be had, ranging from gaming to infrastructure.

What’s covered in this episode: 

• What happened with Silicon Valley Bank… and should we be worried?
• Are higher interest rates going to negativity effect mid and smaller sized UK companies?
• Why the banking strain is more felt by start-up companies than quality companies
• Why now is the time for stock picking
• UK equities are  40% cheaper than global equities
• How the manager constructs a portfolio for a potential recession
• Why politics have been one of the biggest positive surprises recently
• The difference between investing in the FTSE 250 and AIM listed companies
• How UK companies can benefit from US infrastructure spending
• Why now is a good time to be investing in UK equities

More about the fund:
The Rathbone UK Opportunities fund is a truly active and nimble multi-cap fund with a clear bias in favour of quality growth. The manager will invest in small caps all the way through to mega caps although her sweet spot is usually in the mid-cap part of the market. The fund’s heavy mid cap and quality growth bias means it is likely to deliver very different performance to the UK market.

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.

Darius McDermott and Juliet Schooling Latter offer their opinions on market volatility brought on by a potential banking crisis. They discuss the issues around the failures of both Silicon Valley Bank and Credit Suisse and how a lack of investor confidence could potentially see these issues spread further. Closer to home, we discuss the FTSE 100 and recent changes to the Lifetime Allowance for pensions following the Spring Budget. Both Darius and Juliet conclude by offering their views on technology, healthcare, commodities and India and tells us where they’re looking to invest their ISA allowance this year.

What's covered in this episode: 

• Why the FTSE 100 reached an all-time high
• …yet remains relatively inexpensive
• Is a banking crisis coming?
• What caused the problems for Silicon Valley Bank?
• How a lack of confidence could cause contagion in other banks
• What happened with Credit Suisse?
• Why AT1 bonds suddenly became a cause for concern
• Changes to the Lifetime Allowance for pensions
• How pension regulation has become a “political football”
• The long-term prospects for the technology sector
• Why European equities have performed well so far this year
• Should investors still be confident about corporate bonds?
• Recent under-performers: India, healthcare and commodities 
• Where the experts are investing their ISA allowance this year

The first quarter of 2023 has been a busy one with lots of events for investors to digest. From a banking crisis to changes to the pensions allowance and the FTSE 100 reaching an all-time-high, it’s been an interesting three months. In their regular quarterly update, Darius and Juliet discuss these issues and dissect the best and worst-performing sectors in Q1. 

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 Invesco Global Focus fund has a refreshingly simple approach: understand the structural trends which are changing the world and then invest in the best companies which are benefitting from these trends. John Delano, co-manager on the fund, explains how the managers’ go about identifying these themes, the importance of scale and monetisation and gives examples in cloud computing and medical devices to illustrate his point. Current lead manager on the fund, Randall Dishman, is retiring in June 2023 and John tells listeners what they can expect when he takes over.

What’s covered in this episode: 

• How the managers identify structural themes in the world
• Understanding the monetisation of themes and how they can be scaled
• Monetising the aging population theme
• Why medical technology companies are undervalued
• The businesses that help develop the drugs as opposed to discovering the drugs
• Why industry publications add value to healthcare research
• How long the managers usually hold a stock
• Why allocation to China has increased in the short-term 
• What investors can expect when John becomes lead manager in summer 2023

More about the fund:
The Invesco Global Focus fund is a high conviction, concentrated fund of around 35 stocks, which invests in structural growth winners. The managers have a no-nonsense philosophy and investment process — buy companies which are winning and then let them compound over time. Current trends the fund considers include the rise of e-commerce, digital payments, cloud computing, network security software, life sciences tools, mobile technologies, social media and digital customer service.

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.

Mike Tyson spoke from experience when he said “everyone has a plan until they get punched in the mouth”. 2022 was a punch in the mouth to investors everywhere and resulted in emotional volatility in markets according to Steven Andrew, manager of M&G Episode Income. Steven talks us about investor optimism — and pessimism — across a range of assets, notably UK equities and emerging market bonds. We also consider how human behaviour influences pricing behaviour and market data, ultimately causing continued emotional uncertainty as we head further into 2023. 

What’s covered in this episode: 

• Why investor optimism was high at the start of 2023
• Have investors moved to a period of complacency?
• Is doom and gloom a rational reaction to the UK market?
• Less structural appetite for UK equities on the global market
• Why Europe is currently “flavour of the month” for investors
• Investor behaviour and the banking sector — and how it compares to 15 years ago
• The manager’s views on Japanese equities
• Two reasons why the M&G Episode Income doesn’t currently hold any property
• Why take the risk in emerging market and high yield bonds today?
• Being prepared to act amid volatility
• Why market — and human — shock has caused errors in market pricing data
• Emotional uncertainty driving markets forward
• Why price behaviour is all about understanding the nature of the world

More about the fund: 

The M&G Episode Income fund invests directly in individual stocks and bonds, while property exposure is gained by investing in property funds. The name “Episode” refers to those periods of time when investors’ emotions cause them to act irrationally. The manager uses behavioural finance to find pockets of value and invest against the herd, rather than following it.

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.

George Curtis, portfolio manager and member of the Multi-Sector Bond team at TwentyFour Asset Management, presents a broad overview of bond markets as we stand today. He covers all areas from high yield to government bonds and gives insights as to why the TwentyFour Dynamic Bond fund has been reducing exposure to both emerging market bonds and the high yield bond market, as well as the growing significance for ESG considerations within fixed income.

What’s covered in this episode: 

• Why 2022 was one of the worst years on record for global bond markets
• Three scenarios for global markets in 2023
• Why we should expect continued volatility for fixed income
• What investors can expect from high yield markets
• Why the team continues to reduce exposure to high yield bonds
• How a recessionary environment influences high yield bonds
• The attractions of European high yield over US high yield 
• Why investment grade bonds are more attractive than they’ve been previously
• The team’s preference for financial bonds such as banks within the investment grade space
• The extra benefits of government bonds, particularly US Treasuries
• The difficulty of navigating ESG in emerging market bonds
• How ESG considerations influence a bond’s interest rate

More about TwentyFour Asset Management:
TwentyFour Asset Management is an independent fixed income firm, founded in 2008 by a group of leading specialists. It offers highly transparent products that benefit from a rigorous detail-orientated investment approach to achieve superior risk-adjusted returns. The TwentyFour Absolute Return Credit, TwentyFour Corporate Bond and TwentyFour Dynamic Bond fund are all Elite Rated by FundCalibre.

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.

For professional investors only. This content is provided for information purposes only and nothing contained within should constitute a solicitation, offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. Any companies, securities or funds discussed are for illustrative purposes only and is not intended to be a personal recommendation to buy or sell any company, security or fund, to effect any transactions, to adopt a particular investment strategy or to conclude any legal act of any kind whatsoever. Any projections, forecasts or estimates voiced are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Past performance is not a reliable guide to future returns and there can be no assurance that investment objectives will be achiev

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 just two years, 60% of all the wealth in the UK will be in female hands. So now is not the time to be quiet about money matters! Gillian Hepburn, Head of UK Intermediary Solutions at Schroders has been researching the transfer of wealth for a number of years and joins us to discuss this in more detail. From pensions problems to divorce disasters Gillian outlines some of the issues women may face with their future finances and gives practical solutions as to how to invest an inheritance.

What’s covered in this episode: 

• Why 60% of all the wealth will be female hands by 2025
• The first steps for women who inherit a large sum of money
• Why women should invest rather than save
• How to avoid scams
• Why women are more likely to pass on wealth during their lifetime
• Living longer and the impact on our savings
• The importance of engaging with your finances as soon as possible
• What money resources are available for women 
• If women are risk averse or just more risk aware
• How money coaches can help you talk about your finances

More about the transfer of wealth to women:
When discussing wealth transfer, the tendency is to focus on the transfer to the next generation. However, the initial transfer of wealth is likely to start within the baby boomer generation from husband to the surviving widow. Traditionally non- or low-earning spouses could be able to inherit a fortune, so what do they need to know about finances? Younger, more affluent women are also getting more financially savvy. And, with more women becoming the family breadwinners, all these changes represent a critical inflection point for the financial-services industry.

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.

Linden Thomson, manager of the AXA Framlington Biotech fund, gives an introduction to biotech, one of the fastest growing subsets of the healthcare industry. Linden explains the difference between pharmaceuticals and biotech, and outlines the themes driving the sector, including drug innovations in the area of HIV/AIDS and cystic fibrosis. She also covers the influence of US politics and geopolitical tensions in China on the sector and how the fund can often bring defensive aspects to an investor’s portfolio.

What’s covered in this episode:

• The difference between biotechnology and pharmaceuticals 
• Four themes driving the sector: drug innovation, lifestyle diseases, disease prevention and geographical expansion
• How US politics influence drug prices
• What the Inflation Reduction Act means for the wider healthcare sector 
• How the Inflation Reduction Act influences biopharma companies
• When will biotech underperform the market?
• The defensive aspects of the biotechnology sector
• Why the innovative nature of the sector makes it ripe for M&A activity 

More about the fund:
The AXA Framlington Biotech fund is a high conviction strategy which looks to tap into what is now one of the fastest growing subsets of the healthcare sector. The fund invests directly in companies that are helping us live longer by bringing new drugs to market to tackle the likes of cancer, heart disease and obesity. This sector requires a specialist, focused team with skills, experience, and a network to keep up with the changes that are taking place and that is exactly what manager Linden Thomson and her team 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.

Barings Europe Select Trust co-manager Will Cuss talks about all things Europe in this week’s podcast. He gives us a brief overview of inflation in the Eurozone and comments on some big moves in the commodities market. Will also discusses how the energy availability risk looks set to decrease with a combination of a new energy source – Middle East gas – coming onstream, alongside growing investment in renewable energy sources. He describes the USPs the team looks for in buying opportunities and tells us how corporate engagement informs and helps to identify companies that can do well in any sort of economic backdrop. Will concludes by highlighting why GTT, Gerresheimer and Accelleron have made it into the portfolio.

What’s covered in this episode:

• An overview of the European economy including commodity prices
• How two new proposed energy supply sources will ease current pressures 
• How the team identifies companies that will do well in any economic environment
• How risk is defined and buying opportunities in a volatile markets
• The reasoning behind exiting holding Thule Group AB and why the team is sticking with Elis SA
• The impact of near-shoring and/or fringe-shoring and reworking energy supply lines
• How and why Gerresheimer AG is back in the portfolio
• Why Accelleron Industries AG looks like being a long, strong hold

More about the fund:
Barings Europe Select Trust invests in small and medium-sized companies and is run on what is known as a GARP (Growth at a Reasonable Price) basis. The four-strong management team has a detailed and thorough process, looking at both the growth and quality aspects of a company before making a bespoke valuation for each holding based on a five year outlook.

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.

Rasmus Nemmoe, manager of the FSSA Global Emerging Markets Focus fund, talks to us about the outlook for emerging markets and the factors in play today that have influenced past performance. He explains which companies are bucking the trend and gives examples from the portfolio including South African and India banks and the Mexican Starbucks operator. Rasmus also explains how the fund has evolved since the pandemic and how it has managed to outperform despite market conditions.

What’s covered in this episode:

• Why emerging markets have disappointed in the past decade
• Which companies have influenced the emerging market index
• Whether the outlook for global emerging markets improving
• How a private bank in South Africa is bucking trends
• What makes a Mexican Starbucks operator a good investment
• How the fund has managed to outperform despite market conditions
• How the fund has changed since the pandemic
• Three major themes in emerging markets: demographics, urbanisation and digitalisation
• Two of the fund’s largest holdings: HDFC Bank and JD.com
• The manager’s on-the-ground opinion of China’s post-pandemic recovery 

More about this fund:
FSSA Global Emerging Markets Focus fund invests in 40-45 large and medium-sized companies in emerging markets. Manager Rasmus Nemmoe has an absolute return mindset, and each holding is a quality company that can show sustained and predictable growth over the long term. The fund has a strong environmental, social and governance ethos without labeling itself as such.

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.