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.

Baillie Gifford’s Ben James talks to us about US equities and the Baillie Gifford American fund in this week’s podcast. He tells how sticking to the fund’s philosophy and process in challenging markets helped them ‘avoid making knee-jerk reactions to the noise and the sentiment in the market’. He also discusses the US economy and the outlook for its businesses, before going on to tell us the team’s investment case for the likes of Tesla, Netflix, and concludes by telling us about 3 stocks they’re currently finding exciting and why.

What's covered in this episode:

• Thoughts on inflation in the US economy
• Why the fund’s holdings reflect a longer, 5-10-year timeframe
• What the characteristics of ‘resilient’ stocks are
• How and why the team maintained its ‘growth’ investment style despite challenging headwinds
• Why investors should hold US large caps in their portfolios
• Active vs passive investing and how the fund differs from the S&P 500
• Which companies are driving and exploiting structural change
• How healthcare’s acyclicality benefits the portfolio
• Why companies designated as disruptors and engines of growth have a place in the portfolio
• A deep dive on Tesla and Netflix
• Which 3 less well-known companies are exciting the team at the moment

More about this fund:
This US equity fund is one of the purest examples of the Baillie Gifford growth philosophy. It is run by a team of four co-managers who focus on the small number of companies that create exceptional returns. They are looking for the high-performance outliers - those firms that can return at least 150% - and will hold them for the long-term to allow them to generate this return. The average holding period is over 5 years, with many stocks having been held for much longer. The managers will also have conviction in these names, with the largest ten holdings usually accounting for over 50% of the portfolio. These stocks will tap into the trends of the future, such as the continued rise of online retail, the evolution of transportation, innovative healthcare and the ongoing digitisation of the economy and the shift to the cloud.

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.

Alex Wright, manager of the Fidelity Special Values investment trust, explains to us how the UK’s largest 100 companies can be trading cheaply, even though the index has hit an all-time-high. He discusses the different areas of the UK stock market and tells us why he thinks banks are the most exciting sector for investors today. Alex also discusses the importance of dividends and tells us why he prefers a couple of European companies over their UK peers.

What’s covered in this episode:

• Does the FTSE 100 reaching an all-time high mean it’s too expensive now?
• What’s more attractive? Small, mid, or large cap stocks?
• Limiting share price falls in a tough environment
• Why the manager is increasing exposure to banks and financials
• Why banks such as NatWest look interesting
• How recession impacts the banking sector
• What type of company could help recession proof your portfolio
• How dividends are important for total returns
• When the manager considers oversees companies versus their UK counterparts
• How the demand for gas has impacted holding OMV 

More about this trust:
Launched in 1994, Fidelity Special Values aims to achieve capital growth by investing primarily in unloved UK companies and waiting for them to come back into favour. Each holding must meet two strict criteria. The first is the preservation of investors’ capital: the managers aim to do this by choosing companies with exceptionally cheap valuations or an asset, such as intellectual property or inventory, which has the potential to limit share price falls. Secondly, they look for companies where there is a catalyst for significant earnings growth.

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.

Paul Marriage, co-manager of the TM Tellworth UK Smaller Companies fund, explains why 2022 was “pants” for the UK smaller companies sector, both in terms of performance and from an M&A perspective. Yet Paul is optimistic for the sector in 2023 and is already seeing bids come through for M&A and beginnings of a healthy IPO market. We finish the interview with two examples from the portfolio, a company that manufactures radiators and one that makes gift wrap. 

What’s covered in this episode: 

• What made 2022 such a bad year for UK smaller companies
• What happened in October 2022 to trigger a rebound for the sector
• Why the FTSE 100 so strong last year
• Why there was less M&A activity in 2022
• M&A prospects for smaller companies in 2023
• Why a healthy IPO market is good for the economy
• The importance of face-to-face meetings when looking for new investments
• Why people still need radiators and how holding Stelrad Group can benefit
• How a Welsh coal-mining town became known for gift wrap…
• And how a wrapping paper company was a good bet at Christmas time 

More about this fund:
TM Tellworth UK Smaller Companies is a true smaller companies fund of approximately 50 holdings, run by two very experienced and highly regarded managers, Paul Marriage and John Warren. The fund has a solid investment process, with an emphasis on businesses with £100m to £500m market cap. It doesn't invest in micro-caps or mid-caps like some peers. 

Learn more on fundcalibre.com

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

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.

Sid Chand Lall, manager of the IFSL Marlborough Multi Cap Income fund, talks to us about finding income opportunities in the UK's smaller – but growing – companies. He describes how he finds profitable companies and explains how dividends can help offset the erosion caused by inflation. Sid also highlights one smaller company and two medium-sized ones in the portfolio: Ricardo Plc, Paragon Banking Group and Drax Group.

What’s covered in this episode: 

• Understanding the Investment Association’s “yield test”
• How the manager finds profitable companies for the portfolio
• How dividends can help offset the impact of inflation
• Why investors should consider UK equity income over UK gilts 
• Why the fund tends to be overweight small and medium companies
• Why UK mid-caps outperform when the dollar weakens
• Sid highlights one smaller company holding…
  • Ricardo a global engineering, environmental and strategic consultancy, based in West Sussex
• And two mid-cap holdings: 
  • Paragon Banking Group, a financier of buy-to-let mortgages and
  • Drax Group, the UK’s biggest biomass generator.  

More about this fund:
The team behind IFSL Marlborough Multi Cap Income fund are specialists in UK smaller companies investing, so this multi-cap fund offers something radically different to the majority of large-cap, FTSE 100-focused, UK equity income funds. It aims to combine fast and sustainable dividend growth with capital appreciation. The fund uses a blend of ‘value’ and ‘growth’ holdings to meet its yield objective.

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.

Richard Sennitt, manager of Schroder Asian Income fund, explains both the structural and cyclical reasons for recent Chinese equity underperformance, including the shift away from the zero-Covid policy. He tells us what impact this has had on the fund’s positioning going into 2023 and explains more about why he’s underweight not only China but also India, instead looking towards South Korea, Taiwan, and Singapore for investment opportunities. 

What’s covered in this episode: 

• Why Chinese equities have underperformed the last 12 months
• The policies affecting Chinese markets
• How the swift move away from the zero-Covid policy has changed investor sentiment in China
• The income opportunities in China vs Hong Kong
• Value or growth: considering style in fund construction
• Why the manager remains underweight in India
• Why investors should add Asian equities to a portfolio
• Long-term opportunities in South Korea, Taiwan, and Singapore
• Why some commercial property and telco’s look attractive 

More about this fund:
Schroder Asian Income fund aims to provide an income, with potential for capital growth, primarily through investment in the shares of Asian companies that offer attractive yields and growing dividend payments. The emphasis of the fund will be investment in the Asia Pacific excluding Japan region (including Australia and New Zealand).

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.

One day in September 2022 “we were the only active buyer of UK duration in the world” says manager Duncan MacInnes. He, and LF Ruffer Diversified Return co-manager Ian Rees, added to UK gilts three days after the Truss-Kwarteng debacle and some assets more than doubled in a short period of time. In this interview, the pair tell us about this and other investments that helped the fund become one of the few to manage a positive return in 2022. They also explain why they think the next decade will be very different to the last 40 years and will see inflation average 3-4% rather than the 2% we are used to, and why this means investors need to rethink the way that they build their portfolios.

What’s covered in this episode: 

• How the fund produced positive returns in 2022
• Why the pair were the only active buyers of UK gilts one day last September
• The addition of commodities to the portfolio
• Why the next 10 years will be different from the last 40
• Why inflation will remain much higher than we have been used to  
• Why cash could once again be king
• How they use 100 years of data to help for their views and asset allocation
• How the managers will go about finding uncorrelated assets in 2023
• Why inflation volatility and investing for inflation aren’t the same thing

More about this fund:
Managed by Duncan MacInnes and Ian Rees, the LF Ruffer Diversified Return fund aims not to lose any money on any 12-month rolling basis – with a specific focus on providing genuine portfolio protection in times of market stress. The vehicle is global and completely unconstrained, allowing the managers to invest across various asset classes, including equities, fixed income, currencies, and derivatives – backed by a large desk of both macroeconomic and stock selection specialists.

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.