Steven Smith, Investment Director for the Elite Rated Capital Group New Perspective fund, talks to us about how the fund’s original investment ethos - determined nearly 50 years ago - has evolved, and continues to evolve in today’s markets. He discusses how globalisation has changed their investment perspective, how growth stocks are being evaluated on slightly tweaked criteria to match the expectations of a recessionary market, and how a greater breadth of equity market leadership is good for active stock pickers.

He also tells us about the benefits of having the fund’s investment analysts actively managing part of the portfolio, about how the long-term experience of the portfolio managers stands them in good stead for a wide range of varying investment cycles and markets, and concludes with a detailed analysis of 5 key factors that are driving the fund’s positioning today.


What's covered in this episode:

• Is globalisation dead?
• The evolution of the term ‘trade’, from physically traded goods to intangible data flows
• How the fund is reacting to a less binary investment environment
• Repositioning the fund to capture the next cycle
• Growth stocks - and volatility - in a new investment environment
• How the fund’s 50-year track record stands it in good stead for the next 50
• How having investment analysts brings a greater depth of experience to stock-picking
• Watching for a deeper recession, driven by earnings decline in the US
• Outlook for 2023

More about the fund:
This is the flagship global equities strategy of Capital Group. It has a track record of almost 50 years, investing in some of the world’s largest multinational firms that are able to benefit from transformational changes in the global economy. The fund has a unique multiple manager structure, with each of the nine named managers running their ‘sleeve’ in their own way. Their best ideas are blended together for a diversified 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.

Richard Woolnough, veteran manager of three Elite Rated products, the M&G Corporate Bond, M&G Strategic Corporate Bond and the M&G Optimal Income fund, talks to us about some new acronyms in asset allocation. He tells us how equities can boost a bond fund’s returns, explains the wider impact of quantitative easing and quantitative tightening, and he finishes by commenting on whether he’s more bullish or bearish for 2023.

What's covered in this episode:

• Why it’s been an active year for the value investor
• Why TINA has been replaced by TIAA
• How interest rates have made bonds a more attractive investment
• How equities can help to optimise returns in a bond fund
• The impact of a 12-18mth lag from interest rate policy feeding into the real economy
• The impact of quantitative tightening
• What might happen to inflation in 2023
• Whether the manager is bullish or bearish for the next 12 months

More about the fund:
M&G is perhaps the biggest name in the UK bond space, and M&G Optimal Income is its flagship offering. This 'go-anywhere' fund has a flexible mandate, which enables the manager to shift the interest rate exposure and to invest across the fixed income spectrum. The fund can, and often does, invest in some equities, and also derivatives.


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.

Chris Kinder, manager of the CT UK Extended Alpha fund, talks to us about being a bottom-up stock picker and finding ‘rain in the desert’; he notes that even in the most trying of financial markets, there will always be certain pockets of growth and performance that fund managers should be able to find. He comments in detail about the benefits that London Stock Exchange Group (LSEG), Aveva, SSE, and Diageo all bring to his portfolio, and – although not a thematic investor – he notes three themes in particular wherein he foresees many opportunities. He finishes by  commenting on what happens next, if we have hit peak inflation and rate rises; is it time to revisit a defensive growth strategy again?

What's covered in this episode:

• Thoughts on previous volatile market conditions and subsequent stabilisation
• Identifying mispriced opportunities
• The themes of energy transition, onshoring and luxury goods
• Are UK stocks losing favour on the global stage?
• How traditional owners of UK companies are giving way to a new cohort
• Realised and unrealised potential in London Stock Exchange Group, Aveva, and SSE
• Whitbread’s competitive advantage in the current environment
• Feeling a lot more constructive about the longs and the shorts!

More about the fund:
CT UK Extended Alpha invests primarily in large UK companies, but with an unusual approach. As the name suggests, the manager aims to extend investors’ potential returns by buying stocks he expects to do well and also looking to make money on stocks he expects to do badly (shorting). So far, this strategy has proven very successful and the fund has impressively beaten its peers and the UK stock market under the manager’s tenure.

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.

Will Argent, investment adviser to the VT Gravis Clean Energy Income fund, tells us how the clean energy space has evolved in the last 5 years since the fund’s inception, and how the investment opportunities have equally grown. He gives his opinion on the impact of the recent windfall tax in the UK and, mindful of the National Grid’s warnings about challenging times ahead, comments on energy storage solutions, as well as alternative power sources such as nuclear, hydroelectricity, biomass and geothermal.

What's covered in this episode:

• The growth of renewables in the last 5 years
• The adjustments the industry has made with the recent windfall tax in mind 
• The investment potential in the growth of energy storage solutions
• Investment in energy storage closed-end investment companies
• Nuclear energy and responsible investment
• Different renewable options overseas
• The simple theory behind producing and storing hydroelectricity
• The development of biomass and geothermal technologies

More about the fund:

The VT Gravis Clean Energy Income fund taps into the expertise of the Gravis group to create a portfolio of renewable energy and energy-efficiency related projects, that are benefiting from the secular move to more sustainable energy demands. It looks to generate an attractive income, alongside modest capital growth, from a spread of different projects that should deliver defensive, uncorrelated performance.

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.

Jeremy Gleeson, manager of AXA Framlington Global Technology, comments on the performance of tech stocks this year and tells us that, despite some high-profile disappointments, there have been a number of good earnings surprises in the sector.

He talks about Facebook’s problems, the possible demise of Twitter, and gives us some insight into current favoured holdings within the portfolio. He finishes by suggesting some interesting gadgets to add to your Christmas list!

What's covered in this episode:

•  3 reasons why tech has had a difficult year
• Why tech has gone from above average growth to challenging growth but…
• ...why it’s not all doom and gloom for the sector
• Facebook vs Twitter
• New opportunities in semiconductors and cybersecurity
• Building resilience through software subscriptions
• Gadgets for Christmas!

More about the fund:
AXA Framlington Global Technology is an unconstrained fund that invests in technology companies from around the world. Its lack of benchmark constraints means it is free to invest in 'new technology' rather than 'old commodity' companies. Jeremy Gleeson has successfully run this fund since 2007 and has been specialising in technology since 1998.

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.

In this in-depth interview, Eduardo Figuieredo, the manager for the abrdn Latin American Equity fund, talks to us about all things Latin America. He comments on the impact of the recent elections in Brazil, as well as its rejuvenated commitment to environmental issues; the additional positive effect of the ‘check and balance’ that the newly elected, two-tier Congress and Senate will have on the financial markets. Discussing politics in Mexico, the manager also covers resilience and growth in the Mexican consumer space and its manufacturing base, as US companies look to bring supply chains closer to home.

What's covered in this episode:

• The impact of the recent elections on the stock market
•  The importance of the ‘check and balance’ role of Congress and Senate 
• Which sectors will benefit from revived commitment to environmental issues
• Repositioning Brazil as a major player on the world stage in renewables
• The direction for state-owned companies
• The general impact of politics on stock-picking opportunities in Latin America
• Mexico’s ‘pockets of growth’ 
• The knock-on effect of disrupted supply chains in Asia, to Mexico’s benefit
• Near-shoring and the rejuvenation of Mexico as a manufacturing base
• How the exposure to commodities is a good source of dollars
• The commodity and banking sectors in Latin America
• Why investors should consider investing in Latin America

More about the fund:
abrdn Latin American Equity fund is managed by abrdn’s renowned emerging markets team, whose primary investment concern is whether companies demonstrate outstanding quality characteristics, such as strong management and balance sheets. This is followed by a value approach – targeting stocks which appear to trade for less than they should do. The strategy has had considerable success across the region.

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.

Bill Chater, investment specialist for the Baillie Gifford Global Discovery fund, gives us an in-depth perspective on the fund’s investment style and why the long-term approach delivers results. He comments on the core fundamentals the team looks for in its stock picks, touches on the current market conditions and the impact on the fund, and why the potential within healthcare is so exciting, with names like Alnylam and Oxford Nanopore. He finishes by offering more details on Ocado’s big deal in the US and on the automation technology that makes it a compelling addition to the fund’s basket.

What's covered in this episode:

• Current market conditions and the impact on the fund
• The fund’s core mission 
• Micro-economic vs macro-economic factors
• How individual company analysis is more appropriate to the team than sector or geographical considerations
• Building resilience into the portfolio
• The Chinese holdings in the fund
• The potential for healthcare technology
• Ocado’s potential in the US, with the move towards increased automation

More about the fund:
Renowned for the quality of its in-house research, Baillie Gifford brought its smaller companies’ teams together in 2011 to form the Global Discovery team. This fund consists of what the team believe to be the most innovative and fast-growing smaller companies in the world. It has a strong growth bias and is aggressive in nature.

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.

Kevin Murphy, co-manager of Schroder Income, tells us why stock markets are irrational and growth is like, "sirens pulling you onto the rocks," in this week's interview. Kevin also shares why the managers have been trimming their exposure to oil and gas and the banking sectors in favour of consumer retail names. We wrap up with the million pound question: value or growth?

What's covered in this episode:

• Emotions and extrapolation in financial markets
• Why profits are indeed important 
• How focussing on the numbers can ensure strong, long-term returns
• High interest rates and capital growth and risk profiles
• Why the outlook for value remains bright
• How selling decisions are reached and finding the next opportunity
• Cheap buys vs cheaper buys

More about the fund:
Schroder Income is a deep value driven fund, investing in companies valued at less than their true worth and waiting for a correction. It has little correlation with other income funds, tending to avoid the big income producers in favour of more niche names, where both capital and income have the potential grow significantly. It is a UK equity fund that seeks to balance dividend yield with dividend growth and balance sheet safety to achieve a growing income. This approach is not without risk and performance can be volatile.

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.

Maneesh Bajaj, manager of the Elite Rated Brown Advisory US Flexible Equity fund, talks about his fund, the outlook for US markets in 2023 and the fund’s approach to investing. He comments on several of the fund’s holdings, including Berkshire Hathaway and why that conglomerate’s culture of corporate responsibility and attitude towards its shareholders makes it an important, long-term holding for the fund. He also reveals why he believes there’s still mileage in the FAANG tech stocks and why Netflix has come good.

What's covered in this episode:

• The state of the US economy today
• The problem of persistent inflation
• Challenges for the Federal Reserve
• The outlook for the US tech sector
• The fund’s bottom-up investment approach
• Why Berkshire Hathaway is a long-term holding
• How Netflix’s future initiatives have made it a bargain buy

More about the fund:
Brown Advisory US Flexible Equity fund was launched in the UK in 2014, and a retail share class in 2016. However, a parallel version has been managed by the same team for more than 20 years in the United States. The fund has been run by Maneesh Bajaj since 2017. Its strategy is unconstrained, meaning Maneesh is free to select companies from across the market cap spectrum. This has enabled the fund to become of the few to consistently outperform the S&P 500 over long periods 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.

Matthew Page, co-manager of the Guinness Global Equity Income fund, talks to us about how company dividends are holding up this year. He also covers the fund’s investment process, how it differs from others, how the team makes its buying and selling decisions, and the effect recent decisions have had on the geographic weighting of the portfolio. Matthew also comments on the perennial 'bonds v equities' debate, looks at how some consumer staples’ companies are defying economic norms, and wraps up by telling us why British American Tobacco is out, and Coca-Cola is in.

What's covered in this episode:

• Positive dividend news despite the difficult macro environment
• Companies that are defying standard economics
• The investment process that seeks long-term, sustainable and growing dividends
• Why the managers don't invest in utilities, energy, telcos
• Well-protected dividends in the US
• Protecting income streams from inflation
• The fund’s ‘one in, one out’ approach to buying and selling

More about the fund:

This core global income fund typically consists of around 35 equal-weighted stocks, which means that investments are very different from the benchmark index. The managers focus on how well and consistently a company can use money to generate returns. They also have substantial freedom to entirely avoid countries and sectors they don’t like. The one-in, one-out philosophy means the fund stays up to date with the managers’ best ideas. 

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.