Jason Borbora-Sheen, manager of the Elite Rated Ninety One Global Income Opportunities fund, takes a broad look across global asset classes in this far-reaching episode. He gives us his current and future outlooks for both the bond and equity markets, and how these have shaped the portfolio. He also comments on how the fund uses hedging to benefit the portfolio - in particular when it comes to gaining from emerging market debt – and tells us how consistency and reliability are key factors for stock picks and why investors who tend to focus on capital gains, may miss the opportunity that comes from income.

What's covered in this episode:

• What’s happening in the equity and bond markets
• Dollar v Sterling
• Why the fund has halved its net equity exposure in the last 12 months
• Why the fund’s duration has increased 
• How hedging currency exposure creates a differentiated performance profile
• How reliability and consistency are key to stock picks
• Why Daimler makes a good case for portfolio inclusion
• A compelling outlook for income vs growth

More about the fund:
Ninety One Global Income Opportunities fund invests conservatively around the world in a diverse range of equities and bonds. It can also invest a little in other assets and, overall, aims to achieve returns that are equal to, or more than, the rate of inflation +4% per annum (before fees are taken) over rolling 5-year periods. It also targets an income of 4% for investors.

Learn more on fundcalibre.com

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

Learn more on fundcalibre.com

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

James Mahon, co-manager of the SVS Church House Tenax Absolute Return Strategies fund, tells us about some deflationary forces that are starting to come through and why he thinks inflation could peak in the next few months. He explains what the ‘yield curve’ can tell us about an economy’s health and why bonds that are due to mature in just a few years’ time are more attractive than those that have a long time to maturity. James also discusses the fall in the value of the pound versus the US dollar, tells us which parts of the UK equity market are now looking good value, and closes with details as to why floating rate notes can be very useful investments.

What’s covered in this episode:

• Deflationary forces = corrections to commodities’ prices
• Inflation peaking
• The Fed Reserve and its effect on inflation
• Counterintuitive downward sloping yield curves
• The dominant US dollar
• Extraordinary moves in the index-linked gilt market
• The potential for very high returns from short-dated bonds
• Exploiting mispricing opportunities in volatile periods
• Floating Rate Notes and their benefits for investors

More about the fund:
SVS Church House Tenax Absolute Return Strategies is a multi-asset fund, which invests directly in assets, rather than using the ‘fund of fund’ route. It targets positive returns over rolling 12-month periods. The managers place a heavy emphasis on capital preservation, and it is one of the few absolute return funds with a track record which goes back beyond 2008 and the global financial crisis.

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 the Rathbone UK Opportunities fund, talks to us about UK equities: how they have performed, the impact of UK political and economic turmoil, why mid-cap stocks are attractive, and why M&A targets are no longer vulnerable companies but trophy assets. She also tells us which stocks she has sold recently, reveals which real estate company has locked-in cheaper energy prices for its tenants, and gives us some hope amidst all the doom and gloom.

What’s covered in this episode: 

• How growth stocks have performed in the past six months
• Whether the manager has made any changes to the portfolio following the political and economic upheaval in the UK
• Which stocks the manager has sold and why
• Why M&A activity has moved from snapping up vulnerable companies to buying trophy assets
• Why the manager favours medium-sized companies over larger ones
• Which company is benefitting from the rise in cyber attacks
• Why the manager has been testing the energy resilience of her companies
• Which real estate company has managed to lock-in cheaper energy prices from 2020
• The positives to be found amidst all the doom and gloom

More about this fund:

Rathbone UK Opportunities is a flexible fund targeting quality growth businesses. The manager looks to take advantage of cheap UK valuations, but avoids the ex-growth, large-cap dinosaurs. She combines structural winners with a strong core of high-quality compounders and the final portfolio consists of around 50 to 60 holdings, with a bias to medium-sized companies.

Learn more on fundcalibre.com

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

Learn more on fundcalibre.com

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

Alexander Darwall, manager of the European Opportunities Trust, tells us why the European economy is in structural decline, but also why you can still make money there as an investor. He discusses healthcare company Novo Nordisk – in particular, its diabetes drug and new use for weight-loss – tells us about investing too early in Deutsche Boerse, and reveals why his investment in Dark Trace is just a small position today. Alexander also gives his views on central banks: the mistakes they are making and how politicised he thinks they are.

What’s covered in this episode: 

• Why you don’t need to be excited about Europe as an economy, to still make money there
• How the right companies can do well, despite the risk of central bank mistakes
• The characteristics of ‘special companies’ making up the portfolio
• Why the manager invests in Novo Nordisk
• How a diabetes drug can also help patients lose weight
• How Deutsche Boerse can do well in periods of stock market volatility
• Why the cyber security sector is at risk of disruption

More about this fund:
European Opportunities Trust offers investors access to a high conviction portfolio of European equities with a bias towards medium and larger companies. Manager Alexander Darwall generates his own ideas, primarily through company meetings. Firms benefiting from economic tailwinds and in strong positions within their industries are preferred. He particularly likes businesses with proprietary technology and companies that have a business plan that provides them with long-term sustainable growth. He has a record of success in different economic environments.


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 interview, Simon Clements, co-manager of the Liontrust Sustainable Future Global Growth and Liontrust Sustainable Future Managed funds, talks to us about the three mega themes and 20 sub-themes in the portfolio. He describes companies the team invests in, including one that makes factory floors more efficient, one that could mean patients can leave hospital sooner and one that makes sure the air we breathe and the food we eat is not  contaminated. Simon also discusses the current challenges for the companies he is invested in and what the future looks like for sustainable trends.

What’s covered in this episode: 

• The three headwind that sustainable funds have faced in 2022
• What the future looks like for sustainable investing
• Whether short term global concerns will delay some structural trends or accelerate them
• The best way to diversify away from fossil fuels
• Why the oil crisis incentivises substitutes
• Investment examples in the funds’ three mega trends of ‘cleaner, healthier and safer’
• How to make factory floors more efficient
• How blood oxygen levels could be monitored at home
• How to make sure the air we breathe and the food we eat isn’t contaminated
• Whether the team will invest in other trends in the future

More about this fund:
Liontrust Sustainable Future Global Growth fund invests in the shares of a broad range of companies from around the world, based on the fund manager's view of their long-term return prospects. The fund uses a thematic approach to identify the key structural growth trends that will shape the global economy of the future across a portfolio of 40-60 stocks. The Liontrust Sustainable Future Managed fund uses the same approach but invests in a combination of global equities, bonds and cash.

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 return to discuss the third quarter of 2022. After a week of turmoil in the UK markets, they explain what has been going on. They also discuss the US, high yield bonds, and why financial companies have done well recently. They also touch on the continued outperformance of Latin American equities; the possible issues coming out of Japan; and wrap up with the positive opportunities for investors amidst all the doom and gloom.

What’s covered in this episode: 

• What has been happening in the UK market in the past week
• Why the UK bond market did not like the min-Budget
• Why the US does not have the same inflation worries as Europe
• How high interest rates could go in the UK
• Why bonds are now looking more attractive investments
• Why larger UK companies are holding up better than smaller ones
• If the US will go into recession
• The outlook for high yield bonds
• Why financial companies have done well in the last 3 months
• Why Latin American and Indian Equities have also performed well
• Possible issues coming out of Japan
• The positive opportunities we can find amidst all the doom and gloom

More about this episode:

We are now three-quarters of the way through 2022 and markets continue to be volatile. In fact, we’ve just had a tumultuous week in the UK. In this podcast, Juliet Schooling Latter and Darius McDermott discuss what has been happening, they review the few sectors that have held up well and offer some positives in what looks to be a gloomy outlook for the rest of this year.


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.

Rebecca Myatt, a portfolio manager on the Elite Rated First Sentier Global Listed Infrastructure fund, and lead manager of the First Sentier Responsible Listed Infrastructure fund, talks to us about how infrastructure is important when it comes to achieving environmental and social goals. She discusses the transition to a net zero global economy, why it is important to engage with companies not simply divest and explains how we can become independent of Russian gas in both the short and long term. She wraps up with an explanation as to what investors should expect from infrastructure in an inflationary environment.

What’s covered in this episode: 

• Why investors should consider responsible infrastructure investments
• Why the team uses the UN’s Sustainable Development Goals as a metric for the fund
• How infrastructure is crucial in the transition to net zero
• Engagement vs divestment
• How disruption in the energy sector is impacting companies today
• How we can become independent of Russian gas in the short and long term
• Why the US is playing catch up with renewable energy
• How listed infrastructure behaves in a high inflationary environment

More about this fund:
First Sentier Global Listed Infrastructure seeks to deliver income and some capital growth by investing in listed infrastructure companies. First Sentier Investors was one of the pioneers in providing access to this asset class, which quickly captured the attention of income-focused investors. This fund is also an alternative method of playing the global equity market, with a thematic bias and a reasonable yield.


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.

Janus Henderson’s Jane Shoemake tells us all about the Janus Henderson Global Dividend Index. She reveals what it looks at, and what it can tell investors about dividend health in various regions and sectors. Jane then discusses how dividends can help investors during periods of high inflation, before going on to talk about the Janus Henderson UK Responsible Income fund. Jane tells us which types of company are excluded from the portfolio, where the team is finding ideas, and how the income on the fund is holding up.

What’s covered in this episode: 

• What is the Janus Henderson Global Dividend Index
• Where you can find it
• What it tells you
• The health of dividend-paying companies around the world
• What has been driving dividend growth
• Which sectors are still struggling to pay dividends
• How high inflation is impacting dividends
• How dividend growth can offset some of the inflationary pressures
• Why dividends are less volatile than earnings
• How the dividend on the Janus Henderson UK Responsible Income fund is holding up
• Where the team is finding investment ideas
• The manager’s view on the outlook for the UK stock market

More about this fund:
Janus Henderson UK Responsible Income has a well-defined ESG investment approach, combined with a tried and tested process which has strong historic credentials. The team has extensive experience in the equity income space and has a common-sense approach to this fund, allowing screens to filter the universe, followed by in-depth analysis on the remaining opportunities. The team won’t chase yield and will look for a balance of growth as well as an attractive income to make for a strong all-round fund.

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.

Charles Luke, manager of the Murray Income Trust, starts this interview with a reminder about the types of company he likes to invest in. He then reveals details about three new holdings: Oxford Instruments, Safestore, and London Stock Exchange Group. Charles also discusses the pros and cons of mergers and acquisitions, before going into detail about the Trust’s ESG credentials, with the example of a company he sold due to an internal bullying culture. 

What’s covered in this episode: 

• What companies the Murray Income Trust invests in
• Recent performance of the fund
• The manager’s view on opportunities in the UK equity market today
• Opportunities on UK mid-caps
• What the manager likes about new holding Oxford Instruments
• What the manager likes about new holding Safestore
• What the best performing companies all have in common
• Why the manager invested in the London Stock Exchange
• How much M&A activity there is today and which companies in the portfolio could be targets of a take-over
• How the manager looks at Environmental, Social and Governance factors when investing 
• Which company was sold because of a bullying culture
• The manager’s hopes for next year

More about this fund:
Backed by a strong UK equities team, Murray Income Trust is all about building a portfolio of high-quality companies which deliver a resilient income, as well as offering strong capital growth prospects. The result is a dependable, diversified and differentiated trust, which has delivered consistently strong performance at a time when it has been challenging for UK equities. The trust has grown its dividend for investors for almost 50 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.

Matthews Asia ex Japan Dividend fund manager Yu Zhang talks to us about the benefits of investing in dividend paying companies in Asia versus their more developed peers in the Western world. He also explains why the structural growth story in Asia remains strong and how companies are getting used to living with Covid. He also highlights some of the value that is starting to appear in Chinese equities and why he is also bullish on Vietnam. We also discuss the role of sustainability in the portfolio, including a business making synthetic diamonds.

What's covered in this episode: 

• The re-opening in Asia and how companies are getting used to living with COVID
• Why the structural growth story in Asia remains strong
• Targeting fast growing companies who also pay a dividend
• Finding secular growth stories in China and targeting the likes of industrial automation, biotechnology and the semiconductor manufacturing sectors
• Why long-term value embedded in businesses is starting to emerge in China
• Why he is bullish on the investment outlook in Vietnam and the sectors he is targeting
• The benefits of income investing in Asia versus the Western world
• Investing in a company making synthetic diamonds – and where the demand is coming from for this product
• The role of sustainability in the investment portfolio

More about this fund: 
Matthews Asia ex Japan Dividend fund blends stocks exhibiting dividend growth with more stable, established yielders. Managed by Yu Zhang, the fund invests in companies across numerous countries, sectors and sizes. The resultant yield is an outcome of the process, rather than a target for the 50-80 stock 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.