Lucy Isles, co-manager of Baillie Gifford High Yield Bond fund, discusses her investments in the bonds of Birkenstock, the owner of eBay and Gumtree, a French recycler and a litigation business. She explains why bonds have struggled in 2022 and how investors could expect high yield bonds to behave in an inflationary or recessionary environment and reveals why the team has invested in an Indian mobile company.

What's covered in this episode: 

• Bond market returns so far this year
• Why fixed income has struggled in 2022
• Why the manager thinks it has been an inflationary sell-off, not a recessionary sell-off
• If capital losses can be offset by income generation
• How high yield behaves in a high inflation or recessionary environment
• Lending money to Birkenstock and a French recycler
• The Asian high yield market
• Why the manager likes a bond in the Indian mobile market
• Making money from lending to eBay and Gumtree
• Investing in litigation

More about the fund:
Baillie Gifford High Yield Bond fund offers investors access to a portfolio of predominantly UK, US and European high yield bonds. The managers, Robert Baltzer and Lucy Isles, focus almost entirely on stock picking, so the portfolio is likely to be concentrated and turnover low, as they back their ideas with conviction and give them time to come to fruition. They are looking for resilient businesses that can survive the full business cycle and can improve their financial health.

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 Oriental Income Fund, talks about the regulatory issues in China and the impact the current lockdowns are having on both the domestic and global markets. He reveals the sectors and geographies across developed and developing Asia, where he is finding the most investment ideas, and outlines the nuance of rising inflation in the region. Richard gives his views on the outlook for dividends in the region and explains how some companies could defend their pay outs again if times get tough.

What’s covered in this podcast:

• The regulatory issues in China
• The impact China’s zero-Covid policy is having on the domestic and international markets
• Which investment opportunities there are in developed and developing Asia
• Why Southern Asia is doing better than Northern Asia
• Inflation in Asia
• How global inflation could impact Asian exports
• Why wage increases are not coming through in Asia
• If dividend growth can keep up with inflation
• The outlook for dividends in Asia

More about the fund:
Launched in 2005, the Schroder Oriental Income Fund aims to provide income and capital growth by investing in Asia Pacific companies (including Australia and New Zealand) that offer attractive yields and growing dividend payments. With a current dividend yield of 3.9%, the trust has also offered consistent growth in its own dividends since launch and is one of the AIC’s ‘Next Generation Dividend Heroes’.

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.

Niall Gallagher, manager of GAM Star Continental European Equity fund, explains why European companies have such a global reach. He discusses the big trends of the growing middle classes in Asia and decarbonisation and explains how European equity investors can benefit. Niall also gives his view on why inflation could be here to stay and why Europe is in danger of locking in high energy prices. 

What's covered in this episode: 

• Why investing in European equities isn’t just investing in Europe
• How you can get exposure to the growing Asian middle classes
• The goods and services that middle class populations spend money on
• How to invest for decarbonisation in Europe
• Why the manager believes inflation is here to stay
• Why renewable energy is expensive
• The political risk of windfall taxes on energy companies
• How the manager looks at ESG risks
• Why Europe should be careful not to lock itself into higher energy prices

More about the fund:
GAM Star Continental European Equity invests in large companies, with the team preferring those it believes will grow faster than the index. The team looks to buy stocks at the point where they are either out-of-favour or where growth prospects are believed not to be fully reflected in the share price. Manager Niall Gallagher has a pragmatic approach, exhibits excellent patience in his process and conviction in his decisions.

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.

Simon Moon, manager of Unicorn UK Smaller Companies fund, talks to us about recent performance of the sector vs its larger peers in the FTSE 100. He also talks about the opportunities today and reveals the companies he has recently invested in. Simon goes into detail about meetings with company management teams and discusses his holdings in fast food restaurants and firms benefiting from increased expenditure on defence.


What's covered in this episode: 

• How UK smaller companies have performed in recent months
• The holdings that have been added to the fund, including Porvair and Cohort
• How management teams are now more accessible to investors
• Why seeing companies on the ground is important
• The opportunities in smaller companies today
• Why the manager likes Tortilla Mexican Grill and The Fulham Shore
• How Premier Foods is expanding in the US and Canada

More about the fund:
Unicorn UK Smaller Companies is a very high conviction fund with around 40 holdings. Its manager focuses on company fundamentals and aims to make long-term investments, while avoiding low quality, cash-burning businesses. It’s a small and flexible fund, with a solid investment process and a highly competent team. All companies must be profitable at the point of investment and a large proportion of research is performed in-house. This allows Unicorn to identify companies often missed by brokers.

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.

TB Wise Multi-Asset Growth fund manager Vincent Ropers talks us through the recent tilt towards value strategies in his portfolio amid hopes of a continued cyclical recovery. He also runs through his exposure to mining & natural resources, as well as infrastructure, and how these asset classes can help offer inflation-linked returns in these uncertain times. Vincent also discusses the attractive discounts available when accessing private equity companies in the investment trust market; and the importance of having a flexible mandate.

What's covered in this episode: 

• The importance of flexibility to the fund
• The use of investment trusts and the adoption of alternatives
• Tilting the fund towards value strategies to take advantage of the ongoing cyclical recovery
• Why mining and resources were attractive as an asset class prior to the threat of inflation
• Tapping into infrastructure and floating rate notes to offer inflation-linked returns
• How value strategies offer a significant margin of safety as an investment
• The benefits of accessing private equity through an investment trust

More about the fund:
The TB Wise Multi-Asset Growth fund has an unconstrained approach which allows the team to invest in around 30-60 underlying funds and investment trusts, with a preference for out-of-favour areas. This approach has allowed them to tap into the likes of infrastructure and private equity to produce strong, long-term returns for investors. Although the team adopt a very slight value bias, the fund is not exclusively value 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.

BlackRock European Absolute Alpha co-manager Stephanie Bothwell talks us through the benefits of being able to use long and short positions to manage investment risk, as well as how the portfolio has protected investors in what has been a very uncertain start to the year. She also talks us through the team’s decision to stop shorting the European banking sector and how the rising cost of fuel, utilities and food has made them cautious of the European consumer in recent times. Stephanie also explains why the fund is set up to provide investors with a differentiated return.

What's covered in this episode: 

• The benefits of being able to long and short stock positions
• What the team look for in their long positions and why identifying short positions is more challenging
• How the portfolio has protected investor assets in these uncertain times
• Why the fund has stopped shorting the European banking sector
• Why they are wary of the outlook for the consumer in Europe in 2022
• Setting up the strategy to provide a differentiated return to markets

More about the fund: 
BlackRock European Absolute Alpha co-managers Stefan Gries and Stephanie Bothwell have a fully flexible investment approach with this pan-European fund, in order to try and create positive returns regardless of market conditions. The fund offers a very wide range of opportunities – something which is enhanced by the ability to invest in both ‘long’ and ‘short’ ideas. It is also uncommon to see a fund invest in companies on both mainland Europe and in the UK, especially when also using a multi cap approach to invest in firms of all shapes and sizes.

Learn more on fundcalibre.com

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 Rosemary Simmonds tells us why the sector is often overlooked and underappreciated, despite having a number of growth drivers and innovation in numerous areas. She discusses the attractive valuations in the sector and why they are a safe bet for those looking for growth in a challenging environment. Rosemary also looks at the inflationary challenges facing the region and talks us through some of the companies that have benefitted off the back of the pandemic and the growing move to renewable energy.

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 what has been both a busy and challenging start to 2022 for investors. They talk about how Russia’s invasion of Ukraine - coupled with the sharp rise in inflation – has created a difficult financial market for investors to navigate. They also discuss the sectors which have flourished and struggled in these unique times. The pair also look at the challenges facing open-ended property funds and whether the sector has a long-term future. 

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.

VT Gravis Clean Energy Income fund advisor Will Argent explains why Europe’s move to renewable energy sources may accelerate as a result of Russia’s invasion of the Ukraine. He also explains why improving energy efficiency is just as important as bolstering renewable energy supplies in the move to net zero. Will also highlights the importance of battery storage in the renewable energy space and how rising energy prices impact the companies the fund invests in.

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.

TR Property Trust manager Marcus Phayre-Mudge talks us through how his portfolio has navigated the challenges of inflation and which sectors have benefitted best in this scenario. He also runs through the prospects for the office sector post Covid-19 and why we may well be set for a green building super cycle. He also explains why he sees greater potential for shopping centres in Europe over the UK and why he is bullish on the co-living sub-sector.

Learn more on fundcalibre.com

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