We explore how valuation-driven investment strategies are navigating today’s turbulent global markets. Bertrand Cliquet, co-manager on the Lazard Global Equity Franchise fund, explains why the portfolio has a significant underweight to the US, the impact of geopolitical uncertainty, and how tariffs are reshaping global economic dynamics. The interview covers their disciplined approach to stock selection, the importance of predictability in earnings, and how behavioural biases are mitigated through a rigorous peer-review process. We also explore current regional opportunities, with Europe and the UK providing fertile ground for value investors.

What’s covered in this episode: 

• Why the fund is underweight US
• Continued uncertainty in the US market 
• Taking into account tariffs
• Investing for a realistic but conservative scenario
• The fund’s “peer review” process
• Why the fund holds only 25 stocks today
• Where value opportunities lie today 
• How tariffs have impacted the portfolio so far
• Avoiding behavioural traps
• What does “franchise” mean in the context of this fund?
• Does macro come into stock selection?

More about the fund: The Lazard Global Equity Franchise fund has a very similar philosophy to some of the most successful funds in its sector, but with a very different resultant portfolio. The fund is also differentiated by the managers' systematic approach to portfolio construction, which means that behavioural biases should be removed.

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.

Ajay Tyagi, manager of the UTI India Dynamic Equity fund, takes a deep dive into the changing dynamics of the Indian economy and equity market. He discusses how India’s growing middle class is driving consumption, which sectors offer long-term potential, and how global trade tensions are influencing market positioning. We also cover the outlook for small and mid-cap stocks and what rising per-capita income means for future growth.

What’s covered in this episode: 

• What has been the impact of Trump’s tariffs on India?
• What’s your initial reaction?
• Will tariffs impact holdings in the portfolio?
• What’s the outlook for India’s middle class?
• The IMF’s lowered growth forecast 
• The long-term appeal of the food services industry 
• What do valuations look like today? 
• Where are the small and mid-cap opportunities?
• Benefits of being a local asset manager
• Why the manager expects the government to do more
• Growth in the speciality chemical sector

More about the fund: UTI India Dynamic Equity fund invests across the market-cap spectrum of Indian companies. The investment process is based on quality, growth, and valuation, and the team conducts thorough on-the-ground research to identify and monitor companies with a high potential for significant market outperformance.

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.

Commodities have always been cyclical, but today’s mining sector is facing a unique blend of macroeconomic volatility, geopolitical tension, and structural change. In this episode, we hear from Evy Hambro and Olivia Markham, co-managers of the BlackRock World Mining Trust, as they discuss current disruptions like tariffs and trade rerouting, the surprising disconnect between commodity and equity prices, and the rising importance of critical materials like copper and uranium. We also unpack how unquoted investments, royalty strategies, and income diversification are helping to future-proof the portfolio.

What’s covered in this episode: 

• Initial reactions to Liberation Day and what it means for the portfolio
• The breakdown in commodity prices and share prices of the companies that produce them
• The gold price continues to soar
• Increasing exposure to gold equities
• How you could have underperformed with a gold equity ETF
• The long-term appeal of copper
• What types of companies make up the unquoted part of the portfolio?
• The dividend track record of the trust
• How important is China to the commodities outlook?
• What infrastructure spending in Europe means for the sector
• A renaissance in uranium
• Do you expect M&A activity to continue to grow?

More about the fund: BlackRock World Mining is a specialist trust offering exposure to mining and metals companies globally. Managed by one of the most experienced teams in the market, this trust is ideally positioned to tap into a number of global tailwinds set to benefit the mining sector. The trust has significant flexibility to invest across various metals and mining companies, including unquoted 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.

Dividend investing remains a popular strategy, but what makes a great dividend stock? Nick Clay, manager of the TM Redwheel Global Equity Income fund, explains the key characteristics of strong dividend-paying companies, the sectors offering the best opportunities, and the macroeconomic factors influencing global equity income investing. We also discuss the role of dividends in different market cycles and what investors should consider when building a diversified portfolio.

What’s covered in this episode: 

• Why the fund is significantly underweight the US
• Are we heading towards the end of capitalism? 
• Why a buy-and-sell discipline is so important when markets go to extremes
• Selling out of Qualcomm and TSMC
• And buying into LVMH
• It’s not doom and gloom in luxury names, or China
• Are we headed for a prolonged period of inflation?
• Why inflation isn’t high enough
• Three reasons to add income today
• Why the Mag 7 won’t protect you during market volatility

More about the fund: Nick Clay is a highly experienced manager and the investment strategy on the TM Redwheel Global Equity Income fund is well proven. It has a true contrarian nature backed up by a logical and disciplined philosophy. This leads to an attractively-yielding income fund (every holding must yield at least 25% more than the broader market at the point of purchase) that also allows for capital return from a concentrated 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.

In this quarterly market update, Darius McDermott and Juliet Schooling Latter analyse the latest investment trends shaping 2025. From the dominance of tech and US markets to the resurgence of China and the struggles of smaller companies, we cover the key themes impacting global investors. With valuations stretched in some regions and opportunities emerging in others, is it time to diversify? We debate the outlook for the Magnificent 7, the impact of Trump’s reelection, and whether UK and US smaller companies are poised for a turnaround.

What’s covered in this episode: 

• The winners of 2024
• Can US dominance continue?
• Will the Mag 7 be the winners of 2025?
• Why investors should look beyond US markets
• UK Smaller Companies continues to be attractive 
• The debated pros and cons of China
• The long-term story remains strong in India
• Why are smaller companies underperforming globally?
• Market volatility caused by Trump — and the impact
• What can investors expect from the Bank of England in 2025?
• Fixed income should be in everyone’s 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.

UK equities have long been overlooked, but things may be changing. In this episode, we sit down with Jeremy Smith, manager of the CT UK Equity Income fund, to discuss why international investors are rediscovering value in the UK market, which sectors are thriving, and the role of mergers and acquisitions in reshaping the investment landscape. We also explore the challenge of sustaining dividend income, the impact of economic trends, and whether the UK could be on the brink of a consumer boom.

What’s covered in this episode: 

• What’s bringing international investors back to the UK?
• The fund’s overweight to industrials
• Why the fund is underweight commodity-linked sectors
• A contrarian view on the banking sector
• The uptick in M&A activity and what it means for the fund
• Searching for reliable income
• Why we could be on the brink of a consumer boom
• What makes mid-caps so attractive

More about the fund: CT UK Equity Income is managed by the highly experienced Jeremy Smith. He looks for unloved companies listed on the London Stock Exchange, with the ability to sustainably grow their dividends. The fund is unconstrained and has a ‘contrarian value’ bias. Jeremy looks for hidden gems and businesses with long-term potential.

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.

Infrastructure investing goes far beyond toll roads and airports. Shane Hurst, co-manager of the FTF ClearBridge Global Infrastructure Income fund, shares how the essential assets powering our daily lives—from regulated water utilities in the UK to the electric grids supporting AI growth in the US - can provide powerful returns. He covers how global listed infrastructure can provide exposure to powerful themes like energy transition, reshoring and AI.

What’s covered in this episode: 

• What are the objectives of this fund?
• How do you define infrastructure?
• What makes a water company so appealing?
• How water utilities differ in UK versus US
• Why electrics are the fund’s largest exposure
• Could electric companies play a bigger part in the portfolio going forward?
• Three airports that stand out amongst the rest
• Adding exposure to pipelines
• Can the fund invest in emerging markets? 
• Why Trump isn’t a headwind for infrastructure
• The positive and negative impacts of Trump on the sector
• How AI infrastructure could benefit this fund
• The risks involved in the sector
• Three themes to consider for the long term

More about the fund: This fund has an excellent yield, great performance and is managed by an experienced team. The fund has delivered for investors since its launch and you would be hard pressed to find a more experienced team of infrastructure specialists. We particularly like the fund's track record of dividend growth on top of an already generous 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.

Mark Ellis, manager of the Nutshell Growth fund, shares his fascinating journey to becoming a fund manager with a unique quantitative process at the heart of this fund. The fund blends quality growth, and momentum factors, constantly evolving with twice-monthly reviews to ensure the portfolio holds the world’s best opportunities. Mark explains why trading more frequently doesn’t necessarily lead to higher costs and how his background as a trader gives the fund a crucial edge in capturing alpha. A must-listen for any growth investor. 

What’s covered in this episode: 

• The manager’s professional background
• Momentum in the FTSE 350
• The fund’s unique quant process
• Why the manager starts with a blank slate twice a month
• Why trading leading to high costs is a misconception
• When this fund will underperform
• Current trends in the market
• Why they’ve added Novo Nordisk and Nvidia 
• Searching for those hidden gems in mid and small-caps
• Are US markets overvalued?

More about the fund: This is an innovative and original fund. Nutshell Growth is a high-conviction, concentrated, pragmatic fund investing in exceptional growth companies. What makes this fund different is the heavy quantitative input which guides the manager. It is firmly on our radar as an exciting future prospect.

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 episode, we explore how recent AI-fuelled tech dominance may be giving way to a broader market rally. Simon Nichols, manager of the BNY Mellon Multi-Asset Balanced fund, explains how they’re diversifying into industrials, healthcare, and consumer sectors, and how geopolitical factors, including the recent US election, have influenced positioning. We also discuss the evolving bond market, where higher yields are creating new opportunities.

What’s covered in this episode: 

• Where does the global equity market stand today?
• How do global valuations look today? 
• Is the manager diversifying away from technology? 
• Taking advantage of opportunities in China and healthcare
• The fund’s exposure to UK companies
• Does a Trump presidency change the fund’s positioning?
• An element of broadening out of technology
• The fund’s bond exposure
• The potential impact of Trump and Doge on bond markets
• Is the manager focusing on “growth”?
• How inflation is factored into the portfolio
• Balanced as balanced could be?

More about the fund: Manager Simon Nichols has created a rock-solid global multi-asset vehicle which uses themes to target the forces driving global change in markets. He does this by investing in what he calls “future-facing business models” which have the ability to tap into megatrends in their respective industries. The fund predominantly invests in global equities, but also has an allocation to bonds.

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 Araujo, manager of the M&G Global Listed Infrastructure fund, shares why infrastructure should be a key component of an investor's portfolio. We explore the different types of infrastructure in the fund —economic, social, and evolving — and how they provide essential services while offering stable cash flows and long-term growth. Alex shares insights on the impact of rising interest rates, the energy transition, digital infrastructure’s rapid expansion and the geopolitical factors influencing the sector.

What’s covered in this episode: 

• Why should investors consider infrastructure?
• The different types of infrastructure assets
• Inflation protection as a key driver
• Targeting a combination of income and growth
• What is “social” infrastructure?
• Why digital infrastructure is more than just AI 
• The impact of geopolitics on these assets
• Why the fund has gold exposure
• The outlook for global infrastructure

More about the fund: M&G Global Listed Infrastructure looks for a balance of growth and income from three key areas of the sector: economic, social and ‘evolving’ infrastructure. This means investments can include anything from utilities and toll roads to health, education and civil buildings, as well as mobile towers, data centres, payment companies and royalties.

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.