In the latest episode of the IC Interviews, Dave Baxter sits down with Sam Gleave of Liontrust’s European Dynamic. 

The fund seeks out companies lowly valued by investors, but that could generate more cash than they need to sustain strong growth. In the episode, Dave and Sam discuss why the fund is still bullish on European markets, the outlook for banks on the continent, plus how the fund views Hermes (RMS), Novo Nordisk (NOVO.B) and ASML (ASML). 

The pair also unpack what impact Trump’s swathe of tariffs will have on the fund and European companies at wide. 

This episode was recorded on 24 January.

Timestamps 

0:33 2025 outlook 

2:57 China plays

4:15 Industrials

4:52 Luxury

7:07 M&A 

8:48 Banks

12:49 Novo Nordisk (NOVO.B)

16:47 ASML (ASML) 

18:19 Trump, tariffs and the fund

20:13 Publicis (PUB)

22:02 Sectors Liontrust are wary of

23:24 Is the opportunity set growing

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Our panel kick off the podcast with a rundown of the latest news from the AI world. Chinese-owned DeepSeek’s smarter and more sustainable design helped knock half a billion dollars from Nvidia’s (NVIDIA) market cap. The panel discuss what comes next for AI stocks and return-hungry investors. 

It’s then on to Michael Fahy to chat about this week’s main feature on Tesco (TSCO). Michael explores how the supermarket's position has changed over the past few years, the mistakes it has made along the way and what comes next. 

Last up Val Cipriani and Julian Hoffman discuss AJ Bell’s (AJB) recent trading update. Listen to find out how the Budget has impacted the investing platform and how investors should consider the stock moving forward.

Timestamps 

1:17 DeepSeek

13:01 Tesco

28:04 AJ Bell

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On the week Donald Trump retook the position of US president, a handful of banking stocks released strong results. Jemma Slingo joins host Dan Jones to explore what investors need to know about Trump’s potential impact, the differences between UK and US banks, and a broader outlook for the year. 

It’s then onto this week’s cover feature on creating five-year outlooks for markets. Alex Newman runs through his thinking behind the piece, the challenges that arise when predicting market moves, and his predictions for gold.

Last up, Julian Hoffman talks weight-loss drugs. He and Dan discuss what investors can expect in the year ahead, why Novo Nordisk’s results were disappointing, and more. 

Timestamps 

1:11 US banks

12:22 A five-year outlook

24:58 Biotech

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Dave Baxter and Dan Jones sit down with the founder of Saba Capital, Boaz Weinstein. Last month, Saba sent the investment trust space into disarray by announcing it wanted to unseat board members at seven underperforming trusts, and merge them or offer shareholders a way out.

In the episode, Dave and Dan grill Boaz on how Saba’s plans would work, what happens if it doesn’t win the votes, his belief that investors will benefit and more.

The deadlines for shareholders to vote on Saba’s proposals vary, but in many cases, they are due before the end of January: check with your platform for details.

How to vote in Saba's big investment trust battle

Timestamps 

1:45 Are we too preoccupied with discounts?

5:04 Critiques of Saba

6:53 The plan when the results are in

10:05 Professional investors’ view 

12:21 If they don’t win the votes

15:01 Cash exits for trusts 

16:53 Trusts’ unlisted holdings eg. SpaceX

19:57 The strategy for a new super-entity

23:31 Where Saba’s attention will turn next

25:55 If they win the vote, will they mimic US processes?

28:10 Can Saba keep discounts in check?

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This week’s episode starts off with a discussion of Games Workshop’s (GAW) results which showed strong core revenues. Valeria Martinez looks at how the business is performing geographically, the catalysts of its growth, its forecasts and more. 

Julian Hofmann then gives listeners an insight into our latest cover feature on dividend minnows. He shares the background of his research on the history of dividends in the FTSE 100 and highlights what investors should be wary of when it comes to large-cap dividends. He also touches on some examples from the piece such as brickmaker, Brickabilty (BRCK). 

Last up is the pig and cattle genetics company Genus (GNS). Shares were up 20 per cent in just one day earlier in the week, a change of tune from its performance in previous years. Julian touches on the backdrop for the company’s performance and why it’s hard to price. 

Timestamps

1:09 Games Workshop 

17:00 Income minnows 

25:34 Genus

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The duo reunite after the festive period for a conversation on how Lord Lee’s portfolio performed, why he feels optimistic about the next 12 months and how he’s invested a strong flow of dividends.

The pair discuss Christie Group plc, a stock Lord Lee suggests is “severely underrated”, his opinion on what to do with a company that’s down 50 per cent, and British big-names ITV, Aviva and Supermarket Income Reit.

The episode rounds up in the typical style, updating listeners on new holdings or recent exits in Lord Lee’s portfolio. 

If you have any questions you would like answered in the podcast, please send them to [email protected]

Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit www.investorschronicle.co.uk/podcasttrial 

*After your 12-week trial you will pay just £62 every 13 weeks by direct debit. If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.

Timestamps 

1:14 Optimism about the year ahead

3:48 2024 review

5:20 Reinvesting dividends

6:55 Christie Group plc 

10:54 What he would do at a 50 per cent loss 

13:41 Should companies consult investors 

15:38 Aviva and Direct Line

19:39 ITV

21:30 Supermarket Income Reit

27:18 New positions and recent exits

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We begin with trading updates from retailers and update investors on all they need to know about Next (NXT), M&S (MKS) and Greggs (GRG). There is considerable pressure across the board due to higher national insurance contributions, rising wages and uncertain consumer sentiment. Michael Fahy, Mark Robinson and Alex Newman weigh in.

Mark Robinson talks all things risk management, the topic of our latest Big Read. Mark touches on the golden rules to follow, how to protect a portfolio and more.

Next up is bond yields, a hot topic given the market turmoil, and the team discuss what’s happening and whether bonds can still be considered a diversifier away from stocks.

Timestamps

1:21 Retailers

18:02 Risk management

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We begin the year's final podcast discussing activist investor Saba Capital. Funds editor Dave Baxter explores the impact of its demand to remove the boards of seven investment trusts and what investors should do if the changes go ahead.

It’s then onto Hollywood Bowl’s (BOWL) results. The company reported a 7 per cent rise in revenue, but shares still fell 10 per cent. Michael Fahy explains what caused the fall as well as the business's valuation.

Last up, our US-based writer Arthur Sants joins in the studio. From the recent market sell-off after comments from the Fed to the Magnificent Seven stocks, investors can find out what to expect from American markets in the coming year.

Timestamps 

1:17 Saba Capital

9:31 Hollywood Bowl

17:43 The US

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After a busy year of geopolitical changes, there is a lot of ground to cover when discussing markets. In this episode, Simon and Dan Jones unpack everything from the mass number of moves to the US market to knotty Aim shares, and the sectors investors should keep an eye on in 2025.

Timestamps

01:02 2025 prospects

06:06 Economic backdrop 

10:23 Upgrades and downgrades 

15:31 Donald Trump’s presidency 

21:12 His take on moves to US markets

24:16 Buybacks

29:20 Aim

32:16 IPOs and M&A

33:59 Interesting sectors

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Chris Akers unpacks the latest from equipment rental company Ashtead (AHT). The figures slightly underwhelmed the market, but the biggest factor affecting the business was the announcement that it’s moving its listing to the US.

Onto our latest cover feature on behavioural psychology and investing. Alex Newman lays out his intention with the piece, as well as the importance of recognising what impact our biases have on our investment decisions.

It’s then on to the plastics business Victrex (VCT) which saw its shares shoot up recently. Julian Hofmann looks at the causes of this and Alex returns to touch on the bid for Aim-traded fintech firm Equals (EQLS).

Timestamps

01:17 Ashtead

09:05 Developmental psychology

19:56  Victrex

27:21 Equals

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