Jennifer Johnson begins this week’s podcast by discussing Hollywood Bowl’s (BOWL) results. Jennifer, Dan and Julian weigh in on the company’s successes and growth prospects, the factors underpinning its dividend prospects, and its current valuation case.

National Grid (NG.) is next on the roster. Alex Hamer shares how the electricity giant surprised the market by securing the largest equity raise the London market has seen in almost a decade at £7bn. Alex and Dan discuss the rights issue’s importance for shareholders, what the money will be used for, and the impact the upcoming election will have on new grid investment. 

Last up, Dave Baxter dives into the latest apology from UK fund manager Nick Train on Finsbury Growth & Income's (FGT) shares lagging the FTSE All-Share. Dave and Dan discuss where the fund went wrong, the holdings it’s increasing exposure to and the prospects for the portfolio in general. 

Timestamps

1:25 Hollywood Bowl (BOWL)

14:28 National Grid (NG.)

27:44 The latest apology from Nick Train

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Known for her ‘active ETF’s’ enormous returns during the pandemic, thanks to big bets on the likes of Zoom and Tesla, Cathie Wood is synonymous with bold investing. 

But, while she has many accolades, her style and bold takes have not gone without criticism. The fund’s performance has been mixed, witnessing huge swings up and down since its inception, which some critics blame on her heavy reliance on instincts and poorly timed exits. 

In this episode, Dave Baxter and Cathie discuss those criticisms alongside the automated vehicle space in the US and China, digital wallet companies, and what it would take for Ark to buy more of the Magnificent 7.

Timestamps 

1:15 Tesla 

9:05 How sensitive is the Innovation Fund to AI euphoria

12:42 Risks in some of the stocks & Tesla’s risks in China

15:18 Digital wallets ie. Coinbase & Robinhood

20:24 Zoom

23:57 The Magnificent 7 & what happens next

29:46 Cathie’s take on inflation and interest rates

31:53 How much politics is influencing stockpicks 

34:11 The Innovation ETF’s focus on the US and looking further afield

37:38  Merit to regulation

39:04 Controversy around intellectual property and AI 

41:58 Criticism of Ark’s approach and how the funds are run

47:32 Poorly timed exits & Nvidia

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Mark Robinson leads this week’s discussion, beginning with the chaotic week for takeovers, including all the Anglo-BHP drama and Royal Mail owner International Distribution Services’s (IDS) £3.5bn deal.

It then moves on to activist investors, discussing Dave Baxter’s article on their role in investment trusts over the past 12 months and whether or not this is good for shareholders.

Jemma Slingo takes the hot seat next with her piece on how artificial intelligence will affect the media. From Bloomsbury Publishings’ chief execs view that it’s like the “wild west” to some analysts suggesting it presents new revenue streams, the rise of AI is dividing opinion.

Last but not least, Christopher Akers runs through our result of the week, Pets at Home (PETS), which came through as expected, but a £25mn buyback may give investors reason to wag their tails. Christopher and Mark also touch on the ongoing competition probe and what it means for the industry.

Timestamps

6:08 Activist investors  

12:10 Media sector 

17:37 Pets at Home

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In this episode, Alex and Lord Lee are joined by the chief executive of a company that some have aptly called ‘a John Lee stock’. Louis Hall, founder and CEO of the software solutions company Cerillion has plenty of skin in the game, a quality Lord Lee holds in high accord and has led him to successful investments.

Listen to the episode to hear the trio discuss the business’s backstory, the benefit of investing in research and development, understanding a complex company as a private investor and much more.

Lee and the IC will return later in the summer.

Timestamps 

1:13 Introduction to Cerillion 

6:37 Resource centres 

9:51 Experience of public markets 

13:27 How John got involved 

17:57 Forecasts for the business 

20:19 John’s approach to understanding the business

22:07 Investing in R&D

26:21 Having cash on the balance sheet 

29:12 The importance of naming customers 

30:32 Where Louis rates his business on 1-10

31:58 Concentration of the customer base

35:07 Louis’s future with the company

37:36 John’s portfolio 

40:13 John’s take on the current UK stock market

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We kick off this episode with Julian Hofmann, who gives the rundown on credit data company Experian (EXPN). Whether you’ve checked your credit score on the site or saw television adverts in the early 2010s, you will have heard about the company. Its recent results were very well received and the share price subsequently shot up, but how is the overall health of the business?

James Norrington is part of the duo that wrote this week’s cover feature on building the ideal portfolio. In the episode he explains the thinking behind the piece, academic research that helps investors form the ‘best’ ideas and reveals what sensible asset allocation looks like.

Val Cipriani’s article this week on cash flow modelling and the last segment of the podcast are a must for anyone thinking about planning their retirement. She tried out free online calculators that aim to replicate financial advisers – without the hefty bill – and details the US options available for those looking to cast a wider net. We round off the episode with her and Dan briefly touching on next week’s Big Read on how much you need for retirement. 

The Companies and Markets Show will resume on 31 May.

Timestamps 

1:41 Experian

13:40 Building an ideal portfolio 

25:05 Cash flow modelling 

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We begin this week’s chat with deputy companies editor Michael Fahy who runs through the history and new developments at tech solutions company Filtronic (FTC). Having signed a deal matching its total revenue last year, Michael unpacks the potential prospects for the business.

On the day the Bank of England announced it would keep interest rates on hold, Julian Hofmann joins the conversation to discuss his latest story on mid-cap stocks benefiting from interest rate cuts. Alex Newman also weighs in on the debate.

Last up, Mark Robinson discusses oil services group John Wood Group’s (WG) trading update and the recent opportunistic bid from Sidara. Would a deal make sense?

Timestamps 

1:25 Filtronic (FTC)

16:12 Mid-caps 

29:29 Wood Group (WG)

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The latest episode of The IC Interviews features Ian Lance, co-manager of Temple Bar Investment Trust alongside Nick Purves, who together have more than five decades of experience. The duo focus on undervalued UK shares and are adept at avoiding value traps.

In this episode, Dave and Ian discuss the possibility of a UK re-rating, the sectors most attracting Ian and Nick’s attention, news from Royal Mail-owner International Distribution Service (IDS), tobacco stocks and much more.

This episode was recorded on 17 April.

Timestamps

00:51 Is there a catalyst for a UK re-rating?

2:35 Buybacks 

4:54 The sectors catching his eye

6:42 Energy and commodity prices

8:54 How Lance thinks banks balance the benefits of higher rates versus risk

11:11 Why the trust doesn’t have more UK holdings 

13:52 The fund's income versus total return outlook

15:25 Holdings that don’t pay much out 

17:11 International Distribution Service (IDS)

19:53 What would make Lance give up hope on a turnaround play

23:05 Sectors that are hard to be optimistic about

25:04 Other sectors with appeal

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Are you paying £5 for a coffee? £4 for mayonnaise? With food and drink inflation still on the rise, the IC team asks whether consumer goods companies are reaching the limits of what they can charge households. Jennifer Johnson discusses the latest trading update from Unilever (ULVR) as well as its spin-off plans, and examines figures from US consumer giants, too. Also under the microscope are two other consumer staples businesses: Reckitt Benckiser (RKT) and Haleon (HLN).

With local elections taking place across the UK this week, we consider the implications of Labour's rail nationalisation plan. Was the reaction from Trainline (TRN) and FirstGroup (FGP) investors overdone? Chris Akers is on hand to give his views.

Meanwhile this week's cover story looks at the world's largest companies. Michael Fahy asks what we can learn from the rankings, and considers the outlook for the likes of ASML (NL:ASML) and Toyota Motor (JP:7203).

Timestamps

2:55 Consumer staples

14:56 Rail nationalisation

22:55 National champions

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Much of what has been covered in Lee and the IC episodes is about financial literacy and in this episode, Alex and John take a step further by hosting three members from the Renaissance Foundation, a specialist London-based youth charity.

The foundation, among its other aims, hopes to bring financial literacy to young people who otherwise may not have exposure to the world of investing. It will soon launch the City of London Youth Investment Fund and Alex and John are joined by CEO, Sat Singh, and co-chairs of the fund, Ananya Chowdhury and Wahid Uddin, who benefitted from the foundation as children.

The five discuss a range of topics from the formation of the fund to their research methods when finding companies to invest in. Lord Lee shares insight from his six-decades-worth of experience as a private investor, and Alex and John also touch on his Lok'n Store holding and take questions from listeners. 

Timestamps 

1:11 Financial education and the Renaissance Foundation

6:15 The fund

8:27 Practical considerations of the City of London Youth Investment Fund

10:12 Co-chairs of the fund Ananya Chowdhury and Wahid Uddin 

12:29 How to bring investing to life for young people 

13:46 John’s entry into investing

15:16 The investing approach to the fund

16:36 Balancing risk and range of a fund

17:52 How investing changes when it's collaborative versus personal

18:46 Will their fund be more company or fund-focused?

21:33 What success would look like for the fund

23:48 Sharing investing styles 

27:37 The importance of dividends

29:01 John’s portfolio & Lok'n Store

34:20 PZ Cussons

41:22 Listener questions

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On the day of the announcement mining giant BHP offered a whopping £31bn for Anglo American, Mark Robinson runs us through the thinking behind the deal, the impact South Africa’s upcoming election may have on Anglo’s assets, and whether this is just the beginning of negotiations.

Jemma Slingo takes the hot seat to discuss this week’s cover feature, hopefully, a comfort for many listeners: investors’ biggest mistakes. Jemma shares a few examples from fund managers interviewed, what they have learnt from their mistakes, the behavioural science behind them and more. 

Last but not least, Julian Hofmann discusses the biggest estate agent Property Franchise Group (TPFG) which recently completed a takeover of smaller realtor Belvoir. It’s now the biggest real estate agent in the country in terms of its multitude of locations thanks to its franchise model, but is it a quality business in the cyclical sector?

Timestamps

1:08 BHP’s big for Anglo American

13:56 Investors’ biggest mistakes

25:01 Property Franchise Group

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 investorschronicle.co.uk/podcasttrial

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