As a wealth preservation fund, Personal Assets aims to generate returns above inflation using a long-term approach. But with uncertainty rife thanks to tariffs, the fund is facing a very “interesting” time.

In our latest IC Interviews episode, Dave Baxter and Charlotte discuss the talk of the town – tariffs. Listen to the episode to hear the pair unpack the fund’s behaviour after the sell-off, why the managers are backing gold, why Charlotte doesn’t believe weight-loss drugs are a threat to alcohol stocks, and more. 

This episode was recorded on 14 April.

Timestamps  

00:59 How the fund is behaving after the sell-off

4:00 Impact of tariffs on stock markets 

8:35 Stock markets the fund is favouring

12:06 US Treasuries

15:44 Sectors to benefit from structural inflation

18:31 Gold 

20:51 Food and drink stocks 

22:49 Weight-loss drugs and alcohol consumption

26:27 Markets aside from the US 

27:28 The aim of the fund

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We begin with results from electronics manufacturer, TT Electronics (TTG). Michael Fahy and Arthur Sants explain how its North American and European divisions have been performing, and how the senior leadership is changing.

Tariffs again, but from a different angle. Arthur Sants, our US correspondent, unpacks how tech stocks Apple (AAPL) and Nvidia (NVDA) are faring, what could happen next and which businesses are best set to prosper. 

Last up, Mark Robinson covers motor finance and lender S&U’s (SUS) results. It faces significant uncertainty due to regulatory issues and a Supreme Court ruling taking place in a few months. Mark and Dan explore what it means for the business and its shareholders.

Timestamps 

1:30 TT Electronics

10:12 Tariffs and trade

28:21 S&U

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As tariffs continue to send markets into a frenzy, the panel gives listeners a rundown of how we got here, what’s happening now and what lies ahead for untouched industries such as pharmaceuticals. 

Val Cipriani joins to discuss this week’s cover feature on the investing world beyond listed stocks. Val and Dan share how investors can get exposed to unlisted shares, how to find out what they’re worth and other tips to find out if you can trust valuations.

It’s then on to Staffline’s (STAF) results. Valeria Martinez reveals why it held up better than its recruiting peers and what its recent PeoplePlus disposal means for the business in the future.

Timestamps 

1:53 Market frenzy

18:13 Unlisted stocks

28:27 Staffline

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The panel unpack details of the swathe of tariffs announced by US President Donald Trump. They discuss what was announced, their curious calculations, the implications on nations and stocks, and what retaliations could occur.

Dave Baxter joins to discuss global equity funds, the topic of this week’s Big Read. Dave and Dan unpack the thinking behind the piece, some of the companies that crop up in the funds mentioned, including the most popular of the Magnificent Seven and more. 

Lastly, Jemma Slingo covers the latest on Aviva (AV.), which is attempting to cancel its preference shares. It argues they are an ‘inefficient form of funding’, but investors are not too happy with the move. 

Timestamps

1:41 Tariffs

21:15 Global equity funds

28:15 Aviva

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Dan Jones is joined by Natasha Voase to discuss Bellway’s (BWY) results, and what they reveal about the state of the property market. The pair also unpack the future of housebuilding in light of the Spring Statement and what it means for Vistry (VTY) and Barratt Redrow (BTRW).

Val Cipriani joins to carry on the Spring Statement conversation, but changing course toward Isas and the various takes experts, investors and providers will have on changes to allowances.

Lastly, we’re back to company results with Fevertree (FEVR). Mark Robinson explores the wider trends in the beverages sector and the company’s deal with brewer Molson Coors.

Timestamps

1:27 Housebuilders

11:12 Isas

21:32 Fevertree

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 

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The Blue Whale Growth fund concentrates on large cap companies across global stock markets. US tech has dominated global indices, investors’ minds and until recently, the fund. Dave Baxter talks to manager Stephen Yiu about his updated thoughts on the Magnificent Seven, Donald Trump’s impact on the AI play, overlooked sectors and more.

This episode was recorded on 24 February.

Timestamps

00:29 DeepSeek 

2:13 Identifying AI winners 

5:36 Exiting Microsoft and US tech

9:38 Turnover in the fund

13:03 Evolution of the fund

16:55 Valuations 

20:10 European and Asian companies

21:54 Trump and the trade war

23:33 Areas to keep an eye on

27:30 Compelling themes in the fund beyond AI

32:09 Overlooked companies

34:24 Danaher

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Dan Jones is joined by Alex Newman and Julian Hofmann to discuss the shift away from US shares towards Europe and even the UK – and the implications for investors.

Next up, Alex Newman breaks down his Big Read this week on how the ultra-rich invest and what more humble investors can learn from their investing practices.

Lastly we turn our attention to UK company reporting and specifically Close Brothers (CBG), whose results this weekprompted a sell-off, with the shadow of motor finance rulings lingering over the company.

1:29: The great rotation

16:50: The Big Read: Ultra-rich Investors

23:51: Close Brothers

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Mark Robinson sits in for Dan Jones this week and is joined by Michael Fahy to discuss building supplier stocks. The sector has had a rough few years with rising inflation and interest rates, and declining demand. Michael explores where the industry goes next.

Alex Newman joins to unpack everything going on with FTSE 250 listed shipbroker Clarkson (CKN) whose share price dropped after it released results.

Julian Hofmann covers the news of Germany’s rearmament. The country faces significant challenges to fund and implement its colossal plan, but stocks are already reaping the benefits.

Last up, Valeria Martinez discusses digital revenues in publishing, specifically focusing on Reach (RCH). Mark and Valeria unpack how its new business plan could impact growth.

Timestamps

5:18 Building suppliers 

15:12 Clarkson

18:51 Germany’s rearmament

26:10 Reach

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Anna Bielby took the helm at Vp in September 2023, a year after John took his own stake in the business. In this episode, Bielby, Lord Lee and IC associate editor Alex Newman discuss the equipment leasing group's history, business model, threats and opportunities.

As always, Alex and John wrap up with an update on Lord Lee’s portfolio, plus his take on defence stocks.

Timestamps 

0:59 Introduction

3:57 Lord Lee’s history with the company

5:17 Business model & threats

6:58 Hinkley Point

8:03 Rail demand 

11:11 How it fits in Lord Lee’s portfolio

12:37 Questions from Lord Lee

15:33 Current trading outlook

17:49 Impact of tariffs

18:37 Dividend

22:38 2022 sale saga

25:24 Concerns over weak valuations

28:24 Financials

34:39 Changes to Lord Lee’s portfolio

36:24 Defence 

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We begin with Aberdeen’s (ADBN) results, which pleased the market and sent shares up considerably. Julian Hofmann dives into the recent changes at the company and how they will impact investors. Jemma Slingo touches on another asset manager, Schroders (SDR) which also put out results.

It’s then onto this week’s Big Read on the future of mining. Commodities expert and author of the piece Alex Hamer lays out what’s shifting the gears in the industry, and how miners will adapt. Listen to hear about permitting and copper mining operations in the US, gold and rare earths. 

Following the announcement the German government will up its defence spending, Julian Hoffman and Dave Baxter discuss the latest in the defence industry and the ETFs that offer investors a chance to take advantage.

Note: The show contains a brief, erroneous mention to Premier African Minerals (PREM). The correct company is Pan African Resources (PAM).

Timestamps 

1:48 aberdeen

8:11 Schroders

13:25 Mining

28:01 Defence

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.

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