Investors' Chronicle

Ranmore Global Equity (IE00B61ZVB30) is a value fund that has grown very quickly over the past 18 months. In June 2024, it had a $300mn portfolio, but by January 2026 this had hit $1.5bn.

The fund’s manager, Sean Peche, talks to Val Cipriani about how he finds underappreciated and undervalued stocks, why he doesn’t meet company CEOs, and why buying and holding ‘forever’, a strategy favoured by star managers Terry Smith and Nick Train, no longer works in today’s rapidly changing world.

Timestamps

00:00: Intro

03:17: Three ways to get returns in markets and from companies

07:05: Value investing

08:31: Why I don’t meet CEOs

10:57: ‘Buy and hold forever’ doesn’t work in a rapidy changing world

15:22: A ‘fresh sheet approach’ and Qualcomm

17:40: The Magnificent Seven

19:21: Investors are starting to turn away from the US

23:09: Alternatives to the US

24:35: Terry Smith and passives

26:15: Greggs

29:01: Diageo

31:31: EasyJet

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

Company results season is under way. We have a mass of companies reporting over the next couple of weeks, and we will dig in to one of the highest profile businesses on the FTSE 100 later in the show.

To start, though, we are looking at a lesser-known stock, albeit one whose shares have been surging higher for several years now: Lion Finance (BGEO), itself not far from FTSE 100 promotion, and which reported another set of well-received figures of its own earlier this week. Alex Newman asks whether the run can last.

Then, our big read this week is all about the existential question of the day: is AI working? With investors hopes and indeed fears now seemingly pinned on the technology, Valeria Martinez is here to discuss how companies outside the tech sector are applying AI in practice, and how effectively or otherwise they are being.

In our third segment we’ll look at a noted AI loser of recent months, albeit one that nonetheless put out a fairly superlative set of results this morning: London Stock Exchange (LSEG). Hugh Moorhead will take us through the risks and opportunities facing the business, and consider whether the sell-off has been overdone.

Read more:

Can investors ignore the FTSE 100’s next big bank?

Lion Finance’s profits exceed expectations

Next-generation AI stocks worth buying now

Timestamps:

00:00 Intro

01:12 Lion Finance

17:10 AI winners

33:56 London Stock Exchange Group

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

We start with copper miner Antofagasta (ANTO), whose shares have soared over the past year on the back of big gains for the red metal. It released full-year figures earlier this week, and Alex Hamer discusses its prospects, as well as Rio Tinto and Glencore now the mega-merger is off. Alex also explains some of the equity raises that have taken place lower down the cap scale in recent weeks.

Erin Withey then joins us to discuss caterer Compass (CPG), which has been struggling of late. That’s led to calls for a slight rethink of its strategic priorities. 

Lastly, we look at one of the UK’s newest listings, albeit in the form of a business that sits outside the FTSE 350. The Magnum Ice Cream Company (MICC) spun off from Unilever in December and has just reported its 2025 results. Mark Robinson examines the outlook for frozen sweet treats.

Read more:

Antofagasta doubles dividend as profits hit new record

Cheaper Compass shares put buybacks on the menu

Magnum Ice Cream fails to impress in maiden results

Timestamps:

00:00 Intro

01:24 Copper mining

15:09 Compass Group

23:25 Magnum ice cream

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

Christie Group has a lot going for it. Growing in several countries and an employer to around 650 people, the brokerage business is a well-respected name in multiple niche sectors. Last year sales exceeded £70mn, and management reckons operating profits of £10mn are possible. The kicker, following the disposal of several subsidiaries, is that its balance sheet is full of cash.

Lord Lee of Trafford clearly agrees. In more than 80 transactions since 2002, he has amassed a 6 per cent holding across both his personal investment account and the charitable trusts he oversees.

So why is the business valued at just £35mn? We put this question and many more to chief executive Dan Prickett, who has been at the company for 17 years - including the last two and a half in the top role.

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Timestamps

00:00 Intro

00:30 Recap of last episode

01:44 Introducing Dan Prickett

02:21 What is Christie's

05:10 John's history with the business

09:37 Institutional shareholders

12:10 Dan's stake in the business

15:08 Trading statement

23:40 Why is the stock price low?

30:18 Expansion in Europe

35:49 Setting targets

37:08 John's portfolio round up

39:25 PZ Cussons

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

After a week in which we in London were blessed with a rare day in which the sun dared to poke its head out, today we will try to shed some light of our own on the big goings on in companies and markets at the moment. 

We kick off with a look at the breaking news of the day, the £10bn takeover of Schroders by US asset manager Nuveen. Chris Akers is here to discuss the deal, and the possible implications for the rest of the asset and wealth management sector, where there’s been another big deal in recent days: unlisted wealth manager Evelyn Partners bought by NatWest. We’ll also take a brief look at emerging market specialist Ashmore, which had interims out today and has rallied particularly hard of late.

After that, we turn to our big read of the week, looking at the strain on public services and the consequences thereof. Mark Robinson will discuss why the private sector is playing a growing role in the provision of said services – in certain areas – and where they might be expected to take more of the slack in future.

Finally, Mark will also look at US economic bellwether McDonalds, which reported some pretty good figures overnight. Is the economy firing on all cylinders, or are more people trading down when they eat out, or a bit of both? Mark will consider these factors as well as the figures themselves later on.

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Read more:

Schroders bought out in £10bn deal

NatWest buys wealth manager in £2.7bn deal

The private stocks taking advantage of government failure

McDonald’s beats expectations as sales hold up

Timestamps:

00:00: Intro

01:24: Schroders takeover

11:17: Privatisation

22:14: McDonald’s

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

This week, after a software sell-off that has rattled some of the UK’s most popular ‘quality’ stocks, we look at the fallout for the likes of Relx, Sage, Experian and others. Valeria Martinez is here to discuss whether the launch of Anthropic’s new AI tools represents an existential threat to these businesses.

After that, we turn to the hopefully calmer world of corporate bonds and the reforms that have the potential to open up the market more widely to DIY investors. Erin Withey talks through the changes, their likely impact on the market, and what corporate debt in general can offer investors.

To wrap up, we look at one of the many companies to have updated the market this week, in the form of pharma giant GSK. After many years out of favour, the business has started to win investors over of late. Julian Hofmann will look at how it’s done it, whether its progress can continue, and what a new chief executive might bring to the business.

Read more:

AI-hit software stocks bounce back

GSK starts to show real profit improvement

Timestamps

00:00 Intro

01:00: Software sell-off

12:37 Corporate bonds

21:43 GSK

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

The UK’s largest investment platform, Hargreaves Lansdown, has announced its first fee overhaul in over a decade. But as ever the devil is in the detail, and despite its headline price cut there has been a bit of an outcry in some quarters. Val Cipriani is here to discuss which users will benefit, and which will lose out.

After that we discuss our big read of the week, looking at – dare we say it – happier, more relaxed methods of building wealth. Alex Newman will explore how the more risk averse – of whom there are many nowadays given the general state of, well, everything – can have a better chance of meeting their savings goals.

Lastly we return to our regular company reporting beat with a look at the latest well-received trading update from pig and poultry producer Cranswick (CWK). Does the company’s valuation still warrant interest? Mark Robinson will tell us more.

Read more here

Winners and losers of Hargreaves’ fee overhaul

Three easy steps to becoming a stress-free investor

Cranswick boosts sales as consumers ditch beef for pork

Timestamps:

00:00 Intro

00:55 Hagreaves Lansdown

11:27: Building wealth: cash v assets

25:28 Cranswick

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

It’s been a dramatic week in a year already full of drama, with Donald Trump’s sabre rattling over Greenland, and subsequent threat to impose further tariffs, causing alarm before being walked back on the basis of an apparent compromise.

But with that saga now seemingly in the rear-view mirror – for how long, we don’t know – we kick things off today with space exploration, which does have specific application to the current geopolitical debates as we shall discuss shortly. Mike Fahy is on hand to examine how the soaring space sector is faring ahead of a possible SpaceX IPO later this year.

Then it’s on to the latest part of the tech sector to attract widespread investor interest as a result of the AI craze: memory chip stocks in the US and further afield have been booming as people cotton on to the vital role they play in data centres. Arthur Sants, recently returned from a trip to the factories of South Korea, will discuss shares, shortages and smartphone prices, among other things.

And to finish up we will be back on home turf as Julian Hofmann joins us to discuss the bid interest in Lloyd’s insurer Beazley from Zurich, and the prospects for more consolidation across the sector in general.

Timestamps

00:00 Intro

1:29 Space Industry

13:11 Memory chips

21:43 Beazley takeover offer

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

For their latest company interview, Lord Lee and Alex Newman sit down with Lawrence Hutchings, who joined Workspace as CEO in November 2024.

That conversation, which was taped on 9 January, was to be one of Hutchings' last in the role. Ten days after the recording, and amid mounting activist pressure from shareholder Saba Capital, Workspace abruptly announced Hutchings would be replaced as CEO by Charlie Green, co-founder of the Office Group.

Despite this, we are publishing the conversation below, together with some of John's initial thoughts. Commenting on his own appointment, Green said "the strategy in place is clear and provides the right platform to rebuild occupancy and drive income growth over time." Presumably that means a degree of continuity.

Let us know your thoughts on the move, or if you have any questions or any suggestions for future guests, by emailing [email protected]

Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube

Timestamps

0:09 Intro

5:52 Background on Workspace

11:45 Short term rental market

16:06 Creative industries

19:54 Occupancy levels

24:07 John's views on Workspace

28:25 Lessons from other property sub-sectors

29:48 Asset disposal programme

39:36 Saba Capital

43:20 The optimism scale

47:14 Update on John's portfolio

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.

It may be dry January for some, but this week we are settling down with the pub companies amid a raft of news for the sector in recent days. Mark Robinson is here to discuss the bumper Christmas periods that many in the sector enjoyed, the imminent U-turn on business rate hikes likely to be announced by the government in the days ahead, the US activist putting the pressure on Marston’s (MARS) and more.

After that we turn our attention to one government reform that’s not being reversed – the Renters’ Rights Act is due to come into force this year, and that puts pressure on landlords to comply. Holly McKechnie will explain what that means for the rental market, and also talk us through the other changes coming in that could have an even bigger impact on buy-to-let properties.

Lastly, we look at gene sequencing device maker Oxford Nanopore Technologies (ONT), one of the 2021 UK IPOs that have done especially badly, but which has shown some signs of life in recent months. Julian Hofmann will examine the company’s full-year trading update for clues to its future prospects.

Timestamps

00:00 Intro

01:06 Pubs winter rally

14:20 Renters' Rights Act

26:26 Oxford Nanopore

Read the articles highlighted in the show:

Mitchells & Butlers: Pricier pints power profit growth

Does it still pay to be a landlord?

Oxford Nanopore returns to growth

Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities.

Investors' Chronicle is a service by the Financial Times.

Hosted on Acast. See acast.com/privacy for more information.