Talking Research - Walter Scott

Japan has a rich heritage in robotics, consumer electronics and the automotive industry. But where are the next growth opportunities? Investment Manager Lucia Gibbard went to Japan to find out. 

• In the foothills of Mount Fuji, robots make robots in total darkness 24/7
• Companies are investing heavily in digital transformation to enhance efficiency
• As the global supply chain diversifies away from China, Japan's semiconductor industry looks set to benefit

Resources:

• ASML - The Future is AI (article)
  ASML’s most recent results sparked volatility across the tech sector. Were investors right to be worried? Investment manager Tom Miedema visited the “the most important tech company you’ve never heard of” to find out more.
• Talking Research Q2 2024 (podcast)
  AI-driven technologies such as ChatGPT are being adopted at breakneck speeds. Because of this, companies are scrambling to keep up – they need smarter software, stronger networks and better computers. This has created huge opportunities for pioneering firms such as TSMC, ASML and Nvidia. Investment managers Tom Miedema and Jamie Zegleman explore whether these innovative companies will maintain their competitive edge.

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For businesses and investors with a global perspective, the immense size of India’s economy, combined with its impressive rate of economic growth, makes it critical to understand. Investment analyst Connor Graham discusses his recent trip to the country where he met with numerous companies across different sectors.

• With almost half of India’s population under the age of 25, the scale of consumers entering the market is hard for businesses to ignore.  
• The turnaround time of Indian ports averages less than one day, which is significantly faster than many ports in the US and Australia. 
• India’s IT services sector sees generative AI as an opportunity to increase functionality, not a threat that will replace software engineers.

Resources:
India Rising (article and film)

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

A visit to China highlights the perils of making generalisations about such a vast and complex country. Investment manager Paul Loudon reports back from the bright lights of Chengdu, Chongqing and Hong Kong whilst investment manager AJ Kyle provides an update on the team’s recent travels and investment insights.

Key takeaways

• There are palpable signs of an economic buzz in Chengdu and Chongqing, from the cranes on the skyline to a shiny new airport.
• But consumers are cautious. Manufacturers of baijiu, China’s favourite spirit usually enjoyed at banquets and celebratory events, spoke of notable weakness, pointing to the sombre mood of Chinese consumers.
• China currently imports 40% of the natural gas it consumes. The desire for energy security is driving remarkable innovations in solar power technology. 

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

 AI-driven technologies such as ChatGPT are being adopted at breakneck speeds. Because of this, companies are scrambling to keep up - they need smarter software, stronger networks and better computers. This has created huge opportunities for pioneering firms such as TSMC, ASML and Nvidia. Investment managers Tom Miedema and Jamie Zegleman explore whether these innovative companies will maintain their competitive edge. 

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals only

In a wide-ranging discussion, Investment Managers Des Armstrong and Alan Edington debate the ongoing concentration of US markets, Japan’s impressive start to the year as well as trips to Denmark and LA to meet with, amongst others, healthcare, entertainment and medtech businesses. AI was the recurring theme throughout the discussion albeit there are question marks around how and, crucially, when this technology reaches meaningful scale.

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals only

In our latest quarterly podcast, Walter Scott's Directors Charlie Macquaker and Roy Leckie discuss the remarkable performance of equity markets in 2023. They also reflect on some of the year’s research trips, including Charlie’s recent visit to Japan, and ask if the outperformance of the Magnificent Seven has been justified by fundamentals, and if it can continue.

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals only

In our latest podcast, we hear from Walter Scott's Head of Research and Investment Manager Alan Lander, Investment Manager Fraser Fox and Investment Analyst Michael Scott, who’ve all recently returned from Asia. During discussions with companies across mainland China, Hong Kong, Indonesia, Malaysia and Singapore, they garnered plenty of valuable first-hand insights including on the reorganisation of global supply chains. Undoubtedly, China Plus One is a lot more complicated than such a simplistic phrase would suggest.

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals only

In Walter Scott's latest quarterly podcast, Investment Manager Paul Loudon considers current goings-on in China and why, in his view, the picture there is not all doom and gloom. He also shares insights from recent debates and the team’s latest travels before fellow Investment Manager Lindsay Scott joins him to talk about the ground-breaking, hugely topical and often controversial obesity drugs that have been developed by Novo Nordisk and Eli Lilly.

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals only

In this episode, Walter Scott Investment Managers Des Armstrong and Tom Miedema discuss their recent research trip to China and Taiwan. With ongoing headlines around geopolitical tensions and the end of China’s strict zero-Covid policy, it was a particularly timely visit.

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals only

With reporting season underway, Walter Scott's Research team has been busy analysing, discussing, and debating the merits of numerous companies. It has also been a busy period for research trips – including the US, Italy, France, China, Taiwan, and a whisky distillery in the Scottish lowlands. In this podcast, Investment Managers Alan Lander and Lindsay Scott discuss these and other issues, including the consumer discretionary sector and, as LVMH becomes the continent’s first $500 billion company, the extraordinary success of Europe’s luxury businesses.

Our podcast episodes are intended solely for institutional investors, investment professionals, investment consultants and financial intermediaries only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.