Nick Train is the first to admit that his investors haven’t seen the returns they’re used to recently. But despite some calls that haven’t quite worked out, in this interview, he points out the areas that should make up for this in the future.

Listen to Dave Baxter and the fund manager discuss holdings in the fund such as Diageo (DGE) – which he’s bullish over despite falling alcohol consumption and the threat of weight loss drugs – and companies tapping into digital trends, such as Relx (RELX).

The pair also cover moving away from dividends, the state of UK asset managers, activism in the investment trust space and more.

This episode was recorded on 24 February.

Timestamps

00:51 What could end the underperformance 

3:50 Stronger and weaker points of the portfolio and Relx  

6:08 How much of the portfolio targets digital trends 

8:05 Performance issues 

12:39 Diageo

20:32 Unilever

23:46 Consumer exposure

26:20 UK market woes

29:42 Rightmove 

31:56 Schroders and UK asset managers

33:33 Investment trusts

36:02 Clarkson and Intertek

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