This podcast was recorded on 27 February 2026, prior to recent events in the Middle East.

Markets are currently shaped by concentration and powerful narratives, with share prices often drifting far from underlying fundamentals. In this episode of Talking Research, Francis Sempill is joined by Roy Leckie and Alan Edington to discuss portfolio performance and whether investors risk overlooking many high‑quality businesses. They also explore how the team is navigating AI‑related volatility and explain why discipline and diversification remain essential to long‑term outcomes.

This episode marks the first time Talking Research has been filmed, giving the audience the option to watch as well as listen.

 Key takeaways

• Market behaviour is being driven more by narratives than by underlying company fundamentals. 
• Quality growth companies are delivering resilient earnings, despite sometimes limited near‑term share price recognition. 
• Capturing the long-term AI opportunity requires more nuance than the binary ‘winner or loser’ framing that dominates today’s market.

 Speakers

• Francis Sempill, Head of Client Service
• Roy Leckie, Executive Director
• Alan Edington, Investment Manager

 Resources

• The AI scale advantage: On the road on the US West Coast https://www.walterscott.com/research/articles/the-ai-scale-advantage--on-the-road-on-the-us-west-coast.html
• What we look for in a company https://www.walterscott.com/research/articles/what-we-look-for-in-a-company.html 

The podcast is intended for investment professionals 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.