David Coombs, manager of Rathbone Strategic Growth Portfolio, explains the funds LED (liquidity, equity risk and diversifiers) framework and gives an overview of all areas of the portfolio today and the fund’s positioning. From dissecting geopolitical influences to analysing sectors like defence, MedTech, and retail, David provides valuable insights into the thought process behind managing a diversified multi-asset portfolio in today’s market. What’s covered in this episode:  What is the LED...

The IFSL Wise Multi-Asset Growth fund has weathered various market storms since launch 20 years ago. We explore the challenges of navigating volatile markets, particularly amidst events like Brexit and the Covid-19 pandemic, with co-manager Vincent Ropers. Despite the noise, he finds solace in the abundance of value opportunities for patient investors, highlighting sectors like investment trusts, private equity, biotechnology, and UK equities in this interview. What’s covered in this...

Darius McDermott and Juliet Schooling Latter are back for a comprehensive quarterly market update. Reflecting on the first quarter of 2024, they delve into various regions and sectors that experienced notable highs. We also discuss the potential for economic recovery in Europe, China's struggle to regain momentum post-Covid and speculation surrounding interest rate cuts by the Federal Reserve. What’s covered in this episode:  All-time highs for the S&P 500Should investors continue to back...

Manager of Jupiter Gold & Silver, Ned Naylor-Leyland, looks into the current dynamics affecting the gold market amidst conflicting factors like geopolitical tensions and interest rates. He provides insights into the intricate nature of gold pricing across different currencies, the recent breakout in the gold price including the flow dynamics in the market. Throughout the episode, Ned offers nuanced perspectives on investment strategies and market behaviour, underlining the importance of...

Maneesh Bajaj, manager of the Brown Advisory US Flexible Equity fund, shares insights into the fund's philosophy and flexible approach, attributing its long term success. We cover a whistle stop tour of US headlines including the Magnificent Seven, including both Microsoft and Alphabet, the growing role of artificial intelligence across industries, a US election year and two significant sectors for the portfolio: financials and healthcare.  What’s covered in this episode:  The fund’s...

In a special “Spring Budget” feature we’re joined by four fund managers and our very own research director, Juliet Schooling Latter, to take a closer look at UK equities. We discuss what the British ISA could mean for the UK market but, most importantly, what else still needs to be done to improve sentiment and encourage global investors to return. The managers also share where they’re finding the best opportunities in today's significantly devalued environment.  Our fund manager guests (in...

Ben James, investment specialist director on Baillie Gifford American, gives insights into why the U.S. remains a prime location for growth investors, highlighting its innovation, deep talent pool, and unique cultural optimism. A significant portion of the podcast is dedicated to the transformative power of Artificial Intelligence (AI) in the investment landscape. Ben shares the team's perspective on AI as a new technology paradigm, its potential implications, and the specific companies in...

Will Argent, investment advisor to the VT Gravis Clean Energy Income fund, explores the distinctive features that set this fund apart and provides insights into the resilience of renewable energy assets through economic cycles. We also discuss the challenges faced by energy storage and battery trusts, the compelling valuations in the current market and how power prices influence opportunities and the fund's role in delivering a regular income for investors. What’s covered in this...

This episode focuses on the UK market, highlighting the current generational opportunity and overall optimism despite recent challenges. Simon Murphy, manager of the VT Tyndall Unconstrained UK Income fund, shares insights into the fund's emphasis on mid-cap investments, citing attractive valuations resulting from years of negative sentiment. Simon also discusses the challenges faced during his takeover of the fund in February 2020 and concludes with reflections on the UK market, addressing...

Dave Dudding, manager of the CT Global Focus fund, discusses the S&P 500 reaching 5,000 for the first time and various aspects of the current economic landscape, such as supply chain dynamics, inflation, and the impact of artificial intelligence (AI) on the market. Dave shares insights into specific holdings in the portfolio, including Nvidia, Microsoft, and companies in the pharmaceutical and energy transition sectors. The conversation also covers the opportunities and challenges...

The VT Downing Unique Opportunities fund has a focus on small and mid-cap companies. Manager Rosemary Banyard covers the challenges faced by smaller companies, changing sentiment, and political influences on the AIM market during this interview. We also explore the impact of M&A activities on the fund's portfolio and turnover. We finish with a case study illustrating the concept of long-term compounding success and the fund's criteria for investing in companies with sustainable...

Chris St John, manager of the AXA Framlington UK Mid Cap fund, walks us through the FTSE 250, providing insights into its composition, changes, and dynamics of the mid cap index. We cover the diversity within the index, sectoral makeup and international exposure and well as the potential for M&A activities in 2024. Chris explains why the FTSE 250 is more sensitive to UK economic factors like interest rates and employment levels versus the FTSE 100 and addresses the performance disparities...

Richard Kaye, manager of Comgest Growth Japan, covers a range of topics relevant to investors today, beginning with insights into ongoing reforms at the Tokyo Stock Exchange, emphasising the need for genuine change driven from within companies.The discussion then shifts to the inflation outlook for 2024, the irregularity of the yen's situation and what these two things mean for foreign investors. Richard explains why the fund has roughly 20% in semiconductors and concludes with reflections on...

James Mee, co-head of multi-asset strategies and manager of the Waverton Multi-Asset Income fund, dives into the current economic landscape, exploring the likelihood of a recession and the factors influencing global markets. Giving an update on fund positioning and allocation across equities, fixed income, and alternative investments we touch on technology, Europe, inflation, interest rates and real assets in the portfolio. Out discussion concludes with a discussion on the role of cash in the...

Darius McDermott and Juliet Schooling Latter return for a comprehensive quarterly market update reflecting on key moments from the last year, particularly focusing on the dominant themes of inflation, interest rates, and technology. Darius and Juliet share insights on the unexpected resilience of markets amid interest rate hikes and discuss notable events from the collapse of SVB and Credit Suisse to the surge in the "Magnificent Seven” stocks. Looking forward to 2024, we examine potential...

Fixed income yields are at a “once in a generation opportunity” according to Alex Pelteshki, co-manager of Aegon Strategic Bond. Alex provides us with a comprehensive overview on the peaking of rates and yields, emphasising the impact of already tight monetary policies across major markets. Alex also highlights the fund's flexible approach, focusing on opportunities in government bonds and the high yield market. The interview concludes with the question of recession in 2024, offering a...

Simon Nichols, manager of BNY Mellon Multi-Asset Balanced, explains why he believes the world’s leading technology firms can continue to deliver strong performance heading into 2024. Simon also explains the fund’s thematic approach, and how it helps identify companies tapping into major themes, like de-globalisation and aging populations, to micro-themes like advancements in semiconductor technology. Simon also highlights his preference for government bonds and explains how uncertainties...

Dr. Paul Jourdan, CEO of Amati Global Investors, explores the unique ESGH approach employed by Amati, shedding light on the importance of adding the "H" for Human Rights to ESG, emphasising its significance as a separate category of investment risk. Drawing on experiences over 25 years, he discusses the blind spots in the investment community regarding human rights abuses in supply chains and their far-reaching consequences. To mark Human Rights Day on the 10th of December, the discussion...

This episode covers the interesting dynamics of the past year, including varying economic forecasts, the impact of hiking cycles, and the phases of higher yields in developed markets. Eva Sun-Wai, fund manager on the M&G Global Macro Bond fund, provides insights into the three phases of higher yields, touches on the unique features of the US mortgage market and shares her views on the "higher for longer" narrative, expressing a slightly more cautious stance and anticipating a potential...

Alexandra Jackson, manager of Rathbone UK Opportunities, discusses the challenges faced by the UK equities market, examining the impact of global events, rising bond yields, and third-quarter results on investor sentiment. Alexandra provides a nuanced perspective on the housing market, particularly focusing on Rightmove's resilience amid competition. Alexandra shares her views on the UK's economic fundamentals, valuations, and why investors should keep a keen eye on the market in 2024. What’s...

Dillon Lancaster, co-manager of the TwentyFour Dynamic Bond fund, talks us through the current push and pull factors in the bond market, focusing on the team's strategic moves in response to the central banks' aggressive rate hikes over the past 18 months. We discuss why the team has been favouring government and investment grade bonds, their views on the likelihood of a recession and use of European AT1s and European CLOs in the portfolio. We also discuss the likelihood of recession in 2024...

Bob Kaynor, manager of the Schroder US Mid Cap fund, digs deeper into the US economy. We touch on the ‘Magnificent Seven’ and how they shed light on a wider issue: can the level of concentration in the S&P 500 continue? Or is the AI bubble set to bust? We navigate through the unique challenges posed by student debt, higher interest rates, the US consumer, the employment cycle and the potential impact of upcoming global elections on the market. Bob rounds out the episode by giving his...

Murray Income manager Charles Luke highlights a trio of reasons why the UK market looks compelling at present, while also discussing the importance of focusing on quality companies when there is so much noise. We delve deeper into some of the companies in his portfolio, including a genetics company working on virus resistant pigs and a familiar FTSE 250 name that is set to benefit from an Amazon film and TV series. We also discuss the benefits of a strategy combining quality and income and...

Dr. Niall O’Connor, manager of SVS Brooks Macdonald Defensive Capital, gives a comprehensive overview of the financial landscape for investors, including the role of inflation, interest rates, asset valuations across various markets and, ultimately, where there may be opportunities. We delve into the dynamics of investment trusts - including the substantial discounts some are trading at - with Niall highlighting the potential for mergers and acquisitions in this space. We finish with Niall...