Investors' Chronicle Investors' Chronicle
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Looking for help with your Isa or pension? Or just plain confused by the stock market? Each week, Investors' Chronicle picks apart the latest news for companies, markets and funds, and brings you fresh investment ideas. Subscribe for these, along with interviews with professional investors and special in-depth discussions on big market themes.
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The Isa Special 2024: The Companies and Markets Show
We begin this week’s episode with TP Icap, the interdealer broker. Julian Hofmann reports on the figures that came out recently, and he and Dan discuss the divisions driving performance, its electronic trading push and the business's valuation.
Val Cipriani, author of this week’s cover feature the IC’s guide to Isas 2024, then runs us through the importance of understanding the allowances, the ‘simplification’ changes made and some of the platforms investors can utilise.
Last up, Mark Robinson discusses the recent results from Hill & Smith (HILS). Which of its business arms are performing best? And how does this compare with Costain’s (COST) results?
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The Budget explained & the importance of dividends: The Companies and Markets Show
The chancellor Jeremy Hunt unveiled his Spring Budget and so we begin with economics expert Hermione Taylor unpacking all the major announcements. She explains what it could mean for the upcoming election and the impact on the country’s finances. The team also weigh in on the new British Isa – something that has divided the investing world.
The Budget isn’t the only big news, results season is in full swing and Julian Hoffman covers one of the most popular UK companies: Legal & General (LGEN). Is it putting too much value into the pension value market? And after announcing an increased dividend, taking its yield to 9 per cent, he explains what investors should expect in the future.
It’s then onto our cover feature of the week on dividends. Alex Newman, author of the story, explains the thinking behind the piece and gives some historical context on the topic. The attitude toward dividends differs on either side of the Atlantic, with UK investors being more in favour, so Alex unpacks this and the vital case for dividends in today’s investment landscape.
Last but not least, Mark Robinson runs through the recent £1nb takeover of Spirent Communications by Viavi Solutions Inc. He discusses the background of the deal and ponders whether the bid itself is too optimistic.
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‘It’s the valuation that matters, not the share price’: Laura Foll of Janus Henderson Investors
Foll currently works as a portfolio manager on the Global Equity Income Team at the Janus Henderson Investors fund, where she has held the position for 10 years.
In the episode, the pair discuss where the team tends to focus when stocks don’t pay dividends, the compelling opportunities in the UK market, some of the specific stocks the fund currently holds and one of the fund's largest holdings, Rolls-Royce.
This episode was recorded on 27 February.
Timestamps
00:59 How does the trust differ from its peers
2:58 Interesting opportunities outside of conventional income investing
6:08 What the fund looks for in a recovery play
8:05 Rolls-Royce
9:29 How the fund treats a well-performing stock
12:19 Dividend prospects for Rolls-Royce
13:42 Are we shifting away from a focus on dividends?
16:27 Interesting sectors that are powering dividends
19:21 Warning signs in income stocks
23:55 Areas of hope for UK equity investors
27:59 The mix of UK and overseas stocks and the different appeal
30:23 How prominent are smaller companies in the portfolio?
33:56 Monitoring all the stocks Janus Henderson holds
34:56 Foll’s take on M&A
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The power of consumer staples & the UK’s appetite for M&A: The Companies and Markets Show
In this week’s podcast we begin with our cover feature on companies with brand power. We unpack why consumer staples are under pressure, the competitiveness of consumer health and share the story of how Sensodyne toothpaste became a staple product.
As company results season is in full swing, we pivot only slightly to two consumer brands that have reported results this week, Haleon and Reckitt Benckiser. We discuss what has gone well for the companies as well as the concerns ahead.
Last but not least, we cover the recently rejected bids for Direct Line and Currys. Could these rejections be a sign that boards are growing more optimistic, or just that they think shares are massively undervalued?
Dan Jones is joined by Jennifer Johnson, Mark Robinson and Julian Hofmann
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Meeting a CEO: Lee and the IC
In the sixth episode of Lee and the IC, Alex and Lord Lee are joined by Miles Adcock, chief executive of computing product manufacturer Concurrent Technologies.
The trio discuss the background of Concurrent, a favoured holding in Lord Lee’s portfolio, when Lord Lee began investing in it, how both he and Adcock view the company’s prospects amid current geopolitical tensions, how to navigate the unknowns of a complex stock as a private investor, and much more.
This episode was recorded on 23 February.
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Capitalising on AI and data & the Rolls Royce turnaround: The Companies and Markets Show
We begin with Julian Hoffman who delves into the details of recently published banking results. He explains what was hidden inside Barclays’ results and whether it can afford its £10bn payout to shareholders. Julian and Dan also discuss HSBC’s impairments and NatWest’s dividend.
Val Cipriani has written this week’s cover feature on taking advantage of the growing need for data centres. She and Dan discuss the background to the piece, the operators and the headwinds they face, and she explains how investors can capitalise on this real estate-cum-infrastructure industry.
Last but certainly not least, Michael Fahy talks about Rolls Royce, whose profit more than doubled to £1.6bn. He discusses what investors can learn from this growth and whether or not the momentum will continue.
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Customer Reviews
Has this podcast stopped?
Loved listening to John and Phil. Algy Hall is also worth a listen to. Rest of the contributors are a bit loose but you put up with it for Phils insight
Sound Quality?
Some great content but the sound quality is often awful, sometimes so bad that I cannot listen to it
Please increase the volume/sound quality.
Excellent content; poor mics.