focusIR Fireside Chat

focusIR

0.0 (0)
Investing
Biweekly

A series of insights from City professionals.

1d ago

focusIR Fireside Chats Ep8: How Rockwood Strategic Finds a 100% Upside in UK Small Caps

How do you identify overlooked UK companies capable of delivering exceptional shareholder returns? In this episode of focusIR Fireside Chats, presented by Karl West, Richard Staveley, lead fund manager of Rockwood Strategic plc, shares the value investment philosophy that has helped drive the trust's strong long-term performance in UK smaller companies. With more than 25 years of experience in equity investing and fund management, Richard explains why Rockwood Strategic plc focuses on undervalued businesses with clear recovery potential, proven business models and the opportunity to generate significant upside through operational, strategic or management-led change. The discussion covers: • Rockwood Strategic plc's value and recovery-focused investment approach • Why the portfolio is concentrated across approximately 25 UK small-cap holdings • The characteristics Richard looks for when assessing new investment opportunities • Funding Circle and the successful turnaround that transformed the investment case • Why Rockwood exited Filtronic after a substantial re-rating in the share price • The recovery potential Richard sees in Videndum and Capita • Oasis Management's involvement in Capita and the potential path to unlocking shareholder value • Why Rockwood continues to see significant opportunity in M&C Saatchi • Recent investment successes including Eagle Eye Solutions and Tribal Group • The advantages of taking a long-term, high-conviction approach to investing • The influence of Warren Buffett, Howard Marks, Christopher Mills and other leading investors on Richard's career Richard also discusses the dangers of benchmark-driven investing, why he prioritises absolute returns over relative performance, and how patient investors can benefit from market inefficiencies in the UK small-cap sector.
Sep 25

focusIR Fireside Chats Ep7: EGL – Is AI Power Demand an Investment Opportunity?

AI and data centres are driving a major shift in global electricity demand. Could utilities and infrastructure be among the biggest beneficiaries? In focusIR Fireside Chats Ep7, Karl West speaks with Jean-Hugues de Lamaze, Senior Portfolio Manager of Ecofin Global Utilities and Infrastructure Trust, about the investment opportunities emerging across power, utilities and infrastructure. Jean-Hugues explains why electricity demand could rise by around 50% over the next decade, driven by electrification, electric vehicles, heat pumps and increasingly power hungry data centres. He also discusses Ecofin’s investment approach, which focuses on predictable long term cash flows and companies offering a combination of dividend income and structural growth. In this interview, investors will learn: • Why AI and data centres are reshaping electricity demand • Where Ecofin sees opportunities across global utilities • Why UK utilities are becoming more attractive • How the portfolio balances income and structural growth • Why diversification has been important to long term returns Jean-Hugues also explains how Ecofin has navigated higher interest rates, inflation and geopolitical uncertainty, while adapting its exposure between North America, the UK and Europe.
Aug 28

focusIR Fireside Chats Ep6: Vietnam Holding: What Vietnam’s FTSE Upgrade Means for Investors

Vietnam Holding (LSE:VNH) has been investing in Vietnam since 2006, giving it two decades of experience in one of Asia’s fastest growing economies. Vietnam is now approaching another significant milestone, with FTSE Russell confirming its reclassification from Frontier to Secondary Emerging market status from 21 September 2026.In focusIR Fireside Chats Ep6, Karl West speaks with Craig Martin, Chairman of Dynam Capital, the investment manager of Vietnam Holding, about the opportunities emerging as Vietnam’s economy and capital markets continue to develop. Craig has been involved in Vietnam for more than 25 years and co-founded Dynam Capital alongside Vu Quang Thinh.The conversation explores how Dynam Capital builds Vietnam Holding’s concentrated, high conviction portfolio and identifies businesses positioned to benefit from the country’s long term structural growth. Vietnam Holding currently focuses its investment strategy around three core themes: domestic consumption, industrialisation and urbanisation.Craig also discusses why ESG and corporate governance form an important part of the investment process, helping the team assess long term risks and opportunities while engaging with portfolio companies to encourage stronger governance and disclosure.The discussion examines opportunities across areas including Vietnamese banks and consumer businesses, alongside the transformation of the country’s stock market and the increasing participation of domestic investors.A major focus is Vietnam’s forthcoming FTSE Russell upgrade. FTSE Russell confirmed in April 2026 that Vietnam meets the criteria for Secondary Emerging market status, with the reclassification taking effect from market open on 21 September 2026. The move represents an important step in Vietnam’s integration into global capital markets and could broaden its visibility among international investors.Craig also reflects on more than 25 years of involvement in Vietnam, what originally attracted him to the country and why he believes its long term development continues to offer opportunities for investors.What investors will learn:• How Vietnam Holding constructs a concentrated, high conviction portfolio• Why domestic consumption, industrialisation and urbanisation drive investment selection• How ESG and corporate governance influence investment decisions• The investment case for Vietnamese banks and consumer businesses• How Vietnam’s stock market has developed over two decades• Why domestic investor participation matters to Vietnam’s capital markets• What the FTSE Russell Secondary Emerging upgrade means• Why 21 September 2026 is significant for Vietnam• The key drivers behind Vietnam’s long term economic growth• Why Craig Martin remains positive about Vietnam’s investment opportunity
Jul 24

focusIR Fireside Chats: Ep5; How Judith MacKenzie Finds Winning UK Small Caps

In this episode of focusIR Fireside Chats, Karl West sits down with Judith MacKenzie, Partner and Head of Downing Fund Managers, to explore the world of UK small-cap investing, AIM-listed companies and the characteristics that separate long-term winners from the rest of the market. Having founded Downing Fund Managers in 2010, Judith has built a highly regarded investment team focused on identifying high-quality UK smaller companies with sustainable competitive advantages and long-term growth potential. Downing is also a certified responsible investor, integrating environmental, social and governance considerations into its investment approach. During this wide-ranging conversation, Judith explains what she looks for when assessing new investment opportunities, why active management remains crucial in the UK smaller companies sector, and how meeting management teams can reveal insights that never appear in a company's annual report. The discussion also moves beyond investing to cover Judith's own career in fund management, the evolution of diversity within the financial services industry, the importance of mentorship, and why improving financial education for young people is one of her biggest personal passions. Whether you're an investor looking for insights into UK equities, an investment trust follower, or simply interested in how professional fund managers identify exceptional businesses, this interview offers valuable perspectives from one of the UK's leading small-cap investors. Timestamps 00:00 – Introduction to focusIR Fireside Chats 00:24 – Introducing Judith MacKenzie, Partner & Head of Downing Fund Managers 00:53 – What Judith looks for when selecting UK small-cap investments 23:50 – Building a career in fund management 24:00 – How opportunities for women in finance have evolved 24:40 – The mentors who shaped Judith's investment career 25:36 – Lessons learned from working alongside Martin Gilbert 26:33 – Why mentoring the next generation matters 27:23 – Improving financial education in schools 28:34 – Closing thoughts and thanks
Jun 26

focusIR Fireside Chats: Ep4; Why Edinburgh Investment Trust Is Backing Turnaround Stocks for 2026 Growth

Can turnaround investing outperform the market in 2026? In this episode of focusIR Fireside Chats, Karl West speaks with Emily Barnard, Deputy Portfolio Manager of the Edinburgh Investment Trust (EIT), managed by Liontrust, about portfolio positioning, UK equities, defensive investing, and why long-term stock picking still matters in volatile markets. Emily explains why EIT remains underweight banks despite strong sector performance, why Rolls-Royce was avoided, and how the trust identifies undervalued opportunities in UK blue chips and turnaround companies. She also shares insights into inflation, geopolitical uncertainty, portfolio construction, and the future outlook for UK markets heading into 2026. Investors will learn: - Why EIT missed the Rolls-Royce rally and whether that could change - The trust’s view on HSBC, UK banks, and blue-chip opportunities - How turnaround investing can drive long-term returns - Why companies like GSK, Anglo American and Rentokil remain attractive - How portfolio managers assess management teams and company culture - What makes a stock “defensive” in today’s inflationary environment - The role of pricing power, dividends and cash generation in uncertain markets - Why investment trusts continue to trade at discounts to NAV - The growing influence of activist investors in the investment trust sector - EIT’s outlook for UK equities, inflation and geopolitical risks in 2026 The Edinburgh Investment Trust was established in 1889 and aims to outperform the FTSE All-Share Index while growing dividends ahead of UK inflation. Its portfolio includes major holdings such as Shell, GSK, Unilever, Compass Group and National Grid.
May 22

focusIR Fireside Chats: Ep3; FTSE 250 Fund Manager Reveals Hidden Emerging Market Gems | Infrastructure

In this episode of FocusIR Fireside Chats, we sit down with Charles Jillings, Portfolio Manager of the Utilico Emerging Markets Trust (FTSE 250), to uncover how infrastructure and utilities investments are delivering strong growth, resilient income, and long-term value across emerging markets. With over 30 years of experience in global financial markets, Charles shares how his team identifies high-quality opportunities, why emerging markets are often misunderstood, and where investors should be looking next. In this episode, investors will learn: Why infrastructure and utilities are not just defensive plays and how they can deliver compelling growth The key characteristics of a high-performing emerging markets investment A deep dive into one of Utilico’s standout holdings and what drives consistent double-digit growth Why Brazil remains a major opportunity for infrastructure investors The importance of management quality, regulation, and cash flow discipline when selecting investments How dividend growth is built into the strategy and why 80% of the portfolio pays income The impact of macro trends like currency shifts, energy markets, and global supply chain changes How geopolitical risks (including the Middle East) influence or don’t influence long-term strategy Why emerging markets remain undervalued vs. developed markets Key themes shaping 2026: AI infrastructure, energy transition, and logistics expansion
Apr 24

focusIR Fireside Chats: Ep2; Why Smart Money Is Watching Vietnam Right Now | VEIL & Dragon Capital

Karl West sits down with Thuy Anh Nguyen, Product Specialist at Vietnam Enterprise Investments Limited (VEIL) — the £1.3 billion FTSE 250 investment trust managed by Dragon Capital Management and listed on the London Stock Exchange. With deep roots in Vietnamese finance and a career spanning Credit Suisse in London and Hong Kong, Novaland, and now Dragon Capital, Thuy Anh offers a rare combination of on-the-ground market knowledge and international institutional expertise. In this episode, investors will learn: - Why Vietnam's economy continues to offer compelling long-term growth opportunities for international capital - How VEIL's portfolio is positioned, with significant exposure to Vietnamese banks, financials and real estate - The rationale behind the recent tender offer — and why the oversubscription should be read as rational arbitrage behaviour rather than investor dissatisfaction - What Saba Capital's 5% stake means for VEIL and the board's response to the US activist investor - The ongoing FCA review of UK listing rules around shareholder rights — and what tighter regulation could mean for the investment trust sector - The story behind Dragon Capital's founding in 1994 and its pivotal role in building Vietnam's equity markets from the ground up Whether you're an existing VEIL shareholder or exploring emerging market opportunities, this is an essential watch.
Mar 27

focusIR Fireside Chats; Are UK-Small Caps Undervalued with Richard Penny from Oberon

In this episode of focusIR Fireside Chat, host Karl West sits down with Richard Penny, Senior Fund Director at Oberon Investments and manager of the TM Oberon UK Smaller Companies Fund, to unpack one of the most compelling opportunities in equities today: UK small-cap stocks. After what Richard describes as the worst downturn in 35 years, UK small caps and AIM-listed companies have experienced a prolonged sell-off creating what he believes are deep valuation dislocations and once-in-a-cycle buying opportunities.What investors will learn:• Why UK small caps and AIM stocks are so undervalued right now • How a 4-year sell-off has created rare entry points for long-term investors • The concept of “distressed valuations”—and how to spot them • Why recoveries in small caps can deliver triple-digit returns • The GRASP framework Richard uses for stock selection: o Growth o Return on capital o Alignment of management o Size (market cap opportunity) o Price (valuation discipline)Richard Penny, Senior Fund Director at Oberon Investments and manager of the TM Oberon UK Smaller Companies Fund was interviewed by Karl West for focusIR.

8 Episodes

A series of insights from City professionals.

Creator

focusIR
Years Active

2026
Episodes

8
Rating

Clean
Copyright

© focusIR
Show Website

focusIR Fireside Chat