Investors' Chronicle Investors' Chronicle

Known for her ‘active ETF’s’ enormous returns during the pandemic, thanks to big bets on the likes of Zoom and Tesla, Cathie Wood is synonymous with bold investing. 
But, while she has many accolades, her style and bold takes have not gone without criticism. The fund’s performance has been mixed, witnessing huge swings up and down since its inception, which some critics blame on her heavy reliance on instincts and poorly timed exits. 
In this episode, Dave Baxter and Cathie discuss those criticisms alongside the automated vehicle space in the US and China, digital wallet companies, and what it would take for Ark to buy more of the Magnificent 7.
Timestamps 
1:15 Tesla 
9:05 How sensitive is the Innovation Fund to AI euphoria
12:42 Risks in some of the stocks & Tesla’s risks in China
15:18 Digital wallets ie. Coinbase & Robinhood
20:24 Zoom
23:57 The Magnificent 7 & what happens next
29:46 Cathie’s take on inflation and interest rates
31:53 How much politics is influencing stockpicks 
34:11 The Innovation ETF’s focus on the US and looking further afield
37:38  Merit to regulation
39:04 Controversy around intellectual property and AI 
41:58 Criticism of Ark’s approach and how the funds are run
47:32 Poorly timed exits & Nvidia
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Mark Robinson leads this week’s discussion, beginning with the chaotic week for takeovers, including all the Anglo-BHP drama and Royal Mail owner International Distribution Services’s (IDS) £3.5bn deal.
It then moves on to activist investors, discussing Dave Baxter’s article on their role in investment trusts over the past 12 months and whether or not this is good for shareholders.
Jemma Slingo takes the hot seat next with her piece on how artificial intelligence will affect the media. From Bloomsbury Publishings’ chief execs view that it’s like the “wild west” to some analysts suggesting it presents new revenue streams, the rise of AI is dividing opinion.
Last but not least, Christopher Akers runs through our result of the week, Pets at Home (PETS), which came through as expected, but a £25mn buyback may give investors reason to wag their tails. Christopher and Mark also touch on the ongoing competition probe and what it means for the industry.
Timestamps
6:08 Activist investors  
12:10 Media sector 
17:37 Pets at Home
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit investorschronicle.co.uk/podcasttrial
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If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.


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In this episode, Alex and Lord Lee are joined by the chief executive of a company that some have aptly called ‘a John Lee stock’. Louis Hall, founder and CEO of the software solutions company Cerillion has plenty of skin in the game, a quality Lord Lee holds in high accord and has led him to successful investments.
Listen to the episode to hear the trio discuss the business’s backstory, the benefit of investing in research and development, understanding a complex company as a private investor and much more.
Lee and the IC will return later in the summer.
Timestamps 
1:13 Introduction to Cerillion 
6:37 Resource centres 
9:51 Experience of public markets 
13:27 How John got involved 
17:57 Forecasts for the business 
20:19 John’s approach to understanding the business
22:07 Investing in R&D
26:21 Having cash on the balance sheet 
29:12 The importance of naming customers 
30:32 Where Louis rates his business on 1-10
31:58 Concentration of the customer base
35:07 Louis’s future with the company
37:36 John’s portfolio 
40:13 John’s take on the current UK stock market
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £56.25 every 13 weeks by direct debit. 
If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.


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We kick off this episode with Julian Hofmann, who gives the rundown on credit data company Experian (EXPN). Whether you’ve checked your credit score on the site or saw television adverts in the early 2010s, you will have heard about the company. Its recent results were very well received and the share price subsequently shot up, but how is the overall health of the business?
James Norrington is part of the duo that wrote this week’s cover feature on building the ideal portfolio. In the episode he explains the thinking behind the piece, academic research that helps investors form the ‘best’ ideas and reveals what sensible asset allocation looks like.
Val Cipriani’s article this week on cash flow modelling and the last segment of the podcast are a must for anyone thinking about planning their retirement. She tried out free online calculators that aim to replicate financial advisers – without the hefty bill – and details the US options available for those looking to cast a wider net. We round off the episode with her and Dan briefly touching on next week’s Big Read on how much you need for retirement. 
The Companies and Markets Show will resume on 31 May.
Timestamps 
1:41 Experian
13:40 Building an ideal portfolio 
25:05 Cash flow modelling 


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We begin this week’s chat with deputy companies editor Michael Fahy who runs through the history and new developments at tech solutions company Filtronic (FTC). Having signed a deal matching its total revenue last year, Michael unpacks the potential prospects for the business.
On the day the Bank of England announced it would keep interest rates on hold, Julian Hofmann joins the conversation to discuss his latest story on mid-cap stocks benefiting from interest rate cuts. Alex Newman also weighs in on the debate.
Last up, Mark Robinson discusses oil services group John Wood Group’s (WG) trading update and the recent opportunistic bid from Sidara. Would a deal make sense?
Timestamps 
1:25 Filtronic (FTC)
16:12 Mid-caps 
29:29 Wood Group (WG)

Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £56.25 every 13 weeks by direct debit. 
If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.



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The latest episode of The IC Interviews features Ian Lance, co-manager of Temple Bar Investment Trust alongside Nick Purves, who together have more than five decades of experience. The duo focus on undervalued UK shares and are adept at avoiding value traps.
In this episode, Dave and Ian discuss the possibility of a UK re-rating, the sectors most attracting Ian and Nick’s attention, news from Royal Mail-owner International Distribution Service (IDS), tobacco stocks and much more.
This episode was recorded on 17 April.
Timestamps
00:51 Is there a catalyst for a UK re-rating?
2:35 Buybacks 
4:54 The sectors catching his eye
6:42 Energy and commodity prices
8:54 How Lance thinks banks balance the benefits of higher rates versus risk
11:11 Why the trust doesn’t have more UK holdings 
13:52 The fund's income versus total return outlook
15:25 Holdings that don’t pay much out 
17:11 International Distribution Service (IDS)
19:53 What would make Lance give up hope on a turnaround play
23:05 Sectors that are hard to be optimistic about
25:04 Other sectors with appeal
Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week.
To start your trial, visit investorschronicle.co.uk/podcasttrial
*After your 12-week trial you will pay just £56.25 every 13 weeks by direct debit. 
If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.

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