Investors' Chronicle Investors' Chronicle

Guy Anderson, fund manager of Mercantile Trust, joins Val Cipriani on the latest IC Interviews podcast. The trust is run by JP Morgan and is built on a bottom-up approach, focusing on quality UK mid-caps with strong cash flows that will accumulate dividends over time. 
In this episode, the two discuss the drivers behind the trust’s success and investment process, opportunities in the UK stock market, M&A activity and more.
Timestamps
00:58 UK mid-caps
4:28 The UK stock market
8:13 Red flags for gearing
10:20 - The metrics that sound out when picking a stock 
12:23 - Sectors that stand out and opportunities 
15:20 - The risk of getting the recovery wrong 
17:16 - 4imprint 
20:44 Why exposure to housebuilders has gone up
28:24 AI
30:49 M&A activity 
35:47 Dividends 
38:02 The trust’s approach to discounts


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This week’s podcast begins with Alex Hamer discussing our latest cover feature on the rise of gold and to a lesser extent copper prices. Alex outlines the drivers of these price moves and highlights a variety of companies seeking to take advantage of these trends.
Then, in a week when the biggest UK political parties all published their general election manifestos, Hermione Taylor asks what these pledges might mean for both the national and household finances.
We conclude with a look at full-year results from safety equipment manufacturer Halma (HLMA). Mark Robinson asks whether another year of healthy growth has cemented its status as a quality UK share.
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Centrica: pay controversy and the energy transition
What stagnant bond yields mean for infrastructure trusts
Private Investor's Diary: The UK market rally has much further to go
Why Britvic shares have plenty of fizz


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Jennifer Johnson begins this week’s podcast by discussing Hollywood Bowl’s (BOWL) results. Jennifer, Dan and Julian weigh in on the company’s successes and growth prospects, the factors underpinning its dividend prospects, and its current valuation case.
National Grid (NG.) is next on the roster. Alex Hamer shares how the electricity giant surprised the market by securing the largest equity raise the London market has seen in almost a decade at £7bn. Alex and Dan discuss the rights issue’s importance for shareholders, what the money will be used for, and the impact the upcoming election will have on new grid investment. 
Last up, Dave Baxter dives into the latest apology from UK fund manager Nick Train on Finsbury Growth & Income's (FGT) shares lagging the FTSE All-Share. Dave and Dan discuss where the fund went wrong, the holdings it’s increasing exposure to and the prospects for the portfolio in general. 
Timestamps
1:25 Hollywood Bowl (BOWL)
14:28 National Grid (NG.)
27:44 The latest apology from Nick Train
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 www.investorschronicle.co.uk/podcasttrial 
*After your 12-week trial you will pay just £62 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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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
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 www.investorschronicle.co.uk/podcasttrial 
*After your 12-week trial you will pay just £62 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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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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