Investors' Chronicle Investors' Chronicle

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
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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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Are you paying £5 for a coffee? £4 for mayonnaise? With food and drink inflation still on the rise, the IC team asks whether consumer goods companies are reaching the limits of what they can charge households. Jennifer Johnson discusses the latest trading update from Unilever (ULVR) as well as its spin-off plans, and examines figures from US consumer giants, too. Also under the microscope are two other consumer staples businesses: Reckitt Benckiser (RKT) and Haleon (HLN).
With local elections taking place across the UK this week, we consider the implications of Labour's rail nationalisation plan. Was the reaction from Trainline (TRN) and FirstGroup (FGP) investors overdone? Chris Akers is on hand to give his views.
Meanwhile this week's cover story looks at the world's largest companies. Michael Fahy asks what we can learn from the rankings, and considers the outlook for the likes of ASML (NL:ASML) and Toyota Motor (JP:7203).

Timestamps
2:55 Consumer staples
14:56 Rail nationalisation
22:55 National champions
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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Much of what has been covered in Lee and the IC episodes is about financial literacy and in this episode, Alex and John take a step further by hosting three members from the Renaissance Foundation, a specialist London-based youth charity.
The foundation, among its other aims, hopes to bring financial literacy to young people who otherwise may not have exposure to the world of investing. It will soon launch the City of London Youth Investment Fund and Alex and John are joined by CEO, Sat Singh, and co-chairs of the fund, Ananya Chowdhury and Wahid Uddin, who benefitted from the foundation as children.
The five discuss a range of topics from the formation of the fund to their research methods when finding companies to invest in. Lord Lee shares insight from his six-decades-worth of experience as a private investor, and Alex and John also touch on his Lok'n Store holding and take questions from listeners. 
Timestamps 
1:11 Financial education and the Renaissance Foundation
6:15 The fund
8:27 Practical considerations of the City of London Youth Investment Fund
10:12 Co-chairs of the fund Ananya Chowdhury and Wahid Uddin 
12:29 How to bring investing to life for young people 
13:46 John’s entry into investing
15:16 The investing approach to the fund
16:36 Balancing risk and range of a fund
17:52 How investing changes when it's collaborative versus personal
18:46 Will their fund be more company or fund-focused?
21:33 What success would look like for the fund
23:48 Sharing investing styles 
27:37 The importance of dividends
29:01 John’s portfolio & Lok'n Store
34:20 PZ Cussons
41:22 Listener questions
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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