Conversations with Panmure Gordon

In the latest episode of Conversations with Panmure Gordon, Gary Robinson, Joint Fund Manager at Baillie Gifford US Growth Trust join Simon French, Chief Economist and Head of Research. They delve into the dynamics of growth within developed markets. The discussion covers a wide range of topics, including the economic and valuation cycles, analysis on the ten largest private company holdings and the pivotal role of Artificial intelligence (AI). Furthermore, the conversation offers valuable insights into Baillie Gifford's strategic priorities over the coming year and more.In the latest episode of Conversations with Panmure Gordon, Gary Robinson, Joint Fund Manager at Baillie Gifford US Growth Trust join Simon French, Chief Economist and Head of Research. They delve into the dynamics of growth within developed markets. The discussion covers a wide range of topics, including the economic and valuation cycles, analysis on the ten largest private company holdings and the pivotal role of Artificial intelligence (AI). Furthermore, the conversation offers valuable insights into Baillie Gifford's strategic priorities over the coming year and more.

In the latest episode of Conversations with Panmure Gordon, Richard Moffitt, Chief Executive Officer at Urban Logistics REIT speaks with Simon French, Chief Economist and Head of Research, about his background in the industry, the core focus of Urban Logistics REIT, recent performance highlights and plans for 2024.   

Whilst it has been difficult to decipher amidst the noisy pessimism, the UK economy has in fact been on a steady upgrade cycle throughout 2023. Having bottomed out in November 2022 in seeing a prolonged recession throughout 2023, June saw economist consensus move to forecasting a UK output expansion of +0.1% for 2023. We believe there are still modest upgrades to come over the near-term to close in our growth forecast of +0.4% for the year. However, UK-focused investors can be forgiven for growing concerns that this good news is in the rear-view mirror and recent upward shifts to interest rate expectations are more relevant to the growth outlook. These higher interest rates will sharply increase the nominal hurdle rate to undertake property transactions, capital investment, and the costs of refinancing existing activities. In this note we appraise the domestic economic outlook and update our output growth forecasts - downgrading our outlook for 2024 and 2025. The risk of policy mistake from an overtightening of UK monetary policy has grown in likelihood over the last three months and, whilst it is not all the Bank of England's fault, outcome matters more than attribution.

Women in Business podcast series. We hosted a member of Beazley's ExCo, Rachel Turk, Group Head of Strategy for a discussion on her career, progression, challenges, support from Beazley, and advice for others. Six of twelve of its ExCo are female leaders, and five of eleven of its board members are women in business. We commend Beazley for its progress in this regard. Management has led the way in inclusivity & diversity, family, and wellness amongst other ways of looking after its people. This has fostered a workplace culture attracting high calibre individuals. This undoubtedly is helpful as the group tries to stay ahead of the curve on fast moving lines like Cyber insurance which are rapidly evolving.

CEO podcast series. We hosted Sir Nigel Wilson, CEO of L&G, discussing a range of topics, including his desire to play football for Newcastle Utd. and a return to teaching at University when he retires from the Group. We also explored the need to counter the de-equitisation of the UK markets and the need for scale-up capital for SMEs, something which Legal & General Capital is actively involved with. Whilst Sir Nigel did not wear the No. 9 shirt at St James' Park, he made a major impact on British businesses and took L&G to new heights. He will leave the business in January 2024 in good shape for his recently announced successor, who must ensure the core business continues to run smoothly and internationalise the operations further. To this end the new CEO has a strong and deep bench around him. Along with returning to teaching, Sir Nigel flagged his desire to be back at the helm of another major corporate institution in due course.

The Bank of England's forecast that the UK would enter its longest recession in 100 years has proven to be wide of the mark. But what is the outlook for the UK economy from here – do we have reasons to be optimistic? This week on the podcast, Simon French, Chief Economist of Panmure Gordon shares his views on UK growth, what we need to do to improve productivity, global geopolitical risks and finally the outlook for the UK stock market.   www.vermeerllp.com https://panmure.com/

Stephen English, Investment Director at Stellar Asset Management, chats with our Chief Economist - Simon French - in the latest of our Conversations with Panmure Gordon. In a wide-ranging discussion Stephen covers his approach to investing, his views on the structural crosswinds facing the global economy and which patterns of consumer behaviour will outlive the pandemic.

Simon French catches up with Jean Roche, the lead manager of Schroder UK Mid Cap Fund (SCP). They review the past 18 months for the mid 250 sector, the frenetic IPO market this year, the themes in the portfolio, an exchange of views on interest rates and inflation and concluding with why she is optimistic for the portfolio in 2022. 

JP Morgan's Georgina Brittain discusses her approach to fund management, in conversation with our Chief Economist, Simon French. They also cover the outlook for the UK consumer, the JP Morgan approach to ESG investing, sell discipline and the trends Georgina is looking to expose the UK Smaller Companies Trust to.

ESG focus on Governance - Laurence Hulse is deputy fund manager for Gresham House Strategic, looking at both public and private equity transactions across a range of sectors. He talks to Simon French about the challenges and opportunities of ESG investing, taking his passion to be his clients' best wingman for the ESG investments of the future.  

Guy Anderson discusses The Mercantile Investment Trust, his role as a steward of investors capital, portfolio discipline and the guiding principles in an ESG world, UK equities post brexit and relative to other global equities, Inflation and the focus looking ahead.

Job discusses fund management changes during his career, what he is looking to achieve for a typical investor, how he interacts with the board in the face of big changes for dividends, ESG and the macro backdrop.

ESG focus on Social- Simon French speaks to Paul Bridge at Civitas about the latest views on the sector and activity in the fund.

Managers of Polar Capital Global Healthcare Trust, Jamie Douglas and Gareth Powell, speak to Simon French.

Sam Cosh and Lucy Morris discuss European Assets Trust with Simon French

In the first of our ESG-themed “Conversations with Panmure Gordon”, Peter Michaelis of Liontrust Asset Management talks with our Chief Economist, Simon French. Peter covers the sustainable investing landscape, the pursuit of superior returns, why non-convergence of ESG standards is a good thing, and why the technology leaders of the past rarely transition to dominate the future.

Anna Macdonald, Fund Manager at Amati Global Investors, talks to our Chief Economist, Simon French. They discuss small company investing, Amati's approach to ESG, the outlook for UK equities and the recent UK listing review. Anna, as one of the UK's most prominent fund managers, also covers the importance of greater representation of women in the fund management industry.

Conversations with Panmure Gordon. Gervais Williams and Martin Turner. Diverse Income Trust – Jan 2021 

Interview with Ben Green of Supermarket Income REIT recorded 21st January 2021

Simon French interviews Jean Roche who was recently announced as the lead manager of the Schroder UK Mid Cap Fund (SCP). After a brief introduction to her career they discuss working life in lockdown, the themes in the portfolio, beyond Brexit, the suspension of dividends, an outlook for mid caps and why she is optimistic for the portfolio in 2021. Play time 19 mins.

Simon French interviews Ben Lofthouse, Head of Global Equity Income at Janus Henderson and manager of Henderson International Income Trust (HINT). They discuss dividend disruptions in 2020, value vs growth, regulation and the benefits of running an income strategy in an investment trust structure amongst other topics.

Lee Rochford, Chief Executive of Arrow Global, talks to Phil Dobbin, Rae Maile and Lara Rodriguez, Financial Services research analysts at Panmure Gordon, about the company's pivot to a capital-light asset management business model, its focus as a specialist credit investor, the characteristics and challenges of the asset class and the growth opportunity ahead.

Simon French interviews Hugh Young manager of Aberdeen Standard Asia Focus (AAS) on his investment style and how the investment opportunities for his fund have evolved over his career.

Simon French interviews Richard Staveley, Investment Manager of Gresham House Strategic Plc (GHS) on his background, investment style and how the investment opportunities for his fund have evolved.

Nigel Terrington, CEO of Paragon Banking Group, talks to Rae Maile, Phil Dobbin and Lara Rodriguez, Financial Services research analysts at Panmure Gordon, about operating in the current crisis caused by the COVID-19 pandemic, the company's recent financial results, access to funding and the outlook on house prices.

Benoit Durteste, CEO of Intermediate Capital, talks to Rae Maile, Phil Dobbin and Lara Rodriguez, Financial Services research analysts at Panmure Gordon, about navigating through the current crisis, the risks in potential investments, valuing current investments and how to find investment targets.

Keith Skeoch, Chief Executive of Standard Life Aberdeen, talks to Rae Maile, Phil Dobbin and Lara Rodriguez, Financial Services research analysts at Panmure Gordon, about what the economic recovery will look like, potential moral hazard for refinancing companies, the opportunity for active management, ESG's role in the current environment, the future of the wealth business and Standard Life Aberdeen's balance sheet.

Malcolm Le May, CEO of Provident Financial, talks to Rae Maile, Phil Dobbin and Lara Rodriguez, Financial Services research analysts at Panmure Gordon, about Provident's capital and liquidity position, its regulatory capital, spending by Vanquis customers, growth opportunities during recovery post-Covid-19 lockdown and future dividend payments.

Ben Lofthouse, manager of Henderson International Income Trust, talks to Simon French, Chief Economist at Panmure Gordon, about the fund's focus on dividend yields, gearing, new trends and the trust's priorities.

Jean Roche and Andy Brough, co-managers of Schroder UK Mid Cap Fund plc, talk to Simon French, Panmure Gordon Chief Economist, about how they find companies with strong growth prospects, the impact of low bond yields on their investment approach, the quality of corporate accounting in the UK market in light of high profile corporate collapses and future trends.

Gervais Williams, Head of Equities at Premier Miton, talks to Simon French, Chief Economist at Panmure Gordon, about the outlook for the global economy, UK financial markets and sustainable and socially beneficial investments.