FundCalibre - Investing on the go

Marcel Stotzel shares how his team manages the Fidelity European Trust with a focus on quality, downside protection and sustainable dividend growth. We cover the recent merger with the Henderson European Trust, the benefits of scale and liquidity and how high-quality companies are navigated amid market rotations and higher rates. Marcel also discusses the evolving European investment landscape, domestic opportunities and why they have selective exposure to AI.What's covered in this episode: The trust's risk-aware approachDividend growth as a performance driverThree benefits of the Henderson European Trust mergerNavigating market rotations and high ratesCurrent opportunities in domestic EuropeBuilding a balanced portfolioSelective exposure to the AI themeLeveraging global research networksInsights on valuation and long-term growthLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Gold and silver are more than commodities, they're a long-term hedge, portfolio diversifier and reflection of economic policy according to today's guest. Ned Naylor-Leyland, manager of the Jupiter Gold & Silver fund, dives into the dynamics driving gold and silver markets today. He explains the recent market swings caused by margin trading, Fed policy signals and investor enthusiasm. We also cover how physical ownership mitigates counterparty risk and why mining companies present a compelling investment opportunity. Ned also highlights silver's critical industrial uses and explains why gold and silver remain essential portfolio assets for the long term.What's covered in this episode: Recent gold and silver market swingsImpact of Fed announcements and central bank policyLeverage and volatility explainedPhysical gold vs ETFs vs paper silverWhy mining companies are undervaluedSilver's industrial usesCounterparty risk and de-risking strategiesLong-term portfolio allocation for precious metalsLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Frontier markets, those countries outside both developed and emerging markets, offer investors access to dynamic companies and compelling growth potential. T. Rowe Price Frontier Markets Equity fund manager Johannes Loefstrand tells us what defines frontier markets, why they can provide both low volatility and high returns. He also shares the advantages of active investing in these regions, the key sectors, impact of geopolitical shifts and how global investors can benefit from market inefficiencies. One thing is clear, from Vietnam to Morocco, frontier markets provide opportunities for portfolio diversification and long-term growth.What's covered in this episode: Definition of frontier marketsKey countries and sectors to watchGrowth vs. risk in frontier marketsDiversification and low correlation benefitsActive vs. passive investing strategiesHidden gems and high dividend opportunitiesImpact of geopolitical shiftsCurrency and market volatility considerationsLong-term drivers of frontier market returnsPortfolio allocation insightsLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

This interview takes a fresh look at Asia's investment landscape, challenging some of the most common misconceptions about the region. Our in-depth discussion with Qian Zhang, investment specialist on the Baillie Gifford Pacific fund, explores why economic growth has not always translated into market returns, and how shifting macro headwinds, currency dynamics, and sentiment towards China are changing the outlook. We also dive further into domestic demand, innovation and structural trends such as AI, advanced manufacturing and supply chain repositioning are creating new opportunities.What's covered in this episode: Why Asia underperformed — and what's changingStrong dollar and China sentiment headwindsDomestic demand vs global trade fearsThe “opportunity gap” in Asian equitiesAI hardware and Asian choke pointsAdvanced manufacturing leadershipRising domestic brands and consumptionSupply chain repositioning winnersVietnam and off-index opportunitiesGrowth styles: duration, pace, surpriseLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Discover how global dividend investing has evolved in a world of shifting inflation, volatile markets and concentrated index leadership. Stuart Rhodes, manager of the M&G Global Dividend fund, focuses on identifying companies capable of delivering sustainable dividend growth through strong cash generation, disciplined reinvestment and sensible valuations. We discuss a wide variety of topics this week, including the balance between yield and growth, geographic opportunities across global markets, the role of technology in an income portfolio and how currency movements affect returns. We also explore risks to income, the recent underperformance of quality investing and why valuation discipline may become increasingly important as market leadership begins to broaden.What's covered in this episode: Dividend growth vs headline yieldCash flow and reinvestment disciplineInflation and real income protectionGlobal opportunity setUS valuations: myth vs realityMid-cap vs mega-cap exposureTechnology's role in income portfoliosCurrency impact on dividendsQuality investing under pressureWhy valuation discipline mattersLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Technology investing goes far beyond hardware and consumer gadgets. This episode explores how the sector has evolved, focusing on the underlying “technology DNA” that now runs through industries from finance to healthcare. Jeremy Gleeson, manager of the Allianz Global Hi-Tech Growth fund, covers enterprise and consumer spending trends, the realities of AI investment and returns and the less glamorous but essential infrastructure powering innovation. We examine opportunities beyond the dominant mega-cap names, including mid-cap and Asian technology leaders, cybersecurity, networking and data infrastructure.What's covered in this episode: What defines a “technology” company todayTechnology DNA vs traditional labelsEnterprise vs consumer tech spendingAI investment: promise and pitfallsSecond-order AI beneficiariesLife beyond the mega-cap tech giantsMid-cap and Asian tech opportunitiesCybersecurity as essential infrastructureValuations and bubble fearsThe next frontier: space technologyLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

In our first episode of 2026, we reflect on a year that challenged many investor assumptions. Despite geopolitical conflict, trade tensions and inflation concerns, markets delivered resilient and often surprising returns. Darius McDermott and Juliet Schooling Latter discuss the broadening of performance beyond the US, the role of valuations and renewed interest in emerging markets and China. We also examine the resurgence of gold and commodities, the evolving role of real assets and whether AI remains a powerful growth story or a potential source of risk. We conclude with practical thoughts on diversification and investor behaviour for the year ahead.What's covered in this episode: Why markets stayed resilientThe surprise winners of last yearBroadening beyond US dominanceValuations and investor complacencyEmerging markets back in focusChina's evolving growth storyGold, silver and real assets explainedAI hype vs earnings realityDiversification mistakes to avoidWhat investors should do more — and less — ofLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

After a difficult period for infrastructure assets, 2025 has marked a more supportive environment. Will Argent, manager of the TM Gravis UK Infrastructure Income fund, examines what's driving the recovery, from interest rate cuts and M&A activity to government infrastructure plans and regulatory developments. We discuss the role of renewables, utilities, digital and social infrastructure, and how diversification helps smooth returns across market cycles. He also explores how infrastructure income compares with equities and bonds, the importance of inflation linkage and what investors can realistically expect from the asset class looking ahead to 2026 and beyond.What's covered in this episode: Infrastructure performance in 2025Interest rates and stubborn gilt yieldsRegulatory risks and renewablesM&A activity in listed infrastructureThe UK government's 10-year infrastructure planEnergy, water and grid investmentIncome vs capital growth balanceInfrastructure vs equities and bondsInflation-linked income streamsOutlook for the asset class in 2026More about this fund: TM Gravis UK Infrastructure Income is a unique fund that invests in a combination of UK-listed investment trusts, direct equities and bonds. This fund is an interesting option for income investors looking to diversify their portfolios. The fund's high income and relatively low volatility make it particularly attractive. Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Small-caps have historically outperformed over the long term, but recent years have been dominated by large-cap momentum and narrow market leadership. Nish Patel, manager of the Global Smaller Companies Trust, discusses why the backdrop may now be shifting. We cover how smaller companies can deliver faster earnings growth, the importance of focusing on quality to reduce fragility and why valuations are at levels that have historically signalled new cycles in small-cap performance. Nish also breaks down the Trust's three key investment categories, highlights opportunities in industrials and long-cycle commodities, and explains why Japan is currently the most exciting hunting ground for new ideas.What's covered in this episode: Faster growth potential in global small-capsWhy quality filters help reduce fragilityValuations at cycle turning levelsInterest rate cuts as a tailwindEconomic broadening beyond techIndustrial sector opportunitiesThree investment categories: compounders, quality cyclicals, long-cycle assetsJapan's corporate reform boomWhy US valuations limit ideasRising M&A interest in high quality small-capsMore about this fund: The Global Smaller Companies Trust invests in smaller companies from around the world. Manager Nish Patel believes that these businesses experience superior growth over the long term compared with larger companies. His goal is to go where other equity researchers won't, in order to find hidden gems at attractive prices. Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

This special episode dives into the market reaction to the latest UK Budget with Carl Stick and Alan Dobbie, co-managers of Rathbone Income fund. They discuss initial relief, fiscal headroom, and the weeks of uncertainty that froze corporate decision-making. We explore whether the UK remains a compelling market, how overseas investors are responding and why large-cap and mid-cap valuations still look attractive. The conversation covers inflation, interest rates, sector opportunities, buybacks, and how tax changes may influence companies and investors. A timely and insightful breakdown of what the Budget means for UK PLC and long-term equity investors.What's covered in this episode: Budget reaction: relief vs frustrationUK fiscal outlook and market confidenceImpact on businesses and investment decisionsUK equity valuations vs USOverseas money returning to UKLarge-cap income appealMid-cap opportunities post-BudgetSectors benefiting from falling ratesHousebuilders and demand recoveryBuybacks across large and mid-capsTax changes and investor behaviourLong-term case for reallocating to the UKMore about this fund: Rathbone Income is a multi-cap UK equity income fund, which gives investors exposure to a concentrated portfolio of companies with high quality and visible earnings. It invests predominantly in UK equities (80% or more), while up to 20% of the total may be held in cash and overseas equities.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Emerging markets have rebounded strongly despite global uncertainty. John Citron, co-manager of JPMorgan Emerging Markets Trust, shares what's behind that strength: from currency cycles and interest rate shifts to transformative themes like AI, semiconductors, and infrastructure. John shares insights into how disciplined, quality-focused investing and low portfolio turnover can unlock compounding returns across regions such as China, India, and Latin America. This episode also explores valuation discipline, long-term forecasting and how volatility can create opportunities.What's covered in this episode: Why the US dollar matters so much for emerging marketsThe shift from a strong to weaker dollar cycleHow AI and semiconductors are reshaping Asia's tech landscapeIndia's growth story across infrastructure, finance and consumersChina's recovery and governance challengesThe philosophy of long-term quality investingUsing a five-year expected return frameworkMercado Libre's evolution beyond e-commerceHow volatility creates buying opportunitiesWhy compounding quality wins over timeMore about this fund: JPMorgan Emerging Markets Trust takes an active approach to investing in emerging markets, with the managers looking at the growth of companies rather than specific countries. Backed by one of the largest emerging market research teams, the trust has delivered excellent returns for more than two decades, emphatically demonstrating the team's long-term approach to stock picking.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

With the appointment of Japan's first female prime minister and inflation returning after decades of deflation, the country is entering a new era. Baillie Gifford's Thomas Patchett joins us to discuss how corporate reform, automation, and AI are creating exciting long-term opportunities in Japan's market. From tightening labour conditions and surging share buybacks, to the rise of companies like SoftBank, Shimano, and Nintendo, Thomas explains why Japan's transformation is about more than politics, it's about innovation, efficiency, and renewed profitability.Please note this interview was recorded prior to Sanae Takaichi's official election and the subsequent highs of the Japanese stock market. What's covered in this episode: Japan's new political leadership and market reactionInflation's surprising benefits for corporate JapanShare buybacks and stronger balance sheetsAI, automation, and robotics driving growthWhy corporate reform is far from overSoftBank, Nintendo, and Shimano case studiesHow demographics may boost productivityWhere Baillie Gifford sees Japan's next opportunitiesMore about this fund: One of the oldest Japan funds in the sector, Baillie Gifford Japanese Fund has delivered outstanding returns in the most difficult market conditions. The fund is managed by a large team, based in Edinburgh, and invests in growing Japanese businesses that deliver consistently strong returns to shareholders.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

We sit down with Stephen Snowden, manager of the Artemis Corporate Bond fund, to unpack the state of the bond market. He explores key concepts such as credit spreads, duration, and the relationship between corporate and government bonds, while examining how inflation and fiscal pressures are shaping yields today. The conversation also touches on how shorter bond maturities and improving corporate balance sheets have changed the credit landscape. With thoughtful analysis and practical examples, this interview helps investors understand how to navigate a “tight spread” environment and where potential opportunities may still exist within corporate bonds.What's covered in this episode: What a credit spread really means – and why it matters for bond investorsHow corporate bond yields compare to government giltsWhy today's tight spreads might not be as expensive as they appearThe impact of shorter bond maturities on risk and returnsHow corporate and household balance sheets have strengthened since the financial crisisThe relationship between credit spreads and equity market valuationsHow fund managers manage duration – and what that means for interest rate riskWhy long-dated gilt yields have risen despite rate cutsHow global government debt levels are influencing bond marketsWhy real yields are now looking more attractive for long-term investorsWhat to expect from corporate bond returns over the next 12 monthsWhy fixed income remains a compelling alternative to cash in a cooling inflation environmentMore about this fund: The Artemis Corporate Bond fund invests in investment grade corporate bonds, with some ability to allocate across the wider fixed income market. Stephen takes a long-term strategic and thematic view, but will also take advantage of short-term opportunities when they present themselves. Stephen and the team combine strong analysis of both the wider macroeconomic picture, and close examination of the fundamentals of corporate bonds, to produce a portfolio designed to weather any economic climate.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Discover the dynamic world of technology with Allianz Technology Trust's lead manager, Mike Seidenberg. From navigating mega-cap dominance and tariff concerns to uncovering opportunities in AI and cybersecurity, he shares how his team balances risk, valuation, and long-term conviction. Listeners gain insights into the global nature of the tech sector, the evolving impact of artificial intelligence, and why disciplined portfolio management remains key in an ever-changing market.What's covered in this episode: How the trust handles Nvidia and other giants without overloading riskEarly impacts of US-China tariffs and global events on tech earningsWhy international markets matterRe-entering into China with key holdings like Alibaba and TencentWhy artificial intelligence is a true secular opportunityCybersecurity insights and consolidationWhy cyber spend is non-negotiable.How the trust balances high-growth, GARP, and value plays in an expensive tech marketThe trust's current tiltNavigating tech's pricey landscapeMore about this fund: This trust seeks long-term capital growth by scouring the globe to build a diversified portfolio of technology stocks. The management team focuses on themes that are addressing major growth trends that can replace existing technology or change how products and services are being made available to consumers. The result is a high-conviction portfolio of 40-70 names.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

The UK stock market is often dismissed as stagnant, but as Simon Murphy, manager of the VT Tyndall Unconstrained UK Income fund explains, that perception doesn't tell the full story. In conversation with Darius McDermott, Simon discusses the surprising strength of the FTSE, the undervalued potential of mid and small-cap companies, and why he believes the UK economy is far more resilient than many assume. They also look ahead to the upcoming Budget, potential tax changes, and what all this could mean for investors. With insights on valuations, domestic opportunities, and industrial recovery themes, this is a must-listen for anyone rethinking their UK investment outlook.What's covered in this episode: Why the FTSE is quietly outperforming global markets in 2025The gap between perception and realityWhat's really holding back mid and small-cap stocks?…and why that might changeWhy the UK economy is more resilient than the headlines suggestHow strong corporate and consumer balance sheets are supporting growthWhat to expect from the upcoming UK BudgetThe case for optimismWhy fear in the market could create opportunityKey themes driving Simon's fundExamples of companies thriving despite economic uncertaintyWhy sentiment may shift and which investors could benefit firstMore about this fund: VT Tyndall Unconstrained UK Income is a high conviction, highly differentiated mid-cap focused UK income fund. This fund offers something different, with its combination of premium yield and dividend growth stocks and we applaud the fund's low active management charge.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Vince Childers, manager of the Cohen & Steers Diversified Real Assets fund, joins us to discuss all things real assets and examines their strategic importance in modern portfolios. He explains the four key categories — global real estate, infrastructure, commodities, and resource equities — and how they respond to inflation shocks and market surprises. We discuss a range of topics from valuation trends, long-term performance and the influence of AI to practical considerations like liquidity and portfolio construction. This interview is a great listen for investors looking to navigate market volatility while enhancing risk-adjusted returns.What's covered in this episode: What real assets are and why they matter nowFour key real asset categoriesHow real assets respond to inflation shocks and surprisesCurrent valuations and opportunitiesDiversification benefits vs. traditional stocks and bondsTactical vs. long-term allocation strategiesPerformance highlightsAccessibility and liquidity compared with private property fundsImpact of AI and mega-trends on real asset investingThe era of scarcity: supply constraints and investment implicationsMore about this fund: Cohen & Steers Diversified Real Assets fund combines attractive returns with a degree of inflation protection. The investment process will take into account a large number of factors that can affect markets and create a portfolio of real assets, such as real estate, natural resources and infrastructure.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Markets in 2025 have been anything but predictable, with geopolitical shifts, tariffs, and surprising regional performances keeping investors alert. In this quarterly market update, Darius and Juliet unpack the latest global investment trends and surprises from Q3. They discuss the shifting performance between regions, with Europe and Latin America outpacing the US, while China's rally sparks debate on sustainability. Tariffs, inflation, and political uncertainty remain at the forefront, influencing investor sentiment and sector positioning. Fixed income markets are analysed in light of sticky inflation and unusual bond dynamics. Finally, looking ahead, both highlight where investors may find value, the importance of diversification, and strategies for navigating an uncertain final quarter of 2025.What's covered in this episode: Surprises from Q3 market performanceWhy 2025 has defied expectationsThe shift from US dominanceThe continued impact of tariffsExplaining the strength of European and Latin American equitiesChina's reboundSigns of complacency in global marketsOpportunities and risks in healthcareThe outlook for smaller companiesFixed income insights: short-duration bonds, spreads and government debt concernsPortfolio takeaways for the final quarter of the yearLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

In this episode, we explore how European companies are responding to global headwinds, from tariffs and political unrest to slowing demand. Despite headlines often painting a bleak picture, many niche businesses are thriving by tapping into structural growth drivers. David Walton, manager of the IFSL Marlborough European Special Situations fund, discusses the resilience of smaller and micro-cap companies, highlighting standout performers in luxury jewellery and power tools, and considers how disciplined patience and off-the-beaten-track investing can deliver strong results.What's covered in this episode: How uncertainty is impacting European companies differentlyWhy smaller companies are beginning to outperformThe importance of sector selectionFinding sub-sectors with unique growth driversExamples of standout holdings within the fundUncovering hidden value in overlooked businessesThe role of meeting management teams and hands-on researchHow to manage underperforming holdings Current risks and opportunities in European equitiesWhy negative headlines can create attractive entry pointsMore about the fund:IFSL Marlborough European Special Situations fund offers access to much smaller companies than many of its peers. These businesses are often overlooked and hence have the potential to outperform. We consider the team an expert in small-cap investing, having built a stellar track record in this space, and the manager of this fund has been very successful at mitigating the risks that are typically associated with smaller companies.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

This episode unpacks how overlooked companies and unloved markets can offer attractive returns, why technical analysis and timing matter, and the risks of following the crowd into overcrowded trades. Sean Peche, manager of the Ranmore Global Equity fund, tells us how market cycles, crises, and hype—from the Magnificent 7 to artificial intelligence—can present both risks and opportunities for patient investors. With real-world examples, analogies, and lessons learned across 17 years of investing, this interview provides practical insight into how disciplined, contrarian thinking can help protect capital and compound wealth over the long term.What's covered in this episode: An introduction to Ranmore Global EquityWhat value means at RanmoreHow the team uses momentum and technical factors in their processThe disconnect in marketsCapturing the downside of marketsThe fund's buy and sell disciplineWhere is Ranmore finding value today?Utilising mid and small-caps in the portfolioThe investment case for Gregg'sWhy AI is overhyped What £100 invested at launch is worth nowMore about the fund: A true global value fund which has delivered in many different market environments, Ranmore Global Equity is significantly differentiated from the market and its peers and may be a useful diversifier in portfolios. The fund has a mixture of holdings across the market-cap spectrum. Unlike other value strategies, momentum and technical factors are important parts of the investment process.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Sue Norfolk, manager of the Schroder Income Growth Trust, shares how UK companies are adapting their capital distribution strategies with a shift towards share buybacks and stable dividend growth. We also cover the evolving landscape of domestic versus international opportunities, sector-specific insights into financials, consumer discretionary, and industrials, and how geopolitical tensions are factored into portfolio decisions. Finally, we examine the fund's bottom-up stock selection approach, recent adjustments in holdings like AstraZeneca, GSK, and Burberry, and the current valuation-driven opportunities in the market.What's covered in this episode:Schroder Income Growth's dividend hero statusDividends, share buybacks or social dividends?How volatility is factored into the portfolioStaying focused on bottom-up stock pickingThe impact of US politics on the trustRight and wrong tariff callsThe attractive nature of UK mid-capsA closer look at financials and customer discretionaryMaking calls on defence and industrialsWhy this manager favours AstraZeneca over GSKDoubling down on BurberryWhy UK equity is still attractive todayMore about the trust: Launched in 1995, the Schroder Income Growth Trust's principal aim is to provide real growth of income in excess of the rate of inflation. It invests mainly in the shares of UK larger and medium-sized companies, although it can also invest some of the portfolio in the shares of firms listed abroad.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

In this episode, we delve into the strategy behind the Murray International Trust, which has achieved 20 consecutive years of dividend growth. Co-manager Sam Fitzpatrick explains the fund's evolving geographic allocation, reduced UK exposure, and increasing opportunities in US and emerging markets. We discuss standout performers in technology, challenges in Latin America, and how currency movements impact returns. With a bottom-up, company-first approach, the portfolio balances higher-yielding defensive names with lower-yielding growth opportunities. Sam also touches on fixed income trends, geopolitical uncertainty, and how strategic flexibility is key to navigating today's volatile economic environment while preserving income growth.What's covered in this episode: The evolution of allocation to the UKBalancing growth with yieldThe trust's biggest contribution to the portfolioThe largest detractor from the portfolio …And why the managers are still backing itThe role of currency on the portfolioThe appeal of Latin America and emerging marketsThe surprisingly best long-term contributor to the portfolioDeveloped market vs emerging market companiesWhy the fixed income element is decreasingHow tariffs have impacted the portfolioMore about the fund: This is a genuinely international portfolio. Aberdeen is well known for its global equity research capabilities and the managers make full use of the resources available to them. Overall, their style has meant that returns have been very strong in some years and weaker in others, but the trust has delivered in the long run. As a result, Murray International may suit investors who have a long-term investment horizon and are looking for income and growth from global markets.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

The past quarter saw markets rattle and rebound in quick succession, sparked by dramatic tariff announcements and unexpected reactions from both equities and bonds. In our next quarterly instalment with Darius McDermott and Juliet Schooling Latter, we explore the causes and implications of this volatility, whether US exceptionalism is losing its shine, and how investors are reacting to shifting global dynamics. We also discuss renewed interest in European and Latin American markets, the resilience of global small-caps, and why diversification could be making a comeback.What's covered in this episode: What triggered recent market volatility?Trump's tariffs and US bond marketsCan US exceptionalism continue?What the weak dollar means for the futureAre we seeing a regional rotation in markets?Strong performance in Europe and Latin AmericaThe appeal of emerging marketsAre we seeing a turn in UK small-cap sentiment?What's changed the outlook for UK companies?What should investors expect in terms of rate cuts?Is inflation coming down? Risks and opportunities for the second half of the yearLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Explore the world of non-life insurance - an often overlooked but essential part of global markets - with Nick Martin, manager of the long-standing Polar Capital Global Insurance fund. This interview covers how the sector provides much-needed defensiveness in volatile times, its low correlation to broader equity markets, and why its fundamentals are improving. From AI and climate risk to the concept of “float” and underwriting discipline, Nick explains why now might be a particularly attractive time to consider insurance investments, especially for those seeking resilience and consistency in uncertain economic conditions.What's covered in this episode: What area of insurance this fund coversPerformance of the sector and fund over the past 10 yearsIf it's good enough for Warren Buffett…Insurance's correlation to more traditional asset classesHow AI is influencing the insurance sectorHow technology aids in understanding riskLooking beyond the CEO and CFO when researching a companyWhy insurance is the original data businessWhy climate risk is a challenge to the industryIs insurance a “safe” investment?The benefits of insurance in uncertain and volatile timesWhy is now a good time for the sector?More about the fund: Everything around us is insured, regardless of economic boom or bust, which provides this fund with very good defensive characteristics. Polar Capital Global Insurance is designed to provide exposure to non-life insurance companies, a specialist and often undervalued sector. The fund has been co-managed by Nick Martin since 2008 and he took on full responsibilities in 2016. The fund's consistent track record offers a good return profile for portfolio diversification.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

UK smaller companies have been unloved for years, but the tide might be turning. In this interview with Scott McKenzie, co-manager of the WS Amati UK Listed Smaller Companies fund, we discuss why the asset class has struggled, the early signs of improvement, and what could drive a long-term recovery. We explore volatility, valuations, the impact of government policies like the Mansion House Accord, and the outlook for AIM-listed stocks. With market sentiment shifting and opportunities re-emerging, now might be the time to revisit UK small-caps.What's covered in this episode: Why should investors be optimistic today?How Trump's tariffs impacted the fundAre more fund flows coming in? The Mansion House AccordIs the end of US exceptionalism good for UK companies? The challenges and future of the AIM marketCheap valuations equal more opportunityThe impact of non-UK investors in this spaceOutlook for the next 12 monthsMore about the fund: An unconstrained portfolio, seeking structural UK growth businesses that can grow faster than the economy, WS Amati UK Listed Smaller Companies has a very solid investment framework which has consistently worked for 20 years. The fund is managed by a team of exceptionally experienced managers and few smaller companies funds can boast this level of resource.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

With mounting US debt and stretched valuations, investors are starting to look beyond American markets. This episode dives into the appeal of Asian equities, particularly in regions with strong balance sheets, growing consumer bases, and undervalued companies. Edmund Harriss, co-manager of the Guinness Asian Equity Income fund, explores the economic fundamentals underpinning Asia's growth, from resilient currencies and orthodox monetary policies to emerging tech leadership in areas like AI and renewables. He also highlights dividend-paying companies that offer stability and long-term income potential.What's covered in this episode: What does the rising US deficit mean?How does the growing deficit impact Asian markets?How does a weak dollar affect Asian economies? Can Asia pick up the mantle from the US?The best opportunities in the regionWhat's been driving performance? Gaining tech exposure in Asian equitiesWhy China is at the forefront of technologyThe case for long-term allocation to Asian equitiesThe outlook for Asian equitiesMore about the fund: Guinness Asian Equity Income fund invests in companies across the whole Asia Pacific region, including Australia. The portfolio is concentrated at just 36 equally-weighted stocks, and has a one-in, one-out policy, looking for a combination of capital and dividend growth. We like their approach of focusing on companies that can sustainably grow their dividend into the future and the fact that the portfolio looks very different from the benchmark and their peers.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Gold has broken out to new highs, but have investors truly taken notice? Jupiter Gold & Silver manager Ned Naylor-Leyland explores the evolving role of precious metals in modern portfolios, examining why central banks are buying gold while many investors remain on the sidelines. This episode covers the performance gap between physical assets and mining equities, the bullish case for silver, and why traditional safe havens like U.S. Treasuries may be losing their shine.What's covered in this episode: Is now the time to take profits from gold? Why everyone should have an allocation to physical goldWhy gold miners have lagged gold pricesPhysical gold or gold miners?Where can the gold price go from here?The impact of Trump, tariffs and the US dollarThe need for more people to allocate to goldThe relationship between gold and silverCan silver still perform?More about the fund: We like this fund's dynamism and the manager's willingness to alter its positioning to best suit current market conditions. Most funds in its peer group are unable to own physical bullion, making this a very different proposition. The fund's ability to hold up to 70% in silver also offers the potential for higher returns, albeit whilst increasing the risk profile.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

With fixed income markets facing heightened volatility, this episode dives into how strategic bond fund managers are navigating uncertainty through flexibility and precision. Colin Finlayson, co-manager of the Aegon Strategic Bond fund, highlights the importance of managing duration risk, anticipating yield curve movements, and selecting corporate bonds based on bottom-up fundamentals. We also touch on the implications of tariffs, inflationary pressures, and fiscal policy on bond markets.What's covered in this episode: The three drivers of outperformanceIs there room to take more duration risk? Opportunities in corporate bondsThe challenging outlook for high yieldInflation considerations in the US, Europe and UKInitial reactions to tariffs and today's viewThe importance of flexibility in the fundMore about the fund: The Aegon Strategic Bond fund has a very broad and flexible remit. It invests globally and is a true strategic bond fund that can change its positioning very quickly when necessary. The managers combine longer-term strategic positions with short-term ideas.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

We explore how valuation-driven investment strategies are navigating today's turbulent global markets. Bertrand Cliquet, co-manager on the Lazard Global Equity Franchise fund, explains why the portfolio has a significant underweight to the US, the impact of geopolitical uncertainty, and how tariffs are reshaping global economic dynamics. The interview covers their disciplined approach to stock selection, the importance of predictability in earnings, and how behavioural biases are mitigated through a rigorous peer-review process. We also explore current regional opportunities, with Europe and the UK providing fertile ground for value investors.What's covered in this episode: Why the fund is underweight USContinued uncertainty in the US market Taking into account tariffsInvesting for a realistic but conservative scenarioThe fund's “peer review” processWhy the fund holds only 25 stocks todayWhere value opportunities lie today How tariffs have impacted the portfolio so farAvoiding behavioural trapsWhat does “franchise” mean in the context of this fund?Does macro come into stock selection?More about the fund: The Lazard Global Equity Franchise fund has a very similar philosophy to some of the most successful funds in its sector, but with a very different resultant portfolio. The fund is also differentiated by the managers' systematic approach to portfolio construction, which means that behavioural biases should be removed.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Ajay Tyagi, manager of the UTI India Dynamic Equity fund, takes a deep dive into the changing dynamics of the Indian economy and equity market. He discusses how India's growing middle class is driving consumption, which sectors offer long-term potential, and how global trade tensions are influencing market positioning. We also cover the outlook for small and mid-cap stocks and what rising per-capita income means for future growth.What's covered in this episode: What has been the impact of Trump's tariffs on India?What's your initial reaction?Will tariffs impact holdings in the portfolio?What's the outlook for India's middle class?The IMF's lowered growth forecast The long-term appeal of the food services industry What do valuations look like today? Where are the small and mid-cap opportunities?Benefits of being a local asset managerWhy the manager expects the government to do moreGrowth in the speciality chemical sectorMore about the fund: UTI India Dynamic Equity fund invests across the market-cap spectrum of Indian companies. The investment process is based on quality, growth, and valuation, and the team conducts thorough on-the-ground research to identify and monitor companies with a high potential for significant market outperformance.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Commodities have always been cyclical, but today's mining sector is facing a unique blend of macroeconomic volatility, geopolitical tension, and structural change. In this episode, we hear from Evy Hambro and Olivia Markham, co-managers of the BlackRock World Mining Trust, as they discuss current disruptions like tariffs and trade rerouting, the surprising disconnect between commodity and equity prices, and the rising importance of critical materials like copper and uranium. We also unpack how unquoted investments, royalty strategies, and income diversification are helping to future-proof the portfolio.What's covered in this episode: Initial reactions to Liberation Day and what it means for the portfolioThe breakdown in commodity prices and share prices of the companies that produce themThe gold price continues to soarIncreasing exposure to gold equitiesHow you could have underperformed with a gold equity ETFThe long-term appeal of copperWhat types of companies make up the unquoted part of the portfolio?The dividend track record of the trustHow important is China to the commodities outlook?What infrastructure spending in Europe means for the sectorA renaissance in uraniumDo you expect M&A activity to continue to grow?More about the fund: BlackRock World Mining is a specialist trust offering exposure to mining and metals companies globally. Managed by one of the most experienced teams in the market, this trust is ideally positioned to tap into a number of global tailwinds set to benefit the mining sector. The trust has significant flexibility to invest across various metals and mining companies, including unquoted companies.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Dividend investing remains a popular strategy, but what makes a great dividend stock? Nick Clay, manager of the TM Redwheel Global Equity Income fund, explains the key characteristics of strong dividend-paying companies, the sectors offering the best opportunities, and the macroeconomic factors influencing global equity income investing. We also discuss the role of dividends in different market cycles and what investors should consider when building a diversified portfolio.What's covered in this episode: Why the fund is significantly underweight the USAre we heading towards the end of capitalism? Why a buy-and-sell discipline is so important when markets go to extremesSelling out of Qualcomm and TSMCAnd buying into LVMHIt's not doom and gloom in luxury names, or ChinaAre we headed for a prolonged period of inflation?Why inflation isn't high enoughThree reasons to add income todayWhy the Mag 7 won't protect you during market volatilityMore about the fund: Nick Clay is a highly experienced manager and the investment strategy on the TM Redwheel Global Equity Income fund is well proven. It has a true contrarian nature backed up by a logical and disciplined philosophy. This leads to an attractively-yielding income fund (every holding must yield at least 25% more than the broader market at the point of purchase) that also allows for capital return from a concentrated portfolio.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

In this quarterly market update, Darius McDermott and Juliet Schooling Latter analyse the latest investment trends shaping 2025. From the dominance of tech and US markets to the resurgence of China and the struggles of smaller companies, we cover the key themes impacting global investors. With valuations stretched in some regions and opportunities emerging in others, is it time to diversify? We debate the outlook for the Magnificent 7, the impact of Trump's reelection, and whether UK and US smaller companies are poised for a turnaround.What's covered in this episode: The winners of 2024Can US dominance continue?Will the Mag 7 be the winners of 2025?Why investors should look beyond US marketsUK Smaller Companies continues to be attractive The debated pros and cons of ChinaThe long-term story remains strong in IndiaWhy are smaller companies underperforming globally?Market volatility caused by Trump — and the impactWhat can investors expect from the Bank of England in 2025?Fixed income should be in everyone's portfolioLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

UK equities have long been overlooked, but things may be changing. In this episode, we sit down with Jeremy Smith, manager of the CT UK Equity Income fund, to discuss why international investors are rediscovering value in the UK market, which sectors are thriving, and the role of mergers and acquisitions in reshaping the investment landscape. We also explore the challenge of sustaining dividend income, the impact of economic trends, and whether the UK could be on the brink of a consumer boom.What's covered in this episode: What's bringing international investors back to the UK?The fund's overweight to industrialsWhy the fund is underweight commodity-linked sectorsA contrarian view on the banking sectorThe uptick in M&A activity and what it means for the fundSearching for reliable incomeWhy we could be on the brink of a consumer boomWhat makes mid-caps so attractiveMore about the fund: CT UK Equity Income is managed by the highly experienced Jeremy Smith. He looks for unloved companies listed on the London Stock Exchange, with the ability to sustainably grow their dividends. The fund is unconstrained and has a ‘contrarian value' bias. Jeremy looks for hidden gems and businesses with long-term potential.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Infrastructure investing goes far beyond toll roads and airports. Shane Hurst, co-manager of the FTF ClearBridge Global Infrastructure Income fund, shares how the essential assets powering our daily lives—from regulated water utilities in the UK to the electric grids supporting AI growth in the US - can provide powerful returns. He covers how global listed infrastructure can provide exposure to powerful themes like energy transition, reshoring and AI.What's covered in this episode: What are the objectives of this fund?How do you define infrastructure?What makes a water company so appealing?How water utilities differ in UK versus USWhy electrics are the fund's largest exposureCould electric companies play a bigger part in the portfolio going forward?Three airports that stand out amongst the restAdding exposure to pipelinesCan the fund invest in emerging markets? Why Trump isn't a headwind for infrastructureThe positive and negative impacts of Trump on the sectorHow AI infrastructure could benefit this fundThe risks involved in the sectorThree themes to consider for the long termMore about the fund: This fund has an excellent yield, great performance and is managed by an experienced team. The fund has delivered for investors since its launch and you would be hard pressed to find a more experienced team of infrastructure specialists. We particularly like the fund's track record of dividend growth on top of an already generous yield.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Mark Ellis, manager of the Nutshell Growth fund, shares his fascinating journey to becoming a fund manager with a unique quantitative process at the heart of this fund. The fund blends quality growth, and momentum factors, constantly evolving with twice-monthly reviews to ensure the portfolio holds the world's best opportunities. Mark explains why trading more frequently doesn't necessarily lead to higher costs and how his background as a trader gives the fund a crucial edge in capturing alpha. A must-listen for any growth investor. What's covered in this episode: The manager's professional backgroundMomentum in the FTSE 350The fund's unique quant processWhy the manager starts with a blank slate twice a monthWhy trading leading to high costs is a misconceptionWhen this fund will underperformCurrent trends in the marketWhy they've added Novo Nordisk and Nvidia Searching for those hidden gems in mid and small-capsAre US markets overvalued?More about the fund: This is an innovative and original fund. Nutshell Growth is a high-conviction, concentrated, pragmatic fund investing in exceptional growth companies. What makes this fund different is the heavy quantitative input which guides the manager. It is firmly on our radar as an exciting future prospect.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

In this episode, we explore how recent AI-fuelled tech dominance may be giving way to a broader market rally. Simon Nichols, manager of the BNY Mellon Multi-Asset Balanced fund, explains how they're diversifying into industrials, healthcare, and consumer sectors, and how geopolitical factors, including the recent US election, have influenced positioning. We also discuss the evolving bond market, where higher yields are creating new opportunities.What's covered in this episode: Where does the global equity market stand today?How do global valuations look today? Is the manager diversifying away from technology? Taking advantage of opportunities in China and healthcareThe fund's exposure to UK companiesDoes a Trump presidency change the fund's positioning?An element of broadening out of technologyThe fund's bond exposureThe potential impact of Trump and Doge on bond marketsIs the manager focusing on “growth”?How inflation is factored into the portfolioBalanced as balanced could be?More about the fund: Manager Simon Nichols has created a rock-solid global multi-asset vehicle which uses themes to target the forces driving global change in markets. He does this by investing in what he calls “future-facing business models” which have the ability to tap into megatrends in their respective industries. The fund predominantly invests in global equities, but also has an allocation to bonds.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Alex Araujo, manager of the M&G Global Listed Infrastructure fund, shares why infrastructure should be a key component of an investor's portfolio. We explore the different types of infrastructure in the fund —economic, social, and evolving — and how they provide essential services while offering stable cash flows and long-term growth. Alex shares insights on the impact of rising interest rates, the energy transition, digital infrastructure's rapid expansion and the geopolitical factors influencing the sector.What's covered in this episode: Why should investors consider infrastructure?The different types of infrastructure assetsInflation protection as a key driverTargeting a combination of income and growthWhat is “social” infrastructure?Why digital infrastructure is more than just AI The impact of geopolitics on these assetsWhy the fund has gold exposureThe outlook for global infrastructureMore about the fund: M&G Global Listed Infrastructure looks for a balance of growth and income from three key areas of the sector: economic, social and ‘evolving' infrastructure. This means investments can include anything from utilities and toll roads to health, education and civil buildings, as well as mobile towers, data centres, payment companies and royalties.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Peter Michaelis, manager of the Liontrust Sustainable Future Managed fund, has over 20 years experience in sustainable responsible investment. He shares the evolution of sustainable investing, including challenges in recent years, and why the future remains bright. This fund has over 20 underlying themes, of which we cover a handful, including resource efficiency, circular economy, healthcare innovation and digital security, complete with valuable company examples throughout. We finish with a broader look at sustainability and the potential impact of politics and Trump 2.0.What's covered in this episode: An introduction to the Liontrust Sustainable Future Managed fundLong term performance of the strategyWhy the fund underperformed recently How sustainable investing has evolvedThe three megatrends in the portfolioBetter resource efficiency and circular use of materialsInvesting for greater resilience and safetyPromoting a circular economyTwo companies combating fast fashion “We're looking for the digital camera to Kodak”Two recent additions to the portfolioOpportunities in the mid-cap area of the marketWhy Trump isn't all bad for sustainabilityMore about the fund: Liontrust Sustainable Future Managed aims to deliver capital growth over the long term through its own sustainable process and by investing in a combination of global equities, bonds and cash. The managers use a thematic approach to identify the key structural growth trends that will shape the global economy of the future, across a 40-60 stock portfolio.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

This episode discusses the dynamics of fixed income investing, with Stuart Edwards, manager of the Invesco Tactical Bond fund, explaining how a tactical approach can help navigate volatile markets. He explains the fund's flexible strategy, covering interest rate positioning, corporate bond opportunities, and emerging markets. We also break down the importance of a top-down macroeconomic perspective, combined with bottom-up credit analysis. With insights into how recent rate cuts and inflation trends impact bond markets, this discussion sheds light on where the risks and opportunities lie.What's covered in this episode: The three key components of the Invesco Tactical Bond fundHow allocation has changed over the past yearWhat combining macro awareness and stock selection means in practiceHow the manager builds the fundWhy the UK is a fascinating space for investorsThe fund's exposure to UK interest ratesThe key opportunities in the UK marketWill UK inflation remain sticky in 2025?The Trump 2.0 effect on bond marketsHow the fund allocates to emerging marketsThe appeal of Mexican and Brazilian debtWhat is duration? How the fund's duration exposure has changed over the the past yearWhere are the best opportunities today?More about the fund: The Invesco Tactical Bond fund is the most flexible fund in Invesco's fixed income range. It is designed to capitalise on all the resources within the team and invest across the whole fixed income opportunity set. The managers use an active style whereby risk can be continually adjusted according to market conditions and the level of return on offer.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

The path to net zero is far from certain. While climate-focused investments are growing at an unprecedented rate, global emissions continue to rise. Deirdre Cooper, manager of the Ninety One Global Environment fund, joins us as we discuss the latest trends in decarbonisation, the influence of political shifts on clean energy, and the role of major players like China in driving investment. We also examine how regulation, interest rates, and market sentiment impact the sector's performance, shedding light on the opportunities and risks shaping climate investing in the years ahead.What's covered in this episode: Are we seeing improvement on climate targets?The possibility of a Minsky moment How will a Trump administration impact climate spending?The changes to the Inflation Reduction Act Performance on the clean team sectorWhy is China seeing such significant growth? Where are the current risks in this sector? Why has consumer behaviour been slow to change? Does change in sentiment create more opportunities for investment?Three opportunities todayMore about the fund: Launched in December 2019, Ninety One Global Environment is a global equities fund that includes emerging markets, but which has a unique approach of only investing in companies that are contributing to the decarbonisation of the world economy. The portfolio has complete conviction, with just 20-40 holdings, and will have limited crossover with peers or its benchmark. Managers Deirdre and Graeme try to make the overall portfolio style neutral, with the stock selection set to be the primary driver of returns.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Alexandra Jackson, manager of the Rathbone UK Opportunities fund, shares insights on two fascinating UK companies — Bloomsbury Publishing and Games Workshop. Despite market challenges, these companies have successfully capitalised on their niche markets through strategic growth and innovation. From Bloomsbury's ability to thrive in the digital era to Games Workshop's cult-like following and global expansion, learn what makes these businesses resilient and attractive to investors.What's covered in this episode: The appeal of Bloomsbury PublishingHow BookTok is driving growthShould investors be worried about TikTok in the USThe niche drivers behind Games WorkshopThe promotion of Games Workshop to FTSE 100Why good management is important Putting the long-term interests of shareholders firstThe flexibility to run your winnersStructural issues in the UK marketOpportunities on the AIM marketSoftware reseller: Bytes Technology and SoftcatHolding belief in UK equities Keeping the fire alive for UK equitiesThe simple reason to buy UK equities todayMore about the fund: The Rathbone UK Opportunities fund is a flexible fund targeting quality growth businesses, looking to take advantage of cheap UK valuations. The fund combines structural winners with a strong core of high-quality compounders with a final portfolio of around 50 to 60 holdings, with a bias to mid-cap stocks.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

As our expected lifespans increase, so does the complexity of long-term financial planning. In this episode, we explore how societal shifts, like extended careers and aging demographics, influence our financial goals. Carl Stick, co-manager of the Rathbone Income fund, gives his insights into the vital role of dividends, the importance of compounding, and how companies are embracing older workers. Carl and Darius also discuss the evolving opportunities in sectors like healthcare and pharmaceuticals, where innovation meets the challenges of longevity. Whether you're planning for retirement or considering the future impact of aging populations, this episode offers a timely perspective to help you navigate your financial planning.What's covered in this episode: The impact of increasing longevity on investing goalsHow aging workforces affect global economies, pension schemes, and healthcare systemsCompanies actively recruiting older workersCompanies offering apprenticeships for those over 50The importance of finding purpose in later-life workThe role of dividends in long-term investment growth and income flexibilityWhy it's never too late to start investingThe influence of demographic shifts in Japan and China on workforce dynamicsA focus on industries like pharmaceuticals and healthcareKey investment themes linked to longevityMore about the fund: The Rathbone Income fund gives investors exposure to a concentrated portfolio of companies with high quality and visible earnings. The managers are unconstrained in terms of sector weightings and are able to fully express their market views with the portfolio positioning. The fund usually consists of between 30 and 50 holdings. It invests predominantly in UK equities (80% or more), while up to 20% of the total may be held in cash and overseas equities.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Nish Patel, manager of the Global Smaller Companies Trust, shares insights into current valuations, the impact of recent interest rate cuts, and how M&A and share buybacks are shaping the small-cap space. Nish shares how his focus on quality businesses with sustainable competitive advantages can offer both growth and reduced risk. We also discuss portfolio changes, including leveraging in-house expertise and reducing holdings to focus on high-conviction ideas. What's covered in this episode: The valuations of smaller companies todayWhat catalysts are needed for a small-cap recovery?A double discount at playGrowth companies with lower riskChange of management to the trustHow the team has evolvedThe three types of businesses in the portfolioThe trust's long-standing dividend growthThe attraction of small-caps More about the fund: This trust invests in smaller companies from around the world. Fund manager Nish Patel believes that these businesses experience superior growth over the long term compared with larger companies. His goal is to go where other equity researchers won't, in order to find hidden gems at attractive prices. The firm's small-cap specialists have a well-disciplined investment process and the trust has a strong track record of beating the market. Having recently celebrated its 130th anniversary, the trust is one of the oldest in the market – it has also successfully produced 50 years' worth of dividend growth for investors.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

This episode discusses why high yield bonds, often labeled as ‘junk bonds,' can be an attractive investment and how today's market is different from previous decades. Jack Holmes, co-manager of the Artemis Global High Yield Bond fund, shares their strategy of focusing on European and UK markets and prioritising higher quality bonds, like BB and B ratings, while avoiding riskier CCCs. Additionally, learn why shorter-dated bonds are favoured in the current yield environment and how inefficiencies in the high yield space create opportunities for active management.What's covered in this episode: What is high yield? Setting the scene for the high yield marketEurope over US exposureWhy CCC isn't appealing The inefficiencies of the high yield marketWhat active management adds for investorsHow the fund uses currency in the portfolioWhat does it mean when a high yield bond is ‘called'?Adding value through market mispricingWhat does rate cutting mean for high yield?Why this manager is optimistic about next yearBacking cyclical or non-cyclical for 2025?More about the fund: The Artemis Global High Yield Bond fund is a high-conviction fixed income portfolio investing in 60-100 high yield issuers across the globe. Managers David Ennett and Jack Holmes look to increase the value of shareholder investments through a combination of both income and capital growth. To do this they focus on the under-researched, inefficiently-priced opportunities further down the high yield spectrum, while their global approach looks to unlock opportunities and insights that regionally-focused peers may miss.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Hamish Maxwell, investment specialist on Scottish Mortgage Investment Trust, offers listeners a comprehensive look into the current state of the global markets. The discussion highlights the trust's core strategies for navigating volatility and adapting portfolios for resilience. Hamish shares insights into sector rotations, geopolitical impacts, and emerging market opportunities that are critical for investors looking to invest over the long term. What's covered in this episode: What defines an ‘exceptional growth company'?Why a long-term time horizon is keyWhat “edge” does Scottish Mortgage have on the market? The importance of human behaviourHow can investors find value in AI? The three phases of AI investmentNvidia's growth story, today and tomorrowDiversification within the AI sectorThe role of private companies in the portfolioDoes the IPO market look healthy?How the trust is positioned to “invest in progress”More about the fund: Oddly enough, Scottish Mortgage Investment Trust has no particular focus on Scottish investments and nothing to do with mortgages. Its name stems from its long history, which dates to 1909. These days, the trust typically holds between 50 and 100 companies worldwide, united by their strong growth prospects. The managers have a patient buy-and-hold approach and aim to maximise total returns – i.e. both income and capital growth – for shareholders over the long term. This fund typically has low turnover.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

A special bonus episode looking at post-election analysis. We unpack the implications of the projected Trump win and the potential for a Republican clean sweep of the House and Senate. Justin Streeter, manager on the Comgest Growth America fund, joins us to discuss potential shifts in tax policies, corporate regulations, and market volatility. We explore which sectors might benefit from this political climate, the potential inflationary effects, the future of the tech giants, and how consumer confidence and spending trends may shape the economy moving forward.What's covered in this episode: What does a “red sweep” mean for equity markets? Will a Trump presidency lead to further inflation?Potential corporate tax policy changesExpecting uncertainty from a further Trump presidency Decreased consumer spending in an election yearThe implications for the Magnificent Seven Trump's conflict of interest with Elon MuskWill large companies see leniency?The wider impact for global equitiesThe long-term themes still at play in US, regardless of the electionMore about the fund: Comgest Growth America is an unconstrained, highly concentrated portfolio of between 25-35 companies. This quality growth strategy endeavours to find the highest-quality companies that meet their stringent ESG criteria across the US. This fund benefits from a very clear process and experienced management team that have helped guide the fund to outstanding performance throughout their tenures.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Ajay Tyagi, manager of the UTI India Dynamic Equity fund, focuses on India's economic growth, market trends, and demographic advantages. He highlights the impact of India's young, increasingly affluent population on sectors like consumer goods, tech, and financial services. We also discuss how despite high valuations, India's steady growth trajectory and quality-focused investment opportunities remain appealing to long-term investors. Ajay mentions key sectors to watch, the "China Plus One" strategy in manufacturing, and why India's politics are advantageous for business.What's covered in this episode: The boringly steady economyWhy India's valuations are high compared to their history…and wider emerging marketsFinding value in an expensive marketWhat sectors typically make up “value” in India?The fund's market cap agnostic approachWhy the chemical sector looks appealing todayHow the China Plus One policy has impacted IndiaThe effect of steady politics in IndiaEconomic growth is a function of three thingsWhat does 2025 look like for India?Which sector is the manager “supper bullish” on?More about the fund: UTI India Dynamic Equity invests in a mix of large, mid and small-cap Indian companies. The investment process is based on quality, growth, and valuation, and the team conducts thorough on-the-ground research to identify and monitor companies with a high potential for significant market outperformance.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Craig Rippe and Jordan Sriharan, co-managers of the WS Canlife Diversified Monthly Income fund, reveal how they aim to provide a stable, inflation-adjusted income stream while keeping volatility low. We cover the team's approach to navigating market changes, selecting stocks, and managing interest rate risks. The interview also highlights how tech companies, REITs, and renewable sectors contribute to the portfolio.What's covered in this episode: A fund designed for retirementDiversification within the portfolioWhy the fund targets a minimum 4% monthly income The role the wider team at Canada Life playsThe managers' current view on the bond marketChanges to the fund's fixed income allocationHow the team finds income opportunities in the technology sectorIs big tech expensive versus its history?Will the fund change its income target?Why REITs look attractive todayThe appeal of National GridA closer look at the fund's allocation to financials The investment case for BroadcomMore about the fund: A diversified portfolio of income-generating assets, including global company shares, international government and corporate bonds, as well as property. This fund aims for a yield of a least 4%, while targeting a minimum monthly income to the investor. The fund is part of a wider range of multi-asset solutions focused on matching investment returns to a defined level of risk.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

This interview explores the shifting market environment, with a focus on how rising interest rates have created opportunities for stock pickers. Luke Newman, co-manager of the Janus Henderson Absolute Return fund, shares his insights on why today's higher-rate environment benefits active managers and how it contrasts with the past decade of ultra-low rates. We touch on the behavioural changes among corporate leaders, the importance of stock fundamentals, and the role of tactical and core portfolios in managing risk and returns.What's covered in this episode: What is this fund trying to achieve? The two main issues in markets todayAre you worried we're returning into a lower interest rate environment?How does the long/short book change with interest rates?Why is now an ideal stock picking scenario? The diversion between long and short opportunities todayInsights into the US consumerBeing long obesity drugs and short hamburgersMore about the fund: Janus Henderson Absolute Return is a long/short equity fund with a UK bias, that aims to deliver a positive absolute return over rolling 12-month periods. The managers look to identify stocks that will either exceed or fall short of analysts' expectations and construct a portfolio of both long (profit when the share price goes up) and short (profit when the share price goes down) positions. There are limits on the overall market exposure, which serves to reduce the volatility of the fund. Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Ben Peters, co-manager of the IFSL Evenlode Global Income fund, explains the fund's focus on total returns and growing income streams. He shares how certain sectors, including consumer goods, healthcare, and information technology, provide resilient investment opportunities. We also touch on the effects of geopolitics and the long-term potential of artificial intelligence. The interview finishes with Ben's views on navigating market volatility, maintaining conviction during underperformance, and finding hidden value in high-quality companies.What's covered in this episode: What makes the IFSL Evenlode Global Income fund different from its peers?Views on market volatilityHow geopolitics come into playThe appeal of the consumer goods sector Why healthcare is a good “defensive” optionA Microsoft case studyThe investment potential of artificial intelligence Investing through a difficult periodStaying true to fundamentalsOutlook for global equity income in 2025 More about the fund: IFSL Evenlode Global Income fund aims to emulate the success of the IFSL Evenlode Income fund, while benefiting from a wider global remit. The managers are not afraid to be radically different from their benchmark, which we applaud, along with their long-term focus. We also like the fund's objective to grow the dividend in the future.Learn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.

Darius McDermott and Juliet Schooling Latter join us once again for our quarterly market update. They cover the most recent developments in global markets, with a special focus on the Federal Reserve's interest rate cuts and their influence on both the US and UK economies. We hear two differing opinions on China's rebound and insights into what the future might hold for UK equities and global small-caps. The episode wraps up with a preview of potential risks heading into 2025, including the US election and geopolitical tensions.What's covered in this episode: Interest rate cuts and the “Goldilocks" scenarioHow US policy impacts global currenciesWhy we need to reframe what “normal” interest rates areUK monetary policyIs Juliet still optimistic about the UK? What the autumn budget could mean for investorsDarius vs Juliet: two differing opinions on ChinaIncreased enthusiasm for technology Positivity for markets in 2025Why there's still volatility aheadLearn more on fundcalibre.comPlease remember, we've been discussing individual companies to bring investing to life for you. It's not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre's research methodology and are the opinion of FundCalibre's research team only.