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The first quarter of 2025 saw global stocks hit new highs, then pull back, as investor sentiment shifted in an uncertain environment. In this podcast, we discuss the factors affecting performance, how we've positioned portfolios more defensively over the last year, and where we believe the best opportunities may lie in future. While we also address the recent market developments sparked by President Trump's 'Liberation Day' tariffs and our thoughts on what they mean for our portfolios, please note this podcast was recorded on 9 April before the announcement of a pause in tariff increases.

In this portfolio spotlight podcast Sarah Ball, our Investment Specialist, speaks with Nicola Muirhead, Equity Analyst, to discuss the outlook of some long-standing holdings within our portfolio, US cable stocks: Cable One, Comcast and Charter Communications.

Global stocks were up nearly a fifth in 2024 – a second year of double digit returns, with the US and its tech juggernauts being the driving seat of a narrowly led market. However, the imminent return of President Trump, bolstered by a Republican sweep of Congress has caused uncertainty around the ‘MAGA' agenda, and what the impact will be in the US and globally.   In this podcast, CEO Helen Watson, is joined by Victor Balfour, Global Investment Strategist, and Hugo Capel Cure, Co-Head of Portfolio Management, reflect upon our performance in 2024, and look ahead to 2025.

In this portfolio spotlight podcast Sarah Ball, our Investment Specialist, speaks to Hugo Capel Cure, Co-Head of Portfolio Management, to discuss the decision-making process we use when choosing a company to invest in, including why some businesses do not make the cut.

It has been a year of economic and political upheaval for investors, but what is the outlook for the market as we reach the final months of 2024?  Stock market growth this year has been narrow while core inflation has remained stubbornly high, posing challenges for investors and policymakers alike. In this podcast, Client Adviser Sophie Kilvert, sitting in for Helen Watson, is joined by Victor Balfour, Global Investment Strategist, and Hugo Capel Cure, Co-Head of Portfolio Management, to discuss recent market trends and the performance of some of our holdings.

Host Sarah Ball speaks to Ashish Swarup, Founder of Aikya, to discuss the history of fund, how it chooses its investments and the wider outlook for emerging markets.

The mid-point of the year is a good time to take stock of what has been an eventful few months. Global stock markets have enjoyed double-digit returns since January, but there are concerns that market performance is being driven by just a handful of companies. In this podcast, CEO Helen Watson, is joined by Kevin Gardiner, Global Investment Strategist, and Hugo Capel Cure, Co-Head of Portfolio Management, to review the year so far. We also assess the outlook for the rest of 2024, as interest rates look likely to remain higher for longer, and take a closer look at some of our portfolio companies.

Host Sarah Ball sits down with Equity Analyst Nicola Muirhead to discuss the outlook for Berkshire Hathaway, one of the most eminent and enduring companies in the financial sector.

Markets have enjoyed a strong start to 2024, with global stocks up 8% so far this year. However, inflation remains above target in many major economies, putting pressure on central banks to delay interest rate cuts. In this podcast, CEO Helen Watson, is joined by Victor Balfour, Investment Strategist, and Hugo Capel Cure, Co-Head of Portfolio Management, to assess the outlook for rates this year. Meanwhile, the business cycle has remained in relatively good shape, with growth continuing alongside disinflation. We examine how this backdrop has helped several of our holdings – both return assets and diversifiers – achieve a strong performance in the first quarter. Correction: at 06:25, we mistakenly say CKPC, when we mean CPKC.

Host Sarah Ball sits down with Equity Analyst Francisco Leal to discuss Constellation Software, a Canadian software company. We examine the company's recent activities and future earnings potential.

Amid stubbornly high inflation, geopolitical tensions and gloomy sentiment, 2023 defied expectations and produced a strong year for investors. In this podcast, CEO Helen Watson, is joined by Victor Balfour, Investment Strategist, and Hugo Capel Cure, Co-Head of Portfolio Management, to discuss the remarkable returns from the ‘Magnificent Seven' US tech stocks, the trajectory for interest rates and the outlook for investors in 2024.

The bond market has started to become an interesting proposition for investors for the first time in over a decade. As interest rates have risen, so too have the yields offered by previously unfavoured bonds. In this podcast, CEO Helen Watson, is joined by Victor Balfour, Investment Strategist, and Hugo Capel Cure, Co-Head of Portfolio Management, to discuss the growing opportunities in the bond market, the outlook for equities and how fading inflation will impact investors.

Businesses across the world are looking to act in a more sustainable manner, and how they transport their goods has become a key consideration. In this podcast Sarah Ball is joined by Rorrie Mars to discuss the latest addition to our portfolio, Canadian Pacific Kansas City (CPKC). This is a railroad company operating across Canada, the United States and Mexico, which we believe is destined for growth as more companies look for sustainable transport solutions. Switching from road to rail can reduce emissions by 75%, and we believe CPKC has the business model, pricing power and leadership to succeed.

Stubborn inflation and rising interest rates have been the dominant story in the UK in 2023, but will this change in the second half of the year? In this episode, CEO Helen Watson is joined by Global Investment Strategist, Kevin Gardner and Co-Head of Portfolio Management, Hugo Capel Cure to discuss the ‘Magnificent Seven' tech stocks that have driven market returns so far this year, how our portfolio has fared, and the economic outlook for Britain and the rest of the world. 

With post-pandemic revenge travel still a dominant trend and summer holidays on the horizon, Sarah Ball sits down with Ramesh Rajagopalan to discuss our holding in booking.com, the popular online travel agency. The global pandemic greatly affected the travel sector, but we believe booking.com maintains a competitive advantage and attractive prospects to increase earning power.

2023 started off on a positive note—followed by a few surprises that made the journey a bit bumpy in the first quarter. In this episode, CEO Helen Watson sits down with Victor Balfour and Hugo Capel Cure to discuss the rather interesting Q1, the effect it had on our portfolio, and what opportunities may lie ahead for us.    

The fourth quarter of 2022 ended on a more positive note after what was a pretty dismal year for investment markets - a year that was headlined by historic inflation and the impact that had on interest rates and economic growth. What does 2023 have in store? Our CEO, Helen Watson, along with Kevin Gardiner and Hugo Capel Cure, reflect on Q4 and 2022 as a whole, and discuss why the changing investment environment brings optimism for the year to come.

The third quarter of 2022 was plagued with similar challenges as previous quarters: rising interest rates and inflation, coupled with a tumultuous geopolitical landscape, continue to ensue. Is there relief on the horizon? Our CEO, Helen Watson, talks with Victor Balfour and Hugo Capel Cure about the current market situation, effects on our portfolio, and the cautiously optimistic outlook ahead.

Our CEO Helen Watson sits down with Victor Balfour and Rupen Patel to discuss the performance of the second quarter of 2022 for both the macro and investment outlook, which has been impacted by yet another quarter of a challenging geopolitical situation and rising inflation and policy.

The first quarter of 2022 proved to be a volatile one, with geopolitical events, raging inflation and policy uncertainty casting a shadow over market sentiment. As usual we sit down to discuss this unique landscape and how our portfolios have fared, before looking ahead to what the rest of the year may look like for both the macro and investment outlook.

In this discussion, we were joined by Lord Mark Sedwill, delving into the potential geopolitical flashpoints on the horizon; Russia-Ukraine, China's consolidation of power in Taiwan, upcoming elections on both sides of the Atlantic and, of course, inflation.

The final quarter ended on a high note for global stocks, rounding off a strong year in spite of the continued impact of Covid-19, supply and labour imbalances, and inflationary concerns. In the first podcast of 2022, we take a look back over the final months of the year, as well as the year as a whole, considering how markets have performed, and how this environment has impacted portfolios.

The third quarter of 2021 proved a more challenging one for markets following the strength of Q2. As growth has begun to slow, inflationary struggles have persisted alongside the lingering impact of the pandemic. Delving into these themes, as well as various geopolitical developments and current issues in labour markets, we also provide an overview of portfolio performance in the context of this tough quarter and take a closer look at the impact of inflation in particular.

In our recent Autumn Investment Briefing, we took a look at what the transition towards a post-pandemic world will look like, discussing the uncertainties and questions that remain around the macroeconomic landscape, rising inflation pressure, market valuations, and what all this means for portfolios. 

In our latest 'In conversation with' series, we had the pleasure of speaking with Lord Sedwill. The conversation was wide-ranging, covering both domestic and global issues, as well as touching on his role at the recent G7 Summit in Cornwall where he chaired a panel on economic recovery.

While the second quarter of 2021 saw a continuation of many of the first quarter trends; strong global GDP growth, slowing contagion rates and ongoing vaccination roll outs, we are finally seeing a rise in inflationary pressure. The extent of this inflation, and impact on businesses, stocks and bonds, still remains to be seen, but will likely depend on supply-side dynamics and ongoing policy decisions. Portfolio performance has continued its strong run from the last quarter, owing to some surprise overperformers, and businesses recovering more of their pre-pandemic returns. Despite the anomalies of the current market landscape we are optimistic about the coming months, given the likely continued release of demand, and the potential opportunities that a post-Brexit UK could present. 

The first three months of the year have seen the continued recovery of national economies and markets, with much of the world now at more-or-less pre-crisis levels of GDP. While bonds have fared less well in recent months, and there are still lingering uncertainties around inflation and diverging recovery rates, we believe that fiscal policy will help mediate this inflationary risk, and that growth statistics do not tell the whole story about the current or future trajectory of different nations. The favourable stock market landscape has made for a strong quarter for our portfolios, bolstered by the continued rotation away from ‘growth' to ‘value' stocks and a better-than-expected performance by our diversifying assets, which usually drag in a period of rising equity markets.

As global markets and economies begin to recover, and look forward to a post-pandemic surge in demand, there have been increasing concerns about a subsequent rise in inflation. Taking a look at dramatic periods of high inflation like the 1970s, as well as how low inflation can erode wealth and undermine returns over time, we delve into what inflation is, its risks, and what we do to try and protect portfolios in the event of an increase.

With a drop in consumer spending and a halt in international travel, payments companies were naturally impacted during 2020. And yet, at the same time, the past year has seen a huge shift from cash to digital payments, as consumers look for more hygienic methods of paying. Taking a closer look at these trends, we take a deep-dive into Mastercard and American Express, the two payments companies held in portfolios.

The fourth quarter marked a strong end to a turbulent year, shoring up the remarkable market recovery in the latter half of 2020. Market performance was boosted by the rolling out of vaccinations alongside supportive policy, continued economic recovery and encouraging geopolitical developments. This supported our view that markets tend to ‘look across the valley', especially in what was primarily a public health crisis, rather than an economic or financial one. An equally impressive quarter for portfolios was bolstered by the rotation towards ‘value' stocks and several key investment decisions made during the last few months.

In our latest Meet the Manager podcast we spoke with founder and CIO of Abbey Capital, Tony Gannon. Abbey Capital is the world's largest manager of world's largest manager of multi-manager managed futures funds, with a particular focus on trend following strategies.  Tony gives us an insight into this industry, how it can provide a source of returns even in adverse market conditions, as well as how Abbey Capital's multi-manager approach sets them apart.

With the 2020 US Presidential Election now less than a week away, Joe Biden maintains a robust lead in the polls despite aggressive campaigning by President Trump. Nonetheless, after a remarkable year, and given what happened in 2016, it is still impossible to be certain of either a Democrat or Republican victory on 3rd November. In this special election podcast, we are joined by financier, entrepreneur and Trump's former White House Director of Communications, Anthony Scaramucci. Anthony shares his personal experiences in the White House and gives an exclusive insight into the president's character. Now a passionate Biden supporter, he discusses the various forces at play going into the election, as well as his predictions for its outcome and beyond.  

As markets continue to build upon their second quarter rebound, economic recovery has continued, albeit unevenly. Analysing these dynamics alongside prevailing geopolitical concerns, we remain positive about the current trajectory of recovery, considering generous monetary policy and recovery packages. After a strong but ‘lumpy' quarter for portfolios, we outline the gains made by our Return Assets. Debating the prospect of a rotation in the market, we explain the changes which have been made in portfolios to pre-empt such a rotation and potential inflation risks.

In times of crisis, it is natural to look to the past for guidance. Now, as we continue to navigate the challenges of this global pandemic, we reflect on our experiences as a firm, how we have weathered periods of volatility and how our family origins have shaped our longevity as a business.

As non-essential shops begin to re-open, high streets and shopping centres are gradually recovering some semblance of normality. Nonetheless, months of lockdown and lost footfall have dealt a devasting blow to brick-and-mortar retail, with fashion and clothing stores making up a substantial part of this sector. In this podcast, we take a closer look at the impacts of COVID-19 on retail and luxury fashion. Sian Westerman, a Senior Advisor in Rothschild & Co's Global Financial Advisory business, and the Co-Chair of the British Fashion Council Trust speaks with Stephanie Phair, Chair of the British Fashion Council, founder of TheOutnet.com and Chief Customer Officer at luxury online retailer, Farfetch. Stephanie speaks of Farfetch's experience during the pandemic as well as her insight into the wider and longer-term impacts for the retail sector. 

After a dramatic stock market plunge in the first quarter of 2020, markets have rebounded almost as dramatically in the second quarter. We therefore maintain that because the downturn was deliberate, and as stock markets tend to be forward-looking, it may well prove relatively short-lived. Re-emphasising the surprising pace of this rebound, we explain that portfolios have recovered much of the losses sustained in the first quarter, and look ahead to the opportunity which lies in the current dispersion between industries and markets.

Based in the growing tech ‘hub' of Austin,Texas, we speak with Jay Creel and John Dowling of Bares Capital who invest in small-to-mid-cap tech disruptors with long-term growth potential. With a high-conviction portfolio, currently investing in just 9 positions, we take a deep-dive into Bares' stock selection process and their boots-on-the-ground approach, exploring a few positions in detail. Looking beyond the uncertainty of COVID-19, we discuss the longer-term trends which could present greater opportunities.

In lockdown, cooking and eating at home, without the luxury of restaurants or cafés, has encouraged many of us to think more about how we source and consume our food. Shifts in demand and social distancing restrictions have also caused huge disruption for producers, highlighting critical issues in the ways we grow, distribute and import our food. In this podcast we speak with chef and restaurant owner Paul Ainsworth, food journalist Dan Saladino and Akeel Sachak, our Global Head of Consumer, as we delve into the effects the pandemic has had on the industry.

In the past year, there have been many watershed moments in climate change activism. We saw Extinction Rebellion shutdown cities, Greta Thunberg become a household name, and brands and consumers across the board reject single-use plastic. 2019 has since been regarded as the year sustainability became ‘mainstream.' In this episode we speak with Mike Azlen, Founder and CEO of Carbon Cap, which aims to cap and reduce carbon emissions through its World Carbon Fund. Mike examines the gathering momentum of climate change activism, exploring the potential challenges, and even advantages, that green policies may face in the aftermath of COVID-19. He also discusses the positive impact that carbon cap and trading policies have had, and their ability to continue reducing carbon emissions over the long term.

In this podcast, we provide some insight into our investment process, sharing our views on portfolio holdings amidst the ongoing market volatility.

In what would have been the lead up to RHS Chelsea Flower Show, we speak with horticultural designer, presenter and writer Nick Bailey, who shares his wisdom from a remarkable 25 years in horticulture. He suggests what to plant at this time of year, how to best deal with pests, and how to brighten up any size of outdoor space. Nick reflects on the unfortunate cancellation of “the pinnacle of global horticulture”, RHS Chelsea Flower Show, but he assures us that there will be an abundance of coverage, which will no doubt satisfy any revitalised passion for all things horticulture.

With many of us missing our usual quota of live sports, the unprecedented postponing of the Tokyo 2020 Olympics came as another blow to this summer's events calendar. However, the disappointment felt by fans and spectators must pale in comparison to that felt by athletes who had hoped to be competing in the Games. One such athlete is Owain Doull, Welsh road and track cyclist.  We are therefore delighted to share our latest podcast with you, where we speak with Owain about his experience in Brazil and how he is dealing with the current disruptions to his sporting calendar.

We speak with Michael Gilmore, Head of Research at Albizia Capital, who shares his thoughts not only on the challenges presented by Coronavirus, but also on the wider regional pressures facing the South-Eastern Asian market, together with an in-depth look at the Fund's research strategy and stock selection.    

For the second instalment in this series we are delighted to share with you our discussion with explorer and environmental activist David Mayer de Rothschild. David has carved a path beyond the family business, from expeditions to social enterprises, notably crossing the Arctic in 2006, becoming the youngest British person ever to reach both geographic poles. David speaks with us about his experience dealing with isolation on expeditions; the importance of routine, maintaining a sense of purpose and appreciating the people and comforts we so often take for granted.

As we all adapt to isolation, find new daily routines and try to cope with the current uncertainty, we speak with British skipper Alex Thomson to gain some wisdom on dealing with isolation. As one of the world's top solo offshore sailors, Alex spends months alone at sea separated from society, everyday comforts and loved ones, putting him in a unique position to reflect on the current situation facing our world.

Looking back at the first quarter of 2020, we consider the impact of COVID-19 on an initially promising economic outlook. Exploring how portfolios have fared, we analyse how diversifiers have worked to offset market volatility and suggest that there is much opportunity to be found in these exceptional circumstances. 

Exploring the recent governmental measures used to tackle COVID-19, we question whether it's premature to interpret the economic shutdown as longer-term damage. Taking a specific look at portfolio protection and the performance of diversifiers, we maintain that the market currently presents more opportunities than threats.

After a positive New Year consensus, the prospect of a possible pandemic, together with the recent plunge in oil prices, has created significant economic disruption. This podcast addresses your questions on our macroeconomic view, how portfolios have fared and how we are positioned to take advantage of weakened markets.

We sit down at the end of the quarter to highlight any changes to portfolios over the last three months, provide our thoughts on the coming quarter and address your questions.