The Vox Markets Podcast 2077: The Exchange with Judith Mackenzie of Downing
Apr 14, 2025
Judith Mackenzie, an accomplished fund manager at Downing, shares her investment insights amidst market volatility. She discusses her preference for small-cap stocks and the importance of margin improvements and strong balance sheets. The conversation dives into specific companies like Avingtrans and Eagle Eye, highlighting their unique challenges and growth potential. Judith also debates active versus passive fund management strategies, emphasizes the need for regulatory reforms in the AIM market, and reveals thoughts on market liquidity and investment risks.
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Slow and Steady Investing
- Judith MacKenzie prefers slow investing, especially in volatile markets.
- Focus on self-help companies, balance sheet leaders, and value compounders.
Rebooting AIM
- AIM should be viewed as a shop window for diverse companies, not just an index.
- Its reboot requires attracting more buyers and companies through regulatory and cost adjustments.
Small-Cap Liquidity
- When assessing small-cap companies (<£50m market cap), consider the shareholder list, not just market cap.
- A diverse shareholder list can offer similar liquidity to larger companies.