Investors' Chronicle

Gold’s recent super rally has left investors wondering what’s coming next. Alex Hamer breaks down what is driving the surge, and the recent sell-off, whether volatility is now the norm, and what analysts’ outlook is for the yellow metal. It’s then on to the credit scoring business Experian (EXPN). The US credit scoring market has come under scrutiny recently, and Valeria Martinez unpacks how exposed the company is and what it's doing in response.Continuing in the US, concerns persist over the world's largest economy and its reliance on tech stocks. Mark Robinson looks at what point AI needs to start delivering actual productivity gains before a correction occurs, and compares the AI boom to the dotcom era. Timestamps 1:16 Gold 12:34 Experian21:13 US bubbleHow to spot the gold price topWhy a US credit score overhaul actually helps Experian Hosted on Acast. See acast.com/privacy for more information.

The FCA’s long-awaited motor finance redress scheme landed with a lower overall compensation figure than expected. Mark Robinson explores how Lloyds (LLOY) and Close Brothers (CBG) have responded, why both plan to challenge the proposals, and whether the scheme risks turning into another PPI-style saga.Our Big Read is next. The future of cities is shifting as travel and office attendance continue to climb back slowly. Michael Fahy, author of the feature, looks at the steady uptick in London office occupancy, trends between the UK and US markets, and how Reits are reshaping portfolios.Last up, Whitbread (WTB) reported results slightly ahead of estimates, yet shares fell amid rising costs and lease charges. Erin Withey analyses how the Premier Inn owner continues to gain UK market share in a slower economy, and how its accelerated growth plan could unlock long-term value.Timestamps 1:15 Motor finance12:15 The future of cities23:08 WhitbredRead the stories mentioned in the show:Banking shares rise on lower-than-expected motor finance costsMega-cities need to grow – here’s how investors can take advantageWhitbread hit by planned UK restaurant closures and softer demand Hosted on Acast. See acast.com/privacy for more information.

RIT Capital Partners is one of the UK’s largest investment trusts with over £4bn in assets under management. Maggie Fanari joined its investment manager, J. Rothschild Capital Management, as CEO in 2024. Her goal is to compound growth for investors without the risk that equity markets carry. In the episode, Dan Jones and Fanari discuss the structure of the trust, which is split between private assets, listed equities and ‘uncorrelated’ assets, and the trust’s thus-far unsuccessful attempts to narrow the discount on which it trades. Fanari also shares the qualities she looks for when seeking out private assets (one recent addition being Elon Musk’s SpaceX) as well as the recent changes to the trust’s portfolio and her take on the AI market.  Timestamps 00:45 The structure of the trust 02:53 The discount 10:23 RIT’s dividend11:26 Private assets18:19 Recent asset allocation changes 22:22 Discerene 25:42 US tech32:42 European markets34:11 Asia34:52 UK equities 35:41 AI37:38 Overall investment picture Hosted on Acast. See acast.com/privacy for more information.

British business Volution (FAN) provides ventilation and air systems, and its shares have increased by a fifth thanks to the acquisition of an Australian business Fantech. Michael Fahy unpacks how investors reacted to the latest results, what is driving demand, and its broad geographical spread. The CMA investigation into the veterinary market is still ongoing, and CVS (CVS) has paused its UK acquisition programme while it ticks on. Julian Hofmann examines the company’s results, its strategies for maintaining business growth, and its current valuation. Last up, Alex Newman delves into the world of bitcoin, the topic of this week’s Big Read. From the FCA’s reversal on DIY investors buying and selling crypto exchange traded notes (ETNs), to the eligibility in Isas and Sipps, listen to find out everything you need to know about bitcoin buying.Timestamps  01:14 Volution07:17 CVS15:49 BitcoinCVS pivots to Australia as UK expansion stalls amid CMA probeThere’s a new way to buy bitcoin – but is it safe? Hosted on Acast. See acast.com/privacy for more information.

Julian Hofmann, a seasoned pharmaceuticals expert, shares insights on AstraZeneca's potential blockbuster breast cancer drug, Enhertu, and the company’s strategic shifts. Val Cipriani, a business journalist, discusses the 'Great Wealth Transfer' and offers advice on gifting and inheritance tax, emphasizing planning for family wealth. Finally, Mark Robinson analyzes Ceres Power's disappointing interim results, Bosch’s exit, and the company's pivot toward growing tech markets, specifically data centers. Tune in for valuable insights!

We begin with Trustpilot’s (TRST) results. Mark Robinson and Dan delve into what has gone right and wrong for the company, its durability in an age of AI, and our take on its use of buybacks.Alex Hamer then covers the North Sea Energy Profits Levy. From the effect current policies are having on production to the companies that see opportunity in the region, Alex covers all that investors need to know.Last up, Goodwin (GDWN), the 140-year-old Stoke-based engineering and manufacturing company. Alex Newman touches on the history of the business, its most recent trading update and if its years of investment are finally paying off.Timestamps 1:31 Trustpilot13:34 North Sea27:21 GoodwinRead the stories mentioned in the show: Trustpilot grows revenue as AI boosts its subscription modelNorth Sea oil stocks bet on government U-turnGoodwin: A 143-year-old firm flying under the radarMeeting M&G’s CEO: Lee and the IC Hosted on Acast. See acast.com/privacy for more information.

Reuniting after the summer, Lord Lee and Alex Newman sit down in the M&G offices with Andrea Rossi, CEO since 2022. In the episode, the trio unpack what drew Rossi to take on the role, the challenges of balancing £350bn of assets, and how the affiliate deal with the Japanese life insurer Dai Ichi could transform the company, and more. Alex and Lord Lee wrap up in usual fashion with an update on Lord Lee’s portfolio, including a relatively unknown family-run Plc that’s crucial to the UK’s submarine programme.If you have any questions or any suggestions for future guests, email alex.newman@ft.comTimestamps 1:09 Rossi’s impression of the business prior to joining2:18 Why Rossi did not want to break up the group4:13 What Rossi sees in private markets 7:58 The challenge of valuing a business such as M&G14:36 Would private ownership be a better fit?16:02 The Dai Ichi deal17:43 Managing £350bn of assets20:38 Replicating deals elsewhere in the world21:22 Working in the Gulf23:17 How Rossi allocates capital26:12 Will M&G move into the ETF world 27:32 How optimistic is Rossi on M&G29:31 Lord Lee’s portfolio Hosted on Acast. See acast.com/privacy for more information.

We start with last week’s Big Read, our annual Top 50 Funds. Dave Baxter shares his thoughts on compiling the list, its structure and the changes made to this year's edition. GSK (GSK), a company featured in our latest Special Report this week, Income Majors, is next. Its dividend level is not as high as it has been, but it is expected to tick up. Julian Hofmann unpacks its valuation, the possible buybacks on the table, what it's doing to boost sales and more.Last up, it’s Mondi (MNDI), the packaging and paper company, which has had a tough year. Valeria Martinez covers the reasons, what it's doing during the slump it's experiencing and when investors can expect a recovery.Timestamps 1:30 Top 50 Funds14:13 GSK26:17 MondiRead stories mentioned in the show:IC Top 50 Funds: the best ones to buyIncome Majors 2025: How the UK’s biggest dividend payers are faring Hosted on Acast. See acast.com/privacy for more information.

We begin with the £42bn mega-merger between Anglo American and Teck Resources. Commodities expert Alex Hamer lays out what the deal is, the strengths Anglo will gain from it, and its investment case moving forward. It’s then on to Aim-traded Property Franchise Group with Mark Robinson. The recent results show momentum is strong, with many of its divisions performing well. Mark and Dan take a look at its valuation case against the market backdrop. DIY chain Wickes has demonstrated resilience in the face of a relatively flat home improvement market. Erin Withey shares where the company is taking market share and why the market didn’t react much to its interim results. Timestamps1:16 Anglo American - Tech Resources Merger17:45 Property Franchise Group29:34 Wickes Hosted on Acast. See acast.com/privacy for more information.

We start with this week’s Big Read by Chris Akers on Europe’s stand-out stocks, which have been beating their US counterparts. Chris lays out the background for the piece, the positives and the negatives on the continent, and highlights the sectors and countries investors may be particularly interested in.Next up, investment clubs. Many of our listeners will be well-versed on the topic, but for those who are not, Holly McKechnie lays out what they are, the number of clubs in the UK at the last count and their future in light of Interactive Investors’ announcement.Last up, Mark Robinson talks through Uniphar’s (UPR) latest results. The Irish Aim-traded pharmaceutical company’s share price has doubled in the past year, so Mark and Dan unpack what went right and how tariffs may affect the business. Timestamps1:22 European markets15:21 Investment clubs23:34 Uniphar Hosted on Acast. See acast.com/privacy for more information.