PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2020/12/29/piworld-2020-round-up-interview-david-thornton/   David’s performance from the lows of March to December 2020, was +99%, with a ytd performance (to 14.12.20) of +10%. Here David outlines what went well, with Tremor (TRMR), which endorses the need for patience and taking a long term view. IMImobile (IMO) didn’t go so well, selling out two weeks before their bid. However, David is sanguine, and explains running a concentrated portfolio means you have to make choices, and sometimes that means you forgo opportunities, as here. He adds, running a shorter list you should get greater long term performance. Equally he points out, some shares can ‘go to sleep’, and it’s important to remember why you bought in originally. David’s 2021 pick is Venture Life (VLG), although the chart looks weak, which David suggests might be due to a sentiment move to value. Sales are up 50% this year, and he believes the 2021 forecasts are 'simply too low'. David’s performance ytd: +10% up 99% from the low – 00:38 What went well: Tremor (TRMR) - 02:50 Codemasters (CDM) - 06:10 What didn’t go so well: IMImobile (IMO) sold 2 weeks before the bid - 07:09 What’s David bullish about for 2021: Venture Life - 11:30 Where to find David and get your free issue of Growth Company Investor -15:19 About David Thornton: Following an extensive career in the City David is Editor & Owner of Growth Company Investor (GCI), an excellent publication about Small Cap Shares. David, graduated 1982 and went into the City as a trainee UK equity investment analyst with an insurance company. 1985 started managing money at Br Gas pension fund. 1987-04 fund manager at Henderson. Spent 4 years doing US equities before returning to UK desk. 2006-12 launched and ran an East European fund at a hedge fund boutique (Russia, Turkey, Poland, Hungary, Greece etc). Doing these markets turned out to be good training for looking at the nether reaches of AIM which was his next job! 2013 onwards – financial journalism focused on UK small caps. Initially Redhot Penny Shares newsletter (part of MoneyWeek) and since 2015 Growth Company Investor (GCI). In September 2020 David acquired GCI from the original owners, Bonhill plc. www.growthcompany.co.uk Twitter: @growthcompany  

This video can be seen at: https://www.piworld.co.uk/2020/12/23/piworld-2020-round-up-interview-stephen-english/   We interviewed Stephen back in April 2020. Now he updates us on joining Stellar Asset Management, on 1st September 2020. He discusses, what has gone well and how to avoid value traps, advising don’t buy a recovery stock unless it’s rallied significantly, citing Volex (VLX). What didn’t go so well and learnings, where he discusses Shoe Zone (SHOE). Finally, he outlines the investing case for DX Group (DX.), which is his pick for 2020. Full of wonderful analogies and humour, alongside some tremendous pearls of wisdom. Stephen joins Stellar Asset Management - 00:39 Stellar's performance to end November 2020, (which has gone up since!) – 01:23 What’s gone well: Volex (VLX) - 02:26 What didn’t go so well, and what did you learn from that: Shoe Zone (SHOE) – 08:55 Top pick for 2021: DX Group (DX.) - 12:00 Previous piworld videos with Stephen English. About Stephen English Stephen is Investment Director at Stellar Asset Management. He joined Stellar in September 2020, having previously worked at Blankstone Sington since 2002, where an early grounding on the dealing desk paved the way for a fascination with markets, how the ‘invisible hand’ of supply and demand could move prices and how efficient dealing can add value. With a background in art (good drawer/awful painter) and an interest in psychology Stephen believes that small-cap investment is more art than science. An avid student of the market, he has authored his own 12-page investment philosophy which was well received by professional and retail readers alike. When it comes to the stockmarket, Stephen says ‘when you find the key, they change the lock’ which drives a zeal for continual improvement. Never one for fads, increasingly he feels the Qualitative aspects of investment will be a key driver of alpha, where anything Quantitative and that can be automated will be. Quality investing to Stephen is as much, if not more so, about the management of a business, and he aligns the portfolios to founders who maintain the owners’ eye and have a superior problem solving ability over peers with no alignment of interest. A strong culture is vital; after all ‘character is destiny’. Stephen also likes an aphorism or two! With a fast-growing reputation as an independent thinker, his musings are regularly featured in the press, including What Investment, Professional Advisor and MoneyWeek. Investment is one of the purest and most rewarding endeavours in Stephen’s opinion and he is a firm believer in giving back to an industry he is so passionate about. With an irreverent style yet with deep thoughtfulness and humility. Stephen is a CFA Charterholder, a devoted Warrington Rugby League fan and a wide-ranging reader.   Link to Stellar Asset Management.

This video can be seen at: https://www.piworld.co.uk/2020/12/22/piworld-2020-round-up-of-the-year-john-rosier/   John called the market to perfection, when we spoke to him back in April 2020. He outlines how it’s played out for him throughout the rest of the year, what went well, what went less well, and what he’s most bullish about for 2021. A sanguine thought, if he’d have done nothing this year, he’d be slightly better off than now, after all the work he's put in. Performance ytd +16.5% - 00:49 What’s gone very well this year: Sylvania Platinum (SLP) - 05:19 SigmaRoc (SRC) - 07:57 What didn’t go so well? Selling too soon – 09:12 Which holding are you most bullish about for 2021? De L Rue (DLAR) – 13:22 Where to find John – 16:50   About John Rosier In June 1984, John left university with a degree in Zoology and started work in The City of London. He enjoyed the first 14 years of his career at Fleming Investment Management, initially as an analyst and then as a UK portfolio manager; in 1997 he was appointed Head of UK Equities. He was a director at Henderson Global Investors from 1998 until 2004, before moving to the West End and working for two hedge funds. John’s investment career at Flemings and Henderson was focused on managing UK equity portfolios for corporate and local authority final salary defined benefit pension schemes as well as the reserve fund for the NSPCC. During 2009 John left full time employment since when he has been managing his own portfolio. John can be found at www.JohnsInvestmentChronicle.com  

This video can be seen at: https://www.piworld.co.uk/2020/12/21/piworld-2020-round-up-leon-boros/   Leon has had an exceptional performance this year, up 37%. His top contributor is Best of the Best (BOTB) which he continues to hold. He regrets selling Games Workshop (GAW) in the 40's, but swallowed his pride and bought back recently. For 2021, he believes Wey Education (WEY) should outperform. Hopefully we'll catch up with him later in the year to hear how it plays out. Leon’s performance ytd: +47% – 00:47 Top contributor to the performance: Best of the Best (BOTB) - 01:15 What didn’t go so well, and what did you learn from that? Games Workshop (GAW) – 05:05 In 2021, which holding are you most optimistic about? Wey Education (WEY) - 08:50     About Leon Boros Leon is a recently retired private investor. Prior to his retirement he was founder and managing director of Equity Strategies, a boutique corporate finance firm. Leon started his career at EY where he qualified as a Chartered Accountant. Leon has been investing since his late teens. In 1993 he opened his first PEP and has since achieved annualised returns of 18.42% (to Dec 2019). Leon was previously a non-executive director of ShareSoc. Twitter: Leon Boros @Boros10    

This video can be seen at: https://www.piworld.co.uk/2020/12/19/piworld-2020-round-up-paul-scott/   Paul’s achieved outstanding returns for the year, where he used hedging. Interesting flatter where he has no hedges. He highlights some great learnings both about using hedges, and separately that cheap companies can get a lot cheaper! For 2021, he is very bullish about BooHoo. Delivered in Paul’s usual charming and relaxed style. Enjoy! Paul’s year and return ytd – 00:40 Winners for the year – 04:50 What didn’t go so well, and what did you learn from that? – 07:40 Paul’s 2021 stock pick: BooHoo (B00) – 10:50   About Paul Scott. Paul has been a professional small caps investor for nearly 20 years. Previously he was CFO of a ladieswear retailer with 150 shops in the UK & Europe. He has written the well-known “Small Cap Value Report” on Stockopedia since 2013. Paul’s focus on balance sheet strength has proven particularly relevant now. He shares his successes and sometimes failings with his readers very openly.  

This video can be seen at: https://www.piworld.co.uk/2020/12/18/piworld-2020-round-up-of-the-year-richard-leonard/   Richard’s had a rollercoaster of a year, in April he was down over 40% and has now recovered to c +8%, from peak to trough, up about 80%. His biggest regret, moving to almost 100% cash in March, but he got back on the horse quickly, buying Polar Capital amongst others. Hear more of his reflections and details of his 2021 pick. Year to date performance - 00:50 What played out well in 2020: Polar Capital (POLR) - 05:15 What was your biggest mistake, & the learning? - 11:20 2021 outlook – 12:45 Novacyt (NCYT) - 13:50 2020 pick: Bloomsbury (BMY) - 15:39 About Richard in his words: My interest in the London stock market came about in the early 80’s – working over the summer holidays whilst at college, as a post boy – leading to being somewhat of a gofer for a man call Zimmerman, who help build Mercury Asset Management in the 1980s. The taste of the moving parts of the City gave me my first real joy of City life – and I loved it. 1986 – joined Lazard Brothers (via the back door) as a Trust Accountant, valuing and doing the daily book-keeping for investment trusts/unit trusts. Had my chance to move to the front office in 1988 as an assistant fund manager on the bond the international desks. Met my first real mentor John Innes, helping to manage and win major international global accounts – flying around the world in my mid 20’s. Realised the real way to learn the skills needed to manage money was via mentors – very good ones. My real passion is to manage money invested directly in stocks and shares – where I saw the excitement and thrills – and having the belief I could make serious money. Passed my analyst and other professional exams then had the chance to join a real modern day investment legend – Richard Smith – becoming his no.2 on the Lazard UK Small Companies desk. Over the following 5 years gained the opportunity to build the investment style foundation stones – I still follow today. The importance of skilled mentors – is the real key to success of any young professional – especially in the investment world. True 30 years ago – true today. 1997 – left Lazard to join the sell side (stockbroking), Chaterhouse- specialising in small and mid-cap UK companies. An amazing experience, helping to take a mid- ranking firm to No1. 2001 – sold my soul to Merill Lynch. 2005 – returned to the buy-side with Cazenove to help run the UK focused hedge funds – mixing my stock picking skills to their business cycle style. Ended up with about £1.5billion of funds to manage and becoming one of the most successful performing UK hedge funds in the UK in that period, especially the GFC. 2010 – left Cazenove to join Trium – a private family wealth office – manging our own money – no clients – simply an absolute returned focused approach. Long – short. And both short and long term objectives and managing my own pa. money alongside.

This video can be seen at: https://www.piworld.co.uk/2020/12/17/piworld-round-up-of-the-year-cockney-rebel/   One of a series of short interviews to round up 2020. Having spent most of the CV19 crash, cashed out and crashed out, Richard returned in top gear from June onwards. Here he tells us a few of the highlights, and his most favoured stock for 2021. Performance year to date c+35% – 00:50 What went well? Xaar (XAR) – 02:34 What didn’t go so well? Kingfisher (KGF) - 03:49 2021 pick: Xaar (XAR) – 10:38 About Richard Crow After starting life as a milkman and ending up paralysed after a motorbike accident @ 19 years old, Richard started investing in 1982. Mainly punting penny shares and buying unit trusts all went quite well until the 1987 Black Monday Crash where he lost a third of his investments. Undeterred he returned to investing several years later and had good success in the tech boom, selling out early before most of the tech rout. Thereafter, he started investing and trading, mainly in small caps finding many multi-baggers and much greater success. He now runs a very restricted private chatroom of some 260 or so members where members discus the stock news of the day and stock merits and opinions, together with chat and banter re life, gardening, photography and more. He also has a cracking sense of humour and posts numerous great jokes and one-liners, (he wrote that bit).  

This video can be seen at: https://www.piworld.co.uk/2020/12/15/sthree-stem-fy20-trading-update-analyst-meeting/   SThree CEO Mark Dorman and CFO Alex Smith present a full year trading update and the results of their latest client sentiment survey. Mark Dorman, CEO Introduction – 00:17 Full year overview - 00:54 Alex Smith, CFO. Full year trading - 05:08 Regional performance – 06:21 Positioning at year end - 07:51 Mark Dorman, CEO. Sentiment survey – 08:51 Where we are, one year on - 09:27 Key themes - 11:37 The focus across all themes - 13:00 A more flexible and resilient workforce - 14:27 Digital transformation acceleration - 15:22 Long term secular trends - 16:31 Q&A – 16:54 SThree plc is an international staffing company, which provides specialist recruitment services in the science, technology, engineering and mathematics (STEM) industries. The Company provides permanent and contract staff to sectors, including information and communication technology (ICT), banking and finance, life sciences, engineering and energy. The Company's segments include the United Kingdom & Ireland (UK&I), Continental Europe, the USA, and Asia Pacific & Middle East (APAC & ME). The Company's recruitment brands include Computer Futures, Progressive Recruitment, Huxley and Real Staffing. The Company's other brands include Global Enterprise Partners, Hyden, JP Gray, Madison Black, Newington International and Orgtel. The Company delivers contract, permanent, projects, retained and executive search recruitment solutions. Its support and mobility services offer contracting, relocation and relevant visa support. It provides resources to support its brands with contractor services.

This video can be seen at: https://www.piworld.co.uk/2020/12/14/benchmark-bmk-fy20-results-analyst-presentation/   Trond Williksen, CEO & Spetima Maguire, CFO present FY20 results to analysts. A transformational year, completing the restructuring, with good growth opportunities and long-term growth drivers. Trond Williksen, CFO Introduction – 00:20 Overview – 00:49 Benchmarks objectives - 04:21 Septima Maguire, CFO Financials – 05:49 Trond Williksen, CFO Strategy – 18:23 Outlook & guidance – 28:08 Benchmark Holdings plc is engaged in the provision of aquaculture health, genetics and nutrition. The Company’s segments include genetics, advanced nutrition and health. The Company develops products that helps fish and shrimp to improve their sustainability and profitability by improving yield, quality, and by reducing mortality. The Company’s products include high genetic quality ova for salmon, shrimp and tilapia, and breeding, program, specialist feeds for early stage shrimp and fish; probiotics, biocides and medicines.

This video can be seen at: https://www.piworld.co.uk/2020/12/11/creightons-crl-interim-results-presentation-december-2020/   A comprehensive financial overview by Paul Forster, Group FD and Commercial Director, illustrating CRL’s agility to deliver in spite of Covid. Followed by Pippa Clark, Global Marketing Director & Deputy MD’s summary of the beauty, fragrance and healthcare market, (a fascinating insight in itself; apparently the male grooming market collapsed with lockdown!), and how CRL have responded. Towards the end of the presentation Bernard Johnson, Group MD updates on the group’s aspirations. Bernard Johnson, Group MD Overview of period – 00:33 Paul Forster, Group Finance & Commercial Director Financials – 02:47 Pippa Clark, Global Marketing Director & Deputy MD The market – 14:29 Division performance – 17:18 Private label – 25:00 Brand highlights – 26:18 Growth drivers – 30:33 The new normal CV19 – 34:26 Eamon Murphy, Deputy Finance & Commercial Director Brexit – 40:28 Bernard Johnson, Group MD The way ahead – 47:06 Aspirations – 51:12 Q&A – 53:55 Creightons plc is engaged in the development, marketing and manufacture of toiletries and fragrances. The Company operates through three business streams: private label business, contract manufacturing business and branded business. Its private label business focuses on private label products for high street retailers and supermarket chains. Its contract manufacturing business develops and manufactures products on behalf of third party brand owners. Its branded business develops, markets, sells and distributes products it has developed and owns the rights to. Its product portfolio includes bath and shower care, haircare, body care, baby and maternity, and fragrances, among others. Its services include market analysis, creative concept generation, product development, brand development, manufacturing and logistics. Its brands include Frizz No More, Volume Pro, Argan Body, Argan Smooth, Keratin Pro, Perfect Hair, Bronze Ambition, Sunshine Blonde, Beautiful Brunette and Just Hair.