PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2021/01/18/accrol-group-acrl-interim-results-presentation-january-2021/   Accrol Group H1 presentation delivered as part of the results roadshow, followed by Q&A. With Dan Wright, Executive Chairman, Gareth Jenkins CEO, & Graham Cox, Managing Director, Tissue Division. Dan Wright, Executive Chairman Introduction – 00:17 H1 Highlights – 00:46 Gareth Jenkins, CEO Management Team - 02:07 Financial Highlights – 03:21 Graham Cox, Managing Director, Tissue Division Operational improvements – 05:35 Customer base & market- 08:05 Gareth Jenkins, CEO Margins - 09:46 Dan Wright, Executive Chairman & Graham Cox, Managing Director, Tissue Division Cash & Debt - 11:45 LTC integration – 13:55 Dan Wright, Executive Chairman & Gareth Jenkins, CEO Strategy update - 19:33 Gareth Jenkins, CEO Summary – 22:53 Q&A – 25:42 Accrol Group Holdings plc, formerly Accrol Group Holdings Limited, is an independent tissue converter manufacturing toilet rolls, kitchen rolls, facial tissues and away from home products (AFH). Its AFH products include Centrefeeds, Hand Towels, Hygiene Rolls, Toilet Tissue, Wiping Rolls, Standard Jumbo and Mini Jumbo. Its Consumer Paper Products include Envirosoft, Facial Tissues, Handy, Mega, Mighty, Sofcell, Softy, Thirsty Bubbles and Triple Softy. The Company supplies a range of Independents, Discounters and Multiples, as well as a range of AFH customers throughout the United Kingdom. It imports Parent Reels from around the world and converts them into finished goods at its manufacturing, storage and distribution facility in Blackburn, Lancashire. The Company has 15 converting lines in operation providing capacity of approximately 118,000 tons per annum. Its subsidiaries include Accrol UK Limited, Accrol Holdings Limited and Accrol Papers Limited.

This video can be seen at: https://www.piworld.co.uk/2021/01/15/piworld-interview-ben-mckeown-dowgate-capital/   Ben McKeown, CFA, Investment Director at Dowgate Capital, discusses how he manages money at Dowgate. We learn some of their investing criteria, and where he sees their current opportunities. Ben tells us that Dowgate Capital’s wealth management division is a younger, more dynamic wealth manager, where they aspire to generate returns of 20% a year, more cost-effectively. Ben’s background - 00:27 Dowgate Capital - 01:28 Top-down or bottom-up? - 02:18 Criteria of stock selection - 05:17 Alpha FX (AFX) - 06:19 Valuation – 08:32 THG (THG) - 10:23 Holding period - 13:14 Growth target - 14:50 Which sectors are you looking at? – 15:28 Recovery plays: On The Beach (OTB) - 16:17 Fintech - 17:43 Liquidity - 19:28 The future of fund management - 20:33   About Ben McKeown Ben Started his Career at Killik & Co before joining Hargreave Hale in 2014 a boutique wealth and fund management firm led by Giles Hargreave. Canaccord Genuity Wealth acquired the business in 2018 and he became an Investment Director on a desk responsible for £750m of discretionary mandates. Not long after the acquisition Ben joined Dowgate in July 2020 and has 13 years’ experience in the industry. Dowgate Capital: https://dowgatecapital.co.uk/  

This video can be seen here: https://www.piworld.co.uk/2021/01/08/piworld-interview-andrew-hollingworth-reflections-on-2020/   Andrew Hollingworth, Founder, HollAnd Advisors, discusses his investment approach and running a fund during CV19: what went well and badly, and opportunities for 2021. We get a real sense of some of the aspects of fund management.  Andrew’s background & HollAnd Advisors – 00:31 How’s the fund performed since it’s inception? – 4:57 Growth v value investing – 06:38 2020 – 10:20 Dealing with a large drawdown? – 15:52 2020, what went well? What would Andrew have changed? – 21:53 2021 opportunities – 25:05 Greggs (GRG) – 30:12 About Andrew Hollingworth: Andrew set up Holland Advisors in 2008. Holland provides High quality investment research to some of the world’s most senior and respected institutional investors. Andrew also manages an equity investment fund which he set up in 2011, which is converting to UK UCITS status in early 2021. Andrew specialises in looking to invest in owner manager run businesses that compound at high per-share rates for long periods. However, he is keen to invest at times when the stock market may be less believing in them. (Ie he is looking buy great companies when they are priced like bad ones). Andrew and his team at Holland also give macro-economic insights, having successfully expressed caution ahead of both the 2008 economic crisis and Covid 19. Prior to Holland Advisors Andrew worked for Merrill Lynch, Redburn Partners and Henderson Fund Managers. He started working in the Investment industry in 1987, aged 18. https://www.hollandadvisors.co.uk  

This video can be seen at: https://www.piworld.co.uk/2021/01/06/ra-international-rai-investor-presentation-december-2020/ Soraya Narfeldt (CEO), Lars Narfeldt (COO) and Andrew Bolter (CFO) give an overview of RA International and an update on current trading following December 2020's trading update. Soraya Narfeldt, CEO Introduction - 00:17 Soraya Narfeldt, CEO, Andrew Bolter, CFO & Lars Narfeldt, COO What RAI do - 00:55 Clients - 03:12 Growth strategy - 05:42 RAI service verticals - 9:17 Andrew Bolter, CFO Order Book - 12:08 The business transformation - 12:50 Soraya Narfeldt, CEO, Lars Narfeldt, COO & Andrew Bolter, CFO ESG and Anti-bribery - 14:23 Andrew Bolter, CFO Update on current trading - 17:57 Soraya Narfeldt, CEO Summary - 19:30 Q&A - 21:09 RA International Group PLC is a United Kingdom-based remote site service provider. The Company offers integrated camp services, from the construction of camp facilities to full life support services- including camp catering and camp maintenance services foe clientele operating in remote and challenging environments. It focuses on providing remote site solutions for those involved in humanitarian operations, and the oil and gas and mining industries. The Company’s service offerings include construction, operation and maintenance, integrated facilities management, supply chain, and accommodation. It provides its services to mining, oil and gas, and humanitarian.  

This video can be seen at: https://www.piworld.co.uk/2020/12/30/piworld-2020-round-up-interview-mark-slater/   Mark Slater, Chairman & CIO, Slater Investments, looks back at 2020. Codemasters (CDM) played out very well, as anticipated. The learnings repeated: in a crisis, don't panic and take advantage of it; aggressively. Finally, Mark gives us his expectations for the UK markets in 2021, which he feels are attractive. What’s the fund’s ytd performance? – 00:38 What went well this year? - 01:44 What did you learn this year? 05:57 What are Mark Slater's expectations for the UK market in 2021? – 08:24 About Mark Slater: Mark Slater co-founded Slater Investments in 1994 with Ralph Baber and is Chairman and Chief Investment Officer of Slater Investments, Chairing the Investment Committee. The company manages a hedge fund, four unit trusts and portfolios for pension schemes, charities and high net worth individuals. Recent awards include: UK All Companies, Best 10 Year Performance – Slater Growth Fund (City of London Fund Awards 2018), “Best of British” – No 1 – Top 25 UK Fund Managers (TD Direct Investing 2017 & 2016, Best Larger UK Equity Growth Fund & Best Smaller UK Equity Income Fund – MFM Slater Growth & Income Funds (Money Observer Fund Awards 2016) and Fund Manager of the Year Awards (City AM Awards 2014). He has also received top ratings from several well-known rating agencies. Prior to founding Slater Investments, Mark worked as a financial journalist with Analyst plc and the Investor’s Chronicle. Also, in 1992, he helped research and edit a best-selling investment book “The Zulu Principle” for his father, Jim Slater, which focuses on identifying small to medium-sized growth companies. During his career, Mark has served on the boards of four public companies in which he has been a substantial shareholder. Mark has an MA in History from Cambridge University.  

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.