PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2020/04/03/which-way-from-here-for-the-markets-a-webinar-with-john-rosier-recorded-2-4-20/   John offers great insight to previous bull and bear markets, and how he pieced together when it was time to start buying again, because ‘no one rings a bell at the bottom!’ He shares both recent buys and sells, and answers extensive questions from those on the webinar, including the oil price, house builders, inflation and much more. Well worth watching if you're trying to make sense of the markets today. John’s background - 00:33 Learnings from historic bear markets - 02:54 John’s view on where we’re at & the outlook for short and medium term? – 07:40 John’s 2019/20 strategy - 13:46 Gold - 15:37 & 22:31 How did you know it was time to buy in mid March? - 23:00 Don’t you worry about the high risk? – 30:32 Q&A – 34:30 Stocks or companies mentioned: Wisdom Tree Physical gold ETF - 15:16; Anglo Asian Mining 15:22; L&G Gold mining ETF - 15:27; Van Eck Turner Gold Mines – 15:30; Strix (KETL) – 17:06&20:27; SDI Group (SDI) - 17:14; Anglo Pacific (APF) - 17:19&20:31; TR European Growth Trust (TRG) - 17:22; Baillie Gifford Shin Nippon (BGS) - 17:24&20:28; Scottish Mortgage Trust - 17:37; Worldwide Healthcare Trust & Biotech Growth Trust (18:14&38:40); Renew Holdings (RNWH) - 18:24 Bioventix (BVXP) - 18:52; Rockrose Energy (RRE) & Serica (SQZ) - 19:15 Games Workshop (GAW) – 20:30; Moneysupermarket.com (MONY) – 20:37&36:50; Watkin Jones (WJG) – 20:38; Paypoint (PAY) – 20:39; Schroder UK Mid Cap Fund - 20:40&21:36; Sylvania Platinum (SLP) – 21:16; Easyjet (EZY) - 31:47; International Hotel Group - 33:50; Next (NXT) – 37:30; Aberdeen Standard European Logi (ASLI) 49:16.   https://johnsinvestmentchronicle.com/   The presentation slides can be downloaded here.   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.    

This video can be seen at: https://www.piworld.co.uk/2020/04/02/tremor-trmr-2019-full-year-results-presentation-april-2020/   Tremor CEO Ofer Druker presents the Company's 2019 full year results. Introduction - 00:17 The business - 00:46 Tremor today - 01:13 Tremor's new position in the market - 02:05 2019 highlights - 02:34 Traditional TV budgets shifting to digital video - 04:26 Ad spend trends in the US - 05:13 Business flow - 05:56 Global presence - 07:21 Advertisers & clients - 07:31 Brand advertising (Tremor Video) - 08:17 Growth in PMP & Self-serve - 08:58 Connected TV - 10:24 The Exchange - 11:20 Data audiences - 11:57 Unruly acquisition - 12:49 Growth engine - 15:07 Summary - 15:39 Outlook - 16:59 Taptica International Ltd offers data-focused marketing solutions that drive execution and brand insight in mobile, leveraging video, native, and display to reach the users for every application, service, and brand. The Company’s technology is based on artificial intelligence and machine learning at big data scale. The Company works with more than 450 advertisers, including Amazon, Disney, Facebook, Twitter, OpenTable, Expedia, and Zynga, and more than 50,000 supply and publishing partners worldwide.

This video can be seen at: https://www.piworld.co.uk/2020/03/31/empresaria-group-emr-fy19-results-presentation-march-2020/   Empresaria CEO Rhona Driggs and CFO Tim Anderson present the Group’s 2019 full year results. This presentation was recorded on the 18th of March 2020 Rhona Driggs, CEO Introduction – 00:17 Overview – 00:38 Tim Anderson, CFO Financial review – 06:54 Summary income statement – 06:58 Profit bridge – 07:18 Earnings – 10:34 Adjusted net debt – 11:07 Investment in ConSol – 11:47 Rhona Driggs, CEO Strategy & delivery – 12-34 Stronger Together initiative – 16:44 A focused sector approach – 21:36 Sectors and brands – 24:36 Summary and outlook – 25:22 Coronavirus – 25:26 Outlook – 31:05   Empresaria Group plc is a United Kingdom-based international specialist staffing company. The Company’s principal activity is the provision of staffing and recruitment services. The Company is organized across three regions: UK, Continental Europe and Rest of the World and operates across seven key sectors. The Company targets a balanced and diversified spread of operations across its regions and sectors. The Company also targets professional and specialist job levels where its brands can offer value added services to clients. The Company has three main service lines, temporary recruitment, permanent recruitment and offshore recruitment services. The Company’s offshore recruitment services represents a range of different recruitment services and provides training services in South East Asia. The Company’s brands include Alternattiva, Ball and Hoolahan, Become, FastTrack and Greycoat. It has operations in 21 countries.  

This video can be seen at: https://www.piworld.co.uk/2020/03/27/the-investing-principles-of-andrew-hollingworth-part-two/   This is the second interview with Andrew Hollingworth, Founder and Fund Manager at HollAnd Advisors. Here, Andrew covers more about risk management, meeting management, what he’s learnt managing the fund, and much more. Note, this was recorded during February 2020, before COVID-19 gripped the nation, and torpedoed markets. It would be interesting to get Andrew’s perspective on where we are now! How has MIFIDII affected you and the industry? – 00:30 How do you gauge your margin of safety? - 02:26 How do you manage risk? - 04:17 Position sizes? - 06:12 Number of holdings? - 08:44 Cash position? - 09:57 Do you think we’re in a high-risk environment? - 12:10 What’s your view on meeting management? - 13:40 Do you invest in IPOs? - 17:30 Are there any companies you regret you didn’t buy? - 18:44 What’s your worst mistake, and learnings? - 19:30 What’s the best thing you’ve done for the fund? - 22:00 Coronavirus and the macro picture - 24:14 The fund - 27:37 Companies mentioned: JD Weatherspoon (LON:JDW) 03:30; Sports direct (LON;SPD) 15:30; Amazon (NASDAQ:AMZN) 19:25 See Part one of Andrew's interview, here. About Andrew Hollingworth: Andrew started working in the investment industry when he was just 18 years old, having bought his first share when he was just 14. Andrew founded Holland Advisors around 15 years ago. At the time, Andrew realised that there was a proven way to be a more successful investor. The core driver behind the investment process at Holland is the use of investment approaches proved successful by the likes of Buffett and John Templeton. These clear processes helps them take a long-term approach in assessing companies, their managements and their prospects when trying to find the high-quality franchises that they think will compound at a good rate over time. Then, they will only buy shares in them if they are at an attractive price. Andrew says, “We think our USP is the disciplined application of proven value-investing approaches in an often efficient, but occasionally mispriced market. Our approach differs from many others in two important ways. First, we strongly believe you have to know what you are looking for in an investment before you go shopping. Our study of great investors has helped us refine our process. As a result we are very clear about the company business models we find attractive and why, and we only buy something when it comes with a margin of safety. The second point is our desire to learn. It is human nature to want to get better at something, but it is easy in this industry to be too busy to have the time to do so. There are always opportunities to learn and we welcome them.” The HollAnd Advisors website has a vast wealth of educational resources and is well worth checking out. Look for the pdfs, including: “How we invest and Think”, and the latest article: “The Perfect Storm – Peak Fear – What to buy and when.” To find out more about Andrew and his fund: http://www.hollandadvisors.co.uk/    

This video can be seen at: https://www.piworld.co.uk/2020/03/26/eagle-eye-solutions-eye-interim-results-for-6-months-ended-31st-december-2019/   EYE H1 results presentation to analysts by Tim Mason, CEO & Lucy Sharman-Munday, CFO, March 2020. Tim Mason, CEO Overview & Executive Summary – 00:16 Addressable market - 02:43 Lucy Sharman-Munday Financials - 04:47 Tim Mason, CEO Strategic update - 13:08 Delivering on our customer strategy - 13:59 Innovation - 15:46 North America update - 18:32 Australia and New Zealand update - 22:47 Better, Simpler, Cheaper - 23:35 Outlook - 24:59 Q&A - 27:06 Eagle Eye Solutions Group plc is a software as a solution (SaaS) technology company. The Company is engaged in the marketing, validation and redemption of digital promotions in real-time for the grocery, retail and hospitality industries. The Company's software platform, Eagle Eye AIR, integrates with all existing point of sale (POS) systems and creates digital offers, rewards and vouchers then delivers them to customers by e-mail, text or through a loyalty application for instant redemption. Eagle Eye AIR enables brands and merchants to set up targeted campaigns, choosing various media channels to reach specific demographics. Eagle Eye AIR captures real-time data on consumer activity and campaign success. Eagle Eye Promote is a rules-based platform for brands and retailers, which creates, builds and manages their promotional campaigns. Eagle Eye Gift allows tracking of gift vouchers, including redemption data. Eagle Eye Reward supports and enables the digitization of loyalty schemes.

This video can be seen at: https://www.piworld.co.uk/2020/03/20/the-investing-principles-of-andrew-hollingworth-part-one/   A fantastic interview with Andrew Hollingworth, Founder and Fund Manager of HollAnd Advisors, an investment management & investment research company. We cover Andrew’s investing principles, with much drawn from Warren Buffett and John Templeton. He has a strong focus on ‘value’ and ‘franchise’ orientated analysis, and lasers in on ROTA. Note, this was recorded during February 2020, before the COVID-19 market meltdown. The world has changed since then, undoubtedly Andrew will be finding bargains more easily now! Further, the economic landscape for some of those companies mentioned, has changed radically. Andrew’s background – 00:56 What do HollAnd Advisors do? – 01:50 What makes the fund different? – 04:27 What returns are you achieving? – 05:33 What time frame are you buying for? – 06:41 What’s your criteria for stock selection? – 07:32 What do you mean by a franchise? – 08:14 How do you value a company? – 11:25 How easy is it to find franchises at a value you’re happy to pay? – 15:03 Charles Schwab (NYSE.SCHW) – 16:11 JD Weatherspoon (LON.JDW) – 18:08 Disney (NYSE.DIS) – 18:23 Liquidity – 20:50 Dart (LON.DTG) – 22:54 Apple (NASDAQ:AAPL) – 24:16 How do companies come on your radar? – 25:30 Are you very US focussed? – 26:44 Has the change in the UK political leadership made the UK more interesting? – 28:26 How have special situations or deep value worked? – 30:22 Which companies or sectors do you perceive as good value? – 31:30 About Andrew Hollingworth: Andrew started working in the investment industry when he was just 18 years old, having bought his first share when he was just 14. Andrew founded Holland Advisors around 15 years ago. At the time, Andrew realised that there was a proven way to be a more successful investor. The core driver behind the investment process at Holland is the use of investment approaches proved successful by the likes of Buffett and John Templeton. These clear processes helps them take a long-term approach in assessing companies, their managements and their prospects when trying to find the high-quality franchises that they think will compound at a good rate over time. Then, they will only buy shares in them if they are at an attractive price. Andrew says, “We think our USP is the disciplined application of proven value-investing approaches in an often efficient, but occasionally mispriced market. Our approach differs from many others in two important ways. First, we strongly believe you have to know what you are looking for in an investment before you go shopping. Our study of great investors has helped us refine our process. As a result we are very clear about the company business models we find attractive and why, and we only buy something when it comes with a margin of safety. The second point is our desire to learn. It is human nature to want to get better at something, but it is easy in this industry to be too busy to have the time to do so. There are always opportunities to learn and we welcome them.” The HollAnd Advisors website has a vast wealth of educational resources and is well worth checking out. Look for the pdfs: “How we invest and Think”. And the latest article: “The Perfect Storm – Peak Fear – What to buy and when.” To find out more about Andrew and his fund: hollandadvisors.co.uk Companies mentioned: JD Weatherspoon (LON.JDW) (18:09), Aston Martin (LON:AML), Charles Schwab (NYSE.SCHW) (16:15), Ryan Air (LON:RYA) (18:09 & 19:52), Disney (NYSE.DIS) (18:23), Dart (LOND:DTG) & Eagle Eye (LON:EYE) (22:54), Apple (NASDAQ:AAPL) 24:16  

This video can be seen at:  http://www.piworld.co.uk/2020/03/17/empresaria-group…results-overview/     Rhona Driggs, CEO and Tim Anderson, CFO talk through the results. Rhona Driggs, CEO Overview of 2019 – 00:27 Tim Anderson, CFO Financial overview - 01:25 Rhona Driggs, CEO Stronger Together initiative - 02:30 Strategic objectives - 04:30 Outlook - 05:42 Empresaria Group plc is a United Kingdom-based international specialist staffing company. The Company's principal activity is the provision of staffing and recruitment services. The Company is organized across three regions: UK, Continental Europe and Rest of the World and operates across seven key sectors. The Company targets a balanced and diversified spread of operations across its regions and sectors. The Company also targets professional and specialist job levels where its brands can offer value added services to clients. The Company has three main service lines, temporary recruitment, permanent recruitment and offshore recruitment services. The Company’s offshore recruitment services represents a range of different recruitment services and provides training services in South East Asia. The Company's brands include Alternattiva, Ball and Hoolahan, Become, FastTrack and Greycoat. It has operations in 21 countries.  

This video can be seen at: https://www.piworld.co.uk/2020/03/17/litigation-capital-management-lcm-h1-2020-results-march-2020/   Patrick Moloney, CEO and Nick Rowles-Davies, Exec Vice Chairman, give an overview of the business, what's been achieved in H1 and their outlook. Patrick Moloney, CEO Introduction - 00:22 Nick Rowles-Davies, Exec Vice Chairman Corporate portfolios - 01:15 Strategic alliances - 02:26 Patrick Moloney, CEO LCM Global Alternative Returns Fund - 04:20 Revenue line - 07:25 Outlook – 09:09 Litigation Capital Management Limited is engaged in the business of providing litigation financing and ancillary services to enable the recovery of funds from legal claims. The Company focuses on financing and management of Litigation Projects. The Company has provided litigation financing to over 40 Completed Litigation Projects, which consisted of approximately 190 cases. The Company sources the majority of its Litigation Projects through referral networks within the Australian legal, accounting and insolvency sectors. Insolvency practitioners represent a source of work as do solicitors within Australian firms who refer insolvency and commercial claims to it. It also receives direct applications. When considering whether to finance a Litigation Project, the Company undertakes analysis of the quantum of the Gross Claim Size and potential Recovery as compared to the likely costs and financing commitment required. The Company's subsidiary is LCM Litigation Fund Pty Ltd.  

This video can be seen at:  http://www.piworld.co.uk/2020/03/16/kape-technologie…lts-presentation/   CEO Ido Erlichman and CFO Moran Laufer present the Group’s 2019 full year results. Ido Erlichman, Group CEO Introduction – 00:17 Investments highlights – 00:37 Becoming a leader in digital privacy – 01:59 Operational highlights – 02:36 Moran Laufer, Group CEO Financial highlights – 04:07 Ido Erlichman, Group CEO Public concerns for online privacy – 05:12 Business segments – 05:51 Moran Laufer, Group CEO Financial summary – 06:41 Revenue Analysis – 07:30 Cash flow – 07:59 Ido Erlichman, Group CEO De-risked revenue model – 08:46 KPI’s – 19:58 Strategic priorities – 11:09 R&D – 12:32 Integration of acquisitions – 13:15 PIA integration – 15:17 Summary & outlook – 15:57 Kape Technologies PLC, formerly Crossrider plc, is a United Kingdom-based online distribution and digital product company. The Company operates through three segments: App Distribution, Media, and Web Apps and License. Through the App Distribution segment, the Company offers Reimage, a computer repair software; DriverAgent, a driver repair software; CyberGhost, a virtual private network solution, and associated services. The Company’s Media division provides media and advertising technology services that include media buying, ad agency services, and ad serving technologies. It offers Ajillion, a mobile ad server and exchange; Definiti Media, an advertisement network, and crossmob, a mobile marketing application. Through the Web Apps and License division, the Company licenses web apps monetization platform and associated technologies.

This video can be seen at: https://www.piworld.co.uk/2020/03/16/open-orphan-orph-presentation-at-sharesoc-march-2020/   By Cathal Friel, Exec Chair Friel gives an overview of Open Orphan, how it was formed, the business, hVIVO and its work with virus testing, plus comments on COVID-19. Introduction – 00:18 Open Orphan management – 03:00 History and acquisitions – 04:15 High value & longer-term contracts – 08:32 Open Orphan – 09:22 Genomic database – 10:13 hVIVO viral challenge studies, etc – 10:33 Cross-selling – 17:45 Pipeline – 18:42 Cost reduction programme – 19:42 Development assets – 20:01 COVID-19 – 21:12 Q&A – 29:15 Open Orphan plc, formerly Venn Life Sciences Holdings plc, is engaged in the pharma services business. The Company is also engaged in building an orphan drug consulting services platform that helps pharma companies commercialize their products in Europe. The Company consists of four elements: a European clinical research organization and consultancy; an orphan drug services business; a Virtual Rep and Data Access Platform consisting of physicians, and a Health Data Platform. The Company provides fragmented orphan drug services. The Company acquires and consolidates series of orphan drug services companies. It also provides digital data platforms to support companies in research & development and commercialization.