Fund Your Retirement Podcast

In part two of this six-part series, Judith Mackenzie and Rosemary Banyard share their investing style and their investment philosophies. They discuss the importance of finding an investing strategy that suits your personality and the resources to help you discover yours. For example, Rosemary shares how her everyday habits fit her investing style as a quality investor. They discuss value investing vs growth investing and share their thoughts on investing at IPO, how dividends fit into their investment philosophy and investing in the UK vs the global market. This was another great insight into how two seasoned fund managers think and how they view investing for the long term. Each episode of this six-part series builds on the next as they walk you through an investor's journey. So, If you have ever wondered what a fund manager does, how they think, the types of investments they look for and what led them to pursue careers in finance and investing? Then you’re in the right place, join Judith and Rosemary as they peel back the veil and share their guiding principles and experiences from careers spanning multiple decades in the finance industry as investment fund managers. Timestamps: 2:00 Judith Mackenzie shares her investing style and investing philosophy. 3:30 Rosemary Banyard shares her investing style and investing philosophy. 5:35 Discovering your investing strategy. 12:20 Discussing value investing vs growth investing. 19:50 Discussing the value of site visits with some interesting examples. 23:20 Discussing small caps vs large caps. 24:40 Discussing investing in UK companies vs global markets. 26:25 Discussing investing at initial public offering (IPO). 30:15 Discussing how dividends fit into their investment strategies. 32:30 Discussing the attributes that make a good investor. 36:00 Reading lists, watch lists, podcasts and a free gift to help you on your investing journey. Hope you enjoy this episode and have a wonderful day. The FYR Team If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about the markets, personal finance, portfolio management and stock analysis. Links & Resources:  Visit Downing Fund Managers here: https://www.downing.co.uk/downing-fund-managers Follow Dowing on X/Twitter @downingllp: https://twitter.com/downingllp?lang=en Investors reading and watch list for the long-term investor: https://www.fundyourretirement.com/wp-content/uploads/2023/11/Top-picks-for-a-long-term-investor.pdf  Visit Fund Your Retirement: https://www.fundyourretirement.com/ Follow FYR on Twitter: https://twitter.com/FRetirement Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

Have you ever wondered what a fund manager does, how they think, the types of investments they look for and what led them to pursue careers in finance and investing? Join Judith MacKenzie, Head of Downing Fund Managers and Rosemary Banyard, Fund Manager, as they peel back the veil and share their guiding principles and experiences from careers spanning multiple decades in the finance industry as investment fund managers. In this first part of a six-part series, Judith, and Rosemary share how they got started in finance and some of their experiences as women in finance, both good and not-so-good. They share their biggest influences and why they pursued careers in finance. This was a real insight into two seasoned fund managers and what it was like for them in their early careers during the late 80s and early 90s. They finish off with an introduction to the capital markets and why they are important for the UK economy and how Judith is actively working to help improve the investing landscape for both companies and investors alike. Each episode of this six-part series builds on the next with episode two discussing different investing styles to suit different personalities, small cap vs large cap, investing in the UK vs the global market and much, much more Timestamps: 3:00 Rosemary shares how she got her start in the city. 6:30 Judith shares how she got her start in the city. 10:15 They both share what it was like in thier early careers during the late 80s and early 90s 13:00 Judith and Rosemary each share a story of unconscious biases they have experienced. 15:30 They both share the positives of being women in finance. 19:45 They both share who their early influences were on their lives and careers. 23:45 They both share why they are so passionate about investing and the markets. 30:15 They both share passionately what needs to be done to improve the landscape for British companies and UK PLC 33:15 Jusith shares the book she is currently reading The Everything Blueprint by James Ashton 34:10 Rosemary shares the book she is currently reading an autobiography of Thomas Jefferson by John B. Boles Hope you enjoy this episode and have a wonderful day. The FYR Team If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about the markets, personal finance, portfolio management and stock analysis. Links & Resources: Visit Downing Fund Managers here: https://www.downing.co.uk/downing-fund-managers Follow Dowing on X/Twitter @downingllp: https://twitter.com/downingllp?lang=en The Everything Blueprint by James Ashton: https://amzn.to/48CzO60 Autobiography of Thomas Jefferson by John B. Boles: https://amzn.to/48zoqrC Visit Fund Your Retirement: https://www.fundyourretirement.com/ Follow FYR on Twitter: https://twitter.com/FRetirement  Visit Quoted Companies Alliance: https://www.theqca.com/  Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

Today’s episode is less about individual companies and more about the wider investing concerns around UK PLC and what could be done to help the UK become more attractive for individual investors and more attractive for companies to list here. Chris covers a wide range of concerns and solutions that could help improve conditions for investors, and the companies that list here. Other key topics discussed: ·         Are UK shares cheap right now or one of the worst places to invest? ·         What can investors and the UK government do to improve conditions? ·         The changing nature of AIM over the last 10 years ·         How to become a better analyst ·         Solutions to encouraging more companies to list. Timestamps: 1:15 Discussing whether UK shares are cheap right now or one of the worst places to invest. 3:15 Using British American Tobacco (BATS) as an example of a company that could do more. 5:50 Could the UK government do more to foster UK-focused investment? 6:45 Discussing Abcam (ABCM) leaving AIM, and what could be done to encourage companies to stay listed in the UK. 11:45 How to become a better analyst. 15:00 How to cultivate patience. 17:15 The rise of passive investing. 19:00 Discussing inheritance tax breaks and tax incentives to help encourage companies to list. 21:35 Closing thoughts and an invite for founder-led companies or long-term CEOs to get in touch and share their journey/story on the podcast. If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about portfolio management and stock analysis. Resources: Fundamental Asset Management website: https://fundamentalasset.com/ Fundamental Asset Management contact us page: https://fundamentalasset.com/contact/ Follow Fundamental Asset on Twitter: https://twitter.com/fundasset Connect with Chris on LinkedIn: https://www.linkedin.com/in/chris-boxall-835a4222/ Visit FYR For More Investor Related Podcasts: https://www.fundyourretirement.com/ Follow FYR on Twitter: https://twitter.com/FRetirement   Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

Graham Neary is a full-time private investor, and an investment analyst for Stockopedia writing the Small Cap Value Report along with Paul Scott. Graham is also the founder of the Investors Institute where he helps private investors navigate the markets and upgrade their investing IQ. Graham began his career on the sell-side as a fixed-income analyst, before moving into the buy-side as an equity portfolio manager. Timestamps: 1:95 Graham Neary’s investing journey and how he got started. 4:45 Graham's investment approach and style. 7:05 The key metrics Graham looks for in a good company. 9:10 Graham's largest holding and why he holds it. 11:45 Discussing Graham's portfolio, and Graham's investing universe. 14:30 Discussing Graham’s thoughts on AGM’s 16:25 Discussing Graham’s worst performers and what he learnt from them. 20:45 Graham's thoughts on stop losses. 22:40 Graham's thoughts on averaging down. 26:00 Discussing Graham's writings and the enjoyment he receives from that. 27:45 Graham sharing his thoughts on Nichols (NICL) 31:25 Discussing fixed income. 33:30 Dissuning where to get started investing if you’re new or just starting. Hope you enjoy this episode and have a wonderful day. The FYR Team If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about portfolio management and stock analysis. Guest Links & Resources:  Follow Graham on Twitter @GrahamNeary https://twitter.com/grahamneary?lang=en Grahams Investors Intiture Newsletter: https://theinvestorinstitute.substack.com/ Visit Fund Your Retirement: https://www.fundyourretirement.com/   Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

John Rosier is a former city fund manager turned esteemed financial writer who runs the model portfolio. The JIC Portfolio which John started in 2012 has returned 303% vs, the FTSE all share of 125% over the same period. During this episode, John shares: His investing philosophy and approach. the value of keeping a detailed investment diary. What he’s been adding to his portfolios in recent months. Back testing stop losses and when is a good time to sell? John discusses the importance of dividends, which have grown from £2,000 a year to a projected £29,000. Finally, John shares what he would say to those who are just getting started. Timestamps: 1:20 When and how John started his investing journey. 3:40 The type of investor John is today, his investment philosophy and approach. 6:00 Discussing John’s model portfolio, how it started, the returns and the role dividends play in that. 10:15 John's 10 biggest contributors in terms of monetary gain. 15:45 Discussing some of John’s biggest losers in the model portfolio. 18:10 Discussing the use of stop losses and when is the right time to sell. 23:10 John shares why keeping a diary helps with discipline. 25:45 John shares what he would say to those just getting started. 28:45 Closing thoughts and where you can follow and connect with John Hope you enjoy this episode and have a wonderful day. The FYR Team If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about portfolio management and stock analysis. Guest Links & Resources: Visit John Rosier’s website and the JIC model portfolio here: https://www.jicuk.com/ Follow John on Twitter here: https://twitter.com/JohnRosier John’s articles on the Investors Chronicle: https://www.investorschronicle.co.uk/john-rosier/ Visit Fund Your Retirement: https://www.fundyourretirement.com/   Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

Chris Boxall discusses three recent success stories: Castings (CGS), with squeaky clean reporting and a nice dividend. Kooth (KOO), wins a big contract with the state of California and Kitwave (KITW) just keeps going from strength to strength. In a sea of constant negativity, there are some shining lights. In contrast at the other end of the scale, Chris discusses Marlowe (MRL) and Gooch & Housego (GHH) who have been on an acquisition bonanza of late. These acquisitions haven’t worked out as the management would have hoped but may do in time. Chris has been doing some deep research into Marlowe (MRL) and shares some of those insights in this conversation. Chris finishes by sharing how he creates an internal and external environment that enables him to invest patiently. Key topics covered: Castings (CGS), squeaky clean accounts with a nice dividend Kooth (KOO), wins a big contract win with the state of California Kitwave (KITW) just keeps going from strength to strength When acquisitions go bad; discussing Marlowe (MRL) and Gooch & Housego (GHH) Creating an internal and external environment for patient investing Timestamps: 1:20 Castings (CGS). 2:45 Kooth (KOO). 4:40 Kiwave (KITW). 6:05 Marlowe (MRL). 9:00 Gooch & Housego (GHH). 11:20 Acquisitions; do they always make sense? 13:00 The importance of having skin in the game. 14:45 The need for patience when investing. 20:05 The importance of cash flow for a company. 21:10 Wrap up. Thank you for listening, we hoped you enjoyed the episode. If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about portfolio management and stock analysis. Resources: Fundamental Asset Management website: https://fundamentalasset.com/ Fundamental Asset Management contact us page: https://fundamentalasset.com/contact/ Follow Fundamental Asset on Twitter: https://twitter.com/fundasset Connect with Chris on LinkedIn: https://www.linkedin.com/in/chris-boxall-835a4222/ Visit FYR For More Investor Related Podcasts: https://www.fundyourretirement.com/ Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

Rosemary Banyard is an award-winning fund manager specialising in UK medium and smaller companies with over 30 years of experience in understanding business models, industry structures, barriers to entry, and risks, on both the buy and sell side. Rosemary started her career in 1979 at James Capel as a senior investment analyst where she spent 12 years. Rosemary then moved into fund management starting at AIB Govett asset management before moving on to Schroders where she spent almost 20 years running a smaller companies Fund with Andy Brough. In 2016 she joined Sanford DeLand to launch and manage the Free Spirit Fund. The Schroder UK Mid Cap trust returned 17%* p.a. while she was manager and in her two and a half years managing money at Sanford DeLand the Free Spirit Fund returned 31%. Rosemary joined Downing in March 2020 to launch the VT Downing Unique Opportunities Fund. Rosemary talks about her investing journey and how it has evolved over the years from investing in quality businesses to sharing some of her best investments and some not so good. Rosemary shares her guiding principles, Investor red flags to look out for in company accounts and of course much, much more. Timestamps: 1:45 Rosemary’s investing journey starting at the beginning. 7:00 Rosemary shares her overarching investing strategy and how that has evolved over time. 9:15 Discussing UK software company Kainos Group PLC (KNOS). 14:40 Discussing UK software company Alfa Financial Software Holdings PLC (ALFA). 18:00 Discussing James Fisher & Sons PLC (FSJ). 20:45 Discussing when to cut and investor red flags to look out for. 26:10 Discussing the differences between a fund manager and a private investor. 28:15 Does Rosemary feel any pressure from time to time? 29:30 What makes a good investor? 31:40 Rosemary’s essential reading for investors. Hope you enjoy this episode and have a wonderful day. The FYR Team If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about portfolio management and stock analysis. Guest Links & Resources: Visit Rosemarys Profile on The Dowing Website Here: https://www.downing.co.uk/investor/offers/vt-downing-unique-opportunities-fund Visit Fund Your Retirement: https://www.fundyourretirement.com/ Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

Neil was a fantastic guest sharing many valuable insights that would benefit the experienced investor and the new investor. During this conversation, Neil shares the macro view of the UK stock market, including insights from Neil’s extensive network of fund managers. Neil Shah is the director of research at Edison Group, an investment research and advisory company with over 80 investment analysts spanning the globe. Neil shares some of the best and some of the worst performers from Edison’s model portfolio the illuminator that has returned over %1300 since its inception in 2008. Neil discusses the key metrics his team looks for before adding or removing a company from the portfolio and how he improves those analytical skills over time. He gives an in-depth review of what Edison research does and how this benefits the wider investor community. Timestamps: 1:35 Neil’s background and journey. 2:50 The macro view of the UK share market with a 6 to 12-month outlook. 5:30 Companies being taken out and spotting value in the UK share market. 7:30 Discussing the illuminator model portfolio's best and worst performers and its %1300+ gain. 11:20 Discussing having a concentrated portfolio vs a diversified portfolio. 14:15 Neil discusses the latest addition to the illuminator model portfolio. 16:15 Improving your skills as a stock analyst starting with the basics. 22:10 What does Edison Research do? 28:15 Closing thoughts and wrap up. Hope you enjoy this episode and have a wonderful day. The FYR Team. If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about portfolio management and stock analysis. Guest Links & Resources: Visit Edison Research Group: https://www.edisongroup.com/ Edison Twitter Profile: https://twitter.com/Edison_Inv_Res Edison LinkedIn Profile: https://www.linkedin.com/company/edison-group-/ Visit Fund Your Retirement: https://www.fundyourretirement.com/   Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

Chris Boxall discusses three UK small-caps Anexo (ANX), Time Finance (TIME), and PCI-PAL (PCIP) to keep a close eye on. All three companies are growing but have areas of concern that are holding the share price back; if they were to resolve these areas of concern, these three companies would become much more attractive. Chris also shares some red flags to look for when analysing companies such as the Relevance/Significance of senior management remuneration for small caps. Company example Character Group (CCT) which also updated recently. Large companies get the headlines, but, in terms of shareholder return, it’s actually far more relevant for small caps, management needs to paid to arrive, not to travel! Key topics covered:  The latest inheritance tax news. Small caps, Anexo (ANX), Time Finance (TIME), PCI-PAL (PCIP) and Volvere (VLE). Red flags for investors to look out for. Big contracts for small companies – can they execute and deliver? Company examples are Eneraqua Technologies (ETP) and SRT Marine Systems (SRT)  The significance of senior management remuneration packages for small caps.   Timestamps: 1:00 Discussing the latest inheritance tax news (IHT). 3:35 Discussing Anexo (ANX). 7:35 Chris thoughts on EBITDA and the use of adjusted EBITDA. 8:45 Discussing Time Finance (TIME). 10:10 Discussing PCI-PAL (PCIP). 11:30 Discussing the significance of senior management remuneration packages. 16:15 Discussing big contracts for small companies and whether they can deliver. 18:35 Closing thoughts and wrap up. Thank you for listening, we hoped you enjoyed the episode. If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about portfolio management and stock analysis.   FYR & Chris Boxall Resources: Fundamental Asset Management website: https://fundamentalasset.com/ Fundamental Asset Management contact us page: https://fundamentalasset.com/contact/ Follow Fundamental Asset on Twitter: https://twitter.com/fundasset Connect with Chris on LinkedIn: https://www.linkedin.com/in/chris-boxall-835a4222/ Visit FYR For More Investor Related Podcasts: https://www.fundyourretirement.com/   Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

Welcome to the first episode of The Fundamental Asset Podcast where Chris Boxall will help you navigate and interpret the UK equity market with a particular focus on AIM. Whether it’s company-specific news, market-wide news, or timely market topics, Chris will share his wisdom and experience from his 30+ years as a fund manager and from the perspective of a private investor. Key topics for the first episode: UK small caps. RWS Holdings, Learning Technologies, Numis and iEnergizer. Portfolio management. Letting your winners run vs taking profits. Inheritance tax planning. Dividends from AIM companies.   Timestamps: 1:30 Discussing the de-listing of iEnergizer and the implication for private investors. 5:00 Discussing IHT companies and their benefits. 6:45 How mitigating inheritance tax through AIM-listed companies works. 8:00 Companies on AIM with attractive dividend yields. 10:10 Taking profits vs letting your winners run. 12:15 Discussing the difference between investing for yourself and managing OPM. 13:20 Discussing the opportunities on AIM right now. 15:30 Numis take over and is this a trend in 2023? 18:15 Closing thoughts and wrap up. Thank you for listening, we hoped you enjoyed the episode. If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about portfolio management and stock analysis.   Chris Boxall Resources. Fundamental Asset Management website: https://fundamentalasset.com/ Fundamental Asset Management contact us page: https://fundamentalasset.com/contact/ Follow Fundamental Asset on Twitter: https://twitter.com/fundasset Connect with Chris on LinkedIn: https://www.linkedin.com/in/chris-boxall-835a4222/ Visit FYR For More Investor Related Podcasts: https://www.fundyourretirement.com/   Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.