We begin the year's final podcast discussing activist investor Saba Capital. Funds editor Dave Baxter explores the impact of its demand to remove the boards of seven investment trusts and what investors should do if the changes go ahead.

It’s then onto Hollywood Bowl’s (BOWL) results. The company reported a 7 per cent rise in revenue, but shares still fell 10 per cent. Michael Fahy explains what caused the fall as well as the business's valuation.

Last up, our US-based writer Arthur Sants joins in the studio. From the recent market sell-off after comments from the Fed to the Magnificent Seven stocks, investors can find out what to expect from American markets in the coming year.

Timestamps 

1:17 Saba Capital

9:31 Hollywood Bowl

17:43 The US

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After a busy year of geopolitical changes, there is a lot of ground to cover when discussing markets. In this episode, Simon and Dan Jones unpack everything from the mass number of moves to the US market to knotty Aim shares, and the sectors investors should keep an eye on in 2025.

Timestamps

01:02 2025 prospects

06:06 Economic backdrop 

10:23 Upgrades and downgrades 

15:31 Donald Trump’s presidency 

21:12 His take on moves to US markets

24:16 Buybacks

29:20 Aim

32:16 IPOs and M&A

33:59 Interesting sectors

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Chris Akers unpacks the latest from equipment rental company Ashtead (AHT). The figures slightly underwhelmed the market, but the biggest factor affecting the business was the announcement that it’s moving its listing to the US.

Onto our latest cover feature on behavioural psychology and investing. Alex Newman lays out his intention with the piece, as well as the importance of recognising what impact our biases have on our investment decisions.

It’s then on to the plastics business Victrex (VCT) which saw its shares shoot up recently. Julian Hofmann looks at the causes of this and Alex returns to touch on the bid for Aim-traded fintech firm Equals (EQLS).

Timestamps

01:17 Ashtead

09:05 Developmental psychology

19:56  Victrex

27:21 Equals

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As stock pickers, the managers of The Brunner Investment Trust are looking for what they believe are great companies which can grow and deliver returns to shareholders. Whilst this may sound obvious, just what exactly are the common factors in the DNA of a “great” company? Joe Lynam quizzes portfolio manager Julian Bishop on how he and his team go about assessing companies.

For more in-depth discussions and insights, visit our website for additional podcast episodes, articles and videos: https://www.brunner.co.uk/en-gb/videos-podcasts-and-reading 

This content was paid for and produced by The Brunner Investment Trust

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Alex and Lord Lee sit down with the CEO of one of the holdings in Lord Lee’s portfolio: James Gundy of the shipping service company, Braemar (BMS).

James has been group CEO since 2021 and he unpacks the ins and outs of running a shipbroker on London’s main market, how it compares to its competitors and its navigation of some complicated geopolitical waters.

As always, the episode closes with an update on Lord Lee’s portfolio changes, including why he’s buying a new real estate investment trust and why he’s focusing on the changes to capital gains tax.

Timestamps

00:59 What the company does

04:23 Lead indicators

07:24 Compared to Clarksons 

08:57 How Lord Lee got involved

12:51 Pricing intangibles

16:43 Why shipbroking is dominated by UK-based companies

18:20 Why Lord Lee thought it was a good investment

19:55 Is volatility good for business?

20:59 The sale to Russian oil producer Lukoil

27:16 Is Braemar under investigation? 

29:39 Financials

31:58 Dividends

35:10 Lord Lee’s portfolio 

38:00 Takeovers 

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We begin with airlines Jet2 (JET2) and EasyJet (EZJ) who recently released results. Michael Fahy explores the current demand for travel and package holidays, and the reputational issues affecting share valuations. 

The future of the North Sea is murky but the industry now has clarity on its taxes. Our commodities expert, Alex Hamer, lays out the opportunities, challenges and changing operating costs in the sector.

AJ Bell (AJB) recently changed how its users can vote at AGMs for the companies they own – offering a digital option, in the same way Interactive Investors users have been able to since 2021. Holly McKechnie unpacks why this is an important move and the impact it may have.

Timestamps

1:23 Airline stocks

12:34 The North Sea

27:04 Shareholder democracy

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In the latest episode of the IC Interviews, Val Cipriani, personal finance editor, sits down with Stefan Gries of BlackRock Greater Europe Trust. The fund is known for focusing on businesses with dependable profits and finds success even though it takes less risk than the average investor.

Hear Gries’s take on Dutch semiconductor stock ASML (AMS), and how the industry will fare in light of Donald Trump’s win. The duo also cover the prospects of the Chinese and UK markets, the fund’s stock-picking methods which European sectors are ripe for investor attention.

Timestamps 

0:49 What the fund does

2:34 Changes to the strategy

6:02 Outlook on the market   

8:53 US election result 

11:06 Bullish versus Bearish

13:46 Stockpicking

17:13 Novo Nordisk 

21:46 ASML 

25:25 Semiconductors in the wake of Trump’s win

32:57 China and post-Covid recovery 

35:55 UK market

38:19 Granola stocks

40:39 Wider European stocks 

42:42 Promising sectors 

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We begin with software company Sage (SGE). Shares are up and the team unpacks the drivers of this rise and explores whether investors should be concerned about competition in the industry. 

Illinois Tool Works (US:ITW) next. It’s larger than all but five stocks included in the FTSE 100 but remains relatively unknown on this side of the pond. Our team explore what the company does and the metrics that lead it to feature on our annual US quality screen.

Last up, it’s property company Grainger (GRI). Demand has been strong this year but its share price has been relatively flat. We look at why this is the case and how the valuation appears.

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British-based luxury fashion brand Burberry (BRBY) has had a hard time of late. Our team delve into what’s gone wrong over and question whether the low valuation is attractive enough for investors to take a gamble.

It’s then onto our Investment Trust Special. We explore what trusts are most vulnerable to consolidation and some that could be fruitful in the changing macroeconomic environment.

Last up, it’s specialist British chemical company Croda (CRDA). The latest update shows signs of life but two profit warnings over the past 18 months could hold back its growth. Julian Hofmann looks into the details. 

Timestamps 

1:31 Burberry 

15:38 Investment trusts

27:48 Croda 

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Lord Lee and Alex reunite just a day after the US election result and a week on from the Autumn Budget. In the episode, the pair unpack how the latter will affect UK private investors and the economy at large, and Lord Lee gives his opinion on the effectiveness of the changes announced by chancellor Rachel Reeves.

Also, listen to find out the changes to Lord Lee’s portfolio and his take on Trump’s presidential win. 

Timestamps 

1:18 Why the Budget is pleasing for private investors

3:42 Lord Lee’s view of Labour’s tone 

7:19 Nichols and FW Thorpe sales

10:03 Will Budget changes mean a change in tactic?

11:14 Inheritance tax 

13:05 Niche markets

15:40 Impact on family businesses property relief and farms

18:32 What should Labour aim for 

21:25 How Lord Lee's portfolio has been recently 

25:14 Trump’s reelection

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Auto Trader’s (AUTO) recent results were not well received. A slowdown in vehicle production and its position within a tight market is squeezing growth prospects. Our experts dive into what it means for investors. 

It’s then on to the impact of the Budget. The panel unpacks what sectors will be most affected by the changes, and the potential cost-saving measures companies can take to mitigate rising NI contributions.

Last up, bond yields. Both the Budget and the US election will alter the fiscal outlook and our team look at who the winners and losers will be. 

Dan Jones is joined by Mark Robinson, Alex Newman, Julian Hofmann and Hermione Taylor.

Editing by Madi Apthorpe

Timestamps

1:23 Auto Trader

13:25 The Budget

21:03 Bonds

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