Investment Trust Show #11: Fighting off activist investors and the attractions of Japan
Investment trusts have been all over the news as activist investor Saba targets seven companies with the hope of gaining control and becoming the investment manager. Herald (HRI) shareholders have already voted Saba down and we’re about to find out the fate of the other six investment trusts. Laith Khalaf brings us up to speed on the key events. [01:32]
Dan Coatsworth talks to James Carthew from research group QuotedData about what he thinks could happen next with Saba, and about the role of activist investors in general. [11:03]
Ian Conway and Steve Frazer conduct a deep dive into Law Debenture (LWDB) investment trust [26:40] and Dan talks to Nicholas Weindling, fund manager of JPMorgan Japanese (JFJ) about what’s going on in that part of Asia. [37:30]
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52:15
US tech selloff, taxpayer frustrations, Guiness selloff denied and emerging market insights
In this week’s episode, Dan Coatsworth and Laura Suter discuss the recent selloff in US tech stocks, and what sparked the market turmoil [01:32]. They also look at WHSmith’s potential sale of its UK business [06:27], and Diageo denying rumours about selling Guinness [09:17].
Laura looks at the frustration taxpayers are facing with HMRC’s long call wait times, as some new data is released showing how hard it is to reach the taxman [12:09], while Tom Sieber looks at attending a company AGM in person at SRT Marine Systems and why investor engagement matters [16:55].
Plus, Dan interviews Chris Tennant of Fidelity Emerging Markets to explore Donald Trump’s impact on emerging markets, why you might want EM exposure in your ISA or pension, and what’s next for China [24:26].
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37:25
Markets brace for Trump 2:0, FTSE 100 hits new record high, regulators under pressure as the UK goes for growth
On this episode of the AJ Bell Money & Markets podcast, Dan Coatsworth is joined by AJ Bell Investment Director Russ Mould to discuss how markets reacted to Donald Trump’s return to the White House [00:02:14]. From halting the TikTok ban to confusion about the President’s plans for tariffs, it’s already been a wild ride.
Dan is joined by Danni Hewson to assess what’s behind the FTSE 100’s good run. The pair also consider what might happen next for UK interest rates given the latest economic data gives the Bank of England a lot to think about. [00:11:12]
Government borrowing costs have shot up again but was that already priced into gilt yields and with pressure mounting on the Chancellor to spell out her plans for growth. [00:13:49]
Dan and Danni discuss the role of regulators with a former Amazon boss now heading the CMA and plans from the FCA to relax mortgage lending rules. [00:17:21]
Plus, Netflix hikes prices as subscriber numbers soar [00:31:38], why two brokers have very different views on Greggs [00:37:16] and James Flintoft, head of investment solutions at AJ Bell, updates us on asset allocation in AJ Bell funds [00:46:43].
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55:44
UK inflation in surprise fall, Chancellor comes out fighting and warnings from BP, JD Sports and PageGroup
The AJ Bell Money & Markets podcast team start this week’s episode with some good news as UK inflation took a surprise dip in December to 2.5%. Does this mean the chances of a February rate cut have jumped? Rachel Reeves has fought back in a Commons speech to defend her growth plans and although UK housebuilders have had a boost, other big companies continue to issue their own warnings. [01:02]
Danni Hewson and Charlene Young discuss how the UK isn’t the only country facing increased borrowing costs after recent bond yield hikes, and they also chat about what higher gilt yields mean for personal finances. [08:37]
Updates from BP, JD Sports and PageGroup painted a gloomy outlook but good news from Permission gave UK housebuilders a boost, even before a second bounce arrived following the inflation news. Charlene stays with housing, with a new IFS report on how more young people are residing in the Hotel of Mum and Dad. [23:10]
Donald Trump will be back in the White House next week, so Danni spoke to Yoojeong Oh, manager of the Abrdn Asian Income Fund, to find out how tariffs might impact Asian markets and where opportunities for income generation lie [27:56]. A TikTok ban in the US is also due next week, but is there any hope for a reprieve? [41:53]
Charlene finishes up with a timely reminder of the looming self-assessment deadline. [46:52]
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50:10
The big investment trust vote, UK retail’s tough outlook and the future of Lifetime ISAs
On this week’s AJ Bell Money & Markets podcast, we dive into a story about seven investment trusts under attack from an activist investor. The big retail companies have started to report on Christmas trading and not everyone is smiling about the outlook. You can also hear about the changing cost of keeping the lights on at home and why the Lifetime ISA is under review.
There’s been a sell-off in UK government bonds and the pound, causing jitters on the market at the start of the new year. Dan Coatsworth explains what’s going on. [00:02:06]
Hedge fund Saba Capital has got its sights on the UK investment trust sector and wants to get behind the driving seat of seven names including Baillie Gifford US Growth Trust and Herald Investment Trust. Dan takes a closer look and chats about why it’s so important for investors to vote on the proposals and what could happen next. [00:05:14]
Sue Inglis, an independent non-executive director from Baillie Gifford US Growth Trust, is on the podcast to share her experiences of being on the receiving end of an activist investor attack, and her thoughts on Saba’s proposals. [00:11:25]
Gas and electricity bills went up again on 1 January, when the latest energy price cap took effect. Charlene Young considers the impact to UK households and what they can do about it. [00:19:08]
Following a miserable final quarter for UK retail, we’ve now got a host of shopkeepers updating on trading and giving guidance for the year ahead. Tom Sieber looks at what Tesco, Marks & Spencer, Greggs and Next are saying, and what to expect from retailers in 2025. [00:23:09]
Charlene considers the reasons why the Government has announced a review of the Lifetime ISA and what might happen next. [00:35:29]
Finally, Danni Hewson chats to Dominic Weller, fund manager of the Octopus UK Future Generations Fund, about whether investing for change can also come with chunky returns now that interest rates are slowly on their way down. [00:40:17]
Ireland