Talking Research

Behind The Screens: Talking Japanese Equity with Comgest

Fri, 01 May 2026 09:00:00 +0100

Listen to this Behind the Screens episode featuring Ibrahim Ishmail, Investment Research Analyst at Titan Square Mile, hosting Richard Kaye, Portfolio Manager of the Comgest Growth Japan Fund. Their discussion covers what truly differentiates Comgest’s quality growth approach, why Japan represents a structurally different opportunity today and how domestic investor behaviour, currency dynamics and overlooked domestic growth companies may shape long-term returns.

This podcast was recorded in April 2026. This podcast is issued by Square Mile Investment Consulting and Research Limited ("SMICR") which is registered in England and Wales (08791142). Square Mile Investment Consulting and Research Limited is not authorised or regulated by the Financial Conduct Authority and does not undertake regulated activities. Titan Square Mile is a trading style of Square Mile Investment Consulting and Research Limited. Square Mile Investment Consulting and Research Limited is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is aimed at professional advisers and regulated firms only and should not be passed on to or relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Limited. Square Mile Investment Consulting and Research Limited makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of Square Mile Investment Consulting and Research Limited at the date of issue but may be subject to change without reference or notification to you. Square Mile Investment Consulting and Research Limited does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and Square Mile Investment Consulting and Research Limited shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. Square Mile Investment Consulting and Research Limited does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not an indication of future performance.

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Behind The Screens: Talking Global Equity with Rathbones Asset Management

Fri, 24 Apr 2026 10:00:00 +0100

Join Martin Ward, Senior Investment Research Analyst at Titan Square Mile, as he speaks with James Thomson, Lead Manager of the Rathbone Global Opportunities Fund, rated ‘A’ in the Academy of Funds. James shares insight into the fund’s long‑standing quality‑growth philosophy, the importance of balancing high‑conviction stock selection with portfolio resilience and how a dedicated “weather‑proof” allocation has helped navigate periods of market stress. The discussion covers navigating recent dislocations in technology and AI‑exposed stocks, managing concentration risk amid a dominant Magnificent Seven and identifying opportunities in hard‑asset, low‑obsolescence companies as global market regimes shift.

This podcast was recorded in March 2026. This podcast is issued by Square Mile Investment Consulting and Research Limited ("SMICR") which is registered in England and Wales (08791142). Square Mile Investment Consulting and Research Limited is not authorised or regulated by the Financial Conduct Authority and does not undertake regulated activities. Titan Square Mile is a trading style of Square Mile Investment Consulting and Research Limited. Square Mile Investment Consulting and Research Limited is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Behind The Screens: Talking UK Equity with J.P. Morgan Asset Management

Wed, 22 Apr 2026 10:00:00 +0100

Join Martin Ward, Senior Investment Research Analyst at Titan Square Mile, as he sits down with Callum Abbott, Portfolio Manager on the A‑rated JPM UK Equity Plus Fund at J.P. Morgan Asset Management, to unpack how the strategy seeks to deliver consistent alpha in all market environments. Drawing on nearly a decade managing the fund, Callum discusses how he views the world from a UK equity point of view. He shares where he and the team see attractive UK opportunities and where caution remains. He also explains how their differentiated approach has driven the fund’s long‑term consistency, offering valuable insight for advisers and investment professionals navigating today’s uncertain UK equity market.

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Behind The Screens: Talking Global Equity with Baillie Gifford

Wed, 15 Apr 2026 09:00:00 +0100

Join Gui Pampolin, Investment Research Analyst at Titan Square Mile, as he hosts Catherine Flockhart, Partner at Baillie Gifford, to discuss the Baillie Gifford Positive Change Fund, rated Responsible A within the Academy of Funds. She outlines how the strategy aims to deliver long-term growth alongside measurable real-world impact, highlighting opportunities across healthcare innovation and financial inclusion, as well as the role of emerging markets. Catherine also shares insights on navigating a more volatile backdrop, ESG integration and how they maintain a disciplined sell approach - offering valuable perspective for advisers assessing the role of impact investing within client portfolios.

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Behind The Screens: Talking Global Multi-Asset with Schroders

Tue, 17 Mar 2026 12:00:00 +0000

Listen to this episode of Behind The Screens featuring Alex Farlow, Associate Director – Multi Asset Research at Titan Square Mile, and Tara Fitzpatrick, Fund Manager at Schroders. Together they discuss the Schroders Global Multi-Asset range, rated ‘Recommended’ on the Academy of Funds.

They discuss the approach behind managing the Schroders Global Multi-Asset Portfolio funds, including how the team uses Schroders’ broad investment platform to access a wide range of asset classes and implement bespoke solutions. The conversation also explores the role of active management and alternatives in diversified portfolios, how the multi-asset team is currently viewing global markets and positioning portfolios, and the key questions clients are asking in today’s investment environment.

This podcast was recorded in February 2026. This podcast is issued by Square Mile Investment Consulting and Research Limited ("SMICR") which is registered in England and Wales (08791142). Square Mile Investment Consulting and Research Limited is not authorised or regulated by the Financial Conduct Authority and does not undertake regulated activities. Titan Square Mile is a trading style of Square Mile Investment Consulting and Research Limited. Square Mile Investment Consulting and Research Limited is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Behind The Screens: Talking Global Equity with M&G Investments

Wed, 11 Mar 2026 09:00:00 +0000

Tune in to our latest Behind The Screens podcast episode, hosted by Charlie McCann, Investment Research Analyst at Titan Square Mile. Charlie is joined by Stuart Rhodes, Head of Income Team at M&G Investments and Fund Manager of the M&G Global Dividend Fund, rated A in our Academy of Funds.

Together they delve into the M&G Global Dividend Fund investment process, Stuart’s journey into fund management and his experience launching the strategy during the global financial crisis. The conversation also explores what differentiates the fund from peers, the macro and geopolitical trends shaping the team’s thinking today, and the key risks and opportunities they see across global equity income markets.

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Behind The Screens: Talking European Equity with Carmignac

Fri, 06 Mar 2026 11:00:00 +0000

Listen in to most recent Behind The Screens episode where Amaya Assan, Head of Fund Origination at Titan Square Mile, is joined by Mark Denham, Senior Portfolio Manager and Head of Equities at Carmignac. Mark manages the FP Carmignac European Leaders Fund, rated ‘Responsible A’ in our Academy of Funds.

In this episode, they explore Mark’s investment philosophy and the approach that underpins the strategy, including the key characteristics he and his team look for in European companies. They discuss the recent underperformance of quality stocks in Europe, where Mark is currently seeing the most compelling opportunities across IT, healthcare and financials, and how the portfolio is positioned against key regional risks. The conversation also touches on the outlook for the year ahead and concludes with a more personal insight into Mark’s interests outside of work.

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Behind The Screens: Talking Fixed Income with BNP Paribas Asset Management

Tue, 13 Jan 2026 16:00:00 +0000

Tune into our most recent Behind The Screens episode where Henry Wix-Pollard, Investment Analyst at Titan Square Mile, sits down with Nicolas Trindade, Senior Portfolio Manager BNP Paribas Asset Management, to discuss the AXA Global Short Duration Bond Fund; rated ‘AA’ in our Academy of Funds.

Their conversation explores the thinking behind the AXA Global Short Duration Bond Fund, how it is managed and the rationale behind its return target. They also cover the fund’s role within a broader portfolio, recent positioning, and Nicolas’ outlook for UK interest rates. The episode wraps up with a more personal look at life beyond the desk.

AXA Investment Managers joined BNP Paribas Group in July 2025. Following the merger of AXA Investment Managers Paris and BNP PARIBAS ASSET MANAGEMENT Europe and their respective holding companies on December 31, 2025, the combined companies now operate under the BNP PARIBAS ASSET MANAGEMENT brand.

This podcast was recorded in December 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited ("SMICR") which is registered in England and Wales (08791142). Square Mile Investment Consulting and Research Limited is not authorised or regulated by the Financial Conduct Authority and does not undertake regulated activities. Titan Square Mile is a trading style of Square Mile Investment Consulting and Research Limited. Square Mile Investment Consulting and Research Limited is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Behind The Screens: Talking Emerging Markets with Redwheel

Thu, 08 Jan 2026 10:00:00 +0000

Listen in on this Behind The Screens podcast episode, where Ibrahim Ishmail, Investment Research Analyst at Titan Square Mile, is joined by John Malloy, Co-Head of the Redwheel Emerging and Frontier Markets Team, and the portfolio manager of the Redwheel Emerging Markets strategy. Together they discuss the Redwheel Global Emerging Markets Fund; rated ‘A’ on our Academy of Funds.

Their conversation explores John’s journey into investment management and emerging markets, what differentiates Redwheel’s investment approachand how dispersion within emerging markets creates opportunities often missed by top-down investing narratives. They also discuss the impact of geopolitics, supply-chain realignment and the global AI investment cycle.

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Behind The Screens: Talking Multi-Asset with W1M

Thu, 18 Dec 2025 09:00:00 +0000

Tune in to this Behind The Screens podcast episode, where Alex Farlow, Associate Director of Multi Asset Research at Titan Square Mile, is joined by James Mee, Co-Head of Multi-Asset Strategies at W1M, to discuss the Waverton Multi-Asset Income Fund and the Multi-Asset Growth fund range; both rated on our Academy of Funds.

Their discussion explores James’ investment journey and career path, the philosophy and objectives behind W1M’s multi-asset portfolios, and the role alternative assets play in portfolio construction. The conversation also delves into the team’s current market outlook, how portfolios are positioned amid ongoing uncertainty, the key questions clients are asking today, and finishes with a more personal insight into James’s life beyond fund management.

This podcast was recorded in November 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited ("SMICR") which is registered in England and Wales (08791142). Square Mile Investment Consulting and Research Limited is not authorised or regulated by the Financial Conduct Authority and does not undertake regulated activities. Titan Square Mile is a trading style of Square Mile Investment Consulting and Research Limited. Square Mile Investment Consulting and Research Limited is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Behind The Screens: Talking Multi Asset with Aviva Investors

Thu, 11 Dec 2025 12:00:00 +0000

Listen to our latest podcast episode where Alex Farlow, Associate Director of Multi Asset Research at Titan Square Mile, is joined by Tom Stokes, Head of Multi-Asset Investment Specialists at Aviva Investors, to discuss the Aviva Investors Multi-Asset Core Funds (MAF Core); rated ‘Recommended’ in our Academy of Funds.

Together they delve into the origins and management of the MAF Core range as it approaches its fifth anniversary, the role investment specialists play in supporting advisers, and the latest trends shaping multi-asset investing. Tom shares the key themes clients are focused on today, how the Multi-Asset team is viewing markets and positioning portfolios, and also offers a glimpse into his life beyond finance, including the career he’d pursue in another world.

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Behind The Screens: Talking Fixed Income with EdenTree

Tue, 25 Nov 2025 10:00:00 +0000

Delve into our latest podcast episode, where Gui Pampolin, Investment Research Analyst at Titan Square Mile, is joined by David Katimbo-Mugwanya, Head of Fixed Income at EdenTree to discuss the EdenTree Short Dated Bond Fund and the EdenTree Global Sustainable Government Bond Fund; both rated in our Academy of Funds.

Together, they discuss David’s path into fixed income, the approach behind the EdenTree Short Dated Bond Fund and Global Sustainable Government Bond Fund, and how these strategies balance financial objectives with sustainability goals. David outlines current market risks and opportunities, portfolio positioning amid shifting rates. He also explains why today’s environment may favour active bond management.

This podcast was recorded in October 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited ("SMICR") which is registered in England and Wales (08791142). Square Mile Investment Consulting and Research Limited is not authorised or regulated by the Financial Conduct Authority and does not undertake regulated activities. Titan Square Mile is a trading style of Square Mile Investment Consulting and Research Limited. Square Mile Investment Consulting and Research Limited is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is aimed at professional advisers and regulated firms only and should not be passed on to or relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Limited. Square Mile Investment Consulting and Research Limited makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of Square Mile Investment Consulting and Research Limited at the date of issue but may be subject to change without reference or notification to you. Square Mile Investment Consulting and Research Limited does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity ba

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Behind The Screens: Talking Multi Asset with Columbia Threadneedle Investments

Wed, 19 Nov 2025 13:00:00 +0000

Listen to this latest podcast episode where Alex Farlow, Associate Director of Multi-Asset Research at Titan Square Mile, sits down with Paul Niven, Head of Multi-Asset Solutions, EMEA, and Fund Manager for the F&C Investment Trust at Columbia Threadneedle Investments, discussing the Columbia Threadneedle Universal MAP Range Funds.

Together, they discuss Paul’s experience managing the historic F&C Investment Trust, and the thinking behind the Columbia Threadneedle Universal MAP Range. Paul shares insights on current portfolio positioning, key market risks and opportunities, and why now could be a strong moment for active management.

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Behind The Screens: Talking Global Equity with Wellington

Thu, 13 Nov 2025 10:00:00 +0000

Listen to the latest podcast episode where Jake Moeller, Associate Director of Responsible Investment at Titan Square Mile, sits down with Jason Goins, Equity Porfolio Manager at Wellington Management, to discuss the Wellington Global Impact Fund.

Together, they discuss how the Wellington Global Impact Fund balances sustainability with performance, the three core themes shaping its investments, and how impact is measured and reported. Jason also touches on portfolio diversification, key holdings, and his top takeaways for investors.

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Behind The Screens: Talking Emerging Market Equities with Lazard Asset Management

Mon, 20 Oct 2025 15:00:00 +0100

Listen to the latest podcast episode where Amaya Assan, Head of Fund Origination at Square Mile Research sits down with James Donald, Head of Emerging Markets at Lazard Asset Management and Portfolio Manager of the Lazard Emerging Markets Fund - rated ‘A’ in our Academy of Funds.

Together they explore Lazard’s investment philosophy, examples of emerging market opportunities, and how the team navigates key regional risks. James also shares insights into portfolio positioning, sector exposures, and the trends shaping their current investment outlook.

This podcast was recorded in September 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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Behind The Screens: Talking Equity with Barings

Mon, 13 Oct 2025 10:00:00 +0100

Listen to the latest podcast episode where Scott Heaney, Investment Research Analyst at Square Mile Research sits down with Rosie Simmonds, Co-Manager of the Barings Europe Select Trust Fund – a fund focused on European small-cap equities and rated ‘AA’ in our Academy of Funds.

Together they explore Rosie’s journey into investment management and what led her to specialise in European small-caps. The conversation covers the fund’s bottom-up, thematically unconstrained approach, how the team manages volatility, and what sets their strategy apart from competitors. Rosie also shares insights on current market themes, recent portfolio changes, and the structural biases that naturally emerge from the team’s investment process.

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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Behind The Screens: Talking Fixed Income with Capital Group

Tue, 16 Sep 2025 09:00:00 +0100

Tune in for the latest podcast episode where Henry Wix-Pollard, Investment Research Associate at Square Mile Research sits down with Flavio Carpenzano, Investment Director at Capital Group, to discuss the Capital Group Global Corporate Bond Fund; rated an ‘A’ rating in our Academy of Funds.

Together they delve into the fund’s philosophy as a pure play global investment grade corporate bond strategy, highlighting its distinctive structure and team-based approach. The conversation explores the analyst-driven process, the unique role of the Portfolio Investment Officer (PIO), and the key headwinds that have challenged performance in recent years.

This podcast was recorded in August 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Behind The Screens: Talking Multi Asset with Ruffer

Thu, 11 Sep 2025 10:00:00 +0100

Join us for the latest episode of Behind The Screens, hosted by Ittan Ali, research manager and lead analyst on alternatives for Square Mile, who is talking with Ian Rees, fund manager of the WS Ruffer Diversified Return Fund.

They discuss the fund strategy’s approach to navigating market uncertainty while aiming to preserve capital and deliver consistent returns. Ian outlines the team’s long-term market view, how it shapes portfolio construction, and the process behind identifying opportunities as conditions evolve. The conversation also reflects on the fund’s performance through 2024 and into 2025, highlighting key contributors, detractors, and how the strategy stayed aligned with its core principles despite shifting market dynamics.

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Behind The Screens: Talking Fixed Income with RBC Bluebay Asset Management

Wed, 03 Sep 2025 16:00:00 +0100

Join us for the latest episode of Behind The Screens, as Square Mile’s Investment Research Analyst, Gui Pampolin, is joined by My-Linh Ngo, Senior Director & Impact-Aligned Strategist and Harrison Hill, Co-Portfolio Manager of the BlueBay Impact-Aligned Bond Fund, which is rated a Responsible Positive Prospect and 3D Gold Impact strategy in our Academy of Funds.

Together they discuss the fund’s mission to deliver positive environmental and social impact through investment-grade corporate bonds. The conversation explores the fund’s process and philosophy, the fund’s thematic approach across seven sustainability pillars, and how it navigates credit selection amid market volatility. My-Linh and Harrison also share insights on emerging market opportunities, and what differentiates their strategy in an increasingly competitive landscape.

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Behind The Screens: Talking Global Equity with Ninety One

Tue, 08 Jul 2025 15:00:00 +0100

Join us for the newest episode of Behind The Screens, as Square Mile’s Associate Director of Responsible Investing, Jake Moeller, is joined by Deirdre Cooper, co-fund manager of the Ninety One Global Environment Fund.

Together, they explore how the fund is tackling global decarbonisation, the fund’s approach to thematic investing and how Deirdre and her team navigate market shifts, sector biases and stock selection. Deirdre also shares her views on where she sees the most exciting opportunities in environmental investing.

This podcast was recorded in June 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Talking Markets with Mark Harries, Hugh Gimber & James Ashley

Fri, 04 Jul 2025 09:00:00 +0100

Join us for the latest episode of Talking Research, as Square Mile’s CIO, Mark Harries, is once again joined by James Ashley, Head of Market Strategy at Goldman Sachs Asset Management, and Hugh Gimber, Global Market Strategist at J.P. Morgan Asset Management.

Together, they explore whether the worst of Trump-related uncertainty is now behind us, how global central bank divergence is shaping investment strategy and where they see the most compelling opportunities and overlooked risks in today’s markets.

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Behind The Screens: Talking Equity with Mirabaud Asset Management

Tue, 01 Jul 2025 14:00:00 +0100

Join Charlie McCann, Investment Research Analyst at Square Mile Investment Consulting and Research, as he talks with Paul Middleton, Fund Manager of the Mirabaud Sustainable Global Dividend Fund.

In this episode, Paul explores Mirabaud’s approach to sustainable income investing, how global themes shape the portfolio and why active management should be well positioned for the decade ahead. Paul also shares insights on market volatility, recent stock picks and how ever-changing global dynamics are influencing opportunities across regions.

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Behind The Screens - Talking Equity with Janus Henderson Investors

Thu, 26 Jun 2025 10:00:00 +0100

Join Ittan Ali, Research Manager at Square Mile Investment Consulting and Research, as he talks with Luke Newman, Co-Manager of the Janus Henderson Absolute Return Fund.

In this episode, they explore Janus Henderson’s approach to alternative investing—focusing on the Fund’s long-short equity strategy. With a track record of 29 consecutive profitable months from October 2022 to February 2025, Luke discusses how the managers look to navigate market volatility, balance core and tactical exposures, and generate alpha in both rising and falling markets.

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Behind The Screens: Talking Global Equity with Evenlode

Tue, 13 May 2025 16:00:00 +0100

Join Charlie McCann, Investment Research Analyst at Square Mile Investment Consulting and Research, as he speaks with Chris Elliott and James Knoedler, Fund Managers of the Evenlode Global Equity Fund.

Together, they explore Evenlode’s strategy to global equity investing, current market volatility, the investment case for active management, and key investment sector themes including financials and technology.

This podcast was recorded in May 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Behind The Screens: Talking Multi-Asset With BNY Mellon

Wed, 30 Apr 2025 16:00:00 +0100

Join Alex Farlow, Director of Multi-Asset Research at Square Mile Investment Consulting and Research, as he talks with Simon Nichols, Fund Manager of the BNY Mellon Multi-Asset Balanced Fund.

Together, they discuss Trump and current market trends, long-term investment themes, the power of multi-asset, and the Balanced Fund.

This podcast was recorded in April 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Talking Markets with Mark Harries

Tue, 04 Feb 2025 13:00:00 +0000

This podcast was recorded in January 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Finding innovation and opportunity on the continent with Mark Denham

Tue, 17 Dec 2024 08:00:00 +0000

Join Jock Glover, Strategic Relationships Director at Square Mile Investment Consulting and Research, as he delves into the latest insights from Mark Denham, fund manager and Head of Equities at Carmignac. During their discussion, Mark explains the fund's investment strategy, which targets high-quality European businesses with strong prospects for long-term growth.

Their conversation also touched on current market dynamics, including attractive valuations in European equities, opportunities in biotech innovation, and decision-making at times of pullbacks in stock-specific performance. Mark goes on to highlight how inflation still poses a risk to returns next year and explains how growth may be hampered should there be a surprise uptick in prices.

01:33 What are you trying to do in the portfolio and how are you trying to construct it?
03:03 European equities as an asset class have lagged over the last 18 months. Why do you think having exposure to them is a beneficial?
05:25 Since we last spoke, your fund has performed well. What has been the key to that performance?
10:17 You have a long-term outlook, but what have you changed in the last 18 months?
15:22 What keeps you awake at night?
18:08 Have you got an interesting fact or statistic from the last two weeks?

This podcast was recorded in December 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Finding hidden gems in the UK market with a bottom-up approach to investing

Thu, 05 Dec 2024 11:00:00 +0000

Join Jock Glover, Strategic Relationships Director at Square Mile Investment Consulting and Research, as he talks with Mark Costar, Senior Fund Manager of the J O Hambro Capital Management UK Growth Fund.

Together, they discuss the benefits of a bottom-up, stock-specific approach to investing in the UK market, and how Mark works alongside his fellow co-manager and team to conduct deep research for unique insights. Mark explores in detail why he thinks, despite the negative perception of the UK’s market, there is so much domestic opportunity at the moment.

01:14 As a UK fund manager running an active fund, how do you think about the UK equity market in terms of building the portfolio, getting your stock ideas, and what drives you on a daily basis?
02:46 As you are not a momentum chaser, how do you generate returns in the portfolio?
04:01 How do you work alongside your team?
05:25 How do you find investable, underpriced growth companies?
07:06 Can you describe the industry events you attend?
08:02 If someone looks at your portfolio today, what kind of themes would they find? Or is it very stock-specific?
10:36 What opportunities do you see arising from the higher cost of capital and rising interest rates compared to the low-interest-rate era of the last decade? How is this influencing the companies you invest in?
11:30 Do you take macro factors into consideration when evaluating companies?
12:26 What keeps you up at night when managing your portfolios?
13:55 What causes you to sell a position in the fund?
15:43 Do you have an interesting statistic or a fact you’ve come across recently that might pique the listeners' interest?
18:07 Why should investors be considering the UK market, and what opportunities might others be overlooking?

This podcast was recorded in November 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Implementing a market-neutral strategy through thematic investing

Thu, 28 Nov 2024 12:00:00 +0000

Join Jock Glover, Strategic Relationships Director at Square Mile Investment Consulting and Research, as he talks with Fawaz Chaudhry, head of equities at Fulcrum Asset Management and manager of the Fulcrum Thematic Equity Market Neutral Fund.

During their time together, Jock and Fawaz talk about how Fawaz’s team implements its market-neutral approach, as well as the team’s process for identifying opportunities and evolving themes. Fawaz goes on to explore the power of a market-neutral fund, the ways to manage risk when markets present challenges, and how his team uses volatility to capture alpha.

01:36: What does it mean to be market neutral?

02:31: What strategies do you use to build positions?

03:03: How do you work with your team?

03:48: When you’re running this portfolio, how do you manage risk to ensure you achieve market-neutral exposure and keep volatility at its target level?

05:30: How do you come up with themes and how are they debated?

06:56: With a market-neutral strategy, do you need volatility to create alpha opportunities?

08:43: How do you identify changing thematics in the market?

10:29: As a team, do you talk to company management or do you use management reports to inform investment decisions?

11:34: Is there a new upcoming theme that is starting to look interesting?

13:20: What keeps you awake at night?

15:53: Is this the type of strategy to use when markets are at elevated levels?

18:54: Do you have an interesting statistic that stood out to you from last week?

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Is it contrarian to be a UK equities investor? We discuss with Fidelity's Alex Wright

Wed, 20 Nov 2024 13:00:00 +0000

Join Jock Glover, Strategic Relationships Director at Square Mile Investment Consulting and Research, as he talks with Alex Wright, Lead-manager of the Fidelity Special Situations Fund and the investment trust Fidelity Special Values PLC.

Alex discusses the case for investing predominantly in the UK equity market and why being a big fish in a small pond can play to his advantage on home turf. He also looks at what fuels his investment decisions when he makes purchases outside of the UK and when increasing or reducing leverage in the investment trust.

01:50: How do you use a contrarian view to manage your strategy?

03:50: How do you work with your team and co-manager?

06:10: What do you see as catalysts for reratings?

07:54: What motivates your purchases when you go outside the UK?

10:30: Does the investment trust portfolio look almost identical to the open-ended one?

11:48: Has gearing added extra alpha for investors?

12:25: Where are you finding opportunities?

15:54: What keeps you awake at night?

17:25: If there was a zero rate policy environment again, will it be more difficult for companies to start up and survive?

18:59: What drives the decision to add or reduce gearing in the investment trust portfolio?

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Premier Miton’s Neil Birrell on risk management, market themes, and alternative investments

Tue, 05 Nov 2024 13:00:00 +0000

Join Jock Glover, Strategic Relationships Director at Square Mile Investment Consulting and Research, as he talks with Neil Birrell, CIO and lead manager of Premier Miton’s diversified fund range.

Neil discusses the complexities of managing multi-asset portfolios including how to invest in alternatives. During the discussion, he goes on to detail the investment strategies and risk management techniques that shape Premier Miton’s approach, before explaining his shock at the recent market price of gold and why he’s never been an investor in gold…

Don't have time to listen to the full episode, jump to your favourite part:

01:09: What does one of your normal days look like, and who does what within your team regarding research, meeting managers, etc?
04:20: How do you invest in property and alternatives, given that they can be illiquid?
06:54: If someone looks at your portfolio today, what industries, sectors, or themes would they see?
09:55: When it comes to UK equities, do you have a bias toward small caps?
11:30: As CIO and lead manager on this strategy, what is it that keeps you awake at night?
13:50: With the number of IPOs decreasing globally, is that reducing your opportunity set in finding companies that deliver the higher-quality growth you’re looking for?
18:25: What’s an interesting statistic that you’ve seen recently?

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Building a portfolio for a range of outcomes with the Jupiter Merlin team

Thu, 31 Oct 2024 09:00:00 +0000

Join Jock Glover, Strategic Relationships Director at Square Mile Investment Consulting and Research, as he talks with David Lewis, Lead Investment Manager, and George Fox, Investment Manager, from the Jupiter Merlin team. The Jupiter Merlin team runs just over £5 billion in their fund-of-funds strategies.

During their discussion, David and George discuss the current themes they're focusing on within the portfolios, the case for investing in gold and how they mitigate against big market dislocations. Also, don't miss the assets they wouldn't touch with a barge pole...

1:20: How do you work together as a team?
3:40: When it comes to decision-making, how collaborative is the process?
5:36: Where do your ideas come from?
7:23: What themes currently run through your portfolios?
10:39: How are Japanese companies using cash on their balance sheets to result in an uplift in value?
11:58: Do you have any passive exposure in the portfolios, or is everything actively managed?
12:45: What would you avoid right now? What keeps you up at night?
15:49: Is the gold exposure a hedge against market drawdowns, or does it serve another purpose in the portfolio?
17:30: Why don’t you hold more alternative assets like Bitcoin or infrastructure?
18:49: Looking ahead, where do you think the best future opportunities might lie?
22:08: Do you have an interesting statistic from the last couple of weeks?

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Talking inflation, policy shifts and economic lags with M&G Investments

Wed, 16 Oct 2024 13:00:00 +0100

Join Jock Glover, Strategic Relationships Director at Square Mile Investment Consulting and Research, as he talks with Richard Woolnaugh, a fixed income fund manager at M&G Investments. Jock and Richard spent their time discussing how inflation may continue to impact the decisions of policymakers in the coming months and how the political backdrop may influence the behaviour of central banks. Richard also explored the health of corporate balance sheets and how corporates may cope if economic growth remains low.

Don't have time to listen to the full episode, jump to your favourite part:

00:59: How do you see the impact of inflation on policymakers unfolding over the coming months?
03:20: Will rate cuts be affected by concerns about persistent inflation in areas like the services sector?
05:25: How have you adjusted your portfolios in light of the trends you are observing now?
07:43: Given the current political landscape, how do you think this will influence central banks’ behaviour?
12:23: Given the high levels of government borrowing in the US and the UK, what is the current state of corporate balance sheets?
15:17: If growth stays low, what would that mean for corporates?
17:07: What’s keeping you awake at night?
20:19: What’s an interesting fact you’ve come across recently that might catch our listener’s attention?

This podcast was recorded in October 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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Tech, trends, and trusts: Talking bottom-up stock selection with Invesco

Wed, 09 Oct 2024 08:00:00 +0100

Join Jock Glover, Strategic Relationships Director at Square Mile Investment Consulting and Research, as he hosts Fiona Yang, co-manager of the Invesco Asia Trust, in this episode of Behind The Screens. As part of their discussion, Fiona highlights that, despite the challenges, she remains optimistic about the long-term growth potential in Asia. She champions bottom-up stock selection and taking a contrarian, valuation-based view.

She also explains how, along with her co-manager, they aim to deliver a 4% yield and make the most of the investment trust structure.

Don't have time to listen to the full episode, jump to your favourite part:

01:41: Since you are based in Singapore and your co-manager is based in the UK, how do you split your time and responsibilities?
03:12: Do you now have a team of analysts researching and developing stock ideas?
05:11: Asia is often seen as a growth market, so having an income bias is unusual especially when you are value-oriented. How does that translate into the companies you look at in Asia and Australasia?
06:55: You pay a 4% yield, but not necessarily from portfolio income. How does that mechanism work, and how does it impact your stock selection process?
09:35: What themes are you running in the portfolio and how do you determine those?
12:07: With the recent rally in China, at what point do you decide to take profits or hold onto positions? How do you make that decision?
14:07: Outside of China, where in Asia and Australasia do you see good opportunities?
15:47: Gearing is another facility investment trusts have. When would you consider using it, and how do you think about gearing decisions?
19:20: What keeps you up at night as a fund manager?
20:43: What's an interesting statistic you’ve seen recently?

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Focus on the predictable: Talking bond selection with Baillie Gifford

Thu, 03 Oct 2024 21:00:00 +0100

Join Eduardo Sanchez, Associate Research Director - Fixed Income, Alternatives & Multi-Asset at Square Mile as he hosts Lesley Dunn, Head of Credit and Co-Manager of the Baillie Gifford Strategic Bond Fund. As the tide begins to turn for interest rates, Lesley shares her views on the changing landscape for bond investors, explains her concerns with investing in the unpredictable and reveals a staggering statistic on the current level of UK government debt.

Don't have time to listen to the full episode, jump to your favourite part:

01:09: How do you split the responsibilities, do you specialise in certain parts of the market?
04:38: How does the portfolio look now and where are you finding opportunities?
05:57: In terms of interest rate risk, what is your positioning now?
07:00: How do you split your time?
08:05: What keeps you up at night?
14:40: Interesting statistic of the week?
16:30: What do you think is the role of passive investments in Fixed Income?

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Trump or Harris? A U.S. election special with Capital Group

Thu, 19 Sep 2024 15:00:00 +0100

Join Jock Glover, Strategic Relationships Director at Square Mile for a special episode of Behind the Screens with John Emerson, Vice Chair of Capital Group International and former U.S. Ambassador to Germany. John brings over two decades of experience advising on global geopolitics, having worked under two U.S. Presidents and served as ambassador during a pivotal time in transatlantic relations.

In this episode, we shift from our usual investment discussions to explore the geopolitical landscape, focusing on the upcoming U.S. election and its potential global implications. John will share insights on how both candidates are viewed, the possible effects of their policies, and the broader impact on the global economy and geopolitical stability.

Don't have time to listen to the full episode, jump to your favourite part:

01:25: How are both candidates viewed domestically in this unusual US election?
05:53: How might the policies of each candidate influence voters? What could sway them to vote Democrat or Republican?
14:05: Is the American economy starting to take off again?
20:56: What do you think either a Harris or Trump administration would do next?
26:17: Is there a risk that if Russia makes gains, NATO might react too late due to lack of investment, giving Russia room to expand its influence?
30:41: How significant is the immigration issue in America?
33:44: Will the arrival of either Harris or Trump impact the global economy; is the US still the key driver of global growth?
38:41: Having worked for both the Clinton and Obama administrations, how do you see the role of social media in the increasing polarisation of politics?
45:56: Where do you think the election will land?

This podcast was recorded in September 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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Thank you for listening!

Building tomorrow: Talking infrastructure insights with ClearBridge

Thu, 12 Sep 2024 12:00:00 +0100

Join Jock Glover, Strategic Relationships Director at Square Mile Investment Consulting and Research, as he hosts Nick Langley, Portfolio Manager at ClearBridge Investments, part of the Franklin Templeton group. Nick is one of four portfolio managers overseeing the £1.3 billion FTF ClearBridge Global Infrastructure Fund, which has earned a double-A rating from our analysts in the Academy of Funds. He discusses the fund's focus on generating income and growing value, the sustainability aspects of running an infrastructure fund and the importance of the asset class in today's market. Nick's stat of the week might also surprise you; how much energy do you think Nvidia's newest chip technology draws on to power the latest AI technology?

Don't have time to listen to the full episode, jump to your favourite part:

01:20: How do you and your team structure your day?
05:16: How does the yield of the fund vary over time?
07:15: Why should investors consider including infrastructure and real assets in their portfolios today?
09:41: What are the key themes in the portfolio?
13:36: How does your team think about the infrastructure needed to support data warehouses, especially given their high energy and power demands?
16:53: What is it that keeps you up at night?

This podcast was recorded in September 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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Thank you for listening!

Decoding US equities with Artemis

Fri, 12 Jul 2024 17:00:00 +0100

Join Square Mile’s Jake Moeller as he sits down with Cormac Weldon from Artemis Fund Managers. Cormac, who manages Artemis’ US equity strategies, including the A-rated Artemis US Select Fund and the double A-rated US Smaller Companies Fund, dives into the nuances of US equity investing.

In this episode, Cormac discusses the strategies behind managing these funds, the importance of robust asset allocation, and how the ever-changing political landscape impacts the risk profile of his portfolios. Tune-in to discover why US equities hold significant appeal and what future opportunities lie ahead for investors.

Don't have time to listen to the full episode, jump to your favourite part:

01:14: How do you balance your time between research, internal meetings, and other commitments?
09:00: Is indexing always the best approach for US exposure?
09:31: What keeps you awake at night?
14:10: What factors might lead you to reconsider an investment position?
16:00: Do you have an interesting statistic of the week to share with our listeners?
20:02: Can you highlight some of the future opportunities you're exploring?

This podcast was recorded in June 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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Multi-asset matters: Market learnings from LGIM’s Andrzej Pioch

Fri, 12 Jul 2024 17:00:00 +0100

Join Jock Glover as he welcomes Andrzej Pioch, lead fund manager at Legal and General Investment Management, back into the podcast hot seat. Andrzej manages the Square Mile R-rated (recommended) L&G Multi-Index range and in this episode he shares his thoughts and learnings on markets over the last year, labelling for SDR and discusses whether we’re heading towards recession in the UK this year.

Don't have time to listen to the full episode, jump to your favourite part:

01:38: What have you learned from markets over the past twelve months?
04:07: Is there still a chance of a recession in the second half of this year?
05:55: How is your portfolio positioned relative to your long-term strategic asset allocation, and might that change with upcoming elections and other factors over the next six months?
10:36: Have you adjusted your portfolio's duration given current interest rates, or have you kept it neutral?
11:40: Regarding SDR and the anti-greenwashing rules, are you considering labelling the funds, and would that require changes to your portfolio construction?
15:14: Do you have an interesting statistic to share?
17:01: Do you seek specific tracker funds for more exposure in areas like technology, or is that too risky given your risk controls and volatility management?

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Mapping out multi asset investing – the risks and opportunities

Tue, 18 Jun 2024 11:00:00 +0100

In conversation with Square Mile’s Jock Glover, Chris Ellis Thomas, Portfolio Manager and Lead Strategist at BlackRock, discusses the BlackRock MyMap range – a range of actively managed, passive multi-asset funds. Chris takes us under the bonnet of the MyMap range; looking at why robust asset allocation is so important for a truly diversified investment approach, how politics plays its part in the risk profile of the portfolios and why record numbers of applications for new businesses in the US could indicate a brighter horizon for investors.

Don't have time to listen to the full episode, jump to your favourite part:

01:19: How big is the investment team behind the MyMap range of funds and how do you split your time?
04:30: What was the rationale behind creating an actively managed range of passive investments?
06:13: What themes do you have within the strategy?
09:50: What keeps you awake at night?
11:50: Will this year’s US and UK elections play a role in your discussions about tactical asset allocation?
13:43 Do you have an interesting statistic of the week to share with our listeners?
16:10: What do you think are the future opportunities for investors?

This podcast was recorded in June 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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Thank you for listening!

Finding income opportunities in unusual places: The case for Asia

Tue, 18 Jun 2024 11:00:00 +0100

In conversation with Square Mile’s Jock Glover, Jason Pidcock, Portfolio Manager at Jupiter Asset Management, discusses the Jupiter Asian Income Fund, a £1.7 billion fund co-managed with Sam Konrad. Jason explores why Asian equities hold significant attractions for income seekers and discusses why a rebound in interest for Apple products in China at the start of Q2 could be meaningful for investors.

Don't have time to listen to the full episode, jump to your favourite part:

01:10: How do you and your co-manager Sam Konrad split your time during the day?
02:37: On average, how many holdings are in your portfolio?
03:24: Why should people consider Asia as an income option in their portfolios?
07:50: Besides tech, are there other significant themes in your portfolio?
09:44: What keeps you awake at night?
11:10: Do you have an interesting statistic from this week for our listeners?
12:20: How significant is your exposure to China in the portfolio?
13:33: Where do you see future opportunities and developments in the region?

This podcast was recorded in May 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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Small caps spotlight: finding hidden gems in the UK market

Wed, 12 Jun 2024 17:00:00 +0100

Jock Glover discusses why big changes are happening in the UK small caps sector, where the opportunities are and why China buying up gold is significant for global investors with Paul Jourdan, CEO of Amati Investors and co-manager of the Amati UK Listed Smaller Companies Fund.

Don't have time to listen to the full episode, jump to your favourite part:

01:41: How has your outlook of the UK small caps market changed over the last 12 months?
3:13: Regarding the companies you're currently investing in. Are they meeting expectations?
8:18: Do you think there is still significant work for the British government to do in terms of encouraging investors into the UK equity public market?
11:04: What are the key themes in the portfolio?
19:05: Do you have any interesting statistics?

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Balancing returns and sustainability

Tue, 04 Jun 2024 17:00:00 +0100

Join Jock Glover as he sits down with Matt Lawton, Portfolio Manager of the T. Rowe Price Global Impact Credit Fund. Matt dives into his impact investing philosophy in the bond market, tackles the confusion for investors around the greenwashing narrative, and highlights why short-duration credit is a key area of opportunity in fixed income investing today.

Don't have time to listen to the full episode, jump to your favourite part:

01:24: What was the rationale behind launching this strategy, and how does it fit within the market?
02:40: How do you identify and measure the impact of your holdings in the portfolio?
04:01: How do you select the companies you invest in?
05:27: How does your team typically spend its days and weeks?
10:37: What keeps you up at night?
11:58: Can you provide examples of companies or sectors you’ve chosen not to invest in due to greenwashing concerns?
13:42: What interesting statistic have you heard this week that you think our listeners would enjoy?
15:31: Where are you seeing the most interesting opportunities for investors?

This podcast was recorded in May 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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Thank you for listening!

From Asia to LatAm we unravel emerging markets

Thu, 16 May 2024 16:00:00 +0100

In conversation with Square Mile’s Jock Glover, James Donald, Head of Emerging Markets at Lazard Asset Management shares some valuable insights into the dynamic landscape of the emerging markets universe. James shares his thoughts on finding profitable companies in the EM region, managing a value-focused approach and beneficial sectors and countries right now.

Don't have time to listen to the full episode, jump to your favourite part:

01:20: How easy is it to find profitable companies at reasonable valuations in the EM region?
02:20: From your perspective, how has it been managing emerging markets with a value-focused approach?
05:40: Which sectors or countries are you finding profitable companies in?
09:11: Would a return to 3% to 5% inflation and corresponding interest rates benefit quality undervalued companies in emerging markets?
10:33: How do you divide your tasks with your team between research and meeting with managers?
14:05: What are the key themes in the portfolio?
18:05: Do you have an interesting statistic from the last week?

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Are UK stocks on the up again?

Tue, 14 May 2024 15:00:00 +0100

Are you curious about the current state of the UK market or wondering where the opportunities are for equity income in the UK? In conversation with Jock Glover, Fraser Mackersie, UK equity income manager at Unicorn Asset Management shares his thoughts. He covers off opportunities across the small-cap sector, discusses some of the key themes his team are focusing in on and shares an interesting statistic on English sparkling wine – 1 in 7 households now drink one brand in particular. Tune in to find out which one.

Don't have time to listen to the full episode, jump to your favourite part:

01:42: What is your view on the UK market as a UK income manager?
03:02: How do you view small-cap companies in the UK market?
05:42: Do you think government initiatives will be enough to bolster smaller-cap UK stocks, given their growing popularity?
07:08: What are the key themes in the portfolio?
10:04: What keeps you up at night?
12:52: Do you buy companies that don’t have a good yield on that basis?
16:52: Do you have an interesting statistic from the last week?

This podcast was recorded in April 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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A fund for change

Tue, 23 Apr 2024 16:00:00 +0100

In today's world, companies throw around the words 'change' and 'impact' but do they really mean it? Do you know for certain that the impact you think you are having is actually leading change?

This week we sat down with the Wellington Global Impact Fund's Portfolio Manager, Jason Goins. Jason discusses how the fund addresses sustainable solutions to social and environmental challenges and how Wellington focusses on creating a real impact for positive change.

Don't have time to listen to the full episode, jump to your favourite part:

01:14: Can you give us an elevator pitch on what the Wellington Global Impact Fund does and what an investor in your fund can expect to be investing in?
02:35: Can you run us through the key themes you think about with regards to the fund?
03:12: How is the portfolio currently positioned?
04:25: How is the team structured?
08:00: How do you evidence impact?
09:30: How much have you seen the fund evolve over its 10-year history?
14:10: What keeps you up at night?
16:00: Tell us an interesting statistic for the week

This podcast was recorded on Tuesday, 23 April 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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The ability to suffer

Fri, 12 Apr 2024 06:00:00 +0100

Is everyone obsessed with getting rich quick? With the 'Magnificent 7' driving a large portion of the US stock market's return in 2023, the focus has been on capital growth. In all the excitement, have we forgotten that there are other ways of making money?

Joining us this week to talk on building wealth over time and why valuations matter is Nick Clay, portfolio manager of the A-rated TM Redwheel Global Equity Income fund. Speaking with Jock Glover, Nick discusses the recent economic theory dominating market environment, as well as how a company's ability to suffer can protect its competitive advantage.

Don't have time to listen to the full episode, jump to your favourite part:

01:10 - How do you see how you invest panning out over the coming months and years.
03:50 - How important are valuations vs. short term earnings numbers?
06:00 - How do you find exposure to these themes in the portfolios?
07.35 -What keeps you up at night?
12:10 - How is your portfolio positioned to defend against the risks?
14:30 - How do you and the team make decisions?
16:30 - An interesting statistic (or two) from the week.

This podcast was recorded on Tuesday 9th March 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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Improving the balance

Mon, 25 Mar 2024 06:00:00 +0000

"A good investor once referred to investing as owning a garden, and I think that's a great analogy in terms of you're constantly thinking about how you can prune and weed and improve the balance."

European equities haven't been massively in favour over recent years, but under the surface there are some exceptional businesses if you look hard enough. Sharing his approach to finding quality companies is this week's Behind the Screens guest,
Benjamin Moore, portfolio manager of the A-rated CT European Select fund. Speaking with Jock Glover, Ben highlights the opportunities they are finding in healthcare and luxury goods, as well as the influence of the market backdrop has on portfolio positioning.

Don't have time to listen to the full episode, jump to your favourite part:

01:00 - What are the opportunities in European equities?
02:00 - As a quality growth manager, what sectors and companies do you see as a good opportunity?
04:20 - What is it about things like healthcare and luxury goods that you particularly like about them?
06:55 - What does the team look like?
07:50 - How do you split your time?
10:05 - What keeps you up at night?
11:05 - What impact does the macro have on your positioning?
13:40 - An interesting statistic from the week.

This podcast was recorded on Thursday 14th March 2024. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

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A better direction of travel

Fri, 15 Mar 2024 05:00:00 +0000

"Over the last 18 or so months, we have engaged with a lot of water companies. These are largely private, and so the public debt investors are the only ones, effectively, that can drill some of these points home. So, for us, that is a very strong advantage, and to be a debt investor seems to be the only way to influence these sort of companies."

While company engagement is typically thought of as the reserve of equity funds, there is an important role to play for fixed income managers in tackling the sustainability challenges facing the planet. This week, Jock was joined by David Katimbo-Mugwanya, EdenTree's Head of Fixed Income and manager of the Responsible A-Rated EdenTree Responsible and Sustainable Short-Dated Bond fund to discuss what their 'Performance with Principles' ethos means in practice and how they engage with companies. David goes onto to explain how they have been working with water companies to tackle the environmental standards of the UK's rivers, and how they aim to lend to the best in class.

Don't have time to listen to the full episode, jump to your favourite part:

01:25 - EdenTree's ethos is 'Performance with Principles', what does this mean in reality?
03:00 - For a bond fund manager, do you get to pick and choose which bond issuance you want to be involved in?
05:15 - How do you engage with companies?
07:55 - How is your portfolio positioned?
11:50 - What keeps you up at night?
16:35 - An interesting statistic for the week.

This was recorded on Friday 1st March. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Who are you handing your money to?

Fri, 08 Mar 2024 06:00:00 +0000

For any investor, there has to be trust in the people you are handing your money to and for the team behind the Responsible AA-rated Stewart Investors Asia Pacific Sustainability fund, this couldn't be more true.

The fund's co-manager, Doug Ledingham, joined us on this week's episode, sharing the value they place on building trust and why 80% of their holdings will have an economic steward who is aligned with their approach to risk, time horizon and is passionate about building a business that will do better. Speaking with Jock Glover, Doug outlines the fantastic opportunities in India and the importance of their bottom up approach. You can find out more about the sustainable development stories of the companies the team invest in using their Portfolio Explorer tool.

Don't have time to listen to the full episode, jump to your favourite part:

01:05 - How does your sustainability approach differ?
03:20 - Does this mean that the portfolio is of a higher quality than peers in your universe?
06:15 - Where are the opportunities in Asia today?
08:45 - And what about India?
10:15- How does the team work together?
12:30 - What themes are you running in the portfolio?
14:40 - What keeps you up at night?
16:50 - An interesting statistic for the week.

This podcast was recorded on Wednesday 6th March. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Living up to expectations

Wed, 21 Feb 2024 14:00:00 +0000

"We get this really nice balance between a big allocation to bonds, nice and steady, less volatile returns, and then greater exposure to some of the more interesting, high growth areas of the equity market."

Having recently celebrated the 10th anniversary of the Aegon Diversified Monthly Income fund, the fund's manager, Vincent McEntegart, joined Jock Glover on this week's episode to share what he has learned over the last decade, and why investor expectations keep him up at night. In this 20-minute episode, Vincent and Jock also discuss how the shift in the bond markets is reflected in the portfolio, and why this has opened the door to some interesting equity exposure.

Don't have time to listen to the full episode, jump to your favourite part:

01:15 - How are you positioned against the current macroeconomic backdrop?
02:45 - How are you positioned with the risk within the fixed income space?
04:30 - Where are you finding interesting ideas in the equity exposure?
07:20 - How has your alternative positioning changed?
08:20 - How do you and the team split your day?
10:50 - How have you viewed the portfolio in light of the expected rate cuts?
14:00 - What keeps you up at night?
15:25 - An interesting statistic for the week.

This was recorded on Tuesday 20th February. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Put yourself in the corporate treasurer's shoes

Fri, 16 Feb 2024 06:00:00 +0000

"What keeps me up at night is the idiosyncratic risk. I think that this year there is going to be a big difference between the have and the have nots, because a lot of companies are going to have to come to the market to refinance, particularly high yield companies. And for some of those companies, they are going find it very difficult to issue debt this year."

This week, Nicolas Trindade, Senior Portfolio Manager and lead manager of the A-Rated AXA Global Short Duration Bond fund, joined us on the podcast to share what he expects from the market and why we have seen record levels of issuance so far in 2024. He goes on to explain why idiosyncratic risk keeps him up at night, and how they try to limit this in portfolios.

Don't have time to listen to the full episode, jump to your favourite part:

01:20 - What can investors expect from you?
02:33 - How do you see the market evolving and how are you positioned to take advantage of that?
04:20 - When are you expecting markets to cut rates and how will that impact duration?
05:30 - What level of exclusions do you run in the portfolios?
06:45 - What is the issuance like in the market?
08:00 - How do you split your time in a normal day?
10:45 - What keeps you up at night?
13:30 - What themes are you running in the portfolio and what might make you reconsider your exposure?
16:50 - An interesting statistic from the week.

This was recorded on Monday 12th February 2024. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Are emerging markets ahead of the curve?

Fri, 02 Feb 2024 07:00:00 +0000

The Bank of England is sticking to its tighter monetary policy, anticipated to leave interest rates on hold for the first half of the year. The central banks of the emerging markets, on the other hand, have been cutting rates as early as last summer. So, have emerging markets been ahead of the curve?

Behind the Screens is back with Natalia Krol, Managing Director and Co-Manager of the AA-rated Barings Emerging Market Debt Blended Total Return fund, joining us for the first episode of 2024. Natalia and Jock discuss why the emerging markets are quicker to cut rates, what this means for portfolio positioning and why this year's geopolitical landscape keeps her up at night.

Don't have time to listen to the full episode, jump to your favourite part:

01: 30 – The ECB, BoE and Feb have all held interest rate hikes, how does that impact you as an emerging market manager?
04:00 – Why have the central banks in the emerging markets been ahead of the curve?
06:30 - How do you work with the co-managers and wider team of analysts?
08:20 – What is the investment case for emerging market bonds?
10:45 – How is your portfolio positioned to take advantage of the opportunities?
13:30 – What keeps you up at night?
15:30 – An interesting statistic from the week.

This was recorded on Tuesday 30th January 2024. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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20: Will the squeeze ease?

Wed, 31 Jan 2024 07:00:00 +0000

"The consensus reflects a huge dispersion of forecasts for what this year will look like. If you look at the range of growth of estimates for growth this year, it's the widest since the global financial crisis, with the single exception of 2020."

Over recent years, investors have been faced with a particularly challenging market backdrop. While the road ahead is not without its hurdles, the key message for 2024 is the squeeze with ease - a more optimistic outlook reflecting several factors, most notably the moderation in inflation.

Once again, Square Mile's CIO, Mark Harries, is joined by James Ashley, Head of Market Strategy at Goldman Sachs Asset Management and Hugh Gimber, Global Market Strategist at J.P. Morgan Asset Management to unpick the year ahead:

Will the central banks continue to be data-dependent?
Where are the best opportunities to make money?
With a big election year ahead, what can we learn from the past?
Does the conflict in the Middle East pose the biggest risk for markets?
What does 2024 have in store for the 60:40 portfolio?

Don't have time to listen to the full episode:

00:30 - What now for the consumer?
02:35 - The markets are seemingly very data-dependent, will this wane over 2024?
05:40 - Where are the best opportunities to make money?
08:25 - What can we learn from past elections?
11:00 - Does the conflict in the middle east pose the biggest risk to markets?
13:50 - What's the outlook for sustainable investments?
16:30 - What's the outlook for the 60:40 portfolio?

This podcast was recorded on Friday 26th January 2024. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Providing essential services to society

Thu, 07 Dec 2023 15:00:00 +0000

Energy decarbonisation, urban congestion and digital connectivity are some of the structural growth drivers which differentiate infrastructure from bonds and other areas of the equity market that rely on more cyclical growth. Is now the time for infrastructure?

In our final Behind the Screens of 2023, Jock Glover is joined by Peter Meany, First Sentier's Head of Global Listed Infrastructure and manager of the A-Rated First Sentier Global Listed Infrastructure Fund. In this 20-minute episode, Peter covers the investment case for infrastructure and why above-target inflation can actually be supportive for the asset class. He goes on to share the themes they are running in the portfolio, why research is a fundamental part of the team's days and the importance of the globalisation of infrastructure to provide energy security.

Don't have time to listen to the full episode, jump to your favourite part:

1:40 - Why should investors consider listed infrastructure?
3:40 - What does higher inflation mean for the return profile for investors?
5:20 - What themes are you running in the portfolios?
8:45 - How does the team split your time and days?
12:40 - How does the Responsible Listed Infrastructure fund differ?
15:00 - What keeps you up at night?
16:35 - An interesting statistic from the week.

This was recorded on Thursday 7th December 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Higher forever?

Tue, 28 Nov 2023 10:00:00 +0000

As we look to be nearing the top of the interest rate cycle, the consensus has been 'higher for longer', however should we be asking the question 'higher forever?'

In this week's episode, Tom Hanson, Co-Manager of the newly A-rated Aegon High Yield Bond fund, shared his thoughts on where next for interest rates, what this new market environment means for default risk and why the high yield market is well placed to take advantage. Speaking with Jock Glover, Tom goes on to argue the case for high yield, emphasising its role as a hybrid asset class and its defensive characteristics.

Don't have time to listen to the full episode, jump to your favourite part:

1:00 - Have we seen the peak of the interest rate cycle?
3:10- What is the investment case for high yield?
6:25 - Are we seeing the risk of default increasing?
11:00 - How do you work together as a team?
13:00 - What keeps you up at night?
14:25 – An interesting statistic for the week.

This was recorded on Tuesday 28th November 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Coping with challenges

Fri, 24 Nov 2023 11:00:00 +0000

"It gives us a bit of window into the macroeconomic situation. We're not macro economists, we don't make predictions about what's going to happen, but we do hear from companies.

What companies are telling us right now is that they're seeing their input costs come down, in some cases very quickly. What that means is that they don't need to pass on those costs as aggressively as they have done historically and we're starting to see that come through in headline inflation figures."

On this week's episode, we're talking about the market for high quality, dividend paying companies and how they have fared given the recent market backdrop with Ben Peters, manager of the AA-Rated Evenlode Global Income fund and co-manager of the AA-Rated Evenlode Income fund. Speaking with Jock Glover, Ben shares how some of the companies they invest in have coped with recent challenges, what keeps him up at night and why they set up the Evenlode Foundation.

Don't have time to listen to the full episode, jump to your favourite part:

1:20 - What is the Evenlode Foundation and why did you set it up?
3:10 - What does the current market look like for hiqh quality, dividend paying companies?
4:55 - Have these businesses been able to pass on the effects of inflation to consumers?
8:20 - Has the market backdrop opened up new opportunities?
10:30 - What is your average holding period?
11:15 - What keeps you up at night?
12:50 - How do you and the team split your time?
16:35 – An interesting statistic for the week.

This was recorded on Thursday 23rd November 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Companies funding their growth

Fri, 17 Nov 2023 06:00:00 +0000

“What is really important are the financial characteristics that we look for and the very strong governance and ESG characteristics. In terms of finances, we like strong margins, strong cashflows, we like businesses companies than can fund their growth. That naturally leads to overweight positions in certain sectors. Tech, healthcare, industrials, and consumers are probably the four we tend to be more overweight in.”

Lindsay Scott, part of the team that runs the AA-Rated BNY Mellon Long Term Global Equity fund, joined us this week to discuss their underlying growth trajectory and the interesting areas they are allocating capital to. Lindsay continues by sharing why they aren’t focused on the headline technology drivers, but rather the supply chains of these business, and where they are finding value and diversification.

Don't have time to listen to the full episode, jump to your favourite part:

1:05 – You have a team orientated approach, how do you manage the working day?
4:20 – How do you think about the long-term horizon?
5:40 – What themes are you running in the portfolio?
7:15 – Do you have any examples of ideas that fit those characteristics?
8:50 – What do good ESG characteristics look like to you?
11:05 – Where do you see the opportunities in the 5 to 10 years?
14:30 – What keeps you up at night?
16:35 – An interesting statistic for the week.

This was recorded on Tuesday 14th November 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: The yen as an old friend

Fri, 10 Nov 2023 04:00:00 +0000

"You've got this heads I win, tails I don't lose too much payoff on bonds from this current point."

This week, Duncan MacInnes, co-manager of the A-Rated WS Ruffer Diversified Return fund, joins Square Mile's Alex Farlow to share his views on recession risk and how they are positioning the portfolio to take advantage of that. He continues by outlining their two biggest risk positions, and why they think the catalyst for the yen appreciation has only just begun.

Don't have time to listen to the full episode, jump to your favourite part:

1:25 - What has happened this year in the portfolio, and why?
2:30 - How is the portfolio constructed in terms of building blocks?
4:15 - Let's talk about the yen.
7:00 - What about bonds?
9:40 - How are asset allocation decisions made?
11:45 - What area has the most diverse set of views?
14:45 - What does a typical day look like?

This was recorded on Wednesday 8th November 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: A balancing act

Fri, 03 Nov 2023 08:00:00 +0000

"The reality is there is no solution with zero negative impact, and so it's about that balancing act. What we can try to do, as best as we can, is be transparent about our thought process and how we have arrived at that."

RBC BlueBay Asset Management's Tom Mould and My-Linh Ngo joined Jock Glover to discuss the misconceptions of the power of debt investors, the high hurdles they set for the strategy, and the potential trade-offs between environmental and social benefits. Hear from the team behind the Responsible Positive Prospect Rated BlueBay Impact-Aligned Bond fund in this week's episode.

Don't have time to listen to the full episode, jump to your favourite part:

1:25 - What is the difference between an ESG fund and an Impact-Aligned fund?
3:35 - When your assessing the bond, are you looking at the bond or the issuer?
6:30 - How do you, as bond investors, work with issuers to create impact?
12:00 - How is the team structured and how does it all fit together?
17:10 - What keeps you up at night?
22:15 - An interesting statistic from the week.

This was recorded on Wednesday 1st November 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: The elephant in the room

Fri, 27 Oct 2023 06:00:00 +0100

The sharp rise in interest rates and the higher inflationary environment has led to the real estate sector falling out of favour over the last 18 months, with fund managers being the most underweight to the sector since the global financial crisis. With central banks pausing interest rate hikes and possibly near their peaks, what does this mean for the investment opportunities in real estate?

This week, Tom Walker, Co-Head of Global Listed Real Estate at Schroders and fund manager of the Responsible-A Rated Schroder Global Cities Real Estate fund, joined Jock Glover to share what he thinks will be the catalyst for a re-rating of the real estate sector, as well as why he believes data centres offer the biggest opportunity for them.

Don't have time to listen to the full episode, jump to your favourite part:

1:10 - What is the argument for putting money into real estate in the current market conditions?
3:10 - What will be the catalyst for a re-rating for the sector?
4:40 - Where are you seeing the biggest opportunities?
9:10 - How do you think from a residential perspective?
10:50 - How do you and the other fund manager split your time?
12:00 - What keeps you up at night?
13:10 - Where are the future opportunities for real estate?

This was recorded on Wednesday 25th October. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.<

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Behind the Screens: Consume, create, connect

Fri, 20 Oct 2023 06:00:00 +0100

"Asian economies are the formation of new markets that are being aided by the intersection of technology and rising household incomes. To me, when these two things come together, it creates fertile ground for entrepreneurs and business men to bring their craft, to create new ideas that start resonating."

Taking the microphone for this week's Behind the Screens was Sharat Shroff, fund manager of the A-Rated Matthews Asia Pacific Tiger Fund. In this short episode, Sharat shares the team's consume, create and connect approach to finding ideas and building portfolios and why they are excited about the innovative business models being unleashed on the Asian ecosystem. He continues to discuss the technological developments which are enabling growth in the region, as well as why de-risking could be a challenge.

Don't have time to listen to the full episode, jump to your favourite part:

1:10 - How do you build portfolios?
2:55 - How do you and the team split your day?
6:10 - Where are the opportunities in the Asian economy?
8:20 - What themes are you seeing in China and the wider region?
10:40 - How are technological advancements creating opportunity?
14:10 - What keeps you up at night?
16:15 - An interesting statistic from the week.

This was recorded on Tuesday 17th October. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Determining the winners

Fri, 13 Oct 2023 06:00:00 +0100

"I always say, it's the risk you do not see, that you cannot measure, that matters. It's not the one that everyone debates to the nth degree every day because that usually means it's priced in."

For this week's episode we were joined by Aziz Hamzaogullari, Fund Manager of the A-Rated Loomis Sayles U.S. Equity Leaders Fund. Speaking with Jock Glover, Aziz shares the three components which he thinks prepares them well for different markets - quality, growth, and valuation. He goes on to discuss how these levers play out in the companies they have held over the 17-years of the strategy, and why it's not about what you own, but how you own it that really makes the difference to returns.

Don't have time to listen to the full episode, jump to your favourite part:

1:20 - What does the current market environment mean for you as an active manager?
04:55 - What is the average holding period for the portfolio?
10:45 - As a manager of a large cap in a tough rising inflationary environment, what opportunities do you see moving forward?
14:20 - How do you and the team split your day?
15:55 - In portfolio construction, do you run any themes in the portfolio?
20:20 - What keeps you up at night?

This was recorded on Friday 6th October. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: No such thing as a no landing

Fri, 06 Oct 2023 08:00:00 +0100

"It's a slowdown, but it's not the economy falling apart."

For this week's episode, we were joined by Principal Asset Management's Global Chief Strategist, Seema Shah, who shared her thoughts on the recent market dynamics and the forces behind them, before challenging the notion of a "no landing" scenario. Speaking with Square Mile's Jake Moeller, Seema discusses the regions which excite her at the moment, as well as why, despite the consensus of moving into a higher inflationary environment, the growth in AI actually suggests a different story.

Don't have time to listen to the full episode, jump to your favourite part:

01:05 - How have things turned out given your expectations at the start of the year?
02:35 - Do you think things are going to be as bad as the headlines say?
05:30- How does this translate into markets as we move towards the end of the year and into 2024?
07:35- Are there other regions which offer exciting opportunities?
10:00 - What keeps you up at night?
11:00 - An interesting statistic from the week
13:10 - Where do you see the future opportunities over the long term?

This was recorded on Thursday 5th October 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Is the UK hiding its light under a bushel?

Wed, 27 Sep 2023 09:00:00 +0100

"It's really difficult to go through periods where the market just isn't being logical, but it makes the job even more interesting because there are more and more opportunities out there. Like I said, there has been a four fold increase in the number of companies sitting at a relative discount to their long term average - that means more opportunity for us."

In recent years, UK equities have been no stranger to sitting at a discount relative to other developed markets, however as that valuation gap continues to grow, what will be a trigger point for investors to return to UK equity markets?

This week Simon Moon, Co-Manager of the A-Rated Unicorn UK Income and Responsible A-Rated Unicorn Ethical UK Income funds, joined Jock Glover to discuss why uncertainty is one of the largest factors weighing against smaller companies in the UK, the potential trigger points that may start to build appetite for the market, and why the narrative attributed to UK equities is actually widening their opportunity set.

Don't have time to listen to the full episode, jump to your favourite part:

01:20 - What do you see as the opportunities in putting money to work in the UK?
04:35 - What would be the trigger for investors to come back to the UK?
10:50 - How do you split your time during the day?
13:10 - Do you find themes that come through in the portfolios?
14:15 - What keeps you up at night?
15:40 - An interesting statistic from the week

This was recorded on Tuesday 26th September 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Lessons learnt from the past 10 years

Fri, 08 Sep 2023 07:00:00 +0100

"The one thing it always teaches you is no matter how many degrees you have, qualifications you studied for or exams you passed, the markets always find a way to remind you about what you don't know yet and tell you about the importance of staying humble."

Joining us for this week's podcast is LGIM's Andrzej Pioch, lead manager of the Recommended-rated L&G Multi-Index Range which celebrated its 10-year anniversary at the end of August. Speaking with Square Mile's Jock Glover, Andrzej's shares the good and the bad of the past 10 years, what might make the team reconsider their positioning and why flexibility in moments of volatility is vital.

Don't have time to listen to the full episode, jump to your favourite part:

01:25 - What stands out the most over the past 10 years?
04:20 - How do you split your time in a normal day?
07:55 - What might make you reconsider the portfolio positioning?
09:55 - What keeps you up at night?
12:25 - How does the L&G Future World ESG Index Funds differ?
14:20 - An interesting statistic from the week

This was recorded on Tuesday 5th September 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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19: An imperfect science

Mon, 07 Aug 2023 06:00:00 +0100

"The combination of mortgages rolling over, going onto a higher fixed rate, the combination of savings being drawn down, the combination of consumer confidence, business confidence being eroded. All of that, to us, points towards consumers now beginning to show the effects of everything going on."

Historically, monetary policy tends to feed through with a lag of 18 to 24 months, however this is an imperfect science. In this latest episode of Talking Research, Square Mile's Investment Director, Chris Fleming, is joined by James Ashley, Head of Market Strategy at Goldman Sachs Asset Management and Hugh Gimber, Global Market Strategist at J.P. Morgan Asset Management to explore:

When the higher interests will really impact consumers and corporates.
The prospects for commercial and residential property in a higher inflationary and interest rate environment.
Why investors should still consider investing in markets beyond savings in cash.

This was recorded on Monday 31st July 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: The physical world - overlooked and underinvested?

Fri, 07 Jul 2023 09:00:00 +0100

This week on Behind the Screens we unearth the opportunities the physical world represents, which are typically underinvested and overlooked by investors. As we look to upgrade our infrastructure to enable a transition to net zero, Royal London Asset Management’s George Crowdy, fund manager on the sustainable investment team, including the 3D Bronze rated Sustainable Growth fund, shares why this offers interesting prospects across electricity and energy, transport and buildings. Talking with Square Mile's Jock Glover, George goes on to explain how they're positioned for success against the current market backdrop and why, contrary to popular belief, large cap companies can present considerable growth opportunities.

This podcast was recorded on Thursday 6th July 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Europe and the energy transition

Wed, 28 Jun 2023 20:00:00 +0100

"Looking forward, some of the smaller companies in Europe are perfectly positioned with some of the best technology to take advantage of the vast transition which is happening now."

European equities have been fairly unloved over the last decade, but joining us this week to share why the continent offers exciting growth prospects and income opportunities is Mike Clements and Pras Jeyanandhan, fund managers of the VT Downing European Unconstrained Income fund which holds a Positive Prospect rating. In this 20-minute episode, Mike and Pras argue that it is often the smaller companies which offer the most interesting value plays, before discussing why Europe is at the forefront of the technology to support the energy transition and how they're looking to combine growth and good income characteristics to offer diversification for investors.

This podcast was recorded on Wednesday 28th June 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: The lag of monetary policy

Thu, 22 Jun 2023 10:00:00 +0100

"Monetary policy and interest rates work with a lag. Monetary policy takes 18 months, it took them a long time to create the policy and it will take a while for the inflation to come down. The central bank is determined to get it back down to 2%, and there are signs that the monetary policy is working..."

Richard Woolnough, manager of the A-rated M&G Optimal Income and M&G Corporate Bond funds, was in the Behind the Screens hot seat this week sharing his thoughts on:

Signs the substantial tightening in monetary policy is working, despite inflation remaining stubbornly high.
How the fixed income has evolved, offering greater breadth and depth of opportunities for investors.
Why the big out of the field events are the ones which cause increase inflation and reduce growth.

This podcast was recorded on Wednesday 21st June 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Nothing works all the time

Thu, 15 Jun 2023 14:00:00 +0100

UK equities have been in a difficult place for investors for a number of years, however has the new macro environment reasserted long-term trends that put the UK in good stead?

Martin Walker, Head of UK Equities at Invesco, joined Jock Glover on this week's episode to discuss how the UK offers access to global equities at a discount, why value will be a more important factor for success and where they are seeing the valuation opportunities.

00:45 - What is the investment case for the UK?
02:55 - What discount is the UK running at?
04:30 - Where are you seeing the valuation opportunities?
06:05 - What keeps you awake at night?
07:30 - Is the rotation to value here to stay?
11:30 - How do you split your day?
13:50 - What are the current themes running in the portfolio?
18:25 - What is your interesting statistic of the week?

This podcast was recorded on Thursday 15th June 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Looking at retirement strategies differently

Fri, 09 Jun 2023 06:00:00 +0100

"What's been highlighted in recent times, and through Consumer Duty, is there's an expectation that there's a difference between what you use as a solution in pre-retirement and post-retirement. And I think the regulator is starting to look at this in more detail, and advisers are becoming more aware that there are additional risks in retirement."

This week, Shane O'Brien, Senior Investment Director, Head of Multi-Asset & Macro Investment Specialists and part of the team behind the Recommended Rated Aviva Investor MAF Core Range joined Alex Farlow, Square Mile's Head of Multi-Asset Research to explore:

The biggest challenges facing the adviser market, from the trend towards low cost solutions to the increasing demand for bespoke solutions.
The changing expectations and additional risks to consider for retirement strategies and solutions.
How the team view the world and their outlook moving forward.

This podcast was recorded on Monday 5th June 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: AI, crypto and challenging the status quo

Fri, 26 May 2023 07:00:00 +0100

“The rationale for adding crypto: we felt there were characteristics similar to gold and at that moment in time, you had the potential for rising institutional adoption, we felt that crypto would come into the mainstream […] and you also had a strong liquidity tailwind. However, when Elon Musk was on Twitter pumping cryptocurrencies, that made us think this is not necessarily going to behave the way that gold would in a risk off event - it all seemed quite speculative.”

Ruffer is well known for taking slightly differentiated positions in the market, so this week, Jock Glover sat down with Ian Rees, Investment Director and Co-Manager of the A-Rated Ruffer Diversified Return fund to find out more about how they view the world.

This episode meanders through ‘Trussonomics’, the impact it had on the gilts and bonds held in their portfolio, as well as the unexpected opportunities that came along with it, before debating the value in technology, cryptocurrencies and whether AI is the good, the bad, or the ugly.

This podcast was recorded on Wednesday 24th May 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Playing devil's advocate

Fri, 19 May 2023 09:00:00 +0100

Growth stocks had experienced a long period of outperformance since the global financial crisis. Last year, however, we witnessed a huge swing to value investing, which prompts the question, is it here to stay?

In this week's episode of Behind the Screens, we take a look at the widening valuation gap between value and growth and why sticking to your 'investment philosophy' guns can pay off. Speaking with Jock Glover, Steve Voorhis, Director of Research and one of the Portfolio Managers for the AA-rated Dodge & Cox Global Stock and Dodge & Cox US Stock funds, shares how the team identify hidden gems and where they are finding their best ideas amidst higher interest rates. They go on to discuss the opportunities in natural resources and managing risk in mining stocks, before leaving our podcast listeners with some positive food for thought...

1:05 - Is it a long-term rotation to value investing from here
3:40 - Portfolio building blocks and playing devil's advocate
8:10 - Where the best ideas are found and future opportunities
12:15 - What keeps the team up at night
14:20 - An interesting statistic from the week

This podcast was recorded on Thursday 18th May 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: 9 themes of sustainability

Fri, 12 May 2023 08:00:00 +0100

"Longer term, the International Energy Agency (IEA) are expecting 35% of global car sales to be electric compared to the previous forecast of 25%. In the meantime, we are seeing increased competition in the EV market [...] and so we see the EV market as a very attractive long-term growth market."

Although last year proved a challenging year for sustainable investment strategies, with the market environment not favouring them as it has done before, long-term sustainable funds continue to peak investor interest, attracting £4.1billion in Q1 2023, according to data from Refinitiv Lipper.

This week, Jock Glover was joined by Ty Lee, one of the Fund Managers of the FP WHEB Sustainability fund, which has received a Responsible AA and 3D Gold rating. In this short episode, Ty shares how the team at WHEB are capturing sustainability growth in their portfolios, from clean energy and transport to safety and education, before arguing why electrifying big industries could be a game changer and the growth in the EV market is one to watch.

1:10 - Should investors be concerned after 2022's performance of sustainable funds
3:30 - How the team at WHEB split their time as co-fund managers
7:30 - WHEB's 9 themes of sustainability
9:10 - Industry game changers and future opportunities
13:50 - An interesting statistic from the week

This podcast was recorded on Thursday 11th May 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Japan - not the obvious choice…

Fri, 28 Apr 2023 06:00:00 +0100

Investors don’t tend to think of Japan as a breeding ground for opportunity, and it is perhaps not the most obvious choice for those seeking to maximise yield. However, with encouraging growth prospects and a demographic shift that offers potential if played right, are we missing a trick by pushing Japan to the sidelines?

This week, Dan Carter, Fund Manager of the A-Rated Jupiter Japan Income fund, joined Jock Glover on Behind the Screens to share why Japan is different from other developed markets, why the risk of Japanese irrelevance keeps him up at night and how they are positioning the portfolio to reflect the trends they are seeing in the region.

01:05 - The case for allocating to Japanese equity income

07:55 - Themes and trends they are taking advantage of

10:20 - What keeps the team up at night

13:40 - An interesting statistic from the week

This podcast was recorded on Tuesday 25th April 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: More trouble to come?

Fri, 21 Apr 2023 08:00:00 +0100

"2022 and 2023 are complete polar opposite environments, and I would describe it as a classic boom-bust cycle."

This week, we've gone behind the screens with John Pattullo, Co-Head of Global Bonds and co-manager of the AA-Rated Janus Henderson Strategic Bond and Janus Henderson Fixed Interest Monthly Income funds. In this episode, Jock and John discuss how attitudes to borrowing and spending are shifting, what opportunities the changing market has thrown up and why bond buying is like climbing Everest.

This podcast was recorded on Thursday 20th April 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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20: Valuations, resilience and shifting sentiments

Wed, 19 Apr 2023 10:00:00 +0100

Following a year characterised by volatility and turbulence, 2023 got off to a strong start and though we aren't out of the woods yet, most asset classes ended the quarter in positive territory.

In this quarter's Talking Research podcast, our team of analysts, who are at the coalface speaking with managers on a regular basis, share insight on what they have been hearing to help make sense of what is happening in the market:

Fixed income: What camps are managers sitting in when it comes to interest rates and credit risk, and how are they positioning themselves to reflect their views?
Multi-asset: How has sentiment amongst managers changed over the past 12 weeks, and what tools are they using to take advantage of the current macro environment.
Equity: Where are valuations looking more attractive, and what opportunities can provide resilience in volatile markets?

You can also read our investment management team's views on the quarter here.

This podcast was recorded on Thursday 13th April 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of this podcast, remembering past performance is not an indication of future performance. Square Mile Investment Services Limited makes no warranties or representations regarding the accuracy or completeness of the information contained herein. Square Mile does not offer investment advice or make recommendations regarding investments and nothing in this document shall be deemed to constitute financial or investment advice in any way. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity and is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Investing for positive change

Fri, 14 Apr 2023 08:00:00 +0100

From Copenhagen to San Diego, and Rio de Janeiro to Tokyo, this week's Behind the Screens offers insight into where the team behind the Responsible A Rated and 3D Gold Rated Baillie Gifford Positive Change fund are searching for investment opportunities.

Speaking with Square Mile's Jock Glover, Diana Philip, Investment Specialist at Baillie Gifford, shares her thoughts on why the current market volatility creates opportunity for tackling global challenges, why the regulatory backdrop is keeping the team up at night, as well as how a remittance company is doing its part to effect positive change.

This podcast was recorded on Thursday 13th April 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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19: Bonds, banks and what's next

Thu, 30 Mar 2023 10:00:00 +0100

What started in community banks in the US is now playing out in the global bond market. To explore what has taken place in the banking sector over the past few weeks, Square Mile's Investment Director, Chris Fleming is joined by Chris Bowie, Partner and Portfolio Manager of the TwentyFour Corporate Bond fund.

In this short podcast, they discuss:

The collapse of Silicon Valley Bank (SVB) and how this differs from Credit Suisse.
AT1 bonds - what they are, their history and whether the write down of these bonds will impact the wider bond market.
The challenges faced by the central banks to tame inflation, and what this means for a potential recession.

This podcast was recorded on Tuesday 28th March 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of this podcast, remembering past performance is not an indication of future performance. Square Mile Investment Services Limited makes no warranties or representations regarding the accuracy or completeness of the information contained herein. Square Mile does not offer investment advice or make recommendations regarding investments and nothing in this document shall be deemed to constitute financial or investment advice in any way. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity and is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Time for the government to step up

Fri, 24 Mar 2023 08:00:00 +0000

"Where this journey has to get to is serious government policy that pulls everything along, shakes it and gives a business model to companies that want to facilitate the change."

This week on Behind the Screens, Square Mile's Jock Glover chats with Paul Jourdan, CEO of Amati Global Investors and Co-Fund Manager of TB Amati UK Listed Smaller Companies fund. With continued unrest in the bank sector, Paul discusses the impact on the UK smaller cap universe and explains what action they've taken as a result. The conversation then shifts to themes for the new world; reducing dependence on China, what the war in Ukraine could mean for the next decade, and how governments must step up to ensure the industry is better equipped to support the climate transition.

This podcast was recorded on Wednesday 22nd March 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: A reminder for risk takers

Fri, 17 Mar 2023 09:00:00 +0000

Is what we've seen in the banking sector a sign of wider troubles to come or is it just symptomatic of broader monetary tightening? This week on Behind the Screens we are joined by Alex Pelteshki, Co-Manager of the A-Rated Aegon Strategic Bond fund. Speaking with Square Mile's Jock Glover, Alex shares his thoughts on the events of the week, why the serve as a reminder for risk takers and how this may play out in the global economy, as well as how his portfolio is positioned to take advantage of market themes.

This podcast was recorded on Thursday 16th March 2023.This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: European world class ideas

Thu, 09 Mar 2023 15:00:00 +0000

What do biotech, digitisation and renewable energy all have in common?

They are all themes that Carmignac's Mark Denham sees as opportunities for 2023 and beyond. In this latest episode of Behind the Screens, Jock Glover is joined by Mark, Head of European Equities and Fund Manager of the Responsible A Rated FP Carmignac European Leaders fund, who argues the case for Europe, sharing some of the world leading businesses the continent has to offer over the long-term and why the macro environment doesn't keep him up at night.

This podcast was recorded on Thursday 9th March 2023.This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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Behind the Screens: Blue Bond potential?

Thu, 02 Mar 2023 21:00:00 +0000

Introducing Behind the Screens - a new Square Mile podcast where, each week, we'll be chatting with fund managers and investment specialists from across the industry, digging into their thinking on the wider world and how that translates into the funds they are running.

Joining Jock Glover for our first episode is Paul Skinner, Investment Director of the Responsible AA Rated Wellington Global Impact Bond fund, who shares his thoughts on the reopening of China, why he sees exciting opportunities in Europe and how Blue Bonds could have the potential to unlock the ocean economy.

This podcast was recorded on Thursday 2nd March 2023.This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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18: 2023 Expectations

Mon, 23 Jan 2023 11:00:00 +0000

Join Square Mile's Chief Investment Officer, Mark Harries as he talks with James Ashley, Head of Market Strategy at Goldman Sachs Asset Management and Hugh Gimber, Global Market Strategist at J.P. Morgan Asset Management, as they discuss the outlook for the year ahead: inflation expectations, a potentially recessionary environment, and what this all means for investors.

This was recorded on Friday 20th January 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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17: Reasons to be cheery?

Mon, 16 Jan 2023 09:00:00 +0000

2022 was a year that can be described by turbulence, both in markets and the wider world. Though we can all agree on the pain endured last year, the outlook for 2023 remains more mixed with some more cautious managers believing we are yet to see the bottom, whilst others appears to have a more positive view on the year ahead.

In this episode of the Talking Research podcast, our team of analysts share insight from the managers they met with in the last quarter of 2022, offering views from across the market:

Are there opportunities in the UK market given the dispersion in returns seen in 2022?
Should we be excited about fixed income again?
Against the market backdrop, how have multi-asset managers changed their asst allocations?

Square Mile's Strategic Relationship Director, Jock Glover speaks with John Monaghan, Research Director, Eduardo Sanchez, Associate Research Director - Fixed Income, Alternatives & Multi-Asset and Alex Farlow, Head of Multi Asset Research in January's episode of Talking Research.

We welcome any feedback you have on our Talking Research podcast, please feel free to get in touch and let us know what you think.

This was recorded on Monday 9th January. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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15: Making sense of markets

Thu, 06 Oct 2022 09:00:00 +0100

Markets remained volatile over the third quarter of 2022, with the Bank of England stepping into the Gilt market after the Government's mini-budget in late September and a recession looming in Europe.

In this episode of Talking Research, we seek to make sense of what is happening in markets, looking at how the fund managers in Square Mile's Academy of Funds are responding to this volatile backdrop, discussing:

The quarter in numbers: Gilt markets, currencies and the defensiveness of multi-asset funds
How fixed income managers are positioning themselves in a potential recessionary environment
The opportunities for global equity managers given the current market environment

Square Mile's Strategic Relationships Director, Jock Glover, speaks with Jake Moeller, Senior Investment Consultant, Paul Angell, Senior Investment Research Analyst and Tom Poulter, Head of Quantitative Research in this latest episode.

This was recorded on Wednesday 5th October 2022. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.

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14: Impact of the interest rate hike

Fri, 05 Aug 2022 09:00:00 +0100

News broke yesterday of the unprecedented hike in interest rates to 1.75%, the biggest rise in 27years. As a recession looms and inflation is set to hit 13%, was the Bank of England too slow to act?

In this Talking Research episode, we discuss the role of central banks in inflation and the impact that interest rate increases will have on the consumer.

Mark Harries, Square Mile’s Chief Investment Officer is joined by Hugh Gimber, Global market Strategist at J.P. Morgan, and James Ashley, Head of Market Strategy at Goldman Sachs in this latest episode.

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Responsible Pathway Live: Climate change, carbon mitigation and a just transition

Fri, 15 Jul 2022 14:00:00 +0100

“Net zero involves as much mitigation possible before you start to do the offsetting. From a systems perspective, there is only so much the land, forestry, agriculture, etc. can absorb and we think it’s about 5 gigatonnes. So we need to shrink global emissions to 5 gigatonnes from the 50 it is today.”

This final panel of Responsible Pathway explored the hot topic of climate change with four industry experts -Alex Monk, Portfolio manager at Schroders, Charlie Miller, Climate strategist at Legal & General Investment Management, Dan Grandage, Head of sustainable investing at abrdn and Lorna Logan, Portfolio manager at Stewart Investors. In this lively session they debated:

The opportunities and challenges presented by climate change.
Engagement versus divestment in enabling a just transition.
The importance of carbon mitigation in achieving net zero by 2050.
How data can be used to measure and evidence change.

Find out more: https://www.squaremileresearch.com/Insights-Resources/Articles/ArticleID/255/Climate-change-carbon-mitigation-and-a-just-transition

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13: Not all doom and gloom?

Thu, 14 Jul 2022 13:00:00 +0100

Rates of inflation rose further in the second quarter and continued to take hold in a broadening range of goods and services. It was another difficult quarter for investors in bond markets as this accelerating inflation caused bond yields to rise again and prices to fall further. This story is not too dissimilar to global stock market indices, which pincered between bond yields and mounting fears of recessions, fell sharply in the second quarter.

It was another disappointing quarter for investors as we continue to face one of the toughest market backdrops seen in decades. In this month’s episode of Talking Research, we discussing how the fund managers in Square Mile’s Academy of Funds are responding to this challenging environment, exploring:

How fixed income managers are responding to rising inflation.
Whether the market has fully priced the risk of recession
If the market correction has increase the opportunity set for equity managers.
The short-term challenges for RI funds.

Square Mile's Strategic Relationships Director, Jock Glover, speaks with Ajay Vaid, Investment Research Analyst, Eduardo Sanchez, Head of Fixed Income and Absolute Return Research and Tom Poulter, Head of Quantitative Research in this latest episode.

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Responsible Pathway Live: Investing in mega trends

Mon, 04 Jul 2022 17:00:00 +0100

“ESG is doing the thing right. Impact is doing the right thing.”

Impact investing is very much about having clear intent to make a wider positive social and/or environmental impact, and being able to measure and evidence that impact. Whilst still a fairly nascent field, impact is graining traction, however what do investors need to consider when investing in this way.

Square Mile’s Steve Kenny spoke with three industry experts at Responsible Pathway to dig a little deeper into impact investing. Drawing on the expertise of Caroline Cantor, Investment director at Federated Hermes, Mohsin Ahmad, Fund Manager at Regnan and Simon Bond, Executive director, responsible investment portfolios at Columbia Threadneedle Investments, they discussed:

How impact can be differentiated from ESG.
Looking beyond the cycle to the long-term opportunities.
Identifying the impact of a security, and ensure it maintains integrity.
How investors can enable a just transition, from both a societal and environmental perspective.

For more information: https://www.squaremileresearch.com/Insights-Resources/Articles/ArticleID/254/Impact-Investing-in-mega-trends

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Responsible Pathway Live: Does economic security depend on nature?

Mon, 04 Jul 2022 14:00:00 +0100

“When we talk about environmental challenges, we are talking about climate change risk and natural capital restoration and biodiversity. Biodiversity is incredibly important, you can’t solve for climate change without solving for natural capital restoration and biodiversity.“

50% of global GDP depends on biodiversity, however nature’s resources are continually used more quickly than can be replenished. While climate change has captured public attention and risen up the political and corporate agenda, biodiversity has lagged behind. Though the upcoming COP15 conference aims to elevate levels of protection for biodiversity, are we doing enough?

At Responsible Pathway Live, we explored society’s relationship with the environment and what this means from an investment perspective. Listen to the full panel moderated by Square Mile's Senior Investment Consultant, Jake Moeller and three industry experts:

Craig Cameron, Portfolio manager and research analyst at Franklin Templeton
Rhys Petheram, Head of environmental solutions at Jupiter Asset Management
Samuel Mary, Senior vice-president, PIMCO

For more information: https://www.squaremileresearch.com/Insights-Resources/Articles/ArticleID/253/Does-economic-security-depend-on-nature

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Responsible Pathway Live: The role of responsible thematics

Mon, 04 Jul 2022 08:00:00 +0100

Thematic investing is an approach which focuses on the long-term driver and trends, rather than specific sectors or companies. From a responsible investment perspective, this really means investing in companies whose goods and services are enabling a more sustainable and inclusive world. As interest and demand for responsible thematics has grown over recent years, we explore how these portfolios differ, what drives these decisions and what opportunities this style of investing offers.

At our recent Responsible Pathway event, we heard from three industry experts on what responsible thematics means and its role in a diversified portfolio, how they determine a theme and ensure securities are aligned and the role of the UN SDGs in this approach and tackling greenwashing. Hear from:

Katherine Magee Executive director at JP Morgan Asset Management
Markus Peters, Senior investment strategist—fixed income at AllianceBernstein,
Simon Gottelier Senior portfolio manager at Natixis Investment Managers

Find out more: https://www.squaremileresearch.com/Insights-Resources/Articles/ArticleID/251/The-role-of-thematics-in-a-responsible-portfolio

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Responsible Pathway Live: Responsible Investment in Practice

Mon, 04 Jul 2022 08:00:00 +0100

“This is about embedding the interest of society alongside the interest of investors. Companies that abuse the environment, treat staff poorly, damage the fabric of society, will, in a timeframe, be challenged by the regulators and deserted by customers. Therefore, considerations of these material factors must be part of any credible long-term investment research process.”

Despite the challenges responsible investment funds have faced in the half of 2022, interest and demand has not waned. In this panel from Responsible Pathway Live, we explored what responsible investment looks like in practice, how to identify the right securities, the role of metrics in understanding sustainability, engagement in sovereign bonds and more. Hear from our three experts in the recording below.

Brunno Maradei, Global head of responsible investment at Aegon Asset Management
Ella Hoxha, Senior investment manager at Pictet Asset Management
Marianne Harper Gow, ESG specialist at Baillie Gifford

For more information: https://www.squaremileresearch.com/Insights-Resources/Articles/ArticleID/252/What-does-responsible-investment-mean-in-practice

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12: Nowhere to hide?

Tue, 10 May 2022 07:00:00 +0100

Fixed income has traditionally been seen as a safe haven asset, acting as a diversifier to protect returns when markets sell off. That, however, has most certainly not been the case over recent months, whereby we have experienced one of the toughest periods on record for the asset class as central banks attempt to deal with the elevated levels of inflation.

In this month’s episode, Head of Fixed Income and Absolute Return Research, Eduardo Sanchez, speaks with two experts in fixed income – John Pattullo, Head of Strategic Fixed Income and Portfolio Manager at Janus Henderson and Stuart Edwards, Fund Manager at Invesco. In this 25-minute episode, they discuss:

The role of fixed income in the current market environment, and whether it can act as a safe haven once more.
If central banks can control inflation, or whether it’s too late and the potential risk of recession.
How they are positioning portfolios amidst this backdrop and the opportunities for the asset class moving forward.

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11: Navigating Q1 2022

Wed, 20 Apr 2022 07:00:00 +0100

The global backdrop over the last few weeks has been almost the been the perfect storm for markets, with rising interest rates, weak supply chains, rising energy prices and, of course, the dreadful situation in the Ukraine. Combine that with the savage rotation within styles and we may be witnessing one of the toughest market backdrops in a long time over the first quarter of 2022.

Drawing on the expertise of Square Mile's research team, in this episode of the Talking Research podcast, we will be discussing this current market environment, exploring:

The impact of rising inflation
Whether we should expect a recession imminently
The improved durability of dividends in global equities

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10: Inflation, productivity, Russia & Ukraine

Mon, 31 Jan 2022 10:00:00 +0000

How concerned should investors be about the current conflict between Russia and Ukraine? Do we need to worry about government debt? Have central bankers contributed to inflation? What does this mean for portfolio allocations?

Mark Harries, CIO at Square Mile, is joined by two market strategists to discuss the challenges facing investors in the current market environment – Hugh Gimber, Global Market Strategist at JP Morgan Asset Management and Simona Gambarini, Executive Director, Senior Market Strategist at Goldman Sachs Asset Management.

This podcast was recorded on 27th January 2022.

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09: Insights from the Industry

Thu, 20 Jan 2022 09:00:00 +0000

In the final quarter of 2021, we saw US equities dominate markets, value continue to outperform and more muted portfolio activity from some of the fund managers we speak with, whilst inflation remained a hot topic and concerns around the omicron variant persisted. In this episode, Square Mile's research team share insight on what they heard from fund managers over the last quarter of the year, highlighting the key narratives driving portfolio positioning and what investors may need to consider for 2022.

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08: A spotlight on fixed income

Thu, 25 Nov 2021 10:00:00 +0000

Inflation remains headline news, and last week saw UK inflation surge to its highest level for a decade, hitting 4.2% in October. The longevity of the elevated inflation continues to be a hot topic of debate across the market, but how does this play out in the global bond markets, where are the opportunities for bond investors and what is the outlook for the years to come?

In this episode of Talking Research, we discuss the role of fixed income in the changing market environment with three fixed income experts, Ben Lord, Fund Manager at M&G Investments, John Pattullo, Co-Head of Strategic Fixed Income at Janus Henderson and Tina Adatia, Executive Vice President, Fixed Income Strategist at PIMCO.

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07: Responsible - The benefits to Green Bond investing

Thu, 18 Nov 2021 09:00:00 +0000

As Responsible Investment continues to take centre stage, we are excited to announce that we have a new dedicated mini-series, discussing all things Responsible.

In the first episode, Eduardo Sanchez, Investment Research Analyst, discusses the benefits of Green Bonds with Paul Skinner from Wellington, David Katimbo-Mugwanya from EdenTree and Simon Bond from Colombia Threadneedle. Hear from the experts as they describe how Green bonds fit into portfolios and the type of projects they can support.

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06: Q3 2021 View from the Desk

Thu, 14 Oct 2021 08:00:00 +0100

There has been plenty going on in markets over the last quarter - ongoing concerns around inflation, the spread of the delta variant causing unease, concerns around China and supply chain disruption, to name a few. In this month's episode, Square Mile's research team share insight into the thinking of fund managers across the industry, offering key trends and observations across four key asset classes: passives, global equities, european equities, and fixed income.

Hear from Tom Poulter, Head of Quantitative Research, Ajay Vaid, Investment Research Analyst, Amaya Assan, Head of Fund Origination and Tom Archer, Investment Research Analyst, in this latest episode.

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05: Investing for the future

Thu, 16 Sep 2021 09:00:00 +0100

In this month's Talking Research podcast, Square Mile's Responsible Investment Analyst, Anna Mercer is talking sustainability, from how it can be defined to what engagement look likes to the potential trade offs or challenges that investors may come across and what the future sustainable economy may look like.

Hear from three industry experts who will be sharing their insight and expertise on this fascinating area of the investment universe. This episode features Rob Harley, Portfolio Manager, Sustainable Funds Group at Stewart Investors, Paul Skinner, Investment Director at Wellington Management and Martyn Jones, Fund Manager within the Sustainable Investment Team at Liontrust.

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04: The inflation spike

Tue, 27 Jul 2021 07:00:00 +0100

What is the global inflation backdrop? How are companies reacting to higher inflation? How does the UK compare to its international peers?

In this month's episode, Square Mile's Chief Investment Officer, Mark Harries explores these questions and more with James Ashley, Head of International Market Strategy at Goldman Sachs Asset Management and Hugh Gimber, Global Market Strategist at JP Morgan Asset Management.

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03: Q2 2021 View from the Desk

Wed, 07 Jul 2021 08:00:00 +0100

From the hot topic of inflation and its impact on portfolios to the danger of short selling in absolute returns, this month's Talking Research podcast brings insight on what Square Mile's research team have been hearing from fund managers across the industry over the last quarter.

Hear from Eduardo Sanchez, Senior Investment Research Analyst, Charles Hovenden, Portfolio Manager, Dan Pereira, Investment Research Analyst and Tom Archer, Investment Research Analyst as they share key trends and observations on key sectors; Fixed income, absolute returns, global equities and multi-asset.

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02: UK sector snapshot

Fri, 04 Jun 2021 09:00:00 +0100

In this second episode of the Talking Research series, we are delighted to be joined by a panel of industry experts as we turn to the UK, exploring the possible prospects for the market as we begin to ease out of lockdown.

Square Mile's Chief Investment Officer, Mark Harries is joined by Richard Watts, Fund Manager and Co-Head of Strategy at Jupiter Asset Management, Hugh Sergeant, Fund Manager and Head of Value Recovery Strategies at River and Mercantile and Simon Brazier, Fund Manager and Co-Head of Quality at Ninety One, as they discuss the prospects for the UK market, looking at key drivers for growth and the investment opportunities as lockdown comes to an end.

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01: View from the Desk

Fri, 07 May 2021 08:00:00 +0100

In the first episode of the series, Square Mile's Chief Distribution Officer, Steve Kenny, is joined by four members of our research team who will be offering insight on what they have been hearing from fund managers across the industry in 2021 so far.

Hear from John Monaghan, Head of Research, Jake Moeller, Senior Investment Consultant, Paul Angell, Investment Research Analyst and Alex Farlow, Head of Risk Based Solutions Research as they share key trends and observations on key sectors; UK, Global Equity Income, Fixed Income and Multi-Asset.

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