Investors' Chronicle

We begin the show with consumer goods giant Unilever (ULVR) – soon to be somewhat smaller, given the $45bn spin-off of its foods business to US spice and sauce maker McCormick (MKC). The reaction to the news, though, has been distinctly underwhelming. Erin Withey examines what it means for Unilever’s future.Then we turn to Berkeley (BKG), the housebuilder, which, this week, published an unscheduled negative update, less than three weeks after it told investors everything was fine. Hugh Moorhead explores what the company’s retrenchment says about the UK’s wider housebuilding goals.Lastly, we discuss what is perhaps the UK’s very own meme stock – microcomputer maker Raspberry Pi (RPI). Its shares rose almost 50 per cent in one day following its full-year results. Arthur Sants explains how the company ended up part of the AI boom and whether there’s a decent business underneath it all.Read more here:Why the market is turning against Unilever’s $45bn food dealRaspberry Pi ups sales volumes but margins tightenEpisode timestamps:00:00 Intro01:21 Unilever09:54 Berkeley Group18:30 Raspberry PiListen to more podcasts from Investors’ Chronicle Apple, Spotify and YouTube or by clicking hereInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

At £5.7bn, Artemis Global Income is one of the largest global income funds available to UK investors. It posted enthusiastic returns in 2025, well above what you would normally expect from this kind of strategy. But has this made the portfolio holdings expensive, and where does it go from here?Manager Jacob de Tusch-Lec talks to Val Cipriani about being nervous about what comes next, whether the war in Iran means 2022 all over again for stock markets, and how he feels about AI. Timestamps00:00 Intro01:07 What is Artemis Global Income?02:26 Three buckets04:21 Importance of valuation05:40 Recent performance10:49 Are we going back to 2022?16:20 AI investments19:19 Financial industry24:05 Is there value in the UK?27:26 Recent changes32:50 When to sell34:21 Emerging marketsInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

It’s been another seesaw week as the world weighs up the chances of an end, or at least a cessation, to hostilities in the US-Israeli war with Iran. President Donald Trump is taking a more conciliatory tone, but in this case, a U-turn is not in his gift alone and with Iran talking tough, the optimism of earlier in the week has started to ebb as we record today’s show.The episode starts by looking in more detail at some of the implications of the continued pressure on the Strait of Hormuz, the key global shipping route that has in effect been put out of action by the war. Alex Hamer is here to discuss the implications for everything from energy (and UK energy policy) and fertiliser to helium. The broad conclusion is of course that prices are going up, but we dig into the detail during the show.We move on to look at one early victim of the uncertainty in the shape of UK engineer and private investor favourite Goodwin (GDWN), whose shares halved this week on a disappointing trading update. Alex Newman will consider the extent to which some of these problems were of its own making – or at least down to poor communications.Finally, amid all the uncertainty – and rising bond yields – the stability of an annuity may look more attractive to some of those in or approaching retirement. Holly McKechnie is with us to talk about the pros and cons of the products.Episode time stamps:00:00 Intro01:33 Strait of Hormuz17:38 Goodwin33:52 AnnuitiesListen to more podcasts from Investors’ Chronicle Apple, Spotify and YouTube or by clicking hereInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Val Cipriani and Holly McKechnie are back with a new episode of Women & Wealth, and unpack the UK’s student loan system and growing debt burden facing graduates.The funds editor and personal finance editor for Investors’ Chronicle explore why women often end up paying more, how repayment rules really work, and what the system means for your finances.Student loans have undergone several reinventions over recent years, but the current focus is largely on Plan 2 loans, taken out by undergraduates between 2012 and 2022. These have become particularly onerous following changes made by the Conservative government in 2022.Val and Holly look at the three key repayment terms to be aware of, and the other factors that affect how much you pay back.Maternity, salary gap and employment opportunities in fields studied more by women mean that the student loans issue disproportionately affects them. Val and Holly discuss this, as well as how to minimise your exposure and pay less over the long term.Timestamps:00:00 Intro00:58 The state of student loans01:50 Plan 1, Plan 2, Plan 5 student loans04:40 Why Plan 2 is so bad08:20 Loan or tax10:15 Why it impacts women more13:45 Is Plan 5 better?15:11 What you can do about it17:22 When you should overpayRead more on the student loan issue on Investors' Chronicle:How to survive the student loan systemWomen and Wealth is the monthly podcast series from Investors’ Chronicle. You can listen to and watch the episodes, alongside our other podcasts, on Apple, Spotify and YouTube.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

On this week’s show, we begin with industrials. It was only a month or so ago that the sector was being touted by many as a potential safe haven from AI disruption. Then the US/Israel war with Iran began, and the merits of energy-intensive physical assets were hastily reconsidered.But of course not all industrials are alike. Today we take a look at top-performing Diploma (DPLM) – crucially more of a distributor than a manufacturer – whose shares rose by a fifth after its latest trading update. We’ll also examine Essentra, which has had a far worse time of it for many years but is now starting to see improvements. Valeria Martinez is here to ask whether both companies can maintain their operational progress in the face of a variety of external threats.Our big read this week is all about the price investors pay for buying and selling shares. Most DIY investors will know whether or not they’re charged a trading fee when they buy or sell investments, but what actually happens behind the scenes when those trades are executed? Hugh Moorhead is here to explain more and ask whether the system could be improved.Lastly, we look at another sector that’s likely to feel a significant second-order impact from the war: real estate. And yet, as we’ll discuss, the mood at a recent industry conference was relatively upbeat. Hugh will touch on everything from housebuilders to the London office market and more.Timestamps00:00 Intro01:35 Diploma06:02 Essentra11:54 Mechanics of trading22:39 Real estateInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Town Centre Securities (TOWN) is one of the UK market’s oldest names. Founded, managed and largely controlled by the Ziffs of Leeds since its listing in 1960, it is a typical John Lee stock: a cash-generative, dividend-paying, and storied family business with roots in the North.Another factor explains John’s recent decision to start building a stake in the group. At £1.15p, Town Centre’s share price trades well below half of the company’s net asset value.In this latest CEO interview, John and IC associate editor Alex Newman speak with Town Centre’s chief executive and chairman, Edward Ziff, about the business’s past and present, and the prospects for closing that enormous valuation gap.Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing [email protected] to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTube.Timestamps:00:00 - Introduction00:30 - How developments in Iran are affecting Lord Lee's investing plans03:25 - Dr. Edward Ziff explains Town Centre Securities business07:13 - How Town Centre Securities real estate assets are spread11:44 - Recent performance of Town Centre Securities15:40 - Lord Lee's previous dealings with Town Centre Securities19:07 - How important leverage and loan-to-value ratio is to the business23:36 - Town Centre Securities' Debenture 28:49 - Moving out of REIT status34:01 - Succession plans and family-run businesses39:29 - Lord Lee discusses his portfolioInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

In a busy week where events in Iran continue to dominate the news cycle, companies editor Mark Robinson stands in for Dan Jones to discuss the impact of the conflict on maritime activities, focusing on supply chain disruption, rerouting and cost implications, along with the challenge faced by global shipping lines such as Maersk & MSC. He is joined by Michael Fahy and Julian Hofmann.Mark is also joined by Valeria Martinez to focus on full-year figures from shipping broker Clarkson (CKN). Read more on Investors' Chronicle around this week's podcast:Clarkson order book builds despite ship slowdownShares keep falling on oil volatilityEnergy shocks force investors to rethink rate cutsTimestamps00:00 How the Iran conflct has affected markets this week03:41 A closer look at Clarkson results10:57 Shipping companies & supply chain disruption17:39 Energy prices18:23 The danger from an equities perspective19:43: What retail investors should do when a black swan event happensInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

It’s another day chock-full of company results, albeit market attention is understandably still focused elsewhere given the events in the Middle East over the past week. So today, we too will be discussing the implications of the US/Israel war with Iran. Mike Fahy is here to talk about energy, defence, and the implications for the UK and European economies. After that, we turn to our big read of the week. The healthcare sector has typically been seen as a port in a storm during troubled times, and after a tough few years there had been signs of a revival even prior to the latest nerves. Julian Hofmann will dive into the detail and ask whether this momentum can continue.Finally, next week marks the publication of our annual Isa special. With big reforms on the way for these popular savings accounts, personal finance editor Holly McKechnie joins us to discuss what’s happening, as well as outlining some practical steps listeners can take to meet their savings goals.Timestamps:00:00: Intro01:06: War in Iran13:32: Healthcare resurgence26:05: Isa changesFind out more:‘Operation Epic Fury’ creates more noise for defence sharesRead all the latest stocks & shares news and analysis hereHow to invest in the healthcare revivalInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Ranmore Global Equity (IE00B61ZVB30) is a value fund that has grown very quickly over the past 18 months. In June 2024, it had a $300mn portfolio, but by January 2026 this had hit $1.5bn.The fund’s manager, Sean Peche, talks to Val Cipriani about how he finds underappreciated and undervalued stocks, why he doesn’t meet company CEOs, and why buying and holding ‘forever’, a strategy favoured by star managers Terry Smith and Nick Train, no longer works in today’s rapidly changing world.Timestamps00:00: Intro03:17: Three ways to get returns in markets and from companies07:05: Value investing08:31: Why I don’t meet CEOs10:57: ‘Buy and hold forever’ doesn’t work in a rapidy changing world15:22: A ‘fresh sheet approach’ and Qualcomm17:40: The Magnificent Seven19:21: Investors are starting to turn away from the US23:09: Alternatives to the US24:35: Terry Smith and passives26:15: Greggs29:01: Diageo31:31: EasyJetInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.