This week, the American FDA announced it’s set to review a new breast cancer drug, Enhertu, developed by AstraZeneca (AZN) and its Japanese partner, Daiichi Sankyo. Julian Hofmann and Dan Jones unpack what this did to Astra’s shares, the wider issues facing pharmaceutical companies, plus an update on GSK’s (GSK) newest CEO.

Next, our Big Read on the ways to effectively pass on your wealth. In the UK, estimates suggest up to £7tn could be transferred from older to younger generations over the next 30 years. Val Cipriani, author of the piece, explains what the “Great Wealth Transfer” means for investors, the trade-off gifters need to consider, and more.

Last up, results from Ceres Power (CWR) came in lower than expected. Mark Robinson unpacks the reasons behind it, German shareholder Bosch’s departure, and where the valuation stands.

Timestamps

1:23 AstraZeneca

14:53 Passing on wealth

27:40 Ceres Power

Read more on these topics:

A pharma giant with star quality

How to pass on wealth to your children

Ceres Power cuts revenue guidance for 2025

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We begin with Trustpilot’s (TRST) results. Mark Robinson and Dan delve into what has gone right and wrong for the company, its durability in an age of AI, and our take on its use of buybacks.

Alex Hamer then covers the North Sea Energy Profits Levy. From the effect current policies are having on production to the companies that see opportunity in the region, Alex covers all that investors need to know.

Last up, Goodwin (GDWN), the 140-year-old Stoke-based engineering and manufacturing company. Alex Newman touches on the history of the business, its most recent trading update and if its years of investment are finally paying off.

Timestamps

1:31 Trustpilot

13:34 North Sea

27:21 Goodwin

Read the stories mentioned in the show:

Trustpilot grows revenue as AI boosts its subscription model

North Sea oil stocks bet on government U-turn

Goodwin: A 143-year-old firm flying under the radar

Meeting M&G’s CEO: Lee and the IC

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Reuniting after the summer, Lord Lee and Alex Newman sit down in the M&G offices with Andrea Rossi, CEO since 2022.

In the episode, the trio unpack what drew Rossi to take on the role, the challenges of balancing £350bn of assets, and how the affiliate deal with the Japanese life insurer Dai Ichi could transform the company, and more.

Alex and Lord Lee wrap up in usual fashion with an update on Lord Lee’s portfolio, including a relatively unknown family-run Plc that’s crucial to the UK’s submarine programme.

If you have any questions or any suggestions for future guests, email alex.newman@ft.com

Timestamps

1:09 Rossi’s impression of the business prior to joining

2:18 Why Rossi did not want to break up the group

4:13 What Rossi sees in private markets

7:58 The challenge of valuing a business such as M&G

14:36 Would private ownership be a better fit?

16:02 The Dai Ichi deal

17:43 Managing £350bn of assets

20:38 Replicating deals elsewhere in the world

21:22 Working in the Gulf

23:17 How Rossi allocates capital

26:12 Will M&G move into the ETF world

27:32 How optimistic is Rossi on M&G

29:31 Lord Lee’s portfolio

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We start with last week’s Big Read, our annual Top 50 Funds. Dave Baxter shares his thoughts on compiling the list, its structure and the changes made to this year's edition.

GSK (GSK), a company featured in our latest Special Report this week, Income Majors, is next. Its dividend level is not as high as it has been, but it is expected to tick up. Julian Hofmann unpacks its valuation, the possible buybacks on the table, what it's doing to boost sales and more.

Last up, it’s Mondi (MNDI), the packaging and paper company, which has had a tough year. Valeria Martinez covers the reasons, what it's doing during the slump it's experiencing and when investors can expect a recovery.

Timestamps

1:30 Top 50 Funds

14:13 GSK

26:17 Mondi

Read stories mentioned in the show:

IC Top 50 Funds: the best ones to buy

Income Majors 2025: How the UK’s biggest dividend payers are faring

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We begin with the £42bn mega-merger between Anglo American and Teck Resources. Commodities expert Alex Hamer lays out what the deal is, the strengths Anglo will gain from it, and its investment case moving forward.

It’s then on to Aim-traded Property Franchise Group with Mark Robinson. The recent results show momentum is strong, with many of its divisions performing well. Mark and Dan take a look at its valuation case against the market backdrop.

DIY chain Wickes has demonstrated resilience in the face of a relatively flat home improvement market. Erin Withey shares where the company is taking market share and why the market didn’t react much to its interim results.

Timestamps

1:16 Anglo American - Tech Resources Merger

17:45 Property Franchise Group

29:34 Wickes

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We start with this week’s Big Read by Chris Akers on Europe’s stand-out stocks, which have been beating their US counterparts. Chris lays out the background for the piece, the positives and the negatives on the continent, and highlights the sectors and countries investors may be particularly interested in.

Next up, investment clubs. Many of our listeners will be well-versed on the topic, but for those who are not, Holly McKechnie lays out what they are, the number of clubs in the UK at the last count and their future in light of Interactive Investors’ announcement.

Last up, Mark Robinson talks through Uniphar’s (UPR) latest results. The Irish Aim-traded pharmaceutical company’s share price has doubled in the past year, so Mark and Dan unpack what went right and how tariffs may affect the business.

Timestamps

1:22 European markets

15:21 Investment clubs

23:34 Uniphar

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We start with commodities expert Alex Hamer, the author of this week’s Big Read on nuclear power. Tech giants' need for the contentious energy source has revived plants around the globe. Alex unpacks what this means for the industry so far, and the prospects for the uranium market and small modular reactors (SMRs).

Next up, the world’s most valuable company, Nvidia (NVDA). New York-based reporter Arthur Sants discusses the company’s latest results, the uncertainty regarding sales to China, as well as Intel’s two recent big investors: the US government and SoftBank. Alex Newman also weighs in on the subject.

Mark Robinson covers Boohoo’s (DEBS) recent, delayed results, which showed some overhang from its old business. It’s move to be a third-party seller, similar to that of M&S (MKS) and Next (NXT) could be fruitful, but the competition is rife. Listen to find out more.

Timestamps

1:30 Nuclear

15:48 Nvidia

37:07 Boohoo

Read more on these topics

How to invest in the world’s nuclear future

Nvidia beats expectations despite China uncertainty

Boohoo cuts inventories and capex

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We begin with Mark Robinson talking PensionBee’s (PBEE) results. The company’s marketing push in the US was a key theme in its latest update, a region where it sees a big opportunity. Mark and Dan discuss how both its US and UK arms are faring, as well as its valuation case.

Next up, Holly McKechnie discusses our latest Big Read on beating the trap of leasehold properties. Holly and Dan unpack everything from how to spot issues when renting or buying a leasehold to the impact Labour’s reforms will have.

Last up, Valeria Martinez covers whey-based protein products producer Applied Nutrition (APN). Its second-half results showed good performance thanks to well-received product launches. Valeria explains why momentum is on the company’s side.

Timestamps

1:25 PensionBee

18:00 Leaseholds

34:48 Applied Nutrition

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