Much of what has been covered in Lee and the IC episodes is about financial literacy and in this episode, Alex and John take a step further by hosting three members from the Renaissance Foundation, a specialist London-based youth charity.

The foundation, among its other aims, hopes to bring financial literacy to young people who otherwise may not have exposure to the world of investing. It will soon launch the City of London Youth Investment Fund and Alex and John are joined by CEO, Sat Singh, and co-chairs of the fund, Ananya Chowdhury and Wahid Uddin, who benefitted from the foundation as children.

The five discuss a range of topics from the formation of the fund to their research methods when finding companies to invest in. Lord Lee shares insight from his six-decades-worth of experience as a private investor, and Alex and John also touch on his Lok'n Store holding and take questions from listeners.

Timestamps

1:11 Financial education and the Renaissance Foundation

6:15 The fund

8:27 Practical considerations of the City of London Youth Investment Fund

10:12 Co-chairs of the fund Ananya Chowdhury and Wahid Uddin

12:29 How to bring investing to life for young people

13:46 John’s entry into investing

15:16 The investing approach to the fund

16:36 Balancing risk and range of a fund

17:52 How investing changes when it's collaborative versus personal

18:46 Will their fund be more company or fund-focused?

21:33 What success would look like for the fund

23:48 Sharing investing styles

27:37 The importance of dividends

29:01 John’s portfolio & Lok'n Store

34:20 PZ Cussons

41:22 Listener questions

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On the day of the announcement mining giant BHP offered a whopping £31bn for Anglo American, Mark Robinson runs us through the thinking behind the deal, the impact South Africa’s upcoming election may have on Anglo’s assets, and whether this is just the beginning of negotiations.

Jemma Slingo takes the hot seat to discuss this week’s cover feature, hopefully, a comfort for many listeners: investors’ biggest mistakes. Jemma shares a few examples from fund managers interviewed, what they have learnt from their mistakes, the behavioural science behind them and more.

Last but not least, Julian Hofmann discusses the biggest estate agent Property Franchise Group (TPFG) which recently completed a takeover of smaller realtor Belvoir. It’s now the biggest real estate agent in the country in terms of its multitude of locations thanks to its franchise model, but is it a quality business in the cyclical sector?

Timestamps

1:08 BHP’s big for Anglo American

13:56 Investors’ biggest mistakes

25:01 Property Franchise Group

Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit investorschronicle.co.uk/podcasttrial

*After your 12-week trial you will pay just £56.25 every 13 weeks by direct debit.

If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only.

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We begin this week's episode with a rundown of industrial metal price movements. From copper’s boom, Russian sanctions and the price of gold, our commodities correspondent Alex Hamer reveals what investors need to know on all things metal.

A change in fate has swept across one of the UK’s most well-known and loved funds: Fundsmith Equity. It has not beaten its benchmark for the past three years, bringing a concerning end to its long run as a high-growth fund. Dave Baxter talks about the shifts in the portfolio over the past decade, analyst criticism, Terry Smith’s response and more of what readers can expect from this week’s cover feature.

Last but not least, our senior companies reporter Jennifer Johnson unpacks our result of the week: Asos (ASC). The fast fashion retailer released interim results which show the outlook is still underwhelming. Its plan to reduce unsold merchandise panned out but resulted in falling margins. Is there any hope for the company and those holding it in their portfolio?

Associate editor Alex Newman and companies editor Mark Robinson also join the conversation to share their take on the latest market news.

1:30 Industrial metals

11:51 Fundsmith equity

22:35 Asos (ASC)

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We begin with Julian Hofmann, whose latest article covers the companies left behind as doom and gloom takes hold of the British market. Many investors have been turning their noses up at British stocks but Julian says there is still value to be found. He touches on some of these, such as furniture brand DFS, and how investors can calculate a share’s value.

Next is Jemma Slingo who reports on the world’s leading thread manufacturer and British heritage brand Coats. The company recently released full-year results which show it’s making great progress internally, which can be attributed in a large amount to its production move from the US to Mexico. Jemma explores the progress of the company in the wider market and its current value case.

Carrying on the theme of 18th-century British businesses, Mark Robinson joins to discuss ceramics company Churchill China. Mark and Dan discuss how the company is recovering from the pandemic and lockdowns that halted the hospitality industry, its main source of revenue.

Timestamps

1:17 British bargains

13:59 Coats

22:36 Churchill China

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Joe Bauernfreund and value investing are nearly synonymous. The veteran manager runs the AVI Global Trust and AVI Japan Opportunity Trust, and has responsibility for all AVI’s investment decisions as the CEO and CIO. His £1bn global stocks fund scours the world for the best companies but whose shares stand at a discount to the value of their underlying assets.

In this podcast, funds editor Dave Baxter and Bauernfreund unpack his extreme value investment process, how Japanese valuations have changed, how to avoid value traps and more.

This episode was recorded on 27 March.

Timestamps

1:02 The investment process of the fund

2:34 Activist investing

4:27 Hipgnosis (HSF)

5:23 Baunerfreund’s take on investment trusts

7:07 Recovery in the trust space

11:00 The resilience of certain sectors

12:38 Private Equity

16:58 The era of higher rates

18:32 The Japanese market

21:04 Competition in the space

22:32 Interesting sectors or themes in Japan

23:33 Other nations the fund is gravitated towards

25:28 Emerging markets

27:26 The reasons to exit a position and selling Pershing Square

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We begin with one of the biggest names in the EV game: Tesla (TSLA). Shares are down by a third this year and Mark Robinson discusses what has caused this slump. Competition from China’s BYD certainly poses a threat but diminishing trust and popularity are also at play.

Next, the author of our cover feature this week, Christopher Akers, shares his thinking behind the piece The travel stocks making the most of the recovery. Many companies are reporting record trading, an interesting occurrence given rising rates, an economic downturn and what was a catastrophic pandemic. Dan and Chris discuss the bargain valuations available for investors and whether the rebound can continue.

Last but not least, Hermione Taylor unpacks her article on investing while interest rates are being cut. She dives into what history tells us about stock market performance in a rate cut cycle, current forecasts and how investors can benefit over the coming months.

More on Tesla

Will the Magnificent Seven go down to six?

Meet the new electric vehicle top dog

1:16 Tesla (TSLA)

12:53 The travel stocks making the most of the recovery

23:09 Investing at a time of interest rate cuts

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Mark Robinson hosts this week’s episode and begins with a rundown of the latest news in the financial world, from Donald Trump’s Trust Social listing to the Bank of England’s warning on private equity bubbles.

This week’s cover feature on Britain’s top-rated funds is up first. Dave Baxter shares what readers can expect from the article, including the trends picked up by our analysis and the big-hitting funds that can boost portfolios.

Julian Hofmann discusses the credit card and loan-focussed bank Vanquis Banking (VANQ) which recently released results. He and Mark discuss whether its doorstep lending model is more or less redundant in today’s age, and consider the reasons it’s trading at such a large discount.

Lastly, Christopher Akers unpacks the contrasting results of two beverage companies, Fevertree (FEVR) and AG Barr (A.G.). With the US now its biggest market, Chris looks at whether Fevertree can keep investors and customers interested across the pond. He also explains how AG Barr transformed itself into a “highly successful multi-beverage, branded company”.

Timestamps

1:37 News rundown

5:15 Britain’s top-rated funds – as picked by analysts

14:32 Vanquis Banking results

23:11 UK beverage producers Fevertree and AG Barr

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Alex and Lord Lee have reunited for the seventh episode of Lee and the IC, two weeks on from Jeremy Hunt’s Spring Budget.

The announcement of a British Isa could shake up the UK’s private investing landscape so the pair begin by mulling over the practicality of the tax shelter and how future governments can improve the public’s attitudes towards investing.

In his statement, Hunt also announced the government would be selling its NatWest (NWG) shares, which could be the move to get the ball rolling on Lord Lee’s gifting shares to schools idea, a method to increase investing literacy.

Lord Lee then answers questions from listeners on how he generates investment ideas and whether stop-losses are a part of his method. As with each episode, the pair wrap up the conversation by discussing some of Lord Lee’s holdings, including Ampario (AMP), M&G (MNG) and Treatt plc (TET), which Investors’ Chronicle also profiled last week here.

This episode was recorded on 21 March.

Timestamps

1:31 A British Isa

3:24 How future governments can improve cultural attitudes to investing

5:54 Overseas shares tax exemption within Isas

9:41 Inheritance tax and Isas

12:49 Gifting shares to schools

20:05 Reader questions – does Lord Lee use stop-losses?

23:24 How he checks in on his portfolio

24:48 How he generates investing ideas

26:28 Will he write a sequel to his book How to make a million slowly?

27:30 Anpario (ANP)

32:55 Genus (GNS) and Benchmark Holdings (BMK)

34:58 M&G (MNG)

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