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Primary Health Properties (PHP) is one of the UK market’s best-known income stocks. With a record of 30 consecutive annual dividend increases and the strongest tenant base in the real estate sector, it has long been a favourite of investors looking for a secure, growing yield. Since chief executive Mark Davies took over from founder and chair Harry Hyman in 2024, the story has been more dramatic. Last year, in a high-profile contest, Davies saw off KKR in its bid for Assura and combined with its major listed peer to form a Reit with £6bn of assets. We discuss the logic of the deal, the landlord’s relationship with the NHS, debt, politics, why John believes PHP is a “no brainer” investment and the appropriate yield he, Davies and Hyman believe the stock warrants. Let us know your thoughts, or if you have any questions or any suggestions for future guests, by emailing [email protected] Listen to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTube. Timestamps: 00:00 Intro 02:42 What is PHP? 05:29 Becoming a growth stock 08:20 Being a REIT 14:49 Maintaining dividend growth 18:60 How new opportunities arise 22:37 How lease negotiation works 26:33 Assura acquisition 34:54 Move to unsecured loans 37:15 The challenge of the political landscape 40:41 Potential for a buyout 45:23 Goodwins update 49:55 Small cap stock update 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.

In this week’s episode we delve into FTSE 100 testing and assurance company Intertek (ITRK), which has had an action-packed few days: board changes, a strategic review, and a rejected bid offer from a private equity investor. Valeria Martinez explains everything you need to know. Then we look to renewable energy investment trusts, which have enjoyed increased interest over the past month amid the US/Iran war and resultant rise in power prices. Holly McKechnie tells us which trusts stand to benefit the most, and we consider whether greater urgency over the energy transition means better times ahead. Finally, we discuss microfinance lender ASA International (ASAI.L), which has been on a tear over the past year. Julian Hofmann reports on what’s been driving the business forward and whether it can continue. Read more here: Intertek rejects EQT takeover approach The complete guide to buying investment trusts ASA International’s microfinance push pays off Timestamps 00:00 Intro 01:01 Intertek 9:45 Renewables trusts 19:19 ASA Listen to more podcasts from Investors’ Chronicle 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.

In this week’s show we discuss the temporary ceasefire in the Middle East – if it is really appropriate to call it that – and consider whether the announcement has done anything to lighten a global economic outlook that has looked increasingly gloomy for the past few weeks.  Investors have certainly priced in a fair amount of relief. We discuss if they are right to do so, and what happens next. Julian Hofmann has the details. Our big read this week, meanwhile, is about a continent that could be particularly affected by the energy shock – Africa – albeit, as Chris Akers explains, it’s far from a monolithic bloc and there’s the potential for both winners and losers. Chris tells us about the UK companies that have set up in Africa and why the investment opportunities take in everything from resources to telecoms. To finish, we delve into specialist engineer Senior, which feeds into many of the hot sectors of the moment, but it’s had a topsy turvy time of it in recent months. That has now culminated in a takeover approach – Mark Robinson discusses whether that represents good value for holders and whether a rival approach could emerge. Read more here Ceasefire updates, Shell & Close Brothers: Markets live How investors can make the most of the Africa opportunity Senior backs £1.3bn private equity buyout Timestamps: 00:00 Intro 01:15 US/Iran ceasefire 12:46 Africa 26:20 Senior Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube or by clicking here 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.

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 deal Raspberry Pi ups sales volumes but margins tighten Episode timestamps: 00:00 Intro 01:21 Unilever 09:54 Berkeley Group 18:30 Raspberry Pi Listen to more podcasts from Investors’ Chronicle Apple, Spotify and YouTube or by clicking here 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.

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.  Timestamps 00:00 Intro 01:07 What is Artemis Global Income? 02:26 Three buckets 04:21 Importance of valuation 05:40 Recent performance 10:49 Are we going back to 2022? 16:20 AI investments 19:19 Financial industry 24:05 Is there value in the UK? 27:26 Recent changes 32:50 When to sell 34:21 Emerging markets 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.

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 Intro 01:33 Strait of Hormuz 17:38 Goodwin 33:52 Annuities Listen to more podcasts from Investors’ Chronicle Apple, Spotify and YouTube or by clicking here 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.

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 Intro 00:58 The state of student loans 01:50 Plan 1, Plan 2, Plan 5 student loans 04:40 Why Plan 2 is so bad 08:20 Loan or tax 10:15 Why it impacts women more 13:45 Is Plan 5 better? 15:11 What you can do about it 17:22 When you should overpay Read more on the student loan issue on Investors' Chronicle: How to survive the student loan system Women 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. Timestamps 00:00 Intro 01:35 Diploma 06:02 Essentra 11:54 Mechanics of trading 22:39 Real estate 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.

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]. Listen to more podcasts from Investors’ Chronicle by clicking here or heading to Apple, Spotify and YouTube. Timestamps: 00:00 - Introduction 00:30 - How developments in Iran are affecting Lord Lee's investing plans 03:25 - Dr. Edward Ziff explains Town Centre Securities business 07:13 - How Town Centre Securities real estate assets are spread 11:44 - Recent performance of Town Centre Securities 15:40 - Lord Lee's previous dealings with Town Centre Securities 19:07 - How important leverage and loan-to-value ratio is to the business 23:36 - Town Centre Securities' Debenture 28:49 - Moving out of REIT status 34:01 - Succession plans and family-run businesses 39:29 - Lord Lee discusses his portfolio 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.

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 slowdown Shares keep falling on oil volatility Energy shocks force investors to rethink rate cuts Timestamps 00:00 How the Iran conflct has affected markets this week 03:41 A closer look at Clarkson results 10:57 Shipping companies & supply chain disruption 17:39 Energy prices 18:23 The danger from an equities perspective 19:43: What retail investors should do when a black swan event happens 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.

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: Intro 01:06: War in Iran 13:32: Healthcare resurgence 26:05: Isa changes Find out more: ‘Operation Epic Fury’ creates more noise for defence shares Read all the latest stocks & shares news and analysis here How to invest in the healthcare revival 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.

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. Timestamps 00:00: Intro 03:17: Three ways to get returns in markets and from companies 07:05: Value investing 08:31: Why I don’t meet CEOs 10:57: ‘Buy and hold forever’ doesn’t work in a rapidy changing world 15:22: A ‘fresh sheet approach’ and Qualcomm 17:40: The Magnificent Seven 19:21: Investors are starting to turn away from the US 23:09: Alternatives to the US 24:35: Terry Smith and passives 26:15: Greggs 29:01: Diageo 31:31: EasyJet 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.

Company results season is under way. We have a mass of companies reporting over the next couple of weeks, and we will dig in to one of the highest profile businesses on the FTSE 100 later in the show. To start, though, we are looking at a lesser-known stock, albeit one whose shares have been surging higher for several years now: Lion Finance (BGEO), itself not far from FTSE 100 promotion, and which reported another set of well-received figures of its own earlier this week. Alex Newman asks whether the run can last. Then, our big read this week is all about the existential question of the day: is AI working? With investors hopes and indeed fears now seemingly pinned on the technology, Valeria Martinez is here to discuss how companies outside the tech sector are applying AI in practice, and how effectively or otherwise they are being. In our third segment we’ll look at a noted AI loser of recent months, albeit one that nonetheless put out a fairly superlative set of results this morning: London Stock Exchange (LSEG). Hugh Moorhead will take us through the risks and opportunities facing the business, and consider whether the sell-off has been overdone. Read more: Can investors ignore the FTSE 100’s next big bank? Lion Finance’s profits exceed expectations Next-generation AI stocks worth buying now Timestamps: 00:00 Intro 01:12 Lion Finance 17:10 AI winners 33:56 London Stock Exchange Group 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.

We start with copper miner Antofagasta (ANTO), whose shares have soared over the past year on the back of big gains for the red metal. It released full-year figures earlier this week, and Alex Hamer discusses its prospects, as well as Rio Tinto and Glencore now the mega-merger is off. Alex also explains some of the equity raises that have taken place lower down the cap scale in recent weeks. Erin Withey then joins us to discuss caterer Compass (CPG), which has been struggling of late. That’s led to calls for a slight rethink of its strategic priorities.  Lastly, we look at one of the UK’s newest listings, albeit in the form of a business that sits outside the FTSE 350. The Magnum Ice Cream Company (MICC) spun off from Unilever in December and has just reported its 2025 results. Mark Robinson examines the outlook for frozen sweet treats. Read more: Antofagasta doubles dividend as profits hit new record Cheaper Compass shares put buybacks on the menu Magnum Ice Cream fails to impress in maiden results Timestamps: 00:00 Intro 01:24 Copper mining 15:09 Compass Group 23:25 Magnum ice cream 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.

Christie Group has a lot going for it. Growing in several countries and an employer to around 650 people, the brokerage business is a well-respected name in multiple niche sectors. Last year sales exceeded £70mn, and management reckons operating profits of £10mn are possible. The kicker, following the disposal of several subsidiaries, is that its balance sheet is full of cash. Lord Lee of Trafford clearly agrees. In more than 80 transactions since 2002, he has amassed a 6 per cent holding across both his personal investment account and the charitable trusts he oversees. So why is the business valued at just £35mn? We put this question and many more to chief executive Dan Prickett, who has been at the company for 17 years - including the last two and a half in the top role. Listen to more podcasts from Investors’ Chronicle on Apple, Spotify and YouTube Timestamps 00:00 Intro 00:30 Recap of last episode 01:44 Introducing Dan Prickett 02:21 What is Christie's 05:10 John's history with the business 09:37 Institutional shareholders 12:10 Dan's stake in the business 15:08 Trading statement 23:40 Why is the stock price low? 30:18 Expansion in Europe 35:49 Setting targets 37:08 John's portfolio round up 39:25 PZ Cussons 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.