FundCalibre - Investing on the go
Investing on the go gives you direct access to the people who manage your ISA and pensions savings. Our hosts will be interviewing finance professionals on everything from their successes and failures to current ideas and insights. At meetings, before events and even if we bump into them on the street, we'll grab five minutes with these experts to discuss how your own personal finances could be impacted by topics such as US elections, the move from petrol to electric vehicles, the growth in artificial intelligence and robots, and so much more. Our ultimate goal is to bring to life...
408. Is AI in a bubble?
AI spending continues to reshape markets, but after several years of extraordinary growth, are the most obvious opportunities becoming harder to find? We discuss signs of bubble-like behaviour, with Mikhail Zverec and Graeme Bencke, co-managers of the WS Amati Global Innovation fund, who elaborate on the slowing growth in AI capital expenditure and why the next phase could favour less obvious beneficiaries. The interview explores physical AI, robotics, industrial automation and the specialist companies providing the infrastructure, sensors and software behind them. We also examine why parts of the software market may have been written...
407. Why patient investors are still backing UK smaller companies
UK small-caps have endured a difficult decade, but attractive valuations, stronger balance sheets and improving earnings trends are creating a compelling backdrop. Our interview with Katen Patel, co-manager of the JPMorgan UK Small Cap Growth and Income Trust, explores what could finally trigger a re-rating, why M&A activity is accelerating, and how share buybacks have become increasingly attractive for cash-rich companies. He also covers opportunities in UK mid-caps, the benefits of an investment trust structure, overlooked companies at the smaller end of the market and the importance of international revenues. Finishing with how the...
406. Century bonds, AI debt and the case for staying short
Capital preservation can be just as important as income when investing in bonds. Our interview with Jerry Wharton, manager of IFSL Church House Investment Grade Fixed Interest, examines how a defensive investment-grade bond strategy seeks to preserve capital while providing dependable income for clients. The discussion covers the importance of credit quality, short duration and avoiding the temptation to chase yield through lower-quality or excessively long-dated bonds. It also explores volatility in the gilt market, attractive new sterling issuance and growing concerns around debt issued by major US technology companies. Finally, the conversation considers the difficult outlook...
405. Where Europe’s income opportunities lie
European equities have long appealed to income investors, but the opportunity is becoming broader than dividends alone. Stuart Brown, co-manager of the BlackRock Continental European Income fund, joins us to discuss improving earnings and dividend growth across industrials, banks and utilities, alongside the structural themes supporting them, including electrification, energy security and supply-chain investment. The discussion also examines regional portfolio positioning, the resilience of European companies amid geopolitical disruption, and selective opportunities in defence. Finally, it considers why share buybacks, improving business fundamentals and more shareholder-friendly capital allocation could strengthen Europe’s total re...
404. Has AI left quality investing behind?
Artificial intelligence has fuelled exceptional market performance, but it has also created opportunities in overlooked areas of the global equity market. In this episode, Sam Witherow, co-manager of the JPM Global Equity Income fund, discusses why high-quality companies have lagged despite strong fundamentals, how dividend investing can still capture technology-led growth and where the most attractive opportunities lie outside the AI winners. The interview covers US equities, semiconductor leaders, financials, healthcare and medtech, before looking at market valuations, geopolitical risks and the outlook for global equities.
What’s covered in this ep...
403. Higher yields, lower risks? Where bond investors should look now
Geopolitical tensions, inflation fears and shifting interest rate expectations have created a challenging backdrop for bond investors. Dickie Hodges, manager of the Nomura Global Dynamic Bond fund, discusses why these periods can also create attractive opportunities, how rising yields have transformed the outlook for fixed income, and why today’s market looks very different from a decade ago. The conversation covers credit spreads, emerging market debt, financial bonds and the importance of maintaining liquidity. We also explore how hedging strategies are used to reduce portfolio risk without sacrificing return potential, before finishing with an...
402. The investing story everyone is missing
In this episode, we explore the structural changes reshaping global markets and why politics is only part of the story. The discussion examines how deglobalisation, higher interest rates and renewed focus on energy, defence and industrial policy are changing investment opportunities. Alec Cutler, manager of the Orbis Global Balanced and Global Cautious funds, looks beyond the headline AI winners to the companies enabling the technology revolution, he also shares why the energy transition could remain inflationary, and explores opportunities in emerging markets and fixed income. Finally, we examine how...
401. The return of growth investing in Japan
This episode focuses on Japan’s changing market dynamics and why investor sentiment appears to be shifting after decades of stagnation. Richard Kaye, manager of the Comgest Growth Japan fund, discusses the return of domestic confidence, renewed consumer and corporate activity, and the growing role of institutional capital in supporting equities. We also explore Japan’s position within global technology and AI supply chains, highlighting its continued leadership in semiconductors, robotics, and industrial automation. Finally, we look at broader structural themes, including demographic change, labour market reform, and Japan’s integration into wider Asian...
400. AI, inflation and the new market regime
In this special 400th episode, we take a broad look at global markets at the halfway point of the year. The discussion between Darius McDermott and Juliet Schooling Latter covers easing geopolitical tensions, inflation dynamics, and the continued influence of AI on equity returns. We explore the broadening of market performance beyond the US, with strength in Asia and emerging markets, alongside challenges in India and a mixed picture in the UK. The episode also examines central bank policy, M&A activity, and structural shifts shaping regional opportunities. Overall, it highlights how diversification and selectivity remain critical in navigating...
399. The new infrastructure boom
Infrastructure is no longer just about dependable income and downside protection. Peter Meany, manager of the First Sentier Global Listed Infrastructure fund, explains how the asset class is benefiting from powerful structural growth drivers, including AI-driven electricity demand, digital infrastructure expansion and the reshoring of manufacturing in the US. He also discusses why regulated utilities are seeing some of their strongest growth in decades, where opportunities are emerging across railroads and airports, and why infrastructure may be unfairly labelled as merely a bond proxy. Finally, we examine valuations, the role of emerging markets, and why...
398. What comes next for China?
This episode explores the current state of Chinese equity markets, focusing on shifting sentiment, policy developments, and the widening divergence between sectors. Dale Nicholls, manager of the Fidelity China Special Situations Trust, highlights how domestic regulation, energy price pressures, and global AI investment trends are reshaping opportunities for investors. We also cover tariffs, earnings revisions, property stabilisation and the potential for improving consumer demand driven by wealth effects and policy support. It also examines sector rotation, AI-driven capital expenditure, and opportunities in property, healthcare, and industrials, alongside the role of valuation, offshore expansion, and long-term...
397. Meet the fund finding the next wave of innovation (before the market)
Innovation is often associated with headline-grabbing tech giants, but this episode reveals a far broader opportunity set across global markets. Graeme Bencke and Mikhail Zverev, co-managers of the WS Amati Global Innovation fund, introduce the fund’s disciplined framework that categorises companies as pioneers, enablers and adopters of technological change, and explain how each play a distinct role in capturing innovation-driven growth. The managers also explain how they identify “innovation frontiers” where change is already being adopted rather than speculative future trends. From AI infrastructure and semiconductors to life sciences, defence, and industrial automation, the conver...
396. What investors keep getting wrong about cycles
Markets are often driven less by logic and more by emotion, and that pattern hasn’t changed despite decades of evolution in investing tools and technology. Nick Clay, manager of the TM Redwheel Global Equity Income fund, joins us this week to explore how cycles of greed and fear continue to shape market behaviour, and why volatility is returning after years of unusually stable conditions. We discuss inflation, AI-driven disruption, shifting definitions of quality and why valuation discipline matters more in today’s environment. The interview also challenges the idea of “quality at any price” and highlights the importance of incom...
395. High yield bonds in a world of chaos
With geopolitical tensions rising and inflation concerns returning, bond markets are facing another major test. Rhys Davies, manager of Invesco Bond Income Plus (BIPS), joins us to discuss why high yield bonds have remained surprisingly resilient, how spreads are behaving and whether markets are becoming too complacent about risk. The conversation also explores portfolio positioning in uncertain conditions, the importance of diversification and why shorter-duration bonds are helping manage volatility.
What’s covered in this episode:Â
High yield bond resilienceGeopolitics and market volatilityInflation and interest rate risksCredit spreads explainedPortfolio positioning in...394. From uranium to frontier matters: finding value where others aren’t looking
In a volatile and often unpredictable market, finding reliable returns is becoming increasingly challenging. This episode explores a defensive, multi-asset approach with SVS RM Defensive Capital manager Dr Niall O’Connor. This fund looks beyond traditional equities and bonds, focusing instead on overlooked, under-researched opportunities. From high-yield bonds and discounted investment trusts to commodities and frontier markets, the interview highlights how diversification is evolving. It also examines why traditional hedges may no longer behave as expected, the risks posed by inflation, and where genuine opportunities still exist. With a strong emphasis on valuation discipline and id...
393. From deflation to innovation and the new drivers of Japan
This episode explores the changing investment landscape in Japan and why it may be entering a new era of growth. With deflation ending, wages rising and corporate governance improving, companies are being pushed to deploy capital more efficiently. We’re joined by Alison Henry, investment specialist in Japanese equities from Baillie Gifford, this week who highlights opportunities in mid-cap innovators, the growing influence of artificial intelligence and Japan’s leadership in robotics and automation. We also examine how companies are adapting to technological disruption and the role of global volatility in portfolio decisions, focusing on the Bail...
392. Value investing in a volatile world
This interview examines how escalating geopolitical tensions are influencing the UK equity market and investor sentiment. Rising energy prices and disrupted supply chains are expected to feed through into inflation and interest rates, creating headwinds for more cyclical areas of the market. Alex Wright, manager of Fidelity Special Values Trust, explores how the portfolio is being adjusted in response, including changes to exposure across sectors such as defence and oil. We also consider the challenges of navigating markets where traditional defensive assets have already performed strongly and highlight where value opportunities are emerging...
391. Uncovering Asia’s growth engine
Today’s guest, Richard Sennitt, manages three Elite Rated funds: Schroder Asian Alpha Plus, Schroder Asian Income and Schroder Oriental Income Trust. He shares his approach to navigating investment opportunities across Asia. The interview explores the impact of AI on semiconductor manufacturing and tech enablers, the growth potential in financials and insurers and the evolving dividend culture in markets like Singapore, Korea and China. Richard shares his approach to balancing income generation with capital growth, emphasising natural dividend streams over chasing yields. He also discusses po...
390. Europe rising: what’s driving returns
Take a deep dive into European equity investing, focusing on how a disciplined blend of quality, valuation and momentum can drive consistent long-term returns. Alexander Fitzalan Howard, manager of JPMorgan European Growth and Income Trust, explores how earnings revisions act as a key signal for stock performance, alongside insights into sector opportunities such as banks, infrastructure and smaller companies. We also examine the impact of macro developments, including increased European fiscal spending and geopolitical uncertainty.
What’s covered in this episode:Â
Quality, value, momentum frameworkEarnings revisions as a key sig...389. Oil, inflation and uncertainty
In this special bonus episode, recorded amid heightened market volatility, Darius and Juliet explore how escalating geopolitical tensions are reshaping the investment landscape. With energy markets at the centre, we explain why disruptions in the Middle East matter so much for global supply, inflation and interest rates. The discussion also covers why traditional defensive assets like gold have struggled, what alternatives investors can consider and how portfolios might be positioned in uncertain times. Finally, we assess whether recent market weakness presents long-term opportunities, highlighting regions, sectors and strategies that could benefit once stability returns.
What’s co...
388. Income investing isn’t dead, it’s evolving
This interview explores how investors can generate consistent and growing income without sacrificing long-term capital growth. Paul Flood, manager of BNY Mellon Multi-Asset Income fund, discusses the evolving importance of income in retirement planning and how a multi-asset approach can provide diversification across equities, bonds and alternatives. We examine how shifting market conditions, including inflation, interest rates and changing valuations, influence asset allocation decisions. The interview also highlights opportunities in real assets, property and infrastructure, alongside a more value-focused approach to equities. Finally, we look at how themes, fundamentals, ESG considerations and valuation discipline combine to identify...
387. Can Asia and emerging markets keep winning?
Asia and global emerging markets delivered strong returns in 2025, but the big question is whether the rally can continue. We’re joined by Patrick Garvin, the client portfolio manager for the Invesco Asian and Invesco Global Emerging Markets fund. This episode explores the key forces shaping the outlook for the region, including earnings growth driven by the AI cycle, the impact of a weaker US dollar and changing policy dynamics in China. The conversation also examines risks such as geopolitics (please note: this interview took place on 24 February before the US attack on Ir...
386. 5% income without sacrificing growth
This episode discusses how a diversified monthly income portfolio is constructed to deliver a consistent income stream alongside capital growth. In our interview with Vincent McEntegart, co-manager of the Aegon Diversified Monthly Income fund, we find out why a 5% income target was chosen, how income is sourced across equities, bonds, alternatives and currencies and how the portfolio has adapted as interest rates have risen. We also discuss the role of duration management, portfolio diversification, currency hedging and disciplined rebalancing in protecting investors through market volatility, particularly for those in or approaching decumulation.Â
385. Is Asia being mispriced by global investors?
This interview explores the case for Asian equities amid changing market conditions. David Perrett, manager of the M&G Asian fund, joins us as we discuss why Asia remains compelling for long-term investors and how much recent performance reflects fundamentals versus sentiment. We also look at China’s evolving opportunity set, the importance of bottom-up stock selection, valuation-driven country positioning and the growing role of domestic consumption across the region. We finish with what investors should realistically expect from Asian equity exposure over a full market cycle.
What’s covered in this episode:Â
Why Asia...384. European investing with a risk-aware edge
Marcel Stotzel shares how his team manages the Fidelity European Trust with a focus on quality, downside protection and sustainable dividend growth. We cover the recent merger with the Henderson European Trust, the benefits of scale and liquidity and how high-quality companies are navigated amid market rotations and higher rates. Marcel also discusses the evolving European investment landscape, domestic opportunities and why they have selective exposure to AI.
What’s covered in this episode:Â
The trust’s risk-aware approachDividend growth as a performance driverThree benefits of the Henderson European Trust merge...383. What’s going on with gold and silver?
Gold and silver are more than commodities, they’re a long-term hedge, portfolio diversifier and reflection of economic policy according to today’s guest. Ned Naylor-Leyland, manager of the Jupiter Gold & Silver fund, dives into the dynamics driving gold and silver markets today. He explains the recent market swings caused by margin trading, Fed policy signals and investor enthusiasm. We also cover how physical ownership mitigates counterparty risk and why mining companies present a compelling investment opportunity. Ned also highlights silver’s critical industrial uses and explains why gold and silver remain essential portfolio assets for the long t...
382. Why frontier markets are less risky than you think
Frontier markets, those countries outside both developed and emerging markets, offer investors access to dynamic companies and compelling growth potential. T. Rowe Price Frontier Markets Equity fund manager Johannes Loefstrand tells us what defines frontier markets, why they can provide both low volatility and high returns. He also shares the advantages of active investing in these regions, the key sectors, impact of geopolitical shifts and how global investors can benefit from market inefficiencies. One thing is clear, from Vietnam to Morocco, frontier markets provide opportunities for portfolio diversification and long-term growth.
What’s covered in...
381. Why the next growth wave might come from Asia
This interview takes a fresh look at Asia’s investment landscape, challenging some of the most common misconceptions about the region. Our in-depth discussion with Qian Zhang, investment specialist on the Baillie Gifford Pacific fund, explores why economic growth has not always translated into market returns, and how shifting macro headwinds, currency dynamics, and sentiment towards China are changing the outlook. We also dive further into domestic demand, innovation and structural trends such as AI, advanced manufacturing and supply chain repositioning are creating new opportunities.
What’s covered in this episode:Â
Why...380. Can income investing still beat inflation?
Discover how global dividend investing has evolved in a world of shifting inflation, volatile markets and concentrated index leadership. Stuart Rhodes, manager of the M&G Global Dividend fund, focuses on identifying companies capable of delivering sustainable dividend growth through strong cash generation, disciplined reinvestment and sensible valuations. We discuss a wide variety of topics this week, including the balance between yield and growth, geographic opportunities across global markets, the role of technology in an income portfolio and how currency movements affect returns. We also explore risks to income, the recent underperformance of quality investing and why...
379. Is this another tech bubble? Or the next growth wave?
Technology investing goes far beyond hardware and consumer gadgets. This episode explores how the sector has evolved, focusing on the underlying “technology DNA” that now runs through industries from finance to healthcare. Jeremy Gleeson, manager of the Allianz Global Hi-Tech Growth fund, covers enterprise and consumer spending trends, the realities of AI investment and returns and the less glamorous but essential infrastructure powering innovation. We examine opportunities beyond the dominant mega-cap names, including mid-cap and Asian technology leaders, cybersecurity, networking and data infrastructure.
What’s covered in this episode:Â
What defines a “technolog...378. The case for diversification in a world that won’t sit still
In our first episode of 2026, we reflect on a year that challenged many investor assumptions. Despite geopolitical conflict, trade tensions and inflation concerns, markets delivered resilient and often surprising returns. Darius McDermott and Juliet Schooling Latter discuss the broadening of performance beyond the US, the role of valuations and renewed interest in emerging markets and China. We also examine the resurgence of gold and commodities, the evolving role of real assets and whether AI remains a powerful growth story or a potential source of risk. We conclude with practical thoughts on diversification and investor behaviour for the year ahead.<...
377. Yield, stability and growth: rethinking infrastructure
After a difficult period for infrastructure assets, 2025 has marked a more supportive environment. Will Argent, manager of the TM Gravis UK Infrastructure Income fund, examines what’s driving the recovery, from interest rate cuts and M&A activity to government infrastructure plans and regulatory developments. We discuss the role of renewables, utilities, digital and social infrastructure, and how diversification helps smooth returns across market cycles. He also explores how infrastructure income compares with equities and bonds, the importance of inflation linkage and what investors can realistically expect from the asset class looking ahead to 2026 and beyond.
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376. Is this the start of a new small-cap cycle?
Small-caps have historically outperformed over the long term, but recent years have been dominated by large-cap momentum and narrow market leadership. Nish Patel, manager of the Global Smaller Companies Trust, discusses why the backdrop may now be shifting. We cover how smaller companies can deliver faster earnings growth, the importance of focusing on quality to reduce fragility and why valuations are at levels that have historically signalled new cycles in small-cap performance. Nish also breaks down the Trust’s three key investment categories, highlights opportunities in industrials and long-cycle commodities, and explains why Japan is currently the most exciting hu...
375. From Budget noise to market opportunity
This special episode dives into the market reaction to the latest UK Budget with Carl Stick and Alan Dobbie, co-managers of Rathbone Income fund. They discuss initial relief, fiscal headroom, and the weeks of uncertainty that froze corporate decision-making. We explore whether the UK remains a compelling market, how overseas investors are responding and why large-cap and mid-cap valuations still look attractive. The conversation covers inflation, interest rates, sector opportunities, buybacks, and how tax changes may influence companies and investors. A timely and insightful breakdown of what the Budget means for UK PLC and long-term equity investors.
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374. Emerging markets: riding the next dollar cycle
Emerging markets have rebounded strongly despite global uncertainty. John Citron, co-manager of JPMorgan Emerging Markets Trust, shares what’s behind that strength: from currency cycles and interest rate shifts to transformative themes like AI, semiconductors, and infrastructure. John shares insights into how disciplined, quality-focused investing and low portfolio turnover can unlock compounding returns across regions such as China, India, and Latin America. This episode also explores valuation discipline, long-term forecasting and how volatility can create opportunities.
What’s covered in this episode:Â
Why the US dollar matters so much for emerging marketsThe shift from a str...373. Japan’s new era of innovation
With the appointment of Japan’s first female prime minister and inflation returning after decades of deflation, the country is entering a new era. Baillie Gifford’s Thomas Patchett joins us to discuss how corporate reform, automation, and AI are creating exciting long-term opportunities in Japan’s market. From tightening labour conditions and surging share buybacks, to the rise of companies like SoftBank, Shimano, and Nintendo, Thomas explains why Japan’s transformation is about more than politics, it’s about innovation, efficiency, and renewed profitability.
Please note this interview was recorded prior to Sanae Takaichi’s official election and...
372. Are credit spreads really expensive?
We sit down with Stephen Snowden, manager of the Artemis Corporate Bond fund, to unpack the state of the bond market. He explores key concepts such as credit spreads, duration, and the relationship between corporate and government bonds, while examining how inflation and fiscal pressures are shaping yields today. The conversation also touches on how shorter bond maturities and improving corporate balance sheets have changed the credit landscape. With thoughtful analysis and practical examples, this interview helps investors understand how to navigate a “tight spread” environment and where potential opportunities may still exist within corporate bonds.
What...
371. Finding real value in tech investing
Discover the dynamic world of technology with Allianz Technology Trust’s lead manager, Mike Seidenberg. From navigating mega-cap dominance and tariff concerns to uncovering opportunities in AI and cybersecurity, he shares how his team balances risk, valuation, and long-term conviction. Listeners gain insights into the global nature of the tech sector, the evolving impact of artificial intelligence, and why disciplined portfolio management remains key in an ever-changing market.
What’s covered in this episode:Â
How the trust handles Nvidia and other giants without overloading riskEarly impacts of US-China tariffs and global events on te...370. It’s not as bad as you think: a case for UK optimism
The UK stock market is often dismissed as stagnant, but as Simon Murphy, manager of the VT Tyndall Unconstrained UK Income fund explains, that perception doesn’t tell the full story. In conversation with Darius McDermott, Simon discusses the surprising strength of the FTSE, the undervalued potential of mid and small-cap companies, and why he believes the UK economy is far more resilient than many assume. They also look ahead to the upcoming Budget, potential tax changes, and what all this could mean for investors. With insights on valuations, domestic opportunities, and industrial recovery themes, this is a...
369. How real assets can outperform in uncertain times
Vince Childers, manager of the Cohen & Steers Diversified Real Assets fund, joins us to discuss all things real assets and examines their strategic importance in modern portfolios. He explains the four key categories — global real estate, infrastructure, commodities, and resource equities — and how they respond to inflation shocks and market surprises. We discuss a range of topics from valuation trends, long-term performance and the influence of AI to practical considerations like liquidity and portfolio construction. This interview is a great listen for investors looking to navigate market volatility while enhancing risk-adjusted returns.
What’s covered in this e...
