On The Money

The ii Family Money Show with Gabby Logan

Insider Interview

Market Snapshot

Dame Jayne-Anne Gadhia is widely regarded as one of Britain’s most successful bankers but, as she tells Gabby, didn’t always plan a career in finance.

Jayne-Anne helped Sir Richard Branson set up Virgin Money and as CEO steered the company through takeovers, a stock market float and eventual sale. She currently chairs the HMRC Board and, in 2020, launched Snoop, a money management app designed to help people become savvier with their spending and saving. Until last year, she was the Government’s Women in Finance Champion and was made a Dame in the 2019 Honours list. She met husband Ashok during freshers’ week at university and the couple have a daughter together.

Jayne-Anne reveals why her mum took charge of the family finances growing up, what life is like working for Sir Richard and why she’s always tried to make a positive difference when making big decisions at work.

Subscribe to the show for free to make sure you don’t miss next week’s episode, featuring adventurer Alastair Humphreys.
 
The ii Family Money Show is brought to you by interactive investor (ii).
 
This episode was recorded in April 2022 and is also available as a vodcast on the interactive investor YouTube channel.
 
Follow interactive investor:
Twitter @ii_couk
Facebook /weareii
Instagram @interactive_investor
 
Follow Gabby:
Twitter @GabbyLogan
Instagram @gabbylogan
 
Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. SIPPs are aimed at people happy to make their own investment decisions. You can normally only access the money from age 55 (57 from 2028). The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Pension and tax rules depend on your circumstances and may change in future. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Dame Jayne-Anne Gadhia: Former Virgin Money boss on Branson, banks and top investing tips

This week, Richard meets Joe Bauernfreund, manager of the AVI Global Trust and AVI Japan Opportunity Trust at Asset Value Investors. Joe explains why Japan is, surprisingly, years behind other countries in terms of technological capabilities and how, with markets' attention elsewhere, he sees it as a land of great opportunity.

Enjoyed listening? Please like and subscribe for free to the ii Podcast.

Visit www.ii.co.uk/funds and www.ii.co.uk/stock-market-news for more investing insight and ideas.

Follow us on social media:
Twitter: twitter.com/ii_couk
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LinkedIn: www.linkedin.com/company/interactive-investor
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Risk warning:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority

The Richard Hunter Interview: bargains are big in Japan

Jonathan Davis is the author of the Investment Trusts Handbook, the editorially independent annual described as "the definitive guide to the sector". He joins Richard to take a closer look at why he considers trusts to be the "connoisseur’s choice", closed and open-ended investments and whether we are in a bear market.

Enjoyed listening? Please like and subscribe for free to the ii Podcast.

Visit www.ii.co.uk/funds and www.ii.co.uk/stock-market-news for more investing insight and ideas.

Follow us on social media:
Twitter: twitter.com/ii_couk
Facebook: www.facebook.com/weareii
LinkedIn: www.linkedin.com/company/interactive-investor
Instagram: www.instagram.com/interactive_investor

Risk warning:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

The Richard Hunter Interview: can you trust in trusts?

Kyle Caldwell and Sam Benstead run through the funds and investment trusts that investors have been buying to take advantage of stock markets returning to form in July. They also give their take on Scottish Mortgage breaching its unlisted stock limit, and Sam explains why the outlook for bonds is looking up.
 
Later on in the podcast, the fund manager interview is Fiona Yang, co-manager of the Invesco Asia Trust, which invests in undervalued Asian franchises. Yang explains why she has been increasing exposure to Chinese stocks.

Visit ii.co.uk/funds and ii.co.uk/stock-market-news for more investing insight and ideas.

This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past Performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Funds Fan: Scottish Mortgage, bonds are back, and China’s a buy

In the final episode of the series, Gabby is joined by 2003 Rugby World Cup winner Josh Lewsey. The former Army officer and England fullback is now a financial services CEO in Hong Kong, and tells of why he doesn’t like dwelling on the past, who he asked for advice when England came calling, and why he aligns his investments with his personal goals.

Subscribe to the show for free to and listen to other episodes from series one and two, featuring Alastair Campbell, Rachel Riley and Richard Curtis.
 
The ii Family Money Show is brought to you by interactive investor (ii).
 
This episode was recorded in March 2023.
 
Follow interactive investor:
Twitter @ii_couk
Facebook /weareii
Instagram @interactive_investor
 
Follow Gabby:
Twitter @GabbyLogan
Instagram @gabbylogan
 
Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Pension and tax rules depend on your circumstances and may change in future. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Josh Lewsey: Former rugby star on leadership and aligning investments with life goals

The man who brought down Barings Bank in the mid-1990s is Gabby’s guest this week. Nick Leeson racked up and concealed losses of more than £800 million in illegal trades, and looks back on the cultural shift in the financial industry, why he’s not great at saving money, and why he encourages his children to ask for help if they need it.

Subscribe to the show for free to and listen to other episodes from series one and two, featuring Alastair Campbell, Rachel Riley and Richard Curtis.
 
The ii Family Money Show is brought to you by interactive investor (ii).
 
This episode was recorded in March 2023.
 
Follow interactive investor:
Twitter @ii_couk
Facebook /weareii
Instagram @interactive_investor
 
Follow Gabby:
Twitter @GabbyLogan
Instagram @gabbylogan
 
Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Pension and tax rules depend on your circumstances and may change in future. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Nick Leeson: The rogue trader who bankrupted Barings on taking risks and asking for help

A regular on our screens since 2006 as one of the investors on the BBC’s Dragons’ Den, the entrepreneurial spark was lit in Deborah Meaden from a young age. She tells Gabby how watching her mum meet early struggles head-on inspired her business career, why she doesn’t fear failure, and what she looks for in her investments – in and out of the Den.

Subscribe to the show for free to and listen to other episodes from series one and two, featuring Alastair Campbell, Rachel Riley and Richard Curtis.
 
The ii Family Money Show is brought to you by interactive investor (ii).
 
This episode was recorded in March 2023.
 
Follow interactive investor:
Twitter @ii_couk
Facebook /weareii
Instagram @interactive_investor
 
Follow Gabby:
Twitter @GabbyLogan
Instagram @gabbylogan
 
Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Pension and tax rules depend on your circumstances and may change in future. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Deborah Meaden: Dragons' Den star on wanting more than money from her investments

Susie Dent has been Queen of Dictionary Corner on Channel 4’s Countdown since 1992, and is a fan favourite on its comedy spin-off, 8 Out Of 10 Cats Does Countdown. But being on TV was never her plan. Susie tells Gabby about her worst investment, why she doesn’t want money to be a taboo subject for her children, and how Rachel Riley helped her get better at maths.

Subscribe to the show for free to and listen to other episodes from series one and two, featuring Alastair Campbell, Rachel Riley and Richard Curtis.
 
The ii Family Money Show is brought to you by interactive investor (ii).
 
This episode was recorded in March 2023.
 
Follow interactive investor:
Twitter @ii_couk
Facebook /weareii
Instagram @interactive_investor
 
Follow Gabby:
Twitter @GabbyLogan
Instagram @gabbylogan
 
Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Pension and tax rules depend on your circumstances and may change in future. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Susie Dent: Countdown’s words whizz on achieving financial independence

As one of the most recognisable faces on BBC News, Martine Croxall has covered some of the world’s biggest stories. She has also – briefly – been the story. She and Gabby look back on her first job earning £1.40 an hour, why she’s always tried to avoid being in debt, and how working for the BBC has put her pay and personal views in the spotlight.

Subscribe to the show for free to and listen to other episodes from series one and two, featuring Alastair Campbell, Rachel Riley and Richard Curtis.
 
The ii Family Money Show is brought to you by interactive investor (ii).
 
This episode was recorded in March 2023.
 
Follow interactive investor:
Twitter @ii_couk
Facebook /weareii
Instagram @interactive_investor
 
Follow Gabby:
Twitter @GabbyLogan
Instagram @gabbylogan
 
Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Pension and tax rules depend on your circumstances and may change in future. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Martine Croxall: BBC News presenter on salary transparency and the gender pay gap

Henry Dixon, fund manager of Man GLG Income, sits down with interactive investor’s collectives editor Kyle Caldwell to discuss the cheap valuations on offer in the ‘unloved’ UK equity market. Dixon discusses how he is investing in a rising interest rate environment, names two stocks he’s finding plenty of value in, and explains why he is a fan of the banking sector, using the recent turmoil to up his stake in his favoured play.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Two value stock opportunities, and the bank share I’ve been buying

The Man GLG Income fund, managed by Henry Dixon, aims to provide a dividend yield well in excess of the FTSE All-Share Index, as well as paying a monthly income. 

In this interview with interactive investor’s collectives editor Kyle Caldwell, Dixon names the three types of opportunities he looks to invest in. Dixon explains how he assesses the sustainability of a dividend to avoid potential ‘value traps’, names a couple of high-yielding shares he is backing, and details how he factors in capital growth when sizing up dividend stocks.
 
Man GLG Income is a member of interactive investor’s Super 60 list.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

The high-yielding shares I am backing to deliver market-beating income

Investing in high-yielding UK shares, Merchants Trust is a popular choice for income investors. Managed by Simon Gergel, it has racked up 41 consecutive dividend increases, and the trust has no intention of breaking its record. 

Gergel speaks to interactive investor’s Sam Benstead about how he manages the portfolio, including his views on oil and tobacco companies and how it has managed to keep paying investors a rising dividend.  

He also speaks about where he looks for income opportunities, including which shares he likes at the moment.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Merchants Trust: we yield 5% and will keep growing our dividends

Over the past 10 years, Greencoat UK Wind has managed to increase its dividend in line with RPI inflation each year. In our latest Insider Interview, Stephen Lilley, its fund manager, explains why this dividend aim is sustainable in the coming years, due to how secure and predictable the income is that's being generated. Lilley tells Kyle Caldwell, interactive investor’s Collectives Editor, how the renewable energy infrastructure investment trust strikes a balance between paying the dividend and reinvesting capital. He also gives an overview of the main attractions of investing in wind assets, and plays down the prospect of political risk negatively impacting the way the trust invests.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Why our RPI inflation dividend target is sustainable

Stephen Lilley, fund manager of Greencoat UK Wind, tells interactive investor’s Collectives Editor Kyle Caldwell, why he feels it is unjust that the investment trust is trading on a rare discount. Lilley also gives his outlook on prospects, makes the investment case for wind assets over other forms of renewable energy infrastructure, and explains that board members have been increasing their personal stakes to take advantage of its discount, which currently stands at over 10%.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Greencoat UK Wind: interest rate rises have left us grossly underpriced

In the final episode of our four-part bonus ISA series that aims to help investors develop a broader understanding of funds, Kyle is joined by professional investor Algy Smith-Maxwell to explain how investors should judge fund performance. The duo also discuss why it’s important for a fund manager to stay true to the way they invest, and Algy runs through reasons that might prompt investors to call it a day and sell a fund.

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

The reasons to sell a fund and how to judge performance

Since December 2021, the assets held by interactive investor customers in money market funds has increased more than 16-fold. To explain why this fund type has become more popular and how the funds work, Kyle is first joined by interactive investor’s bond specialist Sam Benstead who later interviews Craig Inches, manager of the Royal London Short Term Money Market fund.

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

How money market funds work, and earning 5% income

Read the article here: https://www.ii.co.uk/analysis-commentary/market-snapshot-nvidia-leads-tech-pause-britvic-bid-approach-ii532049

Technology shares let some air out of the tyres after a recent record run, while there were also further signs of a marginally cooling US economy which keeps the interest rate cut debate active.
 
After briefly rising in early trade, those indices with the largest exposure to tech - the S&P 500 and Nasdaq – gave up gains to finish lower. Nvidia, fast becoming the bellwether of the technology sector, saw its shares decline by 3.5% after having temporarily overtaken Microsoft earlier in the week as the most valuable listed company. Even so, the dip did little to mar the stellar performance of the shares, which have risen by 204% over the last year and by 170% in this year alone. Similarly, the Nasdaq and S&P 500 remain strongly ahead in the year to date despite yesterday’s blip, with rises of 18% and 14.7% respectively.
 
Elsewhere, economic data implied further signs of a slowing economy. Higher than expected weekly jobless claims were released, revealing that the number of people on benefits was at its highest level since January. Meanwhile, housing starts also stuttered as the higher mortgage rate environment is apparently taking a toll on consumers, while a separate report on manufacturing showed growth at a lower rate than had been estimated.
 
The combined data means that the rate debate will not subside, as investors continue to assess the timing of the initial cut from the Federal Reserve. Indeed, there is currently more attention being paid to what would otherwise be a less significant set of economic releases in an attempt to gain an edge on the likely direction of travel. In the meantime, the more traditional Dow Jones index posted gains, partly driven by its relative lack of exposure to tech, leaving the index ahead by 3.8% so far this year.
 
On a seasonal basis, volumes are also starting to ease, which can exacerbate volatility and prompt an overshoot of share prices in either direction. As the end of the month and therefore the half-year approaches, attention will turn to the next company reporting season, where the corporate outlook and guidance will have as much of an impact as the results themselves.
 
Asian markets were mostly lower, affected by the tech weakness emanating from Wall Street. In addition, there was an inflation reading in Japan showing that prices had ticked higher for the first time in three months, partly stoked by energy bills, prompting speculation on the timing of a further interest rate hike from the Bank of Japan. Shares in China and Hong Kong came under some tech-related pressure, with the underlying health of the Chinese economy in particular still under close review by the authorities and investors alike.
 
Investor sentiment was similarly apathetic at the open in the UK, with retailers weighing on the premier index despite the release of retail sales volumes which were better than expected. Sales grew by 2.9% in May, reversing April’s fall of 1.8%, prompting some hopes that the economy could be turning a corner given the importance of the consumer to growth. There is also the undercurrent of wage rises which are at last outstripping inflation, although this very factor is part of the reason that the Bank of England considers the situation finely balanced, having left rates unchanged yesterday and prompting fresh speculation on the possibility of an August cut. Even so, there seems to be some warming of investor sentiment more generally towards the UK, with the FTSE 100 having posted gains of 7% so far this year.
 
Indeed, in the FTSE 250, Britvic shares surged by 15% after revealing that it had been the subject of two unsolicited approaches from Carlsberg, both of which it rejected. While there is no guarantee that any takeover will happen, the news is the latest confirmation that there are many overseas companies running the slide rule over UK PLC.

Listen here: Nvidia leads tech pause, Britvic bid approach

There may be increasing signs of a pause for reflection as investors consider the disproportionate effect of technology shares on market performance this year, as well as the concentration risk that brings.
 
The most topical example, of course, is Nvidia, which last week briefly became the US  market’s largest company by value and whose shares remain up by 155% in this year alone. While Friday’s 3% decline was far from substantial, it adds to a drop of 3.5% the previous day, prompting questions on whether its rally has become overextended and whether the potential for AI in this particular stock is reaching saturation.
 
At the same time, data from S&P Dow Jones indices showed on Friday that around 60% of the S&P500’s total return this year has come from just five stocks – Nvidia, Microsoft, Meta Platforms, Alphabet and Amazon. Drilling deeper, there could also be an element of smaller cap stocks now being in bargain territory having been left behind in the mega cap tech surge, although it remains to be seen whether a rotation out of tech into more traditional value stocks will follow.
 
Meanwhile, US data continues to muddy the economic waters in providing seemingly contradicting data. The latest release of manufacturing and services PMI data grew once more to 54.6 in its highest reading in over two years. This area of strength was in contrast to home sales falling for a third straight month, as a resurgence in mortgage rates deterred some potential buyers. With employment yet to show any persistent signs of decline, inflation will again be in focus this week with the latest Personal Consumption Expenditures report on Friday, reportedly the Fed’s preferred measure of prices, which is expected to have declined further to 2.6% in May.
 
In the meantime, and moving into the last week of trading in June, the main indices are set fair for a strong performance at the half-year stage with the Dow Jones having risen by 3.9%, the S&P500 by 14.6% and the Nasdaq by 17.8%.
 
Asian markets were mostly lower overnight, with Japan remaining the focus of investor attention following the minutes of the latest central bank policy meeting. The weakness of the yen remains a concern to the authorities, with further intervention a possibility, while at the same time the potential of strengthening inflation raises the possibility of a further interest rate hike. Even so, the Nikkei index has fared well so far this year, with a rise of 16% driven by a resurgence of interest in the country in tandem with a rotation out of Chinese stocks, as well as the weakness of the yen which has provided something of a boost to its exporters.
 
In the UK, the premier index limped to a weak open in the absence of any obvious immediate catalysts, with most mining stocks under pressure in reflection of a risk-off mood among investors. One bright spot came from Prudential, who announced a new $2 billion share buyback programme to be completed by 2026. The company has revised its free surplus requirement ratios which in turn could unlock the potential for more shareholder returns and the shares rose by around 5% on the news. The share price hike provides some relief to what has been a torrid time for the insure, where doubts over China’s economic performance in particular have weighed heavily on the stock, forcing the shares lower by more than 35% over the last year.
 
The final reading for UK GDP is due later in the week, while the corporate calendar remains light ahead of the impending deluge of half-year results which will wash through in July. The FTSE100 has added 6.5% in what has been a relatively strong performance in the year to date, with some warming of sentiment towards the UK in general also contributing to a 3.5% gain for the FTSE250, which has also seen an increasing number of its constituents the subject of opportunistic bid approaches.

Listen here: Pause for reflection as tech rally stalls

There are some emerging signs that a slight rotation may have begun in US markets, where a narrow concentration on mega cap technology stocks has been virtually the sole driver of gains this year.
 
Read the full article here: https://www.ii.co.uk/analysis-commentary/market-snapshot-signs-rotation-out-tech-value-stocks-ii532082

Listen here: Signs of rotation out of tech to value stocks

AO World’s strategic and decisive actions to focus on profit and cash generation are now fully washing through, after the group reshaped its business model.
 
Read the full article here: https://www.ii.co.uk/analysis-commentary/profits-surprise-revitalised-ao-world-ii532091

Listen here: Profits surprise at revitalised AO World

Global markets are moving into the final day of the quarter and the half-year in generally buoyant mood, although the outlook for the remainder of 2024 currently carries more questions than answers.

Read the full article here: https://www.ii.co.uk/analysis-commentary/market-snapshot-investors-upbeat-questions-come-ii532125

Listen here: Investors upbeat but questions to come

To mark our 100th episode Kyle interviewed Terry Smith, manager of Fundsmith Equity. Among the topics discussed are whether it has become harder for active funds to outperform the index due to the strong performance of the ‘Magnificent Seven’ tech stocks. Terry also runs through the rationales behind the two stocks he has bought this year. He explains why Diageo was recently sold, and why he hasn’t bought Nvidia. Kyle also asks Terry for his view on the UK stock market, and to explain why he thinks “no one should invest in equities for income”. 

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

100th episode special: the Terry Smith interview

In this episode, we focus on infrastructure, an asset class that behaves differently to shares and bonds. Joining Kyle to explain what this investment area can add to a portfolio is Donal Reynolds, manager of abrdn Global Infrastructure Equity. He points out that infrastructure offers inflation protection, explains why lower interest rates act as a tailwind, and runs through three long-term trends he’s investing in.

The fund mentioned in this episode is https://www.ii.co.uk/investment-trusts/abrdn-global-infrastructure-income-fund/NYSE:ASGI

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

What this alternative asset class adds to a portfolio

On the back of stock market volatility picking up in the first half of 2025, our latest episode talks tactics on how to go about building or improving an investment portfolio. Kyle is joined by interactive investor’s Sam Benstead to examine strategies that can be put in place, including potential starter funds for beginner investors, the core/satellite approach, the 60/40 portfolio and percentage weightings.  

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

How to build and simplify an investment portfolio

In this episode, Kyle is joined by interactive investor’s Sam Benstead to examine key trends among the 50 most-popular funds, investment trusts and exchange-traded funds (ETFs) in the second quarter of 2025. Among topics discussed are the types of funds investors are favouring to ‘own the market’, why interest in US funds is cooling, the investment trust sector attracting income-seeking investors, and how the top 50 has changed compared with a year ago.
The data discussed is from the ii Top 50 Fund Index. Every three months, this index reveals the 50 most-bought collective investments. You can read the latest report here:
https://media-prod.ii.co.uk/s3fs-public/pdfs/ii%20top%2050%20Fund%20Index-Q2-25.pdf?VersionId=ed2QQbuVHTJk23YRmr.6qDKKYD3dvndq

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Why these are investors’ favourite funds

Returning following a two-week break, Kyle is joined by colleague Sam Benstead for this episode. The duo run through what private investors should look for when researching funds. Topics discussed include charges, the trap of performance chasing, how to identify funds that take significant active bets, and the importance of not buying too many funds in the same sector.  

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

10 tactics when researching funds, investment trusts and ETFs

Following a number of listeners getting in touch over the summer, we’ve dedicated this episode to answering your questions. Kyle is joined by Craig Rickman, ii’s personal finance editor, to tackle questions related to investments and pensions. We kick off by asking whether record stock market highs are a concern.
 
Below are links to recent articles that Kyle mentions in the episode:
 
Should you invest when markets are at all-time highs?
https://www.ii.co.uk/analysis-commentary/should-you-invest-when-markets-are-all-time-highs-ii535985 

The biggest risks keeping fund managers awake at night
 https://www.ii.co.uk/analysis-commentary/biggest-risks-keeping-fund-managers-awake-night-ii536399

Do you have an investment or pension question you’d like Kyle and Craig to answer in a future Q&A episode? If so, we’d love to hear from you. You can get in touch by emailing OTM@ii.co.uk.

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Stock markets at record highs – is this a concern?

In this episode, Kyle and colleague Craig Rickman focus on interactive investor’s market-leading Great British Retirement Survey. Kyle and Craig home in on four of the key findings and discuss ways in which these issues could be addressed. The topics covered include lack of confidence in the pensions system, lack of financial knowledge, pension gaps for women, divorcees and the self-employed, and low pension values.

You can read the full report here:
The Great British Retirement Survey 2025 - ii 
https://www.ii.co.uk/pensions/iiGBRS 

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Four pension pitfalls and how to tackle them

Kyle is joined by fund manager Jean Roche to discuss how she attempts to find top-performing ‘multi-bagger’ stocks. While it’s rare for a company to deliver a four or fivefold return, let alone become a 10-bagger stock, Roche explains how she detects signs of a potential winner. Roche, who manages the Schroder UK Mid Cap Fund, an investment trust, also reflects on firms she invested in that went on to become multi-bagger stocks. 

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

How to spot shares with ‘multi-bagger’ potential

The focus for this episode is where investors can look for potentially undervalued opportunities. Kyle is joined by Michael Field, chief equity market strategist at Morningstar, who explains why three sectors stand out from the crowd, and outlines share examples. The episode also covers the danger of potential ‘value traps’. 

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Why these three sectors stand out from the crowd

Our latest episode – our 150th – tackles the dilemma retirees face over how much money to take out of their pensions, while trying to ensure their lifetime savings last as long as they do. The famous strategy is the 4% rule, which has recently been renamed the 4.7% rule. To explain all you need to know about this rule, including why it has its critics, Kyle is joined by interactive investor’s personal finance editor Craig Rickman. The duo also run through some tactics on how to approach investing pensions in retirement.
 
For those who would like to see a video version of the podcast, you can now watch us on YouTube. Or if you would prefer to listen, you can do so in all the usual places. 

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Is 4.7% the new magic number for sustainable pension withdrawals?

This week’s episode examines the dilemma of whether to run a winner or take some profits from an investment that’s performed well.
 
Joining Kyle to offer his expert insight is Richard Hunter, head of markets at interactive investor. The duo discuss fear of missing out (FOMO), top slicing, position sizing, and much more.
 
The idea for this episode came from a listener email. Have you got a topic or question you’d like answered? We love to hear from you, and you can get in touch by emailing OTM@ii.co.uk
 
In this episode, Kyle refers to a previous podcast called ‘The reasons to sell a fund and how to judge performance’. You can find the episode below or by searching through the back catalogue on your preferred podcasting app. 
https://www.ii.co.uk/analysis-commentary/reasons-sell-fund-and-how-judge-performance-ii531101 

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

How to decide whether to take profits or run a winner

With various stock markets and assets, including gold, reaching or close to record highs, investors who’ve failed to get in on the rallies may be concerned that they’ve missed the boat.
However, one area of the market that’s lagged, but is still a source of cheap valuations, is UK smaller companies.
In our latest episode, Kyle asks Artemis fund manager Mark Niznik to run through the three rules he lives by when seeking sensible stocks.
Niznik, who manages the Artemis UK Smaller Companies and Artemis UK Future Leaders investment trust alongside William Tamworth, names UK companies that are leaders in their respective niches.
Niznik is a professional investor happy to eat his own cooking, with his entire pension invested in the funds he manages.

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Three rules for picking sensible stocks

We’re now less than a month away from Chancellor Rachel Reeves delivering this year’s Budget. As ever, there have been plenty of rumours regrading the contents of the famous red briefcase, with reform mooted for both pensions and ISAs. To discuss what to potentially expect, Kyle is joined by Craig Rickman, personal finance editor at interactive investor. The duo also debate the fiscal black hole, whether Labour will break its manifesto promise not to increase taxes on working people, and potential further changes to inheritance tax and capital gains tax.

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Budget 2025: how pensions and ISAs could change

In this episode, Kyle is joined by Julian Bishop, manager of Brunner Investment Trust, to discuss US tariffs, including whether stock markets have become complacent to the risk following a strong spell of performance over the past six months or so.
 
While US tariffs played a big part in significant stock market falls earlier this year, Bishop points out that artificial intelligence (AI) now poses the biggest risk to markets and expresses concerns over how tech-heavy the S&P 500 index has become.

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

US tariffs or AI: which is the biggest risk for S&P 500?

In this episode, the focus is on healthcare, a sector with enduring appeal. Joining Kyle to explain the key long-term trends he’s tapping into is Jamie Douglas, manager of Polar Capital Global Healthcare Trust. Douglas discusses ageing populations, and innovation by companies responding to medical needs, and also addresses performance and political risk.

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Long-term themes good for health and growing wealth

The latest episode of On The Money covers key trends in the latest edition of the ii Top 50 Fund Index (Q3 2025), which ranks the most-bought funds, investment trusts and ETFs among ii customers. Kyle and senior fund content specialist Dave Baxter discuss Fundsmith Equity’s exit from the index, why some investors prefer China over India, how to reduce US concentration risk, and the rise of value-focused funds. Other topics include Smithson Investment Trust’s proposal to become an open-ended fund, and whether it’s too late to join the commodities party.

View the ii Top 50 Fund Index report here.
https://www.ii.co.uk/analysis-commentary/ii-top-50-fund-index-most-bought-funds-trusts-and-etfs-q3-2025-ii536977 

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Fundsmith Equity and key trends among most-popular funds

Kyle is joined by Craig Rickman to cover the personal finance contents of the famous red briefcase. The duo discuss the cut to the cash ISA allowance, reform to the Lifetime ISA, changes to pension salary sacrifice contributions, an extension to the freeze on income tax thresholds and higher dividend and savings tax rates.

For more analysis, check out our Autumn Budget 2025 hub. 
https://www.ii.co.uk/uk-budget

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Autumn Budget 2025: the key takeaways for savers and investors

Commodities have been one of the hottest investment areas of 2025, with both gold and silver prices  soaring. To explain why commodities are in a bull market, and to examine future prospects, Kyle is joined by Olivia Markham, co-manager of BlackRock World Mining Trust.  

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Where next for one of 2025’s best-performing investments?

The big trends shaking up investment trusts

In our last episode of 2025, Kyle is joined by interactive investor’s head of markets Richard Hunter to look ahead to key drivers for stock markets in 2026. Richard shares reasons to be both bullish and bearish, and highlights three areas in the UK stock market that are piquing his interest.

On The Money is an interactive investor (ii) podcast. For more investment news and ideas, visit www.ii.co.uk/stock-market-news.

Kyle Caldwell is Collectives Editor at interactive investor.

Important information:
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. Past performance is not a guide to future performance. The investments referred to may not be suitable for all investors, and if in doubt, you should seek advice from a qualified investment adviser. SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial adviser before making any decisions. Pension and tax rules depend on your circumstances and may change in future. If you are in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of these products, you should contact HMRC or seek independent tax advice. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority. 

Reasons to be bearish and bullish in 2026

Moira O' Neill, Lee Wild and Richard Hunter kick off ii’s inaugural podcast by focusing on funds and dividends. Moira O' Neill explains what a fund is, how to start building an investment portfolio, and how ii's Super 60 funds list could help you get started(https://www.ii.co.uk/ii-super-60). Lee Wild, head of equity strategy, discusses dividend strategies, the income stocks that investors flock to, and what level of income they should look to generate from their shares portfolio.
This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past Performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Funds and dividends: investing basics

AIM was launched in 1995, has a combined market capitalisation of more than £70 billion, and is home to success stories, including ASOS and Domino’s Pizza. While AIM shares promise big returns and may have inheritance tax benefits, ii experts Lee Wild and Richard Hunter discuss the market, and explain how investors can limit risk. 
AIM stocks tend to be volatile high risk/high reward investments and are intended for people with an appropriate degree of equity trading knowledge and experience.  This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

Why invest in AIM shares?

How to Invest is a podcast series designed to help you get to grips with the basics of investing. In this episode, interactive investor’s head of personal finance Moira O’Neill and personal finance campaigner Myron Jobson discuss what you need to do before starting your investment journey, including whether you need special training.

This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past Performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

How to Invest: how do I start investing?

How to Invest is a podcast series designed to help you get to grips with the basics of investing. In this episode, interactive investor’s head of personal finance Moira O’Neill and Becky O’ Connor, head of pensions and savings, discuss how self-invested personal pensions (SIPPs)work.

This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past Performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

How to Invest: what is a SIPP?

How To Invest is a podcast series designed to help you get to grips with the basics of investing. In this episode, interactive investor’s news editor Sam Barker is joined by head of pensions and savings Becky O’ Connor to discuss the different ways to invest for retirement, including workplace pensions, SIPPs (self-invested personal pensions) and ISAs.

This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past Performance is not a guide to future performance. Please note the tax treatment of these products depends on the individual circumstances of each customer and may be subject to change in future. If you are uncertain about the tax treatment of the products you should contact HMRC or seek independent tax advice.
Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.

How to Invest podcast: investing for retirement

The interactive investor (ii) experts bring you the latest news, views and interviews from the heart of the City of London, including market updates, fund ideas and investing insight for all savers and investors.

Visit www.ii.co.uk for more investment insight and ideas.

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