AJ Bell Money & Markets

Chris Tennant, Fidelity Emerging Markets co-manager, on why AI, semiconductors and commodity/currency shifts are making emerging markets interesting. Andrew Westhead, Retail Director at NS&I, on why premium bonds stay Britain's favourite and how NS&I funds the Treasury. Short, punchy discussions about China, TSMC, prize odds, and how public savings link to government finance.

Welcome to the monthly bonus episode of the AJ Bell Money & Markets podcast all about investment trusts, presented by Dan Coatsworth and Hannah Williford.  The pair discuss the outlook for activist investors in the investment trust space, the extent to which Saba is involved in the industry, and who could be the next targets. [02:05]  Dan talks to Ed Cartright, CEO of Arcus Investment, about a desire to replace the manager at Baillie Gifford Shin Nippon and take over running the trust. [15:13]  This episode’s big theme is the healthcare space [25:37]. Dan talks to Gareth Powell from Polar Capital Global Healthcare Trust about why the sector disappointed for several years and has now burst back to life; as well as the underappreciated importance of generic drugs.  Martin Gamble talks to Oliver Kenyon from RTW Investments about why big drug companies are buying small biotech firms.  Dan also chats to Trevor Polishchuk from Worldwide Healthcare on how pharma companies have effectively been forced to invest heavily in the US to avoid tariffs; why Donald Trump has launched a website so consumers can buy medicines direct from manufacturers; and the outlook for drug pricing globally.   Finally, Hannah interviews Carlos Hardenberg from the Mobius Investment Trust about dealing with political turmoil in emerging markets, and how he safeguards his investments from it. [49:37]  Download AJ Bell’s free report on activists in the investment trust space: https://www.ajbell.co.uk/investment/investment-trust-report

Charlene Young and Danni Hewson are your hosts in a week where gold and silver continue to take centre stage, with new data highlighting gold’s status as the ultimate safe haven over the last decade (04:15). Danni runs though the latest business and travel news, including pub business rate relief, Boeing picks up its aircraft deliveries, higher fares at Ryanair and the impact of US storms on airlines (09:15). Attention then turns to the US Federal Reserve’s interest rate decision and why President Trump’s upcoming pick for the next Fed chair could be just as market-moving (21:15). In Pensions Corner, we are joined by AJ Bell’s Rachel Vahey to discuss changes to when you can access your own pensions and claim, the state pension plus the latest on the government’s review of WASPI compensation (25:00). Charlene brings you updates on NS&I cutting savings rates again (32:30), and reveals new stats on what really happens when Junior ISA holders turn 18 (35:20).

Russ Mould, AJ Bell investment director and market commentator, explains how buy/hold/sell broker ratings are made and why they matter. He discusses whether ratings move markets and which UK stocks attract unanimous buys or heavy sells. Short takes on rising buy sentiment, analyst debates over valuation, and the interaction between ratings and market dynamics.

Stefani Williams, a financial adviser at Holden & Partners, and Alastair Laing, manager of the Capital Gearing Trust, join the discussion on cautious investing. Stefani shares insights on assessing risk profiles using targeted questionnaires and emphasizes the importance of not panic-selling during downturns. Alastair highlights the role of multi-asset strategies, the necessity of balanced portfolios, and explains how bonds can protect against inflation. The conversation also delves into the risks of hoarding cash and the impact of market valuations.

Tom Sieber, a markets expert and contributor to Shares Magazine, discusses the record highs in global markets, including the FTSE and gold, while shedding light on Whitbread's positive trading update. Christopher Hart, a global equity fund manager at Boston Partners, shares insights on the resilience of markets amid political uncertainty and highlights investment opportunities in the UK and Europe over the US. The hosts also dive into significant Scottish Budget changes and the intriguing psychology behind Britain’s obsession with browsing properties online.

The FTSE 100 hits record highs, driven by a shift towards income-focused stocks. Markets are seemingly unfazed by geopolitical tensions, focusing instead on tech and commodity fundamentals. Interesting discussions include the impact of US action in Venezuela on oil giants like Chevron. The potential for 2026 to be the year of Mega IPOs with major players like OpenAI and SpaceX poised for listing raises intriguing questions. Meanwhile, rising credit card debt signals caution for the UK high street, especially after Claire's collapse.

James Carthew, an investment analyst at QuotedData, discusses a troubled merger proposal and market signals that caution against knee-jerk selling. Mike Seidenberg of Allianz Technology Trust shares insights on tech trends and the cautiously optimistic outlook for 2026, exploring AI, cybersecurity, and quantum computing's relevance. Tom Sieber and Martin Gamble delve into the Aurora UK Alpha Trust's concentrated, Buffett-inspired strategy, emphasizing rigorous research. Finally, Shavar Halberstadt from Winterflood Research clarifies the intricacies of private equity investment trusts and their potential benefits.

On this episode of the AJ Bell Money & Markets podcast, discover problems on the high street for one well-known retailer [01:33], and why the UK cinema industry is hoping for a last-minute flurry of bookings in 2025 [03:15]. Dan Coatsworth considers what the latest UK economic data is telling us [05:11], and Tom Sieber chats about UK property market trends, planning reforms and what could be in store for real estate in 2026 [08:48]. The pod team explore how financial markets behaved in 2025 [14:31]. Dan chats with AJ Bell’s managing director for the investments divisions, Ryan Hughes, about what he thought of the year [17:10]. Dan and Tom run through the winners and losers on the UK and US stock markets over the past 12 months. They chat about Fresnillo, Lloyds, Applovin, WPP, Auto Trader and more. While markets have generally done well in 2025, the podcast always has its eye on the future and there’s quite a few people approaching 2026 with a sense of dread. With that in mind, the podcast spoke to Charlotte Yonge from the Trojan Fund and Personal Assets Trust about how she runs an investment strategy with protection at the heart of it [45:34]. Finally, Dan talks to AJ Bell chief executive Michael Summersgill about what’s needed to get more people saving and investing for the future [56:08].

In this week’s AJ Bell Money & Markets podcast, Charlene Young and Laura Suter are joined by AJ Bell’s markets expert Martin Gamble to unpack the biggest stories affecting investors. First, they look at Nvidia’s latest moves on chip sales to China [01:22] and the escalating bidding war for Warner Brothers [03:10]. Martin also highlights the top stories in this month’s Shares magazine [05:43].  Switching to personal finance, Charlene and Laura explain the changes to cash ISAs announced in the Budget [07:28], and Laura dives into new AJ Bell data revealing the nation’s “secret spending” habits [15:17].  Finally, we bring you the next batch of Investival interviews: Dan Coatsworth talks to Russ Mould about the good, the bad and the ugly of 2025 markets and what he expects for 2026 [19:28], and Alex Wright from Fidelity Special Values on the UK market’s strong performance, the banking sector, and a surprising investment in a sofa seller [25:22].