A Value View - The Merchants Trust PLC Podcast
by AllianzGI Investment Trusts
A Value View is a series of topical podcasts from The Merchants Trust, focusing on developments affecting the UK market environment and how the trust navigates them. So what does this mean for investors? – join portfolio manager Simon Gergel as he offers his thoughts
Episodes
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Lessons from history: How do long-term investors navigate market bubbles?
In this episode of A Value View, The Merchants Trust's Simon Gergel, Andrew Cosh and Richard Knight explore what previous market bubbles can teach long-term investors. Genuine technological change can sometimes lead to excessive enthusiasm, clouding the judgement of even risk averse investors.…
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Building conviction with The Merchants Trust investment team
In this episode of A Value View, The Merchants Trust brings together its three Portfolio Managers together for the first time to offer a behind-the-scenes look at how investment decisions are made. Lead manager Simon Gergel is joined by Andrew Cosh and Richard Knight to discuss how different...
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What does decades of investing through market booms, crashes and uncertainty teach you?
In this episode of A Value View, Simon Gergel, lead fund Manager at The Merchants Trust, reflects on more than 30 years of investing through changing market conditions. From the dot-com bubble and the global financial crisis to COVID-19 and today's AI-driven market rally, Simon shares how...
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The courage of your convictions: investing through market discomfort
In this episode of Value View, The Merchants Trust lead manager Simon Gergel explores one of investing’s toughest challenges: maintaining conviction when markets move against you. Simon explains why conviction is not blind faith, but a disciplined process of constantly testing investment ideas,...
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When markets get vicious: why long-term investors can profit from short-term markets
Markets are noisier, faster and more reactive than ever. But does short-term thinking create long-term opportunity? In this episode of A Value View from The Merchant’s Trust, lead manager Simon Gergel explores how modern markets have largely shifted away from individual stock picking towards...
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A Once-in-a-Generation Opportunity in UK Mid-Caps?
As the year draws to a close, the UK stock market presents a polarised picture, with a narrow band of large-cap stocks leading the way. But is the real story in the overlooked and undervalued mid-cap sector? In this episode of "A Value View," Portfolio Manager Simon Gergel joins host Jon Cronin…
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Valuation Over Sentiment: Merchants Trust’s Investment Discipline in Action
In this episode, Simon Gergel, Portfolio Manager at The Merchants Trust, discusses the trust’s unusually active first half of the year, with eight new stocks added to the portfolio. He explains the rationale behind recent disposals and acquisitions, and shares insights into how the team…
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Global shocks, local gains: Investing in a tariff-tangled world
In this episode of A Value View from the Merchants Trust, host Jon Cronin sits down with Portfolio Manager Simon Gergel to unpack the seismic shifts in the global economy triggered by President Trump’s 2025 tariff policies. From the ripple effects on US GDP and global trade to the implications…
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Would you like small, medium, or large?
The old saying goes that ‘small is beautiful’. An increasing number of smaller and mid-sized UK firms are standing out and capturing interest. Simon and Jon discuss what’s driving the growth opportunities among small and mid-caps, where Simon is seeing opportunities in that space, and if he still...
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Exciting times for UK Equities?
In contrast to many countries, the UK has entered a period of relative political stability. Simon Gergel describes how this is combining with other factors to signal a note of optimism for investors in the UK stock market. Simon and host Jon also discuss how Merchants has been positioned to try…
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From Interest Rates to Breakfast Plates
What’s in store for UK interest rates and investors as we approach year-end? In this 32nd episode of a Value View podcast, portfolio manager Simon Gergel shares his outlook and discusses the factors that had informed the investment case behind Whitbread, owner of Premier Inn. Listen in to find…
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With elections behind us, who holds the power?
Who holds the power: the government or the market? In this episode, Simon Gergel discusses the aftermath of the recent UK elections, marked by a significant Labour victory. He explores the market response and highlights where opportunities are being found today. Listen in now to find out more…
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Happy 30th
In this 30th episode of the A Value View podcast, Jon and Simon discuss dividends once again. With Merchants having reached its 42nd consecutive year of paying an increased dividend, just how has the trust managed this? And, what does the state of play look like for the future, not only for…
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A great opportunity set for investors
In this episode, Merchant’s portfolio manager, Simon Gergel is challenged around his ‘glass half full’ view of the UK market. Simon takes the challenge in hand explaining the factors behind his thinking and why, despite short term pain, the opportunity set for investors in the UK market remains...
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Glass half full?
There have been many reasons over recent years for investors to be ‘out of love’ with the UK; Brexit, political uncertainty, pandemic, Ukraine, Trussonomics and the perception of worse inflation & economic performance for the UK to name a handful. But, has the depressed sentiment been overdone?…
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Talking income
As the trust gears up for the release of its latest interim results, many investors will have an eye on the upcoming dividend. As an AIC Dividend Hero, the trust is well known for maintaining a steady dividend payment throughout the many ups and downs in market conditions over the past several...
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Building the case for building
The housing market has long been seen as a key bellwether of the overall state of UK market. But the recent squeeze on the cost of living – namely, rising prices which have in turn driven interest rates higher – has been keenly felt in that sector. In the latest podcast episode, Jon and Simon...
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A Closer Look at the UK’s Stock Market
In the latest episode of ‘A Value View’, host Jon Cronin gets Simon Gergel’s thoughts on the current outlook for the UK’s FTSE 100. On the one-hand, the FTSE hit an all-time high in February, on the back of bumper profits for several of its constituent stocks. But, on the other hand, there are...
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Passed Peak Fear for Investors?
Are we in an environment where investors can now see the proverbial light at the end of the tunnel? Some inflation pressures are abating and although rates are still going up, the fear that rates are going to go up faster, and to higher levels than expected, is probably over. This is already...
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Challenging times
There are a number of serious challenges facing the UK economy – rising energy costs, the cost of living crisis, rising interest rates and mortgage costs and supply chain issues to name a few. However, while they may not be showing signs of abating, a number of factors are becoming ‘less bad’ or…
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Reigning Supreme
On the occasion of the Queen’s Platinum Jubilee, Simon and Jon reflect not only on that incredible achievement, but also on the highs and lows faced by The Merchants Trust over its 133 year history. Almost six months into a tumultuous 2022, it also falls due to look more currently and have a...
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Powering Towards the Future
The Russian invasion of Ukraine and subsequent concerns over fossil fuel supplies from Russia have combined in a perfect storm with already rising energy prices and wider cost of living inflation to push energy security and affordability into the spotlight as part of the ongoing energy transition...
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A UK Renaissance?
The UK market has been more resilient than global peers so far in 2022 and whilst highly valued growth stocks across the globe feel the impact of rising inflation and interest rates, many value stocks that were previously languishing have seen a welcome boost. International investors appear to be...
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Separating The Wheat From The Chaff
As 2021 fades in the memory, the spectre of inflation is firmly on investors’ minds and Simon Gergel gives his view on what that may mean for markets in 2022. After a year where finding genuinely under-priced good businesses – rather than those that are cheap for a reason – paid dividends, Simon...
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Out of Time For Just-In-Time?
Supply issues have been in the spotlight of late. Where companies had got used to ‘just-in-time’ supply chains, they have now seen just how easily these can be disrupted. Whilst such factors mean we’re not out of the woods yet in terms of economic recovery, and wary of inflationary pressures...
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The UK Five Years on…
Five years have passed since the Brexit referendum and many different factors have made that a particularly extraordinary and challenging period for the UK market. However, the trick has been to look through the various market uncertainties and using that lens, many mispriced opportunities have...
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Will There be a Tonic for the Markets?
The latest reporting season has highlighted the difference between resilient businesses and those hit very hard by the effects of the pandemic. Returning dividends across many sectors are an encouraging sign for income seekers and the vaccine rollout is giving hope that recovery is looming…
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A Return to Fundamentals?
In this episode, Simon Gergel discusses the potential for a renewed focus on individual companies and their prospects in 2021. While bigger picture themes such as Brexit, the US election, and the impacts of the pandemic dominated markets last year, the associated uncertainties are starting to…
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Looking to the Future
In this Episode, Simon Gergel takes a closer look at how businesses are emerging from the constraints of lockdown and what the trend for dividends from UK equity markets might be. Finally, Brexit trade negotiations are once again a talking point.
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Maintaining a Focus on Income
In this episode, Simon Gergel takes a closer look at the situation for income from UK equity markets. What factors should investors consider to differentiate businesses that are suffering a short term shock from those that may be impacted by longer-term changes in behavior? Produced and recorded…
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Coronavirus, Stock Markets and the Economy – an Investor’s Perspective
Simon Gergel looks at how markets are reacting to the coronavirus and describes how he and his team are dealing with the fallout in terms of the investment portfolio. Simon also looks at the outlook for income from dividends, a cornerstone of the Merchants Trust’s strategy. Produced and recorded…
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Reflecting on a momentous 2019 and a look at what 2020 may hold
Simon Gergel reviews 2019 – a momentous year in terms of global market volatility and the polarisation of the UK market as investors heavily favoured higher-quality growth stocks. 2020 is starting out with more political certainty in the UK. This should give a more ‘normal’ feel to investing…
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Opportunity From Uncertainty
As we approach the final quarter of 2019, Simon Gergel reflects on what has been a fascinating year so far, with politics driving market volatility globally and the UK market becoming increasingly polarised. He talks about finding opportunities from this situation, with the market behaving...
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What does it mean to be a value investor?
In his latest podcast, Simon Gergel, Portfolio Manager of The Merchants Trust, discusses what it means to be a value investor and how the team implements this across the Merchants portfolio of high yielding shares. Simon also considers the opportunities for value investing in today’s markets as...
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Celebrating 130 years
Simon reflects on how it all began in 1889, the Trust’s aims to provide an investment solution for individual investors then and now and how the Merchants of yesterday differs to the vehicle it is today. The Trust has lived through many major political and economic events over its lifetime and...
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Happy New Year and Happy Birthday
Not only are we at the start of a new year but also a landmark anniversary year for Merchants. Established in 1889, the Trust celebrates its 130th birthday this year. The fact that the Trust has successfully navigated a variety of market conditions throughout its history can help put today’s...
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Challenges and Opportunities
In his latest podcast, Simon looks at recent developments affecting The Merchants Trust portfolio and the broader UK stock market. Listen in as Simon emphasises that market volatility, as witnessed in October, can give rise to the opportunity. He notes that any divergence in the share prices of...
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Looking Forward, Looking Back
In his latest broadcast, Simon takes a look back at the first half of the year, a fascinating period that’s been characterised by global political challenges. Simon also considers market prospects for the rest of 2018 and the factors that may have an impact. Produced and recorded by Lansons, at…
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Of Trust(s) and Transparency
In the latest podcast, Simon is joined by Mary Ann Sieghart, one of Merchants’ Non-executive Directors, who joined the board in November 2014. Together, Mary Ann and Simon explore the importance of transparency in communication. Produced and recorded by Lansons, at the Lansons studio in Farringdon.
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Respect the Investment Environment
In this latest interview, Simon throws light on Environmental, Social and Governance (ESG) issues and what it all means for investors. He explains why sustainability and the ethical impact of investing rank high amongst the broad range of criteria that investors and fund managers consider these...
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The Health of the UK PLC
In this episode, we ask: are London listed equities as UK focused as we think? Why should investors choose the UK? Where are we with interest rates in the UK? And if a rate rise goes ahead how it would affect the outlook of the UK? Produced and recorded by Lansons, at the Lansons studio in...
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Brexit and the UK economy
Welcome to “A Value View”, the first in an exciting series of topical podcasts from The Merchants Trust. Each month Simon Gergel, fund manager of The Merchants Trust, will offer his thoughts on developments affecting the UK market, and what they mean for investors. Produced and recorded by…
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About this show
A Value View is a series of topical podcasts from The Merchants Trust, focusing on developments affecting the UK market environment and how the trust navigates them. So what does this mean for investors? – join portfolio manager Simon Gergel as he offers his thoughts
Hosted by
AllianzGI Investment Trusts