On The Money

This episode focuses on answering investment questions submitted by you. To tackle various topics, which range from explaining fund rules to whether share buybacks benefit private investors, Kyle is joined by Richard Hunter, head of markets at interactive investor. We love to hear from you, so if you have an investment-related question you would like us to address in a future episode, please do let us know 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.

The Magnificent Seven tech stocks, including Nvidia, Microsoft and Amazon, have dominated the investment landscape since the start of 2023. Collectively, they account for nearly 30% of the S&P 500 index. Joining Kyle to discuss the career risk for fund managers who don’t own the Magnificent Seven is Nick Clay, who oversees the Redwheel Global Equity Income fund. In a frank interview, Clay explains how bonuses and risk systems can fuel a herd mentality when a narrow cohort of the stock market is shooting the lights out. 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.

While speculation mounts over which actor will be the new James Bond in the next film in the franchise, in the investment world bonds are the hot topic. One UK government bond – also known as a gilt – has attracted more money each month than any investment available to interactive investor customers since June 2023. Joining Kyle this week is Sam Benstead, our bonds specialist, to discuss why this gilt, and a few others, have been selling like hot cakes. 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.

Kyle welcomes Sam Benstead back to the podcast to discuss key trends and topics so far this year, including the “Magnificent Seven” being rebranded to “The Fab Four”, the latest interest rate predictions, the most-popular funds and investment trusts among ISA investors, the appeal of India as an investment destination, and investment trust discount opportunities. 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.

Since the start of 2023, growth stocks have been the big stock market winners, while income stocks have lagged behind. But Jon Bell, who manages the BNY Mellon Global Equity Income fund, thinks this trend may soon reverse. In this episode, he explains why high valuations for the “Magnificent Seven” US technology companies remind him of the tech bubble 25 years ago and how this could prompt a change in sentiment towards cheaper areas of the market, such as consumer staples, healthcare and utilities. 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.

Going against the crowd is a high-risk, but potentially high-reward, approach to investing. One major market that stands out today as particularly ‘unloved’ is China. Joining Kyle to discuss the investment case is Ewan Markson-Brown, manager of the CRUX Asia ex-Japan fund. Ewan discusses political risk and suggests reasons for optimism. He also explains why, despite carrying richer valuations, he’s bullish on the outlook for India. 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.

Tax year end is approaching, a time when many investors will be looking for last-minute ideas to make the most of the annual ISA allowance. Given this, the focus for this episode is on an out-of-favour investment trust area that could pique the interest of those seeking bargain opportunities. Kyle is joined by Sachin Saggar, an investment trust analyst at Stifel, to discuss the outlook for alternative asset trusts, which have been unpopular since interest rates started rising at the end of 2021. Kyle asks Sachin whether there are now opportunities for investors, or whether the big discounts on offer are a potential value trap. 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.

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.

A week on from Chancellor Jeremy Hunt’s Spring Budget, Kyle is joined by Craig Rickman, interactive investor’s personal finance editor, to dissect the main personal finance talking points. One of the main announcements for investors was the ‘British ISA’, which will be an extra £5,000 yearly allowance. Kyle and Craig detail what is known so far about the British ISA, and discuss which types of investments might be eligible. 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.

In the third episode of our four-part bonus ISA series, Kyle asks professional fund buyer Algy Smith-Maxwell to explain what investors need to consider when building a fund portfolio. Among the topics discussed are asset classes, risk tolerance, growth and income, and the types of funds beginner investors could size up. Kyle also asks Algy to give his view on how many funds investors should aim for. 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.

Kyle Caldwell is joined by Andrew Bell, chief executive officer at Witan investment trust, to look at the big macroeconomic picture by highlighting tailwinds and headwinds for stock markets over the next 12 months. Among the topics discussed are the direction of interest rates, valuations, geopolitical risks, and global stock markets being heavily influenced by a small number of 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.

In the second episode of a four-part bonus ISA series, Kyle asks professional fund buyer Algy Smith-Maxwell to explain how investors can break down the barrier of being overwhelmed by the thousands of fund options. Algy details how he sorts the wheat from the chaff among active funds, which includes a "two-minute test" when he meets fund managers. He also gives his views on why passive funds are a good starting point for new investors. Algy also hosts his own podcast – Algy’s Investment Podcast – which is well worth checking out. 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.

With tax year end over a month away, Kyle is joined by Sam Benstead to discuss how ISA millionaires invest, which hopefully provides plenty of inspiration for your own investments. Sam explains the approaches of two ISA millionaires he recently spoke to. The pair crunch the numbers to explain how long it takes to become an ISA millionaire, reveal the most-popular holdings among ISA millionaires, and explain why there’s a preference for investment trusts. 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.

In the first episode of a four-part bonus ISA series, Kyle has teamed up Algy Smith-Maxwell, a professional fund buyer. He also hosts his own podcast - Algy’s Investment Podcast – which is well worth checking out. Our bonus series picks Algy’s brain on everything to do with funds, aiming to give you a broader understanding. In episode one, Algy shares his wisdom from 30 years as a professional fund buyer, discussing his biggest investment lessons, golden rules, and what he would tell his younger self. 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.

This week Kyle is joined by George Ensor, fund manager of the River & Mercantile UK Micro-Cap investment trust, to discuss potential catalysts to revive the fortunes of this out-of-form area of the market, which has been negatively impacted by interest rate rises. George runs through a four-point checklist of things that need to happen for a recovery to take place. 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.

Kyle is joined by interactive investor’s head of equity strategy Lee Wild to run through three hypothetical portfolios they hope will generate £10,000 of income in 2024. The duo name their respective choices for shares, funds and investment trusts. To read the £10,000 portfolio articles, follow the links below: Lee’s shares portfolioKyle’s funds portfolioKyle’s investment trusts portfolioOn 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.

In this week’s episode, Kyle is joined by Gary Robinson, who manages Baillie Gifford American and Baillie Gifford US Growth Trust. The duo discuss whether the dominance of a small number of technology stocks makes the S&P 500 harder to beat. Ballie Gifford is well known for its approach of investing in exceptional growth companies, thinking long term, and paying no attention to the composition of stock market indices. Gary explains how his US fund differs from the S&P 500 index. He also runs through the four “Magnificent Seven” stocks that he owns; Nvidia, Amazon, Tesla and Meta Platforms. The latter, formerly called Facebook, was a recent purchase. 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.

Kyle is joined by Myron Jobson, a personal finance expert at interactive investor, to discuss our own performance index, which is a barometer of how private investors are faring. Topics discussed include the secret sauce that has led private investors to outperform multi-asset fund managers (in the Mixed Investment 40-85% shares sector), how the top 10 holdings differ across age groups, and the reasons behind the average portfolio weighting to cash declining in 2024. 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.

Over the past couple of years, high inflation and interest rate rises mean consumers have tightened their belts. This has proved a challenging backdrop for UK consumer stocks. However, as ever, there are both winners and losers. Joining Kyle to discuss how he's been approaching investing in consumer stocks during the cost-of-living crisis is fund manager David Smith, of Henderson High Income, an investment trust. Smith also explains how he started adjusting the portfolio as the pace of inflation slowed, and in anticipation of interest rates cut over the next year. Stocks mentioned in the podcast include: B&M European Value Retail, Whitbread, Diageo, Tesco, Coca-Cola Hellenic and Britvic. 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.

On this week’s show Kyle is joined by emerging market investor Carlos Hardenberg to discuss prospects for this investment area. Hardenberg, who manages Mobius Investment Trust, explains why he has very little exposure to China, but is much more positive on Taiwan, India and South Korea. He also explains how he approaches political risk and why technology is a key focus, accounting for just over 60% of the portfolio. 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.