Enquire, the Investor Relations podcast

The small-cap market across Asia is seeing strong growth, with healthy company profits and an active IPO space in emerging markets like India, Vietnam, Indonesia, and the Philippines.   To learn more about the equity scene in Asia and how to engage with global investors, we spoke with Gabriel Sacks, Investment Director at Aberdeen. Gabriel brings 17 years of emerging markets expertise and offers advice for all IR professionals working with global investors.  Challenges and opportunities in the growing Asian market  Gabriel started his career with Aberdeen back in 2008 as a research analyst and portfolio manager on a range of Emerging Markets equity funds, including a Frontier Markets strategy. Today, his primary responsibility is as lead manager on the Aberdeen Asia Focus investment trust, which aims to give investors exposure to a portfolio of high-quality smaller companies across Asia that are otherwise very difficult to access.   We talk about the differences between many of the countries that Gabriel works with and the four primary variations that anyone working across Asian markets needs to know. Gabriel talks about how the markets are looking in today’s turbulent geopolitical climate, and why he’s optimistic about growth. We hear his advice on how to communicate with company boards and investors, why face-to-face meetings are still the best meeting option, and how he’s using AI as a productivity tool.  In This Episode  * Gabriel explains the primary focus of the fund he manages   * The three things he looks for when selecting stocks   * Why Asia’s IPO market is particularly active   * The resources he turns to when researching companies   * How he interacts with companies and private investors   * The four variations across Asian markets that IROs need to know about   * Advice for management teams and IR on narratives and providing feedback   Quotes:  * "Sometimes you don't need access to management if you have a very strong IR... they're often better at communicating than the management team."  * "Create a nice long-term narrative, but in the short term, maybe be a little bit more conservative on the guidance or at least very transparent and clear about what you're communicating."  * "Some of the best meetings are sometimes when you've never met a company... the management or IR just relay the business strategy and narrative in a very clear manner."  Resources:  Connect with Gabriel on LinkedIn [https://www.linkedin.com/in/gabriel-sacks-98a59a2a/?originalSubdomain=uk ]

Is debt IR really that different from working in equity investor relations? While there are some key differences that make up a debt IROs typical role, there are more similarities than you might expect.  Debt and Equity IROs Are On the Same Team (With Different Audiences)   In this episode, we welcomed Angela Catlin, previously the Head of Investor Relations, Corporate Affairs and Brand at The Co-operative Bank and currently Chair of the Debt IR Steering Group of the Investor Relations Society. Joining her is Equitory’s Matt Lee, our Director of Investor Relations, to give his perspective on debt IR.    Both have experience in equity and debt IR and share their thoughts on the key differences, how to manage relationships with rating agencies, and why an always-on approach is the best IR strategy. You’ll also hear about what an equity IRO would need to do to adapt to debt IR, and how measuring success on the debt side is typically easier.   In This Episode  * How Angela and Matt chose IR as a career plus background on previous roles  * How IR has changed when supporting debt investors   * The goals of a debt IR programme and how this compares to equity IR  * The benefits of having dedicated IR capacity and consistent investor communication   * Best practices for communication with bond holders   * Tips for managing a crisis as an IRO  * Why equity and debt IR need to be on the same team   * How Equitory supports clients with debt IR  * What it’s like working with rating agencies   * Measuring success in debt IR  * Advice for anyone thinking of a career in debt IR  Quotes:  * "I think this is one of the real benefits of debt IR in many ways is the measurability of your efforts because working on the equity side can sometimes be pretty tough to quantify.” Matt  * “Be always on, always engaging, keeping that communication going. And I think that's where having the dedicated IR professional can be really helpful.” Angela    * “IR does need to be well aware of everything that's happening in the business so that they can manage what they can and can't say to the market and the right way of saying things.” - Angela    Resources:  Connect with Angela on LinkedIn  [https://www.linkedin.com/in/angelacatlin/]

Can you really build meaningful investor relationships through a screen? Zoom and Teams calls have been an invaluable tool in the past few years, but is there an overreliance on remote communication in IR today? Paul Measday, Head of Investor Relations, Ashmore Group plc, joins the podcast to talk about his career and thoughts on IR as a whole. In his view, IR is still a “contact sport,” and traditional relationship-building is critical to successful IR.  IR in the digital age   In this episode, Paul shares his perspective on IR as a team of one in his role at Ashmore Group plc. Previously working as an equity analyst with Cazenove/JP Morgan Cazenove, he qualified as a chartered accountant with Ernst & Young and has an MEng in Mechanical Engineering from Exeter University and the University of Liège. With experience across multiple areas of finance and capital markets, he brings knowledge and experience of equity research, covering banks through multiple market cycles.   We hear his thoughts on the practical challenges of managing roadshows and proxy voting, and why he believes traditional relationship-building is critical, especially when building new relationships with investors. He discusses Ashmore Group’s strategic approach to investor targeting, their approach to conferences, analyst relations, and the importance of understanding your company’s investment story.   His biggest tip for those thinking about a career in IR is to gain experience in different areas of capital markets and finance to bring something unique to the role and gain credibility across your company.   In This Episode:  * Paul shares details of his career background and the lessons he applies to his role in IR   * What surprised him about the transition into in-house IR   * Paul’s strategic approach to investor targeting   * How a committee-based investment process reduces risks for Ashmore Group  * The biggest challenges in his career and how COVID changed IR   * Ashmore Group’s approach to roadshows and conferences  * Paul’s thoughts on AI and IR tools   * The challenges of liaising with governance teams and proxy voting   * Paul’s biggest tip for people thinking of a career in IR   Quotes:  * "Asset management, the capital markets, it's a contact sport, right? You need to meet people."  * "You can have a Zoom call or some other sort of virtual interaction with a fund manager. If they're a shareholder, it is a good tool because you've already built that relationship. But if you're trying to establish a relationship, everyone will be very polite on the video call, but I'm not sure it leads to anything meaningful."  * "In order to gain credibility, bringing some relevant experience and industry knowledge lets you carve out a slightly different role for yourself under the IR banner so that if you're in the meeting with the finance director and you've only been in IR for a year, you have a role to play in that meeting.”  Resources:  Connect with Paul on LinkedIn [https://www.linkedin.com/in/paul-measday-135334151/?originalSubdomain=uk]

Every IR team wants to hear good feedback from investors. But it’s the negative feedback that has the most value. In this episode, you’ll hear Dan Homan, Investor Relations Director at Currys plc, explain why honesty and genuine two-way conversations between IR and investors are a must to achieve continuous improvement in IR efforts.    Investors value honesty above all else  Prior to joining Currys, Dan was a Director at Citi Investment Research where he was a lead analyst on top-ranked teams covering the European Retail sector. Alongside Investor Relations, Dan has responsibility for UK strategy, property and the Group's defined benefit pension scheme.  He joins Enquire, the Investor Relations Podcast to shed light on Currys’ approach to investor relations, communication with the board, and hosting capital market events. We hear about the challenges that his team and Currys has faced over the past few years, including a takeover bid from Elliot Advisors and company restructures. Coming from the sell-side and now working alongside other departments such as property, Dan brings a lot of additional insight into different areas of the business that he says make him better at IR.  Dan shares his approach to shareholder management, working with brokers and analysts, and why he actively seeks negative feedback from investors. He also explains his thoughts on what makes someone good at IR and advice for anyone considering it as a career.   In This Episode:  * Dan shares an overview of his career story before coming to Currys   * Why companies shouldn’t forget to tell their equity story   * The top things that surprised Dan about his transition to IR   * Dan’s advice on preparing for a bid defence   * How the IR team interact with other communication functions   * Currys approach to ESG   * How Dan hosts site visits and capital market events   * How Dan receives feedback from investors   * The best way to strengthen credibility with investors   * Why Dan believes KPIs are too difficult to set for IR   * What makes someone good at IR   Quotes:  * “A number of listed companies forget to tell their equity story regularly enough. At full year updates and interims, they’d just be giving an update on results and assuming everyone knew what they were trying to do as a company.”  * “I’m very interested in the negative feedback. It can sometimes be difficult to hear, but it’s the most important stuff that we can action.”  * "You need a ruthless focus on simplicity. The simpler you can make the message for the market, the more that investors are going to appreciate you."  Resources:  * Connect with Dan Homan [https://www.linkedin.com/in/dan-homan-71ba7220/]

When done right, the collaboration between analysts and investor relations professionals can transform how a company's story is told, understood, and valued by investors. In this episode, we speak with Ciarán Donnelly, Technology & Media Equity Research Analyst at Berenberg to hear his insights of the technology, media, and telecommunications (TMT) sector.  Consistency, Availability, and Proactivity: An Analyst’s IR Wish List   Ciarán shares stories from his decade-long career in investment banking. You’ll hear what a typical day looks like for him, from dissecting results day announcements to communicating with IR to running global roadshows.   We hear what Ciarán would most like to see from IROs when it comes to assessing his modelling approach and why he thinks that IR should be involved far earlier in the process when it comes to an IPO.    While there’s been some negativity about the UK market, Ciarán is confident that things are looking up and explains why many analysts like him have an optimistic view of UK equities. As a topic that affects Ciarán’s sector a great deal, we discuss how AI is impacting both his role internally and the companies he researches. We hear his take on AI in the wider TNT market and why it can be a productivity enhancer.   In This Episode  * The typical day of a sell-side analyst   * Why IR should be involved earlier in an IPO process  * How AI is impacting IR  * What makes meetings with IR, companies, and investors more productive  * The key attributes of great IROs when communicating with analysts   * Why now is the time for optimism in the UK market   Quotes:  "We are starting to see practical examples of where [AI] is either benefitting or changing business models."   “The equity story is hugely important to whether or not an IPO gets done. If an IR professional can be in situ in a private company even 12 months in advance, I think that is a really good opportunity.”  "There's always going to be demand for quality assets and there is a lot of quality assets in the UK. So we think you're likely to see that trend continue in 2025 and beyond."  Resources:  * Connect with Ciarán Donnelly [https://www.linkedin.com/in/ciar%C3%A1n-donnelly-5b268b5b/]