Enquire, the Investor Relations podcast

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/]

Seismic shifts in the markets and the wider geopolitical environment have become top discussion points for IR, fund managers, and investment companies. But are these shifts the norm or simply blips? Mitesh Sheth, CIO of Multi-Asset at Newton Investment Management Group (“Newton”), discusses his take on the current markets in this episode.  Expect the Unexpected in the Market  Mitesh’s varied career has given him unique insight across different areas of investment management. Beginning as an actuary, he later moved into roles including Head of Fixed Income and Director of Business Innovation at Henderson Global Investors and then Director of Strategy and CEO at Redington.   As the Chief Investment Officer of Multi-Asset at Newton, Mitesh has oversight of Newton’s multi-asset and fixed-income teams based in London, as well as Newton’s quantitative multi-asset solutions team in San Francisco.   Mitesh shares his perspective on what he describes as the new macro regime and explains that while volatility has brought big changes to markets, change has always been inevitable. His warning for anyone in investment management is to not become complacent with what the “norm” is, because it’s changing all the time.   Mitesh also shares advice for IR professionals on how to communicate better with investors and fund managers and how to protect against volatility expected through the rest of 2025.    In This Episode  * How Mitesh began his career as an actuary   * How being an actuary gave him longer-term perspective of markets   * Why learning from others has been his career north star   * Mitesh’s perspectives on the shifts in the “macro regime” and why change is inevitable  * Newton’s approach to market fluctuations  * Consolidation in the fund management industry   * How AI is changing investment management   * Navigating the trend of fund outflows in the UK market   * Predictions for 2025  * Advice for communicating with investors today  Quotes:  "You're not trying to predict the future. You're trying to prepare for different future scenarios and ensure that clients' assets are protected, and their goals are met somewhat regardless of different scenarios."   "The best IR professionals are meaningfully additive to the share price."    “Trust is more important than ever before... And ultimately trust comes down to not over-promising.”  Resources:  * Connect with Mitesh Sheth [https://www.linkedin.com/in/shethmitesh/?originalSubdomain=uk]

Are we overlooking the UK equity market? It hasn’t incited the same level of excitement as the growth in the US market, but that doesn’t mean investors should disregard it. As Wes McCoy explains in this episode, even long market cycles come to an end, so are you prepared for what’s next?  Is UK Equity Due for a Comeback?  Wes is the Senior Investment Director at abrdn and has over 20 years’ experience in various roles within UK equity. He sits down with us to talk about why he thinks the UK market is overlooked but also why this could pose a great opportunity for investors planning for the long term.   We hear a bit of Wes’ backstory as he takes us through the highlights of his career journey to where he is today and how he came to build his fund that oversees 35 stocks. Wes explains the realities of market cycles and tells us the best and worst investments he’s made over the years; plus the biggest lessons each experience taught him.    Wes also shares some important advice for IR professionals on how to communicate better with investors and why trying to be everything for everyone is the wrong move.   In This Episode  * Wes talks about the challenge of fund outflows in the UK   * How we could reignite the London Stock Exchange   * The realities of market cycles   * Three priorities that Wes considers before investing   * Wes’ take on IPOs and advice for companies   * Red flags that would put Wes off from investing   * Wes shares some details of his own fund   * The best and worst investments Wes has made and what he’s learned   * What to look for in a fund manager  * What an ideal investor meeting looks like   * Advice for communicating with investors    Quotes:   “I’m a believer in value versus expensive.”  “Look out for a manager who owns their mistakes and attributes some of their success to luck. That's usually the right blend, not the other way around.”  “If companies can explain [their value] to you exceedingly well, it usually means they explain it well to customers and employees. The people that nail that are the people that have authenticity and don't put on different faces and masks for different audiences.”  Resources:  * Connect with Wes McCoy [https://www.linkedin.com/in/wesley-mccoy-29b7b6b/]

What can we expect in 2025 when it comes to the UK equity market? While there have been challenges and volatility over the past few years, 2025 seems to be a promising start for companies, investors and IR professionals alike.   Are Things Looking Up in UK Equity?  Joining this episode is James Lowen, a Senior Fund Manager with 30 years’ industry experience at J O Hambro Capital Management, where he co-manages the J O Hambro Capital Management UK Equity Income Fund. James offers a broad perspective on the UK equity market in its current state and shares four key reasons why we should be optimistic this year. We discuss the various geopolitical issues impacting the market and his advice for IR professionals and companies trying to navigate the changes.   We hear James’ view of what makes a perfect shareholder meeting, his advice for companies presenting to current and potential investors, and what IR managers can do to form greater relationships with investors.   In This Episode  * James’ career history and how fund management has changed over time  * UK equity market performance and what changes are needed  * How James engages with company management to help unlock value   * IPO market challenges and the valuation gap   * How James manages their fund  * Red flags in financial disclosure     * What makes an effective IR director?   * Best practices for companies presenting information to shareholders   * Examples of a good company meeting  * ESG trends, the impact of current geopolitics and Board interaction  * Four reasons for optimism in 2025   Quotes:  “I think companies have to be audacious in this world of low valuation.”  “I think this is the most interesting time, probably in the 20 years we've been operating, and that's why we're quite fired up at the moment.”  “More communication is good. We don't like where companies just pop out their results meeting twice a year. We'd like them to do things in the middle.”  Resources:  * Connect with James Lowen [https://www.linkedin.com/in/james-lowen-16361894/]  * The Long & The Low of it [https://thelongandthelowofit.substack.com/]

£20 billion is the estimated outflow from of UK equities in the last three to four years, with almost half originating from small-mid cap equities. So, what separates companies that retain investor confidence and interest vs. those that don’t?   The Right Guidance and Communication Strategy to Weather the Storm   UK fund managers have been kept very busy over the past few years. Economic turbulence, sweeping political shifts, and the financial impacts of a pandemic have all contributed to the uncertainty around UK equities, affecting UK fund growth and performance.    In this episode, we hear the fund manager’s perspective from Siddarth Chand Lall, the Lead Fund Manager of the Marlborough Multi Cap Income Fund at Canaccord Genuity Wealth Management.    We explore the ways companies can improve their communication approach with investors and what needs to change to attract investment back to UK equities. Siddarth shares his perspective on the most influential changes in the market and his advice for investors, IR professionals and fund managers for this year.    In This Episode  * How companies can improve their engagement with investors   * What needs to change to attract investment back to UK equities   * The role of boards in investor communications   * How MiFID II impacted company information access and coverage   * Managing ESG considerations in an income-focused strategy   * The outlook for UK equity markets in 2025  Quotes:  "When communicating with shareholders, they are partial owners. They are on your side, and there can be a partnership. They want you to do well, so it doesn't need to be combative."  “To under promise and over deliver is so important. It really is one of the golden rules in any listed entity. If you can do that, that's where you protect the share price.   “When you start off by saying everything's great and we're okay, and then at the end, you say, 'Oh, by the way, there's this negative thing to tell you about,' hoping that maybe some people wouldn't care about it... that really irritates investors."   Resources:    * Connect with Siddarth Lall [https://www.linkedin.com/in/sid-lall-883126/?originalSubdomain=uk]