Stable growth with inflation risks easing but continued geopolitical uncertainty. The move away from narrow leadership in US is expected to continue in 2026.

By Michael Kokalari CFA, chief economist, and Thai Thi Viet Trinh, senior economist.

The search for supernatural compounders – a conversation with Andrew Hollingworth of Holland Advisors

The rise and regulation of finfluencers

Legendary UK fund manager Nick Train joins Wilfred Frost on The Master Investor Podcast to discuss why, despite recent underperformance, he remains relentlessly optimistic on equities, on the opportunities the UK market presents, and on his own highly concentrated portfolio.

Nick lays out his philosophy of patient, conviction-led investing, highlighting that his portfolios typically turn over less than 5% a year and many of his top holdings have been owned for a decade or more, with his top 10 holdings accounting for more than 80% of his fund. Influenced by Warren Buffett and Charlie Munger, he argues that owning a small number of world-class businesses for very long periods is the most powerful route to wealth creation, and explains why every sale is, in his mind, “a confession of error.”

Despite acknowledging decades of relative underperformance for the UK versus the US, Train makes a full-throated case that select London-listed companies are under-owned, undervalued and well placed to benefit from global themes like artificial intelligence. He uses London Stock Exchange Group and RELX as case studies in how proprietary data, capital-light digital models and AI-driven analytics can support compounding growth, even if headline UK indices remain out of favour. He also defends Diageo despite a difficult couple of years, arguing that ultra-premium spirits brands like Guinness and Don Julio should benefit over decades from rising global wealth, much as luxury brands have for LVMH. All 3 stocks represent over 10% positions in his portfolio.

Train is candid about recent underperformance, and talks openly about why his fund has underperformed in recent years and the discomfort he has experienced because of it. He also reflects on how he has confronted it – by buying more of his own trust and being relentlessly optimistic, and leaves tips for listeners with his distilled mantra: be bold, be disciplined, be optimistic.

How to invest in the UK’s social impact REITs

What is AI slop and why should investors care?

Why are UK small caps trading at such compelling discounts? In this Vantage interview, Richard Staveley, fund manager of Rockwood Strategic (LSE: RKW, market capitalisation £135m), reveals why the ingredients may be in place for a significant revival in the UK’s most overlooked market segment. From AAA-rated performance and 170% NAV returns over five years to activist engagement and strategic corporate actions, Richard demonstrates how patient, concentrated investing in deeply undervalued companies continues to deliver exceptional returns – even when investing conditions are difficult.

Richard discusses the catalysts needed to bridge the performance gap between the UK top 100 companies’ strong showing and lagging small caps, including the crucial role of interest rate cuts and potential budget measures. He shares insights validating his perspective, such as Spectris’s 100% bid premium, and explains how Rockwood’s concentrated, recovery-biased approach – with the majority of capital in the top 10 holdings – identifies and patiently helps deliver shareholder value through strategic engagement with all stakeholders.

Watch the full interview to understand why UK small caps represent one of the most compelling value opportunities in global markets and how Rockwood’s differentiated approach continues to unlock hidden value in overlooked companies.