Where 専門家s 投資する: Why 基金経営者／支配人 Rory Stokes 支援するs forklift トラックで運ぶs and an insulation 製造者

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選ぶing 投資s can be a tricky 過程 and choosing 勝利者s is an artform?
Our new series quizzes 専門家基金経営者／支配人s on their 投資するing tips and tricks??

By Ed Magnus

Updated: 14:54 BST, 26 April 2024

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Each month, This is Money puts a 上級の基金 or 投資経営者／支配人 to 仕事 with 堅い questions for our series, Where 専門家s 投資する:

We want to know where they'd 投資する for the next year - or even next 10 years - and what 落し穴s to 避ける.

This week, we spoke to?Rory Stokes, 副大臣の地位経営者／支配人?of The European Smaller Companies 信用.?

This 投資信用投資するs in smaller and medium sized companies in Europe, 除外するing the UK.?

It 現在／一般に貿易（する）s at a 12 per cent 割引 to its 逮捕する資産 value and 申し込む／申し出s a （株主への）配当産する／生じる of 2.75 per cent.

In the hot seat: We 質問（する） Rory Stokes on where he finds value, the best country to inves t in, whether Bitcoin and Tesla are 価値（がある） it and the age-old question of growth versus value

1. If you could 投資する in only one company for the next 10 years, what would it be??

Rory Stokes replies:?Jungheinrich ? the company is a forklift トラックで運ぶ製造業者 that has become a leader in the 産業の automation 部門.?

自動化するd electric トラックで運ぶs and their exciting new 自動化するd compact 貯蔵 system that vertically sorts and retrieves parts for a workstation are going to help transform the way the 産業の economy 作品.

2. What about for the next 12 months??

Recticel in Belgium, a 主要な European 生産者 of insulation.?

As the economy 回復するs and construction 選ぶs up, sales and 利益（をあげる）s should bounce.?

Insulation is going to be a 重要な part of 減ずるing 炭素放出／発行s in the years to come.< /p>

3. Which 部門 should 投資家s be most excited by?

Rory Stokes, 副大臣の地位経営者／支配人 of The European Smaller Companies 信用?

Smaller company 産業のs. The dislocations 原因（となる）d by the 供給（する） chain 危機 and the slowing economy are coming to a の近くに, and cyclical companies like European 資本／首都 goods will begin to 利益.

4. What 部門 would you be 避けるing???

US Megacap tech ? it is too expensive.

5. Which country 申し込む／申し出s the best value for 投資家s?

Europe in general looks very good value to me at the moment, but within that we seem to be finding the best value ideas in フラン現在／一般に.

6. Which European country has the most growth 可能性のある?

The periphery of Europe, which was so pejoratively referred to as the PIIGS during the Eurozone 危機, now 含む／封じ込めるs some of the most dynamic economies in Europe.?

Greece and Ireland, in particular , have strong 経済成長 and are 利益ing from the 再編成s of the last １０年間.?

What does PIIGS mean?

PIIGS 言及するs to five eurozone countries; Portugal, Italy, Ireland, Greece, and Spain, which were the weakest economies during the European 負債危機.

7. Should 投資家s 的 growth or value 在庫／株s??

We run a balanced 大臣の地位 that 目的（とする）s to blend sensibly 定価つきの growth with value with a catalyst. I don’t think 投資家s should go all in on one style.

8. Tesla ? will it 最終的に be にわか景気 or 破産した／（警察が）手入れする???

It is （疑いを）晴らす that Tesla has been at the 最前部 of transforming an 産業.?

The reality is that 自動推進の companies operate in a 部門 where there is vicious 競争, 抱擁する資本／首都 cost 必要物／必要条件s and relentless 革新必要物／必要条件s.?

I struggle to reconcile the valuation 多重のs the market has awarded Tesla with that reality.

About to 衝突，墜落? Stokes thinks carmaking 競争 makes hard to 正当化する Tesla's valuation

9. Is 所有物／資産／財産 market '安全な as houses' or 予定 a 衝突，墜落??

House prices have already had something of a 是正 in real 条件 after a spike in インフレーション連合させるd with 穏やかな名目上の price 拒絶する／低下するs.?

The reality is that the UK in particular is short of 住宅 and that makes a big 衝突，墜落 very ありそうもない, unless there is a 劇の spike in 失業.?

The 失敗 to build anything is the 推論する／理由 the UK is stagnating though. We would be far better off with stable house prices, lots of construction and a growing economy.

10. What about UK housebuilders??

UK housebuilders have become a 犠牲者 of the UK’s terrible 政治家，政治屋s. The political 危険 is too high for me to see it as an attractive 部門.?

I would rather 投資する in building 構成要素s, to 伸び（る）（危険などに）さらす to a 回復するing 住宅 market.?

11. Gold - should this form a part of everyone's 大臣の地位 and why?

If you like pretty shiny things, then yes. さもなければ I don’t really see the 利益 of 非，不，無-産する／生じるing 資産s.?

公正，普通株主権s are a better long-称する，呼ぶ／期間／用語蓄える／店 of wealth and 保護 from インフレーション.

Gold: Prices 攻撃する，衝突する a 記録，記録的な／記録する high this month, but are 公正，普通株主権s 現実に a better long-称する，呼ぶ／期間／用語 bet?

12. What about bitcoin??

Bitcoin is a 解答 looking for a problem. I see no 利益s that it would bring to the 大臣の地位 of a 法律-がまんするing 国民.?

13. Do you think Brexit has cost the 普通の／平均（する） UK 投資家??

It really depends what you mean by 'Brexit'. Since the 国民投票 there has 明確に been a higher 危険賞与金大（公）使館員d to UK 在庫／株s, but I think that is more a factor of the endless political soap オペラ that our 政治家，政治屋s 課すd on us rather than from leaving the EU per se.?

It definitely hasn’t 利益d the 普通の／平均（する） UK 投資家 since 2016 - at least not yet.

14. Will 利益／興味率s return to 激しく揺する底（に届く） again??

利益／興味率s in the UK and Eurozone are too high and need to come 負かす／撃墜する a bit, but I don’t think we are going 支援する to a world of 無利益／興味率s.?

I believe we are going to be in a world that looks more like the pre-全世界の財政上の危機 world, where インフレーション and 利益／興味率s are low 選び出す／独身 digit.

- Read What next for mortgage 率s in 2024 - and how long should you 直す／買収する，八百長をする for?

ギャング（個々） gold: Bitcoin 貿易（する）s have made many people multi-millionaires but Stokes isn't a fan and 示唆するs it's not something that should form part of a?法律-がまんするing 国民's 投資s

15. Do you think インフレーション is here to stay??

It is here to stay, but will fluctuate at lower levels than the extreme 頂点（に達する）s we have seen in the last year or two.?

The deflationary dynamics that we 直面するd, such as the introduction of 中国 into the 全世界の貿易（する）ing system, the price transparency 影響 of the internet and over-規則 of banks, have 大部分は dissipated.

16. Has the Bank of England done a good 職業?

I have been やめる批判的な of policymakers. Had I been the 知事 I would have looked at the money 供給（する） data and been far more careful in cutting 率s and 追求するing quantitative 緩和 during the pandemic.?

政策 is too tight now, and the Bank of England is at 危険 of 存在 too slow to 削減（する）率s now that インフレーション is 支援する under 支配（する）／統制する.

17. You 相続する￡100,000 tomorrow. What would you do with the money??

I'd fill up my Isa allowance and then amortise my mortgage.

Compare the best DIY 投資するing 壇・綱領・公約s and 在庫／株s & 株 Isas

投資するing online is simple, cheap and can be done from your computer, tablet or phone at a time and place that 控訴s you.

When it comes to choosing a DIY 投資するing 壇・綱領・公約, 在庫／株s & 株 Isa or a general 投資するing account, the 範囲 of 選択s might seem 圧倒的な.?

Every provider has a わずかに different 申し込む／申し出ing, 非難する more or いっそう少なく for 貿易（する）ing or 持つ／拘留するing 株 and giving 接近 to a different 範囲 of 在庫／株s, 基金s and 投資信用s.?

When 重さを計るing up the 権利 one for you, it's important to to look at the service that it 申し込む／申し出s, along with 行政告発（する），告訴（する）／料金s and 取引，協定ing 料金s, 加える any other extra costs.

To help you compare the best 投資 accounts, we've crunched the facts and pulled together a 包括的な guide to choosing the best and cheapest 投資するing account for you.?

We 最高潮の場面 the main players in the （米）棚上げする／（英）提議する below but would advise doing your own 研究 and considering the points in our 十分な guide linked here.

>> This is Money's 十分な guide to the best 投資するing 壇・綱領・公約s and Isas?

壇・綱領・公約s featured below are 独立して selected by This is Money’s specialist 新聞記者／雑誌記者s. If you open an account using links which have an asterisk, This is Money will earn an (v)提携させる(n)支部，加入者（売買）手数料，委託（する）／委員会／権限. We do not 許す this to 影響する／感情 our 編集（者）の independence.?

DIY INVESTING PLATFORMS AND STOCKS & SHARES ISAS?
	Admin 告発（する），告訴（する）／料金	告発（する），告訴（する）／料金s 公式文書，認めるs	基金取引，協定ing	基準株, 信用, ETF 取引，協定ing	正規の／正選手投資するing	（株主への）配当 reinvestment
AJ Bell*?	0.25%?	Max ￡3.50 per month for 株, 信用s, ETFs.?	￡1.50	￡5?	￡1.50	￡1.50 per 取引，協定?	More 詳細（に述べる）s
Bestinvest*	0.40% (0.2% for ready made 大臣の地位s)	Account 料金削減（する） to 0.2% for ready made 投資s	解放する／自由な	￡4.95	解放する／自由な for 基金s?	解放する／自由な for income 基金s	More 詳細（に述べる）s
Charles Stanley Direct*	0.35%?	No 壇・綱領・公約料金 on 株 if a 貿易（する） in that month and 年次の max of ￡240	解放する／自由な	￡11.50	n/a	n/a	More 詳細（に述べる）s
Fidelity*	0.35% on 基金s	￡7.50 per month up to ￡25,000 or 0.35% with 正規の／正選手貯金計画（する）.?	解放する／自由な	￡7.50	解放する／自由な基金s � �1.50 株, 信用s ETFs	￡1.50	More 詳細（に述べる）s
Hargreaves Lansdown*	0.45%	Capped at ￡45 for 株, 信用s, ETFs	解放する／自由な	￡11.95	￡1.50	1% (￡1 min, ￡10 max)	More 詳細（に述べる）s
Interactive 投資家*?	￡4.99 per month under ￡50k, ￡11.99 above, ￡10 extra for Sipp	自由貿易価値（がある）￡3.99 per month (does not 適用する to ￡4.99 計画（する）)	￡3.99	￡3.99	解放する／自由な	￡0.99	More 詳細（に述べる）s
iWeb	￡100 one-off 料金 (waived until July 2024)		￡5	￡5	n/a	2%, max ￡5	More 詳細（に述べる）s
?Accounts that have some 限界s but attractive 申し込む／申し出s						?	?
Etoro*??No 投資基金s or Sipp	解放する／自由な	投資 account 申し込む／申し出s 在庫／株s and ETFs. Beware high 危険 CFDs.	Not 利用できる?	解放する／自由な?	n/a?	n/a?	More 詳細（に述べる）s?
貿易（する）ing 212*?	解放する／自由な?	投資 account 申し込む／申し出s 在庫／株s and ETFs. Beware high 危険 CFDs.?	Not 利用できる?	解放する／自由な?	n/a?	解放する／自由な?	More 詳細（に述べる）s?
Freetrade* No 投資基金s	?Basic account 解放する／自由な,? 基準 with Isa ￡4.99, 加える￡9.99	Freetrade 加える with more 投資s and Sipp is ￡9.99/month inc. Isa 料金	No 基金s?	解放する／自由な?	n/a?	n/a?	More 詳細（に述べる）s?
先導??Only 先導's own 製品s	0.15%?	Only 先導基金s	解放する／自由な?	解放する／自由な only 先導 ETFs?	解放する／自由な?	n/a?	More 詳細（に述べる）s?
(Source: ThisisMoney.co.uk May 2024. Admin % 告発（する），告訴（する）／料金 may be 徴収するd 月毎の or 年４回の

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