The Vox Markets Podcast · Vox Markets Podcast

The Exchange with Scott McKenzie

·1 hr 29 min·5 clips

Scott McKenzie says his UK mid and small-cap portfolio was hit hard in March and calls this “a real challenging first quarter.”

1. The Vox Markets Podcast episode with Scott McKenzie focuses on UK small-cap stocks against a volatile market backdrop. 2. Host Paul Hiller interviews Scott McKenzie, described as an accomplished investor and expert manager, and McKenzie says he has spent more than 30 years in UK equities. 3. The episode asks how to invest sensibly when the Middle East, COVID aftershocks, and sharp market swings keep changing the picture. 4. McKenzie says his portfolio is predominantly UK mid and small cap and that March has been “pretty rotten so far.” 5. He says he has long run equity income funds and small-cap funds, which informs his current value-based approach. 6. McKenzie says he starts with income and then looks for “out-of-favour businesses.” 7. Ashtead Technology comes up first, with Scott noting its marine services business, its Aberdeen headquarters, and an office in Abu Dhabi. 8. He says Ashtead Technology has about two-thirds of revenues in oil and gas and one-third in renewables. 9. He also says the company operates in Brazil, Guyana, and North America and ships kit from the UK. 10. McKenzie notes that Ashtead Technology’s short interest fell from about 9% to about 4%. 11. Jet2 is presented as a strong but volatile airline and holiday operator headquartered in Leeds. 12. McKenzie says Jet2 has about £1 billion in cash against a market cap of about £2 billion. 13. He says Jet2’s return on capital has averaged 17% to 18% over the past three years. 14. He adds that Jet2 hedges about two-thirds to 75% of its jet fuel over a year. 15. Telecom Plus is described as a utilities bundle selling water, electricity, and broadband through a partnership model. 16. McKenzie says Telecom Plus reports profit per customer rather than absolute revenue because energy revenue can be volatile. 17. He says the company has taken about 200,000 broadband customers from Top Talk and that shareholders are uneasy about the strategy change. 18. Trainline is framed as a high-margin rail ticketing app facing uncertainty from Great British Railways. 19. McKenzie says the future of Trainline will be different in three years, but he argues that a total collapse looks unlikely because the business remains the leading ticketing platform. 20. Listeners who follow UK small caps, income stocks, and transport names will get the most from this discussion, while people wanting macro theory without stock-specific detail may skip it.

As heard by us

A grounded market conversation about cash discipline, distressed assets, and live UK deal speculation.

The episode follows Scott McKenzie as he works through a rough market backdrop and a rising sense of geopolitical strain. He keeps the focus on practical investing rather than drama: a portfolio weighted toward UK mid and small caps, some cash held back, and a move closer to…

Read the full review in PlayNext →

Why you'd press play

For when you want a sober read on volatile markets, cash, and takeover chatter.

Read the full recommendation in PlayNext →

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from The Vox Markets Podcast