I'm an 投資 専門家 - here's why I'm 支援?ロボット工学 製造業者 Intuitive Surgical

  • 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:

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 Paul Niven, 基金 経営者／支配人 at F&C 投資 信用.

The 信用 投資するs across the world in 公然と 名簿（に載せる）／表（にあげる）d companies, 同様に as a 範囲 of unlisted 安全s and 私的な 公正，普通株主権.

The total value of its 資産s 現在／一般に equates to around £6 billion and F&C 貿易（する）s at a 割引 of around 9 per cent to its 逮捕する 資産 value.?

In the hot seat: We quiz Paul Niven on where he finds value, the best country to invest in, whether Bitcoin and Tesla are worth it and the age-old question of growth versus value

In the hot seat: We 質問（する） Paul Niven on where he finds value, the best country to 投資する 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?

Paul Niven replies: While 現在／一般に a small 持つ／拘留するing for us, one 指名する that we believe has strong 可能性のある for 未来 growth is US 名簿（に載せる）／表（にあげる）d company, Intuitive Surgical.?

They are the world’s 主要な 製造業者 of ロボット工学 for 外科, with their da Vinci 範囲.?

They 支配する the 産業, are moving into a wider 範囲 of 手続きs and enjoy 網状組織 影響s because of the thousands of 外科医s already trained on their machines.

2. What about for the next 12 months?

Smurfit Kappa, the 製造業者 of paper-based 製品s.?

We are just starting to 現れる from the 気圧の谷 of the cycle and their market position has been 強化するd.?

They are buying the second largest player in the US at the 底（に届く） of the cycle on 気圧の谷 収入s with strong 可能性のある fo r synergy 伸び（る）s.?

現在の valuations are attractive with 範囲 for 昇格s to 収入s over the next year.

3. Which 部門 should people be most excited by?

半導体s are at the 最前部 of the move to 人工的な 知能 and are 価値（がある） knowing about ? both ーに関して／ーの点でs of their growing importance and the 危険s associated with 投資するing in this area.

Sunnier times ahead: The share price of Smurfit Kappa is up 25 per cent year to date and Paul Niven thinks there is much more to come over the next 12 months

Sunnier times ahead: The 株 price of Smurfit Kappa is up 25 per cent year to date and Paul Niven thinks there is much more to come over the next 12 months

4. What 部門 would you be 避けるing?

There are an awful lot of players in the 自動車 部門, and with the rise of electric 乗り物s, in particular from 中国, it is hard to have 信用／信任 in who the 勝利者s of the 未来 will be.

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

While long-称する，呼ぶ／期間／用語 growth 適切な時期s may be more attractive どこかよそで, the UK market appears attractive in valuation 条件 across a number of metrics.?

It is cheap compared to its own historical 業績／成果 and 親族 to other markets, 誇るing the lowest 部門-adjusted price-to-収入s 割合 amongst major developed markets.

Tip: Paul Niven says Intuitive Surgical, a manufacturer of robotics for surgery, has big growth potential over the next 10 years

Tip: Paul Niven says Intuitive Surgical, a 製造業者 of ロボット工学 for 外科, has big growth 可能性のある over the next 10 years

6. Over half of your 基金’s holdings are US based. But isn't the US looking expensive at the moment?

The US is indeed 貿易（する）ing at a 比較して rich level of valuation against its own history and 親族 to other markets.?

Nonetheless, the US market has 終始一貫して 配達するd a 賞与金 率 of growth in 法人組織の／企業の 収入s and one should 推定する／予想する to 支払う／賃金 a 賞与金 level of valuation for 未来 growth.

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

We have 比較して balanced （危険などに）さらす between growth and value 在庫／株s in our 大臣の地位 at 現在の.?

Growth 在庫／株s still appear 比較して richly valued, but may 井戸／弁護士席 利益 from 近づいている 削減（する）s in 利益／興味 率s and appear 井戸／弁護士席 placed to 利益 from 世俗的な growth 主題s.?

The 割引 which value 在庫／株s are 貿易（する）ing at 現在／一般に, however, also 現在のs an 利益／興味ing 適切な時期 for 投資家s.

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

にもかかわらず 最近の 証拠不十分 in its 株 price Tesla is still a 比較して expensive 在庫／株 and a lot of hope of 未来 growth is still in the price.?

競争 is 強めるing in Electric 乗り物s, but Tesla will likely 結局最後にはーなる 存在 one of the leaders in 自治権のある 乗り物s.

Pricey: Niven thinks Tesla remains valued based on future growth expectations but will face stiff competition from the rest of the auto sector

Pricey: Niven thinks Tesla remains valued based on 未来 growth 期待s but will 直面する stiff 競争 from the 残り／休憩（する） of the 自動車 部門

9. Gold - should this form part of everyone's 大臣の地位?

Not やむを得ず. While gold can 高める 大臣の地位 diversification and 行為／法令／行動する as a ‘安全な 港／避難所’ during 経済的な 不確定 it does not 生成する income and can be volatile, making it not suitable for everyone.?

The 最近の rise in gold prices hasn't やむを得ず followed typical 経済的な 根底となるs, 示唆するing 最近の central bank 購入（する）s might be 運動ing the 決起大会／結集させる.?

I prefer 公正，普通株主権s as an 投資 from a long-称する，呼ぶ／期間／用語 視野.

10. What about bitcoin?

Bitcoin can also diversify a 大臣の地位 and 申し込む／申し出 潜在的に high returns, but I regard this as a 思索的な 投資 with 疑わしい 根底となるs.?

Extreme price volatility makes it 不適切な for everyone's 大臣の地位. Over the past few years, bitcoin has behaved 類似して to a てこ入れ／借入資本d, 数字表示式の 見解／翻訳／版 of gold.?

The 最近の sharp 決起大会／結集させるs in both 資産s 示唆する the market has suddenly placed a higher value on 資産s that cannot be degraded by インフレーション or by bank 失敗s.

Too volatile: Niven sees bitcoin as a speculative investment and not?appropriate for everyone's portfolio

Too volatile: Niven sees bitcoin as a 思索的な 投資 and not?appropriate for everyone's 大臣の地位

11. What do you see as the biggest geopolitical 脅し to 全世界の 株式市場s this year?

増大するing 緊張s in the Middle East could 衝撃 oil prices and 混乱に陥れる／中断させる 供給（する） chains.?

A longer-称する，呼ぶ／期間／用語 関心 is the rising 緊張 between the US and 中国, encompassing 貿易（する） 衝突s, 科学（工学）技術 論争s and 可能性のある 軍の 対決s over Taiwan.

12. Do you think UK banking 株 are undervalued?

Rises in 利益／興味 率s have transformed their profitability, （株主への）配当 産する／生じるs are very high and their very high 資本／首都 levels means they are 請け負うing 抱擁する 株 buybacks.?

While they have re-率d modestly, they remain cheap and 現在の returns may 井戸／弁護士席 be more 維持できる than most 投資家s believe.

13. Is there a UK 科学（工学）技術 会社／堅い that stands out for you?

にもかかわらず disappointing results last week, 下落する is still growing its 最高の，を越す line 堅固に with the Intacct 商売／仕事 growing at 27 per cent in the US and other newer 製品 lines growing even more quickly as 下落する 移行s from an onsite accountancy ソフトウェア 商売／仕事 to a Cloud based recurring 歳入 subscription provid er of ソフトウェア services for Small and Medium 企業s.

British gem: Sage, a British software company has seen its share price rise by more than 40 per cent over the past five years despite?disappointing results last week

British gem: 下落する, a British ソフトウェア company has seen its 株 price rise by more than 40 per cent over the past five years にもかかわらず?disappointing results last week

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

不確定 surrounding Brexit has likely led to 女性 経済成長 and foreign 投資 outflows, 運動ing some of the underperformance from UK 公正，普通株主権s 親族 to major 全世界の markets.?

However, UK 投資家s with （危険などに）さらす to overseas markets have 利益d from the 10 per cent 価値低下 of 英貨の／純銀の.

15.?Will 利益／興味 率s return to 激しく揺する 底（に届く） again?

Slower 経済成長, tighter credit 条件s and 落ちるing インフレーション should give central banks 信用／信任 that their 政策s are 十分に 制限する.?

利益／興味 ネズミ es are likely to remain higher than the 激しく揺する-底（に届く） 率s of the past １０年間, but I 推定する／予想する the base 率 to 落ちる below 4 per cent next year.

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

Transitory. 消費者 price インフレーション slowed to 3.2 per cent in March 2024 and should 落ちる to around 2 per cent in April after a 削減 in 規制するd energy prices.?

Services インフレーション is 推定する／予想するd to 拒絶する／低下する in April and will likely continue 緩和 throughout 2024 as 行う growth 徐々に slows.

Inflation: After peaking in October 2022, the rate of CPI has been easing lower and getting closer to Bank of England target levels of 2 per cent

インフレーション: After 頂点（に達する）ing in October 2022, the 率 of 消費者物価指数 has been 緩和 lower and getting closer to Bank of England 的 levels of 2 per cent

17. Would you have done things 異なって if you had been 知事 of the Bank of England?

I would have raised 率s earlier to he 広告 off インフレーション but would now be looking to 削減（する） 率s at 近づいている 会合s given the benign 見通し for インフレーション and 調印するs of a 冷静な／正味のing 労働 market.?

18. You 相続する £100k tomorrow. What would you do with the money?

I would spend on a family holiday and some indulgent experiences to 供給する 継続している memories from the bequest, use some to 基金 never ending 世帯 改良s and, with what is left, 増加する my personal 持つ／拘留するing in F&C 投資 信用.

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 o r 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 i nvesting （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 £9.99Freetrade 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

?

Some links in this article may be (v)提携させる(n)支部，加入者 links. If you click on them we may earn a small （売買）手数料，委託（する）／委員会／権限. That helps us 基金 This Is Money, and keep it 解放する／自由な to use. We do not 令状 articles to 促進する 製品s. We do not 許す any 商業の 関係 to 影響する／感情 our 編集（者）の independence.