focusIR Fireside Chat

In this episode of FocusIR Fireside Chats, we sit down with Charles Jillings, Portfolio Manager of the Utilico Emerging Markets Trust (FTSE 250), to uncover how infrastructure and utilities investments are delivering strong growth, resilient income, and long-term value across emerging markets. With over 30 years of experience in global financial markets, Charles shares how his team identifies high-quality opportunities, why emerging markets are often misunderstood, and where investors should be looking next. In this episode, investors will learn: Why infrastructure and utilities are not just defensive plays and how they can deliver compelling growth The key characteristics of a high-performing emerging markets investment A deep dive into one of Utilico’s standout holdings and what drives consistent double-digit growth Why Brazil remains a major opportunity for infrastructure investors The importance of management quality, regulation, and cash flow discipline when selecting investments How dividend growth is built into the strategy and why 80% of the portfolio pays income The impact of macro trends like currency shifts, energy markets, and global supply chain changes How geopolitical risks (including the Middle East) influence or don’t influence long-term strategy Why emerging markets remain undervalued vs. developed markets Key themes shaping 2026: AI infrastructure, energy transition, and logistics expansion

Karl West sits down with Thuy Anh Nguyen, Product Specialist at Vietnam Enterprise Investments Limited (VEIL) — the £1.3 billion FTSE 250 investment trust managed by Dragon Capital Management and listed on the London Stock Exchange. With deep roots in Vietnamese finance and a career spanning Credit Suisse in London and Hong Kong, Novaland, and now Dragon Capital, Thuy Anh offers a rare combination of on-the-ground market knowledge and international institutional expertise. In this episode, investors will learn: - Why Vietnam's economy continues to offer compelling long-term growth opportunities for international capital - How VEIL's portfolio is positioned, with significant exposure to Vietnamese banks, financials and real estate - The rationale behind the recent tender offer — and why the oversubscription should be read as rational arbitrage behaviour rather than investor dissatisfaction - What Saba Capital's 5% stake means for VEIL and the board's response to the US activist investor - The ongoing FCA review of UK listing rules around shareholder rights — and what tighter regulation could mean for the investment trust sector - The story behind Dragon Capital's founding in 1994 and its pivotal role in building Vietnam's equity markets from the ground up Whether you're an existing VEIL shareholder or exploring emerging market opportunities, this is an essential watch.

In this episode of focusIR Fireside Chat, host Karl West sits down with Richard Penny, Senior Fund Director at Oberon Investments and manager of the TM Oberon UK Smaller Companies Fund, to unpack one of the most compelling opportunities in equities today: UK small-cap stocks.After what Richard describes as the worst downturn in 35 years, UK small caps and AIM-listed companies have experienced a prolonged sell-off creating what he believes are deep valuation dislocations and once-in-a-cycle buying opportunities.What investors will learn:• Why UK small caps and AIM stocks are so undervalued right now • How a 4-year sell-off has created rare entry points for long-term investors • The concept of “distressed valuations”—and how to spot them • Why recoveries in small caps can deliver triple-digit returns • The GRASP framework Richard uses for stock selection: o Growth o Return on capital o Alignment of management o Size (market cap opportunity) o Price (valuation discipline)Richard Penny, Senior Fund Director at Oberon Investments and manager of the TM Oberon UK Smaller Companies Fund was interviewed by Karl West for focusIR.