Kepler Trust Intelligence Podcast

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios. In this month's episode, our guest is Sharmin Rahman, an investment manager specialising in fixed income for Liontrust and fund manager on the Liontrust GF High Yield Bond fund. We discuss all things high-yield bond and fixed income, thoughts on the indiscriminate sell-off in software names, how the quality of the high-yield space has improved over the years and investors should put more emphasis on sell discipline. 00:00 Introduction 00:56 Background to becoming a fund manager 04:30 Thoughts on the software sell off in credit 06:16 Why investors shouldn't be trying to time the market now 08:07 Why we will still see interest rate cuts despite higher energy prices 09:15 Why artificial intelligence companies are tapping credit markets 11:07 How high yield differs from investment grade credit 12:14 How the high-yield asset class has changed over the years 13:27 Where Sharmin is seeing the best opportunities at the moment 17:32 The role high-yield plays in an investor's portfolio 19:52 Will private credit troubles spill into the public markets? 23:39 Best piece of investment advice 25:01 Further information 25:23 Risk warning Please note that this podcast was recorded on 16 April 2026. Our latest market insights: https://www.trustintelligence.co.uk/investor/articles

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in March, brought to you in association with Schroders. In the news, Ryan looks at the impact of manager changes at the highly successful Golden Prospects Precious Metals (GPM), Geiger Counter (GCL) and CQS Natural Resources Growth & Income (CYN) trusts. Next, he summarises the fee changes at Alliance Witan (ALW) and STS Global Income & Growth (STS), before briefly running through the updates of the Saba saga on Edinburgh Worldwide (EWI) and Impax Environmental Markets (IEM). Onto results, and we start with a brief overview of the annual results of Schroder Asian Total Return (ATR) including looking at what their macro indicators were saying ahead of the market volatility this year. Elsewhere, David looks at Octopus Renewables Infrastructure (ORIT)’s results and whether the increase in energy prices will lead to a change in the trust’s revenue outlook. In this month’s final set of results, Jo looks at BlackRock World Mining (BRWM) and summarises how they have achieved such high returns. In a well-timed moved, BRWM’s manager Olivia Markham was our guest on the Market Matters podcast this month, allowing Jo to also summarise her thoughts on the wider sector including the outlook for gold. Next up, David talks through his highlights of his Ashoka India Equity (AIE) podcast, discussing why India has suffered and whether this affects the outlook for the country. In light of this, the team discuss their thoughts on India and reveal who has been brave enough to add to their exposure. Jo takes her turn for stat of the month discussing a Bank of America Merrill Lynch survey as to whether the period of US exceptionalism has peaked following rising geopolitical risks including what sectors this has led to a rotation to, and from. 00:00 Introduction 00:22 What’s to come 00:51 GPM, GCL & CYN manager changes 02:17 Fee cuts for ALW and STS 03:42 Saba approaches an IEM and EWI endgame 05:06 ATR’s results 06:44 ORIT’s results and dividend outlook 08:29 BRWM’s strong results 09:36 Olivia Markham’s thoughts on gold 12:50 AIE’s insights on India’s issues 15:17 India discussion 19:13 Stat of the month & US rotation 20:23 Risk warning Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 07/04/2026.

In this episode of Trust Issues, we speak to Ayush Abhijeet, investment director at WhiteOak Capital Partners, the investment advisor to Ashoka India Equity (AIE). Ayush talks us through the reasons why the Indian stock market has been going through a period of weakness, what catalysts could cause a recovery and why, despite the difficult backdrop, Indian companies remain committed to initial public offerings. Ayush also tells us how AIE's knowledge and expertise enables management to take advantage of this through pre-IPO investing. 00:00 Introduction 01:37 Why has India's stock market underperformance other emerging markets in recent months? 04:52 Who owns Indian equities and why is this dynamic important? 06:50 Why Indian households are diversifying away from gold and real estate and into stocks 09:04 Are you seeing value emerging in Indian markets? 11:53 How much does WhiteOak's experienced, on-the-ground team benefit AIE? 13:52 Why India's IPO market is thriving and how this benefits AIE 17:30 Potential drivers of a possibly powerful recovery in the Indian equity market 20:22 Why AIE is well-placed to capitalise on these drivers 22:25 How AIE focuses on economic cashflows to derive a company's valuation and compare relative valuations 24:14 Balancing high active share with diversification 27:27 Further information 27:51 Risk warning Our latest note on AIE - https://www.trustintelligence.co.uk/investor/articles?fund_id=397 AIE website - https://www.ashokaindiaequity.com/ Please note that this podcast was recorded on 23 March 2026.

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios. In this month's episode, our guest is Olivia Markham, manager of BlackRock World Mining. We cover a wide range of topics including the forces driving gold and silver higher, why copper and uranium could be the defining metals of the energy transition and whether the long-awaited rotation into commodities is finally becoming a reality. 00:00 Introduction 00:32 Background to fund management 01:40 Key drivers of the gold rally 03:24 Impact of issues in Middle East 05:05 Physical ETFs vs mining equities 07:03 Outlook for gold prices 07:57 Silver: gold's shadow v industrial drivers? 09:25 Is copper the new oil? 12:07 Investment case for uranium 14:23 Commodity demand in China 16:41 M&A in the mining sector 20:02 Rotation into commodities 23:10 Best investment advice 24:57 Risk warning Please note that this podcast was recorded on 20 March 2026.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in February, brought to you in association with Schroders. In the news, Ryan looks over the corporate activity in the year, including the proposed combination of BlackRock Throgmorton (THRG) and BlackRock UK Smaller Companies (BRSC). Elsewhere, he looks at the potential outcomes for European Opportunities (EOT)’s strategic review, before a quick update on Impax Environmental Markets (IEM)’s ongoing battle with Saba. Meanwhile, David recaps the Greencoat UK Wind (UKW) results, looking at both the positives and negatives, whilst Ryan summarises the results of BlackRock Energy and Resource Income (BERI)’s latest year, which involves another year of strong outperformance. Over in podcasts, Jo runs through her conversation with Baillie Gifford’s Lucie Majstrova, including the growth trajectory of SpaceX, the potential for Anthropic’s AI disruption and why companies are taking longer to go public. Next up, David talks through his highlights of his Ashoka Whiteoak Emerging Markets (AWEM) video, including how they balance both their India and China exposures. Meanwhile, Jo summarises her conversation with Randy Sandstrom of Sequioa Economic Infrastructure (SEQI), including why the investment trust structure is a great way of accessing the private credit space, and where the best opportunities lie at present. David takes his turn for stat of the month, with some interesting data on the concentration of emerging markets winners, as well as how he used this information to consider some new portfolio allocations. Finally, we look at which companies and trusts make the AJ Bell’s ISA millionaire list, which includes a usual suspect as well as a number of UK equity income trusts. 00:00 Introduction 00:22 What’s to come 00:44 THRG’s and BRSC’s proposed combination 03:50 European Opportunities strategic review 05:09 IEM’s open letter to Saba 06:28 Ups and downs from UKW results 09:33 BERI benefits from flexibility 10:50 Baillie Gifford on SpaceX & Anthropic 13:27 Highlights from AWEM’s video 16:08 What SEQI offers in private credit 17:55 Stat of the month: Asia’s attribution 20:55 Most bought trusts 21:34 ISA millionaire ownership 23:43 Risk warning Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 03/03/2026.

In this month’s episode, our guest is Lucie Majstrova, investment specialist for private companies at Baillie Gifford. We discuss a range of topics including the investment case for private companies, why companies are staying private for longer, her thoughts on Anthropic and the most compelling opportunities across private markets. 00:00 Introduction 00:34 Background to asset management 01:28 Investment case for private companies 03:31 What is growth capital 05:06 Why companies are staying private 07:44 Potential IPOs of private companies 08:26 Misconceptions around growth equity 11:16 Thoughts on Anthropic and AI labs 13:58 Growth trajectory of SpaceX 16:44 Benefit of investment trust structure 18:27 Most exciting opportunities 19:49 Risk warning Please note that this podcast was recorded on 11 February 2026.

In this episode of Trust Issues, we speak to SEQI’s Randall Sandstrom about the investment case for infrastructure debt, including recent performance, exposure to data centres and the most compelling opportunities across the sector. 00:00 Introduction 00:43 What SEQI offers investors  06:27 Recent performance 10:03 Exposure to data centres 12:00 Green flags for investment 14:30 Sensitivity to interest rates 16:59 Level of construction risk 18:56 Most compelling opportunities 20:44 Further information 21:00 Risk warning Our latest note on SEQI - https://www.trustintelligence.co.uk/investor/articles?fund_id=1742  SEQI website - https://www.seqi.fund/  Please note that this podcast was recorded on 11 February 2026.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in January, brought to you in association with Schroders.   In the news, David talks through what the recent changes in government policy could have on Greencoat UK Wind (UKW) and how this changes their dividend outlook. Elsewhere Ryan runs the rule over some corporate activity, including the proposed combination of Aberdeen Equity Income (AEI) and Shires Income (SHRS) as well as a sizeable tender offer at Vietnam Enterprises (VEIL). Meanwhile, the Saba saga rumbles on, although Ryan discusses whether Herald (HRI) and Impax Environmental Markets (IEM) have found a way of dealing with the activist once and for all, whilst David recaps the outcome of the Edinburgh Worldwide (EWIT) and Saba battle, following on from last month’s mention. Elsewhere in the news, Ryan runs through recent comments from AVI (AGT) over the performance of HarbourVest.  Over in podcasts, Jo runs through her conversation with Emily Fletcher of BlackRock Frontiers (BRFI) including the opportunities in the asset class and how they are dealing with trade and tariffs. Similarly in emerging markets, David talks through his highlights of his Ashoka Whiteoak Emerging Markets (AWEM) podcast, including the outlook for India and their nuanced take on China exposure.  Returning closer to home, Jo summarised her conversation with Rockwood Strategic (RKW)’s Richard Staveley and his thoughts on everything from valuations to M&A. In the same vein, David spoke to Alexandra Jackson of Rathones to get her thoughts on the opportunity set in UK mid-caps, and what sectors she is most excited about. Sticking with the UK, Ryan introduced the new “Stat of the month” section where he identified a remarkable pick up in UK IPOs and what this means for the outlook of the UK and Schroder UK Mid Cap (SCP). Finally, Jo and David went head-to-head on their portfolios, seeing who came out in the second half of 2025. Despite sharing top honours with International Biotech (IBT), would an allocation to BlackRock World Mining (BRWM) or Fidelity China Special Situations (FCSS) pip one or the other to the lead position? 00:00 Introduction  00:21 What’s to come 00:50 ROC’s impact on UKW’s dividend  03:20 Equity income peers merge  04:51 VEIL’s corporate activity 05:35 An endgame for Saba? 08:09 AVI target HarbourVest  09:27 EWIT vs Saba outcome 11:24 BRFI’s offering  13:44 Highlights from AWEM’s podcast  15:34 What is the outlook for RKW? 17:43 Stat of the month: UK IPOs 20:06 In conversation with Rathbone’s Alexandra Jackson  21:42 Head-to-head portfolio analysis 24:00 Risk warning  Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 04/02/2026.

In this episode of Trust Issues, we speak to Emily Fletcher, manager of BlackRock Frontiers, about the investment case for frontier and emerging markets, including recent performance, portfolio allocations, navigating through geopolitical issue and the most exciting opportunities across the sector. 00:00 Introduction 00:38 How BRFI differs from other funds 02:24 What BRFI offers investors  03:52 Sourcing opportunities 05:37 Navigating geopolitical risk 11:44 Managing liquidity  13:06 Thoughts on performance 15:17 Income generation 16:51 Case for Saudi Arabia and the UAE 20:05 Balance of export v domestic growth 21:38 Exposure to smaller markets 23:38 Thoughts on current valuations 24:38 Key drivers over next year 25:28 Further information 25:46 Risk warning Our latest note on BRFI - https://www.trustintelligence.co.uk/investor/articles?fund_id=12  BRFI website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-frontiers-investment-trust/trust-information  Please note that this podcast was recorded on 14 January 2026.

Market Matters is a monthly podcast from Kepler Trust Intelligence that delivers big-picture insights from leading investment specialists, exploring the opportunities, challenges, and risks shaping investors’ portfolios. This month, we are joined by Alexandra Jackson, manager of the Rathbone UK Opportunities fund, which invests in UK mid-cap companies. In this episode, Alexandra talks us through her route to becoming a fund manager, in which sector she thinks the UK stock market's stardust resides, why the picture for UK plc and our economy isn't as bad as some think, and riding the highs and lows of her best and worst investment. 00:00 Introduction 00:58 Background to becoming a fund manager 04:42 What's surprised Alexandra most about the stock market this year 06:46 Reasons why the UK outperformed in 2025 and will performance broaden in 2026? 11:37 How the dividend yield of UK mid caps could draw 'tourist' investors into the market 12:45 Views on the health of the UK stock market 15:25 What more the government could do to reinvigorate the UK stock market 17:06 Painting a positive picture of the UK economy 20:08 Winners and losers from the artificial intelligence boom 21:37 Parts of the UK stock market to be wary of 22:13 The UK stock market's stardust sector 24:05 Alexandra's best and worst investments and the lessons learned from them 26:01 Best piece of investment advice 27:13 Further information 27:31 Risk warning Please note that this podcast was recorded on 28 January 2026. Our latest market insights: https://www.trustintelligence.co.uk/investor/articles More information on the Rathbone UK Opportunities fund: https://www.rathbones.com/en-gb/asset-management/financial-intermediary/equities/rathbone-uk-opportunities-fund

In this episode of Trust Issues, we speak to Richard Staveley, manager of Rockwood Strategic, about the investment case for UK small-caps, including recent performance, the catalysts for a rally in UK small-caps, the outlook for M&A and the most exciting opportunities across the sector. 00:00 Introduction 00:39 Performance in 2025 05:33 Catalysts for a small cap rally 09:39 Valuations and stock selection 13:33 Outlook for M&A 18:12 What makes Rockwood different 22:08 Further information 22:27 Risk warning Our latest note on RKW - https://www.trustintelligence.co.uk/investor/articles?fund_id=1610  RKW website - https://www.rockwoodstrategic.co.uk/    Please note that this podcast was recorded on 27 January 2026.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in December, brought to you in association with Schroders.  In news, David summarises round two in the Edinburgh Worldwide (EWIT) Saba battle, before Ryan provides a quick summary of the aborted HICL/TRIG merger, as well as running the rule over what is happening with Chrysalis (CHRY), and what implications this could have for other trusts in the growth capital sector.  Meanwhile, in the results of the last month, Ryan looks at Schroder AsiaPacific (SDP), which saw another year of double digits returns, as well as running the rule of Schroder British Opportunities’ (SBO) first period under its new mandate. Elsewhere, Jo dives into the good results of Sequoia Economic Infrastructure (SEQI) and what drove them, before handing back to Ryan for a similar summary of some stellar results from Fidelity China Special Situations (FCSS).  Going back to infrastructure, Jo provides an overview of her chat with Steven Marshall of Cordiant Digital Infrastructure (CORD), including a run down of current valuations, and a brief update on their exciting data centre projects. Elsewhere, David summarises his interview with Deirdre Cooper, who manages Ninety One Global Environment. This included an interesting discussion about the future of net zero and why the best opportunities could be found in China.  And finally, Jo reviews the most bought and sold trusts which is topped by a familiar name in Scottish Mortgage (SMT). However, has the revaluation of SpaceX meant SMT has breached the trust’s own limit on private companies? Whilst elsewhere, the surge in gold led to a rapid climb up the charts for BlackRock World Mining (BRWM), and a surprise return for Greencoat UK Wind (UKW). 00:00 Introduction  00:21 What’s to come 00:51 Edinburgh Worldwide vs Saba 03:40 HICL/TRIG merger cancellation  06:08 CHRY goes into run off 09:36 SDP results 11:14 SBO results 12:26 SEQI results 13:19 FCSS results and how that fits with our recent piece 15:38 CORD’s data centre development  17:04 Deidre Cooper's review of net zero and China opportunities 18:47 The most bought and sold shares and trusts 19:31 The consequences of SMT’s SpaceX revaluation  20:40 Risers and new entrants on the list 21:36 Risk warning  Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 14/01/2026.

In this episode of Trust Issues, we speak to Hiren Dasani, portfolio manager for Ashoka WhiteOak Emerging Markets Trust (AWEM), to talk about the outlook for emerging markets, after a strong 2025, what AWEM’s portfolio looks like today and how AWEM chooses companies in which to invest. 00:00 Introduction 01:14 Why emerging markets had such good performance in 2025 03:37 How AWEM distinguishes true quality companies from quality traps 06:31 Why AWEM prefers investing in non-state-owned enterprises 10:20 AWEM's overweight to developed market stocks that derive revenue from emerging countries 14:01 How AWEM invests in China and the outlook for Chinese stock markets 17:12 AWEM's advantage when investing in India and the outlook for Indian companies 21:17 How AWEM is finding opportunities in Poland 22:57 The outlook for AWEM's high-quality portfolio 25:37 AWEM's unique fee structure and aligning the interest of shareholders and management 27:32 What does the long-term horizon look like for emerging markets - has performance turned the corner? 32:21 Further information 32:40 Risk warning Our latest note on AWEM - https://www.trustintelligence.co.uk/investor/articles?fund_id=1874 AWEM website - https://www.awemtrust.com/ Please note that this podcast was recorded on 12 January 2026.

Market Matters is a monthly podcast from Kepler Trust Intelligence that delivers big-picture insights from leading investment specialists, exploring the opportunities, challenges, and risks shaping investors’ portfolios. This month, we are joined by Deirdre Cooper, head of sustainable equity at Ninety One. Deirdre co-manages Ninety One's Global Environment strategy, investing in companies enabling the transition to a low-carbon economy to capture the structural growth driven by decarbonisation. In this episode, Deirdre talks about her introduction to sustainable investment, why the drive towards electrification and decarbonisation has moved from West to East, and why now might be the perfect time to start looking at sustainable investments. 00:00 Introduction 01:10 Background to becoming a fund manager 02:52 Why Ninety One? 04:17 How the strength of the AI theme has surprised Deirdre 06:05 How Ninety One Global Environment provides diversification to portfolios 07:46 How artificial intelligence investments impact the climate solutions universe 09:47 Why most of the assumptions around net zero have been proven to be wrong 12:06 How emerging markets are leading on electrification and decarbonisation 14:55 Why sustainable investors should focus more on inclusion than exclusion 16:03 The risk around interest rates and debt sustainability 16:49 How Ninety One Global Environment chooses companies to invest in 18:22 The investment opportunities in the Chinese stock market 21:00 Why now is an interesting time to start looking at sustainable investments 22:42 Further information 23:02 Risk warning Please note that this podcast was recorded on 17 December 2025. Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor Insights from the Ninety One Global Environment team: https://ninetyone.com/en/united-kingdom/funds-strategies/funds/global-environment-s-acc-gbp-gb00bkt89n06?tab=Literature

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in November, brought to you in association with Schroders. In news, Ryan provides an update on the implication of the government consultation on renewable energy subsidies to infrastructure trusts such as Greencoat UK Wind (UKW). He also takes us through what investors can expect from the Invesco Global Equity Income (IGET) and Franklin Global Trust (FGT) tie-up, including the potential impact on fees, in addition to the move to an OEIC structure for Smithson (SSON). This month’s results included double-digit returns for Schroder Oriental Income (SOI), alongside a return to outperformance for Schroder UK Mid Cap (SCP). Meanwhile, Jo covers the highlights of International Biotechnology (IBT) results, including its stellar returns post year-end. We also chat through our recent podcast with IBT manager Ailsa Craig, including rare disease exposure and their M&A hit rate. David pulls out the key takeaways from his Market Matters podcast with Chloe Smith from Sanford Deland, including the latest Berkshire Hathaway annual meeting for Warren Buffett fans, and the opportunity in UK small-caps. Next, Jo talks us through some of the key talking points from her podcast with Fidelity Asian Values (FAS) manager Nitin Bajaj, and why Asian small-caps have outperformed the large-cap Magnificent Seven proxy plays. David faces a grilling on his portfolio, including whether it’s time to scale down his AI exposure, followed by our regular feature on most bought and sold trusts. Once again Scottish Mortgage (SMT) took top honours, alongside Polar Capital Technology (PCT), but we also run the rule over the barnstorming returns from Temple Bar (TMPL), including why it’s a stalwart of David’s portfolio. 00:00 Introduction 00:25 Coming up on the podcast 00:55 Latest on HICL & TRIG merger 01:40 Changes to renewable subsidies 02:27 Response by UKW 04:00 Merger of FRGT & IGET 05:53 Change of structure at SSON 07:55 SOI’s results & near dividend hero status 09:46 Outperformance by SCP 11:14 IBT’s stellar results 12:38 Highlights of podcast with Ailsa Craig 14:09 Chloe Smith on Warren Buffett and small-caps 16:11 FAS’ Nitin Bajaj on Asian small-caps 17:32 Thoughts on portfolio allocations 18:59 The most bought and sold shares and trusts 19:56 Thoughts on Temple Bar 23:01 Risk warning Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 3 December 2025.

In this episode of Trust Issues, we speak to Steven Marshall, Chairman of Cordiant Digital Infrastructure, about the investment case for the digital infrastructure sector, including capturing the AI opportunity, the new Prague Gateway development and the key drivers behind the trust’s outperformance. 00:00 Introduction 00:40 Buy, build & grow philosophy 02:21 Importance of operational control  03:23 Skin in the game 04:21 Capturing upside in AI 08:12 Prague Gateway development 10:40 Key opportunities in fibre 12:36 The future of broadcast infrastructure 16:54 Drivers of outperformance 19:40 Financing future growth 21:08 Overview of investment case 23:36 Further information 23:56 Risk warning Our latest note on CORD - https://www.trustintelligence.co.uk/investor/articles?fund_id=1808  CORD website - https://www.cordiantdigitaltrust.com/  Please note that this podcast was recorded on 3 December 2025.

Market Matters is a monthly podcast from Kepler Trust Intelligence that delivers big-picture insights from leading investment specialists, exploring the opportunities, challenges, and risks shaping investors’ portfolios. This month, we are joined by Chloe Smith, fund manager at Sanford DeLand Asset Management. Chloe joined Sanford Deland in October 2021, initially as an investment analyst and is now co-manager on the TM SDL UK Buffettology and TM SDL Free Spirit funds. In this episode, Chloe tells us why moving to London isn’t the be-all and end-all to a career in finance, what she’s learnt from Warren Buffett and attending the Berkshire Hathaway annual meeting in Omaha, and why UK companies have managed to grow at fast rate despite low UK economic growth. 00:00 Introduction 01:14 Background to becoming a fund manager 05:53 Becoming a Buffettologist 07:02 Reflections on attending Berkshire Hathaway’s AGM 08:24 Reinforcing the importance of long-term investing 09:11 Which of Warren Buffett’s principles are SDL’s funds run on? 11:42 What has surprised you about the stock market in 2025? 13:56 Navigating the challenging UK stock market 16:27 Are you worried about the de-equitisation of the UK stock market? 18:12 How do you engage with companies subject of M&A? 19:34 The outlook for the UK economy and stock market 23:38 What would cause a re-rating of the UK stock market? 26:06 Where in the UK market are you positive? 28:06 Which companies will benefit from artificial intelligence? 29:04 Further information 29:21 Risk warning Please note that this podcast was recorded on 28 November 2025. Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor

In this episode of Trust Issues, we speak to Olivia Markham, manager of BlackRock World Mining, about the investment case for the mining sector, including gold’s record-breaking run, demand for copper, M&A and the most compelling opportunities across the sector. 00:00 Introduction 00:36 Drivers of recent performance  02:00 Outlook for gold prices 03:13 Valuations of gold miners 04:21 Long-term drivers of copper demand 06:06 Slowing demand from China 07:10 Benefit of active exposure 08:27 Likely increase in capex 09:57 Outlook for dividends 11:09 Navigating tariffs 12:57 Impact of resource nationalism 13:52 M&A in the sector 15:18 Most compelling opportunities 17:18 Further information 17:36 Risk warning Our latest note on BRWM - https://www.trustintelligence.co.uk/investor/articles?fund_id=5  BRWM website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-world-mining-investment-trust/trust-information   Please note that this podcast was recorded on 10 October 2025.

In this episode of Trust Issues, we speak to Nitin Bajaj, manager of Fidelity Asian Values, about the investment case for the Asia equity sector, including recent performance, managing political noise and finding the most compelling opportunities across the sector. 00:00 Introduction 00:38 Providing differentiated exposure to Asia 04:07 Evaluating investments  05:54 Narrowing down the universe 08:59 Managing downside risk 10:00  Current portfolio allocations 11:25 Allocations in China 14:05 Opportunities in Indonesia 14:35 Rationale for holding TSMC 17:45 Drivers of outperformance 19:11 Navigating tariffs & trade  19:55 Key drivers over next year 20:28 Further information 20:45 Risk warning Our latest note on FAS - https://www.trustintelligence.co.uk/investor/articles?fund_id=405  FAS website - https://investment-trusts.fidelity.co.uk/fidelity-asian-values/  Please note that this podcast was recorded on 25 November 2025.

In this episode of Trust Issues, we speak to Ailsa Craig, manager of International Biotechnology Trust, about the investment case for the biotech sector, including recent performance, M&A, managing political noise and finding the most compelling opportunities across the sector. 00:00 Introduction 00:42 Key drivers of NBI movements 03:00 Thoughts on outperformance  05:12 Current portfolio allocations 07:28 Most attractive valuation opportunities 09:03 Private market exposure 09:47 Opportunity in China 11:14 Current gearing  12:11 Navigating political noise 16:57 Drivers of M&A 19:52 Thoughts on recent premiums 20:32 Identifying takeover targets 20:59 Most exciting developments 23:03 Further information 23:18 Risk warning Our latest note on IBT - https://www.trustintelligence.co.uk/investor/articles?fund_id=2  IBT website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/international-biotechnology-trust/  Please note that this podcast was recorded on 11 November 2025.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in October, brought to you in association with Schroders.  In news, Ryan looks at whether the rollover into an active ETF could indicate a future for the asset class, as well as a re-entry from Saba into the lowly valued smaller companies sector. Plus, we look at what the recent flurry of takeouts for International Biotechnology (IBT) could mean for the future of sector. The results of the month had a strong Asian flavour, with the introduction of some shareholder friendly measures from Pacific Assets (PAC), another stellar Ashoka India (AIE) year as well as how corporate governance reforms have supported Schroder Japan (SJG). Elsewhere, David looks at Octopus Renewables Infrastructure (ORIT)’s recent results and their plan for the next five years. Next, Jo reviews her podcast with Emily Fletcher of BlackRock Frontiers (BRFI) and why the market offers correlation benefits, before going on to recap her chat with Olivia Markham of BlackRock World Mining (BRWM) in light of the remarkable gold run. These two podcasts are interspersed with David’s summary of his discussion with Andrew Zimmermann of Molten Ventures (GROW), including running the rule of the exciting investment themes in the portfolio. Meanwhile, David also picks out the highlights from his asset allocators piece, including whether they think we’re in a bubble and how investors can mitigate the risks of one. Returning to our regular features of most bought and sold trusts, we look at a couple of newcomers onto the list which is again led by Scottish Mortgage (SMT), which our team discuss the merits of and perhaps the surprising reason Ryan doesn’t own it… 00:00 Introduction  00:25 What’s to come 00:52 Middlefield’s Active ETF 02:52 Saba re-enters MTU 05:39 IBT’s M&A bonanza 07:50 PAC’s results & shareholder friendly measures 10:31 AIE’s stellar annual results 12:48 SJG results among corporate governance changes 14:07 ORIT’s results and five-year plan 15:50 BRFI’s frontier market opportunities  17:09 Andrew Zimmerman on GROW and Europe’s VC opportunities  19:33 BRWM and the gold rise 21:06 Our asset allocators’ views on the AI bubble  22:41 The most bought and sold shares and trusts 24:18 Why is SMT popular? 28:39 Risk warning  Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 05/11/2025.

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios.This month's guest is Emily Fletcher, manager of the BlackRock Frontiers trust, who has extensive experience in emerging and frontier markets. In this month’s episode, we discuss a range of topics including the investment case for frontier market, managing geopolitical risk and the most compelling opportunities across the region. 00:00 Introduction 00:30 Background to asset management 01:38 What are frontier markets? 02:40 Most compelling opportunities  06:06 Thoughts on volatility of frontier markets 08:44 Insights from visits 10:34 Managing geopolitical risk 12:46 Consumer growth opportunities 15:55 Outlook for frontier markets 17:01 Best piece of investment advice  17:48 Risk warning Please note that this podcast was recorded on 22 October 2025.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in September, brought to you in association with Schroders.   In news, Ryan looks at how a comeback from Saba could mean more activity for investment trust investors, as well as passing judgement over a series of other corporate governance activities, including a takeover of PRS REIT, and a surprising de-listing of Petershill Partners.  For the results analysis, we first look East, with David running the rule over VEIL’s latest update, before Ryan looks slightly broader at what ATR’s interims had to say. Elsewhere, David looks at NBPE’s recent results, as well as providing a summary of the recent podcast with Paul Daggett. Next, Jo provides a recap of her chat with Sophie Hyunh of BNP, which inspires a discussion of gold holdings amongst Jo, David and Ryan’s own portfolios. Returning to Sophie’s discussion, Jo then summarises her thoughts on the future of the 60:40 portfolio.  Back to our more regular features, we then run the rule over the most bought and sold stocks and investment trusts of the past month, before Jo finishes off with her most high-conviction active funds including her backing of the un-loved UK. 00:00 Introduction  00:25 What’s to come 00:58 Saba Capital’s ETF launch 02:38 PRS REIT’s takeover 04:25 Petershill Partners’ delisting 05:39 The outlook for private asset investment trusts 06:36 VEIL results 07:39 The outlook for Vietnam 09:14 ATR results 11:33 NBPE results and podcast with manager Paul Daggett 13:45 Does gold warrant a place in portfolios? 17:31 BNP’s Sophie Huynh’s views on the 60/40 equity/bond portfolio 18:48 The most-bought stocks and investment trusts 20:09 The high-conviction active funds Jo invests in and backing the UK 22:13 Risk warning  Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 08/10/2025.

In this episode of Trust Issues, we speak with Andrew Zimmermann, chief financial officer at Molten Ventures (GROW), a FTSE 250 listed venture capital firm. GROW owns and manages a portfolio of early-to-growth stage investments, as well as managing third-party capital via EIS and VCT schemes and allocating to a fund of funds programme focusing on the seed stage. GROW owns a diverse portfolio of technology-focused businesses offering exposure to the exciting UK and European start-up scene. Andrew highlights a few examples of the themes and companies within GROW’s portfolio, including the finance app Revolut; Leger, which makes hardware wallets for cryptocurrencies and non-fungible tokens; and the blood pressure monitoring firm Hilo. He also explains what made him want to join Molten, and assesses the outlook for the European venture capital sector. 00:00 Introduction 01:52 What made you want to join Molten? 03:53 How big is GROW’s investment team and how deep is its expertise? 04:39 What are early- and growth-stage investments? 06:27 The technology sectors in which Molten invest 07:28 Examples of the companies in which Molten invests 11:53 What are preference shares and how do they work in practice? 12:46 How GROW’s core and emerging sleeves futureproof the portfolio 13:56 Details on GROW’s scouting network of EIS and VCT portfolios 15:05 How is GROW’s portfolio valued? 16:07 The outlook for the European venture capital sector 16:32 What are Molten’s strategic priorities and how will they be achieved? 18:00 Further information 18:25 Risk warning Our latest research on GROW - https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-molten-ventures-retail-jul-2025 GROW website - https://www.moltenventures.com/ This podcast was recorded on 25/09/2025

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios. This month's guest is Sophie Huynh, Portfolio Manager at BNP Paribas Asset Management. In this month’s episode, we discuss a range of topics including her thoughts on portfolio construction, the outlook for the US and China and the investment case for gold. 00:00 Introduction 00:35 Background to asset management 01:58 Thoughts on 60:40 allocation 05:47 Role of alternatives  06:47 Thoughts on outlook for US 08:01 Opportunities in Europe 10:41 Investment case for China 11:58 Thoughts on US dollar trajectory 13:59 Gold and broader commodities 15:41 Best piece of investment advice  16:26 Risk warning Please note that this podcast was recorded on 24 September 2025.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in August, brought to you in association with Schroders. In news, Ryan analyses the outcome of the Gore Street Energy EGM, and how much traction RM funds made with their proposals. Sticking with corporate activity, he then discusses the outcome of the bidding war for Warehouse REIT’s assets, including a missed opportunity for a revealing auction process. Elsewhere, we discuss the management changes at Pacific Assets, before finishing with news from Scottish Mortgage, and what implications the value jump in a private holding could have. In results, David runs the rule over Greencoat UK Wind’s mixed set, which managed to maintain dividend growth, despite challenging conditions. However, could the sale of two assets prove the value of the portfolio? Next, Jo begins the reviews of our podcasts by summarising her conversation with Ailsa Craig on the biotechnology sector. Discussion varied from the impact of the GLP-1 drugs to how biotech has fared this year, especially under the threat of Trump’s drug pricing policies. Next, David provides an overview of his chat with Charlotte Yonge of Troy, where they discussed the capital preservation approach of the Personal Assets trust. As well as the usual discussion on allocations and performance, David also summarises Charlotte’s charity work. Following this, Jo returns to provide a summary of Richard’s Sennitt’s take on Asia, including changes to his long-standing overweight to tech, and which country he sees as a vital financial hub. Summarising our regular blogs, David looks at the most bought trusts which, whilst having a familiar look to it, could begin to change with an interesting study on AI profitability. Finally, Jo pulls out the key points from our recent piece on the best stocks and shares ISA providers to see who rules the roost. Meanwhile, the tables are turned on David and Ryan, who reveal the reasons behind the choices they made in picking their ISA platform. 00:00 Introduction 00:21 What’s to come 01:07 Update on Gore Street 02:59 Warehouse resolution 04:25 Manager changes at PAC 05:18 Scottish Mortgage values 07:30 UKW results 09:38 Highlights from IBT 11:27 Summary of Charlotte Yonge 13:16 Highlights from SOI 14:44 Most popular shares & trusts 16:51 Best ISA providers 18:05 David & Ryan’s ISA picks 20:38 Risk warning Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 16/09/2025.

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios. This month's guest is Ailsa Craig, manager of the International Biotechnology Trust, who has extensive experience in the biotech industry. In this month’s episode, we discuss a range of topics including the investment case for biotech, the role of M&A in plugging big pharma’s patent cliff and the most exciting developments in the sector. 00:00 Introduction 00:36 Background to asset management 02:58 What is biotech? 04:30 Most exciting developments in treatments 05:47 The merit of an active strategy 07:45 How has Trump affected M&A 10:04 Size of acquisitions 11:31 Credible challengers outside the US 12:36 Outlook for GLP1s 15:13 Impact of AI in biotech 16:21 Has sector consolidation been a positive? 18:01 Thoughts on current sector recovery 19:19 Thoughts on current market outlook 21:43 Risk warning Please note that this podcast was recorded on 19 August 2025.

In this episode of Trust Issues, we speak with Richard Sennitt, manager of Schroder Oriental Income, about the investment case for Asia, from opportunities in Taiwan and Singapore to navigating tariffs and uncovering where he sees the most exciting growth stories across the region. 00:00 Introduction 00:39 Drivers of recent outperformance 03:23 Overweight to Taiwan, Singapore & HK 06:03 Underweight to China  08:32 Thoughts on technology exposure 10:00 Screening investments in a diverse market 12:16 Why is Asia overlooked for income? 13:36 Balancing yield and growth 14:38 Corporate governance reforms in Asia 16:35 Approach to trade tariffs 18:41 Outlook for next 12-18 months 21:12 Further information 21:28 Risk warning Our latest note on SOI - https://www.trustintelligence.co.uk/investor/articles?fund_id=60   SOI website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-oriental-income-fund-limited  Please note that this podcast was recorded on 12 August 2025.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in July, brought to you in association with Schroders. In news, Ryan discusses the shifting outlook for the sector, with discounts narrowing and the M&A trend spreading out to newer asset classes. Next, we also shine the light on a new wave of activist activity and what is shaping up to be a boardroom battle at Gore Street Energy (GSF), before turning our attention to Schroder British Opportunities (SBO), which announced a change of strategy in its results as well as a possible boon from the IPO market. Elsewhere in results, David talks through the highlights of Schroder European Real Estate (SERE), and some interesting developments in the industrials space. Back over the channel, David discussed highlights of his podcast with Bradley Biggins of Schroder Real Estate (SREI), who discussed the evolving UK commercial property market and the outlook for rental growth. Later on, David also ran through the highlights of his chat with colleague Josef Licsauer about China, in particular Baillie Gifford China Growth (BGCG), and whether the recent woes or stimulus measures will win out in the long-term. Moving on, Jo talked through the highlights of her interview with Richard Staveley of Rockwood Strategic (RKW), discussing some of his best performers, including how the illiquidity in the micro-cap space can be a source of alpha for his strategy. Later on, she summarises her chat with the managers of International Biotechnology (IBT), and how their outlook has changed in light of Trump 2.0. Jo’s final interview was with Masaki Taketsume of Schroder Japan (SJG), including a chat on the portfolio itself and the prospects for the country in a world of tariffs. Next, David discusses our regular feature of the most bought and sold shares and trusts in the past month. However, this month saw a surprising new inclusion focussing on meme coins. Lastly, Jo summarises some of the mid-year outlooks that came out in the month, which includes the shift from investing in the US to Europe, as a sign of a possible unwinding of the US exceptionalism trade. David picks up on this, discussing the stats behind some potential mean reversion in the trade, and what that means going forward. 00:00 Introduction 00:32 Narrowing discounts 01:23 Updates on activism 02:34 Gore Street Energy battle 03:51 M&A in PE 05:20 SBO results & news 07:11 SERE results 08:54 SREI webinar insights 11:04 Rockwood allocation 13:42 China outlook 15:42 Biotech and Trump 2.0 18:21 Highlights from Schroder Japan 20:27 Most popular shares & trusts 23:30 Summary of mid-year outlooks 25:09 Unwinding of US exceptionalism 29:10 Risk warning Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 29/07/2025 & 06/08/2025.

Market Matters is a monthly podcast from Kepler Trust Intelligence that delivers big-picture insights from leading investment specialists, exploring the opportunities, challenges, and risks shaping investors’ portfolios. This month, we are joined by Charlotte Yonge from Troy Asset Management. Charlotte is co-manager of the Trojan fund and Personal Assets Trust, as well as being fund manager of the Trojan Ethical fund. In this episode, Charlotte discusses the work she does as co-founder of the charity Girls Are Investors (GAIN), why Personal Assets increased its equity weighting earlier this year and the trust’s exposure to US TIPS and gold bullion, as well as thoughts on bitcoin. GAIN was established to inform and inspire the next generation of young women to enter the investment management industry in the UK. You can find more information here: https://www.gainuk.org/ 00:00 Introduction 01:10 Background to becoming a fund manager 02:59 What does Girls Are Investors do and why was it founded? 07:00 How much more progress do we need to see with regards to diversity in investment management? 09:36 What’s surprised you most about stock markets over the past year? 11:43 Are we in a new investment environment and how does this impact portfolios? 13:55 What are the biggest risks moving forward? 16:03 What Personal Assets’ capital preservation mandate means 18:30 On Personal Assets’ low equity weighting 20:15 What do you look for in the companies you invest in? 24:03 Which stocks did you buy earlier this year and what would make you more constructive on equities? 26:11 Why do you hold US TIPS and how much of a risk is the weakening US dollar? 31:10 Do you expect gold’s price appreciation to continue? 33:37 Would you ever own bitcoin or any other cryptocurrency asset? 35:57 Where do you see the best opportunities today? 37:27 Further information 37:56 Risk warning Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor Please note that this podcast was recorded on 24 July 2025.

In this episode of Trust Issues, Bradley Biggins, co-portfolio manager for Schroder Real Estate, Bradley discusses the outlook for UK commercial property after a tough period, the role property plays within diversified portfolios, explains what the reversionary yield is, and digs into SREI’s brown-to-green sustainability mandate. 00:00 Introduction 01:08 The outlook for UK commercial property 04:31 Why SREI trades at a tighter discount to peers 06:42 The role property plays in diversified portfolios 09:05 What is the reversionary yield and why is this such a powerful tailwind for SREI? 11:26 Why does SREI make sustainability core to its investment process? 13:48 Examples of SREI’s sustainability mandate in action 19:22 Which parts of the UK commercial property market are you most excited about? 22:23 Further information 22:58 Risk warning Our latest note on SREI: https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-schroder-real-estate-retail-aug-2024 SREI website: https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-real-estate-investment-trust/ Please note that this podcast was recorded on 27 June 2025.

In this episode of Trust Issues, we speak to Doug Ledingham, manager of Pacific Assets Trust, about the investment case for Asia, including why valuations continue to look attractive in China and the Philippines, the impact of tariffs and uncovering the most exciting opportunities across Asia. 00:00 Introduction 00:39 Overview of investment philosophy 04:17 Increase in allocation to China 09:17 Investment case in the Philippines  13:18 Managing downside risk 17:35 Why PAC is different to peers 20:00 Impact of tariffs & most exciting opportunities 24:25 Further information 24:50 Risk warning Our latest note on PAC - https://www.trustintelligence.co.uk/investor/articles?fund_id=54  PAC website - https://www.stewartinvestors.com/uk/en/private-investor/our-strategies/pacific-assets-trust.html  Please note that this podcast was recorded on 30 June 2025.

In this episode of Trust Issues, we speak to Masaki Taketsume, manager of Schroder Japan about the investment case for Japan, including his thoughts on corporate government reforms, recent performance, the impact of tariffs and domestic-oriented plays. 00:00 Introduction 00:37 Overview of investment approach 02:34 Current portfolio weightings 03:19 Potential for domestic plays 04:16 Recent performance 05:31 Thoughts on currency risk 06:35 Impact of tariffs 08:23 Update on corporate governance reforms 10:45 Pushing for further reforms 11:33 Quality of listed universe 12:16 Most exciting opportunities 13:15 Further information 13:34 Risk warning   Our latest note on SJG - https://www.trustintelligence.co.uk/investor/articles?fund_id=38 SJG website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-japan-trust/ Please note that this podcast was recorded on 1 July 2025.

Market Matters is a monthly podcast from Kepler Trust Intelligence that delivers big-picture insights from leading investment specialists, exploring the opportunities, challenges, and risks shaping investors’ portfolios. This month, we are joined by Laura Foll, co-portfolio manager for Law Debenture and Lowland Investment Company, which invest in companies listed on the UK stock market. In this episode, Laura discusses a number of issues affecting the UK market, including worries over the de-equitisation of the London Stock Exchange, what needs to be done to stimulate interest from domestic investors and the areas Laura sees as housing the biggest opportunities today. 00:00 Introduction 01:11 Background to becoming a fund manager 02:35 Did joining Henderson during the financial crisis give you a good grounding? 03:43 Why UK equities? 04:54 Why do private market investors seemingly see value in UK equities when are public markets don’t? 07:40 Are you worried about the de-equitisation of the London Stock Exchange? 09:55 What measures could stimulate demand for UK equities? 13:26 The unique structure of Law Debenture 16:45 What has surprised you most about stock markets over the past year? 18:30 What are the biggest challenges stock markets and your portfolios face? 21:40 Where are the biggest opportunities at the moment? 23:27 Further information 23:56 Risk warning Our latest market insights: https://www.trustintelligence.co.uk/investor/articles Please note that this podcast was recorded on 25 June 2025.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in June, brought to you in association with Schroders. In news, Ryan talks through the changes at Baillie Gifford Shin Nippon (BGS) and MIGO Opportunities (MIGO) and the wider implications for the sector. We also chat about the notable corporate activity in the real estate and European equity sectors, including the merger of Henderson European (HET) with Fidelity’s European stablemate FEV. Moving onto results, we talk about the key drivers behind Cordiant Digital Infrastructure (CORD)’s recent results, including yet another dividend increase. Next up is Rockwood Strategic (RKW), which continues to outperform against UK small-cap indices and showcase the value of an active, high-conviction approach in the sector. Moving onto portfolio allocation, David runs the rule over current positioning by wealth managers and asset allocators, including currency risk and alternative assets. Jo picks up the gold theme, looking at its barnstorming performance and whether it’s too late for investors to join the party, as well as a different way of playing the gold theme in Golden Prospect Precious Metals (GPM). On the podcast front, David shares the key takeaways from our Market Matters podcast with Laura Foll from Janus Henderson and Jo talks through the most compelling opportunities in Asia after her podcast with Doug Ledingham from Pacific Assets (PAC). Next, David runs through the most bought and sold shares and trusts in the past month, including his thoughts on Scottish Mortgage (SMT), City of London (CTY) and Temple Bar (TMPL). Finally, Jo puts her own portfolio under the microscope dissecting the winners and the case for the occasional high-octane punt (for thrills as much as returns). 00:00 Introduction 00:40 Developments at Baillie Gifford Shin Nippon 01:47 Manager changes at MIGO 03:05 Consolidation in real estate 04:30 Merger of Henderson & Fidelity European 05:54 Cordiant results 07:38 Rockwood results 09:47 Global asset allocations 12:16 Thoughts on the gold run 14:15 Market Matters podcast with Janus Henderson’s Laura Foll 15:18 Trust Issues podcast with PAC’s Doug Ledingham 16:48 Most popular shares & trusts 18:40 Jo’s portfolio allocations 20:24 Risk warning Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range… This podcast was recorded on 01/07/2025.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in May, brought to you in association with Schroders. In news, Ryan debates the pros and cons of the ongoing activist activity, and what effects this has had on the wider industry. Elsewhere, we discuss the implications of industry veteran Richard Pease joining the Rockwood Strategic (RKW) team. Onto results, where David discusses what Picton Property Income (PCTN) revealed, including an update on their disposal programme and the dividend outlook. Jo covers International Biotechnology’s (IBT) half-year results which managed to deliver positive returns in a falling market, as well as the impact of M&A. Then Ryan turns his attention to Asia, and how two Schroder trusts, Schroder AsiaPacific (SDP) and Schroder Oriental Income (SOI) have managed volatility during the period. Sticking with Schroders, Jo talks through the highlights of her podcast with Jean Roche of Schroder UK Mid Cap (SCP) and where the best growth opportunities lie in the UK. Elsewhere, Jo also provides the key takeaways of her podcast with Bianca McMillan of Gravis and what challenges the infrastructure industry faces. On a broader topic, David talks through the highlights of his chat with Annabel Brodie-Smith of the AIC, including looking back at the inception of the AIC’s dividend hero list, and forward at what the industry could look like in five years’ time. Next, Jo runs through the most bought and sold shares and trusts in the past month, including highlights from Scottish Mortgage’s (SMT) latest results. Finally, David lifts the bonnet on his own portfolio, including his best performing holdings and, in a challenging month, some things he perhaps missed out on. 00:05 Introduction 00:33 Repercussions of activism 02:25 RKW’s new joiner 03:59 PCTN results 05:30 IBT results 07:28 Schroder Asia’s results 09:38 Schroder UK Mid Cap podcast 11:47 GCP’s Bianca McMillan podcast 12:45 AIC’s Annabel Brodie-Smith podcast 14:30 Most/least popular shares & trusts 15:14 SMT’s results 16:11 David’s portfolio performance 18:07 Risk warning Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range… This podcast was recording on 03/06/2025.

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios. This month's guest is Bianca McMillan, associate director at Gravis, which specialises in infrastructure, real estate and private credit funds. Bianca has extensive experience in the asset management industry with a particular specialism in energy infrastructure. In this month’s episode, we discuss a range of topics including the investment case for infrastructure, future-proofing portfolios against geopolitical risk and the future for responsible investing. 00:00 Introduction 00:28 Background to asset management 03:40 Thoughts on markets in 2025 04:47 What infrastructure offers investors 06:21 The merits of investments trusts over passive funds 08:06 The future for responsible investment 10:27 The role of private capital & PPP 12:04 Changes to valuations 13:22 Challenging misconceptions 14:32 Future-proofing against geopolitical risk 16:10 Key performance drivers over next few years 17:28 Thoughts on most attractive opportunities 18:35 Risk warning Please note that this podcast was recorded on 19 May 2025.

In this episode of Trust Issues, we speak to Jean Roche, manager of Schroder UK Mid Cap, about the investment case for the UK mid-cap sector, including why valuations continue to look attractive, the key drivers of performance and uncovering the most exciting opportunities in the sector. 00:00 Introduction 00:18 Why invest in UK mid-caps?  03:32 Potential catalysts for a re-rating 06:40 Impact of tariffs 09:20 Key drivers of outperformance 15:41 The role of dividends 17:34 Exposure to the defence sector 19:36 Allocation to consumer discretionary 20:51 Investment case for Curry’s 24:05 Impact of M&A & IPOs 27:53 Risk warning Our latest note on SCP - https://www.trustintelligence.co.uk/investor/articles?fund_id=3  SCP website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-uk-mid-cap-fund-plc/  Please note that this podcast was recorded on 20 May 2025.

In this episode of Trust Issues we speak with Robert Lloyd and Pauline Ng, co-managers of JPMorgan Asia Growth & Income Trust (JAGI). The managers aim to invest in the most innovative and industry-leading companies across Asia, while using the investment trust structure to provide investors with an attractive and predictable level of income. Robert and Pauline explore the diverse opportunities within the Asian market, particularly in China and Indonesia. The managers also address the challenges of managing volatility in 2025 and the evolving economic landscape in Asia. This podcast was recorded on 13/05/2025. 00:00 Introduction to JPMorgan Asia Growth and Income Trust 01:01 Investment Strategy and Portfolio Management 05:00 Enhanced Dividend Approach and Gearing Strategy 08:13 Opportunities in the Asian Market 11:36 Managing Volatility in 2025 14:42 China's Economic Outlook and Stimulus Measures 17:30 Why Choose JAGI for Asian Exposure?   Our latest research on JAGI - https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-jpmorgan-asia-growth-income-retail-mar-2025 JAGI website - www.jpmam.co.uk/investmenttrust 

In this episode of Trust Issues, we speak with Matt Ridley, who leads the investment management team at Greencoat UK Wind (UKW), which owns and operates 49 wind farms across the UK. UKW aims to provide investors with a growing annual dividend while preserving the capital value of its investment portfolio in real terms. Matt talks about the recent management transition, sentiment towards the renewable energy infrastructure sector, the UK's wind generation and the outcome of UKW's recent continuation vote. 00:00 Introduction 01:04 UKW's management transition 03:20 The elements that have played into UKW's strong NAV total return 04:50 Why has sentiment towards the sector shifted and what catalysts are on the horizon? 07:20 What is UKW's investment process? 10:07 The impact of the UK's wind generation on UKW 12:22 The attractions of UKW versus UK government bonds 14:48 Continuation votes and shareholder democracy 17:12 Further information 17:28 Risk warning Our latest research on UKW - https://www.trustintelligence.co.uk/investor/articles?fund_id=50 UKW website - https://www.greencoat-ukwind.com/ Parts of this podcast were recorded on 17/04/2025 and 28/04/2025.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in April, brought to you in association with Schroders. Ryan looks at the news, including details of a solution from Saba and ESCT, plus tender offers elsewhere from Baillie Gifford, as well as the implications of a ‘hostile’ approach for Fidelity Japan (FJV). Sticking with the land of the rising sun, we also look at Schroder Japan’s interim results following their new dividend policy, before David provides an update on ORIT and how some capital recycling has helped the trust’s debt profile, as well as showing the upside potential of the trust… Next, Jo brings us the highlights of her conversation with Charlotte Morris of Pantheon International, and how private equity managers can generate consistent returns over the long term. This then brings us onto David section on skill vs luck in active management, and what can help managers tilt the odds in their favour over the long-term, using Ashoka India (AIE) as a prime example. Next up, David runs through the most bought and sold shares and trusts with UK investors in March, to get insights into how domestic investors were allocating their portfolios ahead of the Liberation Day announcements. Speaking of which, Jo then talks through how her own portfolio did in the aftermath of Trump’s announcement, and whether her portfolio has managed to weather the storm or not… 00:07 Introduction 00:25 Saba’s solution with ESCT 01:29 PHI’s new tender offer 02:31 Fidelity Japan’s (FJV) beauty parade 03:36 Results for Schroder Japan Growth (SJG) 04:56 Results for Octopus Renewable Infrastructure (ORIT) 07:19 ORIT’s David Bird outlook 08:42 Charlotte Morris of PIN talks private equity 10:20 Luck vs skill in active management 11:44 Most bought and sold 13:02 Jo’s personal portfolio after Liberation Day 14:27 Risk warning   Special thanks to our sponsors at Schroders, whose support makes this podcast possible.   This podcast was recording on 06/05/2025.

Our monthly podcast brings you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping portfolios. This month's guest is Annabel Brodie-Smith, communications director at the Association of Investment Companies (AIC), the industry body set up in 1932 to support and promote investment trusts as well as engaging with them, end investors and the wider financial community. Annabel has been working for the AIC since 1997, over which time she's seen plenty of changes in the industry, which she discusses, alongside the AIC's dividend heroes initiative and her work with diversity charities. We also get stuck into industry issues such as Saba's activism, the double-counting of investment company costs and the AIC's petition around voting rights. You can sign the petition here: https://petition.parliament.uk/petitions/716003 00:00 Introduction 00:53 How did you get into the investment company industry? 02:53 Working with finance-related diversity charities 04:22 The big changes in the investment trust industry over the past 30 years 05:41 The role of investment trusts in today's environment 07:05 The income benefits of investment trusts 08:05 How did the dividend hero initiative come about? 09:11 Wide discounts in the investment trust industry 10:49 The failure of Saba's activism 12:39 What can the industry learn from Saba's land grab? 14:27 The AIC's petition on voting rights 17:11 The double-counting of investment trust costs 20:37 What do you envisage the investment trust sector looking like in future? 22:53 Further information 23:08 Risk warning Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor Please note that this podcast was recorded on 8 May 2025.

Our monthly podcast brings you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping portfolios (and there’s certainly been plenty of the latter in the last few weeks…). This month's guest is Charlotte Morris, co-manager of Pantheon International, which provides a globally-diversified portfolio of private equity investments. Charlotte has extensive experience in the asset management industry with a particular specialism in private markets. In this month’s episode, we discuss a wide range of issues including recent market turbulence, the rationale for an allocation to private equity, current discounts, adapting to a higher-for-longer macro backdrop and the most attractive opportunities across private markets. 00:00 Introduction 00:38 Background to becoming a fund manager 02:25 Thoughts on recent market turbulence 04:41 Rationale for an allocation to private equity 06:37 Drivers of long-term returns in private equity 08:25 Democratisation of private equity 11:26 Key catalysts to close discounts 14:49 Thoughts on leverage and illiquidity premium 17:02 Key attributes for investment 19:10 Adapting to higher-for-longer interest rates 21:18 Implications of muted IPO activity 24:06 Thoughts on most attractive opportunities 26:03 Risk warning Please note that this podcast was recorded on 14 April 2025.

Jo, Ryan and David talk through the most notable news in March, including updates on the activist and M&A activity, results from across Asia, and highlights from our recent special report on investing for income. Ryan provides a run-down on new launch Achilles Investment Company (AIC)’s first target, a planned strategy tweak for Schroder British Opportunities (SBO) and two trusts that have been the subject of a bidding war. Jo then looks at two highlights from our recent Ideas for your ISA event webinars, focussing on International Biotechnology Trust (IBT) and Cordiant Digital Infrastructure (CORD). Next up, Ryan and David talk through some notable results of the last month from Schroder Asian Total Return (ATR), Ashoka India Equity (AIE) and how they have managed in the sell off, as well as the change of strategy from BlackRock American Income (BRAI). We also round up our podcasts for the month, from Schroder Income Growth (SCF), which includes a broader discussion on our investing for income special report. Meanwhile, David discusses the outlook for Europe from the perspective of JPMorgan European Growth & Income (JEGI), before going on to discuss his personal portfolio, including some commentary from Jo on the most popular trusts in the past month.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in February, brought to you in association with Schroders. Ryan provides a run-down on the latest developments on the Saba battle and the launch of Achilles Investment Company (AIC) and Invesco Asia Dragon (IAD). Next on the list is the bid for BBGI Global Infrastructure (BBGI) and an update on the fees and share buyback programme at The Renewables Infrastructure Group (TRIG). Jo takes us through the key takeaways from our recent ISA event webinars with Richard Sennitt, manager of Schroder Oriental Income (SOI) and Masaki Taketsume, manager of Schroder Japan (SJG). Next up, Ryan and Jo talk through the highlights from the latest results from Greencoat UK Wind (UKW) and BlackRock Throgmorton (THRG) and our recent Trust Issues podcast with Richard Staveley, manager of Rockwood Strategic (RKW). We also welcomed Megumi Takayama from CC Japan Income & Growth Trust (CCJI) on our Market Matters monthly podcast, with David running us through some of her thoughts on investing in Japan. Meanwhile, Jo runs the rule over the most popular trusts with retail investors in February, with Scottish Mortgage (SMT) topping the table, followed by David and Jo’s head-to-head on their own investment portfolios over the last six month, with their winners showcasing the value to be had in UK equities. Finally, David chats through asset allocations for some of the leading fund managers, with some interesting insights into investing in the US, Japan and alternatives.

In this episode of Trust Issues, we speak with Matt Bennison, a fund manager on Schroder Income Growth (SCF), which has a total return objective, which is to achieve income growth in excess of inflation as well as capital growth as a result of that rising income. Matt talks about a number of issues in the UK stock market including the increased number of share buybacks, the pros and cons of M&A activity and where SCF is seeing the best opportunities today. 00:00 Introduction 01:20 What SCF looks for in investee companies 03:18 Working with Schroders' wider UK equities team 05:17 Why the UK stock market looks attractive today 08:26 Why M&A in the UK stock market is a double-edged sword 11:10 The benefits of share buybacks 13:55 How SCF offers a total return opportunity 15:45 Where the best opportunities in the UK stock market are today 18:21 Further information 18:43 Risk warning Our latest research on SCF - https://www.trustintelligence.co.uk/investor/articles?fund_id=8 SCF website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-income-growth-fund-plc This podcast was recorded on 17/03/2025

In this episode of Trust Issues, we speak with Ayush Abhijeet from WhiteOak Capital Management, the investment advisor to Ashoka India Equity (AIE). Ayush provides his thoughts on the recent sell-off we've seen in the Indian stock market and provides information on where the sector-leading AIE is finding the best alpha opportunities. 00:00 Introduction 01:19 What’s behind the sell-off in the Indian stock market? 06:31 Have domestic pension flows held up during the sell-off? 10:22 Do you see this as a buying opportunity? 13:10 The benefits of investing in pre-IPO capital 16:27 Why having diversification is important when investing in India 18:19 Key measures from the recent Indian Budget 21:21 Further information 21:34 Risk warning Our latest research on AIE - https://www.trustintelligence.co.uk/investor/articles?fund_id=397 AIE website - https://www.ashokaindiaequity.com/ This podcast was recorded on 13/03/2025

In our new monthly podcast, we bring you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping investors’ portfolios. This month, we are joined by Zenah Shuhaiber, portfolio manager of JPMorgan European Growth & Income (JEGI), invests in a portfolio of companies listed in Continental Europe and appeals to both growth and income-oriented investors alike. JEGI is the top performer in the AIC: Europe sector over one, three and five years and was awarded an income rating by Kepler Trust Intelligence in 2025. Zenah obtained an MA in economics and management from Oxford University and has been an employee at J.P. Morgan Asset Management since 2004. In this month’s episode, we find out how Zenah became a fund manager, discover the dynamism within European stock markets and which sectors and companies JEGI is overweight and underweight. 00:00 Introduction 01:57 Background to becoming a fund manager 03:38 The outlook for European stock markets 05:22 How does Europe's tech sector stack up against Silicon Valley? 08:01 Is the semiconductor shedding its cyclical tag with heightened AI spending? 10:10 Does JEGI invest in defence stocks? 12:31 How will US tariffs affect Europe? 15:28 On which sectors in Europe are you the most bullish? 17:55 Where are you underweight? 19:53 How much freedom does JEGI's dividend policy give you as a portfolio manager? 20:45 The biggest risks for investors in 2025 and beyond 22:41 The biggest opportunities for investors in 2025 and beyond 24:38 Further information 25:01 Disclaimer Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor Please note that this podcast was recorded on 10 March 2025.

In our new monthly podcast, we bring you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping investors’ portfolios. This month, we are joined by Megumi Takayama, portfolio manager and analyst at Chikara Investments, which manages CCJI Japan Income & Growth (CCJI), which has a dual objective of providing shareholders with dividend income as well as capital growth. Megumi joined Chikara in 2018, having developed her career primarily in equity sales at Nomura and SMBC Nikko, where she gained extensive knowledge of the Japanese equity market. In this month’s episode, we find out what drew Megumi to the investment industry, and portfolio management in particular, as well as the biggest changes she's seen within the Japanese market over her 15-year-plus career and the big risks and opportunities looking ahead. 00:00 Introduction 01:15 Background to becoming a portfolio manager and analyst 03:22 The biggest change seen within Japanese markets 04:55 The impact of corporate governance improvements 05:31 An explanation of cross-shareholdings 08:39 The impact of the return of inflation on markets and companies 11:56 The impact of rising interest rates and real wage growth on companies 14:21 Have corporate governance reforms impacted CCJI's investable universe? 15:36 How CCJI balances the need to provide income as well as capital growth 16:38 How will US tariffs affect Japan? 18:52 On which sectors in Japan are you the most bullish? 20:09 The biggest risks for investors in 2025 and beyond 21:02 The biggest opportunities for investors in 2025 and beyond 21:38 Further information 21:50 Disclaimer Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor Please note that this podcast was recorded on 17 February 2025.

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in January. Ryan provides a run-down on the latest developments on the Saba battle and dividend increases from abrdn Asian Income (AAIF) and JPMorgan Asia Growth & Income (JAGI), followed by recent results for Cordiant Digital Infrastructure (CORD). Jo takes us through the most popular trusts with retail investors in January, with Scottish Mortgage (SMT) taking top honours once again, while David and Jo provide the key takeaways from recent results from BlackRock Income & Growth (BRIG) and Sequoia Economic Infrastructure Income (SEQI). We talk through the highlights of our podcast with Jean Roche, manager of Schroder UK Mid Cap (SCP), including the shining stars from the UK mid-cap sector and the potential impact of tariffs on the UK.  Next up is the latest from our Edinburgh Worldwide (EWI) events, including voting deadlines, as well as thoughts from Loong Lim, manager of Ashoka WhiteOak Emerging Markets (AWEM), after his recent trip to South Korea and China.  Finally, we welcomed Baroness Ros Altmann as a guest on a special edition of our Market Matters podcast. As a member of the House of Lords and ex-Pensions Minister, Ros shared some interesting insights into the Saba campaign, the impact of changes to cost disclosures and the need for pension and ISA reforms. 00:00 Introduction 00:25 Saba’s activism, increasing Asian dividends and CORD’s results and podcast 05:26 Most-popular investment trusts 06:22 Key takeaways from BRIG’s results 07:45 Highlights from SEQI’s results 09:38 Market Matters podcast with SCP’s Jean Roche 11:25 EWI podcast and webinar takeaways 13:19 AWEM podcast highlights 14:28 Market Matters podcast with Baroness Ros Altmann 17:25 Risk warning Please note this podcast was recorded on 3 February 2025. Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click https://www.trustintelligence.co.uk/investor/articles?fund_manager_id=37 to view all of our research on the Schroders investment trust range…