Uncovering Trusts by Edison Group

In this episode, our director of content, investment trusts, Milosz Papst, talks about Baillie Gifford US Growth Trust (USA), a closed-end investment company listed on the main market of the London Stock Exchange, focused on delivering long-term capital growth through US equities. He covers the key takeaways from Edison’s research note on USA, including the trust’s strong recent performance, a NAV total return of 20.1% in the 12 months to end March 2026, well ahead of its S&P 500 benchmark. He explains the managers’ distinctive investment philosophy of identifying ‘outlier’ businesses with virtually unbounded upside potential, and the trust’s significant allocation to late-stage private companies, which currently stands at around 44% of total assets. Finally, he discusses the trust’s portfolio construction, its competitive ongoing charge of 0.72% and the key risks investors should consider.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content for investment companies, Milosz Papst, talks about Scottish Mortgage Investment Trust (SMT), the UK’s largest investment trust and one of the most widely recognised names in the AIC Global sector. He introduces the trust and its managers’ philosophy of identifying and holding the world’s most exceptional growth companies, before discussing SMT’s distinctive private company exposure – including the April 2026 shareholder vote to expand the investment limit – and key portfolio holdings such as ByteDance, Mercado Libre and SpaceX, which now represents around 19% of total assets following a March 2026 revaluation. Milosz also covers recent portfolio activity, with five new positions initiated in Anthropic, AppLovin, CATL, Figma and RedNote.Milosz then turns to SMT’s strong long-term performance record, with NAV total returns ranking first among the nine funds in the AIC Global sector over the last one, three and 10 years, and annual NAV total returns of 18.3% over the last decade. He concludes by outlining the trust’s other notable features, including its 43-year record of consecutive annual dividend increases (placing it among the AIC’s dividend heroes), its recent return to trading at a small premium to NAV, the board’s active share repurchase programme, its use of gearing, and an ongoing charges ratio of 0.31% – the lowest in the AIC Global sector.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst talks about BlackRock Latin American Investment Trust, UK’s only listed closed-end investment company dedicated exclusively to Latin American equities. He covers the key takeaways from Edison’s research note on BRLA published in March 2026, including the healthy returns delivered by Latin American equities in 2025 and the low weighting of global indices to Latin America. He explains the importance of macroeconomic factors in driving recent returns, including favourable commodity prices, monetary policy, as well as a shift towards more pragmatic, market-friendly economic policies. Finally, he elaborates on the trust’s current positioning and discount to NAV.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

 In this episode, our director of content for investment companies, Milosz Papst talks about Partners Group Private Equity (PEY), focusing on the company’s realisations, investments and distributions to shareholders. This is our first podcast on this UK-listed investment holding company domiciled in Guernsey that provides equity capital to private companies primarily in the middle and upper-middle market. Therefore, Milosz starts with an introduction to the company and its investment manager, Partners Group, which is one of the largest firms in the global private markets industry. He then explains how PEY’s investment strategy works in practice by discussing its investment in PCI Pharma Services. Milosz comments on the transactions that contributed to the company’s more than €200m realisation proceeds received in 2025. He elaborates on the company’s dividend policy and well-structured capital allocation framework introduced in 2024, which resulted in the announcement of a €15m buyback programme in 2025. He concludes the episode by summarising PEY’s recent investment activity.***********************************************************About ‘Uncovering Trusts’Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content for investment companies, Milosz Papst, talks about Aberdeen Asian Income Fund (AAIF). He starts by explaining why global investors could benefit from an allocation to Asian equities, given the region’s above-average growth prospects and increasing dividend opportunities, before providing a brief summary of the company. Milosz highlights how the fund offers exposure to a diversified group of high-quality, reasonably priced Asian companies that should perform well in gradually rising, broad markets, while offering some protection during choppier periods. He then discusses the shape of the portfolio and the transactions undertaken since Isaac Thong became lead manager in May 2025.Milosz points to the fund’s strong outperformance versus the MSCI AC Asia Pacific ex-Japan Index over the last five years, and how the company stacks up against the four other funds in the AIC Asia Pacific Equity Income sector. He then focuses on the important changes that were announced last year: the introduction of an enhanced dividend policy and a three-year continuation vote. AAIF’s dividends are now set at 1.5625% of quarter-end NAV and the company is just a couple of years away from joining the select list of the AIC’s dividend heroes, which are companies with at least 20 consecutive years of higher annual dividends.**************************************************************About 'Uncovering Trusts'Uncovering Trusts is a podcast run by Edison analysts, released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content for investment companies, Milosz Papst, talks about JPMorgan European Discovery Trust (JEDT). He starts by introducing the trust before highlighting why now could be an interesting time to look at the company. Firstly, it invests in an attractively priced asset class that has been out of favour but has delivered strong returns over the long term. Secondly, JEDT’s performance has improved under a relatively new management team. Milosz highlights that the managers seek ‘hidden gems’, which are attractively valued, high-quality companies with the potential to be the large market leaders of tomorrow. Their investment process combines screening, fundamental research and risk management, which includes the use of JPMorgan’s proprietary data systems. Changes have been made to the portfolio to reduce exposure to macroeconomic risk and increase the focus on bottom-up stock selection.Milosz also explains why JEDT’s managers have a positive outlook on European small-cap stocks and what could cause an improvement in sentiment towards this part of the global market. He then moves onto the trust’s portfolio, highlighting some of its structural growth themes and discussing some recent transactions. Milosz provides details on the performance improvement, along with some of the stock contributors. At the end of 2025, JEDT had outperformed its benchmark, the MSCI Europe ex UK Small Cap Index, over the last one and three years. Also, within the three funds in the AIC European Smaller Companies sector, the trust’s NAV total returns now rank first over the last one and three years, and second over the last five years. Milosz concludes by highlighting other features of JEDT, namely its dividend policy, narrowing discount and the use of gearing.**************************************************************About 'Uncovering Trusts'Uncovering Trusts is a podcast run by Edison analysts, released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment companies Milosz Papst talks about Edinburgh Worldwide Investment Trust. This is a timely podcast as the trust is once again under fire from US-based activist hedge fund Saba Capital Management. Shareholders voted decisively against Saba’s proposals in February 2025 and Edinburgh Worldwide’s board is urging shareholders to do so again. This time round, Saba has amassed a larger stake in the trust and is proposing to replace Edinburgh Worldwide’s board with three of its own representatives but has given no indication about the trust’s future strategy. Timing is tight as the general meeting is scheduled for 12:00 noon on 20 January 2026. The cut-off for submitting votes is 12:00 noon on Saturday 17 January 2026 but for platforms, the date may be as soon as 12 January 2026.Papst provides a brief introduction to Edinburgh Worldwide before highlighting how the board has proactively addressed a period of poor performance. This included enhancing the investment team and meaningful improvements in portfolio construction and execution, such as fewer holdings and stricter measures to address underperforming investments. The portfolio was reshaped to include more profitable, cash-generative companies and to have greater sector diversification. These efforts have led to notably better performance.Attention then returns to the pressing issue of Saba. Edinburgh Worldwide’s board strongly urges all of its shareholders, no matter how large or how small, to vote against Saba’s proposal to take control of the trust in a move that would favour Saba over the trust’s existing shareholders. Saba has not stated its intentions, beyond replacing the board, and has failed to engage, including a lack of response to a list of questions in Edinburgh Worldwide’s open letter on 30 December 2025.**************************************************************About 'Uncovering Trusts' Uncovering Trusts is a podcast run by Edison analysts, released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst talks about Murray International. This is our first podcast focusing on this large, well-established fund, so he starts by providing an introduction to the company, before highlighting how it differs from its peers in the AIC Global Equity Income sector. Murray International has a notable below-market weight in the US and a meaningful allocation to emerging markets. Discussion then moves onto the investment process, which features Aberdeen’s focus on quality and value, and input from its regional investment teams. He then provides more information about the portfolio, which is broadly diversified by geography and sector. To bring some more colour, he gives some examples of recent transactions, where portfolio activity has been higher than average as Murray International’s managers have found increased opportunities in a volatile market. Attention then turns to the trust’s performance and the change in the company’s reference measure to what is a more relevant MSCI ACWI High Dividend Yield Index given Murray International’s emphasis on income and dividend growth. Papst then highlights the trust’s competitive fee structure and its valuation, before wrapping up with summary of the key takeaways of the Murray International story.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an update on BlackRock Latin American Investment Trust. After giving a quick refresher about the company, he discusses the Latin American investment backdrop, where valuations look very attractive. He then highlights the importance of upcoming election cycles, before delving into the managers’ views about the prospects for the region. Discussion then turns to the trust, starting with the stock selection process, where favoured companies tend to be high-quality businesses at reasonable valuations, which may be overlooked by other investors. He then provides information about the portfolio, where the managers are happy to invest in some of the smaller and non-index countries, although it is important to understand that a large part of the portfolio is likely to be made up of Brazilian and Mexican stocks as these two countries make up around 90% of the MSCI Emerging Markets Latin America Index, which is the trust’s benchmark. He highlights a few of the largest portfolio holdings before discussing performance, which has been positive this year in both absolute and relative terms. To wrap up the podcast, he focuses on the dividend policy, where income is an important element of the trust’s total return objective, and highlights the discount control mechanism, which includes a tender offer based on the trust’s performance and average discount over a four-year period ending 31 December 2025.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst talks about Invesco Asia Dragon Trust, which was recently created following the merger of Invesco Asia Trust with Asia Dragon Trust. He outlines the key benefits to shareholders of the enlarged entity, which retained the successful investment strategy of Invesco Asia Trust. He discusses the trust’s bottom-up, valuation-aware investment approach focused on sustainable business models and attractive valuations. He explains the deep research capability of Invesco’s Asia and emerging markets team. He also outlines the shareholder-friendly measures introduced in conjunction with the merger, including quarterly dividend payments and an unconditional tender every three years. He concludes by summarising the market view of IAD’s managers.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses Templeton Emerging Markets Investment Trust, which is by far the UK’s largest emerging markets investment trust. He starts by providing some background to the current emerging markets opportunity. He elaborates on the trust’s strong performance as well as measures announced by the board in June 2024 aimed at improving liquidity in the trust’s shares and increasing shareholders’ potential total returns. He highlights the trust’s recent announcement related to the use of derivatives. He delves deeper into the trust’s investment process and portfolio structure. He provides examples of the trust’s significant portfolio holdings, such as TSMC, ICICI Bank and Tencent, as well as recent additions including Nari Technology and Ather Energy. He concludes by commenting on the trust’s dividends, revenue and special distributable reserves, discount to NAV and gearing.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an update on Franklin Global Trust, which was formerly the Martin Currie Global Portfolio Trust and featured in one of our October 2024 podcasts. Martin Currie’s parent Legg Mason was acquired by Franklin Templeton Investments in July 2020, but the brand was only retired earlier this year. The trust’s manager Zehrid Osmani and his team combined with the much larger US-based Franklin Equity Group and Jonathan Curtis was appointed as co-manager. Milosz then discusses Franklin Global Trust’s objective and investment process before explaining what it offers investors. He highlights that the trust is a straightforward equity portfolio with no unlisted businesses or derivatives, and is relatively concentrated, with around 30 holdings. Following on, he discusses the trust’s geographic and sector positioning and some of its larger holdings. He then focuses on performance, which has been disappointing in recent years due to the trust’s focus on growth stocks, which derated in a rising interest rate environment, and also there was insufficient exposure to the ‘Magnificent Seven’ large-cap technology stocks. However, over the longer term, the growth strategy has proved successful and during the dip in performance the managers have made improvements to the investment process. Finally, he discusses the trust’s dividend and its significant distributable reserves, and the zero-discount policy, which means that there are share buybacks on most trading days.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts, Milosz Papst provides a detailed overview of four portfolio holdings of HgT. He starts with IFS, a provider of cloud enterprise software and industrial AI applications across multiple sectors including enterprise resource planning, enterprise asset management, field service management and enterprise service management for asset-heavy industries, such as aerospace and defence, energy utilities and resources, construction and engineering, manufacturing and telecoms. He then covers P&I, a provider of an integrated HR cloud platform to small and medium-sized enterprises, primarily in Germany. He also delves into Ideagen, a provider of compliance software to organisations operating in highly regulated industries, such as life sciences, healthcare, banking and finance,and insurance. Milosz also covers a more recent investment made by HgT in 2024 in AuditBoard, a modern, cloud-native connected risk platform changing the way enterprises automate, collaborate and report in real time on risk, audit and compliance workflows. He concludes by discussing the key highlights of HgT’s recently published H125 results.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an overview of Law Debenture Corporation which aims to achieve a higher rate of total return than the broad UK stock market through investing in a diversified portfolio of primarily UK equities. He discusses the unique symbiotic relationship between the company’s investment portfolio and its independent professional services (IPS) business and how this drives performance. The regular flow of income that IPS generates, well ahead of its share of net assets, provides the portfolio managers with much greater freedom to balance the requirements for immediate income with the goal of growing capital values over time. He also comments on the company’s recent interim results, with a strong absolute and relative performance from the portfolio and continued growth in IPS. He elaborates on the main contributors to performance, including Rolls-Royce which is a good example of how Law Debenture Corporation can successfully invest in companies not paying a dividend at the time of investment thanks to the regular income from IPS. Finally, he discusses the company’s current portfolio positioning as sentiment towards UK equities begins to improve.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, healthcare analyst Dr Arron Aatkar provides an overview of Worldwide Healthcare Trust, the London-listed investment company that aims to generate a high level of capital growth from a diversified portfolio of global healthcare stocks. He discusses the stock selection process, which involves a bottom-up approach from a universe of c 1,000 companies, and comments on how the trust brings broad exposure to the global healthcare industry through a multi-cap approach. Dr Aatkar also provides an overview of the current portfolio, highlighting the notable exposure to biotech companies and underweight exposure to pharmaceutical companies (relative to the benchmark index). The discussion then moves on to the trust’s performance in recent years and concludes with the managers’ outlook on the healthcare sector, commenting on how the fundamentals remain favourable despite recent headwinds, particularly for smaller biotech companies.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides a brief introduction to The Diverse Income Trust (DIVI). It is managed by Gervais Williams and Martin Turner at Premier Miton Group, who aim to generate a dividend income stream that is more resilient and has the potential to grow faster than those of the trust’s peers. Milosz then explains how stocks are selected, emphasising the importance of company meetings to the research process. He provides information about the main features of DIVI’s portfolio and the trust’s dividend history before turning to the UK market, which includes the managers’ very optimistic outlook for UK stocks.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, healthcare analyst Dr Arron Aatkar provides an overview of the Biotech Growth Trust, the London-listed investment company that seeks capital appreciation by investing in the worldwide biotechnology industry. He discusses the stock selection process, which involves a bottom-up approach, and comments on how the trust favours smaller, emerging biotechs. He also provides an overview of the current portfolio, highlighting the notable increase in exposure to Chinese biotechs during the first half of 2025. The discussion then moves on to the trust's performance in recent years, from the highs seen across the sector during the COVID-19 pandemic to the flight of capital and rightsizing. He concludes with the managers' outlook on the healthcare sector, commenting on how the current landscape may be perceived as a compelling mix of attractive valuations and increasing demand for new biotech innovations.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our investment trusts analyst, Michal Mordel discusses the investment opportunities arising in Vietnam. He explores the country’s transformation and remarkable growth story, as well as its place in global supply chains and the current geopolitical landscape. He talks about Vietnam’s greatest advantage, which is its young, productive and well-educated population. Michal also presents a brief rundown of investment vehicles available to London-based investors that focus on Vietnam and can serve as a gateway to this market.

In this episode, our director of content, investment trusts Milosz Papst provides an overview of North America’s second-oldest closed-end fund established in 1930, which is listed on both the Toronto and London stock exchanges. He discusses the trust’s strong long-term track record, highlighting that a C$10,000 investment in the fund fifty years ago would have grown to more than C$3,000,000. He elaborates on the fund’s investment approach, which is bottom up but also considers the macroeconomic environment, and its low turnover. He highlights that up to 25% of its portfolio may be held in US-listed businesses, which are primarily in niche operations or areas that are under-represented in the Canadian market. He summarizes the manager’s views on the current investment environment and its recent portfolio activity. Finally, he comments on the fund’s dividend policy (and the fact that it qualified as AIC’s next-generation dividend hero), gearing and discount to NAV.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an overview of this specialist emerging markets trust which aims to generate an attractive long-term total return from a diversified portfolio of emerging market equities, primarily in the infrastructure, utility and related sectors. He outlines the four megatrends identified by ICM, the trust’s manager: social infrastructure, energy growth & transition, digital infrastructure, and global trade. He explains UEM’s focus on countries which exhibit positive attributes such as political stability, economic development, an acceptable legal framework, and an encouraging attitude to foreign investment. He highlights that the trust has recently become an AIC next-generation dividend hero. Finally, he elaborates on the trust’s discount to NAV.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, Chloe Wong, analyst at Edison Group, provides an overview of Baillie Gifford’s recent two-day Investment Trust Conference, entitled “The Next Chapter.” She begins by setting the macroeconomic context before highlighting Baillie Gifford’s continued commitment to its long-term, high-conviction investment approach, despite market volatility. Chloe then explores six key themes that emerged across the firm’s twelve listed trusts, including the importance of backing a small number of transformational winners, how organisational culture plays a role in identifying long-term leaders, and the growing relevance of private market exposure. She also discusses the firm’s contrarian optimism on Asia and Japan, and the role of diversification and dividend resilience in portfolio construction.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides an overview of specialist fund manager Polar Capital before moving onto a more detailed introduction to Polar Capital Global Financials Trust including its income and capital return objective. Listeners may not appreciate that financials is one of the largest global sectors, so we provide some context to the trust’s investment universe and what are the important considerations for potential investors. Milosz then takes a look at the trust’s portfolio including subsector exposures and important themes before highlighting some of the recent activity in the fund. He concludes by focusing on recent developments for the trust, namely a reduced fee structure and an enhanced dividend policy.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst provides a recap of the seven investment principles and proprietary Matrix used by the trust’s managers. He discusses the three growth buckets within the trust’s portfolio: resilient UK-only businesses, leading global businesses and companies growing via international expansion. He highlights that, at the current valuation levels, investors are only paying a modest premium to gain exposure to high-quality UK small-cap growth stocks despite a difficult, low growth economic environment. He also comments on the trust’s long-term record of outperformance versus its reference index and peers, as well as its more recent returns. Finally, he talks about the triple discount arising from low UK valuations vs other geographies, low UK small-cap valuations vs UK large-cap stocks, as well as the discount to NAV at which the trust’s shares currently trade.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst outlines a value accretion roadmap for IP Group, which invests in unlisted technology businesses across life sciences, deeptech and cleantech. The roadmap covers important milestones across IP Group’s portfolio as potential indicators of positive momentum. He highlights IP Group’s solid recent realisation activity. He also covers the developments across IP Group’s major holdings, their cash runway, and valuations. Finally, he discusses IP Group’s approach to capital allocation, including recent buybacks, as well as ambitions in terms of growing third-party capital under management.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst covers the recent developments across private equity and how investors can leverage Patria Private Equity Trust to gain exposure to this market. He talks about PPET’s focus on the European mid-market and its bias towards less cyclical sectors, such as IT, healthcare and consumer staples. He summarises the trust’s strong long-term NAV performance and its healthy balance sheet. Finally, he elaborates on the trust’s dividend policy and recent buyback programme.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses the recent developments at Baker Steel Resources Trust, which pursues a bottom-up, value-focused strategy of investing in a concentrated portfolio of 10 to 15 unlisted junior mining companies. He discusses the progress made by its two major assets (Futura Resources and Cemos Group) and the trust’s prospects of significant royalty and dividend income which could represent a double-digit income yield on its current market capitalisation. He explains how the trust mitigates the risks associated with investing in junior mining projects, including the use of convertible debt and providing funding in stages as development milestones are met.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our investment trusts director of content,  Milosz Papst provides an update on BlackRock Greater Europe Investment Trust (BRGE)  in the context of the recent shift in investor sentiment, which could be the start of a more sustained rally in European shares. He discusses the trust’s portfolio positioning, including the three main areas of the market which BRGE’s managers believe can transcend short-term political and economic disruption: semiconductors, luxury goods and healthcare. Milosz also compares BRGE to its peers from the AIC Europe sector, noting that BRGE’s NAV total return remains top of the peer group over the last decade. ***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses the recent announcement from AAIF’s board introducing an enhanced dividend policy and a three-year continuation vote. He also covers the significant increase in the fourth interim dividend of nearly 60% year-on-year. Moreover, Milosz examines the fund’s relative performance and portfolio positioning. He highlights the combination of Asia’s long-term growth potential and the attractive dividend growth and yield available in the region.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses Edinburgh Worldwide Investment Trust (EWI), which aims to generate long-term capital growth from a diversified portfolio of smaller-cap global equities. He highlights how important it is for EWI’s shareholders to cast their vote at the upcoming general meeting in light of Saba Capital’s resolutions to remove the trust’s independent board and replace it with two directors proposed by Saba, change the management of the company from Baillie Gifford to Saba and amend Edinburgh Worldwide’s strategy. He also discusses the recent proposals of EWI’s board to put the trust back on a path to renewed growth and to return a meaningful amount of capital to shareholders.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses the recent campaign of Saba Capital targeting seven UK-listed investment trusts. He discusses Saba’s plan with respect to removing the existing board members, introducing its own proposed directors, as well as the potential future changes in investment mandates of these trusts. He highlights that Saba will likely favour a plain opportunistic arbitrage strategy to exploit the discounts to NAV among UK-listed investment trusts (by replicating the strategy of a US fund it manages, the Saba Closed-End Funds ETF), coupled with growing its own assets under management and fee income, as opposed to providing shareholders with a truly differentiated value proposition tailored to each of these trusts. He also outlines key flaws of Saba’s proposal, including risks to corporate governance, the lack of important details related to the liquidity events, change in mandate and protection of the rights of minority shareholders, as well as the biased narrative it is presenting.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses Finsbury Growth & Income Trust (FGT), which aims to achieve capital and income growth and a total return above that of the broad UK stock market from a concentrated portfolio of primarily UK equities, with up to 20% invested in overseas companies that meet the managers’ strict criteria. He covers the trust’s differentiated approach to portfolio construction and its positioning and performance compared to the AIC UK Equity Income sector. He also explores the key themes represented in the trust’s portfolio, as well as the most recent additions to the portfolio. Finally, he elaborates on the trust’s dividend payments and the considerable amount of ‘skin in the game’ of Nick Train, the trust’s portfolio manager.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, Edison analyst Joanne Collins discusses Gresham House Energy Storage Fund, which seeks to provide investors with an attractive and sustainable dividend over the long term, by investing in a diversified portfolio of utility-scale battery energy storage systems located in the UK and Ireland. In addition, the company seeks to provide investors with capital growth through the reinvestment of net cash generated in excess of the target dividend. Joanne discusses the recent adverse market backdrop for the BESS sector and GRID’s response to these challenges, while also outlining the very supportive long-term fundamentals of the sector. Moreover, she explores GRID’s recently announced three-year plan, as well as the prospects for resumed dividend payments.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst explores the BlackRock American Income Trust (BRAI), which aims to deliver an attractive level of income and long-term capital appreciation from a portfolio of dividend-paying companies that are trading at attractive valuations and are deemed to be ESG leaders, improvers or ‘sustainability enablers’. He explains the reason for the recent change in the trust’s name and discusses its distinct approach to investing in US equities, including its quality and value bias. In this context, he talks about the trust’s sector exposures, including healthcare, industrial technology, and energy. Finally, he summarises the trust’s approach to dividends and buybacks.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our healthcare analyst, Jyoti Prakash, CFA, and director of content, investment trusts Milosz Papst discuss Edison’s latest thematic research note on healthcare-focused investment companies as a way of gaining exposure to the sector while managing the downside risk. Following a turbulent period in recent years, the healthcare sector (and in particular small and mid-cap biotech companies) are now primed for a turnaround. The sector remains fundamentally strong, and the downturn after 2021 led to rightsizing and more realistic valuations (which potentially offer an attractive entry point). This is coupled with continued high level of innovation, a looming patent cliff for big pharma, an uptick in IPO and M&A activity, as well as technology-driven advancements. All this creates fertile ground for a re-rating of the sector on the back of the recent reversal in the interest rate cycle, as well as the conclusion of the US presidential elections.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst explores the Worldwide Healthcare Trust (WWH), a specialist investment trust that invests in the global healthcare sector, with the objective of achieving a high level of capital growth. He discusses the broader investment backdrop for the healthcare and biotech sector. He also elaborates on WWH’s stock selection process, its longstanding overweight exposure to biotech and an underweight allocation to pharma stocks. Finally, he talks about WWH’s discount control mechanism, long-term performance, and dividend policy.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst delves into the Martin Currie Global Portfolio Trust (MNP) and its global high-conviction portfolio of quality growth companies. He explains the trust’s bottom-up three-stage investment process and how it translates into distinct portfolio characteristics and performance compared to its benchmark. He elaborates on the three important growth trends identified by the manager. He also discusses the trust’s recently published results for the six-months ending July 2024, including major positive and negative performance contributors. Finally, he talks about the company’s zero-discount policy.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst explores The Diverse Income Trust (DIVI), which is managed by Gervais Williams and Martin Turner at Premier Miton Group with the aim to provide an attractive and growing level of dividends along with long-term capital growth from a diversified portfolio of primarily UK-listed companies, across the market cap spectrum. He discusses the managers’ stock selection process and the trust’s portfolio structure. He also explains how the trust’s lower-risk exposure to UK equities is illustrated by Edison’s upside/downside analysis. Finally, he elaborates on the trust’s dividend policy.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses the interim results of HgT, which invests in leading, profitable, unquoted European mid-market businesses with an international footprint, offering mission-critical, low-spend software solutions to SMEs. He talks about the trust’s solid NAV total return performance (driven by earnings growth across its portfolio) and solid realisations which were carried out at an uplift to previous carrying value. He highlights HgT’s recent new investments, and also elaborates on the recent portfolio debt refinancing and the associated interest expense savings and maturity extensions. Finally, he comments on HgT’s holding-level liquidity and commitment coverage ratio.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses BlackRock Latin American Investment Trust, the only available closed-end Latin American fund in the UK. He talks about the Latin American investment backdrop, including the relatively favourable growth and valuation attributes in the region. He also comments on BRLA’s stock selection process and portfolio structure, including some of its largest positions. He also explains BRLA’s dividend policy and conditional tender offer.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses Edison’s latest thematic piece on US Small Cap equities. He then explores Baker Steel Resources Trust whose bottom-up, value-focused strategy is to invest in a concentrated portfolio of 10–20 unlisted junior mining companies. BSRT’s objective is to create value through driving the development of investee companies, as well as exploiting market inefficiencies and pricing anomalies. He discusses how the trust mitigates the risks arising from investments in early-stage mining businesses. He elaborates on the implications of the portfolio maturity for distributions to shareholders. He also delves into the developments at the trust’s two largest holdings.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director, Martyn King explores The Law Debenture Corporation whose aim is to achieve a higher rate of total return than the broad UK stock market through investing in a diversified portfolio of mainly UK equities with some international holdings. Its IPS business provides a regular flow of income, which augments the dividend income from the equity portfolio. He talks about the company’s unique structure with two very distinct, complementary parts. He also discusses the key highlights of the company’s recent interim results and its long-term performance. He also explains the current portfolio positioning and where the managers see further opportunities.   *********************************************************** About ‘Uncovering Trusts’ 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.   About Edison:  Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.   Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst, and investment trust analyst, Michal Mordel, explore the key takeaways from Edison’s recent thematic campaign on emerging markets. They highlight that emerging market equities have been out of favour recently and are trading on average at attractive absolute and relative valuations compared with developed markets. They outline the key secular growth drivers underpinning the performance of emerging economies. They discuss some of the key beneficiaries of the changes in the global supply chain. Moreover, they discuss the state-level and corporate-level governance across the emerging markets. They conclude by commenting on the main potential triggers of a re-rating in emerging market equities.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst explores Canadian General Investments, which aims to generate above-average total returns from a diversified portfolio of North American (predominantly Canadian) equities. He talks about CGI’s unconstrained investment approach, its track record of outperformance, as well as major active sector weights. He delves into CGI’s recent investment in two uranium producers. He also comments on the company’s dividend distributions, gearing and discount to NAV.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst explores UIL, an investment company whose aim is to maximise shareholder returns by identifying investments worldwide where the estimated underlying value is not fully recognised. He talks about ICM, the company’s investment manager, and its stock selection process based on the following three medium-term views: 1) the world’s financial markets are over indebted; 2) technological change offers strong investment upside; and 3) emerging markets offer better GDP growth opportunities than developed markets. He delves into UIL’s investment portfolio, including its four major platforms. He also comments on the company’s leverage, dividend policy and discount to NAV.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst discusses the abrdn Asian Income Fund, an investment company which offers the prospects of both capital and income growth and which could be considered as a core offering for investors seeking diversification through Asian equity exposure. He covers the company’s bottom-up stock selection process and how it aims to benefit from the underlying growth themes across Asia. He also discusses the company’s strong track record of dividend payments, as well as the recent measures to drive alignment with shareholders, including a fee reduction and the reinvestment of management fees program.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build  bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, our director of content, investment trusts Milosz Papst focuses on Princess Private Equity, an investment company which offers a balanced exposure across private developed markets. He talks about how the investment approach of Partners Group (its investment manager) translates into revenue and earnings growth across the company’s portfolio. He also comments on the company’s dividend policy, its recently introduced buyback framework, its track record in terms of portfolio exits, as well as balance sheet headroom.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

In this episode, Edison analyst Joanne Collins discusses Murray Income Trust, which invests in high-quality, mainly UK-listed stocks, outlining its long term performance record and the rationale for holding some overseas stocks. The episode highlights the Board's commitment to maintaining the Company's 50 year track record of continuously rising dividends and explains why the managers are confident about the outlook for the sector and the Company.***********************************************************About Uncovering TrustsThe Uncovering Trusts podcast is run by Edison analysts and released every two weeks. Subscribe to hear analyst talk about how investment trusts maximise returns while managing risks for investors.About EdisonEdison is a content-led IR business. We believe high-quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts. Read about them here: www.edisongroup.com

In this episode, our director of content, investment trusts Milosz Papst dives into Deutsche Beteiligungs and its unique business model as an investor and asset manager focused on the private equity mid-market in the DACH region (Germany in particular) and neighbouring countries. He discusses the company’s portfolio shift in terms of sector exposure, as well as its latest entrance into the private debt business. He also talks about the company’s track record and its policy on dividends and buybacks.***********************************************************About Uncovering TrustsThe Uncovering Trusts podcast is run by Edison analysts and released every two weeks. Subscribe to hear analyst talk about how investment trusts maximise returns while managing risks for investors.About EdisonEdison is a content-led IR business. We believe high-quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts. Read about them here: www.edisongroup.com

Today Milosz dives into abrdn UK Smaller Companies Growth Trust and its high-conviction investment strategy driven by a proprietary Matrix screening tool. He outlines the manager’s seven principles for successful small-cap investing. He also discusses how the trust performed and its major portfolio activity recently. Finally, he explains the trust’s positioning amid attractive valuations of UK stocks.------------------------------------------------------------About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

Today Milosz dives into the long heritage and disciplined approach to stock selection of The Merchants Trust. He discusses the trust’s opportunistic and contrarian style aimed at building a high-conviction, reasonably concentrated portfolio. He also highlights the trust’s AIC dividend hero status and its commendable performance record. He concludes by commenting on UK equities as an interesting investment opportunity.About ‘Uncovering Trusts’:'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/