Kepler Trust Intelligence Podcast

Monthly Round Up: Saba update, results from UKW and THRG and highlights from our podcasts and event

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.

Trust Issues: Investing in UK stocks with SCF's Matt Bennison

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

Trust Issues: investing in India with AIE's Ayush Abhijeet

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

Market Matters with Zenah Shuhaiber from JPMorgan European Growth & Income

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.

Market Matters with Megumi Takayama from Chikara Investments

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.

Monthly round-up of investment trust news

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 Introduction00:25 Saba’s activism, increasing Asian dividends and CORD’s results and podcast05:26 Most-popular investment trusts06:22 Key takeaways from BRIG’s results07:45 Highlights from SEQI’s results09:38 Market Matters podcast with SCP’s Jean Roche11:25 EWI podcast and webinar takeaways13:19 AWEM podcast highlights14:28 Market Matters podcast with Baroness Ros Altmann17:25 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…

Trust Issues: investing in UK small-caps with RKW manager Richard Staveley

In this episode of Trust Issues, we speak to Richard Staveley, manager of Rockwood Strategic, about the opportunity for investors in the UK small-cap sector, including the shining stars in the portfolio, key drivers of performance in 2024 and the most interesting themes in the year ahead.
00:00 Introduction00:20 Elevator pitch for Rockwood 02:54 Drivers of performance in 202406:21 Engagement campaign at Funding Circle11:55 Investment case for top holdings19:34 Investment pipeline in shrinking market22:38 Impact of the Autumn budget 24:38 Key themes for 202527:18 Risk warning
Please note that this podcast was recorded on 30 January 2025.
Our latest note on RKW - https://www.trustintelligence.co.uk/investor/articles?fund_id=1610
RKW website - https://www.rockwoodstrategic.co.uk/
 

Market Matters with Rebecca MacLean, manager of Dunedin Income Growth

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 Rebecca MacLean, manager of Dunedin Income Growth (DIG), which seeks to deliver resilient income and capital growth, while meeting a strict sustainable and responsible investment approach.
Rebecca is an investment director in the developed markets equity team at abrdn, focusing particularly on UK and European equities. In this month’s episode, we discuss Rebecca's time within the responsible investment industry and the future of the sector, the health of the UK stock market, why UK investors should take a total return approach and the challenges and opportunities in 2025.
00:00 Introduction
01:22 Background to becoming a fund manager
03:09 The future for responsible investing
05:38 The health of the UK stock market
08:46 Where in the UK market are you most bullish?
11:44 Why DIG invests in overseas companies
13:31 The benefits of total return investing
15:48 What surprised you most about 2024?
18:38 How to get more people investing in the UK stock market
20:47 The biggest challenges facing investors in 2025
22:50 The biggest opportunities for investors in 2025
24:31 Further information
24:46 Disclaimer
Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor
Insights on the abrdn website: https://www.abrdn.com/en-gb/dig/news-and-insights/insights
Please note that this podcast was recorded on 21 January 2025.

Trust Issues: investing in emerging markets with AWEM’s Loong Lim

In this episode of Trust Issues, we speak with Loong Lim from WhiteOak Capital Management, the investment advisor to Ashoka WhiteOak Emerging Markets Investment Trust (AWEM).
Loong discusses his recent trip to China, the benefits of investing in small and mid-cap names and the challenges and opportunities within the emerging market landscape.
00:00 Introduction
00:43 Insights from Loong's trip to China
04:07 Investing in more democratic countries
06:12 How investing in small and mid caps can help generate alpha
07:58 Why does AWEM invest in so many companies?
09:45 The outlook for emerging markets and company examples
12:58 Investing in pre-IPOs and thoughts on Indian equities
15:21 Further information
15:53 Risk warning
This podcast was recorded on 20/01/2025.
Read our latest research on AWEM: https://www.trustintelligence.co.uk/investor/articles?fund_id=1874
Click here to visit AWEM’s website: https://awemtrust.com/

Market Matters Special Edition with Baroness Ros Altmann

In this special episode of Market Matters, we’re joined by Baroness Ros Altmann, a leading expert on both the investment trust sector and pensions industry. Having previously served as the UK Pensions Minister, Ros now sits in the House of Lords and is also a visiting Professor at the London School of Economics.
Ros shares her thoughts on Saba’s current campaign, why retail shareholders should have their say and the need for boards to focus on narrowing discounts. We also delve into recent changes to cost disclosure rules for investment trusts, explore potential pension reforms to stimulate interest in UK equities and discuss why a change in monetary policy is essential to jumpstart the economy.
00:00 Introduction
00:22 Career in the public and private sector
02:55 Advocating for the investment trust sector
08:53 Thoughts on Saba’s proposals
13:30 Should boards be more focused on narrowing discounts?
16:44 Impact of changes to cost disclosure rules
20:10 Need for reform of Consumer Duty regulations
24:12 Should retail platforms be mandated to inform investors of upcoming votes?
24:59 Should the Mansion House pension reforms be tightened?
29:40 Thoughts on possible changes to ISAs
31:09 Need for a change in monetary policy
34:26 Risk warning
Please note that this podcast was recorded on 23 January 2025.