Kepler Trust Intelligence Podcast

Trust Issues: Investing in infrastructure debt with SEQI’s Randall Sandstrom

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 Introduction00:43 What SEQI offers investors 06:27 Recent performance10:03 Exposure to data centres12:00 Green flags for investment14:30 Sensitivity to interest rates16:59 Level of construction risk18:56 Most compelling opportunities20:44 Further information21:00 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.

Monthly Roundup: UKW changes dividend, portfolio head-to-head results and has Saba been snookered?

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 come00:50 ROC’s impact on UKW’s dividend 03:20 Equity income peers merge 04:51 VEIL’s corporate activity05:35 An endgame for Saba?08:09 AVI target HarbourVest 09:27 EWIT vs Saba outcome11:24 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 IPOs20:06 In conversation with Rathbone’s Alexandra Jackson 21:42 Head-to-head portfolio analysis24:00 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.

Trust Issues: Investing in frontier markets with BRFI’s Emily Fletcher

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 Introduction00:38 How BRFI differs from other funds02:24 What BRFI offers investors 03:52 Sourcing opportunities05:37 Navigating geopolitical risk11:44 Managing liquidity 13:06 Thoughts on performance15:17 Income generation16:51 Case for Saudi Arabia and the UAE20:05 Balance of export v domestic growth21:38 Exposure to smaller markets23:38 Thoughts on current valuations24:38 Key drivers over next year25:28 Further information25:46 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: Featuring Alexandra Jackson from Rathbones

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

Trust Issues: Investing in UK small caps with RKW’s Richard Staveley

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 Introduction00:39 Performance in 202505:33 Catalysts for a small cap rally09:39 Valuations and stock selection13:33 Outlook for M&A18:12 What makes Rockwood different22:08 Further information22:27 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.

Monthly Roundup: Net zero's future, growth capital opportunities and has SMT breached its rules?

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 come00:51 Edinburgh Worldwide vs Saba03:40 HICL/TRIG merger cancellation 06:08 CHRY goes into run off09:36 SDP results11:14 SBO results12:26 SEQI results13:19 FCSS results and how that fits with our recent piece15:38 CORD’s data centre development 17:04 Deidre Cooper's review of net zero and China opportunities18:47 The most bought and sold shares and trusts19:31 The consequences of SMT’s SpaceX revaluation 20:40 Risers and new entrants on the list21:36 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.

Trust Issues: Investing in emerging markets with AWEM's Hiren Dasani

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: Featuring Deirdre Cooper from Ninety One

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

Monthly Roundup: Can UKW maintain its dividend, IBT rides the biotech rally and why buy Temple Bar?

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.

Trust Issues: Investing in digital infrastructure with CORD’s Steven Marshall

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 Introduction00:40 Buy, build & grow philosophy02:21 Importance of operational control 03:23 Skin in the game04:21 Capturing upside in AI08:12 Prague Gateway development10:40 Key opportunities in fibre12:36 The future of broadcast infrastructure16:54 Drivers of outperformance19:40 Financing future growth21:08 Overview of investment case23:36 Further information23:56 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.