Kepler Trust Intelligence Podcast

Market Matters with Emily Fletcher from BlackRock Frontiers

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios.This month's guest is Emily Fletcher, manager of the BlackRock Frontiers trust, who has extensive experience in emerging and frontier markets.
In this month’s episode, we discuss a range of topics including the investment case for frontier market, managing geopolitical risk and the most compelling opportunities across the region.
00:00 Introduction00:30 Background to asset management01:38 What are frontier markets?02:40 Most compelling opportunities 06:06 Thoughts on volatility of frontier markets08:44 Insights from visits10:34 Managing geopolitical risk12:46 Consumer growth opportunities15:55 Outlook for frontier markets17:01 Best piece of investment advice 17:48 Risk warning
Please note that this podcast was recorded on 22 October 2025.

Monthly Roundup: Saba’s return, is 60:40 dead? Plus our thoughts on the gold rally

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in September, brought to you in association with Schroders. In news, Ryan looks at how a comeback from Saba could mean more activity for investment trust investors, as well as passing judgement over a series of other corporate governance activities, including a takeover of PRS REIT, and a surprising de-listing of Petershill Partners. 
For the results analysis, we first look East, with David running the rule over VEIL’s latest update, before Ryan looks slightly broader at what ATR’s interims had to say. Elsewhere, David looks at NBPE’s recent results, as well as providing a summary of the recent podcast with Paul Daggett.
Next, Jo provides a recap of her chat with Sophie Hyunh of BNP, which inspires a discussion of gold holdings amongst Jo, David and Ryan’s own portfolios. Returning to Sophie’s discussion, Jo then summarises her thoughts on the future of the 60:40 portfolio. 
Back to our more regular features, we then run the rule over the most bought and sold stocks and investment trusts of the past month, before Jo finishes off with her most high-conviction active funds including her backing of the un-loved UK.
00:00 Introduction 00:25 What’s to come00:58 Saba Capital’s ETF launch02:38 PRS REIT’s takeover04:25 Petershill Partners’ delisting05:39 The outlook for private asset investment trusts06:36 VEIL results07:39 The outlook for Vietnam09:14 ATR results11:33 NBPE results and podcast with manager Paul Daggett13:45 Does gold warrant a place in portfolios?17:31 BNP’s Sophie Huynh’s views on the 60/40 equity/bond portfolio18:48 The most-bought stocks and investment trusts20:09 The high-conviction active funds Jo invests in and backing the UK22:13 Risk warning 
Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range.
This podcast was recorded on 08/10/2025.

Trust Issues: Investing in venture capital with GROW’s Andrew Zimmermann

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

Market Matters with Sophie Huynh, portfolio manager at BNP Paribas

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios.
This month's guest is Sophie Huynh, Portfolio Manager at BNP Paribas Asset Management.
In this month’s episode, we discuss a range of topics including her thoughts on portfolio construction, the outlook for the US and China and the investment case for gold.
00:00 Introduction00:35 Background to asset management01:58 Thoughts on 60:40 allocation05:47 Role of alternatives 06:47 Thoughts on outlook for US08:01 Opportunities in Europe10:41 Investment case for China11:58 Thoughts on US dollar trajectory13:59 Gold and broader commodities15:41 Best piece of investment advice 16:26 Risk warning
Please note that this podcast was recorded on 24 September 2025.

Trust Issues: Investing in private equity with Neuberger Berman's Paul Daggett

In this episode of Trust Issues, we speak with Paul Daggett from NB Private Equity Partners (NBPE) about the benefits of co-investments, the outlook for private equity and the scale that Neuberger Berman brings to NBPE.
00:00 Introduction
01:22 Why private equity performance versus listed markets can improve
03:33 What does dry powder mean?
04:22 How will tariffs affect private equity more broadly and NBPE more specifically?
06:46 Are private equity managers introducing any tariff-mitigation strategies?
09:49 Just how much scale does Neuberger Berman have within private markets and how does that benefit NBPE?
13:19 What are co-investments and what are the benefits?
17:43 How NBPE achieves diversification of private equity sponsors
20:03 Examples of the companies NBPE invests in
23:23 The long-term secular trends NBPE is tapping into
26:37 How does NBPE balance the need for share buybacks with the need to keep making new investments?
28:43 The outlook for private equity
31:20 Further information
31:42 Risk warning
Our latest note on NBPE: https://www.trustintelligence.co.uk/investor/articles?fund_id=1
NBPE's website: https://www.nbprivateequitypartners.com/
Please note that this podcast was recorded on 22/07/2025.

Monthly Roundup: Scottish Mortgage gains, best ISA providers and the resolution of a bidding war

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

Market Matters with Ailsa Craig from Schroders

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

Trust Issues: Investing in Asia with SOI’s Richard Sennitt

In this episode of Trust Issues, we speak with Richard Sennitt, manager of Schroder Oriental Income, about the investment case for Asia, from opportunities in Taiwan and Singapore to navigating tariffs and uncovering where he sees the most exciting growth stories across the region.
00:00 Introduction00:39 Drivers of recent outperformance03:23 Overweight to Taiwan, Singapore & HK06:03 Underweight to China 08:32 Thoughts on technology exposure10:00 Screening investments in a diverse market12:16 Why is Asia overlooked for income?13:36 Balancing yield and growth14:38 Corporate governance reforms in Asia16:35 Approach to trade tariffs18:41 Outlook for next 12-18 months21:12 Further information21:28 Risk warning
Our latest note on SOI - https://www.trustintelligence.co.uk/investor/articles?fund_id=60  SOI website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-oriental-income-fund-limited 
Please note that this podcast was recorded on 12 August 2025.

Monthly Roundup: Meme coins infiltrate investment trusts, PE buys PE and boardroom battery battles

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

Market Matters: Featuring Charlotte Yonge from Troy Asset Management

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