Kepler Trust Intelligence Podcast

Trust Issues: Investing in the mining sector with BRWM’s Olivia Markham

In this episode of Trust Issues, we speak to Olivia Markham, manager of BlackRock World Mining, about the investment case for the mining sector, including gold’s record-breaking run, demand for copper, M&A and the most compelling opportunities across the sector.
00:00 Introduction00:36 Drivers of recent performance 02:00 Outlook for gold prices03:13 Valuations of gold miners04:21 Long-term drivers of copper demand06:06 Slowing demand from China07:10 Benefit of active exposure08:27 Likely increase in capex09:57 Outlook for dividends11:09 Navigating tariffs12:57 Impact of resource nationalism13:52 M&A in the sector15:18 Most compelling opportunities17:18 Further information17:36 Risk warning
Our latest note on BRWM - https://www.trustintelligence.co.uk/investor/articles?fund_id=5 
BRWM website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-world-mining-investment-trust/trust-information Please note that this podcast was recorded on 10 October 2025.

Investing in Asia with FAS’ Nitin Bajaj

In this episode of Trust Issues, we speak to Nitin Bajaj, manager of Fidelity Asian Values, about the investment case for the Asia equity sector, including recent performance, managing political noise and finding the most compelling opportunities across the sector.
00:00 Introduction00:38 Providing differentiated exposure to Asia04:07 Evaluating investments 05:54 Narrowing down the universe08:59 Managing downside risk10:00  Current portfolio allocations11:25 Allocations in China14:05 Opportunities in Indonesia14:35 Rationale for holding TSMC17:45 Drivers of outperformance19:11 Navigating tariffs & trade 19:55 Key drivers over next year20:28 Further information20:45 Risk warning
Our latest note on FAS - https://www.trustintelligence.co.uk/investor/articles?fund_id=405 
FAS website - https://investment-trusts.fidelity.co.uk/fidelity-asian-values/ 
Please note that this podcast was recorded on 25 November 2025.

Trust Issues: Investing in the biotech sector with IBT’s Ailsa Craig

In this episode of Trust Issues, we speak to Ailsa Craig, manager of International Biotechnology Trust, about the investment case for the biotech sector, including recent performance, M&A, managing political noise and finding the most compelling opportunities across the sector.
00:00 Introduction00:42 Key drivers of NBI movements03:00 Thoughts on outperformance 05:12 Current portfolio allocations07:28 Most attractive valuation opportunities09:03 Private market exposure09:47 Opportunity in China11:14 Current gearing 12:11 Navigating political noise16:57 Drivers of M&A19:52 Thoughts on recent premiums20:32 Identifying takeover targets20:59 Most exciting developments23:03 Further information23:18 Risk warning
Our latest note on IBT - https://www.trustintelligence.co.uk/investor/articles?fund_id=2 IBT website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/international-biotechnology-trust/ 
Please note that this podcast was recorded on 11 November 2025.

Monthly Roundup: Why is SMT popular, can biotech M&A continue and who thinks it’s an AI bubble?

Join Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in October, brought to you in association with Schroders. 
In news, Ryan looks at whether the rollover into an active ETF could indicate a future for the asset class, as well as a re-entry from Saba into the lowly valued smaller companies sector. Plus, we look at what the recent flurry of takeouts for International Biotechnology (IBT) could mean for the future of sector.
The results of the month had a strong Asian flavour, with the introduction of some shareholder friendly measures from Pacific Assets (PAC), another stellar Ashoka India (AIE) year as well as how corporate governance reforms have supported Schroder Japan (SJG). Elsewhere, David looks at Octopus Renewables Infrastructure (ORIT)’s recent results and their plan for the next five years.
Next, Jo reviews her podcast with Emily Fletcher of BlackRock Frontiers (BRFI) and why the market offers correlation benefits, before going on to recap her chat with Olivia Markham of BlackRock World Mining (BRWM) in light of the remarkable gold run. These two podcasts are interspersed with David’s summary of his discussion with Andrew Zimmermann of Molten Ventures (GROW), including running the rule of the exciting investment themes in the portfolio.
Meanwhile, David also picks out the highlights from his asset allocators piece, including whether they think we’re in a bubble and how investors can mitigate the risks of one.
Returning to our regular features of most bought and sold trusts, we look at a couple of newcomers onto the list which is again led by Scottish Mortgage (SMT), which our team discuss the merits of and perhaps the surprising reason Ryan doesn’t own it…
00:00 Introduction 00:25 What’s to come00:52 Middlefield’s Active ETF02:52 Saba re-enters MTU05:39 IBT’s M&A bonanza07:50 PAC’s results & shareholder friendly measures10:31 AIE’s stellar annual results12:48 SJG results among corporate governance changes14:07 ORIT’s results and five-year plan15:50 BRFI’s frontier market opportunities 17:09 Andrew Zimmerman on GROW and Europe’s VC opportunities 19:33 BRWM and the gold rise21:06 Our asset allocators’ views on the AI bubble 22:41 The most bought and sold shares and trusts24:18 Why is SMT popular?28:39 Risk warning 
Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click here to view all of our research on the Schroders investment trust range. This podcast was recorded on 05/11/2025.

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.

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.