Kepler Trust Intelligence Podcast

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.

Trust Issues: Investing in UK commercial property with Schroders’ Bradley Biggins

In this episode of Trust Issues, Bradley Biggins, co-portfolio manager for Schroder Real Estate, Bradley discusses the outlook for UK commercial property after a tough period, the role property plays within diversified portfolios, explains what the reversionary yield is, and digs into SREI’s brown-to-green sustainability mandate.
00:00 Introduction
01:08 The outlook for UK commercial property
04:31 Why SREI trades at a tighter discount to peers
06:42 The role property plays in diversified portfolios
09:05 What is the reversionary yield and why is this such a powerful tailwind for SREI?
11:26 Why does SREI make sustainability core to its investment process?
13:48 Examples of SREI’s sustainability mandate in action
19:22 Which parts of the UK commercial property market are you most excited about?
22:23 Further information
22:58 Risk warning
Our latest note on SREI: https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-schroder-real-estate-retail-aug-2024
SREI website: https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-real-estate-investment-trust/
Please note that this podcast was recorded on 27 June 2025.

Trust Issues: Investing in Asia with PAC’s Doug Ledingham

In this episode of Trust Issues, we speak to Doug Ledingham, manager of Pacific Assets Trust, about the investment case for Asia, including why valuations continue to look attractive in China and the Philippines, the impact of tariffs and uncovering the most exciting opportunities across Asia.
00:00 Introduction00:39 Overview of investment philosophy04:17 Increase in allocation to China09:17 Investment case in the Philippines 13:18 Managing downside risk17:35 Why PAC is different to peers20:00 Impact of tariffs & most exciting opportunities24:25 Further information24:50 Risk warning
Our latest note on PAC - https://www.trustintelligence.co.uk/investor/articles?fund_id=54 
PAC website - https://www.stewartinvestors.com/uk/en/private-investor/our-strategies/pacific-assets-trust.html 
Please note that this podcast was recorded on 30 June 2025.

Trust Issues: Investing in Japan with SJG’s Masaki Taketsume

In this episode of Trust Issues, we speak to Masaki Taketsume, manager of Schroder Japan about the investment case for Japan, including his thoughts on corporate government reforms, recent performance, the impact of tariffs and domestic-oriented plays.
00:00 Introduction
00:37 Overview of investment approach
02:34 Current portfolio weightings
03:19 Potential for domestic plays
04:16 Recent performance
05:31 Thoughts on currency risk
06:35 Impact of tariffs
08:23 Update on corporate governance reforms
10:45 Pushing for further reforms
11:33 Quality of listed universe
12:16 Most exciting opportunities
13:15 Further information
13:34 Risk warning
 
Our latest note on SJG - https://www.trustintelligence.co.uk/investor/articles?fund_id=38
SJG website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-japan-trust/
Please note that this podcast was recorded on 1 July 2025.

Market Matters with Laura Foll from Janus Henderson

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 Laura Foll, co-portfolio manager for Law Debenture and Lowland Investment Company, which invest in companies listed on the UK stock market.
In this episode, Laura discusses a number of issues affecting the UK market, including worries over the de-equitisation of the London Stock Exchange, what needs to be done to stimulate interest from domestic investors and the areas Laura sees as housing the biggest opportunities today.
00:00 Introduction
01:11 Background to becoming a fund manager
02:35 Did joining Henderson during the financial crisis give you a good grounding?
03:43 Why UK equities?
04:54 Why do private market investors seemingly see value in UK equities when are public markets don’t?
07:40 Are you worried about the de-equitisation of the London Stock Exchange?
09:55 What measures could stimulate demand for UK equities?
13:26 The unique structure of Law Debenture
16:45 What has surprised you most about stock markets over the past year?
18:30 What are the biggest challenges stock markets and your portfolios face?
21:40 Where are the biggest opportunities at the moment?
23:27 Further information
23:56 Risk warning
Our latest market insights: https://www.trustintelligence.co.uk/investor/articles
Please note that this podcast was recorded on 25 June 2025.

Monthly Roundup: manager changes and consolidation, the gold run and opportunities in Asia

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 June, brought to you in association with Schroders.
In news, Ryan talks through the changes at Baillie Gifford Shin Nippon (BGS) and MIGO Opportunities (MIGO) and the wider implications for the sector. We also chat about the notable corporate activity in the real estate and European equity sectors, including the merger of Henderson European (HET) with Fidelity’s European stablemate FEV.
Moving onto results, we talk about the key drivers behind Cordiant Digital Infrastructure (CORD)’s recent results, including yet another dividend increase. Next up is Rockwood Strategic (RKW), which continues to outperform against UK small-cap indices and showcase the value of an active, high-conviction approach in the sector.
Moving onto portfolio allocation, David runs the rule over current positioning by wealth managers and asset allocators, including currency risk and alternative assets. Jo picks up the gold theme, looking at its barnstorming performance and whether it’s too late for investors to join the party, as well as a different way of playing the gold theme in Golden Prospect Precious Metals (GPM).
On the podcast front, David shares the key takeaways from our Market Matters podcast with Laura Foll from Janus Henderson and Jo talks through the most compelling opportunities in Asia after her podcast with Doug Ledingham from Pacific Assets (PAC).
Next, David runs through the most bought and sold shares and trusts in the past month, including his thoughts on Scottish Mortgage (SMT), City of London (CTY) and Temple Bar (TMPL).
Finally, Jo puts her own portfolio under the microscope dissecting the winners and the case for the occasional high-octane punt (for thrills as much as returns).
00:00 Introduction
00:40 Developments at Baillie Gifford Shin Nippon
01:47 Manager changes at MIGO
03:05 Consolidation in real estate
04:30 Merger of Henderson & Fidelity European
05:54 Cordiant results
07:38 Rockwood results
09:47 Global asset allocations
12:16 Thoughts on the gold run
14:15 Market Matters podcast with Janus Henderson’s Laura Foll
15:18 Trust Issues podcast with PAC’s Doug Ledingham
16:48 Most popular shares & trusts
18:40 Jo’s portfolio allocations
20:24 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 01/07/2025.

Monthly Roundup: activism pros & cons, Scottish Mortgage results and opportunities in the FTSE250

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 May, brought to you in association with Schroders.
In news, Ryan debates the pros and cons of the ongoing activist activity, and what effects this has had on the wider industry. Elsewhere, we discuss the implications of industry veteran Richard Pease joining the Rockwood Strategic (RKW) team.
Onto results, where David discusses what Picton Property Income (PCTN) revealed, including an update on their disposal programme and the dividend outlook. Jo covers International Biotechnology’s (IBT) half-year results which managed to deliver positive returns in a falling market, as well as the impact of M&A. Then Ryan turns his attention to Asia, and how two Schroder trusts, Schroder AsiaPacific (SDP) and Schroder Oriental Income (SOI) have managed volatility during the period.
Sticking with Schroders, Jo talks through the highlights of her podcast with Jean Roche of Schroder UK Mid Cap (SCP) and where the best growth opportunities lie in the UK. Elsewhere, Jo also provides the key takeaways of her podcast with Bianca McMillan of Gravis and what challenges the infrastructure industry faces.
On a broader topic, David talks through the highlights of his chat with Annabel Brodie-Smith of the AIC, including looking back at the inception of the AIC’s dividend hero list, and forward at what the industry could look like in five years’ time.
Next, Jo runs through the most bought and sold shares and trusts in the past month, including highlights from Scottish Mortgage’s (SMT) latest results. Finally, David lifts the bonnet on his own portfolio, including his best performing holdings and, in a challenging month, some things he perhaps missed out on.
00:05 Introduction
00:33 Repercussions of activism
02:25 RKW’s new joiner
03:59 PCTN results
05:30 IBT results
07:28 Schroder Asia’s results
09:38 Schroder UK Mid Cap podcast
11:47 GCP’s Bianca McMillan podcast
12:45 AIC’s Annabel Brodie-Smith podcast
14:30 Most/least popular shares & trusts
15:14 SMT’s results
16:11 David’s portfolio performance
18:07 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 recording on 03/06/2025.

Market Matters with Bianca McMillan from Gravis

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 Bianca McMillan, associate director at Gravis, which specialises in infrastructure, real estate and private credit funds. Bianca has extensive experience in the asset management industry with a particular specialism in energy infrastructure.
In this month’s episode, we discuss a range of topics including the investment case for infrastructure, future-proofing portfolios against geopolitical risk and the future for responsible investing.
00:00 Introduction00:28 Background to asset management03:40 Thoughts on markets in 202504:47 What infrastructure offers investors06:21 The merits of investments trusts over passive funds08:06 The future for responsible investment10:27 The role of private capital & PPP12:04 Changes to valuations13:22 Challenging misconceptions14:32 Future-proofing against geopolitical risk16:10 Key performance drivers over next few years17:28 Thoughts on most attractive opportunities18:35 Risk warning
Please note that this podcast was recorded on 19 May 2025.

Investing in UK mid-caps with SCP’s Jean Roche

In this episode of Trust Issues, we speak to Jean Roche, manager of Schroder UK Mid Cap, about the investment case for the UK mid-cap sector, including why valuations continue to look attractive, the key drivers of performance and uncovering the most exciting opportunities in the sector.
00:00 Introduction00:18 Why invest in UK mid-caps? 03:32 Potential catalysts for a re-rating06:40 Impact of tariffs09:20 Key drivers of outperformance15:41 The role of dividends17:34 Exposure to the defence sector19:36 Allocation to consumer discretionary20:51 Investment case for Curry’s24:05 Impact of M&A & IPOs27:53 Risk warning
Our latest note on SCP - https://www.trustintelligence.co.uk/investor/articles?fund_id=3 SCP website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-uk-mid-cap-fund-plc/ 
Please note that this podcast was recorded on 20 May 2025.