Kepler Trust Intelligence Podcast

Trust Issues: Investing in UK wind farms with UKW's Matt Ridley

In this episode of Trust Issues, we speak with Matt Ridley, who leads the investment management team at Greencoat UK Wind (UKW), which owns and operates 49 wind farms across the UK.
UKW aims to provide investors with a growing annual dividend while preserving the capital value of its investment portfolio in real terms.
Matt talks about the recent management transition, sentiment towards the renewable energy infrastructure sector, the UK's wind generation and the outcome of UKW's recent continuation vote.
00:00 Introduction
01:04 UKW's management transition
03:20 The elements that have played into UKW's strong NAV total return
04:50 Why has sentiment towards the sector shifted and what catalysts are on the horizon?
07:20 What is UKW's investment process?
10:07 The impact of the UK's wind generation on UKW
12:22 The attractions of UKW versus UK government bonds
14:48 Continuation votes and shareholder democracy
17:12 Further information
17:28 Risk warning
Our latest research on UKW - https://www.trustintelligence.co.uk/investor/articles?fund_id=50
UKW website - https://www.greencoat-ukwind.com/
Parts of this podcast were recorded on 17/04/2025 and 28/04/2025.

Monthly Round Up: a Saba solution, is investing skill or luck and how we fared in the tariff sell off

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 April, brought to you in association with Schroders.
Ryan looks at the news, including details of a solution from Saba and ESCT, plus tender offers elsewhere from Baillie Gifford, as well as the implications of a ‘hostile’ approach for Fidelity Japan (FJV).
Sticking with the land of the rising sun, we also look at Schroder Japan’s interim results following their new dividend policy, before David provides an update on ORIT and how some capital recycling has helped the trust’s debt profile, as well as showing the upside potential of the trust…
Next, Jo brings us the highlights of her conversation with Charlotte Morris of Pantheon International, and how private equity managers can generate consistent returns over the long term.
This then brings us onto David section on skill vs luck in active management, and what can help managers tilt the odds in their favour over the long-term, using Ashoka India (AIE) as a prime example.
Next up, David runs through the most bought and sold shares and trusts with UK investors in March, to get insights into how domestic investors were allocating their portfolios ahead of the Liberation Day announcements.
Speaking of which, Jo then talks through how her own portfolio did in the aftermath of Trump’s announcement, and whether her portfolio has managed to weather the storm or not…
00:07 Introduction
00:25 Saba’s solution with ESCT
01:29 PHI’s new tender offer
02:31 Fidelity Japan’s (FJV) beauty parade
03:36 Results for Schroder Japan Growth (SJG)
04:56 Results for Octopus Renewable Infrastructure (ORIT)
07:19 ORIT’s David Bird outlook
08:42 Charlotte Morris of PINT talks private equity
10:20 Luck vs skill in active management
11:44 Most bought and sold
13:02 Jo’s personal portfolio after Liberation Day
14:27 Risk warning
 
Special thanks to our sponsors at Schroders, whose support makes this podcast possible.
 
This podcast was recording on 06/05/2025.

Market Matters with Annabel Brodie-Smith from the Association of Investment Companies

Our monthly podcast brings you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping portfolios.
This month's guest is Annabel Brodie-Smith, communications director at the Association of Investment Companies (AIC), the industry body set up in 1932 to support and promote investment trusts as well as engaging with them, end investors and the wider financial community.
Annabel has been working for the AIC since 1997, over which time she's seen plenty of changes in the industry, which she discusses, alongside the AIC's dividend heroes initiative and her work with diversity charities. We also get stuck into industry issues such as Saba's activism, the double-counting of investment company costs and the AIC's petition around voting rights. You can sign the petition here: https://petition.parliament.uk/petitions/716003
00:00 Introduction
00:53 How did you get into the investment company industry?
02:53 Working with finance-related diversity charities
04:22 The big changes in the investment trust industry over the past 30 years
05:41 The role of investment trusts in today's environment
07:05 The income benefits of investment trusts
08:05 How did the dividend hero initiative come about?
09:11 Wide discounts in the investment trust industry
10:49 The failure of Saba's activism
12:39 What can the industry learn from Saba's land grab?
14:27 The AIC's petition on voting rights
17:11 The double-counting of investment trust costs
20:37 What do you envisage the investment trust sector looking like in future?
22:53 Further information
23:08 Risk warning
Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor
Please note that this podcast was recorded on 8 May 2025.

Market Matters with Charlotte Morris, manager of Pantheon International

Our monthly podcast brings you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping portfolios (and there’s certainly been plenty of the latter in the last few weeks…).
This month's guest is Charlotte Morris, co-manager of Pantheon International, which provides a globally-diversified portfolio of private equity investments. Charlotte has extensive experience in the asset management industry with a particular specialism in private markets.
In this month’s episode, we discuss a wide range of issues including recent market turbulence, the rationale for an allocation to private equity, current discounts, adapting to a higher-for-longer macro backdrop and the most attractive opportunities across private markets.
00:00 Introduction
00:38 Background to becoming a fund manager
02:25 Thoughts on recent market turbulence
04:41 Rationale for an allocation to private equity
06:37 Drivers of long-term returns in private equity
08:25 Democratisation of private equity
11:26 Key catalysts to close discounts
14:49 Thoughts on leverage and illiquidity premium
17:02 Key attributes for investment
19:10 Adapting to higher-for-longer interest rates
21:18 Implications of muted IPO activity
24:06 Thoughts on most attractive opportunities
26:03 Risk warning
Please note that this podcast was recorded on 14 April 2025.

Monthly Round Up: activist and M&A updates, results from Asia & US plus our income special report

Jo, Ryan and David talk through the most notable news in March, including updates on the activist and M&A activity, results from across Asia, and highlights from our recent special report on investing for income.
Ryan provides a run-down on new launch Achilles Investment Company (AIC)’s first target, a planned strategy tweak for Schroder British Opportunities (SBO) and two trusts that have been the subject of a bidding war.
Jo then looks at two highlights from our recent Ideas for your ISA event webinars, focussing on International Biotechnology Trust (IBT) and Cordiant Digital Infrastructure (CORD).
Next up, Ryan and David talk through some notable results of the last month from Schroder Asian Total Return (ATR), Ashoka India Equity (AIE) and how they have managed in the sell off, as well as the change of strategy from BlackRock American Income (BRAI).
We also round up our podcasts for the month, from Schroder Income Growth (SCF), which includes a broader discussion on our investing for income special report.
Meanwhile, David discusses the outlook for Europe from the perspective of JPMorgan European Growth & Income (JEGI), before going on to discuss his personal portfolio, including some commentary from Jo on the most popular trusts in the past month.

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.