Kepler Trust Intelligence Podcast

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.

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.