Kepler Trust Intelligence Podcast

In this episode of Trust Issues, Chris Tennant, co-manager of Fidelity Emerging Markets (FEML), discusses the trust's differentiated features, how emerging market tech exposure differs from that in the US, and why Indonesia could be the most underestimated developing economy around.
00:00 Introduction
01:05 How FEML differentiates itself from its emerging market sector peers
03:11 What FEML looks for when investing in a company
04:33 How FEML identifies companies to short
07:14 How emerging markets' technology and AI exposure differs from America's
08:54 Opportunities FEML is finding in the Chinese technology space
10:04 Why FEML likes India, but is underweight for now
12:13 The value FEML sees within emerging market equities as it emerges from the wilderness
14:09 Do emerging market equities still diversify portfolios away from US large-cap tech?
15:27 Which part of the market is being underestimated today?
17:19 Further information
17:53 Risk warning
Our latest note on FEML - https://www.trustintelligence.co.uk/investor/articles?fund_id=1577
FEML website - https://investment-trusts.fidelity.co.uk/fidelity-emerging-markets-limited
Please note that this podcast was recorded on 13 October 2026.

In this episode of Trust Issues, we speak to Josh Golomb, manager of The Biotech Growth Trust, about the investment case for the biotech sector, including recent performance, current allocations, the rise of Chinese biotech and finding the most compelling opportunities across the sector.
 
00:00 Introduction
00:34 Fund objectives and current allocations
02:21 Private company exposure
03:32 Small v large-cap opportunities
04:32 Evaluating first-mover advantage
06:16 Managing downside risk
07:00 Thoughts on performance
11:14 Importance of M&A
14:27 Merits of remaining independent
15:28 Regulatory backdrop in the US
16:58 Opportunities in China
19:08 Outlook for next year
21:20 Further information
21:35 Risk warning
 
Our latest note on BIOG
BIOG website 
Please note that this podcast was recorded on 23 September 2026.

In this episode of Trust Issues, we speak to Omar Negyal, manager of JPMorgan Emerging Markets Dividend Income, about the investment case for emerging markets, including recent performance, current allocations, valuations in Taiwan and Korea and finding the most compelling opportunities across emerging markets.
00:00 Introduction00:35 Fund objective01:55 Current allocations03:32 Balancing income with capital growth04:28 Evaluating opportunities06:36 Avoiding value trips08:14 Importance of dividends08:57 Evolution of emerging markets10:15 Valuations in Taiwan and Korea12:24 Assessing AI opportunities13:15 Income credentials of emerging markets16:07 Thoughts on performance17:48 Managing downside risk19:06 What differentiates JEMI20:54 Most compelling opportunities 22:17 Outlook for next year23:45 Further information23:59 Risk warning
Our latest note on JEMI 
JEMI website 
Please note that this podcast was recorded on 22 September 2026.

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 the news, Ryan looks at a multitude of manager changes including the retirements of some industry veterans, as well as the details of a proposed combination between two UK smaller companies trusts. Elsewhere in results, he looks over the key details of Schroder Asian Total Return (ATR)’s full year report, including a progress update on the proposed combination with Pacific Assets (PAC), before a quick run through of Murray Income (MUT) following its first reports after the management switch to Artemis.
Interspersed with these two results pieces, Jo looks through the interim report from Vietnam Enterprise Investments (VEIL), plus an overview of the country’s economic growth in the context of an interesting period for Asia. Jo continues after results with an overview of her podcast with JPMorgan Emerging Markets Dividend Income (JEMI), including where the next wave of corporate reform will come from and their thoughts on Korea.
Elsewhere in podcasts, David runs through the highlights of his chat with Paul Daggett from Neuberger Private Equity Partners (NBPE), including the state of the private equity space, as well as what opportunities have arisen from the AI sector. Back to Jo, who summarised her chat with Josh Golomb from Biotech Growth (BIOG) including commentary on the volatility of the biotechnology sector, and the emerging role of China in the space.
Next, we run through the most bought trusts of the past month, include a surprise challenger for Scottish Mortgage (SMT)’s number one position in Temple Bar (TMPL), plus a debut on the list for Aberdeen Equity Income (AEI).
Finally, our stat of the month looks at the performance of the S&P 500 in more detail, and how huge swathes of the market have underperformed the average, with performance continuing to be concentrated in a few stocks in a specific sector.
00:00 Introduction
00:23 What’s to come
00:48 UK small-cap combo
02:24 Manager changes & retirements
04:04 CORD’s non-changes
05:48 ATR results and combination update
07:31 Interim results for VEIL
09:30 MUT overview and Artemis impact
11:57 Summary of JEMI interview
13:48 NBPE on AI investment
16:26 BIOG’s biotech views
18:42 Most-bought trusts
20:07 Stat of the month & S&P 500 concentration
23:23 Risk warning
Special thanks to our sponsors at Schroders, whose support makes this podcast possible.
This podcast was recorded on 13/10/2026.

In this episode of Trust Issues, we speak to Steven Marshall, Chairman of Cordiant Digital Infrastructure, about investing in digital infrastructure sector, including the opportunity in AI data centres, the latest on the Prague Gateway development and the diversification potential for investors.
00:00 Introduction00:35 Buy, build & grow philosophy01:58 Role of investment team03:25 Evaluating new opportunities05:45 Opportunities around AI08:05 Role of edge data centres10:01 Status of Prague Gateway 11:48 BT Ireland integration13:55 Opportunities in 5G broadcast 16:35 Drivers of outperformance18:03 Delivering capital growth19:43 Thoughts on discount21:41 Move to FTSE 25022:49 Sensitivity to interest rates23:34 Role in diversifying portfolio25:05 Further information25:17 Risk warning
Our latest note on CORD - https://www.trustintelligence.co.uk/investor/articles?fund_id=1808 
CORD website - https://www.cordiantdigitaltrust.com/
Please note that this podcast was recorded on 7 October 2026.

In this episode of Trust Issues, Dale Nicholls, manager of Fidelity China Special Situations (FCSS), discusses the technological innovation coming out of China, potential improvements to come in consumer confidence and investing in Chinese private companies.
00:00 Introduction
01:14 FCSS's investment philosophy
03:24 How investors are underestimating Chinese technological innovation
06:06 How Dale assesses the risk of political governance in China
08:32 Is sentiment towards the property market starting to improve?
11:48 Why tariffs are less of a risk today
14:02 The opportunities Dale is seeing in private companies
15:47 How corporate governance is improving in China
18:27 The kinds of companies FCSS wouldn't invest in
19:56 The level of gearing FCSS has in the portfolio
21:00 Where Dale sees the best opportunities today
23:03 Further information
23:23 Risk warning
Our latest note on FCSS - https://www.trustintelligence.co.uk/investor/articles?fund_id=73
FCSS website - https://investment-trusts.fidelity.co.uk/fidelity-china-special-situations
Please note that this podcast was recorded on 18 September 2026.

In this episode of Trust Issues, Theo Wyld, portfolio manager and analyst for CC Japan Income & Growth (CCJI), provides some insights from his recent trip to Japan, considers what impact the return of inflation might have on corporates and household savings, and updates us on where the trust is seeing opportunities at the moment.
00:00 Introduction
00:58 On-the-ground insights from Theo's most recent trip to Japan
02:16 The pros and cons of being based in London when investing in Japan
04:54 What the return of inflation means for Japan and Japanese companies
07:42 Why households changing their saving and investing habits is such an important dynamic for Japanese stock markets
09:56 What recent changes to the corporate governance code mean for markets
11:56 Will the value rally in Japan continue?
13:53 The impact corporate governance reforms have had on dividends
16:57 What CCJI looks for in a company and how it avoids value traps
19:22 Investing in artificial intelligence in Japan
21:59 Why the yen matters for investors in Japan
25:38 Where CCJI is seeing opportunities today
29:11 Further information
29:29 Risk warning
Our latest note on CCJI - https://www.trustintelligence.co.uk/investor/articles?fund_id=189
CCJI website - https://www.ccjapanincomeandgrowthtrust.com/
Please note that this podcast was recorded on 15 September 2026.

In this episode of Trust Issues, Robert Lloyd, co-manager of JPMorgan Asia Growth & Income (JAGI), discusses the importance of Korea and Taiwan to the artificial intelligence build-out, the opportunities and risks AI brings, Korea’s corporate governance revolution and why he thinks the market is underestimating the Chinese consumer.
00:00 Introduction
00:59 Why Asia is so important to the artificial intelligence build-out
04:15 How AI investment is powering economic growth in Asia
05:11 What are the risks of such big investments into AI?
08:02 How JAGI assesses AI disruption risk
11:03 The similarities and differences between Korea and Japan’s corporate governance revolutions
14:21 How JAGI balances the importance of technology with diversification by investing in other sectors
16:22 Opportunities in healthcare and Australia
20:03 The depth and experience of JAGI’s management team
22:14 What characteristics JAGI looks for in a company
25:22 Why markets are underestimating the Chinese consumer
28:20 Further information
28:36 Risk warning
Our latest note on JAGI - https://www.trustintelligence.co.uk/investor/articles?fund_id=175
JAGI website - https://am.jpmorgan.com/gb/en/asset-management/adv/products/jpmorgan-asia-growth-income-plc-gb0001320778
Please note that this podcast was recorded on 17 September 2026.

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 the news, Ryan highlights the destination of former River UK Micro Cap (RMMC) manager George Ensor, as well as picking over the positive, and negative, news from International Public Partnerships (INPP).
Before running through their recent half-year results, David provides a summary on RIT Capital Partners (RCP), including how the portfolio works. In the results, David highlights some of the portfolio changes, key contributors to performance and what’s happening with the dividend. Meanwhile, Ryan then covers the results in Schroder Real Estate Income (SREI) including what has happened in the past year and an update on the takeover of Picton Property. 
Turning to podcasts, David recaps his chat with Matt Cable of Rights & Issues (RIII), which included a summary of the active versus passive debate, and more stats on the value opportunity within the UK smaller companies asset class. Sticking with David, he then goes through the highlights of his podcast with Ashoka WhiteOak Emerging Markets (AWEM) including a discussion on how their SMID cap bias has fared in a weak environment for the asset class. 
It was Jo’s turn to look over the most-bought trusts, which is again topped by Scottish Mortgage (SMT) although with a quick update on their SpaceX holding. Elsewhere, the lists see a welcome return of a few of the renewables trusts, potentially heralding a return. Jo also takes on stat of the month, which has a look at US valuations, particularly in the AI space and whether these really are a bubble or not?
To close the show, we review what caught our eye over the summer, including what lessons David has picked up from the books he read over the summer, what Jo has learned from old papers unearthed in her house move and whether Ryan’s sleep deprivation has helped him get a handle on President Trump’s foreign policy.
00:00 Introduction 00:24 What’s to come00:51 Ensor’s destination02:15 INPP’s ups and downs05:03 RIT Cap review & results08:55 SREI results10:48 RIII active vs passive13:40 AWEM survives the SMID sell off15:21 Renewables return to most bought17:09 Not an AI bubble?19:43 Our summer reads 26:35 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. 

In this episode of Trust Issues, we speak to Paul Daggett, co-manager of Neuberger Private Equity Partners, about the investment case for private equity, why he's seeing bright spots within NBPE's portfolio and how management assesses AI risk when investing.
00:00 Introduction
00:59 Bright spots in the performance of NBPE's underlying portfolio
02:41 How younger vintages are outperforming and why it's crucial to refresh the portfolio
05:25 What is a mid-life co-investment and why are they so attractive to NBPE today?
08:22 How NBPE's portfolio might look in five years' time
10:17 How much opportunity is there out there for new deals?
11:50 What are the three different types of co-investments?
13:25 Why the decision to increase in gearing came about
16:06 The outlook for realisation activity
18:07 How management assesses the risk of AI disruption to portfolio companies and new investments
21:38 The importance of diversification and why NBPE complements a portfolio of public equity funds
24:18 How much opportunity and innovation do you see within European private markets
25:18 Further information
25:45 Risk warning
Our latest note on NBPE - https://www.trustintelligence.co.uk/investor/articles?fund_id=1
NBPE website - https://www.neubergerprivateequitypartners.com/en/
Please note that this podcast was recorded on 6 August 2026.