Kepler Trust Intelligence Podcast

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.

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 looks at the recent transfers in the investment trust management space, with changes at River UK Micro Cap (RMMC), as well as discussing a possible surprise announcement of who is taking over Golden Prospect Precious Metals (GPM). Next, he picks up on another dividend increase from Invesco Global Equity Income (IGET) and what this means in the context of wider changes, before going into a quick summary of the Picton Property (PCTN) takeover bids.
David then starts off the results section with a look over the numbers from Greencoat UK Wind (UKW)’s interim results which includes an impressive total return figure. Elsewhere, Ryan discusses Hansa Investment Company (Hansa)’s annual report, and why this marks the beginning of a new chapter for the company.
Moving on to podcasts, Jo summarised her chat with Marcel Stotzel from Fidelity European (FEV) including the prospects of an ongoing European renaissance and the region’s overlooked AI exposure. Later on, she discusses her chat with Richard Staveley of Rockwood Strategic (RKW) including where he is looking for new ideas.
David takes care of both most-bought trusts, which includes a welcome return of BlackRock World Mining (BRWM), before turning his attention to stat of the month. This month, he focuses on cyclically adjusted valuations, including looking over some figures from Taiwan and Korea after their remarkable rallies. This, naturally, led into a discussion between the analysts of what they were buying and selling in their own portfolios.
00:00 Introduction
00:24 What’s to come
00:48 Manager changes at RMMC
02:31 Announcement of GPM manager
04:03 IGET sees another dividend rise
04:51 PCTN takeover approaches
05:44 UKW half-year results
07:27 Hansa’s transformative year
09:02 FEV’s views on Europe
11:29 Rockwood’s new opportunities
13:52 Most bought trusts
14:50 Stat of the month: CAPE
17:49 What are we buying?
23:18 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 04/08/2026.

In this episode of Trust Issues, we speak to Marcel Stötzel, manager of Fidelity European, about the investment case for European equity sector, including the recent rally, the changing macro back-drop, positioning around AI and finding the most compelling opportunities across the sector.
00:00 Introduction00:32 Drivers of the rally02:34 Is Europe a global or regional play?03:29 Is Europe cheap for a reason?05:57 Impact of German fiscal change & defence spending07:29 Narrowing down the universe08:50 Key investment criteria10:05 Balancing conviction with risk management12:16 Average holding period14:31 Most compelling opportunities & AI18:55 Drivers of performance 22:10 Managing tariffs and oil prices23:28 Key drivers over next year25:31 Further information25:50 Risk warning
Our latest note on FEV & FEV website 
Please note that this podcast was recorded on 16 July 2026.

In this episode, we speak to Thomas McMahon, Head of Investment Companies Research at Kepler Trust Intelligence, about the opportunity for investors in UK small-caps and BlackRock Smaller Companies in particular.
We discuss the outlook for the sector, including recent performance and the economic backdrop, alongside BRSC’s investment strategy, recent merger and income credentials.
00:00 Introduction
00:25 Why invest in UK small-caps
02:48 Sector performance
04:00 Rationale for merger
04:50 Changes to fees and tender offers
05:37 Investment strategy
06:15 Portfolio construction
06:55 Risk management
07:45 Income credentials
08:32 Outlook for UK small-caps
09:20 Why invest in BRSC
10:17 Further information
10:38 Risk warning
Our latest note on BRSC - https://www.trustintelligence.co.uk/investor/articles?fund_id=127
BRSC website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-smaller-companies-investment-trust/trust-information
Please note that this podcast was recorded on 1 July 2026.

In this episode, we speak to Alan Ray, Analyst at Kepler Trust Intelligence, about the investment case for Europe. We also run the rule over JEGI’s investment strategy and performance, as well as the rollover option into JPMorgan European Growth & Income for shareholders in the European Opportunities Trust.
00:00 Introduction00:24 Overview of EOT transaction03:35 What JEGI offers investors05:49 JEGI’s dividend policy08:33 JEGI’s investment approach10:26 Key investment criteria13:32 Investment case for European equities18:57 Economic backdrop beyond Germany21:22 Europe’s AI expertise25:21 Further information25:39 Risk warning
Our latest note on JEGI Information on the trust - JEGI website  Please note that this podcast was recorded on 23 July 2026.

Join Ryan Lightfoot-Aminoff, David Brenchley and guest presenter Josef Licsauer 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 the news, Ryan looks over the outcome of the Pacific Assets (PAC) strategic review, and why Schroder Asian Total Return (ATR) is about as close as a match as possible for shareholders. Elsewhere, IPO news continues to be positive, with Bending Spoons proving beneficial for both Schiehallion (MNTN) and Baillie Gifford European Growth (BGEU), as well as possible spillover effects for the private equity sector. Finally, he covers the result of the tender offer from Schroder UK Mid Cap (SCP) and the role of Saba Capital in this.
David then picks up the SCP story and runs straight into their results for the six months to the end of March which proved quite a tough end point. Joe notes something similar when covering the results of Rockwood Strategic (RKW) with the trust’s full financial year running to the same date. This includes a look at what micro-cap holdings nearly doubled in the period and whether the trust’s premium rating held. Finally in results, Ryan runs through Cordiant Digital Infrastructure (CORD) and the long-awaited outcome of the Prague Gateway asset.
Moving on to podcasts, Joe covers his namesake’s Trust Issues episode with Chris Berrier and Rob Furlong from Brown Advisory US Smaller Companies (BASC), including their views on the rally in small- and mid-caps in 2026 so far. Elsewhere in podcasts, David sat down with Matt Ridley from Greencoat UK Wind (UKW) covering a number of stories that have impacted the trust over the past few years.
Next, Ryan takes on stat of the month duties, looking at why UK small companies yield more than large caps, and what this could mean for investor returns. Elsewhere in our regular features is the most popular investments in June which surprisingly wasn’t SpaceX. This then leads into a discussion of the SpaceX IPO and whether and members of the team have been brave enough to buy into the history-making stock.
00:00 Introduction
00:25 What’s to come
01:00 The outcome of PAC’s strategic review
02:55 Bending Spoons IPO winners
05:03 SCP resolves Saba issue
05:50 And SCP releases results
07:57 What were RKW’s winners
10:33 CORD results continue to impress
12:54 Summary of BASC’s podcast
15:39 Greencoat UK Wind’s dividend and future
18:49 Stat of the Month: UK small-cap income
20:43 Most bought trusts in June
21:48 Did anyone buy SpaceX?
27:12 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: https://www.trustintelligence.co.uk/investor/articles?fund_manager_id=37
This podcast was recorded on 08/07/2026.

In this episode of Trust Issues, we speak to Christopher Berrier, manager of Brown Advisory US Smaller Companies (BASC), and Rob Furlong, equity research analyst, about the investment case for US small-caps. We discuss the drivers of the US small-cap rally, portfolio changes, thoughts on AI and software services and M&A activity, amongst other things.00:00 Introduction00:41 Drivers of US small-cap rally03:43 Portfolio changes versus the benchmark09:00 Weighing up AI winners and losers 15:18 Impact of higher oil prices21:33 M&A activity26:22 Further information26:35 Risk warning
Our latest note on BASC - https://www.trustintelligence.co.uk/investor/articles?fund_id=172 
BASC website - https://www.brownadvisory.com/intl/investment-trusts/brown-advisory-us-smaller-companies-plc  Please note that this podcast was recorded on 18 June 2026.