Kepler Trust Intelligence Podcast

Trust issues: investing in infrastructure debt with SEQI's Randall Sandstrom

In this episode of Trust Issues, we speak to Randall Sandstrom, Chief Executive and CIO of Sequoia Investment Management, adviser to the Sequoia Economic Infrastructure Income Fund (SEQI). We discuss what SEQI offers retail investors, current portfolio allocations, performance, risk management and the outlook for the sector.
00:00 Introduction00:27 Overview of private debt02:38 What SEQI offers retail investors04:11 Objective of fund and key investment attributes 07:14 Current sector and geographic weightings09:56 Overview of performance 13:05 Why sector lends itself to active management15:07 Managing downside risk for investors16:41 Revaluation of the portfolio18:33 Key growth drivers for the infrastructure sector20:51 Outlook for infrastructure debt with falling interest rates22:40 Further information22:58 Risk warning
Our latest research on SEQI - https://www.trustintelligence.co.uk/investor/articles?fund_id=1742 SEQI website - https://www.seqi.fund/

Trust Issues: investing in US small-caps with BASC manager Christopher Berrier

In this episode of Trust Issues, we speak to Christopher Berrier, manager of Brown Advisory US Smaller Companies, about the opportunity for investors in the sector, including managing downside risk for investors, the impact of AI, the rationale for an allocation to US small-caps and the outlook for the sector.
00:00 Introduction00:17 Overview of BASC’s objective 02:59 Investment case for Clear Secure05:51 Managing downside risk for investors09:42 Potential shrinking of the US small-cap sector12:39 Impact of AI on the sector16:48 Rationale for allocation to US small-caps19:23 Impact of rate cuts22:40 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 

Market Matters with Jasmine Yeo, manager of Ruffer

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's guest is Jasmine Yeo, co-manager of the Ruffer Investment Company (RICA) which aims to deliver consistent positive returns irrespective of market conditions. Jasmine has extensive experience in the asset management industry across equities, bonds and alternative assets.
In this month’s episode, we discuss a wide range of issues including downside risks in US equities, valuation opportunities in the UK, the investment case in China and Japan, the outlook for bonds and the role of gold in portfolios.
00:00 Introduction00:34 Background to becoming a fund manager02:00 How to build a portfolio05:17 How to stay disciplined during market movements06:57 Risks to a US 'soft landing'09:43 Valuations of US equities11:07 Outlook for UK equities13:21 Valuation opportunities in Europe14:31 Investment case for China16:18 Outlook for Japanese equities17:57 Key drivers for bond markets19:42 Impact of rates on gold prices21:25 Potential diversifiers to gold23:09 Outlook for equity returns24:53 Further information25:09 Risk warning
Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor 

Trust Issues: investing in Asia with SDP manager Richard Sennitt

In this episode of Trust Issues, we speak to Richard Sennitt, manager of Schroder AsiaPacific, about the opportunity for investors in the sector, including the implications of Chinese stimulus measures and a Trump administration, valuations in India and how SDP offers a differentiated approach for investors.
00:00 Introduction00:15 Overview of SDP’s objective and investment approach02:14 Key drivers of recent performance03:44 Thoughts on Chinese stimulus measures05:52 Implications of a Trump administration08:04 Overview of current sector and country allocations09:13 Thoughts on valuations in India10:32 Rationale for underweight to consumer discretionary and staples11:50 Views on current valuation opportunities13:00 Why active management matters and how SDP is differentiated from its peers14:14 Views on primary growth drivers for Asian equities over the next few years15:22 Further information15:41 Risk warning
Our latest note on SDP - https://www.trustintelligence.co.uk/investor/articles?fund_id=27 SDP website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-asiapacific-fund-plc/ 

Title: Trust Issues - investing in biotech with IBT managers Ailsa Craig & Marek Poszepczynski

In this episode of Trust Issues, we speak to Ailsa Craig & Marek Poszepczynski, managers of International Biotechnology Trust, about the opportunity for investors in the biotech sector, from the implications of a Trump victory to the current state of play on obesity drugs.
00:00 Introduction
00:19 Overview of IBT and current allocations
02:24 Change in composition of XBI
03:25 Benefits of a basket approach
05:06 Most exciting developments in the biotech sector
07:25 Can other companies compete with Eli Lilly and Novo Nordisk on obesity drugs?
08:49 Recent allocation changes due to the market cycle
12:26 Views on current valuations
15:12 Outlook for M&A
17:09 Outlook for IPO market in 2025
18:13 What IBT offers beyond a passive strategy
19:45 Implications of a Trump administration
21:26 Impact of rate cuts on the portfolio and wider sentiment
22:16 Further information
22:43 Risk warning
Our latest note on IBT - https://www.trustintelligence.co.uk/investor/articles?fund_id=2
IBT website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/international-biotechnology-trust/

Monthly roundup: the budget’s impact, DGN's strategic review and our podcasts & results highlights

Jo Groves, Ryan Lightfoot-Aminoff and David Brenchley from Kepler Trust Intelligence discuss the most notable news and interviews in the investment trust world in October.
We discuss the impact of the budget on UK equities, as well as the outcome of Asia Dragon’s strategic review. Furthermore, we summarise the key takeaway from the results of Ashoka India, BH Macro and International Biotechnology.
We also bring you the highlights from our series of podcasts in the month, including commentary from Charlotte Cuthbertson of MIGO Opportunities, BBH Healthcare and  BBGI Infrastructure. 
We also run the rule over the most bought and sold investment trusts by UK retail investors in October, with a new entrant in the number one spot. 
Finally, we summarise the final trust in our webinar series on global equities in a year of change, where Sam Vecht of Blackrock Latin America discusses the opportunities in this area of emerging markets. 
0:00 Welcome 0:19 Key budget takeaways 02:21 DGN’s strategic review outcome04:17 IBT Results analysis06:02 Ashoka India results analysis07:45 BH Macro results analysis09:40 Most bought investment trusts in October11:18 Market Matters with Charlotte Cuthbertson13:07 BBH podcast review14:31 BBGI podcast review15:30 BRLA event round up17:41 Risk warning

Trust Issues: the outlook for investing in infrastructure with BBGI CEO Duncan Ball

In this episode of Trust Issues, we speak to Duncan Ball, CEO of BBGI Global Infrastructure about what makes BBGI unique and the outlook for the wider infrastructure sector.
00:00 Introduction
00:19 What is BBGI's investment strategy?
03:09 What makes BBGI unique from sector peers?
05:19 What is BBGI's dividend policy?
07:07 What role does BBGI play in an investor's portfolio?
08:41 How do interest rates affect BBGI and infrastructure more broadly?
11:19 What is the outlook for the infrastructure sector?
13:33 Further information
13:59 Risk warning
Our latest note on BBGI - https://www.trustintelligence.co.uk/investor/articles?fund_id=752
BBGI website - https://www.bb-gi.com/

Trust Issues: the future of weight-loss drugs with BBH portfolio manager Paul Major

In this episode of Trust Issues, we speak to Paul Major, co-portfolio manager of Bellevue Healthcare, about GLP-1s, commonly known as weight-loss drugs, other innovation within healthcare and the outlook for the sector and smaller companies more broadly.
00:00 Introduction
00:23 What are GLP-1 drugs?
03:02 Why BBH doesn't invest in Novo Nordisk or Eli Lilly
09:12 How much risk does increased competition pose to incumbents?
12:25 What exposure does BBH have to this area?
13:54 What other healthcare innovations excite you?
15:41 What is the outlook for the small-cap and healthcare sectors?
17:36 Further information
18:05 Risk warning
Our latest note on BBH - https://www.trustintelligence.co.uk/investor/articles?fund_id=488
BBH website - https://www.bellevuehealthcaretrust.com/uk-en/pro/

Market matters with Charlotte Cuthbertson, manager of MIGO

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.
Our first guest is Charlotte Cuthbertson, co-manager of the MIGO Opportunities Trust (MIGO) which specialises in discount opportunities in the investment trust universe. Charlotte has extensive experience in the asset management industry, with a particular specialism in investment trusts.
In this month’s episode, we discuss a wide range of issues from the discount opportunities in the investment trust universe to the key drivers of stock market performance over the next year against a backdrop of political and macroeconomic change.
00:00 Introduction
00:39 Background to becoming a fund manager
02:24 How to identify and mitigate the risk of discount opportunities?
05:59 Does diversification matter for investors seeking discounted investment trusts?
07:15 Recent tactical allocation changes in terms of sectors?
08:55 How to mitigate geopolitical risk for single-country holdings?
09:52 What surprised you the most about the stock market this year?
10:51 Are you worried about the dominance of the Magnificent Seven?
12:38 What are the likely stock market drivers over coming months?
14:02 What sectors might perform well in the next year?
15:05 Why should investors look at investment trusts above low-cost passive funds?
17:08 Further information
17:35 Risk warning
 
 

Monthly round-up of investment trust news

Jo Groves and Ryan Lightfoot-Aminoff from Kepler Trust Intelligence discuss the most notable news and interviews in the investment trust world in September.
We discuss the triple whammy of news from Chrysalis Investments, the impact on AVI Global and the final details of the Alliance Trust-Witan merger.
We also bring you the highlights from our latest webinar series on global equities in a year of change, with Tom O’Hara and Jamie Ross, managers of Henderson European Trust, Iain Pyle from Shires Income and finally, Dean Orrico of Middlefield Canadian Income.
Finally, we run the rule over the most bought and sold shares and investment trusts by UK retail investors in September. NVIDIA slipped down the most-bought shares table while Scottish Mortgage held onto top honours as the most-bought trust but which other companies dominated investors’ buy and sell lists?
0:00 Welcome
0:13 News from Chrysalis Investments
02:59 Impact on AVI Global
04:00 Final details of the Alliance Trust-Witan merger
05:18 Global equities in a year of change event round-up
05:33 Henderson European Trust
08:00 Shires Income
10:27 Middlefield Canadian Income
12:10 Most bought & sold shares in September
13:40 Most bought investment trusts in September
15:44 Risk warning