Kepler Trust Intelligence Podcast

Monthly round-up of investment trust news

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 January.
Ryan provides a run-down on the latest developments on the Saba battle and dividend increases from abrdn Asian Income (AAIF) and JPMorgan Asia Growth & Income (JAGI), followed by recent results for Cordiant Digital Infrastructure (CORD).
Jo takes us through the most popular trusts with retail investors in January, with Scottish Mortgage (SMT) taking top honours once again, while David and Jo provide the key takeaways from recent results from BlackRock Income & Growth (BRIG) and Sequoia Economic Infrastructure Income (SEQI).
We talk through the highlights of our podcast with Jean Roche, manager of Schroder UK Mid Cap (SCP), including the shining stars from the UK mid-cap sector and the potential impact of tariffs on the UK. 
Next up is the latest from our Edinburgh Worldwide (EWI) events, including voting deadlines, as well as thoughts from Loong Lim, manager of Ashoka WhiteOak Emerging Markets (AWEM), after his recent trip to South Korea and China. 
Finally, we welcomed Baroness Ros Altmann as a guest on a special edition of our Market Matters podcast. As a member of the House of Lords and ex-Pensions Minister, Ros shared some interesting insights into the Saba campaign, the impact of changes to cost disclosures and the need for pension and ISA reforms.
00:00 Introduction00:25 Saba’s activism, increasing Asian dividends and CORD’s results and podcast05:26 Most-popular investment trusts06:22 Key takeaways from BRIG’s results07:45 Highlights from SEQI’s results09:38 Market Matters podcast with SCP’s Jean Roche11:25 EWI podcast and webinar takeaways13:19 AWEM podcast highlights14:28 Market Matters podcast with Baroness Ros Altmann17:25 Risk warning
Please note this podcast was recorded on 3 February 2025.
Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click https://www.trustintelligence.co.uk/investor/articles?fund_manager_id=37 to view all of our research on the Schroders investment trust range…

Trust Issues: investing in UK small-caps with RKW manager Richard Staveley

In this episode of Trust Issues, we speak to Richard Staveley, manager of Rockwood Strategic, about the opportunity for investors in the UK small-cap sector, including the shining stars in the portfolio, key drivers of performance in 2024 and the most interesting themes in the year ahead.
00:00 Introduction00:20 Elevator pitch for Rockwood 02:54 Drivers of performance in 202406:21 Engagement campaign at Funding Circle11:55 Investment case for top holdings19:34 Investment pipeline in shrinking market22:38 Impact of the Autumn budget 24:38 Key themes for 202527:18 Risk warning
Please note that this podcast was recorded on 30 January 2025.
Our latest note on RKW - https://www.trustintelligence.co.uk/investor/articles?fund_id=1610
RKW website - https://www.rockwoodstrategic.co.uk/
 

Market Matters with Rebecca MacLean, manager of Dunedin Income Growth

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 Rebecca MacLean, manager of Dunedin Income Growth (DIG), which seeks to deliver resilient income and capital growth, while meeting a strict sustainable and responsible investment approach.
Rebecca is an investment director in the developed markets equity team at abrdn, focusing particularly on UK and European equities. In this month’s episode, we discuss Rebecca's time within the responsible investment industry and the future of the sector, the health of the UK stock market, why UK investors should take a total return approach and the challenges and opportunities in 2025.
00:00 Introduction
01:22 Background to becoming a fund manager
03:09 The future for responsible investing
05:38 The health of the UK stock market
08:46 Where in the UK market are you most bullish?
11:44 Why DIG invests in overseas companies
13:31 The benefits of total return investing
15:48 What surprised you most about 2024?
18:38 How to get more people investing in the UK stock market
20:47 The biggest challenges facing investors in 2025
22:50 The biggest opportunities for investors in 2025
24:31 Further information
24:46 Disclaimer
Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor
Insights on the abrdn website: https://www.abrdn.com/en-gb/dig/news-and-insights/insights
Please note that this podcast was recorded on 21 January 2025.

Trust Issues: investing in emerging markets with AWEM’s Loong Lim

In this episode of Trust Issues, we speak with Loong Lim from WhiteOak Capital Management, the investment advisor to Ashoka WhiteOak Emerging Markets Investment Trust (AWEM).
Loong discusses his recent trip to China, the benefits of investing in small and mid-cap names and the challenges and opportunities within the emerging market landscape.
00:00 Introduction
00:43 Insights from Loong's trip to China
04:07 Investing in more democratic countries
06:12 How investing in small and mid caps can help generate alpha
07:58 Why does AWEM invest in so many companies?
09:45 The outlook for emerging markets and company examples
12:58 Investing in pre-IPOs and thoughts on Indian equities
15:21 Further information
15:53 Risk warning
This podcast was recorded on 20/01/2025.
Read our latest research on AWEM: https://www.trustintelligence.co.uk/investor/articles?fund_id=1874
Click here to visit AWEM’s website: https://awemtrust.com/

Market Matters Special Edition with Baroness Ros Altmann

In this special episode of Market Matters, we’re joined by Baroness Ros Altmann, a leading expert on both the investment trust sector and pensions industry. Having previously served as the UK Pensions Minister, Ros now sits in the House of Lords and is also a visiting Professor at the London School of Economics.
Ros shares her thoughts on Saba’s current campaign, why retail shareholders should have their say and the need for boards to focus on narrowing discounts. We also delve into recent changes to cost disclosure rules for investment trusts, explore potential pension reforms to stimulate interest in UK equities and discuss why a change in monetary policy is essential to jumpstart the economy.
00:00 Introduction
00:22 Career in the public and private sector
02:55 Advocating for the investment trust sector
08:53 Thoughts on Saba’s proposals
13:30 Should boards be more focused on narrowing discounts?
16:44 Impact of changes to cost disclosure rules
20:10 Need for reform of Consumer Duty regulations
24:12 Should retail platforms be mandated to inform investors of upcoming votes?
24:59 Should the Mansion House pension reforms be tightened?
29:40 Thoughts on possible changes to ISAs
31:09 Need for a change in monetary policy
34:26 Risk warning
Please note that this podcast was recorded on 23 January 2025.

Trust Issues: investing in hedge funds with BH Macro’s Richard Horlick

In this episode of Trust Issues, we speak to Richard Horlick, Chairman of BH Macro. We discuss his thoughts on BH Macro as a shareholder, including his rationale for owning the trust, recent performance, the current discount and why Brevan Howard stands out in the hedge fund universe.
00:00 Introduction00:17 Involvement with BH Macro & previous experience02:09 Attractions of BH Macro 04:30 Thoughts on risk and volatility07:27 Performance in 202011:05 Investment case in ‘risk-on’ markets12:33 Investment trust discounts15:53 Thoughts on Brevan Howard17:47 Outlook for investors19:17 Further information19:34 Risk warning
Our latest research on BH Macro - https://www.trustintelligence.co.uk/investor/articles?category_id=fund-research-investor&fund_id=233BH Macro website - https://bhmacro.com/
Please note that this podcast was recorded on 5 December 2024.
Disclaimer
Nothing in the video interview constitutes an offer to buy or sell any securities mentioned in it in any jurisdiction or jurisdictions in which such offers or sales are unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In particular, no securities mentioned in the video interview have been, and no such securities will be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or exemption from registration under the Securities Act and other securities laws. There will be no public offer of any securities mentioned in the video interview in the United States. Offers and sales of such securities, and distribution of the related information, may also be subject to restrictions in other jurisdictions.
The video interview is not intended for or directed at, and should not be accessed by or distributed to, persons: (a) in the United States or who are U.S. Persons (as defined in Rule 902 under the Securities Act); or (ii) who are located in any other jurisdiction where it is not lawful to access the video interview.

Trust Issues: investing in innovation with EWI's Svetlana Viteva

In this episode of Trust Issues, sponsored by Baillie Gifford, we speak with Svetlana Viteva, co-manager of Edinburgh Worldwide (EWI), about the trust's investment strategy, some of the exciting, enduring themes in which it invests, such as quantum computing, and the upcoming vote on resolutions put forward by US hedge fund Saba Capital Management.
00:00 Introduction
00:17 What does EWI look for in its portfolio holdings?
07:57 The role private companies play in EWI's portfolio
11:06 Investing in quantum computing through PsiQuantum
15:06 The outlook for investing in small-cap growth companies
19:06 How will recent enhancements made benefit shareholders?
23:23 Why investors should vote against Saba's resolutions and how they can
28:33 Risk warning
Our latest research on EWI - https://www.trustintelligence.co.uk/investor/articles?fund_id=52
EWI website - https://www.bailliegifford.com/en/uk/individual-investors/funds/edinburgh-worldwide-investment-trust/
This podcast was recorded on 09/01/2025

Trust Issues: investing in UK small-cap equities with BRSC

In this episode of Trust Issues, which was recorded on 16 December 2024, we speak to Ryan Lightfoot-Aminoff from the analyst team at Kepler Trust Intelligence about BlackRock Smaller Companies (BRSC). 
We discuss his thoughts on the trust, including the opportunity for investors in UK small-caps, an overview of the trust, current portfolio allocations, recent performance and the catalyst for a sustained recovery in the UK small-cap sector.
00:00 Introduction00:24 Opportunities for investors in UK small-caps02:55 Overview of strategy & investable universe04:28 Key attributes of investments05:10 Current positioning of the portfolio07:03 Thoughts on performance08:31 Impact of M&A activity09:42 Recent level of discount10:58 Current dividend policy12:19 Catalysts for recovery in UK small-cap sector14:20 Further information14:40 Risk warning
Our latest research 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

Market Matters with Jean Roche, manager of Schroder UK Mid Cap

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 Jean Roche, co-manager of Schroder UK Mid Cap (SCP), which aims to capitalise on the growth opportunities in the UK mid-cap universe. Jean has extensive experience in the asset management industry with a particular specialism in small and mid-caps.
In this month’s episode, we discuss a wide range of issues including recent performance of the FTSE 250, the possible de-equitisation of the UK stock market, current valuations, innovation by UK companies and the possible impact of Trump 2.0.
00:00 Introduction00:30 Background to becoming a fund manager04:11 What has surprised about the stock market this year05:52 Key drivers of recent performance of FTSE 25007:59 How Games Workshop & Cranswick became multi-baggers10:30 Potential de-equitisation of UK stock market12:40 Measures to stimulate UK investor interest 15:11 Why UK equities are a value opportunity not trap17:02 Why investors should consider investment trusts18:25 Innovation by UK companies20:16 Impact of a Trump administration on UK equities23:14 Drivers of UK equities over the next year25:03 Risk warning
Our latest market insights: https://www.trustintelligence.co.uk/i...
Please note that this podcast was recorded on 12 December 2024.

Trust issues: investing in frontier markets with BRFI

In this episode of Trust Issues, we speak to Thomas McMahon, Head of Investment Companies Research at Kepler Trust Intelligence, about BlackRock Frontiers (BRFI). We discuss his thoughts on the trust, including BRFI’s investable universe, current sector and geographic weightings, recent performance and the long-term growth drivers for frontier markets.
00:00 Introduction
00:23 Overview of the trust
01:28 Key attributes of investments
02:50 Current sector and geographic weightings
05:08 Level of current gearing (please note that both short and long positions through CFDs are a form of gearing that can amplify gains and losses)
06:14 Managing volatility and geopolitical risk
07:50 Overview of performance
09:29 Why sector lends itself to active management
10:41 Long-term growth drivers for the region
12:45 Further information
13:05 Risk warning
 
Our latest research on BRFI - https://www.trustintelligence.co.uk/investor/articles?fund_id=12   
BRFI website - https://tinyurl.com/2rzp4af6