Kepler Trust Intelligence Podcast

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

Monthly Round Up: updates from the property sector, our income event and digital infra news

Jo, David & Ryan talk through the most notable news in November, including TR Property, Schroder Real Estate, Miton UK MicroCap, Cordiant and Rockwood, and highlights of our recent podcasts and events.
00:00 - Introduction00:18 - News on property, Miton UK MicroCap and the return of activist activity05:06 - Results round up of CORD, BGEU, RKW and PCTN10:50 - Most bought & sold trusts in November12:20 - Thoughts of Jasmine Yeo of Ruffer 14:16 - Impact of weight loss drugs from IBT16:16 - Highlights from US smaller companies17:36 - Richard Sennitt's view on the Asia Pacific region19:17 - Events round up: CCJI, AEI & CTUK 21:53 - Risk Disclaimer

Trust Issues: investing in digital infrastructure equity with CORD’s Steven Marshall

In this episode of Trust Issues, we speak to Steven Marshall, Chairman of Cordiant Digital Infrastructure Management. We discuss what CORD offers retail investors, how the portfolio is structured, risk management, performance and the outlook for the sector.
00:00 Introduction00:20 Overview of digital infrastructure00:59 Objective of the fund01:32 Key attributes for investments02:34 How the portfolio is structured03:16 Managing downside risk for investors 05:03 Investment case for digital radio and broadcast TV07:56 Overview of performance 11:08 Refinancing of debt facilities and current gearing12:41 Growth drivers for data centres16:30 Further information16:47 Risk warning
Our latest research on CORD - https://www.trustintelligence.co.uk/investor/articles?fund_id=1808  CORD website - https://www.cordiantdigitaltrust.com/ 

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