Kepler Trust Intelligence Podcast

Market Matters with Laura Foll from Janus Henderson

Market Matters is a monthly podcast from Kepler Trust Intelligence that delivers big-picture insights from leading investment specialists, exploring the opportunities, challenges, and risks shaping investors’ portfolios.
This month, we are joined by Laura Foll, co-portfolio manager for Law Debenture and Lowland Investment Company, which invest in companies listed on the UK stock market.
In this episode, Laura discusses a number of issues affecting the UK market, including worries over the de-equitisation of the London Stock Exchange, what needs to be done to stimulate interest from domestic investors and the areas Laura sees as housing the biggest opportunities today.
00:00 Introduction
01:11 Background to becoming a fund manager
02:35 Did joining Henderson during the financial crisis give you a good grounding?
03:43 Why UK equities?
04:54 Why do private market investors seemingly see value in UK equities when are public markets don’t?
07:40 Are you worried about the de-equitisation of the London Stock Exchange?
09:55 What measures could stimulate demand for UK equities?
13:26 The unique structure of Law Debenture
16:45 What has surprised you most about stock markets over the past year?
18:30 What are the biggest challenges stock markets and your portfolios face?
21:40 Where are the biggest opportunities at the moment?
23:27 Further information
23:56 Risk warning
Our latest market insights: https://www.trustintelligence.co.uk/investor/articles
Please note that this podcast was recorded on 25 June 2025.

Monthly Roundup: manager changes and consolidation, the gold run and opportunities in Asia

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 June, brought to you in association with Schroders.
In news, Ryan talks through the changes at Baillie Gifford Shin Nippon (BGS) and MIGO Opportunities (MIGO) and the wider implications for the sector. We also chat about the notable corporate activity in the real estate and European equity sectors, including the merger of Henderson European (HET) with Fidelity’s European stablemate FEV.
Moving onto results, we talk about the key drivers behind Cordiant Digital Infrastructure (CORD)’s recent results, including yet another dividend increase. Next up is Rockwood Strategic (RKW), which continues to outperform against UK small-cap indices and showcase the value of an active, high-conviction approach in the sector.
Moving onto portfolio allocation, David runs the rule over current positioning by wealth managers and asset allocators, including currency risk and alternative assets. Jo picks up the gold theme, looking at its barnstorming performance and whether it’s too late for investors to join the party, as well as a different way of playing the gold theme in Golden Prospect Precious Metals (GPM).
On the podcast front, David shares the key takeaways from our Market Matters podcast with Laura Foll from Janus Henderson and Jo talks through the most compelling opportunities in Asia after her podcast with Doug Ledingham from Pacific Assets (PAC).
Next, David runs through the most bought and sold shares and trusts in the past month, including his thoughts on Scottish Mortgage (SMT), City of London (CTY) and Temple Bar (TMPL).
Finally, Jo puts her own portfolio under the microscope dissecting the winners and the case for the occasional high-octane punt (for thrills as much as returns).
00:00 Introduction
00:40 Developments at Baillie Gifford Shin Nippon
01:47 Manager changes at MIGO
03:05 Consolidation in real estate
04:30 Merger of Henderson & Fidelity European
05:54 Cordiant results
07:38 Rockwood results
09:47 Global asset allocations
12:16 Thoughts on the gold run
14:15 Market Matters podcast with Janus Henderson’s Laura Foll
15:18 Trust Issues podcast with PAC’s Doug Ledingham
16:48 Most popular shares & trusts
18:40 Jo’s portfolio allocations
20:24 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 01/07/2025.

Monthly Roundup: activism pros & cons, Scottish Mortgage results and opportunities in the FTSE250

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 May, brought to you in association with Schroders.
In news, Ryan debates the pros and cons of the ongoing activist activity, and what effects this has had on the wider industry. Elsewhere, we discuss the implications of industry veteran Richard Pease joining the Rockwood Strategic (RKW) team.
Onto results, where David discusses what Picton Property Income (PCTN) revealed, including an update on their disposal programme and the dividend outlook. Jo covers International Biotechnology’s (IBT) half-year results which managed to deliver positive returns in a falling market, as well as the impact of M&A. Then Ryan turns his attention to Asia, and how two Schroder trusts, Schroder AsiaPacific (SDP) and Schroder Oriental Income (SOI) have managed volatility during the period.
Sticking with Schroders, Jo talks through the highlights of her podcast with Jean Roche of Schroder UK Mid Cap (SCP) and where the best growth opportunities lie in the UK. Elsewhere, Jo also provides the key takeaways of her podcast with Bianca McMillan of Gravis and what challenges the infrastructure industry faces.
On a broader topic, David talks through the highlights of his chat with Annabel Brodie-Smith of the AIC, including looking back at the inception of the AIC’s dividend hero list, and forward at what the industry could look like in five years’ time.
Next, Jo runs through the most bought and sold shares and trusts in the past month, including highlights from Scottish Mortgage’s (SMT) latest results. Finally, David lifts the bonnet on his own portfolio, including his best performing holdings and, in a challenging month, some things he perhaps missed out on.
00:05 Introduction
00:33 Repercussions of activism
02:25 RKW’s new joiner
03:59 PCTN results
05:30 IBT results
07:28 Schroder Asia’s results
09:38 Schroder UK Mid Cap podcast
11:47 GCP’s Bianca McMillan podcast
12:45 AIC’s Annabel Brodie-Smith podcast
14:30 Most/least popular shares & trusts
15:14 SMT’s results
16:11 David’s portfolio performance
18:07 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 recording on 03/06/2025.

Market Matters with Bianca McMillan from Gravis

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios.
This month's guest is Bianca McMillan, associate director at Gravis, which specialises in infrastructure, real estate and private credit funds. Bianca has extensive experience in the asset management industry with a particular specialism in energy infrastructure.
In this month’s episode, we discuss a range of topics including the investment case for infrastructure, future-proofing portfolios against geopolitical risk and the future for responsible investing.
00:00 Introduction00:28 Background to asset management03:40 Thoughts on markets in 202504:47 What infrastructure offers investors06:21 The merits of investments trusts over passive funds08:06 The future for responsible investment10:27 The role of private capital & PPP12:04 Changes to valuations13:22 Challenging misconceptions14:32 Future-proofing against geopolitical risk16:10 Key performance drivers over next few years17:28 Thoughts on most attractive opportunities18:35 Risk warning
Please note that this podcast was recorded on 19 May 2025.

Investing in UK mid-caps with SCP’s Jean Roche

In this episode of Trust Issues, we speak to Jean Roche, manager of Schroder UK Mid Cap, about the investment case for the UK mid-cap sector, including why valuations continue to look attractive, the key drivers of performance and uncovering the most exciting opportunities in the sector.
00:00 Introduction00:18 Why invest in UK mid-caps? 03:32 Potential catalysts for a re-rating06:40 Impact of tariffs09:20 Key drivers of outperformance15:41 The role of dividends17:34 Exposure to the defence sector19:36 Allocation to consumer discretionary20:51 Investment case for Curry’s24:05 Impact of M&A & IPOs27:53 Risk warning
Our latest note on SCP - https://www.trustintelligence.co.uk/investor/articles?fund_id=3 SCP website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-uk-mid-cap-fund-plc/ 
Please note that this podcast was recorded on 20 May 2025.

Trust Issues: Investing in Asia with JAGI’s Robert Lloyd and Pauline Ng

In this episode of Trust Issues we speak with Robert Lloyd and Pauline Ng, co-managers of JPMorgan Asia Growth & Income Trust (JAGI). The managers aim to invest in the most innovative and industry-leading companies across Asia, while using the investment trust structure to provide investors with an attractive and predictable level of income.
Robert and Pauline explore the diverse opportunities within the Asian market, particularly in China and Indonesia. The managers also address the challenges of managing volatility in 2025 and the evolving economic landscape in Asia.
This podcast was recorded on 13/05/2025.
00:00 Introduction to JPMorgan Asia Growth and Income Trust
01:01 Investment Strategy and Portfolio Management
05:00 Enhanced Dividend Approach and Gearing Strategy
08:13 Opportunities in the Asian Market
11:36 Managing Volatility in 2025
14:42 China's Economic Outlook and Stimulus Measures
17:30 Why Choose JAGI for Asian Exposure?
 
Our latest research on JAGI - https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-jpmorgan-asia-growth-income-retail-mar-2025
JAGI website - www.jpmam.co.uk/investmenttrust 

Trust Issues: Investing in UK wind farms with UKW's Matt Ridley

In this episode of Trust Issues, we speak with Matt Ridley, who leads the investment management team at Greencoat UK Wind (UKW), which owns and operates 49 wind farms across the UK.
UKW aims to provide investors with a growing annual dividend while preserving the capital value of its investment portfolio in real terms.
Matt talks about the recent management transition, sentiment towards the renewable energy infrastructure sector, the UK's wind generation and the outcome of UKW's recent continuation vote.
00:00 Introduction
01:04 UKW's management transition
03:20 The elements that have played into UKW's strong NAV total return
04:50 Why has sentiment towards the sector shifted and what catalysts are on the horizon?
07:20 What is UKW's investment process?
10:07 The impact of the UK's wind generation on UKW
12:22 The attractions of UKW versus UK government bonds
14:48 Continuation votes and shareholder democracy
17:12 Further information
17:28 Risk warning
Our latest research on UKW - https://www.trustintelligence.co.uk/investor/articles?fund_id=50
UKW website - https://www.greencoat-ukwind.com/
Parts of this podcast were recorded on 17/04/2025 and 28/04/2025.

Monthly Round Up: a Saba solution, is investing skill or luck and how we fared in the tariff sell off

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 April, brought to you in association with Schroders.
Ryan looks at the news, including details of a solution from Saba and ESCT, plus tender offers elsewhere from Baillie Gifford, as well as the implications of a ‘hostile’ approach for Fidelity Japan (FJV).
Sticking with the land of the rising sun, we also look at Schroder Japan’s interim results following their new dividend policy, before David provides an update on ORIT and how some capital recycling has helped the trust’s debt profile, as well as showing the upside potential of the trust…
Next, Jo brings us the highlights of her conversation with Charlotte Morris of Pantheon International, and how private equity managers can generate consistent returns over the long term.
This then brings us onto David section on skill vs luck in active management, and what can help managers tilt the odds in their favour over the long-term, using Ashoka India (AIE) as a prime example.
Next up, David runs through the most bought and sold shares and trusts with UK investors in March, to get insights into how domestic investors were allocating their portfolios ahead of the Liberation Day announcements.
Speaking of which, Jo then talks through how her own portfolio did in the aftermath of Trump’s announcement, and whether her portfolio has managed to weather the storm or not…
00:07 Introduction
00:25 Saba’s solution with ESCT
01:29 PHI’s new tender offer
02:31 Fidelity Japan’s (FJV) beauty parade
03:36 Results for Schroder Japan Growth (SJG)
04:56 Results for Octopus Renewable Infrastructure (ORIT)
07:19 ORIT’s David Bird outlook
08:42 Charlotte Morris of PIN talks private equity
10:20 Luck vs skill in active management
11:44 Most bought and sold
13:02 Jo’s personal portfolio after Liberation Day
14:27 Risk warning
 
Special thanks to our sponsors at Schroders, whose support makes this podcast possible.
 
This podcast was recording on 06/05/2025.

Market Matters with Annabel Brodie-Smith from the Association of Investment Companies

Our monthly podcast brings you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping portfolios.
This month's guest is Annabel Brodie-Smith, communications director at the Association of Investment Companies (AIC), the industry body set up in 1932 to support and promote investment trusts as well as engaging with them, end investors and the wider financial community.
Annabel has been working for the AIC since 1997, over which time she's seen plenty of changes in the industry, which she discusses, alongside the AIC's dividend heroes initiative and her work with diversity charities. We also get stuck into industry issues such as Saba's activism, the double-counting of investment company costs and the AIC's petition around voting rights. You can sign the petition here: https://petition.parliament.uk/petitions/716003
00:00 Introduction
00:53 How did you get into the investment company industry?
02:53 Working with finance-related diversity charities
04:22 The big changes in the investment trust industry over the past 30 years
05:41 The role of investment trusts in today's environment
07:05 The income benefits of investment trusts
08:05 How did the dividend hero initiative come about?
09:11 Wide discounts in the investment trust industry
10:49 The failure of Saba's activism
12:39 What can the industry learn from Saba's land grab?
14:27 The AIC's petition on voting rights
17:11 The double-counting of investment trust costs
20:37 What do you envisage the investment trust sector looking like in future?
22:53 Further information
23:08 Risk warning
Our latest market insights: https://www.trustintelligence.co.uk/investor/articles/category/strategy-investor
Please note that this podcast was recorded on 8 May 2025.

Market Matters with Charlotte Morris, manager of Pantheon International

Our monthly podcast brings you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping portfolios (and there’s certainly been plenty of the latter in the last few weeks…).
This month's guest is Charlotte Morris, co-manager of Pantheon International, which provides a globally-diversified portfolio of private equity investments. Charlotte has extensive experience in the asset management industry with a particular specialism in private markets.
In this month’s episode, we discuss a wide range of issues including recent market turbulence, the rationale for an allocation to private equity, current discounts, adapting to a higher-for-longer macro backdrop and the most attractive opportunities across private markets.
00:00 Introduction
00:38 Background to becoming a fund manager
02:25 Thoughts on recent market turbulence
04:41 Rationale for an allocation to private equity
06:37 Drivers of long-term returns in private equity
08:25 Democratisation of private equity
11:26 Key catalysts to close discounts
14:49 Thoughts on leverage and illiquidity premium
17:02 Key attributes for investment
19:10 Adapting to higher-for-longer interest rates
21:18 Implications of muted IPO activity
24:06 Thoughts on most attractive opportunities
26:03 Risk warning
Please note that this podcast was recorded on 14 April 2025.