Kepler Trust Intelligence Podcast

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 

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/