Kepler Trust Intelligence Podcast

Why Canadian stocks are at interesting juncture, with MCT’s Dean Orrico

In this episode of Trust Issues, we speak to Dean Orrico, President and CEO of Middlefield Group, a specialist asset manager that's based in Toronto. We speak about the firm's investment trust Middlefield Canadian Income (MCT) and why Canadian stocks look particularly attractive at the moment. 
There are several factors at play here, including low valuations, indirect exposure to the US , a growing LNG industry, and a rapidly increasing population that is driving economic growth and supporting the housing market. You can skip to individual questions using the timestamps below:
00:00 - Risk warnings and intro01:28 - What is Middlefield Canadian Income?05:38 - What are Canadian equity valuations like today?07:30 - Can Canadian stocks get you indirect exposure to the US?12:35 - What factors are supporting real estate valuations?18:49 - What impact is Canada's population growth having on the MCT portfolio?25:12 - Is there any chance regulatory change will lead to more housing supply?28:26 - What is the opportunity in Canadian LNG? Has Russia's invasion of Ukraine changed things?31:25 - Are we at the end of rate hiking cycle and what's your near term outlook for the market?
Visit the MCT website - https://tinyurl.com/4n9pdnj8Read our latest research note on MCT - https://tinyurl.com/jmefw5ww
Intro music by State Azure, used with permission.

Investing in Indian stocks, with ANII Manager Kristy Fong

In this episode of Trust Issues we speak to Kristy Fong, Manager of the Abrdn New India Investment Trust (ANII). We talk about why valuations in India are high, what could change that, technological developments, Modi's election and more. You can skip to individual questions using the timestamps below:
00:00 - Risk warnings01:00 - What is Abrdn New India?03:18 - Are Indian stocks being pushed up because of outflows from China and lack of options elsewhere?06:56 - What policies has Modi made to support investors and are you worried about the election next year?12:27 - How have digital IDs and adoption of smartphones opened up investment opportunities in India in the past decade?15:07 - Public spending has ramped up. How are you playing this and are we seeing any signs of a crowd in effect?19:09 - How meaningful is the move of manufacturing from China to India?21:40 - What are the opportunities in consumer consumption growth?25:00 - Is corporate governance a strength or weakness for India? How do you manage risks here?
Visit the ANII website here - abrdnnewindia.co.ukRead our latest research on ANII here - https://tinyurl.com/5dbxsycw
Intro music by State Azure, used with permission.

Semiconductors, infrastructure and consumer growth in Asia, with Abrdn Manager Pruksa Iamthongthong

In this episode of Trust Issues, we speak to Pruksa Iamthongthong, Co-Manager of Asia Dragon. We look at some of the major trends in Asia today, including infrastructure plays, green energy, consumer growth and what's happening in China. You can skip to individual questions using the timestamps below:
00:00 - Risk warnings01:08 - What is Asia Dragon?02:55 - What opportunities do you see in consumer growth?07:00 - How realistic is it that we'll see demand in China grow, given high levels of debt and how competitive industry is there?12:20 - What opportunities are there in infrastructure? What companies can you invest in to take advantage of positive trends here?15:47 - Are there more governance risks when investing in infrastructure?17:41 - Are companies really moving away from China? What are you investing in to take advantage of this?21:20 - What investment opportunities are there in clean tech? Are you worried about political risk when investing in these companies?26:36 - Have you added back to positions in semiconductor companies? Are you concerned about valuations given the hype around AI?29:30 - What do valuations look like in Asia at the moment? Any other final thoughts?
Read our latest note on Asia Dragon - https://tinyurl.com/3ubm5287Visit the Asia Dragon website - asiadragontrust.co.uk
Intro music by State Azure, used with permission.

Investing in Vietnam, with Dragon Capital Founder Dominic Scriven

In this episode Trust Issues, we speak to Dominic Scriven, the Founder and Chairman of Dragon Capital - the asset management group behind Vietnam Enterprise Investments (VEIL). In the episode we discuss inflation in Vietnam, how tech is changing the investment opportunities in the country, and some of the themes we see in the VEIL portfolio. You can skip to individual questions using the timestamps below:
00:00 - risk warnings01:52 - What is Dragon Capital?03:41 - How is inflation affecting Vietnam?08:04 - Are companies relocating to Vietnam from China?14:09 - Have smartphones changed the way people use financial services in Vietnam?18:21 - Is rising demand for consumer goods impacting the VEIL portfolio?22:58 - Does urbanisation remain a theme in the VEIL portfolio?27:58 - What are the benefits of being 'on the ground' and understanding local nuances when investing in Vietnam?31:00 - What is corporate culture like and how does that effect your ability to invest in public companies in Vietnam?34:40 - Will Vietnam become a part of emerging market indices soon?
Read our research on VEIL  - https://tinyurl.com/2b6xytvmVisit the VEIL website - https://www.veil-dragoncapital.com/
Intro music by State Azure, used with permission.

Investing in quality companies in Asia, with Schroder AsiaPacific’s Abbas Barkhordar - Trust Issues #17

In this episode of Trust Issues, we speak to Schroder AsiaPacific Co-Manager Abbas Barkhordar. Abbas talks about some of the regions growth prospects, we talk about buy and sell decisions, risks around China and more. You can skip to individual questions using the timestamps below:
00:00 - Risk warnings01:00 - What does Schroder AsiaPacific invest in?04:40 - What drives your buy / sell decisions?06:29 - Have sell offs in growth let you add to the portfolio?08:34 - Why are financials a growth opportunity in Asia?10:14 - Why invest in Vietnam, especially as its not in your benchmark index?13:22 - Have regulatory changes in China changed your views on what to invest in there?16:32 - Does China's declining population and rising per capita income also change how investors should approach the country?
Read our research note on Schroder AsiaPacific - tinyurl.com/ypzkm5p2Visit the Schroder AsiaPacific website - https://tinyurl.com/39z6fyum
Intro music by State Azure, used with permission.

Finding the best UK stocks for income, with Dunedin Manager Rebecca Maclean - Trust Issues #16

In this episode of Trust Issues, we speak to Rebecca Maclean, the Co-Manager of the Dunedin Income Growth Investment Trust (DIG). As the trust celebrates its 150th anniversary, we speak to Rebecca about what the trust's strategy is, as well as looking at a number of the companies in the portfolio and what the thinking behind the investments in them was. You can skip to individual questions using the links below:00:00 - Risk warnings 01:08 - What is Dunedin Income Growth? 03:07 - Why invest in European stocks and UK mid-caps? 05:53 - How does writing options support your investments? 07:30 - Why do you run such a concentrated portfolio? 09:46 - Are companies in the portfolio still seeing good dividend cover and how do you respond if a company cuts its dividends? 13:38 - Why invest in European companies? What companies are you invested in at the moment? 16:31 - You have a strong ESG mandate but an oil company is one of your largest holdings. What is the thinking here? 22:04 - Why are UK valuations so low? Do you think there is anything that could cause this to change? 27:00 - Do you have any thoughts on more M&A activity in the UK stock market? Visit Dunedin Income Growth's website - www.dunedinincomegrowth.co.uk Read the latest research on DIG - https://tinyurl.com/3ehb3pp3Intro music by State Azure. Used with permission.

The outlook for European real estate with SERE’s Jeff O’Dwyer - Trust Issues #15

In this episode of Trust Issues we speak to Jeff O'Dwyer, Manager of the Schroder European Real Estate Investment Trust (SERE). We talk about Jeff's investment process, current opportunities, inflation-linkage in the portfolio and the possibility that interest rate hikes may make tough for other investors in the market. You can skip to individual questions using the timestamps below:
00:00 - Risk warnings
01:06 - What does SERE invest in?
02:51 - What are the opportunities in European real estate?
05:32 - How do you combine micro and macro research?
10:05 - What are you invested in that could provide examples of this?
15:30 - Do your contracts have inflation linkage? What impact is inflation having?
19:08 - Has the more value oriented approach you take helped in the last 18 months?
21:40 - How are you reinvesting cash?
25:27 - Are higher rates squeezing overleveraged players? Has that led to opportunities for you?
27:34 - Have you had renegotiate gearing facilities since rate hikes started?
Visit SERE's website: https://tinyurl.com/mwyysz94
Read the latest research note on SERE: https://tinyurl.com/3azt8hh6
Intro music by State Azure, used with permission.

Investing for income in Asia, with SOI Manager Richard Sennitt- Trust Issues #14

In this episode of Trust Issues we speak to Richard Sennitt, Manager of Schroder Oriental Income. We talk about what benefits Asian companies offer to income investors, what areas of the market, how Richard approaches markets and some of the opportunities he sees today.
You can skip to individual questions using the time stamps below.
00:00 - Risk warnings
01:10 - What does Shroder Oriental Income invest in?
03:55 - Is there an improving dividend culture in Asia?
06:12 - UK dividends are concentrated in a small number of companies. Is it the same in Asia?
08:34 - Does SOI only invest in companies that pay dividends? 10:25 - Asian tech stocks that pay dividends
12:23 - Have earnings been impacted by the economic downturn and has that affected dividends?
16:04 - Is dollar strength having a negative impact on companies in the SOI portfolio?
18:25 - Have you invested in new companies or added to the portfolio over the past 12 months?
Read our latest note on SOI here - https://tinyurl.com/evtzrs8s
Visit the SOI website here - https://tinyurl.com/3hhdvuzk
Intro music by State Azure, used with permission.

Finding the best growth stocks in China, with ACIC’s Elizabeth Kwik - Trust Issues #13

In this episode of Trust Issues, we speak to Elizabeth Kwik, a Portfolio Manager for Abrdn China (ACIC). We discuss the trust's set up in 2021, what sorts of companies Elizabeth looks for and what sectors she finds interesting at the moment.
You can read the latest KTI note on ACIC here - https://tinyurl.com/5c74y96j
You can visit the ACIC website here - abrdnchina.co.uk
Intro music by State Azure, used with permission.

Valuations, discounts and rent increases, with UKCM’s Will Fulton - Trust Issues #12

In this episode of Trust Issues we speak to Will Fulton, manager of the UK Commercial Property REIT. We discuss property valuations, attractive areas of the market, the trust's discount and gearing, and how the trust's portfolio has fared amid rising inflation.
Read our latest note on UKCM - https://tinyurl.com/2csapx6n
Visit the UKCM Website - https://tinyurl.com/5n8j79xm
Intro music by State Azure, used with permission.