Kepler Trust Intelligence Podcast

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.

Why healthcare valuations are low, with Bellevue Healthcare’s Brett Darke - Trust Issues #11

In this episode of Trust Issues, we speak to Bellevue Healthcare Trust manager Brett Darke about what's been happening in healthcare over the past couple of years, why he believes valuations are low today and why he's optimistic about the sector moving forward.
Read the latest research note on BBH - https://tinyurl.com/bdz9vrm9
BBH website - https://tinyurl.com/5466avaa
Intro music by State Azure, used with permission.

Trust Issues #10 - What’s happening in China, with Gavekal’s Andrew Batson

In this episode of Trust Issues we get an update on China with Gavekal's Director of China Research, Andrew Batson. We discuss housing, video games and semiconductors. Intro music used with permission by State Azure.

Trust Issues #9 - Izabella Kaminska and predictions for 2023

In this week's episode of Trust Issues, we speak to Izabella Kaminska, founder of financial news site the Blindspot and former editor of FT Alphaville. We discuss Davos technocrats, inflation, commodities, streaming, ChatGPT and more.

Trust Issues #8 - Investing in Biotech, with IBT managers Ailsa Craig and Marek Poszepczynski

In this episode of Trust Issues, we speak to the Ailsa Craig and Marek Poszepczynski - the managers of International Biotechnology Trust. We look at recent M&A in the industry, cyclical trends and how to manage risks when investing in biotech companies.

Trust Issues #7 - Picking investment trusts with Nick Greenwood

In this episode of Trust Issues, we speak to Nick Greenwood about the investment trust sector and what opportunities there are in the market today. Nick talks about the history of the investment trust space and how it has evolved over time, as well as some parallels with the past to today. We also look at how investors can find opportunities in the sector, some of the dynamics that have played out in markets over the past 12 months and how those may present opportunities for investors.

Trust Issues #6 - Dave Baxter on Alliance Trust, Ruffer and more

In this episode of Trust Issues we speak to Dave Baxter, Funds Editor at Investors Chronicle, about whether global equity portfolios will perform better moving forward, niche investment trusts, equity income performance and whether or not trusts that offer downside protection are worth investing in.