Kepler Trust Intelligence Podcast

Hosted by Kepler Partners

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100

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Aug 2026

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About the show

The Kepler Trust Intelligence Podcast features leading figures from across the investment trust sector, giving their take on the markets, investment ideas, and different closed-ended funds.

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August 7, 2026Episode 13024 min

Monthly Roundup: Rockwood’s new stocks, UKW results and the manager merry go round

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 July, brought to you in association with Schroders. In the news, Ryan looks at the recent transfers in the investment trust management space, with changes at River UK Micro Cap (RMMC), as well as discussing a possible surprise announcement of who is taking over Golden Prospect Precious Metals (GPM). Next, he picks up on another dividend increase from Invesco Global Equity Income (IGET) and what this means in the context of wider changes, before going into a quick summary of the Picton Property (PCTN) takeover bids. David then starts off the results section with a look over the numbers from Greencoat UK Wind (UKW)’s interim results which includes an impressive total return figure. Elsewhere, Ryan discusses Hansa Investment Company (Hansa)’s annual report, and why this marks the beginning of a new chapter for the company. Moving on to podcasts, Jo summarised her chat with Marcel Stotzel from Fidelity European (FEV) including the prospects of an ongoing European renaissance and the region’s overlooked AI exposure. Later on, she discusses her chat with Richard Staveley of Rockwood Strategic (RKW) including where he is looking for new ideas. David takes care of both most-bought trusts, which includes a welcome return of BlackRock World Mining (BRWM), before turning his attention to stat of the month. This month, he focuses on cyclically adjusted valuations, including looking over some figures from Taiwan and Korea after their remarkable rallies. This, naturally, led into a discussion between the analysts of what they were buying and selling in their own portfolios. 00:00 Introduction 00:24 What’s to come 00:48 Manager changes at RMMC 02:31 Announcement of GPM manager 04:03 IGET sees another dividend rise 04:51 PCTN takeover approaches 05:44 UKW half-year results 07:27 Hansa’s transformative year 09:02 FEV’s views on Europe 11:29 Rockwood’s new opportunities 13:52 Most bought trusts 14:50 Stat of the month: CAPE 17:49 What are we buying? 23:18 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 04/08/2026.

August 4, 2026Episode 12926 min

Trust Issues: Investing in Europe with FEV’s Marcel Stötzel

In this episode of Trust Issues, we speak to Marcel Stötzel, manager of Fidelity European, about the investment case for European equity sector, including the recent rally, the changing macro back-drop, positioning around AI and finding the most compelling opportunities across the sector. 00:00 Introduction 00:32 Drivers of the rally 02:34 Is Europe a global or regional play? 03:29 Is Europe cheap for a reason? 05:57 Impact of German fiscal change & defence spending 07:29 Narrowing down the universe 08:50 Key investment criteria 10:05 Balancing conviction with risk management 12:16 Average holding period 14:31 Most compelling opportunities & AI 18:55 Drivers of performance 22:10 Managing tariffs and oil prices 23:28 Key drivers over next year 25:31 Further information 25:50 Risk warning Our latest note on FEV & FEV website Please note that this podcast was recorded on 16 July 2026.

July 31, 2026Episode 12811 min

Trust Issues: Investing in UK small-caps with BRSC

In this episode, we speak to Thomas McMahon, Head of Investment Companies Research at Kepler Trust Intelligence, about the opportunity for investors in UK small-caps and BlackRock Smaller Companies in particular. We discuss the outlook for the sector, including recent performance and the economic backdrop, alongside BRSC’s investment strategy, recent merger and income credentials. 00:00 Introduction 00:25 Why invest in UK small-caps 02:48 Sector performance 04:00 Rationale for merger 04:50 Changes to fees and tender offers 05:37 Investment strategy 06:15 Portfolio construction 06:55 Risk management 07:45 Income credentials 08:32 Outlook for UK small-caps 09:20 Why invest in BRSC 10:17 Further information 10:38 Risk warning Our latest note 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 Please note that this podcast was recorded on 1 July 2026.

July 24, 2026Episode 12726 min

Trust Issues: special edition on investing in Europe

In this episode, we speak to Alan Ray, Analyst at Kepler Trust Intelligence, about the investment case for Europe. We also run the rule over JEGI’s investment strategy and performance, as well as the rollover option into JPMorgan European Growth & Income for shareholders in the European Opportunities Trust. 00:00 Introduction 00:24 Overview of EOT transaction 03:35 What JEGI offers investors 05:49 JEGI’s dividend policy 08:33 JEGI’s investment approach 10:26 Key investment criteria 13:32 Investment case for European equities 18:57 Economic backdrop beyond Germany 21:22 Europe’s AI expertise 25:21 Further information 25:39 Risk warning Our latest note on JEGI Information on the trust - JEGI website Please note that this podcast was recorded on 23 July 2026.

July 14, 2026Episode 12627 min

Monthly Roundup: UKW goes back to basics, odd UK small-cap yields and PAC's strategic review outcome

Join Ryan Lightfoot-Aminoff, David Brenchley and guest presenter Josef Licsauer 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 the news, Ryan looks over the outcome of the Pacific Assets (PAC) strategic review, and why Schroder Asian Total Return (ATR) is about as close as a match as possible for shareholders. Elsewhere, IPO news continues to be positive, with Bending Spoons proving beneficial for both Schiehallion (MNTN) and Baillie Gifford European Growth (BGEU), as well as possible spillover effects for the private equity sector. Finally, he covers the result of the tender offer from Schroder UK Mid Cap (SCP) and the role of Saba Capital in this. David then picks up the SCP story and runs straight into their results for the six months to the end of March which proved quite a tough end point. Joe notes something similar when covering the results of Rockwood Strategic (RKW) with the trust’s full financial year running to the same date. This includes a look at what micro-cap holdings nearly doubled in the period and whether the trust’s premium rating held. Finally in results, Ryan runs through Cordiant Digital Infrastructure (CORD) and the long-awaited outcome of the Prague Gateway asset. Moving on to podcasts, Joe covers his namesake’s Trust Issues episode with Chris Berrier and Rob Furlong from Brown Advisory US Smaller Companies (BASC), including their views on the rally in small- and mid-caps in 2026 so far. Elsewhere in podcasts, David sat down with Matt Ridley from Greencoat UK Wind (UKW) covering a number of stories that have impacted the trust over the past few years. Next, Ryan takes on stat of the month duties, looking at why UK small companies yield more than large caps, and what this could mean for investor returns. Elsewhere in our regular features is the most popular investments in June which surprisingly wasn’t SpaceX. This then leads into a discussion of the SpaceX IPO and whether and members of the team have been brave enough to buy into the history-making stock. 00:00 Introduction 00:25 What’s to come 01:00 The outcome of PAC’s strategic review 02:55 Bending Spoons IPO winners 05:03 SCP resolves Saba issue 05:50 And SCP releases results 07:57 What were RKW’s winners 10:33 CORD results continue to impress 12:54 Summary of BASC’s podcast 15:39 Greencoat UK Wind’s dividend and future 18:49 Stat of the Month: UK small-cap income 20:43 Most bought trusts in June 21:48 Did anyone buy SpaceX? 27:12 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: https://www.trustintelligence.co.uk/investor/articles?fund_manager_id=37 This podcast was recorded on 08/07/2026.

June 25, 2026Episode 12527 min

Trust Issues: Investing in US small-caps with BASC’s Christopher Berrier

In this episode of Trust Issues, we speak to Christopher Berrier, manager of Brown Advisory US Smaller Companies (BASC), and Rob Furlong, equity research analyst, about the investment case for US small-caps. We discuss the drivers of the US small-cap rally, portfolio changes, thoughts on AI and software services and M&A activity, amongst other things. 00:00 Introduction 00:41 Drivers of US small-cap rally 03:43 Portfolio changes versus the benchmark 09:00 Weighing up AI winners and losers 15:18 Impact of higher oil prices 21:33 M&A activity 26:22 Further information 26:35 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 Please note that this podcast was recorded on 18 June 2026.

June 9, 2026Episode 12425 min

Monthly Roundup: Nick Train changes approach, IBTs impressive interims & Intel’s 25-year break even

Join Jo Groves, David Brenchley and Ryan Lightfoot-Aminoff 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. Before covering the news, David provides a quick update on space stories from last month, including the outcome of Seraphim Space (SSIT)’s C-share raise, and the impact of the impending SpaceX IPO on the results of Scottish Mortgage (SMT). This leads onto a small side quest to May’s most bought and sold trusts, which is dominated by space and semiconductors. Ryan then returns to our usual programming, with a look over the winners from the corporate activity in Alexander Darwall’s European Opportunities Trust (EOT), as well as the potential implications of changes for Nick Train’s Finsbury Growth Trust (FGT), including a new gearing and dividend strategy. Elsewhere, Ryan looks at some corporate activity for Schroder UK Mid Cap (SCP) with the introduction of a tender offer. Sticking with Schroders and the UK, David then touches on the results for Schroder Income Growth (SCF) which published its interims in the month and aims to build on the trust’s 30-year dividend growth track record. Elsewhere in results, Jo looks at the latest update from International Biotechnology Trust (IBT), which enjoyed a considerable NAV total return thanks to M&A and positive news flow. Also seeing strong near-term results was Schroder Oriental Income (SOI) which saw NAV total returns of over 35% in just six months to the end of February 2026. This was largely due to tech stocks, which are becoming of increasing importance to the Asian region. Moving onto podcasts, and Jo runs over the highlights of her conversation with Rebekah McMillan of Neuberger, which includes her views on US large caps, emerging markets and the future on the future of the 60:40 portfolio. Elsewhere in podcasts, David sat down with Majedie Investment (MAJE)’s David Cornell to discuss their strategy, including their approach, outlook on markets and what to expect going forward. Finally, Ryan covers his missed stat of the month from April, with an analysis of Intel’s share price which has finally risen above its peak prior to the bursting of the dot com bubble. This includes looking at the benefits of diversification, as well as the impact of dividends on total returns. 00:00 Introduction 00:26 What’s to come 01:16 Update on Seraphim fundraise & SMT’s SpaceX gain 02:41 Most bought trusts 03:43 Outcome of EOT strategic review 05:21 Changes at Finsbury Growth 08:08 Updates from SCP 09:09 Results from Schroder Income Growth 11:20 IBT’s very strong gains 13:19 What drove SOI’s strong returns 15:46 Market Matter review with NB’s Rebekah McMillan 18:23 Review on MAJE and outlook 21:14 Stat of the month on Intel’s comeback 24:03 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 03/06/2026.

June 9, 2026Episode 12323 min

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

In this episode of Trust Issues, we speak to Matt Ridley, partners at Schroders Greencoat and co-manager of Greencoat UK Wind (UKW). Matt explains what UKW invests in, how it invests and how it manages its wind farm assets, and outlines some of the supportive tailwinds for the wind industry - including artificial intelligence. He also discusses the pushback we've seen from some quarters on the route to net zero, as well as how UKW hopes to get back to making new investments. 00:00 Introduction 01:34 What does UKW invest in? 02:27 How cyclical through the year is UKW's power generation? 03:43 How UKW makes money from the wind farms it owns 05:40 How UKW's wind farms are valued 07:02 UKW's inflation-linked dividend 08:30 Why renewables trusts bond proxy moniker is out of date 11:00 The risks of investing in wind farms 12:25 The impact of government policy changes on UKW 14:35 Why demand for data centres provides tailwinds for UKW 18:14 How UKW thinks about capital allocation 20:46 Why this year is the right time to make a disciplined return to new investments 22:23 Further information 22:46 Risk warning Please note that this podcast was recorded on 1 June 2026.

May 27, 2026Episode 12227 min

Investing in a Liquid-Endowment strategy with Marylebone Partners' David Cornell

In this episode of Trust Issues, we speak to David Cornell, investment director at Marylebone Partners, which is now a part of Brown Advisory and manages Majedie Investments (MAJE). David explains MAJE’s liquid endowment strategy, talks us through the kinds of investments it owns and how it selects them, before discussing where the team is seeing value today and why he thinks that owning the haystack is no longer the most sensible investment strategy. 00:00 Introduction 01:18 What Marylebone Partners does and how it manages its clients’ money 02:57 What is a liquid endowment strategy? 06:16 The investment assets that make up MAJE’s portfolio 09:18 Examples of the kinds of external strategies MAJE invests in 12:05 MAJE’s public equities and special investment sleeves 15:58 How MAJE chooses the managers in which it invests 18:45 Why investors could consider MAJE for a slice of their portfolio 21:56 Potential reasons MAJE’s discount has narrowed 24:43 Where are MAJE’s managers seeing value in markets recently? 26:26 Further information 26:46 Risk warning Please note that this podcast was recorded on 1 May 2026.

May 26, 2026Episode 12127 min

Market Matters with Rebekah McMillan from Neuberger

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 Rebekah McMillan, associate portfolio manager at Neuberger. We talk through cover a wide range of topics including the forces driving gold and silver higher, why copper and uranium could be the defining metals of the energy transition and whether the long-awaited rotation into commodities is finally becoming a reality. 00:00 Introduction 00:34 Career path 02:05 Key overweights and underweights 04:02 Vulnerability to rising oil prices 06:56 Can the S&P 500 keep rising? 08:58 The Magnificent Seven and AI capex 13:10 Opportunities in emerging markets 14:37 Investment case for China 15:50 Outlook for Japan 17:28 Thoughts on the UK and Europe 19:29 Deficits and role of sovereign debt 20:39 Is the 60/40 portfolio still relevant? 21:55 Gold and commodities outlook 23:22 Investment case for private markets 25:36 Best investment advice 26:21 Risk warning Please note that this podcast was recorded on 18 May 2026.