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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October 26, 2026Episode 13824 min
Trust Issues: Investing in emerging markets with JEMI’s Omar Negyal
In this episode of Trust Issues, we speak to Omar Negyal, manager of JPMorgan Global Emerging Markets Income, about the investment case for emerging markets, including recent performance, current allocations, valuations in Taiwan and Korea and finding the most compelling opportunities across emerging markets. 00:00 Introduction 00:35 Fund objective 01:55 Current allocations 03:32 Balancing income with capital growth 04:28 Evaluating opportunities 06:36 Avoiding value trips 08:14 Importance of dividends 08:57 Evolution of emerging markets 10:15 Valuations in Taiwan and Korea 12:24 Assessing AI opportunities 13:15 Income credentials of emerging markets 16:07 Thoughts on performance 17:48 Managing downside risk 19:06 What differentiates JEMI 20:54 Most compelling opportunities 22:17 Outlook for next year 23:45 Further information 23:59 Risk warning Our latest note on JEMI JEMI website Please note that this podcast was recorded on 22 September 2026.
October 23, 2026Episode 13724 min
Monthly Roundup: A Scottish Mortgage challenger, who's winning in Asia and how many S&P 500 losers?
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 September, brought to you in association with Schroders. In the news, Ryan looks at a multitude of manager changes including the retirements of some industry veterans, as well as the details of a proposed combination between two UK smaller companies trusts. Elsewhere in results, he looks over the key details of Schroder Asian Total Return (ATR)’s full year report, including a progress update on the proposed combination with Pacific Assets (PAC), before a quick run through of Murray Income (MUT) following its first reports after the management switch to Artemis. Interspersed with these two results pieces, Jo looks through the interim report from Vietnam Enterprise Investments (VEIL), plus an overview of the country’s economic growth in the context of an interesting period for Asia. Jo continues after results with an overview of her podcast with JPMorgan Emerging Markets Dividend Income (JEMI), including where the next wave of corporate reform will come from and their thoughts on Korea. Elsewhere in podcasts, David runs through the highlights of his chat with Paul Daggett from Neuberger Private Equity Partners (NBPE), including the state of the private equity space, as well as what opportunities have arisen from the AI sector. Back to Jo, who summarised her chat with Josh Golomb from Biotech Growth (BIOG) including commentary on the volatility of the biotechnology sector, and the emerging role of China in the space. Next, we run through the most bought trusts of the past month, include a surprise challenger for Scottish Mortgage (SMT)’s number one position in Temple Bar (TMPL), plus a debut on the list for Aberdeen Equity Income (AEI). Finally, our stat of the month looks at the performance of the S&P 500 in more detail, and how huge swathes of the market have underperformed the average, with performance continuing to be concentrated in a few stocks in a specific sector. 00:00 Introduction 00:23 What’s to come 00:48 UK small-cap combo 02:24 Manager changes & retirements 04:04 CORD’s non-changes 05:48 ATR results and combination update 07:31 Interim results for VEIL 09:30 MUT overview and Artemis impact 11:57 Summary of JEMI interview 13:48 NBPE on AI investment 16:26 BIOG’s biotech views 18:42 Most-bought trusts 20:07 Stat of the month & S&P 500 concentration 23:23 Risk warning Special thanks to our sponsors at Schroders, whose support makes this podcast possible. This podcast was recorded on 13/10/2026.
October 19, 2026Episode 13626 min
Trust Issues: Investing in digital infrastructure with CORD’s Steven Marshall
In this episode of Trust Issues, we speak to Steven Marshall, Chairman of Cordiant Digital Infrastructure, about investing in digital infrastructure sector, including the opportunity in AI data centres, the latest on the Prague Gateway development and the diversification potential for investors. 00:00 Introduction 00:35 Buy, build & grow philosophy 01:58 Role of investment team 03:25 Evaluating new opportunities 05:45 Opportunities around AI 08:05 Role of edge data centres 10:01 Status of Prague Gateway 11:48 BT Ireland integration 13:55 Opportunities in 5G broadcast 16:35 Drivers of outperformance 18:03 Delivering capital growth 19:43 Thoughts on discount 21:41 Move to FTSE 250 22:49 Sensitivity to interest rates 23:34 Role in diversifying portfolio 25:05 Further information 25:17 Risk warning Our latest note on CORD - https://www.trustintelligence.co.uk/investor/articles?fund_id=1808 CORD website - https://www.cordiantdigitaltrust.com/ Please note that this podcast was recorded on 7 October 2026.
October 16, 2026Episode 13524 min
Trust Issues: Investing in China with FCSS's Dale Nicholls
In this episode of Trust Issues, Dale Nicholls, manager of Fidelity China Special Situations (FCSS), discusses the technological innovation coming out of China, potential improvements to come in consumer confidence and investing in Chinese private companies. 00:00 Introduction 01:14 FCSS's investment philosophy 03:24 How investors are underestimating Chinese technological innovation 06:06 How Dale assesses the risk of political governance in China 08:32 Is sentiment towards the property market starting to improve? 11:48 Why tariffs are less of a risk today 14:02 The opportunities Dale is seeing in private companies 15:47 How corporate governance is improving in China 18:27 The kinds of companies FCSS wouldn't invest in 19:56 The level of gearing FCSS has in the portfolio 21:00 Where Dale sees the best opportunities today 23:03 Further information 23:23 Risk warning Our latest note on FCSS - https://www.trustintelligence.co.uk/investor/articles?fund_id=73 FCSS website - https://investment-trusts.fidelity.co.uk/fidelity-china-special-situations Please note that this podcast was recorded on 18 September 2026.
October 8, 2026Episode 13430 min
Trust Issues: Investing in Japan with CCJI's Theo Wyld
In this episode of Trust Issues, Theo Wyld, portfolio manager and analyst for CC Japan Income & Growth (CCJI), provides some insights from his recent trip to Japan, considers what impact the return of inflation might have on corporates and household savings, and updates us on where the trust is seeing opportunities at the moment. 00:00 Introduction 00:58 On-the-ground insights from Theo's most recent trip to Japan 02:16 The pros and cons of being based in London when investing in Japan 04:54 What the return of inflation means for Japan and Japanese companies 07:42 Why households changing their saving and investing habits is such an important dynamic for Japanese stock markets 09:56 What recent changes to the corporate governance code mean for markets 11:56 Will the value rally in Japan continue? 13:53 The impact corporate governance reforms have had on dividends 16:57 What CCJI looks for in a company and how it avoids value traps 19:22 Investing in artificial intelligence in Japan 21:59 Why the yen matters for investors in Japan 25:38 Where CCJI is seeing opportunities today 29:11 Further information 29:29 Risk warning Our latest note on CCJI - https://www.trustintelligence.co.uk/investor/articles?fund_id=189 CCJI website - https://www.ccjapanincomeandgrowthtrust.com/ Please note that this podcast was recorded on 15 September 2026.
October 5, 2026Episode 13329 min
Trust Issues: Investing in Asian equities with JAGI's Robert Lloyd
In this episode of Trust Issues, Robert Lloyd, co-manager of JPMorgan Asia Growth & Income (JAGI), discusses the importance of Korea and Taiwan to the artificial intelligence build-out, the opportunities and risks AI brings, Korea’s corporate governance revolution and why he thinks the market is underestimating the Chinese consumer. 00:00 Introduction 00:59 Why Asia is so important to the artificial intelligence build-out 04:15 How AI investment is powering economic growth in Asia 05:11 What are the risks of such big investments into AI? 08:02 How JAGI assesses AI disruption risk 11:03 The similarities and differences between Korea and Japan’s corporate governance revolutions 14:21 How JAGI balances the importance of technology with diversification by investing in other sectors 16:22 Opportunities in healthcare and Australia 20:03 The depth and experience of JAGI’s management team 22:14 What characteristics JAGI looks for in a company 25:22 Why markets are underestimating the Chinese consumer 28:20 Further information 28:36 Risk warning Our latest note on JAGI - https://www.trustintelligence.co.uk/investor/articles?fund_id=175 JAGI website - https://am.jpmorgan.com/gb/en/asset-management/adv/products/jpmorgan-asia-growth-income-plc-gb0001320778 Please note that this podcast was recorded on 17 September 2026.
September 10, 2026Episode 13227 min
Monthly Roundup: Renewables return to most bought, a RIT Cap run through plus AI bubble or not?
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 highlights the destination of former River UK Micro Cap (RMMC) manager George Ensor, as well as picking over the positive, and negative, news from International Public Partnerships (INPP). Before running through their recent half-year results, David provides a summary on RIT Capital Partners (RCP), including how the portfolio works. In the results, David highlights some of the portfolio changes, key contributors to performance and what’s happening with the dividend. Meanwhile, Ryan then covers the results in Schroder Real Estate Income (SREI) including what has happened in the past year and an update on the takeover of Picton Property. Turning to podcasts, David recaps his chat with Matt Cable of Rights & Issues (RIII), which included a summary of the active versus passive debate, and more stats on the value opportunity within the UK smaller companies asset class. Sticking with David, he then goes through the highlights of his podcast with Ashoka WhiteOak Emerging Markets (AWEM) including a discussion on how their SMID cap bias has fared in a weak environment for the asset class. It was Jo’s turn to look over the most-bought trusts, which is again topped by Scottish Mortgage (SMT) although with a quick update on their SpaceX holding. Elsewhere, the lists see a welcome return of a few of the renewables trusts, potentially heralding a return. Jo also takes on stat of the month, which has a look at US valuations, particularly in the AI space and whether these really are a bubble or not? To close the show, we review what caught our eye over the summer, including what lessons David has picked up from the books he read over the summer, what Jo has learned from old papers unearthed in her house move and whether Ryan’s sleep deprivation has helped him get a handle on President Trump’s foreign policy. 00:00 Introduction 00:24 What’s to come 00:51 Ensor’s destination 02:15 INPP’s ups and downs 05:03 RIT Cap review & results 08:55 SREI results 10:48 RIII active vs passive 13:40 AWEM survives the SMID sell off 15:21 Renewables return to most bought 17:09 Not an AI bubble? 19:43 Our summer reads 26:35 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.
September 4, 2026Episode 13126 min
Trust Issues: Investing in private equity with NBPE's Paul Daggett
In this episode of Trust Issues, we speak to Paul Daggett, co-manager of Neuberger Private Equity Partners, about the investment case for private equity, why he's seeing bright spots within NBPE's portfolio and how management assesses AI risk when investing. 00:00 Introduction 00:59 Bright spots in the performance of NBPE's underlying portfolio 02:41 How younger vintages are outperforming and why it's crucial to refresh the portfolio 05:25 What is a mid-life co-investment and why are they so attractive to NBPE today? 08:22 How NBPE's portfolio might look in five years' time 10:17 How much opportunity is there out there for new deals? 11:50 What are the three different types of co-investments? 13:25 Why the decision to increase in gearing came about 16:06 The outlook for realisation activity 18:07 How management assesses the risk of AI disruption to portfolio companies and new investments 21:38 The importance of diversification and why NBPE complements a portfolio of public equity funds 24:18 How much opportunity and innovation do you see within European private markets 25:18 Further information 25:45 Risk warning Our latest note on NBPE - https://www.trustintelligence.co.uk/investor/articles?fund_id=1 NBPE website - https://www.neubergerprivateequitypartners.com/en/ Please note that this podcast was recorded on 6 August 2026.
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.
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