Kepler Trust Intelligence Podcast

Hosted by Kepler Partners

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100

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Jun 2026

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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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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.

May 14, 2026Episode 12021 min

Monthly Roundup: Space drives Scottish Mortgage & Seraphim issuance, and new policies hit Greencoat

Join Jo Groves, David Brenchley and guest presenter Thomas McMahon from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in March, brought to you in association with Schroders. In the news, Thomas looks at the prospects for Seraphim Space’s (SSIT) bumper fundraise with plans to raise up to £350m by way of a C share. This leads onto news of Scottish Mortgage (SMT) also issuing shares, largely as a result of the impact of SpaceX on performance and commentary of what these raises say about the health of the sector. Elsewhere, David picks over the impact of more government policy changes in the renewables space, and what impact this will have on Greencoat UK Wind’s (UKW) NAV and dividend. Jo then takes on the monthly Saba update, wrapping up what is happening with the Edinburgh Worldwide (EWI) and Impax Environmental Markets (IEM) situations. Going into results, Thomas looks over Vietnam Enterprises (VEIL) and their strong year in absolute terms, as well as running through the compelling growth story for the country. Elsewhere in Asia, Jo looks over the half year results for Schroder Japan (SJG), identifying the key drivers of performance and noting the high dividend, before turning her attention to the discount which has inexplicably widened. Thomas then runs through the results of BlackRock Latin America (BRLA) and how the trust managed a 44% NAV return Moving to podcasts, David runs through his chat with Liontrust’s Sharmin Rahman, including the outlook for the both the high-yield sector and markets more generally. Then, in an orbital moment, David looks at the stat of the month, which focuses on the outstanding performance of ‘unicorns’, private companies over $1bn in value, which includes a number of space related companies. This then leads into a debate between our the team on their approach to space investing to close the show. 00:00 Introduction 00:27 What’s to come 00:59 Seraphim’s fundraise 02:38 Scottish Mortgage share issuance 04:42 Govt policy changes for UKW 06:08 Saba update on IEM and EWIT 07:40 Results from Vietnam’s VEIL 10:23 Schroder Japan’s strong results 12:19 BRLA’s bumper results 14:29 High yield podcast summary 16:03 Stat of the month & unicorn success 17:48 Debate on space investing 20:38 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 06/05/2026.

April 23, 2026Episode 11926 min

Market Matters featuring Sharmin Rahman from Liontrust

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios. In this month's episode, our guest is Sharmin Rahman, an investment manager specialising in fixed income for Liontrust and fund manager on the Liontrust GF High Yield Bond fund. We discuss all things high-yield bond and fixed income, thoughts on the indiscriminate sell-off in software names, how the quality of the high-yield space has improved over the years and investors should put more emphasis on sell discipline. 00:00 Introduction 00:56 Background to becoming a fund manager 04:30 Thoughts on the software sell off in credit 06:16 Why investors shouldn't be trying to time the market now 08:07 Why we will still see interest rate cuts despite higher energy prices 09:15 Why artificial intelligence companies are tapping credit markets 11:07 How high yield differs from investment grade credit 12:14 How the high-yield asset class has changed over the years 13:27 Where Sharmin is seeing the best opportunities at the moment 17:32 The role high-yield plays in an investor's portfolio 19:52 Will private credit troubles spill into the public markets? 23:39 Best piece of investment advice 25:01 Further information 25:23 Risk warning Please note that this podcast was recorded on 16 April 2026. Our latest market insights: https://www.trustintelligence.co.uk/investor/articles

April 13, 2026Episode 11821 min

Monthly Roundup: Top performing managers leave, BlackRock's gold view and who's buying India?

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 March, brought to you in association with Schroders. In the news, Ryan looks at the impact of manager changes at the highly successful Golden Prospects Precious Metals (GPM), Geiger Counter (GCL) and CQS Natural Resources Growth & Income (CYN) trusts. Next, he summarises the fee changes at Alliance Witan (ALW) and STS Global Income & Growth (STS), before briefly running through the updates of the Saba saga on Edinburgh Worldwide (EWI) and Impax Environmental Markets (IEM). Onto results, and we start with a brief overview of the annual results of Schroder Asian Total Return (ATR) including looking at what their macro indicators were saying ahead of the market volatility this year. Elsewhere, David looks at Octopus Renewables Infrastructure (ORIT)’s results and whether the increase in energy prices will lead to a change in the trust’s revenue outlook. In this month’s final set of results, Jo looks at BlackRock World Mining (BRWM) and summarises how they have achieved such high returns. In a well-timed moved, BRWM’s manager Olivia Markham was our guest on the Market Matters podcast this month, allowing Jo to also summarise her thoughts on the wider sector including the outlook for gold. Next up, David talks through his highlights of his Ashoka India Equity (AIE) podcast, discussing why India has suffered and whether this affects the outlook for the country. In light of this, the team discuss their thoughts on India and reveal who has been brave enough to add to their exposure. Jo takes her turn for stat of the month discussing a Bank of America Merrill Lynch survey as to whether the period of US exceptionalism has peaked following rising geopolitical risks including what sectors this has led to a rotation to, and from. 00:00 Introduction 00:22 What’s to come 00:51 GPM, GCL & CYN manager changes 02:17 Fee cuts for ALW and STS 03:42 Saba approaches an IEM and EWI endgame 05:06 ATR’s results 06:44 ORIT’s results and dividend outlook 08:29 BRWM’s strong results 09:36 Olivia Markham’s thoughts on gold 12:50 AIE’s insights on India’s issues 15:17 India discussion 19:13 Stat of the month & US rotation 20:23 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 07/04/2026.

April 1, 2026Episode 11728 min

Trust Issues: investing in Indian equities with AIE's Ayush Abhijeet

In this episode of Trust Issues, we speak to Ayush Abhijeet, investment director at WhiteOak Capital Partners, the investment advisor to Ashoka India Equity (AIE). Ayush talks us through the reasons why the Indian stock market has been going through a period of weakness, what catalysts could cause a recovery and why, despite the difficult backdrop, Indian companies remain committed to initial public offerings. Ayush also tells us how AIE's knowledge and expertise enables management to take advantage of this through pre-IPO investing. 00:00 Introduction 01:37 Why has India's stock market underperformance other emerging markets in recent months? 04:52 Who owns Indian equities and why is this dynamic important? 06:50 Why Indian households are diversifying away from gold and real estate and into stocks 09:04 Are you seeing value emerging in Indian markets? 11:53 How much does WhiteOak's experienced, on-the-ground team benefit AIE? 13:52 Why India's IPO market is thriving and how this benefits AIE 17:30 Potential drivers of a possibly powerful recovery in the Indian equity market 20:22 Why AIE is well-placed to capitalise on these drivers 22:25 How AIE focuses on economic cashflows to derive a company's valuation and compare relative valuations 24:14 Balancing high active share with diversification 27:27 Further information 27:51 Risk warning Our latest note on AIE - https://www.trustintelligence.co.uk/investor/articles?fund_id=397 AIE website - https://www.ashokaindiaequity.com/ Please note that this podcast was recorded on 23 March 2026.

March 26, 2026Episode 11625 min

Market Matters with Olivia Markham from BlackRock World Mining

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios. In this month's episode, our guest is Olivia Markham, manager of BlackRock World Mining. We 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 00:32 Background to fund management 01:40 Key drivers of the gold rally 03:24 Impact of issues in Middle East 05:05 Physical ETFs vs mining equities 07:03 Outlook for gold prices 07:57 Silver: gold's shadow v industrial drivers? 09:25 Is copper the new oil? 12:07 Investment case for uranium 14:23 Commodity demand in China 16:41 M&A in the mining sector 20:02 Rotation into commodities 23:10 Best investment advice 24:57 Risk warning Please note that this podcast was recorded on 20 March 2026.

March 6, 2026Episode 11524 min

Monthly Roundup: Growth of SpaceX, UKW’s dividend cover and what’s popular with ISA millionaires?

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 February, brought to you in association with Schroders. In the news, Ryan looks over the corporate activity in the year, including the proposed combination of BlackRock Throgmorton (THRG) and BlackRock UK Smaller Companies (BRSC). Elsewhere, he looks at the potential outcomes for European Opportunities (EOT)’s strategic review, before a quick update on Impax Environmental Markets (IEM)’s ongoing battle with Saba. Meanwhile, David recaps the Greencoat UK Wind (UKW) results, looking at both the positives and negatives, whilst Ryan summarises the results of BlackRock Energy and Resource Income (BERI)’s latest year, which involves another year of strong outperformance. Over in podcasts, Jo runs through her conversation with Baillie Gifford’s Lucie Majstrova, including the growth trajectory of SpaceX, the potential for Anthropic’s AI disruption and why companies are taking longer to go public. Next up, David talks through his highlights of his Ashoka Whiteoak Emerging Markets (AWEM) video, including how they balance both their India and China exposures. Meanwhile, Jo summarises her conversation with Randy Sandstrom of Sequioa Economic Infrastructure (SEQI), including why the investment trust structure is a great way of accessing the private credit space, and where the best opportunities lie at present. David takes his turn for stat of the month, with some interesting data on the concentration of emerging markets winners, as well as how he used this information to consider some new portfolio allocations. Finally, we look at which companies and trusts make the AJ Bell’s ISA millionaire list, which includes a usual suspect as well as a number of UK equity income trusts. 00:00 Introduction 00:22 What’s to come 00:44 THRG’s and BRSC’s proposed combination 03:50 European Opportunities strategic review 05:09 IEM’s open letter to Saba 06:28 Ups and downs from UKW results 09:33 BERI benefits from flexibility 10:50 Baillie Gifford on SpaceX & Anthropic 13:27 Highlights from AWEM’s video 16:08 What SEQI offers in private credit 17:55 Stat of the month: Asia’s attribution 20:55 Most bought trusts 21:34 ISA millionaire ownership 23:43 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 03/03/2026.