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Uncovering Trusts by Edison Group

Uncovering Trusts by Edison Group

Hosted by Edison Group

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Episodes

55

Latest episode

Jun 2026

Language

EN

About the show

Discover the world of investment trusts in the 'Uncovering Trusts' podcast series by Edison Group. Hear from Edison’s analysts and trusts’ management and gain insights into how these trusts, covered by Edison, effectively manage assets to maximize returns, aligning with the risk appetite and diverse requirements of both commercial and retail clients. Edison is a leading investor relations business, operating across all major capital markets. We help create optimal valuations for client stocks, deploying our award-winning combination of intelligent strategic advice, equity research, investor marketing and direct investor engagement. To find out more about investment trust covered by Edison, please visit: https://www.edisongroup.com/equities/investment-companies/

Listen to episodes

56 recent
June 16, 202613 min

56. Uncovering Trusts – Canadian General Investments (CGI): Unlocking long-term value in North American equities

In this episode, Liam O'Byrne, a member of Edison's investment company content team, discusses Canadian General Investments (CGI). Established in 1930, CGI is one of North America's oldest closed-end funds and has been managed by Morgan Meighen & Associates since 1956. Liam introduces the fund and its managers' long-term, bottom-up investment approach, with a mandate primarily focused on Canadian equities but with flexibility to invest up to 25% in US-listed companies. Led by portfolio manager Greg Eckel, the fund currently holds around 54 positions based on its 2026 AGM presentation. Liam outlines key portfolio holdings including Celestica, a major beneficiary of AI-related data centre investment, NVIDIA, Franco-Nevada and a growing uranium position via Cameco, NexGen Energy and Denison Mines. Turning to performance, Liam covers CGI's exceptional long-term track record, with annual share price total returns of 10.7% over 25 years and 11.8% over 50 years, both ahead of the S&P/TSX Composite Index.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

June 9, 202623 min

55. Uncovering Trusts – Utilico Emerging Markets Trust (UEM): Riding infrastructure megatrends across emerging markets

In this episode, our director of content for investment companies, Milosz Papst, talks about Utilico Emerging Markets Trust (UEM), a specialist investment trust focused on infrastructure and utility companies across emerging markets. He introduces the trust and its managers' long-term, bottom-up investment approach – a concentrated portfolio of around 70 holdings managed by Charles Jillings and Jacqueline Broers at Bermuda-based ICM. Milosz outlines the portfolio's four key investment themes: social infrastructure, energy growth and transition, digital infrastructure, and global trade. He discusses the investment case behind each, including highlighted holdings such as Brazilian water utility Sabesp, renewable energy giant AXIA Energia, Chinese data centre operator GDS Group and Philippine port operator International Container Terminal Services.Turning to performance, Milosz covers the trust's strong long-term track record, with an annualised NAV total return of close to 10% since launch in 2005 and encouraging more recent results in Q126, supported by the trust's sizeable Brazil exposure. He also highlights UEM's progressive dividend policy, noting that the trust is the only AIC Global Emerging Markets fund designated as a next-generation dividend hero, with more than 10 consecutive years of dividend growth. ***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

May 18, 202616 min

54. Uncovering Trusts – Finsbury Growth & Income Trust (FGT): High-conviction UK investing and the case for digital winners

In this episode, our director of content for investment companies, Milosz Papst, talks about Finsbury Growth & Income Trust (FGT), a UK Equity Income trust celebrating its centenary in 2026. He introduces the trust and its managers’ long-term, high-conviction approach – a concentrated portfolio of typically around 20 UK-listed holdings, managed by Nick Train and Madeline Wright at Lindsell Train. Milosz outlines the portfolio’s three broad themes: data, software and platform companies (the ‘digital winners’), premium and luxury consumer brands, and stock market proxies. He discusses the investment case behind the digital winners – eight UK-listed businesses including LSEG, Experian, RELX, Sage and Rightmove. Train believes their constantly replenishing proprietary data assets position these companies as beneficiaries, rather than casualties, of the AI revolution. Milosz also covers developments in the consumer brand holdings, including Diageo, Burberry and Unilever, and changes to the trust’s asset management exposure following the takeovers of Hargreaves Lansdown and Schroders.Milosz then addresses FGT’s recent performance, with the trust having underperformed its UK All-Share benchmark for five consecutive calendar years, and a NAV total return of 1.2% over five years to end March 2026 versus 69.3% for the index, set against a cumulative NAV total return of 551.4% since Lindsell Train’s appointment in December 2000. He concludes by covering the board’s proactive response to underperformance, including a continuation vote at the January 2026 AGM, a management fee reduction and an active share buyback programme. Milosz also touches on the trust’s progressive dividend policy, a current discount of around 7% to NAV, and an ongoing charges ratio of 0.6%.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

May 5, 202616 min

53. Uncovering trusts – Baillie Gifford US Growth Trust: Chasing outliers – the case for US growth and private markets

In this episode, our director of content, investment trusts, Milosz Papst, talks about Baillie Gifford US Growth Trust (USA), a closed-end investment company listed on the main market of the London Stock Exchange, focused on delivering long-term capital growth through US equities. He covers the key takeaways from Edison’s research note on USA, including the trust’s strong recent performance, a NAV total return of 20.1% in the 12 months to end March 2026, well ahead of its S&P 500 benchmark. He explains the managers’ distinctive investment philosophy of identifying ‘outlier’ businesses with virtually unbounded upside potential, and the trust’s significant allocation to late-stage private companies, which currently stands at around 44% of total assets. Finally, he discusses the trust’s portfolio construction, its competitive ongoing charge of 0.72% and the key risks investors should consider.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

April 17, 202617 min

52. Uncovering Trusts – Scottish Mortgage Investment Trust (SMT): Unique low-cost access to exceptional growth companies across public and private markets

In this episode, our director of content for investment companies, Milosz Papst, talks about Scottish Mortgage Investment Trust (SMT), the UK’s largest investment trust and one of the most widely recognised names in the AIC Global sector. He introduces the trust and its managers’ philosophy of identifying and holding the world’s most exceptional growth companies, before discussing SMT’s distinctive private company exposure – including the April 2026 shareholder vote to expand the investment limit – and key portfolio holdings such as ByteDance, Mercado Libre and SpaceX, which now represents around 19% of total assets following a March 2026 revaluation. Milosz also covers recent portfolio activity, with five new positions initiated in Anthropic, AppLovin, CATL, Figma and RedNote.Milosz then turns to SMT’s strong long-term performance record, with NAV total returns ranking first among the nine funds in the AIC Global sector over the last one, three and 10 years, and annual NAV total returns of 18.3% over the last decade. He concludes by outlining the trust’s other notable features, including its 43-year record of consecutive annual dividend increases (placing it among the AIC’s dividend heroes), its recent return to trading at a small premium to NAV, the board’s active share repurchase programme, its use of gearing, and an ongoing charges ratio of 0.31% – the lowest in the AIC Global sector.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

March 24, 20268 min

51. Uncovering Trusts – BlackRock Latin American Investment Trust (BRLA): Latin America's strong recent performance

In this episode, our director of content, investment trusts Milosz Papst talks about BlackRock Latin American Investment Trust, UK’s only listed closed-end investment company dedicated exclusively to Latin American equities. He covers the key takeaways from Edison’s research note on BRLA published in March 2026, including the healthy returns delivered by Latin American equities in 2025 and the low weighting of global indices to Latin America. He explains the importance of macroeconomic factors in driving recent returns, including favourable commodity prices, monetary policy, as well as a shift towards more pragmatic, market-friendly economic policies. Finally, he elaborates on the trust’s current positioning and discount to NAV.***********************************************************About ‘Uncovering Trusts’'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

March 9, 202614 min

50. Uncovering Trusts – Partners Group Private Equity (PEY): Providing balanced exposure to direct private equity investments

 In this episode, our director of content for investment companies, Milosz Papst talks about Partners Group Private Equity (PEY), focusing on the company’s realisations, investments and distributions to shareholders. This is our first podcast on this UK-listed investment holding company domiciled in Guernsey that provides equity capital to private companies primarily in the middle and upper-middle market. Therefore, Milosz starts with an introduction to the company and its investment manager, Partners Group, which is one of the largest firms in the global private markets industry. He then explains how PEY’s investment strategy works in practice by discussing its investment in PCI Pharma Services. Milosz comments on the transactions that contributed to the company’s more than €200m realisation proceeds received in 2025. He elaborates on the company’s dividend policy and well-structured capital allocation framework introduced in 2024, which resulted in the announcement of a €15m buyback programme in 2025. He concludes the episode by summarising PEY’s recent investment activity.***********************************************************About ‘Uncovering Trusts’Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers around 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

February 20, 202611 min

49. Uncovering Trusts – Aberdeen Asian Income Fund (AAIF)

In this episode, our director of content for investment companies, Milosz Papst, talks about Aberdeen Asian Income Fund (AAIF). He starts by explaining why global investors could benefit from an allocation to Asian equities, given the region’s above-average growth prospects and increasing dividend opportunities, before providing a brief summary of the company. Milosz highlights how the fund offers exposure to a diversified group of high-quality, reasonably priced Asian companies that should perform well in gradually rising, broad markets, while offering some protection during choppier periods. He then discusses the shape of the portfolio and the transactions undertaken since Isaac Thong became lead manager in May 2025.Milosz points to the fund’s strong outperformance versus the MSCI AC Asia Pacific ex-Japan Index over the last five years, and how the company stacks up against the four other funds in the AIC Asia Pacific Equity Income sector. He then focuses on the important changes that were announced last year: the introduction of an enhanced dividend policy and a three-year continuation vote. AAIF’s dividends are now set at 1.5625% of quarter-end NAV and the company is just a couple of years away from joining the select list of the AIC’s dividend heroes, which are companies with at least 20 consecutive years of higher annual dividends.**************************************************************About 'Uncovering Trusts'Uncovering Trusts is a podcast run by Edison analysts, released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

February 6, 202612 min

48. Uncovering Trusts – JPMorgan European Discovery Trust (JEDT)

In this episode, our director of content for investment companies, Milosz Papst, talks about JPMorgan European Discovery Trust (JEDT). He starts by introducing the trust before highlighting why now could be an interesting time to look at the company. Firstly, it invests in an attractively priced asset class that has been out of favour but has delivered strong returns over the long term. Secondly, JEDT’s performance has improved under a relatively new management team. Milosz highlights that the managers seek ‘hidden gems’, which are attractively valued, high-quality companies with the potential to be the large market leaders of tomorrow. Their investment process combines screening, fundamental research and risk management, which includes the use of JPMorgan’s proprietary data systems. Changes have been made to the portfolio to reduce exposure to macroeconomic risk and increase the focus on bottom-up stock selection.Milosz also explains why JEDT’s managers have a positive outlook on European small-cap stocks and what could cause an improvement in sentiment towards this part of the global market. He then moves onto the trust’s portfolio, highlighting some of its structural growth themes and discussing some recent transactions. Milosz provides details on the performance improvement, along with some of the stock contributors. At the end of 2025, JEDT had outperformed its benchmark, the MSCI Europe ex UK Small Cap Index, over the last one and three years. Also, within the three funds in the AIC European Smaller Companies sector, the trust’s NAV total returns now rank first over the last one and three years, and second over the last five years. Milosz concludes by highlighting other features of JEDT, namely its dividend policy, narrowing discount and the use of gearing.**************************************************************About 'Uncovering Trusts'Uncovering Trusts is a podcast run by Edison analysts, released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

January 7, 202610 min

47. Uncovering Trusts – Edinburgh Worldwide Investment Trust (EWI): Vote now to keep the trust alive

In this episode, our director of content, investment companies Milosz Papst talks about Edinburgh Worldwide Investment Trust. This is a timely podcast as the trust is once again under fire from US-based activist hedge fund Saba Capital Management. Shareholders voted decisively against Saba’s proposals in February 2025 and Edinburgh Worldwide’s board is urging shareholders to do so again. This time round, Saba has amassed a larger stake in the trust and is proposing to replace Edinburgh Worldwide’s board with three of its own representatives but has given no indication about the trust’s future strategy. Timing is tight as the general meeting is scheduled for 12:00 noon on 20 January 2026. The cut-off for submitting votes is 12:00 noon on Saturday 17 January 2026 but for platforms, the date may be as soon as 12 January 2026.Papst provides a brief introduction to Edinburgh Worldwide before highlighting how the board has proactively addressed a period of poor performance. This included enhancing the investment team and meaningful improvements in portfolio construction and execution, such as fewer holdings and stricter measures to address underperforming investments. The portfolio was reshaped to include more profitable, cash-generative companies and to have greater sector diversification. These efforts have led to notably better performance.Attention then returns to the pressing issue of Saba. Edinburgh Worldwide’s board strongly urges all of its shareholders, no matter how large or how small, to vote against Saba’s proposal to take control of the trust in a move that would favour Saba over the trust’s existing shareholders. Saba has not stated its intentions, beyond replacing the board, and has failed to engage, including a lack of response to a list of questions in Edinburgh Worldwide’s open letter on 30 December 2025.**************************************************************About 'Uncovering Trusts' Uncovering Trusts is a podcast run by Edison analysts, released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.About Edison:Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.Edison covers 50+ investment trusts, read about them here: https://www.edisongroup.com/equities/investment-companies/

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