HGEN is an investment company that aims to deliver capital growth by investing in hydrogen-focused assets while integrating ESG principles. The diversified portfolio includes clean hydrogen supply, large-scale energy storage, carbon capture, hydrogen distribution, electrolysers, fuel cells, and hydrogen applications in transport, power generation, and heat. Investments are divided into Private Hydrogen Assets, mainly non-controlling equity positions held medium to long-term, and Listed Hydrogen Assets, primarily long-term equity securities.

In this interview, John Hughman speaks to the company’s co-founder Richard Hulf about the evolution and potential of hydrogen investments from hype to reality; the transition from traditional oil and gas to hydrogen and the importance of leveraging the team’s extensive sector experience to capitalise on emerging opportunities; the role of active involvement on the management boards of these companies; and the importance of government policies in promoting sector growth which points the company towards strategic investments in Europe, particularly Germany and Norway, where strong policy support exists.

SDP offers investors exposure to Asian equities (ex-Japan), targeting long-term growth. The fund, managed by Richard Sennitt and Abbas Barkhordar, employs a bottom-up, stock-picking approach, focusing on quality companies that can sustainably generate returns above their cost of capital. This strategy has enabled the fund to outperform the MSCI All Country Asia excluding Japan Index and other developed market indices since its inception in 1995. The trust holds around 60 companies diversified across various countries and sectors.

In this interview, John Hughman speaks to Abbas

OCI is a private equity investment trust managed by Oakley Capital. The trust aims to deliver long-term capital appreciation by investing in middle-market companies across Western Europe, focusing on sectors such as technology, consumer, and education. Known for its hands-on investment approach, Oakley Capital Investments partners with dynamic, high-growth businesses, often supporting them with strategic guidance and operational improvements.

In this interview we speak to Oakley Capital partner Steven Tredget about how the company’s founder led approach is a key advantage in finding deals at attractive valuations; the key megatrends it targets including the digitisation of consumer and business services; how its direct ownership and hands on, consultancy led approach has consistently delivered above average investment returns; the growing importance of private equity to the UK economy, and why investors should look past pervasive and often unjustified private equity myths to gain exposure to the asset class.

HSL focuses on achieving long-term capital growth by investing predominantly in UK smaller companies. Established in 1887, the trust aims to outperform the Numis Smaller Companies Index (excluding Investment Companies). Its diversified portfolio includes a wide range of sectors, targeting companies with robust growth potential. The trust has delivered consistent performance, often exceeding its benchmark, driven by a disciplined investment approach and strong stock selection, and despite its growth mandate was awarded the AIC’s Dividend Hero status after delivering 20 years of uninterrupted dividend growth.

In this interview we speak to manager Neil Hermon about HSL’s bottom-up research process, and why it’s important not to overpay for growth prospects; how the company has navigated an extended small cap market downturn, and why recent weakness has been more cyclical than structural; the wealth of niche opportunities offered by the UK small cap market; the ‘four Ms’ that guide the company’s investment approach – Model, Management, Money, and Momentum; and the overlaps between growth, value and dividend investing.

JARA

In this interview we speak to manager Philip Waller about JARA's role as a

HVPE is a FTSE 250-listed investment company offering investors exposure to a portfolio of private companies, in effect opening access to what has been an opaque and difficult to access asset class. It offers exposure to more than 1000 private companies on a global basis across a range of sectors and asset types, with 30% of its portfolio in venture and growth equity. Its aim is to provide steady annual NAV returns, with 10-year net NAV growth of 14%, far outstripping the 5% CAGR offered by the FTSE All World index.

In this interview we talk to manager Richard Hickman about how diversification across the private equity spectrum helps deliver consistently above average performance; the rationale behind high weightings to tech, consumer services and healthcare, and how the returns on more traditional sectors are benefitting from the application of technology; the growth of private equity into a self-sustaining ecosystem and the weakening ‘pull factor’ of public markets; reasons for the large discounts on PE trusts, and the impact of a recent lull in the IPO market; and the rationale behind the creation of a shareholder distribution pool.

MYI is a high-conviction portfolio that invests principally across global equity markets

In this

Launched in 1891, CTY is one of London’s oldest investment companies, with a track record of 57 consecutive years of dividend increases, the longest of any company. The company aims to deliver both income and long-term capital growth by investing in a portfolio of mostly UK equities but with the ability to hold a fifth of the portfolio in overseas stocks. The company has been managed by Job Curtis since 1991.

In this interview we speak to Mr Curtis about the experience he’s gained through managing the company through various market cycles; the impact of the recent shift in the inflation and interest rate environment; the investment process behind the trust and why valuation is the starting point for investment selection; the current attraction of financials as the highest sector weighting in the portfolio; the pragmatic approach the trust takes to ESG and the energy transition; and why talk of the UK’s stock market demise has been greatly exaggerated.

SCF seeks to deliver income

In this interview we speak to manager Sue Noffke, who has been lead-manager since 2011, about how the company has changed tack through the recent inflation spike; how its flexible size and style mandate has helped it navigate recent challenges; the outlook for key holdings including Shell, AstraZeneca and GSK; and what the UK market needs to do to overcome its long malaise.

LABS is a real estate investment trust focused on delivering strong total returns from a portfolio of properties leased to tenants operating in the UK life science sector. The company buys and develops properties specifically in the so-called Golden Triangle of Oxford, Cambridge, and King’s Cross in London - the beating heart of the UK’s world-leading life science industries.

In this interview we speak to manager Simon Farnsworth about the advantages of having a specialist focus in real estate; how the specific demands of life science tenants create greater opportunity to unlock value through asset management of its estate; how the company balances acquisition and development in regions facing extreme planning challenges; and why government support for UK life sciences and the proximity to leading academic institutions in its target regions is creating a long-term tailwind.