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.

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

Please note that this podcast was recorded on 18 May 2026.

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.

Jo then takes on the monthly Saba update, wrapping up what is happening with the Edinburgh Worldwide (EWI) and Impax Environmental Markets (IEM) situations.

00:00 Introduction 

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.

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

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.

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.

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.

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.

In this month’s episode, our guest is Lucie Majstrova, investment specialist for private companies at Baillie Gifford. We discuss a range of topics including the investment case for private companies, why companies are staying private for longer, her thoughts on Anthropic and the most compelling opportunities across private markets.

00:00 Introduction

Please note that this podcast was recorded on 11 February 2026.

In this episode of Trust Issues, we speak to SEQI’s Randall Sandstrom about the investment case for infrastructure debt, including recent performance, exposure to data centres and the most compelling opportunities across the sector.

00:00 Introduction

Our latest note on SEQI - https://www.trustintelligence.co.uk/investor/articles?fund_id=1742 

Please note that this podcast was recorded on 11 February 2026.