Kepler Trust Intelligence Podcast

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.

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

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.

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.

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.

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.

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 

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. 

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.

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.

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

Our latest note on FEV & FEV website 

Please note that this podcast was recorded on 16 July 2026.

In this episode, we speak to Thomas McMahon, Head of Investment Companies Research at Kepler Trust Intelligence, about the opportunity for investors in UK small-caps and BlackRock Smaller Companies in particular.

We discuss the outlook for the sector, including recent performance and the economic backdrop, alongside BRSC’s investment strategy, recent merger and income credentials.

00:00 Introduction

00:25 Why invest in UK small-caps

02:48 Sector performance

04:00 Rationale for merger

04:50 Changes to fees and tender offers

05:37 Investment strategy

06:15 Portfolio construction

06:55 Risk management

07:45 Income credentials

08:32 Outlook for UK small-caps

09:20 Why invest in BRSC

10:17 Further information

10:38 Risk warning

Our latest note on BRSC - https://www.trustintelligence.co.uk/investor/articles?fund_id=127

BRSC website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-smaller-companies-investment-trust/trust-information

Please note that this podcast was recorded on 1 July 2026.