Kepler Trust Intelligence Podcast

Kepler Trust Intelligence Podcast

By Kepler PartnersBusinessInvesting
Download on the App Store

Kepler Trust Intelligence Podcast episodes

  • The investment opportunity in Japan, with CCJI's Richard Aston

    In this episode of Trust Issues, we speak to Richard Aston, Manager of CC Japan Income and Growth Trust (CCJI). Richard talks through why corporate reforms have made Japan an increasingly attractive place to invest, what sorts of companies CCJI looks for, and how the trust's portfolio is structured. 

    00:00 Intro

    01:00 What is CCJI?
    01:38 What's attractive about Japanese stocks today?
    03:58 How do you think about valuations, in light of corporate reforms?
    08:46 Have any CCJI investments benefited from corporate reforms?
    10:25 Do any themes emerge in the stock picking process?
    13:02 Any specific opportunities that look interesting today?
    14:35 Thoughts on central bank policy

    16 min
  • High yield UK stocks, with AEI Manager Thomas Moore

    In this episode of Trust Issues, we speak to Thomas Moore, Manager of the Abrdn Equity Income Trust (AEI). The trust pays a high yield and we talk through how Thomas looks to achieve and maintain that. We also look at the UK market more broadly and ask if there is anything which can cause a rerating in valuations.

    00:00 - Risk warning 

    01:00 - Overview of AEI
    06:00 - Avoiding value traps
    10:15 - Is gearing still generating positive carry?
    12:50 - Will anything drive a rerating in UK stocks?
    17:20 - Do any areas of the market look more attractive today?
    19:10 - Why invest in AIM?
    22:22 - Do higher rates mean a better outlook for value stocks?

    Our latest research on AEI: https://tinyurl.com/jakfen4y

    AEI Website: abrdnequityincome.com/en-gb

    25 min
  • BlackRock Frontiers analysis

    In this episode of Trust Issues, we speak to Thomas McMahon, Investment Trust Research Manager at Kepler Trust Intelligence, about BlackRock Frontiers (BRFI). We look at the trust's unique investment universe, what's attractive about it, and get an outlook for the year ahead.

    00:00 - Risk warning and intro

    01:00 - BRFI's investment universe
    06:06 - How does BRFI use gearing?
    08:20 - Correlation with developed markets
    12:03 - Given dollar strength, how did BRFI manage to perform well in 2023?
    17:20 - How do the managers manage risk?
    19:55 - How is the portfolio benefitting from 'friedshoring'?
    25:44 - Trends and outlook for 2024?

    Our latest research on BRFI - tinyurl.com/79javze7

    BRFI website - tinyurl.com/mry4yd7y

    Intro music by State Azure

    29 min
  • Asia small cap investing, with AAS Manager Gabriel Sacks

    In this episode of Trust Issues we speak to Gabriel Sacks, Manager of Abrdn Asia Focus (AAS). We look at why Asia small caps have performed well relative to other parts of the world, fears about small cap performance post-rate hikes, being underweight India and more. You can skip to individual questions using the timestamps below:

    00:00 - Intro and risk warning

    00:48 - What does AAS aim to do?
    02:40 - What does the recent manager change mean for the trust?
    06:24 - Why have Asian small caps performed well compared to large cap?
    09:54 - Asia large cap is very skewed towards a few tech companies. Do any similar themes emerge in your stock picking process?
    13:26 - What are valuations in the portfolio like at the moment?
    17:15 - Are you afraid about the impact rate hikes will have on smaller companies?
    21:52 - Are Indian companies overvalued?
    25:00 - Is friendshoring a real phenomenon and does it present meaningful opportunities for investors?

    Read our latest research on AAS: http://tinyurl.com/ydte4p3p

    Visit the AAS website: http://tinyurl.com/7scxvehy

    Intro music by State Azure, used with permission.

    29 min
  • Preference shares and UK small caps with Shires Income's Iain Pyle

    In this episode of Trust Issues we speak to Iain Pyle, Manager of Shires Income (SHRS). We talk about the recent merger with Abrdn Smaller companies Income, the opportunity in UK small caps, and whether the base case market outlook of a soft landing is realistic. You can skip to individual answers via the buttons below.

    00:00 – Intro and risk warning

    00:50 – What is Shires Income?
    02:59 – What benefits will the merger with Abrdn Smaller Companies Income bring?
    05:08 – What do preference shares bring to the SHRS portfolio?
    07:12 – How has your small cap exposure changed post-merger?
    10:22 – Are low small cap valuations justified? Do you see any opportunities here?
    14:29 – What is the thinking behind the financials exposure?
    17:17 – Some dividend stock valuations are priced at levels that implies the market believes the yields on offer are not sustainable long-term, is that correct?
    20:10 – It’s almost as though the least optimistic scenario is the most optimistic – a soft landing, no meaningful recession and so on. What do you make of that?

    Our latest note on SHRS - http://tinyurl.com/2jd7f39t

    SHRS website - http://tinyurl.com/5f38nh4h

    Intro music by State Azure, used with permission

    24 min
  • Investing in multi-manager funds with Alliance Trust

    In this episode of Trust Issues, we speak to Nicholas Todd, one of our Kepler Trust Intelligence analysts, about investing in multi-manager funds and what Alliance Trust (ATST) offers investors looking for a core global equity holding.

     

    00:00  Introduction and risk warnings

    01:08  What are multi-manager funds?

    03:16  How have multi-manager funds performed?

    04:19  What type of investor might want to consider adding a multi-manager fund to their portfolio?

    06:14  An overview of Alliance Trust trust and its investable universe

    08:47  How has Alliance Trust performed over the last few years, and what are the key drivers?

    11:21  How does Alliance Trust’s portfolio differ from its peers?

    12:37  What are some of the current style exposures within the portfolio?

    16:35  Does Alliance Trust hold a position in any of the ‘magnificent seven’?

    18:43  Overview of Alliance Trust’s Japanese allocation

    21:00  What approach does Alliance Trust take to manage risk for investors?

    27:53  What is the outlook for multi-manager funds over the next year? 

     

    Intro music by State Azure, used with permission

    31 min
  • The income opportunity in UK equities, with SCF’s Sue Noffke

    In this episode of Trust Issues, we're joined by Sue Noffke. Sue is Head of UK Equities at Schroders and Manager of Schroder Income Growth (SCF). We talk about the opportunity in UK equities, areas of the market that look attractive and Sue's outlook for the year ahead. You can skip to individual questions using the buttons below:

    00:00 - Risking warning 

    01:33 - What is SCF and what do you invest in?
    03:40 - How have rate hikes shaken up things for income investors?
    06:35 - How have you positioned the portfolio given now we are seeing inflation come down and the potential end of the rate hiking cycle?
    09:54 - Are there any areas of the UK market which you think look particularly attractive?
    14:46 - Do you see any catalysts for change that can improve UK valuations?
    19:22 - How are you invested today on a market cap basis? 
    22:02 - Have you used gearing given how low valuations are?
    28:03 - How wide is the trust's discount today?

    Visit the SCF website - https://tinyurl.com/32upjc6t

    Read our latest research on SCF - https://tinyurl.com/4wkufw32

    Intro music by State Azure, used with permission

    30 min
  • A biotech bounce back? With IBT Manager Ailsa Craig

    In this episode of Trust Issues, we speak to Ailsa Craig, Investment Manager at International Biotechnology Trust (IBT). The trust recently announced it would be moving to Schroders and we discuss the move, developments in biotech this year, what the IBT managers have been investing in, and more. You can skip to individual questions using the buttons below:

    00:00 - Intro and risk warnings

    01:17 - What's happening with IBT now you are moving to Schroders?
    03:26 - Are we seeing a bounce back in biotech?
    09:02 - How are you reinvesting cash from acquisitions?
    14:05 - How do you invest for lower volatility but higher returns?
    16:45 - Did upping gearing levels work as hoped for?
    19:40 - Have rate hikes started to filter out bad companies?
    21:13 - Is the trend for new obesity drugs impacting the IBT portfolio and are there other trends investors should be aware of?
    22:39 - Should investors be worried about US pricing changes?

    Visit the IBT website - ibtplc.com

    Read our latest note on IBT - https://tinyurl.com/3pe7jejp

    Intro music by State Azure, used with permission.

    27 min
  • Why Canadian stocks are at interesting juncture, with MCT’s Dean Orrico

    In this episode of Trust Issues, we speak to Dean Orrico, President and CEO of Middlefield Group, a specialist asset manager that's based in Toronto. We speak about the firm's investment trust Middlefield Canadian Income (MCT) and why Canadian stocks look particularly attractive at the moment. 

    There are several factors at play here, including low valuations, indirect exposure to the US , a growing LNG industry, and a rapidly increasing population that is driving economic growth and supporting the housing market. You can skip to individual questions using the timestamps below:

    00:00 - Risk warnings and intro

    01:28 - What is Middlefield Canadian Income?
    05:38 - What are Canadian equity valuations like today?
    07:30 - Can Canadian stocks get you indirect exposure to the US?
    12:35 - What factors are supporting real estate valuations?
    18:49 - What impact is Canada's population growth having on the MCT portfolio?
    25:12 - Is there any chance regulatory change will lead to more housing supply?
    28:26 - What is the opportunity in Canadian LNG? Has Russia's invasion of Ukraine changed things?
    31:25 - Are we at the end of rate hiking cycle and what's your near term outlook for the market?

    Visit the MCT website - https://tinyurl.com/4n9pdnj8

    Read our latest research note on MCT - https://tinyurl.com/jmefw5ww

    Intro music by State Azure, used with permission.

    35 min

About Kepler Trust Intelligence Podcast

From the publisher's feed

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.