Kepler Trust Intelligence Podcast

In this episode, we speak to Alan Ray, Analyst at Kepler Trust Intelligence, about the investment case for Europe. We also run the rule over JEGI’s investment strategy and performance, as well as the rollover option into JPMorgan European Growth & Income for shareholders in the European Opportunities Trust.

00:00 Introduction

Our latest note on JEGI 

Join Ryan Lightfoot-Aminoff, David Brenchley and guest presenter Josef Licsauer from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in June, brought to you in association with Schroders.

In the news, Ryan looks over the outcome of the Pacific Assets (PAC) strategic review, and why Schroder Asian Total Return (ATR) is about as close as a match as possible for shareholders. Elsewhere, IPO news continues to be positive, with Bending Spoons proving beneficial for both Schiehallion (MNTN) and Baillie Gifford European Growth (BGEU), as well as possible spillover effects for the private equity sector. Finally, he covers the result of the tender offer from Schroder UK Mid Cap (SCP) and the role of Saba Capital in this.

David then picks up the SCP story and runs straight into their results for the six months to the end of March which proved quite a tough end point. Joe notes something similar when covering the results of Rockwood Strategic (RKW) with the trust’s full financial year running to the same date. This includes a look at what micro-cap holdings nearly doubled in the period and whether the trust’s premium rating held. Finally in results, Ryan runs through Cordiant Digital Infrastructure (CORD) and the long-awaited outcome of the Prague Gateway asset.

Moving on to podcasts, Joe covers his namesake’s Trust Issues episode with Chris Berrier and Rob Furlong from Brown Advisory US Smaller Companies (BASC), including their views on the rally in small- and mid-caps in 2026 so far. Elsewhere in podcasts, David sat down with Matt Ridley from Greencoat UK Wind (UKW) covering a number of stories that have impacted the trust over the past few years.

Next, Ryan takes on stat of the month duties, looking at why UK small companies yield more than large caps, and what this could mean for investor returns. Elsewhere in our regular features is the most popular investments in June which surprisingly wasn’t SpaceX. This then leads into a discussion of the SpaceX IPO and whether and members of the team have been brave enough to buy into the history-making stock.

00:00 Introduction

00:25 What’s to come

01:00 The outcome of PAC’s strategic review

02:55 Bending Spoons IPO winners

05:03 SCP resolves Saba issue

05:50 And SCP releases results

07:57 What were RKW’s winners

10:33 CORD results continue to impress

12:54 Summary of BASC’s podcast

15:39 Greencoat UK Wind’s dividend and future

18:49 Stat of the Month: UK small-cap income

20:43 Most bought trusts in June

21:48 Did anyone buy SpaceX?

27:12 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: https://www.trustintelligence.co.uk/investor/articles?fund_manager_id=37

This podcast was recorded on 08/07/2026.

In this episode of Trust Issues, we speak to Christopher Berrier, manager of Brown Advisory US Smaller Companies (BASC), and Rob Furlong, equity research analyst, about the investment case for US small-caps. We discuss the drivers of the US small-cap rally, portfolio changes, thoughts on AI and software services and M&A activity, amongst other things.

Our latest note on BASC - https://www.trustintelligence.co.uk/investor/articles?fund_id=172 

BASC website - https://www.brownadvisory.com/intl/investment-trusts/brown-advisory-us-smaller-companies-plc 

Join Jo Groves, David Brenchley and Ryan Lightfoot-Aminoff from Kepler Trust Intelligence for a roundup of all the news that matters to investment trust investors in May, brought to you in association with Schroders. 

Before covering the news, David provides a quick update on space stories from last month, including the outcome of Seraphim Space (SSIT)’s C-share raise, and the impact of the impending SpaceX IPO on the results of Scottish Mortgage (SMT). This leads onto a small side quest to May’s most bought and sold trusts, which is dominated by space and semiconductors. 

Ryan then returns to our usual programming, with a look over the winners from the corporate activity in Alexander Darwall’s European Opportunities Trust (EOT), as well as the potential implications of changes for Nick Train’s Finsbury Growth Trust (FGT), including a new gearing and dividend strategy. Elsewhere, Ryan looks at some corporate activity for Schroder UK Mid Cap (SCP) with the introduction of a tender offer. 

Sticking with Schroders and the UK, David then touches on the results for Schroder Income Growth (SCF) which published its interims in the month and aims to build on the trust’s 30-year dividend growth track record. 

Elsewhere in results, Jo looks at the latest update from International Biotechnology Trust (IBT), which enjoyed a considerable NAV total return thanks to M&A and positive news flow. Also seeing strong near-term results was Schroder Oriental Income (SOI) which saw NAV total returns of over 35% in just six months to the end of February 2026. This was largely due to tech stocks, which are becoming of increasing importance to the Asian region.

Moving onto podcasts, and Jo runs over the highlights of her conversation with Rebekah McMillan of Neuberger, which includes her views on US large caps, emerging markets and the future on the future of the 60:40 portfolio. Elsewhere in podcasts, David sat down with Majedie Investment (MAJE)’s David Cornell to discuss their strategy, including their approach, outlook on markets and what to expect going forward. 

Finally, Ryan covers his missed stat of the month from April, with an analysis of Intel’s share price which has finally risen above its peak prior to the bursting of the dot com bubble. This includes looking at the benefits of diversification, as well as the impact of dividends on total returns. 

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 03/06/2026.

In this episode of Trust Issues, we speak to Matt Ridley, partners at Schroders Greencoat and co-manager of Greencoat UK Wind (UKW).

Matt explains what UKW invests in, how it invests and how it manages its wind farm assets, and outlines some of the supportive tailwinds for the wind industry - including artificial intelligence. He also discusses the pushback we've seen from some quarters on the route to net zero, as well as how UKW hopes to get back to making new investments.

00:00 Introduction

01:34 What does UKW invest in?

02:27 How cyclical through the year is UKW's power generation?

03:43 How UKW makes money from the wind farms it owns

05:40 How UKW's wind farms are valued

07:02 UKW's inflation-linked dividend

08:30 Why renewables trusts bond proxy moniker is out of date

11:00 The risks of investing in wind farms

12:25 The impact of government policy changes on UKW

14:35 Why demand for data centres provides tailwinds for UKW

18:14 How UKW thinks about capital allocation

20:46 Why this year is the right time to make a disciplined return to new investments

22:23 Further information

22:46 Risk warning

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

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.