Kepler Trust Intelligence Podcast

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.

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 January, brought to you in association with Schroders.

Meanwhile, the Saba saga rumbles on, although Ryan discusses whether Herald (HRI) and Impax Environmental Markets (IEM) have found a way of dealing with the activist once and for all, whilst David recaps the outcome of the Edinburgh Worldwide (EWIT) and Saba battle, following on from last month’s mention. Elsewhere in the news, Ryan runs through recent comments from AVI (AGT) over the performance of HarbourVest. 

Over in podcasts, Jo runs through her conversation with Emily Fletcher of BlackRock Frontiers (BRFI) including the opportunities in the asset class and how they are dealing with trade and tariffs. Similarly in emerging markets, David talks through his highlights of his Ashoka Whiteoak Emerging Markets (AWEM) podcast, including the outlook for India and their nuanced take on China exposure. 

Returning closer to home, Jo summarised her conversation with Rockwood Strategic (RKW)’s Richard Staveley and his thoughts on everything from valuations to M&A. In the same vein, David spoke to Alexandra Jackson of Rathones to get her thoughts on the opportunity set in UK mid-caps, and what sectors she is most excited about. Sticking with the UK, Ryan introduced the new “Stat of the month” section where he identified a remarkable pick up in UK IPOs and what this means for the outlook of the UK and Schroder UK Mid Cap (SCP).

Finally, Jo and David went head-to-head on their portfolios, seeing who came out in the second half of 2025. Despite sharing top honours with International Biotech (IBT), would an allocation to BlackRock World Mining (BRWM) or Fidelity China Special Situations (FCSS) pip one or the other to the lead position?

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 04/02/2026.

In this episode of Trust Issues, we speak to Emily Fletcher, manager of BlackRock Frontiers, about the investment case for frontier and emerging markets, including recent performance, portfolio allocations, navigating through geopolitical issue and the most exciting opportunities across the sector.

00:00 Introduction

Our latest note on BRFI - https://www.trustintelligence.co.uk/investor/articles?fund_id=12 

BRFI website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-frontiers-investment-trust/trust-information 

Please note that this podcast was recorded on 14 January 2026.

Market Matters is a monthly podcast from Kepler Trust Intelligence that delivers big-picture insights from leading investment specialists, exploring the opportunities, challenges, and risks shaping investors’ portfolios.

This month, we are joined by Alexandra Jackson, manager of the Rathbone UK Opportunities fund, which invests in UK mid-cap companies.

In this episode, Alexandra talks us through her route to becoming a fund manager, in which sector she thinks the UK stock market's stardust resides, why the picture for UK plc and our economy isn't as bad as some think, and riding the highs and lows of her best and worst investment.

00:00 Introduction

00:58 Background to becoming a fund manager

04:42 What's surprised Alexandra most about the stock market this year

06:46 Reasons why the UK outperformed in 2025 and will performance broaden in 2026?

11:37 How the dividend yield of UK mid caps could draw 'tourist' investors into the market

12:45 Views on the health of the UK stock market

15:25 What more the government could do to reinvigorate the UK stock market

17:06 Painting a positive picture of the UK economy

20:08 Winners and losers from the artificial intelligence boom

21:37 Parts of the UK stock market to be wary of

22:13 The UK stock market's stardust sector

24:05 Alexandra's best and worst investments and the lessons learned from them

26:01 Best piece of investment advice

27:13 Further information

27:31 Risk warning

Please note that this podcast was recorded on 28 January 2026.

Our latest market insights: https://www.trustintelligence.co.uk/investor/articles

More information on the Rathbone UK Opportunities fund: https://www.rathbones.com/en-gb/asset-management/financial-intermediary/equities/rathbone-uk-opportunities-fund

In this episode of Trust Issues, we speak to Richard Staveley, manager of Rockwood Strategic, about the investment case for UK small-caps, including recent performance, the catalysts for a rally in UK small-caps, the outlook for M&A and the most exciting opportunities across the sector.

00:00 Introduction

Our latest note on RKW - https://www.trustintelligence.co.uk/investor/articles?fund_id=1610 

Please note that this podcast was recorded on 27 January 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 December, brought to you in association with Schroders. 

In news, David summarises round two in the Edinburgh Worldwide (EWIT) Saba battle, before Ryan provides a quick summary of the aborted HICL/TRIG merger, as well as running the rule over what is happening with Chrysalis (CHRY), and what implications this could have for other trusts in the growth capital sector. 

Meanwhile, in the results of the last month, Ryan looks at Schroder AsiaPacific (SDP), which saw another year of double digits returns, as well as running the rule of Schroder British Opportunities’ (SBO) first period under its new mandate. Elsewhere, Jo dives into the good results of Sequoia Economic Infrastructure (SEQI) and what drove them, before handing back to Ryan for a similar summary of some stellar results from Fidelity China Special Situations (FCSS). 

Going back to infrastructure, Jo provides an overview of her chat with Steven Marshall of Cordiant Digital Infrastructure (CORD), including a run down of current valuations, and a brief update on their exciting data centre projects.

Elsewhere, David summarises his interview with Deirdre Cooper, who manages Ninety One Global Environment. This included an interesting discussion about the future of net zero and why the best opportunities could be found in China. 

And finally, Jo reviews the most bought and sold trusts which is topped by a familiar name in Scottish Mortgage (SMT). However, has the revaluation of SpaceX meant SMT has breached the trust’s own limit on private companies? Whilst elsewhere, the surge in gold led to a rapid climb up the charts for BlackRock World Mining (BRWM), and a surprise return for Greencoat UK Wind (UKW).

00:00 Introduction