Kepler Trust Intelligence Podcast

In this episode of Trust Issues, we speak to Hiren Dasani, portfolio manager for Ashoka WhiteOak Emerging Markets Trust (AWEM), to talk about the outlook for emerging markets, after a strong 2025, what AWEM’s portfolio looks like today and how AWEM chooses companies in which to invest.

00:00 Introduction

01:14 Why emerging markets had such good performance in 2025

03:37 How AWEM distinguishes true quality companies from quality traps

06:31 Why AWEM prefers investing in non-state-owned enterprises

10:20 AWEM's overweight to developed market stocks that derive revenue from emerging countries

14:01 How AWEM invests in China and the outlook for Chinese stock markets

17:12 AWEM's advantage when investing in India and the outlook for Indian companies

21:17 How AWEM is finding opportunities in Poland

22:57 The outlook for AWEM's high-quality portfolio

25:37 AWEM's unique fee structure and aligning the interest of shareholders and management

27:32 What does the long-term horizon look like for emerging markets - has performance turned the corner?

32:21 Further information

32:40 Risk warning

Our latest note on AWEM - https://www.trustintelligence.co.uk/investor/articles?fund_id=1874

AWEM website - https://www.awemtrust.com/

Please note that this podcast was recorded on 12 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 Deirdre Cooper, head of sustainable equity at Ninety One. Deirdre co-manages Ninety One's Global Environment strategy, investing in companies enabling the transition to a low-carbon economy to capture the structural growth driven by decarbonisation.

In this episode, Deirdre talks about her introduction to sustainable investment, why the drive towards electrification and decarbonisation has moved from West to East, and why now might be the perfect time to start looking at sustainable investments.

00:00 Introduction

01:10 Background to becoming a fund manager

02:52 Why Ninety One?

04:17 How the strength of the AI theme has surprised Deirdre

06:05 How Ninety One Global Environment provides diversification to portfolios

07:46 How artificial intelligence investments impact the climate solutions universe

09:47 Why most of the assumptions around net zero have been proven to be wrong

12:06 How emerging markets are leading on electrification and decarbonisation

14:55 Why sustainable investors should focus more on inclusion than exclusion

16:03 The risk around interest rates and debt sustainability

16:49 How Ninety One Global Environment chooses companies to invest in

18:22 The investment opportunities in the Chinese stock market

21:00 Why now is an interesting time to start looking at sustainable investments

22:42 Further information

23:02 Risk warning

Please note that this podcast was recorded on 17 December 2025.

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

Insights from the Ninety One Global Environment team: https://ninetyone.com/en/united-kingdom/funds-strategies/funds/global-environment-s-acc-gbp-gb00bkt89n06?tab=Literature

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 November, brought to you in association with Schroders.

In news, Ryan provides an update on the implication of the government consultation on renewable energy subsidies to infrastructure trusts such as Greencoat UK Wind (UKW). He also takes us through what investors can expect from the Invesco Global Equity Income (IGET) and Franklin Global Trust (FGT) tie-up, including the potential impact on fees, in addition to the move to an OEIC structure for Smithson (SSON).

This month’s results included double-digit returns for Schroder Oriental Income (SOI), alongside a return to outperformance for Schroder UK Mid Cap (SCP). Meanwhile, Jo covers the highlights of International Biotechnology (IBT) results, including its stellar returns post year-end. We also chat through our recent podcast with IBT manager Ailsa Craig, including rare disease exposure and their M&A hit rate.

David pulls out the key takeaways from his Market Matters podcast with Chloe Smith from Sanford Deland, including the latest Berkshire Hathaway annual meeting for Warren Buffett fans, and the opportunity in UK small-caps.

Next, Jo talks us through some of the key talking points from her podcast with Fidelity Asian Values (FAS) manager Nitin Bajaj, and why Asian small-caps have outperformed the large-cap Magnificent Seven proxy plays.

David faces a grilling on his portfolio, including whether it’s time to scale down his AI exposure, followed by our regular feature on most bought and sold trusts. Once again Scottish Mortgage (SMT) took top honours, alongside Polar Capital Technology (PCT), but we also run the rule over the barnstorming returns from Temple Bar (TMPL), including why it’s a stalwart of David’s portfolio.

00:00 Introduction

00:25 Coming up on the podcast

00:55 Latest on HICL & TRIG merger

01:40 Changes to renewable subsidies

02:27 Response by UKW

04:00 Merger of FRGT & IGET

05:53 Change of structure at SSON

07:55 SOI’s results & near dividend hero status

09:46 Outperformance by SCP

11:14 IBT’s stellar results

12:38 Highlights of podcast with Ailsa Craig

14:09 Chloe Smith on Warren Buffett and small-caps

16:11 FAS’ Nitin Bajaj on Asian small-caps

17:32 Thoughts on portfolio allocations

18:59 The most bought and sold shares and trusts

19:56 Thoughts on Temple Bar

23:01 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 3 December 2025.

In this episode of Trust Issues, we speak to Steven Marshall, Chairman of Cordiant Digital Infrastructure, about the investment case for the digital infrastructure sector, including capturing the AI opportunity, the new Prague Gateway development and the key drivers behind the trust’s outperformance.

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 3 December 2025.

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 Chloe Smith, fund manager at Sanford DeLand Asset Management. Chloe joined Sanford Deland in October 2021, initially as an investment analyst and is now co-manager on the TM SDL UK Buffettology and TM SDL Free Spirit funds.

In this episode, Chloe tells us why moving to London isn’t the be-all and end-all to a career in finance, what she’s learnt from Warren Buffett and attending the Berkshire Hathaway annual meeting in Omaha, and why UK companies have managed to grow at fast rate despite low UK economic growth.

00:00 Introduction

01:14 Background to becoming a fund manager

05:53 Becoming a Buffettologist

07:02 Reflections on attending Berkshire Hathaway’s AGM

08:24 Reinforcing the importance of long-term investing

09:11 Which of Warren Buffett’s principles are SDL’s funds run on?

11:42 What has surprised you about the stock market in 2025?

13:56 Navigating the challenging UK stock market

16:27 Are you worried about the de-equitisation of the UK stock market?

18:12 How do you engage with companies subject of M&A?

19:34 The outlook for the UK economy and stock market

23:38 What would cause a re-rating of the UK stock market?

26:06 Where in the UK market are you positive?

28:06 Which companies will benefit from artificial intelligence?

29:04 Further information

29:21 Risk warning

Please note that this podcast was recorded on 28 November 2025.

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

In this episode of Trust Issues, we speak to Olivia Markham, manager of BlackRock World Mining, about the investment case for the mining sector, including gold’s record-breaking run, demand for copper, M&A and the most compelling opportunities across the sector.

00:00 Introduction

Our latest note on BRWM - https://www.trustintelligence.co.uk/investor/articles?fund_id=5 

BRWM website - https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-world-mining-investment-trust/trust-information

In this episode of Trust Issues, we speak to Nitin Bajaj, manager of Fidelity Asian Values, about the investment case for the Asia equity sector, including recent performance, managing political noise and finding the most compelling opportunities across the sector.

00:00 Introduction

Our latest note on FAS - https://www.trustintelligence.co.uk/investor/articles?fund_id=405 

FAS website - https://investment-trusts.fidelity.co.uk/fidelity-asian-values/ 

Please note that this podcast was recorded on 25 November 2025.

In this episode of Trust Issues, we speak to Ailsa Craig, manager of International Biotechnology Trust, about the investment case for the biotech sector, including recent performance, M&A, managing political noise and finding the most compelling opportunities across the sector.

00:00 Introduction

Please note that this podcast was recorded on 11 November 2025.

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 October, brought to you in association with Schroders. 

In news, Ryan looks at whether the rollover into an active ETF could indicate a future for the asset class, as well as a re-entry from Saba into the lowly valued smaller companies sector. Plus, we look at what the recent flurry of takeouts for International Biotechnology (IBT) could mean for the future of sector.

The results of the month had a strong Asian flavour, with the introduction of some shareholder friendly measures from Pacific Assets (PAC), another stellar Ashoka India (AIE) year as well as how corporate governance reforms have supported Schroder Japan (SJG). Elsewhere, David looks at Octopus Renewables Infrastructure (ORIT)’s recent results and their plan for the next five years.

Next, Jo reviews her podcast with Emily Fletcher of BlackRock Frontiers (BRFI) and why the market offers correlation benefits, before going on to recap her chat with Olivia Markham of BlackRock World Mining (BRWM) in light of the remarkable gold run. These two podcasts are interspersed with David’s summary of his discussion with Andrew Zimmermann of Molten Ventures (GROW), including running the rule of the exciting investment themes in the portfolio.

Meanwhile, David also picks out the highlights from his asset allocators piece, including whether they think we’re in a bubble and how investors can mitigate the risks of one.

Returning to our regular features of most bought and sold trusts, we look at a couple of newcomers onto the list which is again led by Scottish Mortgage (SMT), which our team discuss the merits of and perhaps the surprising reason Ryan doesn’t own it…

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 05/11/2025.

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 Emily Fletcher, manager of the BlackRock Frontiers trust, who has extensive experience in emerging and frontier markets.

In this month’s episode, we discuss a range of topics including the investment case for frontier market, managing geopolitical risk and the most compelling opportunities across the region.

00:00 Introduction

Please note that this podcast was recorded on 22 October 2025.