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.

For the results analysis, we first look East, with David running the rule over VEIL’s latest update, before Ryan looks slightly broader at what ATR’s interims had to say. Elsewhere, David looks at NBPE’s recent results, as well as providing a summary of the recent podcast with Paul Daggett.

Next, Jo provides a recap of her chat with Sophie Hyunh of BNP, which inspires a discussion of gold holdings amongst Jo, David and Ryan’s own portfolios. Returning to Sophie’s discussion, Jo then summarises her thoughts on the future of the 60:40 portfolio. 

Back to our more regular features, we then run the rule over the most bought and sold stocks and investment trusts of the past month, before Jo finishes off with her most high-conviction active funds including her backing of the un-loved UK.

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 08/10/2025.

In this episode of Trust Issues, we speak with Andrew Zimmermann, chief financial officer at Molten Ventures (GROW), a FTSE 250 listed venture capital firm.

GROW owns and manages a portfolio of early-to-growth stage investments, as well as managing third-party capital via EIS and VCT schemes and allocating to a fund of funds programme focusing on the seed stage. GROW owns a diverse portfolio of technology-focused businesses offering exposure to the exciting UK and European start-up scene.

Andrew highlights a few examples of the themes and companies within GROW’s portfolio, including the finance app Revolut; Leger, which makes hardware wallets for cryptocurrencies and non-fungible tokens; and the blood pressure monitoring firm Hilo. He also explains what made him want to join Molten, and assesses the outlook for the European venture capital sector.

00:00 Introduction

01:52 What made you want to join Molten?

03:53 How big is GROW’s investment team and how deep is its expertise?

04:39 What are early- and growth-stage investments?

06:27 The technology sectors in which Molten invest

07:28 Examples of the companies in which Molten invests

11:53 What are preference shares and how do they work in practice?

12:46 How GROW’s core and emerging sleeves futureproof the portfolio

13:56 Details on GROW’s scouting network of EIS and VCT portfolios

15:05 How is GROW’s portfolio valued?

16:07 The outlook for the European venture capital sector

16:32 What are Molten’s strategic priorities and how will they be achieved?

18:00 Further information

18:25 Risk warning

Our latest research on GROW - https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-molten-ventures-retail-jul-2025

GROW website - https://www.moltenventures.com/

This podcast was recorded on 25/09/2025

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 Sophie Huynh, Portfolio Manager at BNP Paribas Asset Management.

In this month’s episode, we discuss a range of topics including her thoughts on portfolio construction, the outlook for the US and China and the investment case for gold.

00:00 Introduction

Please note that this podcast was recorded on 24 September 2025.

In this episode of Trust Issues, we speak with Paul Daggett from NB Private Equity Partners (NBPE) about the benefits of co-investments, the outlook for private equity and the scale that Neuberger Berman brings to NBPE.

00:00 Introduction

01:22 Why private equity performance versus listed markets can improve

03:33 What does dry powder mean?

04:22 How will tariffs affect private equity more broadly and NBPE more specifically?

06:46 Are private equity managers introducing any tariff-mitigation strategies?

09:49 Just how much scale does Neuberger Berman have within private markets and how does that benefit NBPE?

13:19 What are co-investments and what are the benefits?

17:43 How NBPE achieves diversification of private equity sponsors

20:03 Examples of the companies NBPE invests in

23:23 The long-term secular trends NBPE is tapping into

26:37 How does NBPE balance the need for share buybacks with the need to keep making new investments?

28:43 The outlook for private equity

31:20 Further information

31:42 Risk warning

Our latest note on NBPE: https://www.trustintelligence.co.uk/investor/articles?fund_id=1

NBPE's website: https://www.nbprivateequitypartners.com/

Please note that this podcast was recorded on 22/07/2025.

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 August, brought to you in association with Schroders.

In news, Ryan analyses the outcome of the Gore Street Energy EGM, and how much traction RM funds made with their proposals. Sticking with corporate activity, he then discusses the outcome of the bidding war for Warehouse REIT’s assets, including a missed opportunity for a revealing auction process. Elsewhere, we discuss the management changes at Pacific Assets, before finishing with news from Scottish Mortgage, and what implications the value jump in a private holding could have.

In results, David runs the rule over Greencoat UK Wind’s mixed set, which managed to maintain dividend growth, despite challenging conditions. However, could the sale of two assets prove the value of the portfolio? Next, Jo begins the reviews of our podcasts by summarising her conversation with Ailsa Craig on the biotechnology sector. Discussion varied from the impact of the GLP-1 drugs to how biotech has fared this year, especially under the threat of Trump’s drug pricing policies.

Next, David provides an overview of his chat with Charlotte Yonge of Troy, where they discussed the capital preservation approach of the Personal Assets trust. As well as the usual discussion on allocations and performance, David also summarises Charlotte’s charity work.

Following this, Jo returns to provide a summary of Richard’s Sennitt’s take on Asia, including changes to his long-standing overweight to tech, and which country he sees as a vital financial hub.

Summarising our regular blogs, David looks at the most bought trusts which, whilst having a familiar look to it, could begin to change with an interesting study on AI profitability.

Finally, Jo pulls out the key points from our recent piece on the best stocks and shares ISA providers to see who rules the roost. Meanwhile, the tables are turned on David and Ryan, who reveal the reasons behind the choices they made in picking their ISA platform.

00:00 Introduction

00:21 What’s to come

01:07 Update on Gore Street

02:59 Warehouse resolution

04:25 Manager changes at PAC

05:18 Scottish Mortgage values

07:30 UKW results

09:38 Highlights from IBT

11:27 Summary of Charlotte Yonge

13:16 Highlights from SOI

14:44 Most popular shares & trusts

16:51 Best ISA providers

18:05 David & Ryan’s ISA picks

20:38 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 16/09/2025.

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 Ailsa Craig, manager of the International Biotechnology Trust, who has extensive experience in the biotech industry.

In this month’s episode, we discuss a range of topics including the investment case for biotech, the role of M&A in plugging big pharma’s patent cliff and the most exciting developments in the sector.

00:00 Introduction

00:36 Background to asset management

02:58 What is biotech?

04:30 Most exciting developments in treatments

05:47 The merit of an active strategy

07:45 How has Trump affected M&A

10:04 Size of acquisitions

11:31 Credible challengers outside the US

12:36 Outlook for GLP1s

15:13 Impact of AI in biotech

16:21 Has sector consolidation been a positive?

18:01 Thoughts on current sector recovery

19:19 Thoughts on current market outlook

21:43 Risk warning

Please note that this podcast was recorded on 19 August 2025.

In this episode of Trust Issues, we speak with Richard Sennitt, manager of Schroder Oriental Income, about the investment case for Asia, from opportunities in Taiwan and Singapore to navigating tariffs and uncovering where he sees the most exciting growth stories across the region.

00:00 Introduction

Our latest note on SOI - https://www.trustintelligence.co.uk/investor/articles?fund_id=60  

Please note that this podcast was recorded on 12 August 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 July, brought to you in association with Schroders.

In news, Ryan discusses the shifting outlook for the sector, with discounts narrowing and the M&A trend spreading out to newer asset classes. Next, we also shine the light on a new wave of activist activity and what is shaping up to be a boardroom battle at Gore Street Energy (GSF), before turning our attention to Schroder British Opportunities (SBO), which announced a change of strategy in its results as well as a possible boon from the IPO market.

Elsewhere in results, David talks through the highlights of Schroder European Real Estate (SERE), and some interesting developments in the industrials space. Back over the channel, David discussed highlights of his podcast with Bradley Biggins of Schroder Real Estate (SREI), who discussed the evolving UK commercial property market and the outlook for rental growth. Later on, David also ran through the highlights of his chat with colleague Josef Licsauer about China, in particular Baillie Gifford China Growth (BGCG), and whether the recent woes or stimulus measures will win out in the long-term.

Moving on, Jo talked through the highlights of her interview with Richard Staveley of Rockwood Strategic (RKW), discussing some of his best performers, including how the illiquidity in the micro-cap space can be a source of alpha for his strategy. Later on, she summarises her chat with the managers of International Biotechnology (IBT), and how their outlook has changed in light of Trump 2.0.

Jo’s final interview was with Masaki Taketsume of Schroder Japan (SJG), including a chat on the portfolio itself and the prospects for the country in a world of tariffs. Next, David discusses our regular feature of the most bought and sold shares and trusts in the past month. However, this month saw a surprising new inclusion focussing on meme coins.

Lastly, Jo summarises some of the mid-year outlooks that came out in the month, which includes the shift from investing in the US to Europe, as a sign of a possible unwinding of the US exceptionalism trade. David picks up on this, discussing the stats behind some potential mean reversion in the trade, and what that means going forward.

00:00 Introduction

00:32 Narrowing discounts

01:23 Updates on activism

02:34 Gore Street Energy battle

03:51 M&A in PE

05:20 SBO results & news

07:11 SERE results

08:54 SREI webinar insights

11:04 Rockwood allocation

13:42 China outlook

15:42 Biotech and Trump 2.0

18:21 Highlights from Schroder Japan

20:27 Most popular shares & trusts

23:30 Summary of mid-year outlooks

25:09 Unwinding of US exceptionalism

29:10 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 29/07/2025 & 06/08/2025.

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 Charlotte Yonge from Troy Asset Management. Charlotte is co-manager of the Trojan fund and Personal Assets Trust, as well as being fund manager of the Trojan Ethical fund.

In this episode, Charlotte discusses the work she does as co-founder of the charity Girls Are Investors (GAIN), why Personal Assets increased its equity weighting earlier this year and the trust’s exposure to US TIPS and gold bullion, as well as thoughts on bitcoin.

GAIN was established to inform and inspire the next generation of young women to enter the investment management industry in the UK. You can find more information here: https://www.gainuk.org/

00:00 Introduction

01:10 Background to becoming a fund manager

02:59 What does Girls Are Investors do and why was it founded?

07:00 How much more progress do we need to see with regards to diversity in investment management?

09:36 What’s surprised you most about stock markets over the past year?

11:43 Are we in a new investment environment and how does this impact portfolios?

13:55 What are the biggest risks moving forward?

16:03 What Personal Assets’ capital preservation mandate means

18:30 On Personal Assets’ low equity weighting

20:15 What do you look for in the companies you invest in?

24:03 Which stocks did you buy earlier this year and what would make you more constructive on equities?

26:11 Why do you hold US TIPS and how much of a risk is the weakening US dollar?

31:10 Do you expect gold’s price appreciation to continue?

33:37 Would you ever own bitcoin or any other cryptocurrency asset?

35:57 Where do you see the best opportunities today?

37:27 Further information

37:56 Risk warning

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

Please note that this podcast was recorded on 24 July 2025.

In this episode of Trust Issues, Bradley Biggins, co-portfolio manager for Schroder Real Estate, Bradley discusses the outlook for UK commercial property after a tough period, the role property plays within diversified portfolios, explains what the reversionary yield is, and digs into SREI’s brown-to-green sustainability mandate.

00:00 Introduction

01:08 The outlook for UK commercial property

04:31 Why SREI trades at a tighter discount to peers

06:42 The role property plays in diversified portfolios

09:05 What is the reversionary yield and why is this such a powerful tailwind for SREI?

11:26 Why does SREI make sustainability core to its investment process?

13:48 Examples of SREI’s sustainability mandate in action

19:22 Which parts of the UK commercial property market are you most excited about?

22:23 Further information

22:58 Risk warning

Our latest note on SREI: https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-schroder-real-estate-retail-aug-2024

SREI website: https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-real-estate-investment-trust/

Please note that this podcast was recorded on 27 June 2025.