Kepler Trust Intelligence Podcast

In this episode of Trust Issues, we speak to Doug Ledingham, manager of Pacific Assets Trust, about the investment case for Asia, including why valuations continue to look attractive in China and the Philippines, the impact of tariffs and uncovering the most exciting opportunities across Asia.

00:00 Introduction

Our latest note on PAC - https://www.trustintelligence.co.uk/investor/articles?fund_id=54 

PAC website - https://www.stewartinvestors.com/uk/en/private-investor/our-strategies/pacific-assets-trust.html 

Please note that this podcast was recorded on 30 June 2025.

In this episode of Trust Issues, we speak to Masaki Taketsume, manager of Schroder Japan about the investment case for Japan, including his thoughts on corporate government reforms, recent performance, the impact of tariffs and domestic-oriented plays.

00:00 Introduction

00:37 Overview of investment approach

02:34 Current portfolio weightings

03:19 Potential for domestic plays

04:16 Recent performance

05:31 Thoughts on currency risk

06:35 Impact of tariffs

08:23 Update on corporate governance reforms

10:45 Pushing for further reforms

11:33 Quality of listed universe

12:16 Most exciting opportunities

13:15 Further information

13:34 Risk warning

Our latest note on SJG - https://www.trustintelligence.co.uk/investor/articles?fund_id=38

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

Please note that this podcast was recorded on 1 July 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 Laura Foll, co-portfolio manager for Law Debenture and Lowland Investment Company, which invest in companies listed on the UK stock market.

In this episode, Laura discusses a number of issues affecting the UK market, including worries over the de-equitisation of the London Stock Exchange, what needs to be done to stimulate interest from domestic investors and the areas Laura sees as housing the biggest opportunities today.

00:00 Introduction

01:11 Background to becoming a fund manager

02:35 Did joining Henderson during the financial crisis give you a good grounding?

03:43 Why UK equities?

04:54 Why do private market investors seemingly see value in UK equities when are public markets don’t?

07:40 Are you worried about the de-equitisation of the London Stock Exchange?

09:55 What measures could stimulate demand for UK equities?

13:26 The unique structure of Law Debenture

16:45 What has surprised you most about stock markets over the past year?

18:30 What are the biggest challenges stock markets and your portfolios face?

21:40 Where are the biggest opportunities at the moment?

23:27 Further information

23:56 Risk warning

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

Please note that this podcast was recorded on 25 June 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 June, brought to you in association with Schroders.

In news, Ryan talks through the changes at Baillie Gifford Shin Nippon (BGS) and MIGO Opportunities (MIGO) and the wider implications for the sector. We also chat about the notable corporate activity in the real estate and European equity sectors, including the merger of Henderson European (HET) with Fidelity’s European stablemate FEV.

Moving onto results, we talk about the key drivers behind Cordiant Digital Infrastructure (CORD)’s recent results, including yet another dividend increase. Next up is Rockwood Strategic (RKW), which continues to outperform against UK small-cap indices and showcase the value of an active, high-conviction approach in the sector.

Moving onto portfolio allocation, David runs the rule over current positioning by wealth managers and asset allocators, including currency risk and alternative assets. Jo picks up the gold theme, looking at its barnstorming performance and whether it’s too late for investors to join the party, as well as a different way of playing the gold theme in Golden Prospect Precious Metals (GPM).

On the podcast front, David shares the key takeaways from our Market Matters podcast with Laura Foll from Janus Henderson and Jo talks through the most compelling opportunities in Asia after her podcast with Doug Ledingham from Pacific Assets (PAC).

Next, David runs through the most bought and sold shares and trusts in the past month, including his thoughts on Scottish Mortgage (SMT), City of London (CTY) and Temple Bar (TMPL).

Finally, Jo puts her own portfolio under the microscope dissecting the winners and the case for the occasional high-octane punt (for thrills as much as returns).

00:00 Introduction

00:40 Developments at Baillie Gifford Shin Nippon

01:47 Manager changes at MIGO

03:05 Consolidation in real estate

04:30 Merger of Henderson & Fidelity European

05:54 Cordiant results

07:38 Rockwood results

09:47 Global asset allocations

12:16 Thoughts on the gold run

14:15 Market Matters podcast with Janus Henderson’s Laura Foll

15:18 Trust Issues podcast with PAC’s Doug Ledingham

16:48 Most popular shares & trusts

18:40 Jo’s portfolio allocations

20:24 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 01/07/2025.

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 May, brought to you in association with Schroders.

In news, Ryan debates the pros and cons of the ongoing activist activity, and what effects this has had on the wider industry. Elsewhere, we discuss the implications of industry veteran Richard Pease joining the Rockwood Strategic (RKW) team.

Onto results, where David discusses what Picton Property Income (PCTN) revealed, including an update on their disposal programme and the dividend outlook. Jo covers International Biotechnology’s (IBT) half-year results which managed to deliver positive returns in a falling market, as well as the impact of M&A. Then Ryan turns his attention to Asia, and how two Schroder trusts, Schroder AsiaPacific (SDP) and Schroder Oriental Income (SOI) have managed volatility during the period.

Sticking with Schroders, Jo talks through the highlights of her podcast with Jean Roche of Schroder UK Mid Cap (SCP) and where the best growth opportunities lie in the UK. Elsewhere, Jo also provides the key takeaways of her podcast with Bianca McMillan of Gravis and what challenges the infrastructure industry faces.

On a broader topic, David talks through the highlights of his chat with Annabel Brodie-Smith of the AIC, including looking back at the inception of the AIC’s dividend hero list, and forward at what the industry could look like in five years’ time.

Next, Jo runs through the most bought and sold shares and trusts in the past month, including highlights from Scottish Mortgage’s (SMT) latest results. Finally, David lifts the bonnet on his own portfolio, including his best performing holdings and, in a challenging month, some things he perhaps missed out on.

00:05 Introduction

00:33 Repercussions of activism

02:25 RKW’s new joiner

03:59 PCTN results

05:30 IBT results

07:28 Schroder Asia’s results

09:38 Schroder UK Mid Cap podcast

11:47 GCP’s Bianca McMillan podcast

12:45 AIC’s Annabel Brodie-Smith podcast

14:30 Most/least popular shares & trusts

15:14 SMT’s results

16:11 David’s portfolio performance

18:07 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 recording on 03/06/2025.

Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios.

In this episode of Trust Issues, we speak to Jean Roche, manager of Schroder UK Mid Cap, about the investment case for the UK mid-cap sector, including why valuations continue to look attractive, the key drivers of performance and uncovering the most exciting opportunities in the sector.

In this episode of Trust Issues we speak with Robert Lloyd and Pauline Ng, co-managers of JPMorgan Asia Growth & Income Trust (JAGI). The managers aim to invest in the most innovative and industry-leading companies across Asia, while using the investment trust structure to provide investors with an attractive and predictable level of income.

Robert and Pauline explore the diverse opportunities within the Asian market, particularly in China and Indonesia. The managers also address the challenges of managing volatility in 2025 and the evolving economic landscape in Asia.

This podcast was recorded on 13/05/2025.

00:00 Introduction to JPMorgan Asia Growth and Income Trust

01:01 Investment Strategy and Portfolio Management

05:00 Enhanced Dividend Approach and Gearing Strategy

08:13 Opportunities in the Asian Market

11:36 Managing Volatility in 2025

14:42 China's Economic Outlook and Stimulus Measures

17:30 Why Choose JAGI for Asian Exposure?

Our latest research on JAGI - https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-jpmorgan-asia-growth-income-retail-mar-2025

JAGI website - www.jpmam.co.uk/investmenttrust 

In this episode of Trust Issues, we speak with Matt Ridley, who leads the investment management team at Greencoat UK Wind (UKW), which owns and operates 49 wind farms across the UK.

UKW aims to provide investors with a growing annual dividend while preserving the capital value of its investment portfolio in real terms.

Matt talks about the recent management transition, sentiment towards the renewable energy infrastructure sector, the UK's wind generation and the outcome of UKW's recent continuation vote.

00:00 Introduction

01:04 UKW's management transition

03:20 The elements that have played into UKW's strong NAV total return

04:50 Why has sentiment towards the sector shifted and what catalysts are on the horizon?

07:20 What is UKW's investment process?

10:07 The impact of the UK's wind generation on UKW

12:22 The attractions of UKW versus UK government bonds

14:48 Continuation votes and shareholder democracy

17:12 Further information

17:28 Risk warning

Our latest research on UKW - https://www.trustintelligence.co.uk/investor/articles?fund_id=50

UKW website - https://www.greencoat-ukwind.com/

Parts of this podcast were recorded on 17/04/2025 and 28/04/2025.

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 April, brought to you in association with Schroders.

Ryan looks at the news, including details of a solution from Saba and ESCT, plus tender offers elsewhere from Baillie Gifford, as well as the implications of a ‘hostile’ approach for Fidelity Japan (FJV).

Sticking with the land of the rising sun, we also look at Schroder Japan’s interim results following their new dividend policy, before David provides an update on ORIT and how some capital recycling has helped the trust’s debt profile, as well as showing the upside potential of the trust…

Next, Jo brings us the highlights of her conversation with Charlotte Morris of Pantheon International, and how private equity managers can generate consistent returns over the long term.

This then brings us onto David section on skill vs luck in active management, and what can help managers tilt the odds in their favour over the long-term, using Ashoka India (AIE) as a prime example.

Next up, David runs through the most bought and sold shares and trusts with UK investors in March, to get insights into how domestic investors were allocating their portfolios ahead of the Liberation Day announcements.

Speaking of which, Jo then talks through how her own portfolio did in the aftermath of Trump’s announcement, and whether her portfolio has managed to weather the storm or not…

00:07 Introduction

00:25 Saba’s solution with ESCT

01:29 PHI’s new tender offer

02:31 Fidelity Japan’s (FJV) beauty parade

03:36 Results for Schroder Japan Growth (SJG)

04:56 Results for Octopus Renewable Infrastructure (ORIT)

07:19 ORIT’s David Bird outlook

08:42 Charlotte Morris of PIN talks private equity

10:20 Luck vs skill in active management

11:44 Most bought and sold

13:02 Jo’s personal portfolio after Liberation Day

14:27 Risk warning

Special thanks to our sponsors at Schroders, whose support makes this podcast possible.

This podcast was recording on 06/05/2025.