Kepler Trust Intelligence Podcast

Our monthly podcast brings you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping portfolios.

This month's guest is Annabel Brodie-Smith, communications director at the Association of Investment Companies (AIC), the industry body set up in 1932 to support and promote investment trusts as well as engaging with them, end investors and the wider financial community.

Annabel has been working for the AIC since 1997, over which time she's seen plenty of changes in the industry, which she discusses, alongside the AIC's dividend heroes initiative and her work with diversity charities. We also get stuck into industry issues such as Saba's activism, the double-counting of investment company costs and the AIC's petition around voting rights. You can sign the petition here: https://petition.parliament.uk/petitions/716003

00:00 Introduction

00:53 How did you get into the investment company industry?

02:53 Working with finance-related diversity charities

04:22 The big changes in the investment trust industry over the past 30 years

05:41 The role of investment trusts in today's environment

07:05 The income benefits of investment trusts

08:05 How did the dividend hero initiative come about?

09:11 Wide discounts in the investment trust industry

10:49 The failure of Saba's activism

12:39 What can the industry learn from Saba's land grab?

14:27 The AIC's petition on voting rights

17:11 The double-counting of investment trust costs

20:37 What do you envisage the investment trust sector looking like in future?

22:53 Further information

23:08 Risk warning

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

Please note that this podcast was recorded on 8 May 2025.

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.

Our monthly podcast brings you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping portfolios (and there’s certainly been plenty of the latter in the last few weeks…).

This month's guest is Charlotte Morris, co-manager of Pantheon International, which provides a globally-diversified portfolio of private equity investments. Charlotte has extensive experience in the asset management industry with a particular specialism in private markets.

In this month’s episode, we discuss a wide range of issues including recent market turbulence, the rationale for an allocation to private equity, current discounts, adapting to a higher-for-longer macro backdrop and the most attractive opportunities across private markets.

00:00 Introduction

00:38 Background to becoming a fund manager

02:25 Thoughts on recent market turbulence

04:41 Rationale for an allocation to private equity

06:37 Drivers of long-term returns in private equity

08:25 Democratisation of private equity

11:26 Key catalysts to close discounts

14:49 Thoughts on leverage and illiquidity premium

17:02 Key attributes for investment

19:10 Adapting to higher-for-longer interest rates

21:18 Implications of muted IPO activity

24:06 Thoughts on most attractive opportunities

26:03 Risk warning

Please note that this podcast was recorded on 14 April 2025.

Jo, Ryan and David talk through the most notable news in March, including updates on the activist and M&A activity, results from across Asia, and highlights from our recent special report on investing for income.

Ryan provides a run-down on new launch Achilles Investment Company (AIC)’s first target, a planned strategy tweak for Schroder British Opportunities (SBO) and two trusts that have been the subject of a bidding war.

Jo then looks at two highlights from our recent Ideas for your ISA event webinars, focussing on International Biotechnology Trust (IBT) and Cordiant Digital Infrastructure (CORD).

Next up, Ryan and David talk through some notable results of the last month from Schroder Asian Total Return (ATR), Ashoka India Equity (AIE) and how they have managed in the sell off, as well as the change of strategy from BlackRock American Income (BRAI).

We also round up our podcasts for the month, from Schroder Income Growth (SCF), which includes a broader discussion on our investing for income special report.

Meanwhile, David discusses the outlook for Europe from the perspective of JPMorgan European Growth & Income (JEGI), before going on to discuss his personal portfolio, including some commentary from Jo on the most popular trusts in the past month.

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.

Ryan provides a run-down on the latest developments on the Saba battle and the launch of Achilles Investment Company (AIC) and Invesco Asia Dragon (IAD). Next on the list is the bid for BBGI Global Infrastructure (BBGI) and an update on the fees and share buyback programme at The Renewables Infrastructure Group (TRIG).

Jo takes us through the key takeaways from our recent ISA event webinars with Richard Sennitt, manager of Schroder Oriental Income (SOI) and Masaki Taketsume, manager of Schroder Japan (SJG).

Next up, Ryan and Jo talk through the highlights from the latest results from Greencoat UK Wind (UKW) and BlackRock Throgmorton (THRG) and our recent Trust Issues podcast with Richard Staveley, manager of Rockwood Strategic (RKW).

We also welcomed Megumi Takayama from CC Japan Income & Growth Trust (CCJI) on our Market Matters monthly podcast, with David running us through some of her thoughts on investing in Japan.

Meanwhile, Jo runs the rule over the most popular trusts with retail investors in February, with Scottish Mortgage (SMT) topping the table, followed by David and Jo’s head-to-head on their own investment portfolios over the last six month, with their winners showcasing the value to be had in UK equities.

Finally, David chats through asset allocations for some of the leading fund managers, with some interesting insights into investing in the US, Japan and alternatives.

In this episode of Trust Issues, we speak with Matt Bennison, a fund manager on Schroder Income Growth (SCF), which has a total return objective, which is to achieve income growth in excess of inflation as well as capital growth as a result of that rising income.

Matt talks about a number of issues in the UK stock market including the increased number of share buybacks, the pros and cons of M&A activity and where SCF is seeing the best opportunities today.

00:00 Introduction

01:20 What SCF looks for in investee companies

03:18 Working with Schroders' wider UK equities team

05:17 Why the UK stock market looks attractive today

08:26 Why M&A in the UK stock market is a double-edged sword

11:10 The benefits of share buybacks 13:55 How SCF offers a total return opportunity

15:45 Where the best opportunities in the UK stock market are today

18:21 Further information

18:43 Risk warning

Our latest research on SCF - https://www.trustintelligence.co.uk/investor/articles?fund_id=8

SCF website - https://www.schroders.com/en-gb/uk/individual/funds-and-strategies/investment-trusts/schroder-income-growth-fund-plc

This podcast was recorded on 17/03/2025

In this episode of Trust Issues, we speak with Ayush Abhijeet from WhiteOak Capital Management, the investment advisor to Ashoka India Equity (AIE).

Ayush provides his thoughts on the recent sell-off we've seen in the Indian stock market and provides information on where the sector-leading AIE is finding the best alpha opportunities.

00:00 Introduction

01:19 What’s behind the sell-off in the Indian stock market?

06:31 Have domestic pension flows held up during the sell-off?

10:22 Do you see this as a buying opportunity?

13:10 The benefits of investing in pre-IPO capital

16:27 Why having diversification is important when investing in India

18:19 Key measures from the recent Indian Budget

21:21 Further information

21:34 Risk warning

Our latest research on AIE - https://www.trustintelligence.co.uk/investor/articles?fund_id=397

AIE website - https://www.ashokaindiaequity.com/

This podcast was recorded on 13/03/2025

In our new monthly podcast, we bring you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping investors’ portfolios.

This month, we are joined by Zenah Shuhaiber, portfolio manager of JPMorgan European Growth & Income (JEGI), invests in a portfolio of companies listed in Continental Europe and appeals to both growth and income-oriented investors alike.

JEGI is the top performer in the AIC: Europe sector over one, three and five years and was awarded an income rating by Kepler Trust Intelligence in 2025.

Zenah obtained an MA in economics and management from Oxford University and has been an employee at J.P. Morgan Asset Management since 2004.

In this month’s episode, we find out how Zenah became a fund manager, discover the dynamism within European stock markets and which sectors and companies JEGI is overweight and underweight.

00:00 Introduction

01:57 Background to becoming a fund manager

03:38 The outlook for European stock markets

05:22 How does Europe's tech sector stack up against Silicon Valley?

08:01 Is the semiconductor shedding its cyclical tag with heightened AI spending?

10:10 Does JEGI invest in defence stocks?

12:31 How will US tariffs affect Europe?

15:28 On which sectors in Europe are you the most bullish?

17:55 Where are you underweight?

19:53 How much freedom does JEGI's dividend policy give you as a portfolio manager?

20:45 The biggest risks for investors in 2025 and beyond

22:41 The biggest opportunities for investors in 2025 and beyond

24:38 Further information

25:01 Disclaimer

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

Please note that this podcast was recorded on 10 March 2025.

In our new monthly podcast, we bring you big picture insights from leading investment specialists, exploring the opportunities, challenges and potential threats shaping investors’ portfolios.

This month, we are joined by Megumi Takayama, portfolio manager and analyst at Chikara Investments, which manages CCJI Japan Income & Growth (CCJI), which has a dual objective of providing shareholders with dividend income as well as capital growth.

Megumi joined Chikara in 2018, having developed her career primarily in equity sales at Nomura and SMBC Nikko, where she gained extensive knowledge of the Japanese equity market.

In this month’s episode, we find out what drew Megumi to the investment industry, and portfolio management in particular, as well as the biggest changes she's seen within the Japanese market over her 15-year-plus career and the big risks and opportunities looking ahead.

00:00 Introduction

01:15 Background to becoming a portfolio manager and analyst

03:22 The biggest change seen within Japanese markets

04:55 The impact of corporate governance improvements

05:31 An explanation of cross-shareholdings

08:39 The impact of the return of inflation on markets and companies

11:56 The impact of rising interest rates and real wage growth on companies

14:21 Have corporate governance reforms impacted CCJI's investable universe?

15:36 How CCJI balances the need to provide income as well as capital growth

16:38 How will US tariffs affect Japan?

18:52 On which sectors in Japan are you the most bullish?

20:09 The biggest risks for investors in 2025 and beyond

21:02 The biggest opportunities for investors in 2025 and beyond

21:38 Further information

21:50 Disclaimer

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

Please note that this podcast was recorded on 17 February 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 January.

Ryan provides a run-down on the latest developments on the Saba battle and dividend increases from abrdn Asian Income (AAIF) and JPMorgan Asia Growth & Income (JAGI), followed by recent results for Cordiant Digital Infrastructure (CORD).

Jo takes us through the most popular trusts with retail investors in January, with Scottish Mortgage (SMT) taking top honours once again, while David and Jo provide the key takeaways from recent results from BlackRock Income & Growth (BRIG) and Sequoia Economic Infrastructure Income (SEQI).

We talk through the highlights of our podcast with Jean Roche, manager of Schroder UK Mid Cap (SCP), including the shining stars from the UK mid-cap sector and the potential impact of tariffs on the UK. 

Next up is the latest from our Edinburgh Worldwide (EWI) events, including voting deadlines, as well as thoughts from Loong Lim, manager of Ashoka WhiteOak Emerging Markets (AWEM), after his recent trip to South Korea and China. 

Finally, we welcomed Baroness Ros Altmann as a guest on a special edition of our Market Matters podcast. As a member of the House of Lords and ex-Pensions Minister, Ros shared some interesting insights into the Saba campaign, the impact of changes to cost disclosures and the need for pension and ISA reforms.

00:00 Introduction

Please note this podcast was recorded on 3 February 2025.

Special thanks to our sponsors at Schroders, whose support makes this podcast possible - click https://www.trustintelligence.co.uk/investor/articles?fund_manager_id=37 to view all of our research on the Schroders investment trust range…